Axon Enterprise Inc (AXON) 2024 Q2 法說會逐字稿

(Inaudible - microphone inaccessible) find at investor.axon.com. Our prepared remarks today are meant to build upon the information 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.

（聽不清楚 - 麥克風無法存取）可在 Investor.axon.com 上找到。我們今天準備的發言是基於那封信中的信息。在這次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。今天做出的任何前瞻性聲明均符合 1995 年《私人證券訴訟改革法案》的安全港條款並符合其含義。

These comments are based on 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.

這些評論是基於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。我們在 SEC 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。每項非公認會計準則衡量標準的描述以及每項非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準的調節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。

Now, turning to our quarterly update. First, we'll start off with a quick video to share some of the feedback that we've gotten from early users of Draft One. It will be just two minutes. So, let's pull it up.

現在，轉向我們的季度更新。首先，我們將從一個簡短的影片開始，分享我們從 Draft One 早期用戶那裡得到的一些回饋。只需兩分鐘。那麼，讓我們把它拉起來。

(video playing)

（影片播放）

All right. Thanks, Erik, and thanks to all of you, our shareholders, and analysts, for joining us today. Welcome to Axon's second quarter 2024 earnings call. I am, again, proud to report another great quarter and to show you that video to highlight some of the incredible outcomes our team is delivering to our customers with Draft One.

好的。感謝艾瑞克，感謝你們所有人、我們的股東和分析師今天加入我們。歡迎參加 Axon 2024 年第二季財報電話會議。我再次自豪地報告又一個出色的季度並向您展示該視頻，以強調我們的團隊通過 Draft One 為客戶提供的一些令人難以置信的成果。

Our story is to build a world where we help our customers achieve better outcomes every day, and it still feels like we're just at the beginning. There are two things that I believe are critical to our success and ability to differentiate in the market. We move fast, and we take risks. It is our speed and willingness to tackle the toughest problems that drives our innovation and allows us to recruit the best people.

我們的故事是建立一個每天幫助客戶取得更好成果的世界，但感覺我們才剛開始。我認為有兩件事對於我們的成功和在市場中脫穎而出的能力至關重要。我們行動迅速，我們勇於承擔風險。正是我們解決最棘手問題的速度和意願推動了我們的創新，並使我們能夠招募到最優秀的人才。

I think we're at the forefront in several technological areas that will define the next decade for our company. You've probably heard me talk about them before. First and possibly the most significant is artificial intelligence. We are positioning ourselves as the indisputable leader in delivering the power of AI in practical, usable applications to our customers.

我認為我們在幾個技術領域處於領先地位，這些技術領域將定義我們公司的下一個十年。你以前可能聽過我談論過它們。首先，也可能是最重要的是人工智慧。我們將自己定位為無可爭議的領導者，為客戶提供實用、可用的應用程式中的人工智慧力量。

We've been at this for many years, and our progress is accelerating as the underlying technology and the interest to adopt reaches critical mass here in the US and around the world. One year ago, I shared with you our vision for generative AI applications as we saw commercially available LLM large language models coming to the market. I told you we would be ready to catch the ball.

我們已經在這方面投入了很多年，隨著基礎技術和採用的興趣在美國和世界各地達到臨界點，我們的進展正在加速。一年前，當我們看到商業化的 LLM 大語言模式進入市場時，我與大家分享了我們對生成式 AI 應用的願景。我告訴過你我們會準備好接球。

Well, in April, we launched Draft One, a powerful new AI service that writes the first draft of a police report extracted directly from Axon body camera recordings. Our customers' response to Draft One is better than anything I've seen, better than we could have imagined. They want to put more data into the cloud with Axon. They want to better access that data, and they trust us to protect their data. And they can see that we can help them do their jobs better, put their data to use.

