Axon Enterprise Inc (AXON) 2023 Q4 法說會逐字稿

All right. Hello, everyone. Thank you for joining Axon's executive team today. 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. Our prepared remarks today are meant to build upon the information and the financial tables in 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. 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. We've discussed these risks in our SEC filings. We will also discuss certain non-GAAP measures, as a description of each non-GAAP measure and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our shareholder letter as well as our -- in the Investor Relations section on our website.

好的。大家好。感謝您今天加入 Axon 的執行團隊。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。我們今天準備的發言旨在建立在該信中的信息和財務表格的基礎上。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。所有前瞻性陳述均面臨風險和不確定性，可能導致實際結果有重大差異。我們已經在美國證券交易委員會的文件中討論了這些風險。我們還將討論某些非 GAAP 衡量標準，因為對每項非 GAAP 衡量標準的描述以及每項非 GAAP 衡量標準與最直接可比的 GAAP 衡量標準的調整可以在我們的股東信中以及我們的——我們網站上的投資者關係部分。

Every quarter we play a video to kick off our call. We love how this helps you get a closer view and feel for our business. To start us off today, we're going to play video we put together and that hits on a bit of what we talked about when we tell you about our moonshot. It's a little under 3minutes. Let's pull up the video.

每個季度我們都會播放一段影片來開始我們的通話。我們喜歡這可以幫助您更近距離地了解和感受我們的業務。今天開始，我們將播放我們製作的視頻，該視頻與我們在向您介紹我們的登月計劃時所討論的內容有關。不到3分鐘。我們把影片調出來吧。

(presentation)

（推介會）

All right. Thank you, Eric, and thank all of you for joining us today. Welcome, everyone, to our fourth quarter 2023 earnings. It's great to come back to you with another incredible year in the books for Axon. We kick off these calls with those videos to help you understand what we do. Some times seeing these kinds of scenes brings out different emotions. But that's what our customers face every day and making those complex situations [even safer] for everyone involved is what energizes us in our work. I've talked about my abhorrence for violence many times in the past. (inaudible)

好的。謝謝你，艾瑞克，也謝謝大家今天加入我們。歡迎大家來收看我們 2023 年第四季的財報。很高興能帶著 Axon 又一個令人難以置信的一年回到你們身邊。我們透過這些視訊開始這些電話會議，以幫助您了解我們的工作。有時看到這些場景會帶來不同的情緒。但這就是我們的客戶每天面臨的問題，讓這些複雜的情況對每個相關人員來說[甚至更安全]是我們工作的動力。我過去多次談到我對暴力的憎惡。 （聽不清楚）

To come and work here. We envision a world where violence is just a far out thought, but we are constantly trying to find new forms of technology to make this a reality, and we're really proud of the progress we've made over the last year. First, with seemingly small things like adding a warning sound to TASER 10 to help communicate to someone on the other end that something unpleasant is impending, with the hopes that, that person will rethink their decisions and alleviate the need for a use of force action at all. And adding a watch-me button to our body camera so that an officer can proactively request a second set of eyes for them during their most high-risk situations.

來這裡工作。我們設想一個暴力只是一個遙遠的想法的世界，但我們不斷嘗試尋找新的技術形式來實現這一目標，我們對去年的進展感到非常自豪。首先，透過看似很小的事情，例如在 TASER 10 上添加警告聲音，以幫助向另一端的人傳達即將發生不愉快的事情，希望該人會重新考慮他們的決定並減輕使用武力行動的需要根本不。並在我們的隨身攝影機中添加一個「監視我」按鈕，以便警官可以在他們最危險的情況下主動請求第二雙眼睛監視他們。

Next, we thought a bit more outside of the box, introducing individually targeted probes, enabling far more effective range on TASER 10 and making our innovative TASER technology more effective in more situations. And we've reimagined the real-time operations, introducing 2 modern communication capabilities with two-way voice communication to our body cameras to help complex decision trees in real time. As we look ahead, we are solving for higher level of challenges like enabling better decision-making in potentially life-threatening encounters or effectively expanding a police force by reducing the extensive time that they spend on paperwork. And we envision accelerating the speed of the entire justice system. We're innovating in diverse areas for robotic security to generative AI to virtual reality, and there's really so much more that still left for us to do.

接下來，我們進行了更多的思考，引入了單獨的目標探頭，使 TASER 10 的有效範圍更大，並使我們的創新 TASER 技術在更多情況下更加有效。我們重新構想了即時操作，引入了 2 種現代通訊功能，可向我們的隨身攝影機進行雙向語音通信，以即時幫助複雜的決策樹。展望未來，我們正在解決更高程度的挑戰，例如在可能危及生命的遭遇中做出更好的決策，或者透過減少花在文書工作上的大量時間來有效擴大警察隊伍。我們設想加快整個司法系統的速度。我們正在機器人安全、生成人工智慧、虛擬實境等多個領域進行創新，而且我們還有很多事情要做。

When I think back to the video we just showed you, I think about what would happen in those situations if an officer didn't have one of our TASER devices or was not wearing one of our body cameras, so we could all understand what unfolded and why. It excites me that we made huge strides and that our technology is driving better outcomes. I think a lot of what we're working on now has the opportunity to become so pervasive in the future, it will be hard for us to remember life without it. Highly disruptive technology. That's the beauty of it. When you get it right, it quickly becomes difficult to imagine what things were like before it. But we're not always going to get it right by ourselves. We rely heavily on feedback from our customers. There are challenges in the long term rather than what's simply in demand today. While present needs do matter, too, I spend most of my time with our customers on the vision beyond tomorrow, which is what I believe will drive our growth for not just the next 1 to 5 years, but the next decades.

當我回想起我們剛剛向你們展示的影片時，我會想到如果一名警官沒有我們的泰瑟槍設備或沒有佩戴我們的隨身攝像頭，在這種情況下會發生什麼，這樣我們都能理解所發生的事情以及為什麼。讓我感到興奮的是，我們取得了巨大的進步，而且我們的技術正在推動更好的成果。我認為我們現在正在做的很多事情有機會在未來變得如此普遍，如果沒有它，我們將很難記住生活。極具顛覆性的技術。這就是它的美妙之處。當你做得對時，你很快就會很難想像之前的情況。但我們並不總是能靠自己把事情做好。我們非常依賴客戶的回饋。從長遠來看，存在著挑戰，而不僅僅是當今的需求。雖然當前的需求也很重要，但我將大部分時間花在與客戶一起展望未來的願景上，我相信這不僅會推動我們未來 1 到 5 年的成長，而且會推動未來幾十年的成長。

What energizes me in my time with customers is they provide us with the best and most actionable feedback on our road map, the snags and problems we may run into, and help us think through the way to overcome those challenges and the best avenues for us to deliver them what they need. Most critical for us is making sure we have the right people to help us deliver for our customers. When I look at our team, I know we have attracted some of the best and brightest to come and work here. If it's not me meeting with a customer about a new product we have a development, it's somebody from our team. Our team works together, relates feedback and understands our common goal. We don't accomplish what we're doing in silos. We join forces across the company and together with our customers. This goes beyond our current team, extends into key partners like Fusus, who we're thrilled is now part of Axon. Our partnership with Fusus began a few years ago, and we've really been impressed with their people and the product they've built.

在與客戶打交道的過程中，讓我充滿活力的是，他們為我們提供了關於我們的路線圖、我們可能遇到的障礙和問題的最佳和最可操作的反饋，並幫助我們思考克服這些挑戰的方法和我們的最佳途徑為他們提供他們需要的東西。對我們來說最重要的是確保我們有合適的人員來幫助我們為客戶提供服務。當我觀察我們的團隊時，我知道我們吸引了一些最優秀、最聰明的人來這裡工作。如果不是我與客戶會面討論我們正在開發的新產品，那就是我們團隊的某個人。我們的團隊一起工作，聯繫回饋並理解我們的共同目標。我們不會在孤島中完成我們正在做的事情。我們與整個公司以及我們的客戶通力合作。這超出了我們目前的團隊範圍，延伸到像 Fusus 這樣的關鍵合作夥伴，我們很高興 Fusus 現在成為 Axon 的一部分。我們與 Fusus 的合作始於幾年前，他們的員工和他們開發的產品都讓我們留下了深刻的印象。

I'm traveling with their founder as we speak today. Together, we're taking our real time operations to the next level and opening our ecosystem to an even larger network of sensors and devices which will unlock entirely new solutions for our customers over time.

今天我們談話時，我正在和他們的創始人一起旅行。我們共同將即時營運提升到一個新的水平，並向更大的感測器和設備網路開放我們的生態系統，隨著時間的推移，這將為我們的客戶解鎖全新的解決方案。

Before I hand it over, I would like to say that I'm grateful that I've been trusted to lead this company for the past 30 years, and that we've been able to maintain the same drive and energy we had when we started. I might be a little atypical as a CEO as my day-to-day responsibilities align more with my background as a founder that is senior manager. I'm focusing on what's next. What's always important in driving any enterprise from a start up to a $20 billion public company is that we need to encourage people to be the best versions of the themselves. But also to challenge each other, just as our customers will challenge us and to share in a common mission with a culture that encourages us to do our best work.

在我移交之前，我想說，我很感激在過去的 30 年裡我一直被信任來領導這家公司，並且我們能夠保持與我們成立時相同的動力和活力。開始了。作為首席執行官，我可能有點不典型，因為我的日常職責更符合我作為創始人兼高級經理的背景。我專注於接下來的事情。對於推動任何企業從新創公司發展成為價值 200 億美元的上市公司而言，最重要的是我們需要鼓勵人們成為最好的自己。而且也要互相挑戰，就像我們的客戶會挑戰我們一樣，並與鼓勵我們盡力而為的文化分享共同的使命。

I'd like to provide one last comment on something near and dear to me. We have talked about our intent to invest in our new headquarters over the past few years. And we mentioned last quarter we were revisiting those plans after we had paused work in September -- or I'm sorry, in the summer of '22. Part of revisiting that has been working to bring our vision of a corporate campus to life. We would like Axon to remain headquartered in Scottsdale where we own a piece of land, and where we have built this business.

我想對我親近的事情做最後的評論。過去幾年我們已經談到了投資新總部的意圖。我們上個季度提到，在 9 月暫停工作後，我們正在重新審視這些計劃——或者抱歉，是在 22 年夏天。重新審視這一點的一部分就是努力將我們的企業園區願景變成現實。我們希望 Axon 的總部仍保留在斯科茨代爾，我們在那裡擁有一塊土地，並在那裡建立了這項業務。

I love Scottsdale. However, it's not clear that Scottsdale wants Axon [as we're seeing] the political environment become more challenging and frankly, antidevelopment. It's unclear if we will get the approvals we need to execute our product -- our project. So we're exploring several geographies and other options as a result, and it may take some time before we have a definitive decision on our next steps. We will keep you updated in the coming quarters as we resolve our plans and we make progress. Now I know we're not a startup anymore. And that also means we need people focused on execution, making sure that what we do is viable and is executed to world-class standards. And I am beyond fortunate that I have Josh and Brittany and their teams here to help me in our execution.

