Axon Enterprise Inc (AXON) 2024 Q1 法說會逐字稿

Hello, everyone. Thank you for joining Axon's executive team today. I hope you all had a chance to read our shareholder letter, which was released after the market closed. You can find at investor.axon.com.

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盤後發布的股東信。您可以在 Investor.axon.com 上找到。

Our prepared remarks today are meant to build upon the information and 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 discuss these risks in our SEC filings.

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為止的預測和預期，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。我們在向 SEC 提交的文件中討論了這些風險。

We will also discuss certain non-GAAP financial measures. 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 in the Investor Relations section of our website.

我們也將討論某些非公認會計準則財務指標。您可以在我們的股東信函以及我們網站的投資者關係部分找到每項非 GAAP 衡量標準的說明以及每項非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的調整表。

Now turning to our quarterly update. We like to start off every quarter with a video because we think it's a great way to show you more about our business, and there's no shortage of pilots to share from our teams. We've got a good one this quarter. It's about 5 minutes. Let's pull it up.

現在轉向我們的季度更新。我們喜歡每季都以影片開始，因為我們認為這是向您展示更多有關我們業務的好方法，而且我們團隊不乏可供分享的試點。本季我們取得了不錯的成績。大約需要5分鐘。我們把它拉起來吧。

(presentation)

（推介會）

Thank you, Eric, and thank you all for joining us here today. I want to welcome you all to our first quarter 2024 earnings call. We have kicked off what is shaping up to be another incredible year at Axon. You saw me talk about my vision in the video we just showed you, and I'm energized by the updates we're bringing you today.

謝謝你，艾瑞克，也謝謝大家今天加入我們。歡迎大家參加我們的 2024 年第一季財報電話會議。我們已經開始了 Axon 又一個令人難以置信的一年。您在我們剛剛向您展示的影片中看到我談論了我的願景，我們今天為您帶來的更新讓我感到振奮。

First, one of the areas I'm obviously very excited about is drones, robotics and aerospace security. I believe drone as a first responder or DFR, is a massive opportunity ahead of us. We anticipate that it will drive faster response times and improve decision-making, giving us extra seconds and more information before we act in critical situations.

首先，我顯然非常興奮的領域之一是無人機、機器人和航空安全。我相信無人機作為急救人員或 DFR，是我們面前的巨大機會。我們預計它將加快回應時間並改善決策，為我們在緊急情況下採取行動之前提供額外的時間和更多的資訊。

As we push forward into this new era of aerial innovation, drones are not just helpful tools, they're becoming indispensable. At the same time, drone tracking and countermeasures become equally, if not even more important, and we believe a critical element to enable widespread drone is the first responder programs.

隨著我們進入航空創新的新時代，無人機不僅是有用的工具，而且變得不可或缺。同時，無人機追蹤和對策變得同樣重要，甚至更加重要，我們認為，實現無人機廣泛應用的關鍵因素是第一響應程序。

DFR programs are designed to deploy drones to an emergency in advance of human first responders, enhancing situational awareness to improve response strategies, optimizing the allocation of already limited resources and reducing the risk of harm to first responders and communities.

DFR 計畫旨在先於人類急救人員在緊急情況下部署無人機，增強態勢感知以改善反應策略，優化本已有限的資源分配，並降低對急救人員和社區造成傷害的風險。

But limitations exist that to date have hindered the use of DFR at scale, namely current FAA requirements mandate the presence of a human virtual observer standing on a rooftop to ensure each drone remains in a direct line of sight. That means operators must be positioned in relatively close proximity to the scene, usually on rooftops and operating primarily in clear daytime conditions. That's one of the reasons I am so thrilled about our planned and announced acquisition of Dedrone. We believe Dedrone's technology solves through these limitations, allowing law enforcement to operate in low visibility conditions and the times of day without the need to maintain a human observer with a line of sight.

但迄今為止，存在的局限性阻礙了 DFR 的大規模使用，即當前的 FAA 要求要求必須有一名人類虛擬觀察員站在屋頂上，以確保每架無人機都保持在直接視線範圍內。這意味著操作員必須位於距離現場相對較近的位置，通常在屋頂上，並且主要在晴朗的白天條件下操作。這就是我對我們計劃並宣布的收購 Dedrone 感到如此興奮的原因之一。我們相信 Dedrone 的技術可以解決這些限制，使執法部門能夠在低能見度條件下和一天中的不同時間進行操作，而無需在視線範圍內維持人類觀察員。

The planned combination of Dedrone with Axon is a natural extension of our strategy with several tangential applications already deployed in the field, including stadium, aerospace security, along with robust military critical infrastructure and other civilian protection applications.

Dedrone 與 Axon 的計劃組合是我們戰略的自然延伸，該戰略已在該領域部署了多個切向應用程序，包括體育場、航空航天安全以及強大的軍事關鍵基礎設施和其他民用保護應用程式。

Another area I'm very passionate about is the realm of artificial intelligence. I believe that we will one day look back on these times is the beginning of the AI era. AI has applications across every element of what we do and offers the potential to unlock our human capital resources to accomplish more than we've ever been able to in the past.

我非常熱衷的另一個領域是人工智慧領域。我相信，有一天我們回顧這個時代，就是AI時代的開始。人工智慧在我們所做工作的各個方面都有應用，並提供了釋放我們人力資本資源的潛力，以實現比我們過去所能完成的更多任務。

In the video we showed, you briefly saw us introduce our most recent innovation here, born from our visionary initiative 7 years ago, Draft One leverages AI to produce police reports from body camera, audio and video.

在我們展示的影片中，您簡要地看到我們在這裡介紹了我們最新的創新，它源於我們7 年前的富有遠見的舉措，Draft One 利用人工智能通過隨身攝像頭、音頻和視頻生成警方報告。

Our studies have found that officers in the U.S. spend about 40% of their time or 15 hours per week on what is essentially data entry, writing reports. This is valuable time they could be spending in their communities, with their families, in training or on their own well-being. With Draft One, we're giving them a new lifeline that we expect will save them critical hours each and every day.

我們的研究發現，美國官員每週花費約 40% 的時間（即每週 15 小時）進行資料輸入和撰寫報告。他們可以將這些寶貴的時間花在社區、與家人在一起、接受培訓或關注自己的福祉。透過草案一號，我們為他們提供了一條新的生命線，我們預計這將為他們每天節省關鍵的時間。

And while these two developments are massive in their potential, there are just two examples of where we're focusing our innovation and we are not slowing down and several other areas that we believe will also be critical to achieving our moonshot goal.

雖然這兩項發展潛力巨大，但只有兩個例子表明我們正在專注於創新，我們沒有放慢腳步，而我們認為其他幾個領域對於實現我們的登月目標也至關重要。

We've introduced real-time operation solutions that bring situational awareness into the modern age, expanding our ecosystem to ingest networks of cameras and sensors, infuses and raising the bar for communications beyond monolithic audio to include live streaming, video and two-way voice communications through video and audio feeds.

我們推出了即時操作解決方案，將態勢感知帶入現代，擴展我們的生態系統以吸收攝像頭和傳感器網絡，注入並提高通信標準，超越單一音頻，包括實時流媒體、視頻和雙向語音通過視頻和音頻進行通信。

We introduced our new mobile application, which allows our customers to seamlessly work together on evidence management and report writing while they're on the go. And we're giving agencies new capabilities and next-level training to improve human performance under pressure in the most high stakes events with our continuously improving and expanding VR portfolio. As I reflect on what we've delivered to the market and where we're investing, I think we are still in the early chapters of an epic story.

我們推出了新的行動應用程序，使我們的客戶能夠在旅途中無縫協作進行證據管理和報告撰寫。我們正在為各機構提供新的能力和更高水平的培訓，以透過我們不斷改進和擴展的 VR 產品組合來提高在最高風險事件的壓力下的人類表現。當我反思我們向市場提供的產品以及我們的投資方向時，我認為我們仍處於史詩故事的早期章節。

And before I pass it over, I want to take a minute to acknowledge that our mission is more important than ever. We've seen a number of truly unfortunate and devastating tragedies between the police and the public over just the last few months. Our thoughts are with the families and departments who are experiencing these difficult times that we are out to end. We're innovating for a better future and remain dedicated to our mission to protect life.

在我忽略它之前，我想花一點時間承認我們的使命比以往任何時候都更重要。在過去的幾個月裡，我們已經看到警察和公眾之間發生了許多真正不幸和毀滅性的悲劇。我們的心與那些正在經歷我們要結束的困難時期的家庭和部門同在。我們正在為更美好的未來而創新，並繼續致力於保護生命的使命。

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

有了這個，我會把它交給喬希。

Thank you, Rick, and good afternoon to everybody. I'm humbled to share more about another excellent quarter at Axon.

謝謝你，瑞克，大家下午好。我很榮幸能分享更多有關 Axon 另一個出色季度的資訊。

While we continue to build out the operating system of public safety, the team has not lost focus on the importance of execution. There's no doubt in my mind, we have the best and most well-equipped team in our industry, and our first quarter results are further proof of that.