今年 4 月，我們推出了 Draft One，這是一項功能強大的新型 AI 服務，可以直接從 Axon 隨身攝影機記錄中提取警察報告的初稿。我們的客戶對第一草案的反應比我見過的任何東西都要好，比我們想像的還要好。他們希望透過 Axon 將更多資料放入雲端。他們希望更好地存取這些數據，並且相信我們能夠保護他們的數據。他們可以看到我們可以幫助他們更好地完成工作，並利用他們的數據。

Our unique position to define this category comes down to three key advantages that I believe we hold. One, the sensor network. We run the largest sensor ecosystem by far, including TASERs, body cameras, in-car cameras, drones, robotics, and third-party cameras and sensors through Fusus. This vast network generates the data needed to drive the future of AI.

我們定義這一類別的獨特地位可以歸結為我認為我們擁有的三個關鍵優勢。一、感測器網路。我們經營迄今為止最大的感測器生態系統，包括泰瑟槍、隨身攝影機、車載攝影機、無人機、機器人以及透過 Fusus 的第三方攝影機和感測器。這個龐大的網路產生驅動人工智慧未來所需的數據。

Second is the data. Our expansive ecosystem of software and sensors has generated the industry's largest and most valuable data set. Now, it's not our data. Our customers own their data, and we protect it rigorously. And we provide them the tools they need to manage and leverage their data. We help them make their data accessible and usable, securely managing hundreds of petabytes of audio, video, and imagery in the cloud.

其次是數據。我們廣闊的軟體和感測器生態系統已經產生了業界最大、最有價值的資料集。現在，這不是我們的數據。我們的客戶擁有他們的數據，我們會嚴格保護它們。我們為他們提供管理和利用數據所需的工具。我們幫助他們使資料可存取和可用，安全地管理雲端中數百 PB 的音訊、視訊和影像。

And third is trust. We worked tirelessly for decades we have to earn our customers' trust.We've led three major tech revolutions, TASER energy weapons, wearable cameras, and cloud software. And we have several more in progress like virtual reality training, drone as the first responder, and real-time sensor fusion.

第三是信任。我們幾十年來孜孜不倦地工作，我們必須贏得客戶的信任。我們還有更多進展，例如虛擬實境訓練、作為第一響應者的無人機以及即時感測器融合。

Our customers trust us as their thought partner, guiding them into the future and AI-driven future. This trust is our most enduring advantage built over decades, and we are dedicated maniacally to maintain that trust by being reliable and trustworthy partners. AI is a hot topic right now, and there is concern about the commoditization of the underlying models.

我們的客戶信任我們作為他們的思想合作夥伴，引導他們走向未來和人工智慧驅動的未來。這種信任是我們幾十年來建立的最持久的優勢，我們致力於透過成為可靠和值得信賴的合作夥伴來維持這種信任。人工智慧是當前的熱門話題，人們擔心底層模型的商品化。

Some major tech companies are investing billions of dollars and then open sourcing their models, making some of the LLMs, these foundational models, free and potentially demonetizing the foundation model layer of the AI ecosystem. We believe we are uniquely positioned to leverage our position as the application and network layer to create significant value through time and cost savings that we deliver from the underlying technology through a world-class UI to our customers.

一些主要科技公司正在投資數十億美元，然後開源他們的模型，使一些法學碩士（這些基礎模型）免費，並可能使人工智慧生態系統的基礎模型層非貨幣化。我們相信，我們處於獨特的地位，可以利用我們作為應用程式和網路層的地位，透過我們從底層技術透過世界一流的 UI 向客戶提供的時間和成本節省來創造顯著的價值。

By combining top-tier AI models with our sensor and software ecosystem, we can deliver exceptional workflows, all within a secured GovCloud environment. Our AI products not only offer tremendous growth opportunities for us but also immense value to our customers.

透過將頂級人工智慧模型與我們的感測器和軟體生態系統結合，我們可以在安全的 GovCloud 環境中提供卓越的工作流程。我們的人工智慧產品不僅為我們提供了巨大的成長機會，也為我們的客戶提供了巨大的價值。

Solutions like Draft One, automated license plate reading, transcription, video redaction, these services quickly pay for themselves. I'm particularly excited about upcoming announcements that we have planned for the annual police chiefs conference, the IACP, in October. So, stay tuned.