我愛斯科茨代爾。然而，尚不清楚斯科茨代爾是否希望 Axon [正如我們所看到的]政治環境變得更具挑戰性，坦白說，是反發展的。目前尚不清楚我們是否會獲得執行我們的產品（我們的專案）所需的批准。因此，我們正在探索多個地區和其他選擇，我們可能需要一些時間才能對下一步行動做出明確的決定。當我們解決計劃並取得進展時，我們將在未來幾季向您通報最新情況。現在我知道我們不再是一家新創公司了。這也意味著我們需要專注於執行的人員，確保我們所做的事情可行並且按照世界一流的標準執行。我非常幸運，喬希和布列塔尼以及他們的團隊在這裡幫助我執行任務。

And with that, I'll turn it over to them now. You're up first, Josh.

有了這個，我現在就把它交給他們。你先起來，喬許。

Thanks a lot, Rick, and good afternoon, everybody. I continue to believe there is no better place to be than at Axon. We are building the most talented outcomes-oriented team intact, knowing that that's what it will take to deliver on our moonshot of protecting life and reducing the number of deaths in civilian and police encounters by 50% over a 10-year period. 2023 marked another promising step in that direction. We just recorded our fifth consecutive year of greater than 25% revenue growth and we beat that far by a good amount, coming in at 31% year-over-year. Looking ahead to 2024 and beyond, the opportunity is right there in front of us. We're steeply ramping TASER 10 and Axon Body 4, we are building transformative new products, and we have added Fusus and Sky-Hero, which together grow our estimated TAM by over $13 billion to a total of $63 billion. And I'd just like to say welcome to the Fusus team, it's your first earnings call as part of Axon, and we're thrilled to be on board.

非常感謝，瑞克，大家午安。我仍然相信沒有比 Axon 更好的地方了。我們正在建立一支最有才華、以結果為導向的團隊，我們知道只有這樣才能實現我們保護生命的登月計劃，並在 10 年內將平民和警察衝突中的死亡人數減少 50%。 2023 年標誌著朝這個方向又邁出了充滿希望的一步。我們剛剛連續第五年實現了超過 25% 的收入成長，並且遠遠超過了這一水平，同比增長了 31%。展望2024年及以後，機會就在我們面前。我們正在大幅提升 TASER 10 和 Axon Body 4，我們正在打造革命性的新產品，我們還增加了 Fusus 和 Sky-Hero，這使得我們預計的 TAM 增加了 130 億美元以上，達到 630 億美元。我只想對 Fusus 團隊表示歡迎，這是你們作為 Axon 的一部分召開的第一次財報電話會議，我們很高興加入。

In the past, I've shared my vision on Axon's priorities over the next 3 to 5 years. We are focused on delivering the technology ecosystem of public safety globally. This approach supports our growth in 2 powerful ways: number one, through new product introductions, which expand our ecosystem and deliver new value to our existing customers; and number two, through expansion into our new customer verticals where our existing products empower new users to deliver safer outcomes and drive a clear ROI. This framework has led us to invest in opportunities with federal and international governments, justice, corrections and in the enterprise space. We finished the year with record federal bookings as we continued to see rapid adoption of both hardware and software within the federal civilian market. Likewise, the new Axon Body Workforce camera, or ABW, as we call it, has driven strong pipeline in several segments within enterprise, such as retail and health care.

過去，我曾分享過對 Axon 未來 3 到 5 年優先事項的願景。我們專注於在全球範圍內提供公共安全的技術生態系統。這種方法透過兩種強有力的方式支持我們的成長：第一，透過新產品的推出，擴大我們的生態系統並為我們現有的客戶提供新的價值；第二，透過擴展到新的客戶垂直領域，我們的現有產品使新用戶能夠提供更安全的結果並帶來明確的投資報酬率。這個框架引導我們投資於聯邦和國際政府、司法、懲教和企業領域的機會。隨著我們繼續看到聯邦民用市場中硬體和軟體的快速採用，我們以創紀錄的聯邦預訂結束了這一年。同樣，新的 Axon Body Workforce 相機（我們稱之為 ABW）在企業內部的多個領域（例如零售和醫療保健）推動了強大的管道。

One shining use case within the health care space is Fairview Health, where they are trialing ABW with nurses as part of their commitment to patient and staff safety. A key to our success is that we continue to lead the market in innovation. It's no surprise when you listen to Rick that we believe our ability to innovate is a competitive advantage for Axon. Jeff's leadership in our product org combined with Rick's visionary thinking and foresight is an unmanaged combination that gives us the luxury of doing two things in parallel, building the next wave of world-class products for public safety and identifying the most synergistic partners in the market, such as Fusus and Sky-Hero. Our standards are high, and yet year in and year out, our product team sets a new bar. Before I turn it over to Brittany to go through our operations and financials in more detail, I'd like to congratulate several of our teams on some substantial recent achievements.

Fairview Health 是醫療保健領域的一個閃亮用例，他們正在與護理人員一起試驗 ABW，作為對病人和員工安全承諾的一部分。我們成功的關鍵是我們在創新方面繼續引領市場。當您聽到 Rick 的說法時，我們相信我們的創新能力是 Axon 的競爭優勢，這並不奇怪。 Jeff 在我們產品組織中的領導力與Rick 的遠見卓識和遠見相結合，是一種不受管理的組合，使我們能夠同時做兩件事：為公共安全打造下一波世界級產品，並確定市場上最具協同效應的合作夥伴，例如 Fusus 和 Sky-Hero。我們的標準很高，但我們的產品團隊年復一年地樹立了新的標準。在我將其交給布列塔尼更詳細地了解我們的營運和財務狀況之前，我要祝賀我們的幾個團隊最近取得的一些重大成就。

First, the TASER 10 [leap] team led by Pat Madden. We are now 4 quarters in, and our order rate is pacing at more than 4x what we saw with TASER 7. And then secondly, with Axon Body 4 product line led by Jason Hartford and David Mesri, we shipped more than 100,000 units in the second half of 2023, only 2 months after announcing the product. While these products started in R&D, they end in the hands of our brave customers. And a lot of collaboration amongst functions or as we call it #joint forces, happens in-between. Our teams deliver outsized societal outcomes together. As you can see, we're not slowing down. We are incredibly humbled by the trust our customers and shareholders continue to place in us, and we remain committed to holding up our end of that bargain. 2023 was a record year, and we are so proud of the team. But we are equally proud that, that same team moved on from 2023, 58 days ago. As we like to say, we're on to the next play. Over to you, Brittany.

首先是 Pat Madden 領導的 TASER 10 [leap] 團隊。現在已經進入第 4 個季度了，我們的訂單率是 TASER 7 的 4 倍以上。 其次，憑藉 Jason Hartford 和 David Mesri 領導的 Axon Body 4 產品線，我們在 2019 年的出貨量超過 100,000 台。2023年下半年，距離宣布產品僅2 個月。雖然這些產品始於研發，但最終還是到達了我們勇敢的客戶手中。職能之間的大量協作，或者我們稱之為#聯合力量，都發生在兩者之間。我們的團隊共同創造了巨大的社會成果。正如你所看到的，我們並沒有放慢腳步。我們對客戶和股東繼續給予我們的信任感到無比謙卑，我們仍然致力於履行我們的承諾。 2023 年是創紀錄的一年，我們為我們的團隊感到自豪。但我們同樣感到自豪的是，這支球隊從 2023 年，也就是 58 天前開始繼續前進。正如我們常說的，我們即將開始下一場比賽。交給你了，布列塔尼。

Thank you, Josh. As Josh mentioned, 2023 was another great year for us with revenue growth of 31% year-over-year and Q4 revenue growth of 29%. We continue to be incredibly pleased with all segments of our business and continue to see enormous opportunities in front of us. In addition to continued strong topline growth, we expanded our profitability with a 21% adjusted EBITDA margin for the fourth quarter and full year. This represents 160 basis points of improvement versus 2022, largely driven by leverage in our SG&A function. As we've talked about before, we continue to focus on expanding gross margins and expect improvement over the course of 2024, as we see the benefits from enhanced efficiencies with TASER 10, from manufacturing automation and cost initiatives as well as continued benefits from software growth. We're also going to continue investing in our R&D to support the opportunities we see in front of us and to make sure we can keep delivering strong growth for years to come.

謝謝你，喬許。正如 Josh 所提到的，2023 年對我們來說又是偉大的一年，營收年增 31%，第四季營收成長 29%。我們仍然對我們業務的各個領域感到非常滿意，並繼續看到我們面前的巨大機會。除了持續強勁的營收成長外，我們還擴大了獲利能力，第四季和全年調整後 EBITDA 利潤率達到 21%。這意味著與 2022 年相比提高了 160 個基點，這主要是由我們的 SG&A 職能部門的槓桿推動的。正如我們之前討論過的，我們將繼續專注於擴大毛利率，並預計在 2024 年有所改善，因為我們看到了 TASER 10 提高效率、製造自動化和成本計劃以及軟體的持續收益所帶來的好處生長。我們也將繼續投資於研發，以支持我們所看到的機遇，並確保我們能夠在未來幾年繼續實現強勁成長。

You've heard today and read in the shareholder letter, the significant growth opportunities we see in federal, international and enterprise as well as for Axon Air, real-time operations and new software capabilities to name just a few. We think we're hitting a nice balance of investing for the future while also increasing profitability and driving towards operational excellence.

您今天已經聽到並在股東信中讀到，我們在聯邦、國際和企業以及 Axon Air、即時營運和新軟體功能等方面看到了重大成長機會。我們認為，我們在未來投資、提高獲利能力和推動卓越營運之間取得了良好的平衡。

While we have leveraged SG&A, we have also continued to invest in expanding our sales and marketing teams to address new markets, improving our internal technology capabilities and bolstering our financial strength, including the fact we've remediated our material weakness this quarter. This positions the business well to continue growing and scaling.

在利用銷售和管理費用的同時，我們也繼續投資擴大銷售和行銷團隊以應對新市場、提高我們的內部技術能力並增強我們的財務實力，包括我們在本季度糾正了我們的重大弱點。這使業務能夠繼續成長和擴大規模。

Now as I turn to our guidance, we expect 20% to 24% total revenue growth or $1.88 billion to $1.94 billion for 2024. This is quite strong guidance for us and is the result of increased visibility for 2024. The strong visibility is driven by TASER 10 demand as well as the continued strength in our future contracted bookings which has reached $7.1 billion as of the end of Q4, growing 54% year-over-year.