在我們繼續建立公共安全作業系統的同時，團隊並沒有失去對執行重要性的關注。在我看來，毫無疑問，我們擁有業界最好、裝備最精良的團隊，我們第一季的業績進一步證明了這一點。

I feel really good about our momentum to start 2024. We started the year running at full speed as the team closed out 2023 with our strongest bookings quarter in company history. In Q1, we worked hard to set the stage for the remainder of the year.

我對 2024 年伊始的勢頭感到非常滿意。在第一季度，我們努力為今年剩餘時間做好準備。

Since it is the only quarter in which very few budgets close, we focus on pipeline development and key customer-facing hiring initiatives. I am happy to report that our pipeline is the strongest and is the healthiest it has ever been across all major customer segments. This is a testament to our awesome R&D teams that continue to zero in on strong product market fit across our entire portfolio, driving this type of record demand.

由於這是唯一一個預算很少的季度，我們專注於通路開發和麵向客戶的關鍵招聘計劃。我很高興地向大家報告，我們的管道是所有主要客戶群中最強大、最健康的。這證明了我們出色的研發團隊，他們繼續將我們整個產品組合中強大的產品市場契合度歸零，推動了這種創紀錄的需求。

Weather, it's TASER 10, now being more directly linked to VR training within our TASER platform, or our on-body cameras, changing the game for real-time operations or Draft One revolutionizing the RMS category there's so much for us to bring to the market, and we are just at the beginning of what we think will be a deep increase in the ways we leverage technology and public safety for the better over the next decade.

天氣，它是TASER 10，現在更直接地與我們的TASER 平台內的VR 訓練或我們的隨身攝影機聯繫起來，改變即時操作的遊戲或徹底改變RMS 類別的Draft One，我們可以為RMS 類別帶來很多東西我們認為，在未來十年，我們利用科技和公共安全的方式將會大幅增加，以實現更好的目標，而我們才剛開始。

Looking ahead, I see many opportunities for continued growth. We believe our domestic state and local law enforcement customers are eager to adopt the new products that we have brought to the market and we are seeing our emerging markets become more meaningful contributors to our results.

展望未來，我看到了許多持續成長的機會。我們相信，我們的國內州和地方執法客戶渴望採用我們推向市場的新產品，我們看到我們的新興市場對我們的業績做出了更有意義的貢獻。

One of the many things that gets me excited about Dedrone is their strong international presence, which could accelerate our international channel expansion. On that note, I'd like to share our excitement in welcoming Cameron Brooks as our new Chief Revenue Officer. Cameron came to us from Amazon Web Services, where he most recently led their Europe, Middle East and Africa business for the public sector. As we look to drive more cloud adoption across the world, Cameron's wealth of experience and spurring international cloud adoption will be a powerful asset to our team. Cameron joining Axon is a perfect example of how our mission and our unique approach to the market helps us attract the best talent from some of the most successful companies in tech.

Dedrone 讓我興奮的眾多因素之一是他們強大的國際影響力，這可以加速我們的國際通路擴張。就此而言，我想與大家分享我們對卡梅倫布魯克斯 (Cameron Brooks) 擔任我們新任首席營收長的興奮之情。卡梅倫 (Cameron) 任職於亞馬遜網路服務公司 (Amazon Web Services)，最近負責領導公共部門的歐洲、中東和非洲業務。當我們希望在全球範圍內推動更多的雲端採用時，Cameron 豐富的經驗和促進國際雲端採用的能力將成為我們團隊的強大資產。 Cameron 加入 Axon 是我們的使命和獨特的市場方法如何幫助我們從一些最成功的科技公司吸引最優秀人才的完美例子。

Before I pass it over to Brittany, I want to briefly highlight how grateful I am for my teammates at Axon. We have spent the last 2 years fortifying and rebuilding our leadership team, and we are ready to move faster than ever. We are focused on the right areas to continue delivering in the quarters and years to come, both on our financial commitments and on our mission. We just recorded our ninth consecutive quarter of greater than 25% revenue growth, and our business has approximately quadrupled over the last 5 years. We're also delivering our strongest adjusted EBITDA margins in more than 3 years as promised.

在將其交給布列塔尼之前，我想簡要強調一下我對 Axon 的隊友的感激之情。在過去的兩年裡，我們一直在加強和重建我們的領導團隊，並且我們已準備好以比以往更快的速度採取行動。我們專注於正確的領域，以便在未來幾個季度和幾年內繼續兌現我們的財務承諾和使命。我們剛剛連續第九個季度實現超過 25% 的收入成長，並且我們的業務在過去 5 年中大約翻了兩番。我們也按照承諾實現了三年多以來最強勁的調整後 EBITDA 利潤率。

This kind of compounding does not happen without the best people and the best products and without a lot of things going right behind the scenes. While it's always encouraging to deliver such strong results, we continue to embrace our next play mindset and put our collective organizational energy behind the most important metric of all, and that is lives saved.

如果沒有最優秀的人才和最好的產品，也沒有幕後的大量工作，這種複合就不會發生。雖然取得如此強勁的成績總是令人鼓舞，但我們繼續擁抱我們的下一個遊戲心態，並將我們的集體組織能量放在最重要的指標後面，那就是拯救生命。

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

這樣，我就把它交給你了，布列塔尼。

Thank you, Josh. We're very proud of the results again this quarter for both revenue and adjusted EBITDA. We had 34% top line growth on top of 34% growth in Q1 last year, supported by our cloud and services revenue, which grew 51.5% year-over-year. This came from growth in both users and premium product add-ons driving upsell.

謝謝你，喬許。我們再次對本季的營收和調整後 EBITDA 的業績感到非常自豪。在雲端和服務收入年增 51.5% 的支持下，我們的營收在去年第一季成長 34% 的基礎上成長了 34%。這來自於用戶和優質產品附加產品的成長推動了銷售。

Demand for TASER 10 also remained robust and drove 33% growth year-over-year in our TASER segment, supported by increasing supply availability. Sensors and other revenue grew 14% year-over-year with the adoption of Axon Body 4 driving camera revenue, somewhat offset by lapping the big catch-up in fleet revenue from Q1 last year as we're now at more normalized deployment levels.

在供應量增加的支持下，對 TASER 10 的需求也保持強勁，並推動我們的 TASER 細分市場年增 33%。隨著 Axon Body 4 駕駛攝影機收入的採用，感測器和其他收入同比增長 14%，但由於我們現在處於更加標準化的部署水平，去年第一季車隊收入的大幅追趕在一定程度上抵消了這一收入。

In addition to healthy growth across all our categories, we see strength across our end markets. In Q1, over 25% of our revenue came from outside domestic law enforcement, including international, federal, other adjacent markets like corrections in Justice and Enterprise. Our ARR for the quarter is $825 million, up almost 50% year-over-year, and it now includes Fusus and our TASER warranty revenue. We continue to maintain a net revenue retention of 122%.

除了所有類別的健康成長之外，我們還看到了終端市場的實力。第一季度，我們超過 25% 的收入來自國內執法部門以外的部門，包括國際、聯邦和其他鄰近市場，例如司法和企業懲戒市場。我們本季的 ARR 為 8.25 億美元，年成長近 50%，其中現在包括 Fusus 和我們的 TASER 保固收入。我們繼續保持 122% 的淨收入留存率。

In Q1, we introduced adjusted gross margin to normalize for increased stock-based compensation resulting from the grants we made to employees whose compensation was under a specified threshold, many of whom are in manufacturing. As a reminder, we've committed to keeping our stock-based compensation at or below an average annual dilution of 3% for 2025 and beyond, and this is in keeping with that commitment.

在第一季度，我們引入了調整後的毛利率，以使基於股票的薪酬增加正常化，這是因為我們向薪酬低於指定門檻的員工（其中許多人在製造業）提供補助。謹此提醒，我們承諾在 2025 年及以後將股票薪酬的平均年稀釋率保持在或低於 3%，這符合此承諾。

Adjusted gross margin for the quarter was 63.2%, up from 61.5% in Q4. This improvement was from product mix benefit as well as the fact we didn't have any onetime reserves hit this quarter. We do expect some pressure on gross margin for the rest of the year as we continue to balance mix shift and ramping T10 capacity.

本季調整後毛利率為 63.2%，高於第四季的 61.5%。這項改進得益於產品組合的優勢以及本季我們沒有任何一次性儲備的事實。我們確實預計，隨著我們繼續平衡混合轉型和擴大 T10 產能，今年剩餘時間的毛利率將面臨一些壓力。

Q1 adjusted EBITDA margin increased year-over-year from 19% to 23.6%, representing a 460 basis point improvement. In addition to the benefit of strong gross margins, we saw operating leverage contribute approximately 110 basis points year-over-year. As Josh mentioned, this is our strongest adjusted EBITDA margin quarter in 3 years since COVID.

第一季調整後 EBITDA 利潤率年比從 19% 增至 23.6%，提高了 460 個基點。除了強勁的毛利率帶來的好處外，我們還發現營運槓桿比去年同期貢獻了約 110 個基點。正如喬希所提到的，這是自新冠疫情以來我們三年來調整後 EBITDA 利潤率最高的一個季度。

We continue to balance driving strong top line growth with investing in the business. We're pleased to be able to do this both organically and inorganically and are thrilled about our plans to welcome the Dedrone team to Axon. Rick did a great job talking through the strategic rationale.