Draft One、自動車牌讀取、轉錄、影片編輯等解決方案，這些服務很快就能收回成本。我對即將在 10 月舉行的年度警察局長會議 IACP 上宣布的消息感到特別興奮。所以，請繼續關注。

Our next focus is real-time operations, which we see as a major opportunity. From what we have learned in our work in legacy dispatch systems, combined with our acquisition of Fusus, we believe we are positioned to redefine real-time communications and real-time operations for our customers. Strength lies in innovation, not iteration, Therefore, we are shifting. We're pivoting from command-line dispatch console software to instead focus on sensor fusion and AI.

我們的下一個重點是即時操作，我們認為這是一個重大機會。根據我們在遺留調度系統工作中所學到的知識，再加上我們對 Fusus 的收購，我們相信我們有能力為客戶重新定義即時通訊和即時操作。優勢在於創新，而不是迭代，因此，我們正在轉變。我們正在從命令列調度控制台軟體轉向專注於感測器融合和人工智慧。

This approach will integrate multiple data feeds, both human and technological, into a unified single pane of glass. Strategically, we are refocusing to align our unique innovation capability with the emerging technologies. Acquiring Fusus has given us a platform to accelerate our progress, and we're doubling down on this investment. We plan to leverage the fully integrated Fusus map experience to provide critical real-time information, enhancing decision-making and improving communications. We're excited to embrace this new vision and deliver exceptional results for our customers.

這種方法將把多個資料來源（包括人力資料和技術資料）整合到一個統一的單一管理平台中。從策略上講，我們正在重新調整重點，將我們獨特的創新能力與新興技術結合。收購 Fusus 為我們提供了一個加速進步的平台，我們正在加倍投資。我們計劃利用完全整合的 Fusus 地圖體驗來提供關鍵的即時訊息，增強決策並改善溝通。我們很高興能夠擁抱這個新願景並為我們的客戶提供卓越的成果。

Lastly, we remain highly enthusiastic about drones and robotic security. Last year, we acquired Sky-Hero in the tactical robotic space. Recently, we announced an expanded drone as first responder or DFR partnership ecosystem with Skydio, Dedrone, and DroneSense, each the leaders in their niche of the ecosystem.

最後，我們對無人機和機器人安全仍然充滿熱情。去年，我們收購了戰術機器人領域的 Sky-Hero。最近，我們宣布與 Skydio、Dedrone 和 DroneSense 建立擴展的無人機作為急救人員或 DFR 合作夥伴生態系統，每家公司都是各自生態系統領域的領導者。

This collaboration offers the most advanced and comprehensive solution for drone as first responder programs. We look forward to completing our acquisition of Dedrone later this year to further expand our footprint in this dynamic space. I'm excited about what's ahead and see these updates as validation of our strategy. I believe we are uniquely positioned to achieve remarkable outcomes, driving immense value for our stakeholders across the board while solving real-world problems that matter.

此次合作為無人機急救計畫提供了最先進、最全面的解決方案。我們期待在今年稍後完成對 Dedrone 的收購，以進一步擴大我們在這個充滿活力的領域的足跡。我對未來感到興奮，並將這些更新視為對我們策略的驗證。我相信，我們擁有獨特的優勢，能夠取得卓越的成果，為我們的利害關係人全面創造巨大價值，同時解決現實世界中重要的問題。

And with that, let me turn it over to the guy who leads the phenomenal execution you see quarter-over-quarter. Josh Isner, over to you.

說到這裡，讓我把它交給那個領導你每個季度都看到的驚人執行力的人。喬許‧伊斯內爾，交給你了。

Thanks a lot, Rick, and good afternoon, everybody. I'd like to start today's remarks on a personal note. In June, I celebrated my 15 year work anniversary at Axon. In 2009, Axon, then named TASER, was much smaller, carrying a market cap of $245 million. It is a testament to Rick's vision and leadership that Axon is in a much different place today, both in terms of size and impact. I feel very lucky to have been part of this awesome team for so long. And I'm thrilled to witness the tremendous results driven by such a talented and missionoriented group of individuals.