現在，當我談到我們的指導時，我們預計2024 年總收入將增長20% 至24%，即18.8 億美元至19.4 億美元。這對我們來說是相當有力的指導，也是2024 年可見度增加的結果。強大的可見性是由TASER 10 需求以及我們未來合約預訂的持續強勁，截至第四季度末，合約預訂已達到 71 億美元，同比增長 54%。

Our software, which provides us with strong visibility, recurring revenue and attractive gross margins also contributes to the strength of our guide. In Q4, our ARR was $697 million, which grew 47% year-over-year. We continue to have 122% net retention rate and strong customer satisfaction. We expect adjusted EBITDA of $410 million to $430 million, which implies an adjusted EBITDA margin of approximately 22%, up another 100 basis points from this year on moderate gross margin improvement as well as continued SG&A leverage. This guidance includes the impact of Sky-Hero and Fusus, though we aren't going to comment specifically on either of their financials.

我們的軟體為我們提供了強大的可見度、經常性收入和有吸引力的毛利率，也增強了我們指南的實力。第四季度，我們的 ARR 為 6.97 億美元，年增 47%。我們持續保持 122% 的淨保留率和強勁的客戶滿意度。我們預計調整後 EBITDA 為 4.1 億至 4.3 億美元，這意味著調整後 EBITDA 利潤率約為 22%，由於毛利率適度改善以及持續的 SG&A 槓桿，較今年又增長 100 個基點。本指南包括 Sky-Hero 和 Fusus 的影響，但我們不會具體評論它們的財務狀況。

Finally, last year, we put out a 2025 targeted model of $2 billion in revenue and 25% adjusted EBITDA margin. As you can see from our 2024 guidance, we're pacing to well exceed our revenue target in 2025 and tracking nicely to our adjusted EBITDA margin target.

最後，去年，我們提出了 2025 年營收 20 億美元、調整後 EBITDA 利潤率為 25% 的目標模型。正如您從我們的 2024 年指導中看到的，我們正在努力超越 2025 年的收入目標，並很好地追蹤我們調整後的 EBITDA 利潤率目標。

As we look to 2025 and beyond, we expect to continue targeting a 20% annual revenue CAGR and a 25% adjusted EBITDA margin. We think this is achievable and represents a very healthy, sustainable and attractive long-term model. We're comfortable in maintaining this long-term growth rate based on the opportunities we've discussed and think this is the right balance of investing back into the business and generating attractive profitability. Also while we have fantastic organic growth opportunities, we're very excited to be able to strategically make acquisitions in markets that will continue to support and grow our TAM like we have just done with Fusus.

展望 2025 年及以後，我們預計將繼續以 20% 的年收入複合年增長率和 25% 的調整後 EBITDA 利潤率為目標。我們認為這是可以實現的，並且代表了一種非常健康、可持續且有吸引力的長期模式。基於我們討論過的機會，我們很樂意維持這種長期成長率，並認為這是重新投資業務和產生有吸引力的獲利能力之間的正確平衡。此外，雖然我們擁有絕佳的有機成長機會，但我們非常高興能夠在市場上進行策略性收購，這些收購將繼續支持和發展我們的 TAM，就像我們剛剛收購 Fusus 一樣。

Finally, we are also continuing to target 60% free cash flow conversion on adjusted EBITDA and approximately 3% annual dilution from stock compensation expense for 2025 and beyond. As you can tell, we're all incredibly excited about what we can deliver in 2024 to both our customers and our shareholders. We're looking forward to another great year.

最後，我們也繼續目標是調整後 EBITDA 實現 60% 的自由現金流轉換，並在 2025 年及以後實現股票薪酬費用年度稀釋約 3%。如您所知，我們對 2024 年能夠交付給客戶和股東的成果感到非常興奮。我們期待著又一個美好的一年。

And with that, I would like to open it up to questions.

說到這裡，我想提出一些問題。

Moderators, can you bring everyone into the gallery? Thank you. We're going to take our first question from Trevor Walsh from JMP.

版主可以帶大家進畫廊嗎？謝謝。我們將回答來自 JMP 的 Trevor Walsh 的第一個問題。

Maybe for either Josh or Rick, excuse me. I appreciated the TAM outlined in the shareholder letter as far as how that's expanding and kind of where Sky-Hero and Fusus are coming in. There wasn't -- unless I missed it, I didn't see any details around the Axon Body for Workforce component contributed to that. Can you maybe just give us generally kind of how you see that opportunity unfolding? And especially curious to see kind of an adoption rate there, given it's a kind of a new vertical or user experience and how -- and does it look like the body camera kind of adoption rate within law enforcement? Or does it kind of feel different from what you're seeing.

也許是喬希或里克，對不起。我很欣賞股東信中概述的 TAM 的擴展方式，以及 Sky-Hero 和 Fusus 的切入點。沒有 - 除非我錯過了，否則我沒有看到有關 Axon Body 的任何細節勞動力部分對此做出了貢獻。您能否大致向我們介紹一下您如何看待這個機會的出現？特別好奇的是看到那裡的採用率，因為它是一種新的垂直或用戶體驗以及如何——它看起來像執法部門中隨身相機的採用率嗎？或感覺與您所看到的有所不同。

Thanks a lot for the question. I appreciate it. The first thing, just to clarify, is within the enterprise section of our TAM, that's where the Axon Body Workforce would roll up. And we could certainly talk through that more offline. In terms of just interest in the camera, we hads a launch event. We had some customers in town for it and some trial partners in town. I think this year is truly about, hey, how do we make our early customers really successful on this product and then build from there. It's not much different than the playbook that we ran in public safety and so much of it comes down to just having the early maven-type customers that will help us not only build our brand in that space, but also help us build the next iterations of the products. And so that's really what we're focused on. We really do believe the future is in enterprise. We're seeing that early on in the bookings results. We're not quite ready to share anything more on those at this point, but over the coming years we do believe enterprise will become a bigger and bigger part of our business.

非常感謝您的提問。我很感激。首先需要澄清的是，我們 TAM 的企業部分是 Axon Body 勞動力的聚集地。我們當然可以在線下討論這個問題。就對相機的興趣而言，我們舉辦了一場發表會。我們在城裡有一些客戶和一些試用合作夥伴。我認為今年真正的主題是，嘿，我們如何讓我們的早期客戶在這個產品上真正取得成功，然後從那裡開始建立。這與我們在公共安全領域運行的劇本沒有太大不同，很大程度上取決於擁有早期的專家型客戶，他們不僅可以幫助我們在該領域建立我們的品牌，還可以幫助我們建立下一個迭代的產品。這確實是我們關注的重點。我們確實相信未來屬於企業。我們很早就在預訂結果中看到了這一點。目前我們還沒有準備好分享更多相關內容，但在未來幾年，我們相信企業將成為我們業務中越來越大的一部分。

Yes. And just to jump on a little bit. So we gave enterprise a $15 billion TAM in our update. So that's where we see that playing in. And a lot of the body workforce camera really came because we were getting feedback from our customers as we were trialing it, largely in retail and in health care about sort of the size and the weight and how they wanted to wear it and how they wanted to use it. And so we really took that feedback and we reflected it in the updated product, and that's what you see. We announced Fairview Health as an early customer there, but we're really looking to be able to provide this solution into the retail and the nursing part of the market, where they're facing a lot of challenges today around associates and nurses feeling safe in their work environment.

是的。只是跳一點。因此，我們在更新中為企業提供了 150 億美元的 TAM。所以這就是我們看到的發揮作用的地方。許多隨身攝影機之所以真正出現，是因為我們在試用時收到了客戶的回饋，主要是在零售和醫療保健領域，關於尺寸、重量以及如何使用。他們想要佩戴它以及如何使用它。因此，我們確實採納了這些回饋，並將其反映在更新的產品中，這就是您所看到的。我們宣布 Fairview Health 是那裡的早期客戶，但我們確實希望能夠為市場的零售和護理部分提供此解決方案，他們今天在員工和護士感到安全方面面臨著許多挑戰在他們的工作環境中。

Great. Congrats on a solid finish to the year.

偉大的。祝賀今年圓滿成功。

Thanks, Trevor. We will take our next question from Joe Cardoso at JPMorgan.

謝謝，特雷弗。我們將回答摩根大通的喬·卡多佐提出的下一個問題。

I'll also echo my congratulations on the results. So it's great to hear that TASER 10 momentum is tracking where you left off last quarter. But curious if you could just touch on how you're thinking about the margins tracking for the product. If I take a look at TASER gross margins, it looked like you had some stability over the past 2 quarters. Just curious if we should interpret this as a floor for the segment? And then how should we think about the trajectory for the remainder or as we rather progress through '24, particularly in the backdrop of you guys -- you've been talking about it for a couple of quarters now, bringing on automation, the cost efficiencies. So just curious how you're thinking about the margin trajectory there.

我也會對結果表示祝賀。因此，很高興聽到 TASER 10 的勢頭正在追隨上季度的步伐。但很好奇您是否可以談談您如何看待產品的利潤追蹤。如果我看一下泰瑟槍的毛利率，看起來你在過去兩個季度保持了一定的穩定性。只是好奇我們是否應該將其解釋為該細分市場的下限？然後我們應該如何考慮剩下的軌跡，或者當我們在 24 世紀取得進展時，特別是在你們的背景下——你們已經談論了幾個季度了，帶來自動化、成本效率。所以只是好奇你如何看待那裡的利潤軌跡。

Yes. Great question. Thank you. We had a onetime event in TASER in Q4, where we had a bit of a manufacturing issue largely related to a batch in March of last year. And so that is impacting our gross margins in this quarter in TASER by about 420 basis points. So absent that onetime impact, they would still be down slightly on mix, but they would look much more stable sort of quarter-to-quarter. And so as we go into next year, that onetime impact comes out, and that's where you start to get the commentary about how the TASER gross margins, overall, we expect them to improve, and they really are improving around our efforts for TASER 10. As TASER 10 mixes in, that's an impact, but then we're offsetting that by the fact that we're getting benefits from automating the line and doing cost-down initiatives as we go through the year.

是的。很好的問題。謝謝。第四季度，我們在 TASER 舉辦了一次活動，當時我們遇到了一些製造問題，很大程度上與去年 3 月的一批產品有關。因此，這將影響我們本季 TASER 的毛利率約 420 個基點。因此，如果沒有這種一次性影響，它們的組合仍會略有下降，但季度環比看起來會更加穩定。因此，當我們進入明年時，這種一次性影響就會顯現出來，這就是您開始獲得有關泰瑟槍毛利率總體如何改善的評論的地方，我們預計它們會改善，而且它們確實在圍繞我們為泰瑟槍10 所做的努力而改善隨著TASER 10 的加入，這是一個影響，但我們通過這一事實來抵消這一影響，因為我們在這一年中從自動化生產線和實施成本降低計劃中獲益。

Yes. And just to jump in and reiterate there, the issue was on TASER 7, not TASER 10 that led to this warranty reserve. And one thing I would point out is TASER 7 was developed prior to the current regime under Hans Moritz that's leading our whole hardware engineering group, and we've seen substantially more rigorous free market validation and as a result with AB4 and the Fleet 3. And so far, with TASER 10, we've actually seen more robust field reliability, lower return rates. So I just want to make sure we didn't conflate that warranty issue was T7, previous design, not the current T10s.