我們持續在推動強勁的營收成長與業務投資之間取得平衡。我們很高興能夠有機和無機地做到這一點，並對我們歡迎 Dedrone 團隊加入 Axon 的計劃感到興奮。里克（Rick）很好地闡述了戰略原理。

From a financial standpoint, we expect to close the deal sometime over the summer and to have approximately one full quarter of financials included in our 2024 results. This timing is subject to customary closing conditions. We expect that the potential acquisition of Dedrone would increase our TAM by $14 billion, bringing our overall addressable market to $77 billion. Dedrone is still investing for growth, and we expect incremental costs from their business and from integration that would have a slight impact to our core adjusted EBITDA margin. We've tried to factor this into our updated guidance and should be able to further refine these assumptions next quarter.

從財務角度來看，我們預計將在夏季某個時候完成交易，並將大約整個季度的財務數據納入我們 2024 年的業績中。此時間安排須遵守慣例成交條件。我們預計，對 Dedrone 的潛在收購將使我們的 TAM 增加 140 億美元，使我們的整體潛在市場達到 770 億美元。 Dedrone 仍在為成長進行投資，我們預計其業務和整合帶來的增量成本將對我們的核心調整後 EBITDA 利潤率產生輕微影響。我們試圖將這一點納入我們更新的指導中，並且應該能夠在下個季度進一步完善這些假設。

Today, Dedrone is small relative to our overall business, and once closed, you will see them incorporated into our Software and Sensors segment. Dedrone highlights another step in our M&A strategy of acquiring talent and technology that complements our road map and expands our addressable market. In total, our acquisitions of Sky-Hero and Fusus and our planned acquisition of Dedrone have expanded our TAM by more than 50% over the last year from $50 billion to $77 billion. The acquisitions also increased our capabilities in robotic security and real-time operations, both areas we view as critical to the future of policing and our other markets, and we are excited to continue delivering on our product vision.

如今，Dedrone 相對於我們的整體業務而言規模較小，一旦關閉，您將看到它們併入我們的軟體和感測器部門。 Dedrone 強調了我們收購人才和技術的併購策略的又一步，這補充了我們的路線圖並擴大了我們的目標市場。總的來說，我們對 Sky-Hero 和 Fusus 的收購以及計劃對 Dedrone 的收購使我們的 TAM 比去年擴大了 50% 以上，從 500 億美元增至 770 億美元。這些收購也增強了我們在機器人安全和即時操作方面的能力，我們認為這兩個領域對警務和其他市場的未來至關重要，我們很高興能夠繼續實現我們的產品願景。

Finally, I'll turn to our guidance. We are increasing our full year 2024 expected revenue guidance to $1.94 billion to $1.99 billion, which represents approximately 26% annual growth at the midpoint, above the prior high end of our guidance range of 20% to 24%. This incorporates both our outperformance in Q1 and our increased expectations for the year.

最後，我將談談我們的指導。我們將 2024 年全年預期收入指引提高至 19.4 億美元至 19.9 億美元，相當於中點年增長率約為 26%，高於我們指引範圍之前的 20% 至 24% 的上限。這既包括我們第一季的優異表現，也包括我們對今年的預期成長。

While future contracted revenue was down slightly quarter-over-quarter to $7 billion in Q1, we have a strong pipeline for the year to underpin our forecast. We have also included an immaterial amount of revenue we expect to come from Dedrone this year, reflecting everything we currently know.

儘管第一季未來合約收入環比略有下降，至 70 億美元，但我們今年有強大的管道來支撐我們的預測。我們還包括了預計今年來自 Dedrone 的少量收入，反映了我們目前所知的一切。

We expect adjusted EBITDA of $430 million to $445 million, which implies an adjusted EBITDA margin of approximately 22% up year-over-year and approximately in line with our prior guidance on margin. This includes our best estimate of integration costs and impact from M&A on the year.

我們預計調整後 EBITDA 為 4.3 億至 4.45 億美元，這意味著調整後 EBITDA 利潤率年增約 22%，與我們先前的利潤率指引大致一致。這包括我們對今年整合成本和併購影響的最佳估計。

Finally, we've also increased our expected investment in CapEx to $80 million to $95 million for the year as we are continuing to ramp our capacity investments to meet the strong demand for TASER 10. We're very pleased with these results and think the quarter demonstrates continued execution on our business across both the top and bottom line as well as strong investments for the future so we can continue to deliver outsized performance.

最後，我們也將今年的資本支出預期投資增加至 8,000 萬至 9,500 萬美元，因為我們正在繼續增加產能投資，以滿足對 TASER 10 的強勁需求。展示了我們在營收和利潤方面的業務持續執行以及對未來的大力投資，因此我們可以繼續提供超凡的業績。

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

說到這裡，我想提出一些問題。

Thanks, Brittany. I think we're all up in [gallery] with you. We'll take our first question from Meta Marshall at Morgan Stanley.

謝謝，布列塔尼。我想我們都和你一起在[畫廊]。我們將回答摩根士丹利的梅塔馬歇爾提出的第一個問題。

Congrats on the quarter, guys. I wanted to dig into Draft One and just get a sense of how long you foresee kind of departments needing for approval processes and whether you kind of see that once a couple of major departments sign-offs that the approval processes can go much quicker. And then maybe just a second question for Brittany that I'll include this upfront. Just the contribution of Fusus to the year? Or just what you're kind of accounting for between Fusus and Dedrone for kind of the inorganic contribution to the year?

夥計們，恭喜這個季度。我想深入研究一號草案，了解您預計哪些部門需要審批流程需要多長時間，以及您是否認為一旦幾個主要部門簽署批准流程，審批流程就會加快得多。然後也許只是布列塔尼的第二個問題，我會把這個問題放在前面。只是Fusus當年的貢獻？或者您對 Fusus 和 Dedrone 今年的無機貢獻進行了哪些核算？

Yes. Thank you very much for the question. Rick, did you want to lead us off? I saw you speaking there.

是的。非常感謝你的提問。瑞克，你想帶我們走嗎？我看到你在那裡說話。

Yes, I had myself on mute there. Yes, I would start by telling you, we've introduced a lot of exciting products over the years. This is probably the most enthusiasm I've seen for any product we've ever introduced. I mean, police officers did not get in this career to be writing reports, and we've done a lot of background work with our Epics and Equity Advisory Council as well as district attorneys and others looking at what the risks are and testing against those. We do make sure that we're putting speed bumps in there. So obvious that we are reviewing the final report. It's really important that it's theirs.

是的，我在那裡把自己靜音了。是的，我首先要告訴您，多年來我們推出了許多令人興奮的產品。這可能是我見過的對我們推出的任何產品最熱情的一次。我的意思是，警察從事這個職業並不是為了撰寫報告，我們已經與我們的史詩和公平諮詢委員會以及地區檢察官和其他人一起做了很多背景工作，研究風險是什麼並針對這些風險進行測試。我們確實確保在那裡設置減速帶。顯而易見，我們正在審查最終報告。這是他們的，這真的很重要。

But what we're seeing is pretty rapidly they're realizing the agencies and their partners, again, district attorneys and others are telling us the reports they're getting when officers are using Draft One are better than the reports that they're writing on their own. And so while it's pretty early for us to make any exact predictions, the overall friction to adoption is low. This doesn't require a lot of professional services and integration. It's pretty easy for us to turn it on. It's very simple for officers to figure out how to use. And we're finding, again, as soon as they get experience with it, their feedback is pretty fantastic.

但我們看到的是，他們很快就意識到各機構及其合作夥伴，地方檢察官和其他人再次告訴我們，當官員使用第一草案時，他們得到的報告比他們正在編寫的報告更好他們自己。因此，雖然我們現在做出準確的預測還為時過早，但採用的整體阻力很小。這不需要大量的專業服務和整合。我們很容易打開它。官員們很容易弄清楚如何使用。我們再次發現，一旦他們獲得了經驗，他們的回饋就非常好。

Yes. Just add to that, ultimately, there will be a sales cycle associated with it, just like anything in selling the government, but I think we're already seeing some early orders come in and the pipeline is building. We think in the second half of this year and especially going into next year, we'll see this start to really contribute to in-quarter revenue and ultimately at a high margin as well.

是的。除此之外，最終還會有一個與之相關的銷售週期，就像銷售政府的任何事情一樣，但我認為我們已經看到一些早期訂單進來，並且管道正在建設中。我們認為，在今年下半年，尤其是明年，我們將看到這一點開始真正為季度收入做出貢獻，並最終實現高利潤率。

So we're very excited of about what this will entail for our results, but most excited about the fact that in a climate where it's very hard to add police officers to police forces, that we have the propensity to put police officers back on the street instead of behind the computer here without having to make any incremental hires from the outside. So very excited about what this product entails.

因此，我們對這對我們的結果意味著什麼感到非常興奮，但最令人興奮的是，在很難向警察隊伍中增加警察的情況下，我們傾向於讓警察重新加入警察隊伍。這裡的計算機後面，而無需從外部進行任何增量招聘。對於這個產品的功能感到非常興奮。

I'll take your second question. Great question. I would say both Fusus and Dedrone are small. They are growing fast but they're immaterial to our top line and really immaterial to our overall growth rate. So we've incorporated that all into the guidance we're giving for the year.