非常感謝，瑞克，大家午安。我想以個人觀點開始今天的發言。六月，我慶祝了在 Axon 工作 15 週年紀念日。 2009 年，Axon（當時名為 TASER）規模要小得多，市值為 2.45 億美元。如今，無論是規模還是影響力，Axon 都處於一個截然不同的境地，這證明了 Rick 的願景和領導力。我很幸運能夠成為這個出色團隊的一員這麼久。我很高興見證這樣一群才華橫溢、以使命為導向的個人所取得的巨大成果。

I'm pleased to report that our team delivered again in Q2, and we feel great about the momentum we are seeing in the second half and beyond. While Rick continues to focus on our vision and make sure that we're headed in the right direction, I continue to focus my time on our execution and ensuring we have the right team to help us achieve that vision over the long term. I have a few updates from the quarter that I am particularly excited to share.

我很高興地向大家報告，我們的團隊在第二季度再次取得了成果，我們對下半年及以後看到的勢頭感到非常高興。當里克繼續專注於我們的願景並確保我們朝著正確的方向前進時，我繼續將時間集中在我們的執行上，並確保我們擁有合適的團隊來幫助我們長期實現這一願景。我特別高興與大家分享本季的一些最新情況。

First, we achieved record second-quarter revenue and bookings. It was our first quarter with over $500 million in revenue, a number that represented our full-year revenue just a few years ago. We booked over $1 billion in new business, closed our largest-ever contract with a US state and local customer, closed our largest-ever corrections deal, and we are seeing an uptick in our international momentum. Our international bookings are up 100% year to date versus last year. And just a couple of weeks ago, we signed our largest records contract ever with that segment.

首先，我們實現了創紀錄的第二季營收和預訂量。這是我們第一季的營收超過 5 億美元，這個數字相當於我們幾年前的全年收入。我們預訂了超過 10 億美元的新業務，與美國州和當地客戶簽訂了有史以來最大的合同，完成了有史以來最大的糾正協議，我們看到我們的國際勢頭有所增強。今年迄今為止，我們的國際預訂量比去年增長了 100%。就在幾週前，我們與該領域簽署了有史以來最大的唱片合約。

Next, I'll briefly share some detail on where we are seeing accelerating demand for our products. Our new introductions over the past year have ignited. TASER 10 is the fastest-selling TASER device in our history. Not only is demand pacing at over 2x the rate of TASER 7 on the order side, but we've been able to scale shipments each quarter since launch.

接下來，我將簡要分享一些關於我們的產品需求不斷增長的細節。我們去年推出的新產品已經引起了人們的注意。 TASER 10 是我們史上銷售最快的 TASER 設備。不僅訂單方面的需求成長速度是 TASER 7 的 2 倍以上，而且自推出以來我們每季都能夠擴大出貨量。

We've eclipsed more than 100,000 units shipped, and we have a long runway ahead. Something, I find particularly encouraging here is that our top four TASER 10 deals have come from customers outside of our US state and local customer base. We have a massive TASER user base within state and local, but we also see strong demand from our customers in other segments like federal, international, and from corrections customers as well. The order book for TASER 10 is strong across the board.

我們的出貨量已超過 10 萬台，而且我們還有很長的路要走。我發現特別令人鼓舞的是，我們前四名的 TASER 10 交易均來自美國各州以外的客戶和當地客戶群。我們在州和地方擁有龐大的 TASER 用戶群，但我們也看到聯邦、國際等其他領域的客戶以及懲教客戶的強勁需求。 TASER 10 的訂單量全面強勁。

In Q2, we shipped the most body cameras we've ever shipped in a single quarter. Along with TASER 10, Axon Body 4, and our expanding set of premium software, adoption of our Officer Safety Plan is growing as seven of our top 10 domestic deals in the quarter included premium Officer Safety Plan options.