是的。順便重申一下，問題出在 TASER 7 上，而不是 TASER 10 上，導致了保固保留。我要指出的一件事是，TASER 7 是在領導我們整個硬體工程團隊的漢斯·莫里茨(Hans Moritz) 領導下的當前政權之前開發的，我們看到了更加嚴格的自由市場驗證，因此AB4 和Fleet 3 也隨之而來。到目前為止，透過 TASER 10，我們實際上看到了更強大的現場可靠性、更低的退貨率。所以我只是想確保我們沒有將保固問題與 T7（之前的設計）混為一談，而不是目前的 T10。

No. Got it. Totally it makes sense. And then maybe just a quick clarification on that front just in terms of the TASER 10 improvement. Not to harp on it, but maybe just in terms of the improvement you're expecting through the year, is the expectation that it happens more linearly? Or is it more back-end loaded? Just curious just in terms of like as you bring on this automation equipment, is that more subject to being in the back half? Or is it more first half? Just curious how we should think about linearity through the year.

不，明白了。完全有道理。然後也許只是在 TASER 10 改進方面快速澄清一下。不是要喋喋不休，但也許只是就您預計這一年的改進而言，是否期望它會更加線性地發生？還是後端載入更多？只是好奇，當您配備這種自動化設備時，是否更容易受到後半部分的影響？還是上半場比較多？只是好奇我們應該如何考慮全年的線性。

Yes. I think there's a number of initiatives going on, including the automation and then cost-down initiatives. And so I would expect you see that starting to roll in as we go through the year. So it won't be all back half weighted, but obviously, you'll see the cumulative impact of that more in the back half as we get all of those executed.

是的。我認為正在採取許多舉措，包括自動化和降低成本的舉措。所以我希望你會看到隨著這一年的到來，這種情況開始出現。因此，它不會全部被後半部分加權，但顯然，當我們執行所有這些時，您會在後半部分看到更多的累積影響。

Thanks, Joe. We're going to go to Jonathan Ho at William Blair next.

謝謝，喬。接下來我們要去威廉布萊爾的喬納森何 (Jonathan Ho)。

Maybe just starting out with the high-level question. How should we think about the impacts from the Fusus and Sky-Hero acquisitions? I know you're not giving financials, but in terms of your ability to either sort of approach your longer-term vision or to cross-sell their products, just wanted to get a sense of the synergies that you see here with these acquisitions.

也許只是從高級問題開始。我們該如何看待Fusus和Sky-Hero收購帶來的影響？我知道您沒有提供財務信息，但就您實現長期願景或交叉銷售產品的能力而言，只是想了解您在這些收購中看到的協同效應。

Yes, I can start, and I'm sure that the team will want to jump in. I would say that these are acquisitions that we're really doing for product and the team and the opportunity far more than we're doing specifically for synergies. So I really want to focus everybody on sort of the long-term market opportunity and customer opportunity that they bring in. All that said, I think there are some real benefits as we bring in these products and these teams to having access to our customers and our channels and all of the experience that we've had, scaling up these types of businesses as well as giving them access to some of our infrastructure and support on the G&A side. And so in a lot of ways we're hoping that, that really allows them to run faster and accelerate what they're doing.

是的，我可以開始，而且我確信團隊會想要加入。我想說的是，這些收購是我們真正為產品、團隊和機會所做的，遠遠超過我們專門為協同作用。因此，我真的想讓每個人都專注於他們帶來的長期市場機會和客戶機會。話雖如此，我認為當我們引入這些產品和這些團隊來接觸我們的客戶時，會帶來一些真正的好處我們的管道以及我們擁有的所有經驗，擴大了這些類型的業務，並讓他們能夠使用我們的一些基礎設施和一般行政管理方面的支援。因此，從很多方面來說，我們希望這確實能讓他們跑得更快，加速他們正在做的事情。

Starting to respond there. I had muted myself. The other thing I would say is on each of them, they are highly strategic. So Fusus, what they really bring is, I described them at a high level like the Switzerland of cameras. They've integrated with every imaginable sensor in CCTV camera, and we met them, we were introduced by customers who really loved what they were doing and said, hey, we want you to integrate Axon cameras onto the Fusus map because we don't want to have to open a different map and a different interface for every different vendor of cameras that we're using. And that's a lot of work to build something and Fusus has stayed away from building first-party cameras, and we really do want to keep that solution very open, so that it can be broadly compatible with virtually any type of sensor, any type of camera in the market. And we think that's critical to expanding the utility of our ecosystem to our customers.

那裡開始回應。我把自己靜音了。我要說的另一件事是，它們都具有高度策略性。 Fusus，他們真正帶來的是，我在高水準上描述了他們，就像相機中的瑞士一樣。他們已經整合了閉路電視攝影機中所有可以想像到的感測器，我們見到了他們，由真正喜歡他們所做的事情的客戶介紹給我們，並說，嘿，我們希望您將Axon 攝影機整合到Fusus 地圖上，因為我們不這樣做想要為我們使用的每個不同供應商的相機打開不同的地圖和不同的介面。建造某些東西需要大量工作，而 Fusus 一直沒有構建第一方相機，我們確實希望保持該解決方案的開放性，以便它可以廣泛兼容幾乎任何類型的傳感器、任何類型的相機。市場上的相機。我們認為這對於擴大我們的生態系統對客戶的效用至關重要。

And then on the Sky-Hero side, long term, this is probably not going to be big revenue in the short term, but they are one of the, if not the leading tactical drone maker in the world used by special forces, by SWAT teams. And we think if we want to eradicate violence from society, we've got to get out of this mindset that the way you stop a person with a gun is sending more people with more guns and have a gun fight. And we think drones and robotics have a huge role to play there. I'd say that's probably a little longer term. It's not going to be a 2024 or maybe even 2025 revenue impact. But 10 years out, we think it could have an enormous both societal and revenue impact, especially in the space around private security, where there's millions of people worldwide whose job it is to sort of observe, report and secure facilities.

然後在Sky-Hero方面，從長遠來看，短期內這可能不會有很大的收入，但他們是特種部隊（SWAT）使用的世界領先的戰術無人機製造商之一團隊。我們認為，如果我們想消除社會上的暴力，我們就必須擺脫這種心態，即阻止持槍者的方式就是派遣更多人攜帶更多槍支並進行槍戰。我們認為無人機和機器人技術可以在那裡發揮巨大的作用。我想說這可能是一個更長的期限。這不會對 2024 年甚至 2025 年的收入產生影響。但十年後，我們認為它可能會產生巨大的社會和收入影響，特別是在私人保全領域，全世界有數百萬人的工作是對設施進行觀察、報告和保護。

That's a highly monotonous job and one where drones and robotics, we think can do a much better job at those monotonous jobs. And when those jobs become dangerous, they could do a much better job than putting a human in danger when a threat does emerge.

這是一項非常單調的工作，我們認為無人機和機器人可以在這些單調的工作上做得更好。當這些工作變得危險時，它們可以比在威脅確實出現時將人類置於危險之中做得更好。

Thanks, Jonathan. We'll take our next question from Will Power at Baird.

謝謝，喬納森。我們將接受貝爾德意志力的下一個問題。

Okay. Great. I'm in a vehicle, so I'm going to stay off of video for a moment. But maybe if I could come back to software. I know you expect that to be one of the key drivers in '24 along with T10 and other products. Any way to kind of help unpack what the expectations for growth there are across the different components, evidence versus records, dispatch, et cetera, just to get a sense for the breadth of that growth?

好的。偉大的。我在車裡，所以暫時不看影片。但也許我可以回到軟體領域。我知道您希望這與 T10 和其他產品一起成為 24 年的關鍵驅動因素之一。有什麼方法可以幫助解開不同組成部分的成長預期、證據與記錄、調度等，只是為了了解成長的廣度？

Sure thing. And I think the answer will -- it really depends on the market segment. I think for state and local, that's where we're really, really focused on selling the officer safety plan and this bundled set of enterprise software, from digital evidence management to reporting software to all of the key software add-ons all in one place. And so that's one of the true measures of success in the channel domestically. Internationally, it's really about, hey, how do we get folks on the cloud for the first time. And for some of these governments, it's literally the first time they're on the cloud in their professional lives. And so that's -- we're starting from a place of just arriving at that moment and then building from there over the next several years. And of course, in enterprise and federal, it's somewhere in-between where we might not exactly sell some version in the OSP that we sell to domestic, but it might be some more tailor-made software offerings that are the right fit for those customers. And so for us, I think we always end in the same place, which is highly valuable, highly useful, high-ROI software being deployed to customers that remain -- and happy with it. It's just a question of the path that it takes to get there and in each segment, it might be slightly different. And so that's a bit of a summary for you.

當然可以。我認為答案是——這實際上取決於細分市場。我認為對於州和地方來說，我們真正非常專注於銷售官員安全計劃和這套捆綁的企業軟體，從數位證據管理到報告軟體，再到所有關鍵軟體附加元件，全部集中在一個地方。因此，這是國內通路成功的真正衡量標準之一。在國際上，這實際上是關於，嘿，我們如何讓人們第一次使用雲端。對於其中一些政府來說，這實際上是他們職業生涯中第一次使用雲端。所以，我們從當時剛到的地方開始，然後在接下來的幾年裡從那裡開始建造。當然，在企業和聯邦領域，我們可能不會完全銷售我們向國內銷售的 OSP 中的某些版本，但可能會提供一些更適合這些客戶的客製化軟體產品。因此，對我們來說，我認為我們總是會到達同一個地方，即向留下來的客戶部署非常有價值、非常有用、高投資回報率的軟體，並且對此感到滿意。這只是到達那裡所需路徑的問題，並且在每個部分中，它可能會略有不同。這就是對您的一點總結。

Yes. And Will, just on the commentary, I would say I was highlighting T10 and software, particularly as drivers for improving gross margins. They obviously both will be great contributors to our revenue next year. But really, all of our segments are performing incredibly well, and they'll all contribute really nicely next year.

是的。威爾，就評論而言，我想說我強調了 T10 和軟體，特別是作為提高毛利率的驅動力。顯然，他們都將為我們明年的收入做出巨大貢獻。但實際上，我們所有的部門都表現得非常好，明年他們都會做出很好的貢獻。

Thank you, Will. We're going to take our next question from Alyssa Shreves at Barclays. I think she's dialed in.

謝謝你，威爾。我們將接受巴克萊銀行 (Barclays) 的艾莉莎·什里夫斯 (Alyssa Shreves) 提出的下一個問題。我想她已經撥了。

Can you hear me?

你聽得到我嗎？

We can.