我來回答你的第二個問題。很好的問題。我想說 Fusus 和 Dedrone 都很小。它們成長很快，但對我們的營收和整體成長率來說並不重要。因此，我們已將所有這些納入我們今年提供的指導中。

Where you see a little bit more of an impact is us being cautious on EBITDA, just given absorbing those businesses and having integration costs to really make sure we pull them in and do a good job. And so as you see us not pulling the Q1 EBITDA margin through to the rest of the year, you really see us accounting for some of those impacts and where we need to invest.

你會看到影響更大的地方是我們對 EBITDA 持謹慎態度，只是考慮到吸收這些業務並承擔整合成本，以真正確保我們將它們吸引進來並做好工作。因此，當你看到我們沒有將第一季的 EBITDA 利潤率延續到今年剩餘時間時，你確實會看到我們考慮了其中一些影響以及我們需要投資的地方。

We'll take our next question from Alyssa Shreves at Barclays. Alyssa are you on? Might be muted on your phone. We'll skip for now. We'll go to Will Power at Baird.

我們將回答巴克萊銀行的艾莉莎·什裡維斯 (Alyssa Shreves) 提出的下一個問題。艾莉莎你在嗎？您的手機可能已靜音。我們暫時跳過。我們要去貝爾德的意志力中心。

Congratulations on the strong Q1 results. I guess first question really probably for whoever wants to take it. Obviously, strong mid-30s percent revenue growth in Q1. If you look at the full year guide, while raised, it does imply some deceleration. So just love to get a perspective on any level of pull forward into Q1 versus conservatism for the remainder of the year? Any broader thoughts on that front would be great.

恭喜第一季的強勁業績。我想第一個問題很可能是針對任何想要接受它的人。顯然，第一季的營收成長強勁，達到 30% 左右。如果你看一下全年指南，雖然上調，但確實意味著一些減速。那麼，只是想了解今年剩餘時間第一季的推進與保守主義的不同程度嗎？在這方面有任何更廣泛的想法都會很棒。

Yes. Thanks a lot, Will. Nice to see you. I'd say, as usual, we like to see more of the year materializing before we get out over our skis on total revenue for the year. So we're off to a nice start. We see the pipeline very strong. We're excited about what Q2 and beyond will hold.

是的。非常感謝，威爾。很高興見到你。我想說，像往常一樣，我們希望看到今年更多的事情實現，然後我們才能擺脫今年的總收入。所以我們有了一個好的開始。我們看到管道非常強大。我們對第二季及以後的情況感到興奮。

It's also worth noting the year-over-year comp for Q1 is always the easiest comp of the year in terms of Q1 tends to be the slowest revenue quarter. And so yes, we're just -- it's not -- we don't have any kind of pessimism out there or any reason not to think we're going to have another great year. We'd just like to see that materialize in terms of throughout the year in the sales cycle, and we'll certainly update that quarterly as we always do.

另外值得注意的是，第一季的年比比較始終是一年中最簡單的比較，因為第一季往往是收入最慢的季度。所以，是的，我們只是——事實並非如此——我們沒有任何悲觀情緒，也沒有任何理由不認為我們將迎來另一個偉大的一年。我們只是希望看到這一點在全年的銷售週期中實現，並且我們肯定會像往常一樣每季更新一次。

Yes, I would just add, nothing sort of embedded in there other than the fact that we're lapping a very, very strong year last year.

是的，我想補充一點，除了去年我們度過了非常非常強勁的一年之外，沒有其他內容。

Yes. That all makes sense. If I can just ask a quick second question on TASER. Maybe -- can you just update on how the automation process is going? Where you are with respect to having enough supply to meet demand? Maybe any other color on the gross margin commentary there because as you automate and over time, that should help gross margins, but it sounds like it's probably the initial investment maybe that's impacting it. Just I wanted to get some color on that front.

是的。這一切都是有道理的。我可以問一個關於泰瑟槍的第二個問題嗎？也許—您能更新一下自動化流程的進度嗎？您的供應量足以滿足需求嗎？也許毛利率評論上有任何其他顏色，因為隨著您的自動化，隨著時間的推移，這應該有助於毛利率，但聽起來可能是初始投資可能會影響它。只是我想在前面得到一些顏色。

Yes. I think you sort of summarized that really well, which is we're in this balance between focusing on ramping capacity and really working on cost-down initiatives, and we continue to see better demand than we've even expected for TASER 10. And so we continue to be in that area where we're really ramping capacity. You saw that come through in 33% growth in Q1. I mean that was because we had more supply available. So I think the team is doing a really nice job getting that capacity online and supporting that customer demand.

是的。我認為你總結得很好，那就是我們在專注於提高產能和真正致力於降低成本計劃之間保持著平衡，而且我們繼續看到對 TASER 10 的需求比我們預期的要好。處於真正提高產能的領域。您可以看到第一季實現了 33% 的成長。我的意思是，那是因為我們有更多的供應。因此，我認為團隊在線上提供容量並支援客戶需求方面做得非常好。

It might take us a little bit longer to hit some of those cost-down initiatives as we hit that balance. But ultimately, that's just a matter of timing, one quarter to the next as we figure out how to slot that in. I would say overall, it's going nicely and is on track.

當我們達到這種平衡時，我們可能需要更長的時間來實施一些降低成本的措施。但最終，這只是一個時間問題，下一個季度我們就會弄清楚如何將其納入其中。

And then as you look at our gross margins for the rest of the year, you also have a general mix shift balance that we do our best to look into our crystal ball and try and figure out software versus our devices versus our TASER business. And I would say devices were a little bit lighter and software was pretty strong in this Q1. And so as we go through the year, I'd expect some health and devices to balance that down a bit. So that's -- that's all that's embedded in us trying to say that, that gross margin guidance is probably not going to get better for the year than it was in Q1.

然後，當您查看我們今年剩餘時間的毛利率時，您還會看到整體的混合轉變平衡，我們盡最大努力研究我們的水晶球，並嘗試找出軟體與我們的設備與我們的泰瑟槍業務之間的關係。我想說，第一季的設備更輕一些，軟體也相當強大。因此，當我們度過這一年時，我希望一些健康和設備可以稍微平衡這一點。這就是我們想說的全部內容，今年的毛利率指引可能不會比第一季更好。

We'll go to Keith Housum at Northcoast.

我們將前往北海岸的基思·豪蘇姆 (Keith Housum)。

Question for you, Josh here. In terms of maybe a seasonality to the type of business. You guys have grown so much over the years. And if we look at last year fourth quarter, it was a tremendous bookings quarter for yet, obviously, not so much this quarter. Probably the first time I remember a sequential decline. Maybe to talk about how you're thinking about the seasonality of your bookings as we look for the next -- this year and the next several years?

有個問題想問你，喬希。就業務類型而言可能存在季節性。這些年你們成長了很多。如果我們看看去年第四季度，這是一個巨大的預訂季度，但顯然，本季度的預訂量就不那麼大了。這可能是我第一次記得連續下降的情況。也許可以談談您在我們展望未來（今年和未來幾年）時如何看待預訂的季節性？

Yes. Yes, Keith, great question, and I appreciate it. I think ultimately, a very similar story as Q1 last year, where bookings were kind of the low point of the year in Q1. Its a hard quarter to really rack up bookings for a couple of reasons.

是的。是的，基思，很好的問題，我很感激。我認為最終的情況與去年第一季非常相似，第一季的預訂量是今年的最低點。由於幾個原因，這是一個很難真正增加預訂的季度。

Number one, like you said, we're coming off a really strong one where we kind of cash the chips in and in Q4 where we can. But then we go through a cycle where we add salespeople. That means the regions change, and that means just getting up to speed on the book of business. There's not a lot of urgency on the customer side because like I said in my remarks, Q1 is the only quarter of the year where no major fiscal budgets and really only the U.K. ends in Q1. And so it's -- Q1 is about kind of building the foundation, rebuilding the pipeline, but I can tell you, I see no red flags in bookings for the remainder of the year.

第一，正如您所說，我們正在經歷一場非常強勁的比賽，我們將在第四季度盡可能兌現籌碼。但隨後我們會經歷一個增加銷售人員的週期。這意味著地區會發生變化，也意味著要加快業務發展。客戶方面並沒有太多緊迫感，因為正如我在演講中所說，第一季是一年中唯一沒有重大財政預算的季度，而且實際上只有英國在第一季結束。所以，第一季是關於建立基礎、重建管道，但我可以告訴你，我認為今年剩餘時間的預訂沒有危險信號。

I think the team is going to respond really strongly. I think it's always nice. We've got a really, really good sales team. And when we can kind of light a fire under them after kind of a so-so quarter, that usually tends to lead to some good out quarter results, and that's certainly what I expect here in quarters 2, 3 and 4. So yes, I'd say for the future, I'd consider Q1 kind of the seasonal low point to be expected for bookings, but really not an indicator of what's to come here in the future.