第二季度，我們的執法記錄器出貨量創歷史新高。除了 TASER 10、Axon Body 4 和我們不斷擴展的高級軟體之外，我們的高級官員安全計劃的採用也在不斷增長，因為本季度我們十大國內交易中有七項包含高級高級官員安全計劃選項。

Finally, we are seeing the early indicators of success supporting our investments in newer areas within our software business from revenue -- or I'm sorry, revenue from productivity, AI products, real-time operations, and drones and robotics drove almost half of the growth in our software revenue in Q2.

最後，我們看到了早期的成功跡象，支持我們在軟體業務新領域的投資，這些收入來自於收入——或者抱歉，來自生產力、人工智慧產品、即時操作以及無人機和機器人的收入推動了近一半的收入。

Early traction in Draft One is a great example. In the three months since launch, Draft One has generated over $100 million of pipeline, the fastest of any Axon software product to do so. We believe demand for products like Draft One will only grow from here. Halfway through the year, we are pleased to be well-positioned to deliver another year of growth and sustained impact.

一號選秀的早期吸引力就是一個很好的例子。自推出以來的三個月內，Draft One 已產生了超過 1 億美元的銷售量，是 Axon 軟體產品中最快的。我們相信，草案一等產品的需求只會從這裡開始成長。今年已過半，我們很高興能夠做好準備，實現另一個成長和持續影響的一年。

However, we're on to the next play, and nobody is letting up. We have a fantastic opportunity to deliver a similar bookings number over the next six months that we achieved in the entire 2023 campaign. The team is relentlessly focused on executing, and we're excited to show what we can do in the second half.

然而，我們正在繼續下一場比賽，沒有人放棄。我們有絕佳的機會在接下來的六個月內實現與 2023 年整個活動中實現的類似預訂量。團隊堅持不懈地專注於執行，我們很高興展示我們在下半場可以做的事情。

Over to you, Brittany

交給你了，布列塔尼

Thank you, Josh. As both Rick and Josh highlighted, we had a great quarter. We grew revenue 35% year-over-year on top of 31% growth in the same quarter last year, and we delivered strong adjusted EBITDA. I am particularly impressed that the growth comes from all our business segments driven by our powerful ecosystem.

謝謝你，喬許。正如里克和喬什所強調的那樣，我們度過了一個很棒的季度。在去年同季 31% 的成長基礎上，我們的營收年增了 35%，我們實現了強勁的調整後 EBITDA。令我印象特別深刻的是，我們所有業務部門的成長都來自於我們強大的生態系統的推動。

Our customer-centric approach solves real problems, which drives us to innovate, and you can see those results in the business. Cloud and Services remains the fastest-growing segment at 47% year-over-year . Our software growth stands out and has continued to drive mix shift with 39% of revenue coming from software and services in Q2, up from 35% last year and 29% the year before.

我們以客戶為中心的方法解決了實際問題，這推動我們創新，您可以在業務中看到這些成果。雲端和服務仍然是成長最快的部分，年增 47%。我們的軟體成長突出，並繼續推動組合轉型，第二季 39% 的營收來自軟體和服務，高於去年的 35% 和前年的 29%。

TASER 10 and Axon Body 4 also contributed an impressive 28% year-over-year growth in both our TASER and sensors product categories. These products are performing incredibly well, and we're still in the early innings. Overall, our future contracted revenue sits at approximately $7.4 billion, which is up 41% year-over-year. And ARR of $850 million is up 44% year-over-year while maintaining 122% net revenue retention.

TASER 10 和 Axon Body 4 也為我們的 TASER 和感測器產品類別帶來了 28% 的同比增長，令人印象深刻。這些產品的表現非常好，而且我們仍處於早期階段。總體而言，我們未來的合約收入約為 74 億美元，年增 41%。 ARR 為 8.5 億美元，年增 44%，同時維持 122% 的淨收入保留。

Along with continuing strength in Axon Evidence, the new products we talk about are helping drive our consistently high NRR. Adjusted gross margin of 62.5% increased by 10 basis points year-over-year. This was supported by mix in our software business as well as the benefits of automation in our TASER business. We cleaned up some of our older inventory on the sensor side, given the better-than-expected demand for AB4, which was a partial offset to our strong gross margin in the quarter.