我們可以。

Can you hear me? Great. Just a kind of quick question on the T10 demand. Is it -- are you seeing existing customers looking to upgrade? Is it penetration into new markets? And how much is this VR training kind of moving the needle in terms of T10 adoption?

你聽得到我嗎？偉大的。只是一個關於 T10 需求的簡單問題。是嗎－您是否看到現有客戶想要升級？是否滲透到新市場？這種 VR 訓練對 T10 的採用有多大推動作用？

Yes. It's a fantastic question. Thank you very much. The first answer is kind of yes to both. I think our existing customer base is very predictably upgrading not only at the end of their useful life of their previous generation will have been -- but for the first time, we're seeing customers expressing interest in an early upgrade to TASER 10. So we're really encouraged by that. Additionally, this is -- we do believe this will open new customer markets for us internationally and some private security, federal use cases as well. And so across the board, very bullish on T10 adoption and the rate at which that adoption is occurring. So that's a little bit about the market kind of response to T10. Could you just remind me what the second portion of that question was?

是的。這是一個很棒的問題。非常感謝。第一個答案對兩者來說都是肯定的。我認為我們現有的客戶群非常可預測地進行了升級，不僅是在上一代產品的使用壽命結束時，而且是我們第一次看到客戶表示有興趣儘早升級到 TASER 10。我們對此感到非常鼓舞。此外，我們確實相信這將為我們在國際上以及一些私人安全、聯邦用例中打開新的客戶市場。因此，整體而言，我們非常看好 T10 的採用以及採用的速度。這就是市場對 T10 的反應。您能提醒我問題的第二部分是什麼嗎？

Yes. How much of the VR training is kind of driving customer interest? Is it more a nice to have? Or are customers kind of viewing this now as a need to have once they trial it?

是的。 VR 培訓有多少能激發客戶的興趣？擁有它是不是更美好？或是客戶在試用後是否認為這是一種需求？

I'd say we're probably squarely in the middle of those two at the moment, and this was a big year for our VR program because now that the sensors work very well and very reliably, it's about how much content we can build to deliver to these end users to simulate different training scenarios. So it's a move from, hey, how are you performing with T10 at a range setting or some basic interactions -- and we'll build on that to these more complicated decision making type of scenarios. So we think this is going to go hand in hand, not only, of course, the training experience, if it's very strong, will help adoption of the product. But it will also drive far safer outcomes in the field.

我想說，我們目前可能正處於這兩者的中間，對於我們的 VR 專案來說，今年是重要的一年，因為現在感測器運作得非常好、非常可靠，關鍵在於我們可以建立多少內容交付給這些最終用戶以模擬不同的訓練場景。所以這是一個轉變，嘿，你在一定範圍內使用 T10 的表現如何或一些基本的交互 - 我們將在此基礎上發展到這些更複雜的決策類型場景。所以我們認為這將是齊頭並進的，當然，培訓經驗如果非常強大，將有助於產品的採用。但它也將在該領域帶來更安全的結果。

If we're able to simulate the type of stress that you can feel in VR relative to shooting at people in costume or with Velcro suits on or at stationary targets at a range, these are the things that can really make the difference in the field. And so very excited about that. We're rolling it out to international as well. We're rolling it out to federal. We're tailoring scenarios for those markets. So we think these 2 products, VR and TASER 10 are kind of linked moving forward. And it's represented by the way we go to market as well, where you pay one rate for both of those offerings and you get both throughout the term of the contract.

如果我們能夠模擬你在VR 中感受到的壓力類型，相對於對穿著戲服或穿著尼龍搭扣套裝的人進行射擊或對一定範圍內的固定目標進行射擊，這些才是真正能在現場發揮作用的東西。對此非常興奮。我們也將其推廣到國際市場。我們正在將其推廣到聯邦。我們正在為這些市場量身訂做方案。因此，我們認為 VR 和 TASER 10 這兩種產品在未來發展中存在某種關聯。這也體現在我們進入市場的方式上，即您為這兩種產品支付同一種費率，並且在整個合約期間內您都可以獲得兩種產品。

Thank you, Alyssa. We'll take our next question from Mike Ng at Goldman Sachs.

謝謝你，艾莉莎。我們將回答高盛邁克吳 (Mike Ng) 提出的下一個問題。

I just have 2. First, there was a big step-up in future contracted revenue, I think that $1.3 billion sequential increase is the biggest on record. Is there anything to call out as it relates to outside deals or customer wins that contributed to that? Or would you guys just consider that normal momentum? And then I have a quick follow-up.

我只有 2。首先，未來合約收入大幅增長，我認為 13 億美元的環比增長是有史以來最大的。有什麼需要指出的，因為它與外部交易或客戶贏得的訂單有關？或者你們會認為這是正常的勢頭嗎？然後我會進行快速跟進。

For sure. I don't think there was anything abnormal about Q4 other than it was a record quarter for us. And you know there is some seasonality in our business. It was our first quarter of billion-plus dollars booked across the business in 5-year bookings, so we're really excited about that. We don't necessarily share much more than that on our total bookings, but that was a pretty big milestone for our team. So of course, that will represent itself in future contracted revenue, and we're excited about that trend and certainly aiming to outperform that record this year.

一定。我不認為第四季有什麼異常，除了對我們來說這是一個創紀錄的季度。您知道我們的業務存在一定的季節性。這是我們整個業務的五年預訂量首次突破十億美元，因此我們對此感到非常興奮。我們分享的預訂量不一定比這多得多，但這對我們團隊來說是一個相當大的里程碑。當然，這將體現在未來的合約收入中，我們對這一趨勢感到興奮，而今年的目標當然是超越這一記錄。

Great. And then just a follow-up for Brittany. Just on that future contracted revenue, I know you guys have talked about 15% to 25% of that being recognized in the next 12 months. But I guess, has the duration of that future contracted revenue extended it at all? Have there been longer-term deals? Naturally, the reason why I ask is it seems like 25% of $7.1 billion, you have full visibility into the 2024 revenue guidance. I'm not sure if that's the right way to think about it.

偉大的。然後是布列塔尼的後續行動。就未來的合約收入而言，我知道你們已經談到了在未來 12 個月內確認的 15% 到 25%。但我想，未來合約收入的持續時間是否會延長？有沒有長期交易？當然，我問這個問題的原因是，71 億美元中的 25% 似乎可以完全了解 2024 年的收入指引。我不確定這是否是正確的思考方式。

Yes, of course, it's a great question. It hasn't changed such that, that 15% to 25% guidance of what converts for the next year has been pretty consistent over at least the last few quarters. I think in general, we have seen a trend towards some longer contracts. So again, Josh -- Josh will correct me, but I think historically, there were more 5-year contracts and now we're seeing more 10-year contracts and some that are even longer than 10 years. So that's certainly a factor in there. But nothing has massively changed in terms of how that future contracted revenue converts in for the next year. I do think it helps in terms of us having visibility and giving a strong guide for next year. And so I think that's where you see some of that come through.

是的，當然，這是一個很好的問題。情況並沒有改變，至少在過去幾個季度中，明年 15% 到 25% 的轉換指導非常一致。我認為總的來說，我們已經看到了一些長期合約的趨勢。再說一次，喬什 - 喬什會糾正我，但我認為從歷史上看，有更多的 5 年期合同，現在我們看到更多的 10 年期合同，有些甚至超過 10 年。所以這肯定是其中的一個因素。但就未來合約收入如何轉化為明年而言，並沒有發生任何重大變化。我確實認為這有助於我們提高知名度並為明年提供強有力的指導。所以我認為這就是你看到其中一些內容的地方。

Thanks, Mike. We're going to go to Josh Reilly at Needham next.

謝謝，麥克。接下來我們要去尼達姆找喬許‧賴利 (Josh Reilly)。

I got one and a quick follow-up here. If you look at the Fusus acquisition, is this the product that is going to require a little bit of incremental investment on your part to kind of drive broad customer adoption across the customer base? Or is this ready to go day one for your entire customer base?

我在這裡得到了一個和快速的跟進。如果你看看 Fusus 的收購，你會發現這個產品是否需要你進行一點增量投資才能推動整個客戶群的廣泛採用？或是您的整個客戶群第一天就準備好了嗎？

The good news is it's a combination of the two. So right now, out of the gate, one of the reasons why we were so excited about Fusus as a partner and then moving to the acquisition is that their product turnkey out of the box today is ready to go very broadly across state and local in the U.S. and then beginning internationally as well. It's absolutely a groundbreaking change for the ability for agencies with their real-time crime centers and command staff and even right in the dispatch center, to get unparalleled situational awareness by partnering with [CCTv] cameras from private enterprise and the like. So right out of the box, it is selling and growing like gangbusters. And it's a fundamental part as we go forward of our overall real-time operations vision you've heard us talk about for a long time, where our real strategy is to provide the best full stack and open ecosystem we can to help agencies with the entire life cycle of an incident. And it's ultimately about our play to earn the right to win more sockets, meaning win more sensors and win that pane of glass where they review the information from those sensors, and to win more and more communications moments as both first responders and the businesses that -- where things happen, work together to resolve as quickly as possible things when they occur.

好消息是它是兩者的結合。因此，現在，我們對 Fusus 作為合作夥伴感到如此興奮，然後轉向收購的原因之一是，他們今天開箱即用的產品已準備好在州和地方廣泛推廣。美國，然後也開始國際化。對於擁有即時犯罪中心和指揮人員甚至調度中心的機構來說，透過與私人企業等的 [CCTv] 攝影機合作獲得無與倫比的態勢感知能力，這絕對是一個突破性的變化。因此，它開箱即用，銷量和成長勢頭強勁。這是我們推進整體即時營運願景的一個基本部分，我們的真正策略是提供最好的全端和開放生態系統，我們可以幫助機構事件的整個生命週期。最終，我們要贏得贏得更多插座的權利，這意味著贏得更多感測器並贏得他們審查來自這些感測器的資訊的那塊玻璃，並贏得越來越多的通訊時刻，作為第一響應者和企業——事情發生時，共同努力，盡快解決問題。

Got it. And then just a quick follow-up on the TASER 10 automation. Is that going to also benefit unit growth in addition to benefiting margins?

知道了。然後是 TASER 10 自動化的快速跟進。除了有利於利潤率之外，這還會有利於單位成長嗎？

I would say it does, yes. The more automation we have, the more it helps our capacity. I would say that's pretty much factored in as we think about next year, though. So I wouldn't necessarily expect any surprises coming from that.

我想說確實如此，是的。我們擁有的自動化程度越高，對我們的能力的幫助就越大。不過，我想說，當我們考慮明年時，這幾乎已被考慮在內。所以我不一定期望由此帶來任何驚喜。

Thanks, Josh. Keith Housum at Northcoast.

謝謝，喬許。北海岸的基思·豪蘇姆 (Keith Housum)。

Could you guys just unpack international a little bit more? Perhaps I missed this in the release. Perhaps talk about, if you don't mind, some trends that you're seeing in international. Obviously, I know it was a very strong bookings quarter for you last quarter. But how did it look this quarter growth in bookings? Or are we starting to see some of that revenue that you booked last year come to fruition?