我認為團隊將會做出非常強烈的反應。我認為這總是好的。我們有一支非常非常優秀的銷售團隊。當我們在一個馬馬虎虎的季度之後點燃他們的熱情時，通常會帶來一些好的季度業績，這當然就是我在第二、第三和第四季度的預期。未來，我認為第一季是預訂量預期的季節性低點，但實際上並不是未來情況的指標。

Okay. And a follow-up question in terms of federal. Federal last year had another great year -- or a great year for bookings. Are we seeing [loans] start to deploy here? Or are those going to be it a little bit longer, I guess, deployment schedule? How do we think about that kind of contributing to your overall revenue growth?

好的。還有一個關於聯邦的後續問題。去年聯邦航空又度過了一個偉大的一年——或者說是預訂的偉大一年。我們是否看到[貸款]開始在這裡部署？或者我猜部署計劃會更長嗎？我們如何看待這對您的整體營收成長的貢獻？

These -- a lot of these large federal bookings, they are phased into multiple years. And so we tend to recognize revenue when the product is deployed or when it's shipped on the TASER side. And so of those phased deployments that are previous bookings, there's just some noisiness and when the shipments are sent and when the deployments are done, but Federal is in that bucket of when I said we had a really, really healthy pipeline for the rest of the year. We're feeling great about where the federal business is headed. We've got some large opportunities here in the next few quarters and certainly expect federal to register another awesome year.

這些——很多都是大型的聯邦預訂，它們分階段進行多年。因此，我們傾向於在產品部署或在泰瑟槍端發貨時確認收入。因此，在先前預訂的那些分階段部署中，只有一些噪音，以及何時發送貨物和何時完成部署，但當我說我們為其餘的部分提供了一條非常非常健康的管道時，聯邦就屬於這一類。我們對聯邦業務的發展方向感到非常滿意。在接下來的幾個季度中，我們在這裡獲得了一些巨大的機會，並且當然期望聯邦政府再創輝煌的一年。

Thanks, Keith. Next, we have Josh Reilly at Needham.

謝謝，基斯。接下來請來尼達姆的喬許‧賴利 (Josh Reilly)。

So following this body cam issue with the New York Department of Corrections from a competitor solution, the NYPD, as we know, is a customer for you guys in other areas of their police force with body cameras. Can you just speak to how quickly you could move in, if asked with the replacement product there? And maybe just from a higher level, like what have you done from an engineering perspective to ensure that your cameras don't catch on fire from battery malfunctions?

因此，在競爭對手解決方案與紐約懲教局發生執法記錄器問題之後，據我們所知，紐約警察局是你們警察部隊其他地區配備執法記錄器的客戶。您能談談如果要求更換產品的話您可以多快搬進去嗎？也許只是從更高的層面來看，例如從工程角度來看，您做了什麼來確保您的相機不會因電池故障而著火？

Yes, Josh. Thanks a lot. And the first thing I want to say about this is there is a captain that was injured as part of this. And so our thoughts are with him -- it's really a bad scenario when this type of stuff happens and you indicated there might be a business opportunity here. We'll see what happens with that. We're certainly -- we feel good about our ability to deploy products. We've invested a lot into them. We've invested a lot into the deployment, and we have the opportunity, of course, we'll be ready to go.

是的，喬許。多謝。關於這件事，我首先想說的是，有一位隊長因此受傷。所以我們的想法和他一樣——當這種事情發生時，這確實是一個糟糕的情況，而你表示這裡可能有一個商機。我們會看看會發生什麼。當然，我們對我們部署產品的能力感到滿意。我們對它們投入了大量資金。我們在部署上投入了大量資金，我們有機會，當然我們會做好準備。

But in the meantime, we're just -- we're focused on what's in front of us, and that's continuing to build great products. Like you alluded to, we've invested a lot into our hardware and into our devices pillar, and we have great people and thinking through all of these kind of fringe and edge case scenarios that could pop up with the hardware. And so we're not going to kind of disclose any trade secrets here, any in-depth engineering, I will say we've thought through a lot of these potential edge cases, and we feel good about how our products will perform in them. And so in the meantime, we'll keep just doing what's in front of us and what we're in control of. And if an opportunity presents itself, we'll be ready.

但同時，我們只是——我們專注於眼前的事情，並繼續打造​​出色的產品。正如您所提到的，我們在硬體和設備支柱上投入了大量資金，我們擁有優秀的人才，並思考硬體可能出現的所有這些邊緣和邊緣情況場景。因此，我們不會在這裡透露任何商業機密，任何深入的工程，我會說我們已經考慮了很多這些潛在的邊緣情況，並且我們對我們的產品在其中的表現感到滿意。因此，同時，我們將繼續做我們面前和我們能控制的事情。如果機會出現，我們就會做好準備。

Got it. And then just a quick follow-up on the TASER revenue strength in the quarter here. Is there anything to call out in terms of TASER 10 domestic strength versus international being stronger? I know you had some big opportunities there for the 7 in Australia. And then just balancing that versus the automation coming on. Was the automation of benefit in Q1 because I was thinking that was a little bit more tilted for the automation equipment taking hold in the second half.

知道了。然後快速跟進本季泰瑟槍的收入實力。 TASER 10 國內實力比較國際實力較強，有什麼值得指出的嗎？我知道你在澳洲的七人組中有一些很大的機會。然後只是平衡這一點與即將到來的自動化。第一季自動化是否有利，因為我認為自動化設備在下半年佔據主導地位會更加傾斜。

Yes. Maybe I'll cover the demand and then we talk about the automation after. I mean, TASER 10 is a monster, Josh, like it's the most popular TASER device we have ever brought to market. It's out cycling the TASER 10 -- or TASER 7 demand by double. We continue to see strong indicators from all over the world that this product is the one that is a meaningful step in outperforming a firearm, and it puts us on that moonshot journey that we've talked a lot about, and it's a credit to Rick and our entire TASER pillar for all the great work they're doing to ramp this product and do so with high quality.

是的。也許我會先討論需求，然後我們再討論自動化。我的意思是，喬什，泰瑟槍 10 是一個怪物，就像它是我們推向市場的最受歡迎的泰瑟槍設備一樣。它使 TASER 10 或 TASER 7 的需求增加了一倍。我們繼續看到來自世界各地的強有力的跡象表明，這款產品是超越槍支的有意義的一步，它讓我們踏上了我們已經談論過很多次的登月之旅，這要歸功於 Rick以及我們整個TASER 支柱，感謝他們為提升該產品並以高品質實現這一目標所做的所有出色工作。

And so I think with demand, there is a need to ramp faster. We want to get this device out to our customers as fast as we can because we really believe it will save lives. And so we're working through that. Of course, we have to invest more in automation to maximize our build capacity every quarter, and we're in the process of doing so. But future is very, very bright on the TASER 10 side.

因此，我認為隨著需求的增加，需要更快地成長。我們希望盡快將這款設備提供給我們的客戶，因為我們堅信它可以拯救生命。所以我們正在解決這個問題。當然，我們必須在自動化方面進行更多投資，以最大限度地提高每個季度的建置能力，我們正在這樣做。但 TASER 10 的未來非常非常光明。

We'll go to Jeremy Hamblin at Craig-Hallum.

我們將去找克雷格哈勒姆的傑里米·漢布林。

I wanted to talk a little bit more in-depth about -- so the acquisition as well as just the new product opportunities, you've had a this is a pretty substantial increase in your TAM, and you've had that on a couple of occasions here over the last 6 or 7 years, but this is among the most significant. And just getting a sense for Dedrone, which gather there's quite a bit of sensitivity out there in how this is going to be used, potential for pushback in the community.

我想更深入地談談——所以收購以及新產品機會，你的 TAM 有了相當大的增長，而且你已經在幾個過去六七年裡，這裡發生過很多次事件，但這次是最重要的一次。只是了解 Dedrone，它認為在如何使用它方面存在相當多的敏感性，社區中可能存在阻力。

Give us a sense for how you expect that to be deployed through your customer segments as they stand today. Is this the type of product where while it's immaterial now, do you see it potentially as a material contributor, let's say, in 2 to 3 years?

請讓我們了解您希望如何透過您目前的客戶群進行部署。這種產品雖然現在不重要，但您是否認為它有可能在 2 到 3 年內成為重要的貢獻者？

Yes. Let me take that one to get started. A few years ago, when we were standing up Axon Air, our business leader there, had an important insight that as important as drones are, probably even more important is going to be how public safety can deal with the new threats that drones pose. And that was before what we've seen recently in world events, where in modern warfare turns out these small consumer-level drones are a real game changer, but they're also presenting new threats to everyone from stadiums to critical infrastructure to major events.

是的。讓我從這個開始。幾年前，當我們成立 Axon Air 時，我們的業務負責人有一個重要的見解，就是與無人機一樣重要，可能更重要的是公共安全如何應對無人機構成的新威脅。那是在我們最近在世界事件中看到的事情之前，在現代戰爭中，這些小型消費級無人機是真正的遊戲規則改變者，但它們也對從體育場館到關鍵基礎設施再到重大活動的每個人都構成了新的威脅。

And so actually, with Dedrone, we don't see a lot of pushback because Dedrone is really about monitoring drones in the aerospace. And again, especially given the new threat vector that, that represents, we're seeing pretty widespread support that people expect their local government, their public safety to be able to protect them and aerial threats are just an entirely new vector.