隨著 Axon Evidence 的持續成長，我們談論的新產品正在幫助推動我們持續高的 NRR。調整後毛利率為62.5%，較去年成長10個基點。這得歸功於我們軟體業務的混合以及泰瑟槍業務自動化的優勢。鑑於 AB4 的需求好於預期，我們清理了感測器方面的一些舊庫存，這部分抵消了我們本季強勁的毛利率。

At this point, though, we expect to see stable gross margins for these segments going forward and expect overall gross margin around this level for the remainder of the year. Below the gross margin line, we continue to focus on scaling the business, both to drive profitability and to successfully deliver on our top-line growth.

不過，目前我們預計這些細分市場的毛利率將保持穩定，並預計今年剩餘時間的整體毛利率將保持在這一水平附近。在毛利率線以下，我們繼續專注於擴大業務，以提高獲利能力並成功實現收入成長。

This has included adding a new manufacturing facility to increase production capacity for TASER devices and cartridges as well as integrating our acquisitions and investing in R&D. We've been able to invest in and grow the business while driving operating efficiency. Increased revenue, gross margin, and operating efficiency drove adjusted EBITDA to $123 million, which was 24.5% margin in the quarter, up 270 basis points year-over-year and surpassing our highest level in over three years. We also had free cash flow conversion above 60% in the quarter, leading to $75 million of adjusted free cash flow.

這包括增加新的製造設施以提高泰瑟槍設備和墨盒的生產能力，以及整合我們的收購和研發投資。我們能夠在提高營運效率的同時投資和發展業務。營收、毛利率和營運效率的提高推動調整後 EBITDA 達到 1.23 億美元，本季利潤率為 24.5%，年成長 270 個基點，超過三年多來的最高水準。本季我們的自由現金流轉換率也超過 60%，調整後的自由現金流達到 7,500 萬美元。

Turning to our outlook. We are pleased to raise guidance again on both revenue and adjusted EBITDA. Our full-year 2024 expected revenue guidance is increasing to $2 billion to $2.05 billion, which represents 29.5% annual growth at the midpoint. This is up from our prior guidance of $1.94 billion to $1.99 billion, which represented approximately 26% annual growth at the midpoint.

轉向我們的展望。我們很高興再次提高收入和調整後 EBITDA 的指導。我們將 2024 年全年預期營收指引增至 20 億至 20.5 億美元，相當於年增率中點 29.5%。這高於我們先前預測的 19.4 億美元至 19.9 億美元，中間值年增長率約為 26%。

And it's a result of the strong performance we saw in Q2 and the strong pipeline in the second half of the year. We expect full-year 2024 adjusted EBITDA of $460 million to $475 million, implying an adjusted EBITDA margin of 23.1% at the midpoint. This is up from our prior adjusted guidance of $430 million to $445 million, and it expands our expected margin by 80 basis points.

這是我們在第二季度看到的強勁表現和下半年強勁的管道的結果。我們預計 2024 年全年調整後 EBITDA 為 4.6 億至 4.75 億美元，這意味著調整後 EBITDA 利潤率為中點 23.1%。這高於我們先前調整後的指導值 4.3 億美元至 4.45 億美元，並將我們的預期利潤率提高了 80 個基點。

The increase in our adjusted EBITDA guidance includes better-than-expected performance in Q2 and our increased expectations for the remainder of the year. Consistent with last quarter, our guidance incorporates an immaterial amount of revenue and adjusted EBITDA margin impact from our planned acquisition of Dedrone, which we still expect to close in the current year.