你們能再多解釋一下國際化的東西嗎？也許我在發佈時錯過了這一點。如果您不介意的話，也許可以談談您在國際上看到的一些趨勢。顯然，我知道上個季度對你們來說是一個非常強勁的預訂季度。但本季預訂量成長情況如何？或者我們開始看到您去年預訂的部分收入實現了？

Yes. Thanks a lot, Keith, and great question. So we're super excited about the quarter we had in terms of bookings last quarter, I believe it was a record -- a new record in terms of bookings. So the team is executing in terms of writing orders and driving a lot of the momentum in market. But there's just some noise around when the revenue recognition will occur. And I'd expect that to fluctuate a little bit more than it does in the U.S. because you've got things like country-by-country approval of TASER 10. So even if a customer wants that, in some cases, has purchased it, they need to wait until all the testing completes until they can take delivery of it. In the video business, there's longer lead times on implementations because you're deploying a country, a national government, not the city in a lot of cases.

是的。非常感謝，基思，這是一個很好的問題。因此，我們對上季度的預訂量感到非常興奮，我相信這是一個記錄——預訂量方面的新記錄。因此，團隊正在執行編寫訂單並推動市場動力。但何時確認收入卻存在一些爭議。我預計這一數字的波動會比美國大一點，因為 TASER 10 已獲得各國批准。因此，即使客戶想要，在某些情況下也已經購買了它，他們需要等到所有測試完成後才能提貨。在視訊業務中，實施的準備時間較長，因為在許多情況下，您部署的是一個國家、一個國家政府，而不是一個城市。

So the amount of sites and amount of work and clearances you'll need to do that work is considerable. And so all to say the revenue will continue to be lumpy quarter-to-quarter based on shipment times and based on implementations. But from where we sit, as long as the bookings number continues to drive that revenue will fall -- it will start to add up and fall to the bottom line in terms of EBITDA dollars as well. So we're certainly excited about it. The team has got the wind at their back after a couple of years of really trying to build more of an apparatus in Continental Europe, and we're starting to see the fruits of that labor pay off. So future is bright for international. Nothing has really changed in terms of our outlook or perspective on that, but there will be some peaks and valleys in terms of the rev rec over the course of the year.

因此，完成這項工作所需的場地數量、工作量和許可量是相當大的。因此，總而言之，根據發貨時間和實施情況，收入將繼續按季度波動。但從我們的角度來看，只要預訂量繼續推動收入就會下降——就 EBITDA 而言，收入也會開始增加並下降到底線。所以我們當然對此感到興奮。經過幾年的努力，團隊在歐洲大陸建造了更多的裝置，現在已經得到了支持，我們開始看到這種勞動成果得到回報。因此，國際化的未來是光明的。我們對此的看法或看法並沒有真正改變，但在這一年中，轉速記錄將會出現一些高峰和低谷。

And then, Josh, maybe this one is for you as well. But in terms of the corrections market -- obviously, you guys spent a lot of time on that and again in the release today. But are you seeing new products? And what's the strategy in terms of growing corrections and how are you guys achieving the success you're having?

然後，喬什，也許這個也適合你。但就修正市場而言，顯然，你們在這方面花費了很多時間，並且在今天的發布中再次花費了很多時間。但你看到新產品了嗎？增加修正的策略是什麼？你們是如何達到現在的成功的？

Yes. Yes. Certainly, Keith. We think the foundation of it, not different from any of our other segments, as tasers and body cams, but things like -- Fusus, things like drones, both indoor and outdoor, those are VR training in corrections. Those are investments we're currently making, and we really believe are a great fit for corrections. And up until now, we've really talked about corrections as a domestic and state and local function. There's a large corrections opportunity in federal. There's a large corrections opportunity in international. And I think all of those potential products fitting in is not unique to domestic. So certainly, we're excited about that. And we believe, especially after the feedback we've been getting on some of our early meetings on some of these new products with corrections that there is a lot of interest and those will fuel some growth in that segment.

是的。是的。當然，基斯。我們認為它的基礎與我們的任何其他細分市場（如泰瑟槍和隨身攝影機）沒有什麼不同，但像 Fusus、無人機這樣的東西，無論是室內還是室外，都是 VR 矯正訓練。這些是我們目前正在進行的投資，我們確實認為非常適合進行調整。到目前為止，我們實際上已經將矯正作為國內、州和地方職能進行了討論。聯邦有很大的糾正機會。國際上有很大的調整機會。我認為所有這些潛在的產品並不是國內獨有的。當然，我們對此感到興奮。我們相信，特別是在我們在一些關於這些新產品的早期會議上得到的反饋以及修正後，人們有很大的興趣，這將推動該領域的一些成長。

Thanks, Keith. We're going to take our next question from Meta Marshall at Morgan Stanley.

謝謝，基斯。我們將接受摩根士丹利的梅塔馬歇爾提出的下一個問題。

Great. Maybe -- you talked initially just about kind of the drone business maybe not contributing necessarily this year. I just wanted to kind of get an update on -- you had quotes in terms of feedback that you had gotten from certain customers. But just what are some of the hurdles to kind of greater drone adoption? And just kind of an update on what was going on with the integration of Sky-Hero or just kind of early traction there. And then maybe just a second question just to kind of give them all at once. Just on -- it sounds like there's a little bit going on with headquarters decisions. Just is there a kind of drop dead deadline when you're hoping to kind of make a decision on what city to do the expansion in?

偉大的。也許 - 你最初只是談到無人機業務今年可能不一定會做出貢獻。我只是想了解最新情況——您從某些客戶那裡得到了反饋。但更大程度地採用無人機會遇到哪些障礙呢？只是關於 Sky-Hero 整合的最新情況，或者只是早期的吸引力。然後也許只是第二個問題，只是為了一次回答所有問題。就這樣——聽起來總部的決定有點不對勁。當你希望決定在哪個城市擴張時，是否有截止日期？

Let me take that, and I'll start with the drones. I think drones is an area where, again, we see tremendous long-term opportunity. Near term, there's a couple of different issues that have slowed that are sort of, I think, were pre-inflection point shall we say. So on the outdoor drones, there's a growing interest in Drone as First Responder, namely -- today, the way they deploy drones is the police drive up in their patrol car, then they open the trunk, they take out the drone and they fly the drone around. That doesn't give nearly as much benefit, right, because you've already got to get on scene to use the drone and then frankly, from an officer safety perspective, it's not necessarily great to be standing around staring at a drone controller.

讓我來談談，我將從無人機開始。我認為無人機是一個我們再次看到巨大長期機會的領域。短期來看，有幾個不同的問題已經放緩，我認為，我們可以說，它們是拐點前的問題。因此，在戶外無人機上，人們對無人機作為第一個響應者的興趣越來越大，也就是說，今天，他們部署無人機的方式是警察開著巡邏車，然後他們打開後備箱，取出無人機並飛行周圍的無人機。這並沒有帶來那麼多好處，對吧，因為你已經必須到達現場使用無人機，然後坦率地說，從警官安全的角度來看，站在周圍盯著無人機控制器並不一定很好。

I think where the market wants to go is this idea of Drone as First Responder where the drone is deployed from a fixed facility, flies to the scene and gets there before officers can. That started in Chula Vista, California. Shout out to chief Roxana Kennedy there who really started this. We're seeing that. It is in the early stages of an exponential doubling [batter]. And every year, we're seeing about double the agencies doing Drone as First Responder. It went from single digits to now in the tens of agencies doing it. In order for that to really take off, we need a little more clarity from the FAA on agencies being able to fly beyond visual line of sight to be able to fly the drones safely.

我認為市場想要的方向是無人機作為第一個響應者的想法，無人機從固定設施部署，飛到現場並在警察之前到達那裡。這一切始於加州丘拉維斯塔。向真正開始這一切的首席羅克珊娜·肯尼迪大喊大叫。我們正在看到這一點。它正處於指數倍增[擊球]的早期階段。每年，我們都會看到大約有兩倍的機構使用無人機作為急救人員。從個位數到現在有數十家機構這樣做。為了真正實現這一目標，我們需要美國聯邦航空局進一步明確有關機構能夠飛出視距以安全駕駛無人機的資訊。

Today, if you want to fly a drone as a first responder, most of the time, you have to have a police officer standing on the roof under an umbrella, watching the drone fly into the distance. We have, through one of our other partnerships with Dedrone, that is the world leader in drone tracking and counter drone. We've invested and we've partnered with them. Dedrone gives you the ability -- the NFL stadiums use it to track all the drones around NFL stadiums. And Ukraine is buying a ton of these to track drones for obvious reasons. We have some pilots we're doing where Dedrone is coupled with Drone as First Responder. So instead of a human being watching into the distance, they can't see a drone beyond a couple of hundred meters, we can actually track those drones in the air space with this integrated solution.

如今，如果你想作為急救人員駕駛無人機，大多數時候，你必須有一名警察撐著傘站在屋頂上，看著無人機飛向遠方。透過與 Dedrone 的其他合作夥伴之一，我們已經成為無人機追蹤和反無人機領域的世界領導者。我們已經投資並與他們合作。 Dedrone 為您提供了這種能力——NFL 體育場使用它來追蹤 NFL 體育場周圍的所有無人機。出於顯而易見的原因，烏克蘭正在購買大量此類設備來追蹤無人機。我們正在進行一些試點，其中 Dedrone 與無人機結合作為急救人員。因此，人類不再是在遠處觀察，而是看不到幾百公尺之外的無人機，我們實際上可以透過這種整合解決方案來追蹤空域中的這些無人機。

And we think that is going to be foundational to really letting drones really grow. Actually, let me pause for a second. Jeff may have had a technical correction for me on the growth rate. I guess we're going to be conservative. It was more than a doubling this year, but it was off a small base. So again, we're seeing really early exponential growth in DFR. Now when we think about indoor drones, Sky-Hero, when we acquired them -- so one of the downsides of being a big company is we have lots of lawyers to make sure that we're very compliant and that's obviously a good thing most of the time, but for example, we discovered that Sky-Hero had some challenges in that -- the bands of energy they were using for RF transmission to get through the walls, to be able to fly indoor effectively, were outside of the acceptable bands under the FCC here in the United States.