事實上，對於 Dedrone，我們並沒有看到太多的阻力，因為 Dedrone 實際上是為了監控航空航太領域的無人機。再說一次，特別是考慮到所代表的新威脅媒介，我們看到人們非常廣泛地支持他們期望當地政府、公共安全能夠保護他們，而空中威脅只是一個全新的媒介。

Now the drone is a first responder, which can be enabled by Dedrone. So Dedrone both helps control aerial threats. And then if you want to deploy your own drones, having really great visibility of the aerospace is a key part of that. Now DFR does present some concerns people may have about the government flying drones. But we find it gets most people comfortable if those drones are really being used to respond to 911 calls and people can understand that, that gets police eyes on the scene much more quickly and can help them make better resourcing decisions, but these are not being flown, just hovering over the population. They're really being used to respond to calls for help. That, combined with good transparency about drone missions that are being flown and how they're being used in publicizing their policy helps most agencies I think really gained a lot of public support.

現在，無人機是第一個響應者，可由 Dedrone 啟用。因此，Dedrone 都有助於控制空中威脅。然後，如果您想部署自己的無人機，那麼擁有真正良好的航空航太視野是其中的關鍵部分。現在，DFR 確實引起了人們對政府飛行無人機的一些擔憂。但我們發現，如果這些無人機真的被用來回應911 電話，並且人們能夠理解這一點，那麼大多數人都會感到舒服，這會讓警察更快地看到現場，並可以幫助他們做出更好的資源決策，但這些並沒有被採用。他們確實被用來回應求救電話。再加上正在執行的無人機任務以及如何使用它們來宣傳其政策的良好透明度，我認為大多數機構確實獲得了許多公眾支持。

So to finish out, we see this as being very material to the future. We think drones are already proving to be transformative and will only become more so.

最後，我們認為這對未來非常重要。我們認為無人機已經被證明具有變革性，而且只會變得更加如此。

I would just say from a timing standpoint, echo Rick fully. I think there's a question of, is it from a financial standpoint, is it 2 to 3 years from now? Is it longer? I mean it will certainly be a really big pillar of our business, and you can see us investing heavily behind robotic security. I think we are really seeding a long-term growth trajectory, though, a business that's going to be material for many years in the future, more than targeting a year or 2 years from now.

我只想說，從時間的角度來看，我完全同意里克的說法。我認為有一個問題，從財務角度來看，是2到3年後嗎？更長嗎？我的意思是，它肯定會成為我們業務的一個真正的重要支柱，你可以看到我們在機器人安全方面投入了大量資金。不過，我認為我們確實正在播種長期成長軌跡，這項業務在未來許多年內都將發揮重要作用，而不僅僅是從現在起一年或兩年的目標。

Got it. Helpful color. And then just following up here on Draft One, which the demand for this sounds incredible. In terms of thinking about the competitive set, there are lots of other solutions out there, although maybe not quite rolled out in the way that law enforcement is looking for just yet.

知道了。有用的顏色。然後繼續關注第一稿，對此的需求聽起來令人難以置信。就競爭環境而言，還有許多其他解決方案，儘管可能尚未按照執法部門正在尋求的方式完全推出。

Wanted to get a sense of how challenging you see that market in terms of entering it? Or is it that your ecosystem is such where there's a natural fit and it's giving you a competitive advantage simply because of the other product lines that you already have out there?

想了解您認為進入該市場有多困難嗎？或者，您的生態系統是否具有天然的契合度，並且僅僅因為您已經擁有的其他產品線就為您提供了競爭優勢？

Well, this is the entire reason that we invested in a record management system 6, 7 years ago was entirely because we saw this coming, but the ability to not only have your video evidence and your written records in one system, but to be able to extract one from the other would be critical. And I think we're really seeing that come to bear. So we always want to stay a little paranoid about competition. It's a very competitive market.

嗯，這就是我們六、七年前投資記錄管理系統的全部原因，完全是因為我們看到了這一點，而且不僅能夠將視頻證據和書面記錄保存在一個系統中，而且能夠從另一個中提取一個至關重要。我認為我們確實看到了這一點。所以我們總是想對競爭保持一點偏執。這是一個競爭非常激烈的市場。

But we think between the combination of the ecosystem just really providing a great user experience and what we invest in earning customer trust and support and the rigor with which we've evaluated the risks and really dealt with all of the critical players, whether it's from community concerns through district attorneys and legal concerns across the board. I think we've done this in a way that our customers can know that this is a pretty well vetted approach.

但我們認為，生態系統的結合確實提供了良好的用戶體驗，我們為贏得客戶信任和支持而投入的資金，以及我們評估風險並真正與所有關鍵參與者打交道的嚴謹性，無論是來自哪裡通過地區檢察官解決社區關切以及全面的法律關切。我認為我們這樣做的方式是讓我們的客戶知道這是一種經過嚴格審查的方法。

And obviously, AI can be a bit controversial. And we intentionally chose an area that is very high payback for our customers with very minimal risk compared to some other areas where using AI today may introduce more risk here, we think, given especially because it's derived from the body camera video, it's derived directly from the evidentiary record, which we think leads to actually even better, more detailed, more accurate police reports.

顯然，人工智慧可能有點爭議。與其他一些領域相比，我們特意選擇了一個為客戶帶來極高回報且風險極小的領域，而今天使用人工智慧可能會帶來更多風險，我們認為，特別是因為它源自於隨身攝影機視頻，所以它直接源自於從證據記錄來看，我們認為這實際上可以帶來更好、更詳細、更準確的警方報告。

Just building on what Rick said, as always, we obsess about our customers, while being healthily self-aware about the competitive landscape. And that's one of the reasons we talk about the ecosystem so much as you were talking about. We've had transcription of the audio from body camera video at scale with a very large number of customers building up and up for several years now. We've got the footprint of both our body cameras themselves and them and the growing momentum in records. And all that together is sort of the perfect tee up that makes Draft One possible.

基於里克所說，我們一如既往地關注客戶，同時對競爭格局保持健康的自我意識。這就是我們像您一樣如此頻繁地談論生態系統的原因之一。幾年來，我們已經大規模轉錄了隨身攝影機視訊中的音頻，並累積了大量客戶。我們已經記錄了隨身攝影機本身和它們的足跡，以及記錄中不斷增長的勢頭。所有這些加在一起就是一個完美的準備，使第一輪選秀成為可能。

And then the second thing, as Rick was saying, a lot of people talk about the concepts of responsible AI and using these techniques in ways that combine effective results for customers with doing it in a principled and appropriate way, and Draft One really is that actually put into action. And it's why we're so proud of it and why we are -- we believe customers are showing the early excitement for it.

然後第二件事，正如里克所說，許多人談論負責任的人工智慧的概念，並以將為客戶提供有效結果與以有原則和適當的方式做到這一點相結合的方式使用這些技術，而草案一確實是實際付諸行動。這就是我們對此感到如此自豪的原因，也是我們相信客戶對它表現出早期興奮的原因。

Next, we have Trevor Walsh with JMP.

接下來請來 JMP 的特雷弗沃爾什 (Trevor Walsh)。

Rick, maybe one for you. It was great to hear all the commentary around kind of opportunities around AI coming out of Axon Fleet. I wonder if you could just ponder or kind of pontificate a little bit for us around the kind of nature of data and AI versus the sensors that sort of drive that. Is there any worries for a product for such as Fusus, for example, it's relying on not just Axon proprietary data, but things coming from other places where vendors don't necessarily start to play as nice in the sandbox when we kind of realized -- or [I think I] realized that AI is kind of the new -- or the data for AI is kind of the new gold. So that become an issue in terms of people kind of sharing that data kind of on a more longer-term basis.

瑞克，也許有一個適合你。很高興聽到來自 Axon Fleet 的有關人工智慧機會的所有評論。我想知道你是否可以就數據和人工智慧的性質與驅動它們的感測器的性質為我們思考一下或發表一些武斷的言論。對於像Fusus 這樣的產品是否有任何擔憂，例如，它不僅依賴Axon 專有數據，還依賴來自其他地方的東西，當我們意識到時，供應商不一定開始在沙箱中發揮得那麼好- - 或者[我想我]意識到人工智慧是一種新事物——或者人工智慧的數據是一種新黃金。因此，就人們在更長期的基礎上共享數據而言，這成為一個問題。

Well, we certainly haven't seen it yet. And most of the partners that are sharing in through Fusus, I mean those are really members of the community, businesses, other enterprises, churches, schools, partner government agencies that are sharing that data primarily because they want to be safer, and they want to be able to have that data, put to use to be able to help police do their jobs better and identify whether it's criminal activity or solve crimes. So we haven't seen people sort of pushing back against using that data responsibly to protect them better. Jeff, I don't know if you have any color you might want to add on that?