我們認為這將成為無人機真正發展的基礎。事實上，讓我暫停一下。傑夫可能對我的成長率進行了技術修正。我想我們會變得保守。今年這數字增加了一倍多，但基數較小。因此，我們再次看到 DFR 的早期指數成長。現在，當我們想到室內無人機時，Sky-Hero，當我們收購它們時 - 所以作為一家大公司的缺點之一是我們有很多律師來確保我們非常合規，這顯然是一件好事但例如，我們發現Sky-Hero 面臨一些挑戰——他們用於射頻傳輸以穿過牆壁、能夠有效地在室內飛行的能量頻段超出了可接受的範圍美國 FCC 管轄下的頻段。

So we've had to actually pause selling on a temporary basis while we are working to get approval from the FCC and an exemption on being able to sell those to state and local in the U.S. But again, we didn't buy Sky-Hero for the near-term revenue. It's really about the relationships they have with the world's leading SWAT teams and tactical users, and we believe that's the foundation on which we can build transformative new capabilities. So part of it is just kind of getting with Sky-Hero now they're part of a bigger organization. The good news is we've got full teams focused on international legal compliance. So we're kind of upping their game from a compliance and legality end standpoint.

因此，我們實際上不得不暫時停止銷售，同時我們正在努力獲得 FCC 的批准，並獲得向美國各州和地方銷售這些產品的豁免。但是，我們沒有購買 Sky-Hero為了近期的收入。這實際上關係到他們與世界領先的特警團隊和戰術使用者的關係，我們相信這是我們建立變革性新功能的基礎。所以其中一部分就是與 Sky-Hero 合作，現在他們是一個更大組織的一部分。好消息是我們擁有專注於國際法律合規的完整團隊。因此，我們從合規性和合法性的最終角度出發，並提高了他們的遊戲水平。

Meanwhile, they're bringing their, I would say young, scrappy innovation. I mean these guys built a profitable drone business with a very small team. Not many people have done that. And I'd say the magic is happening. They're working with our design team, and I would say, over the next couple of years, I'd say, maybe a 2- to 5-year horizon, you'll start to see some pretty mind blowing stuff coming out of our indoor tactical drones as well as our outdoor DFR. I think those are the 2 biggest segments, being able to fly outdoor drones without humans on-site and then being able to go into buildings and use drones in the most dangerous situations.

同時，他們正在帶來他們的，我想說的是年輕的、鬥志旺盛的創新。我的意思是這些人用一個非常小的團隊建立了一個盈利的無人機業務。沒有多少人這樣做過。我想說奇蹟正在發生。他們正在與我們的設計團隊合作，我想說，在接下來的幾年裡，也許在 2 到 5 年的時間內，你會開始看到一些令人興奮的東西出現我們的室內戰術無人機以及室外DFR。我認為這是兩個最大的部分，能夠在無人現場的情況下駕駛戶外無人機，然後能夠進入建築物並在最危險的情況下使用無人機。

That's right. And there's also a really exciting hybrid between the sort of drone in a trunk thing Rick talked about and full DFR as the whole industry tries to sort of find their way forward as fast as they can. And this is a thing that actually Adam Bry, the CEO of one of our other partners, Skydio, and he and I talk together about it. They're keynote of their launch a few months ago of their newest drone, where you combine the physical drone being with a patrol officer who can go to a scene, but then the instant that they need it, you have that remote pilot who's able to manage it on scene in a DFR style. And so what you're seeing is innovation and experimentation to try to move as fast as possible while navigating around these various short-term constraints. And so it's just a -- keep watching this space.

這是正確的。 Rick 談到的那種放在行李箱裡的無人機和完整的 DFR 之間還有一種非常令人興奮的混合，因為整個行業都在試圖盡快找到前進的方向。事實上，我們的另一位合作夥伴 Skydio 的執行長 Adam Bry 和我一起討論了這個問題。他們是幾個月前推出最新無人機的主題，你可以將物理無人機與可以前往現場的巡邏人員結合起來，但一旦他們需要它，你就擁有了能夠進行遠端操作的飛行員。以DFR風格在場景中進行管理。因此，您所看到的是創新和實驗，試圖在克服這些各種短期限制的同時盡可能快地採取行動。所以這只是——繼續關注這個領域。

The last thing actually, I do want to add one more thing to all this complexity, the shifting sands between the United States and China is also creating another -- just a change in the marketplace. So DJI was by far the dominant hardware provider, and we have chosen to partner with many different hardware providers. Initially, we were partnering with DJI. That's no longer very viable because the U.S. government federally will not buy any DJI hardware and states are now passing similar laws. So we see up and coming folks like Skydio, that have really just recently gotten to what I would say is a competitive hardware platform to DJI for the outdoor drone use case. We partnered with a company out of Switzerland called Fotokite that does tethered drones. So each of these things have created some short-term shifts in the marketplace. But we think the foundation is going to be firming up over the next couple of years to see this go from really awesome concepts to significant businesses.

實際上，最後一件事，我確實想在所有這些複雜性中添加一件事，美國和中國之間的流沙也在創造另一件事——只是市場的變化。因此，DJI 是迄今為止占主導地位的硬體供應商，我們選擇與許多不同的硬體供應商合作。最初，我們與大疆創新合作。這不再是非常可行的，因為美國政府聯邦政府不會購買任何大疆硬件，而且各州現在正在通過類似的法律。因此，我們看到像 Skydio 這樣的後起之秀，他們最近才真正獲得了我所說的對於 DJI 來說具有競爭力的硬體平台，用於戶外無人機用例。我們與瑞士一家名為 Fotokite 的公司合作，該公司生產系留無人機。因此，這些事情都在市場上造成了一些短期變化。但我們認為，在接下來的幾年裡，基礎將會更加牢固，以見證它從真正出色的概念轉變為重要的業務。

And then, Rick, did you want to answer the second question as well on the new headquarters timing?

那麼，Rick，您是否也想回答第二個問題以及新總部的時間表？

Yes. We hope to have a decision by sometime this summer. To make the call. This has kind of drug on for a while. So we're -- we'd like to get moving on it.

是的。我們希望在今年夏天的某個時候做出決定。打電話。這已經有一段時間了。所以我們——我們想繼續前進。

Thanks, Meta. We'll take our next question from Mike Latimore at Northland.

謝謝，梅塔。我們將回答 Northland 的 Mike Latimore 的下一個問題。

So within the cloud category, you have the Digital Evidence Management, real-time operations, productivity software. Would there relative contributions to growth in '24 be noticeably different than what you saw in '23.

因此，在雲端類別中，您擁有數位證據管理、即時操作、生產力軟體。 24 年對成長的相對貢獻是否與您在 23 年看到的明顯不同？

So the question, just so I'm clear on it, Mike, is what type of growth are we looking at for 2024 relative to '23 in our software offerings?

麥克，我想問一下，問題是，相對於 23 年，我們的軟體產品在 2024 年會出現什麼樣的成長？

Yes, among those 3, does one get more pronounced in '24?

是的，在這 3 個因素中，有一個因素在 24 年變得更加明顯嗎？

Yes. And Jeff, feel free to follow on with your thoughts, but my instinct is DEMS is essentially built out, and we're on the right track there, and we'll continue -- to continue to build out that ecosystem into new markets and so forth. But productivity is really the one that stands out to me as the huge opportunity for the year. I think we've beared all the pain of coming to market with enterprise software, especially historically custom enterprise software over the last couple of years. And now we really believe we found market -- product market fit. When we deploy this product to customers, we're getting fewer calls in the weeks following that are, hey, this didn't quite work the way we thought it would or a new feature request or whatever the case may be. Customers are very, very happy with their early experiences with the product.

是的。 Jeff，請隨意繼續您的想法，但我的直覺是 DEMS 本質上已經建立起來，我們正走在正確的軌道上，我們將繼續 - 繼續將該生態系統構建到新市場和等等。但對我來說，生產力確實是今年的巨大機會。我認為我們已經承受了企業軟體進入市場的所有痛苦，特別是在過去幾年中歷史上定制的企業軟體。現在我們真的相信我們找到了市場——產品市場契合點。當我們向客戶部署此產品時，我們在接下來的幾週內接到的電話越來越少，他們說，嘿，這並沒有像我們想像的那樣工作，或者有新的功能請求，或者無論是什麼情況。客戶對產品的早期體驗非常非常滿意。

And now we feel like, hey, we can start to dump a little more gasoline on the fire and deploy faster across more customers in a year. And then the one aid to that, I'd say, is our Respond product, which is live streaming product, and that's part of our real-time operations pillar. And there, that's all the live streaming from the body camera. That's where Fusus slots in as well. There's interesting things we can do between Fusus and in our DEMS -- I'm sorry, our real-time products. So yes, very excited about each of those. But in the short term, I think the biggest growth relative to 2023 year-over-year will come from productivity.

現在我們覺得，嘿，我們可以開始在火上傾倒更多的汽油，並在一年內更快地向更多客戶部署。我想說，對此的一個幫助是我們的 Respond 產品，它是直播產品，也是我們即時營運支柱的一部分。這就是隨身攝影機的所有直播。這也是 Fusus 發揮作用的地方。我們可以在 Fusus 和 DEMS 之間做一些有趣的事情——對不起，我們的即時產品。所以，是的，我對其中每一個都非常興奮。但從短期來看，我認為相對 2023 年年比最大的成長將來自生產力。

Yes, that's right. Thanks, Josh. All of those are incredibly exciting. I think the reason why we call it productivity is it is not only -- while it also includes our straight up product for full or classic RMS replacement, it's really -- the vision there is all of the things that relate to helping, as Rick talked about in his intro, saving time and giving hours and minutes and moments back for officers to be out in the field helping communities be better as opposed to doing paperwork or other things. And so there's an exciting story on multiple fronts there.

恩，那就對了。謝謝，喬許。所有這些都非常令人興奮。我認為我們稱之為生產力的原因不僅是——同時它還包括我們用於全面或經典 RMS 替代的直接產品，它實際上是——願景是所有與幫助相關的事情，正如 Rick 所說在他的介紹中談到，節省時間並為官員們留出時間和分鐘，讓他們能夠在現場幫助社區變得更好，而不是做文書工作或其他事情。因此，這裡有一個涉及多個方面的激動人心的故事。

First, you've heard us talk for a long time about transcription. And transcription has been steadily and steadily and steadily been being adopted even for the straight up use of looking at a single body camera video at a time, and being able to scrub through the video and see and search through the transcript of that. Just that one video. And now as that gets adopted more and more, we can build incredible new functionality on top of that using AI and other things. And so stay tuned for future announcements in that regard, but that keeps mixing up in customer delight in customer adoption. On pure records, as Josh said, now we've got more than 100 agencies who are live with at least one module of Axon Records, including a rapidly still growing of those who have done their full RMS replacement. As well as a bunch that are using that Axon Standards product, which is the use of force module, which is the easiest thing for them to get started with alongside, even before they've made the full replacement of their RMS. So we're just incredibly excited about the trajectory and the momentum and the acceleration there.

首先，您已經聽我們談論轉錄很久了。轉錄已經被穩定地、穩定地、穩定地採用，甚至可以直接使用一次觀看單個攝影機視頻，並且能夠瀏覽視頻並查看和搜索其記錄。就那一個影片。現在，隨著它被越來越多地採用，我們可以使用人工智慧和其他東西在此基礎上建立令人難以置信的新功能。因此，請繼續關注未來在這方面的公告，但這會不斷影響客戶採用的喜悅。就純記錄而言，正如 Josh 所說，現在我們已經有 100 多家代理商至少使用了 Axon Records 的一個模組，其中數量仍在快速增長的代理商已經完成了 RMS 的全面更換。還有一群人正在使用 Axon Standards 產品，即使用力模組，這對他們來說是最容易開始使用的東西，甚至在他們完全更換 RMS 之前也是如此。所以我們對那裡的軌跡、動量和加速度感到非常興奮。

Great. Then just on the future contracted revenue, 15% to 25% is next 12 months. Can you just talk a little bit about the variables that would move that to 15% versus 25%?

偉大的。那麼就未來的合約收入而言，未來 12 個月為 15% 至 25%。您能否簡單談談將這一比例提升至 15% 與 25% 的變數？

And it's really about sort of average contract length inside of that future contracted revenue. That's sort of the variable between the 15% versus the 25%.

這實際上與未來合約收入中的平均合約長度有關。這就是 15% 與 25% 之間的變數。

And Brittany, would you also say it's the number of TAP upgrades of hardware that would ship in the current year? So our upgrade cycle is 2.5 years. So if we have an outsized number of contracts that year where these customers hit 2.5, you'll see more revenue because we're shipping all that upgraded hardware. And if it's a year where it's more software and the upgrade is next year, then that will be closer to 15% versus the 25%.

Brittany，您是否也會說這是今年將發貨的 TAP 硬體升級數量？所以我們的升級週期是2.5年。因此，如果我們當年簽訂的合約數量過多，這些客戶達到 2.5，那麼您將看到更多收入，因為我們正在運送所有升級的硬體。如果這一年軟體較多且升級是在明年，那麼這一比例將接近 15%，而不是 25%。

Thanks, Mike. We've got 1 minute left. We'll go to Jeremy Hamblin for our last question at Craig-Hallum. I believe he's dialed in on a phone. Jeremy, can you hear us?

謝謝，麥克。我們還剩 1 分鐘。我們將請傑里米·漢布林回答克雷格·哈勒姆的最後一個問題。我相信他已經打過電話了。傑里米，你聽得到我們說話嗎？

Yes. Thanks. Hopefully, you can hear me. Congrats on the strong results. Just in terms of -- I wanted to just -- sorry, if I missed the explanation on this already. But in terms of TASER automation impact, and thinking about what that can do for gross margin on that product line, both in the second half of '24. But also then as we get beyond into '25. Can you just provide me with a little bit of color on that?

是的。謝謝。希望你能聽到我的聲音。祝賀取得強勁的成果。只是——我想——抱歉，如果我已經錯過了對此的解釋。但就泰瑟自動化影響而言，並思考它對該產品線的毛利率有何影響，都是在 2024 年下半年進行的。但當我們進入 25 年後也是如此。你能為我提供一點顏色嗎？

Yes, of course. So I think the TASER automation as well as initiatives that we're doing around cost improvements are a lot of what gives us comfort talking about how we think we'll have moderate gross margin improvement for 2024. And then we don't have any long-term margin guidance out beyond that. Our long-term guidance beyond '24 is really focused on the 20% revenue CAGR and the '25 adjusted EBITDA margins.

是的當然。因此，我認為 TASER 自動化以及我們圍繞成本改進所做的舉措在很大程度上讓我們放心地談論我們認為 2024 年毛利率將適度提高。然後我們沒有任何改進長期利潤指引超出了這一範圍。我們對 24 年後的長期指導實際上側重於 20% 的收入複合年增長率和 25 年調整後的 EBITDA 利潤率。

But just following up, is specific to that product line and not necessarily thinking about it in terms of total company, what are the -- if you undertake the project like that, what is the kind of the goal of the range of outcomes in doing that?

但只是跟進，是針對該產品線的，不一定要從整個公司的角度來考慮它，如果你承擔這樣的項目，那麼所做的結果範圍的目標是什麼那？

I think the goal in the range is to really improve the TASER 10 margin, so that you see sort of stable TASER gross margins over time rather than some of the fluctuations that you've seen. But again, we don't have a long-term target out there specifically for TASER gross margins.

我認為該系列的目標是真正提高 TASER 10 的利潤率，這樣您就可以看到隨著時間的推移，TASER 的毛利率會保持穩定，而不是像您所看到的那樣出現一些波動。但同樣，我們沒有專門針對泰瑟槍毛利率的長期目標。

Got it. And then last one quick here. In terms of your kind of TAM penetration and opportunities and as we think about, I think, with Slide 15, as you look at adoption rates in rest of Europe versus your commonwealth. I don't know exactly the timing, but in terms of thinking about the success that you've had in commonwealth versus what you're seeing in rest of Europe. Can you give us a sense for how that time line is playing out versus when you kind of had some breakthrough contracts that you won maybe at this point 7, 8, 9 years ago? Just trying to get a sense for how that might play out.

知道了。然後最後一個快點在這裡。就您的 TAM 滲透率和機會而言，我認為在投影片 15 中，您會比較歐洲其他地區與您所在聯邦的採用率。我不知道確切的時間，但考慮到您在英聯邦的成功與您在歐洲其他地區所看到的成功。您能否讓我們了解一下，與 7、8、9 年前您可能在此時贏得的一些突破性合約相比，這個時間線是如何進行的？只是想了解這可能會如何發展。

Yes. Thank you, Jeremy, and it's nice to hear from you. I would say it's really a tale of 2 product lines there. On the TASER side, we're actually seeing Continental Europe already start to outpace the commonwealth countries, in pockets. And so we're really excited about that. We had some large orders last quarter on the TASER side and we see the path here where the nice thing is in these commonwealth countries, they're set up much more like the United States where they either have states or territories or whatever the case may be. Some of these larger markets in Europe, they buy from the federal level. And so the order volumes are just much higher and you can really build with one customer with a much bigger kind of white space in front of you.

是的。謝謝你，傑里米，很高興收到你的來信。我想說這其實是兩個產品線的故事。在泰瑟槍方面，我們實際上看到歐洲大陸已經開始超過英聯邦國家。所以我們對此感到非常興奮。上個季度我們在泰瑟槍方面收到了一些大訂單，我們在這裡看到了這些英聯邦國家的好處，它們的設置更像美國，它們要么有州或領地，要么有任何情況是。其中一些在歐洲較大的市場，他們從聯邦層級購買。因此，訂單量會更高，您實際上可以與一位客戶一起構建，並在您面前擁有更大的空白空間。

And so we do believe you'll start to see Continental Europe really rival or outperform the commonwealth markets as soon as this year or in the coming years.

因此，我們確實相信，最快在今年或未來幾年，您就會開始看到歐洲大陸真正能夠與英聯邦市場相媲美或優於英聯邦市場。

On the cloud side, that's where the commonwealth were very early adopters really across the board U.K., Australia and Canada. In Europe, I don't think it's a secret, it's been slow and maybe slower than we would have expected upfront. I'd say that's fair to say -- but at the same time, we've really zeroed in on 3 markets in Continental Europe, where we really are starting to break through on the cloud. We've got trials going on or paid pilots even. And there, I think our thesis is, there's plenty of work to do and plenty of upside just amongst those few markets, but having a few really breakthrough in the next year or 2 will be the kind of tailwind we need to start to steepen that adoption curve in other markets as well. So still some work to do on the cloud side, although we're seeing some really encouraging signs there. And on the TASER side, I think things are happening as we speak, which were -- which is encouraging.

在雲端方面，英國、澳洲和加拿大都是早期採用者。在歐洲，我不認為這是什麼秘密，它進展緩慢，甚至可能比我們預先預期的還要慢。我想說，這是公平的說法，但同時，我們確實專注於歐洲大陸的 3 個市場，我們確實開始在雲端領域取得突破。我們正在進行試驗，甚至還支付了飛行員費用。我認為我們的論點是，在這幾個市場中還有大量的工作要做，並且有大量的上行空間，但在未來一兩年內取得一些真正的突破將是我們需要開始加強這一點的推動力。其他市場的採用曲線也是如此。因此，儘管我們看到了一些非常令人鼓舞的跡象，但在雲端方面仍有一些工作要做。在泰瑟槍方面，我認為就在我們說話的時候，事情正在發生，這是令人鼓舞的。

Thank you, Jeremy. We'll see you in a few months at your conference.

謝謝你，傑瑞米。幾個月後我們將在您的會議上見到您。

Thanks, Jeremy. All right. We're going to take it over to Rick.

謝謝，傑里米。好的。我們要把它交給瑞克。

All right. Thank you to our investors for joining. Thank you to our incredible employees that I'm so fortunate to work with. Thank you to our new team members from Fusus and Sky-Hero. And actually, today, we had one of our employees who had joined through an acquisition of iNPUT-ACE a few years ago. And I was just delighted to hear one of the things that is really important to me is that those new team members and employees find a new and exciting home where they want to stay. We don't buy companies because we're going to go in and slash and burn to cut costs and make money through the traditional synergies.

好的。感謝我們的投資者的加入。感謝我們優秀的員工，我很幸運能與他們一起工作。感謝 Fusus 和 Sky-Hero 的新團隊成員。事實上，今天我們的一名員工是幾年前透過收購 iNPUT-ACE 加入的。我很高興聽到對我來說真正重要的一件事是，那些新的團隊成員和員工找到了一個他們想要留下的新的、令人興奮的家。我們不收購公司，因為我們要大刀闊斧地投入，以削減成本並透過傳統的協同效應賺錢。

We buy these companies because they are critical to our mission. Their people are doing great work. They're innovating in ways that we're excited. We'll continue to inject that sort of late-stage startup energy back into our own bloodstream and keep us going. So I couldn't be more excited and grateful for the team of investors employees we've got. I was out with Chris today, showing Fusus to some customers and maybe some things Jeff was hinting at I might need our redaction tool to cut out all the positive expletives I got today on some of our new capabilities. So there's never been a brighter time to be at Axon, and I can't wait for the rest of the year to unfold. Can't wait to be -- it accelerate here in about a month, and I look forward to talking to you all again in May. So thanks, and have a great night.

我們購買這些公司是因為它們對我們的使命至關重要。他們的人民正在做偉大的工作。他們正在以令我們興奮的方式進行創新。我們將繼續將這種後期創業能量注入我們自己的血液中，讓我們繼續前進。因此，我對我們擁有的投資者員工團隊感到非常興奮和感激。今天我和 Chris 一起出去，向一些客戶展示 Fusus，也許還有 Jeff 暗示的一些事情，我可能需要我們的編輯工具來刪除我今天收到的關於我們的一些新功能的所有積極咒罵。因此，Axon 迎來了前所未有的光明時刻，我迫不及待地等待今年剩餘時間的到來。等不及了——它在大約一個月內加速，我期待五月再次與大家交談。謝謝，祝您有個愉快的夜晚。