嗯，我們當然還沒看到它。大多數透過Fusus 共享的合作夥伴，我的意思是，這些實際上是社區、企業、其他企業、教會、學校、合作政府機構的成員，他們分享這些數據主要是因為他們想要更安全，他們想要能夠利用這些數據來幫助警察更好地完成工作並確定是否是犯罪活動或解決犯罪。因此，我們還沒有看到人們反對負責任地使用這些數據以更好地保護它們。傑夫，我不知道你是否想在上面添加任何顏色？

Sure. No, and thanks so much for the question. Again, I mean, you're right on both fronts, right? One is it is the case that having aggregated access to large amounts of data are a really powerful differentiator. And one of the things -- one of the reasons why we put so much into everything we've built over the last years, and it's one of the things that we think enables us to keep building and building in differentiated ways.

當然。不，非常感謝你的提問。我再說一遍，你在這兩方面都是對的，對吧？其一是，對大量資料的聚合存取是一個非常強大的差異化因素。其中之一是我們在過去幾年投入如此多的精力來建造一切的原因之一，也是我們認為使我們能夠以差異化的方式繼續建設和建設的原因之一。

At the same time, one of the key incentives that helps us -- or not worry as much about the particular concern you noted is that -- for the most part, all of this data is, in fact, our customers' data ultimately, and they are the ones where they choose to work with multiple vendors and partners, [us] and sensors and providers of other kinds as well as businesses in their community, they themselves get to vote with their feet about how they want the various tools they choose to work with, including us to work together. And so they are a really powerful voice there. that incentivizes all of us to play nicely in the sandbox, while working to keep making our individual products as differentiated as possible.

同時，對我們有幫助的關鍵激勵措施之一——或者不用太擔心你提到的具體問題是——在大多數情況下，所有這些數據實際上最終都是我們客戶的數據，他們選擇與多個供應商和合作夥伴、[我們]以及其他類型的感測器和提供者以及社區中的企業合作，他們自己可以用腳投票決定他們想要如何使用各種工具選擇合作，包括我們一起工作。所以他們是那裡非常強大的聲音。這激勵我們所有人在沙盒中發揮出色，同時努力使我們的個人產品盡可能與眾不同。

That's terrific. I really appreciate the color there. Maybe one quick follow-up, maybe one quick follow up, maybe piggyback a bit about some of the Dedrone comments. How much do you intend to kind of lean into the more counter UAS counter-driven type use cases, whether that's for [safety] or some of the non kind of[public] safety customers that (inaudible) either?

真了不起。我真的很欣賞那裡的顏色。也許是一個快速的後續行動，也許是一個快速的後續行動，也許是一些 Dedrone 評論的補充。您打算在多大程度上傾向於更多反無人機反驅動型用例，無論是為了[安全]還是一些非[公共]安全客戶（聽不清楚）？

Yes. I would say we intend to lean in pretty hard. So our goal is to protect life. And to the degree that drones are being used to threaten lives, we see that as 100% in our mission set to try to create new ways to protect from those risks. So we see this could end up being a real opportunity where Dedrone not only is useful to our existing customers, but Dedrone is interesting to a new set of customers, for example, major sporting stadiums, critical infrastructure and indeed, military, both U.S. and internationally, they have a customer set that is new for us and can bring our ecosystem into those customers as well.

是的。我想說我們打算非常努力地向前邁進。所以我們的目標是保護生命。就無人機被用來威脅生命的程度而言，我們認為我們的使命是 100% 嘗試創造新的方法來防範這些風險。因此，我們認為這最終可能成為一個真正的機會，Dedrone 不僅對我們現有的客戶有用，而且Dedrone 對一群新客戶也很有趣，例如，主要體育場館、關鍵基礎設施，甚至軍事，無論是美國還是美國。

Up next, we have Joe Cardoso at JPMorgan.

接下來請來摩根大通的喬·卡多佐。

First one here, I just wanted to follow up on the Dedrone questions. Obviously, you've been working with them for a while. And this isn't the first time you pulled the trigger on acquiring a partner of yours that you guys think there's value in owning. Just curious why right now is the right time for you guys to acquire them? Has there been any change in terms of like -- I know you talked to the time line, but maybe is there some type of change that maybe we don't appreciate. And then maybe just -- can you just talk about has there been any change relative to your thoughts around participating? Or sorry, which parts of the technology stack you want to participate as it relates to the drone opportunity and whether that differs in what you're doing currently around like TASER and body cams. And then I have a follow-up.

第一個，我只是想跟進 Dedrone 的問題。顯然，您已經與他們合作了一段時間。這並不是你們第一次決定要收購你們認為擁有價值的合作夥伴。只是好奇為什麼現在是你們購買它們的最佳時機？是否有任何變化，例如——我知道你談到了時間線，但也許有某種我們不欣賞的變化。然後也許只是——你能談談你對參與的想法有什麼改變嗎？或者抱歉，您想參與技術堆疊的哪些部分，因為它與無人機機會相關，以及這是否與您目前正在做的事情有所不同，例如泰瑟槍和隨身攝影機。然後我有一個後續行動。

So Jeff, do you want to take first crack at that one?

那麼傑夫，你想先試試看嗎？

Maybe I'll do timing of why now, and then Jeff can talk about the technology pieces.

也許我現在會安排時間，然後傑夫可以談論技術部分。

So I think there's a couple of things. One, we knew we were going to get a bit more active from an M&A standpoint as why we opportunistically strengthened our balance sheet and did our capital raise back in the fall of 2022. And so that was really so that we could go out and be methodical and pick up some of these pieces of the puzzle where we really wanted to strengthen the road map and the pillars and Rick has consistently been talking about the importance of robotic security. And so both Sky-Hero and Dedrone fit squarely into his vision for what robotic security for us in the future, everything from the indoor tactical drones of Sky-Hero to having Dedrone help support DFR and help support counter drone in all of those markets.

所以我認為有幾件事。第一，我們知道從併購的角度來看，我們將變得更加積極，這就是為什麼我們會趁機加強我們的資產負債表，並在2022 年秋季進行資本籌集。走出去，有條不紊地解決我們真正想要加強路線圖和支柱的難題，而里克一直在談論機器人安全的重要性。因此，Sky-Hero 和 Dedrone 都完全符合他對未來機器人安全的願景，從 Sky-Hero 的室內戰術無人機到讓 Dedrone 幫助支援 DFR 並幫助支援所有這些市場中的反無人機。

That just goes back to timing of like when does it feel right for them, given everything else they have on their plate and what they're thinking about as an independent company versus when it makes sense to come together with us. And so I think nothing big out there that we're not talking about other than the fact that it felt right timing-wise for them and for us. They were a partner of ours. We had invested in them before we very much knew when we made that investment that we might make an acquisition, and this is the timing that sort of worked out for both sides from an acquisition standpoint.

這又回到了一個問題，即考慮到他們手上還有其他所有事情，以及他們作為一家獨立公司的想法，什麼時候對他們來說感覺合適，什麼時候與我們合作才有意義。因此，我認為除了對他們和我們來說感覺時機正確這一事實之外，我們沒有談論任何大事。他們是我們的合作夥伴。在我們非常清楚當我們進行投資時我們可能會進行收購之前，我們就對它們進行了投資，從收購的角度來看，這對雙方來說都是合適的時機。

Yes. And then just building from there, again, great question about the ecosystem. I've personally spent my sort of 3 decades across lots of the businesses I worked in on these kinds of ecosystems that are always this delicate balance between thinking about where do you build by partner, et cetera. And those things evolve over time and you're always trying to decide at each layer of the stack, where they're the best opportunities to really, really partner well with other fantastic teams and other fantastic providers and where, over time, can you get the most leverage by self-building or by growing organically.

是的。然後再次從那裡開始建立關於生態系統的重大問題。我個人在我工作過的許多企業中度過了 30 年的時間，致力於建立此類生態系統，這些生態系統始終在考慮合作夥伴在哪裡構建等問題之間保持著微妙的平衡。這些事情會隨著時間的推移而發展，你總是試圖在堆疊的每一層做出決定，哪裡是與其他出色的團隊和其他出色的提供者真正、真正合作的最佳機會，隨著時間的推移，你可以在哪裡透過自我建設或有機成長獲得最大的影響力。

And as you see with us, that's an evolving target, but what it combines all of those decisions over time is looking to see, based on where we are now, where we see ourselves going, what's the best combinations of where we can join forces with others while self-building ourselves at both across the hardware and software side of things?

正如你所看到的，這是一個不斷發展的目標，但隨著時間的推移，它結合了所有這些決策，我們希望看到的是，基於我們現在所處的位置，我們認為自己要去哪裡，我們可以聯手的最佳組合是什麼與他人合作，同時在硬體和軟體方面自我建立？

As you can see, for example, with drones, we made a very surgical and key decision with Sky-Hero in bringing in this very focused tactical drug hardware provider. You see the work we've done with PSS and then all of the organic build you see us do everywhere and we'll continue to evaluate that stuff carefully and be as smart as we can as we go.

正如您所看到的，例如，在無人機方面，我們與 Sky-Hero 做出了一個非常外科手術和關鍵的決定，引入了這家非常專注的戰術毒品硬體提供者。您將看到我們在 PSS 上所做的工作，以及您在各處看到的我們所做的所有有機構建，我們將繼續仔細評估這些內容，並儘可能做到聰明。

I appreciate the color there. And then maybe for my second question, just on the CapEx raised today. Maybe you can just talk us through what's driving the confidence to accelerate your investment plans this early into the year. Like obviously, you talked about it as being like a slower bookings quarter, but the pipeline is growing. So maybe you can just dive into that why pull the investments today versus 90 days in the future, right?

我很欣賞那裡的顏色。然後也許是我的第二個問題，關於今天提出的資本支出。也許您可以跟我們談談是什麼推動了您在今年年初加快投資計畫的信心。顯然，您談到預訂季度放緩，但管道正在增長。因此，也許您可以深入探討為什麼要在今天撤回投資而不是在未來 90 天撤回投資，對嗎？

And then just maybe a second part of that is just as we think about these investments coming online, should we think about it as being more gradual over time, adding more automation and then capacity coming on slowly? Or is this more of a we should expect some kind of inflection and bigger magnitude in a later quarter? Any color around the timing associated with the capacity acceleration or capacity investment acceleration would be appreciated.

然後，也許第二部分是，當我們考慮這些線上投資時，我們是否應該認為它會隨著時間的推移而更加漸進，增加更多的自動化，然後緩慢增加容量？還是我們應該期待在下一個季度出現某種轉折點和更大的幅度？與容量加速或容量投資加速相關的時間周圍的任何顏色都將受到讚賞。

Yes, sure. So I would focus you on the part of Josh's commentary when he said it's the best pipeline we've ever had coming out of Q1 and really drive you there. I think what you're hearing from us is like, yes, we had slightly softer future contracted revenue in Q1, but that is not at all indicative of how we see the year going, which I think you can see from our guidance and our commentary. And so as we look out at pipeline, as we look at the demand for TASER 10, as we look at the 33% growth in Q1, we basically said that in order to keep meeting that demand, and we don't want our customers to have to wait too long for our products that we needed to invest in more capacity.

是的，當然。因此，我將讓您專注於 Josh 的評論部分，他說這是我們從第一季以來出現的最好的管道，並真正推動您實現這一目標。我認為您從我們這裡聽到的是，是的，我們第一季的未來合約收入略有下降，但這根本不能表明我們對這一年的看法，我認為您可以從我們的指導和我們的指導中看到這一點評論。因此，當我們審視管道時，當我們審視 TASER 10 的需求時，當我們審視第一季 33% 的成長時，我們基本上是說，為了繼續滿足這一需求，我們不希望我們的客戶我們的產品等待時間太長，因此我們需要投資更多產能。

And then the way we invest in capacity is we're buying pretty specialized equipment to run our lines and do our manufacturing, and so there's lead times associated with that. So right now, we have to start making investments to support capacity increases in 2025 basically at this point.

然後，我們投資產能的方式是購買非常專業的設備來運行我們的生產線並進行製造，因此有與此相關的交貨時間。所以現在我們基本上就到這個時候就必須開始進行投資來支持2025年的產能成長。

So there's no inflection point. You just see us nicely and slowly ramping our capacity increases, maybe not fully, but steadily ramping our capacity increases to meet that demand. And trying to get out in front of it so that we don't get caught in 2025, saying we don't have the ability to meet demand, and we're going to have to backlog our customers for a significant amount of time.

所以不存在拐點。您會看到我們很好地緩慢地增加了產能，也許不是完全增加，但穩步增加了產能以滿足這一需求。並努力走出困境，這樣我們就不會在 2025 年陷入困境，說我們沒有能力滿足需求，而且我們將不得不在相當長的時間內積壓我們的客戶。

So that's really just what we're seeing is making sure we're getting ahead and being prepared for 2025. If we waited 90 days, that would just mean we were bringing it on 90 days later in 2025 when we got ramped up and I think we have enough confidence. I'm telling you we have enough confidence in the pipeline and the demand that it's prudent for us to bring that online.

所以，這就是我們所看到的，確保我們取得進展並為2025 年做好準備。 ，我認為我們有足夠的信心。我告訴你，我們對管道有足夠的信心，並且要求我們將其上線是謹慎的。

We'll take our last question from Mike Ng at Goldman Sachs.

我們將回答高盛邁克吳 (Mike Ng) 提出的最後一個問題。

I have two as well. First, just on Axon and Cloud Services, it was up $12 million quarter-on-quarter. Can you talk a little bit about how we should think about the sequential growth in this line? Is this low double-digit dollar growth sequentially still a good way to think about it? Qualitatively, is this more user base driven with the growth in the installed base across body and fleet? Or are we beginning to see more software and, I'll call it, ARPU uplift from records and standards in dispatch? And then I have a quick follow-up.

我也有兩個。首先，光是 Axon 和雲端服務就季增了 1,200 萬美元。您能談談我們應該如何看待這條線的連續成長嗎？這種低兩位數的美元連續增長仍然是一個好的思考方式嗎？定性地講，這種更多的用戶群是否是隨著車身和車隊安裝基數的增長而推動的？或者我們開始看到更多的軟體（我稱之為 ARPU）從調度記錄和標準中得到提升？然後我會進行快速跟進。

Yes, so our step-up quarter-over-quarter was almost $13 million. I would say part of that was in Q4 last year. We had a really big step up. Part of that was from revenue recognition. We've talked particularly about how with records coming online, some of that revenue recognition is going to be a little bit lumpy. So we had a particularly large quarter in Q4, and then that leads to a slightly smaller step Q4 to Q1.

是的，所以我們的季度環比增幅接近 1300 萬美元。我想說其中一部分是在去年第四季。我們確實邁出了一大步。其中一部分來自收入確認。我們特別討論了隨著記錄上線，其中一些收入確認將變得有點不穩定。因此，我們在第四季度有一個特別大的季度，然後這導致第四季度到第一季的步幅略小。

But I also think $13 million continues to be a pretty healthy step and sort of in line with what we've indicated is, like if you averaged out our quarter that feels like a pretty normal step up each quarter.

但我也認為 1300 萬美元仍然是一個相當健康的步驟，並且與我們所表示的情況一致，就像如果你對我們的季度進行平均，感覺就像每個季度的一個非常正常的進步。

Great. And then I was wondering if you could comment on some of the Axon wins that have been reported in the media -- how is RCMP field testing going? Are there any themes across the wins in Cornelius, North Carolina or Puerto Rico? I know some of them were from a large competitor. So any themes in terms of product or costs that are driving those wins?

偉大的。然後我想知道您是否可以對媒體報導的一些 Axon 勝利發表評論——加拿大皇家騎警現場測試進行得怎麼樣？科尼利厄斯、北卡羅來納州或波多黎各的勝利有什麼主題嗎？我知道其中一些來自大型競爭對手。那麼，在產品或成本方面有哪些主題推動了這些勝利呢？

Yes. Thanks, Mike. Great question. I'm going to give you a little bit more of a general answer on them. I think we've said this a lot about our international business that we aren't going to be and we're not aspiring to be the kind of low-cost vendor in the space. We believe what we've built is really, really valuable. And we believe that we can perform and our products can perform in the field just as we say they will in the written solicitations. And that's not always the case for other vendors in this space.

是的。謝謝，麥克。很好的問題。我將為您提供更多關於它們的一般性答案。我認為我們已經就我們的國際業務說了很多，但我們不會，也不想成為該領域的低成本供應商。我們相信我們所建造的東西確實非常有價值。我們相信我們和我們的產品能夠在現場發揮作用，正如我們在書面招標中所說的那樣。對於這個領域的其他供應商來說，情況並非總是如此。

And so at times, a customer upfront might focus on cost and say, hey, this is the lowest price point. And then when they start to use the products and test them out and see what they do well and where the shortcomings are, they might feel like, hey, the ROI is such that we should look at a product that's priced differently even if it's higher. And oftentimes, that's where we've come in internationally. And while it takes a little bit of discipline on the front end, we think it's the right long-term winning strategy because we do really have a lot of conviction that what we've built a police officer is lesser served with something else in their hands or on their chest or on their belt. And so we've got a lot of conviction that's the right strategy, and we're starting to see that play out in international markets.

因此有時，客戶前期可能會關注成本並說，嘿，這是最低的價格點。然後，當他們開始使用這些產品並對其進行測試，看看它們的優點和缺點時，他們可能會覺得，嘿，投資回報率是這樣的，我們應該考慮價格不同的產品，即使它更高。通常，這就是我們在國際上介入的地方。雖然在前端需要一點紀律，但我們認為這是正確的長期制勝策略，因為我們確實堅信，我們所打造的警察與他們的其他東西相比，效果較差。因此，我們堅信這是正確的策略，並且我們開始看到這項策略在國際市場上發揮作用。

Thanks Mike. I thinks that's it for questions today. We'll turn it over to Rick to close this out.

謝謝邁克。我想今天的問題就到此為止。我們會將其交給 Rick 來結束。

Awesome right. Well, thanks, Eric, and thanks again to all of you for joining. I'm really proud of our entire team and the incredible execution they continue to show. We'll be really excited to come to you with more updates later this year, and we look forward to seeing you all again in August.

太棒了對吧。好的，謝謝艾瑞克，並再次感謝大家的加入。我為我們整個團隊以及他們繼續表現出的令人難以置信的執行力感到自豪。我們非常高興能在今年稍後為您帶來更多更新，並期待在八月再次見到您。