我們調整後的 EBITDA 指引的增加包括第二季度好於預期的業績以及我們對今年剩餘時間的預期的增加。與上個季度一致，我們的指引包含了我們計劃收購 Dedrone 帶來的少量收入和調整後的 EBITDA 利潤率影響，我們仍預計該收購將在今年完成。

Overall, we saw strength across the board on the P&L, shipped a record number of TASERs and body cameras, generated strong cash flow, made additional investments into our drone partnerships, and remain on track to close Dedrone and strengthened our bookings pipeline for the back half of the year to record numbers.

總體而言，我們在損益表上看到了全面的優勢，泰瑟槍和隨身攝影機的出貨量創下了紀錄，產生了強勁的現金流，對我們的無人機合作夥伴關係進行了額外投資，並繼續按計劃關閉Dedrone 並加強了我們的預訂管道半年的時間創下歷史新高。

I'd say we're quite proud of this quarter, and I want to give a huge thank you to the incredible team we have for making it all happen. And with that, I would like to open it up to questions.

我想說，我們對本季感到非常自豪，我要向我們令人難以置信的團隊表示衷心的感謝，感謝你們讓這一切成為現實。說到這裡，我想提出一些問題。

Thanks, everyone. Jonathan Ho, William Blair.

感謝大家。喬納森·何，威廉·布萊爾。

Hi there. Good afternoon, and congratulations on another quarter of strong results. Can you give us a little bit more color on the adoption of your software applications, and maybe what are some of the biggest contributors now? What are sort of the incremental add-ons where you see the biggest inflection point?

你好呀。下午好，祝賀又一個季度的強勁業績。您能為我們介紹一下您的軟體應用程式的採用嗎？您看到最大拐點的增量附加元件有哪些？

I definitely appreciate the AI commentary, but just wanted to get a sense of maybe what's driving the performance this quarter and what you're most excited about going forward.

我非常欣賞人工智慧評論，但只是想了解一下推動本季業績的因素以及您對未來最興奮的是什麼。

I can start and then maybe turn it over to Rick, who I know is incredibly excited about this. But we made the call out this quarter that we're both seeing terrific continued growth from our evidence.com product, but we're also seeing increasing contributions to the growth from our other suite of software products. And that's really across the board in those other categories. So, calling out productivity and AI and all of those pieces.

我可以開始，然後也許會把它交給里克，我知道他對此非常興奮。但我們在本季指出，我們不僅看到了evidence.com 產品的驚人持續成長，而且我們還看到其他軟體產品套件對成長的貢獻越來越大。這在其他類別中確實是全面的。因此，我們要強調生產力和人工智慧以及所有這些部分。

We did call out the Draft One. While we're incredibly excited about the pipeline with over $100 million in pipeline, it's not actually yet contributing to the revenue in the quarter. So, continues to be a big area of excitement going forward, but the tremendous increase you're seeing this quarter is really coming from the existing products that we've talked about.

我們確實公佈了第一草案。雖然我們對超過 1 億美元的管道感到非常興奮，但它實際上尚未為本季度的收入做出貢獻。因此，這仍然是未來令人興奮的一大領域，但本季您看到的巨大成長實際上來自我們討論過的現有產品。

Let me speak briefly, and then, Jeff, I might have you speak in a little more detail as well as the sort of the breakout of our current software. I tend to focus on the sort of the leading edge and then as things kind of stabilize, by the time they're bigger, I'm spending less of my time personally on them, and Jeff is really leading the large teams.

讓我簡單地說一下，然後，傑夫，我可能會讓你更詳細地談談我們當前軟體的突破。我傾向於專注於領先優勢，然後隨著事情趨於穩定，當它們變得更大時，我花在它們上的個人時間就會減少，而傑夫確實領導著大型團隊。

Obviously, AI is a really interesting space right now. The -- what was impossible 18 months ago is now, frankly, easy in some cases. Things like Draft One is nearly magical in the user experience. The first time I turned it on was in, I think, February, got access to it in beta. I was at the Texas Department of Public Safety doing a -- actually, I probably shouldn't have given exactly -- I was at a large agency in Texas doing a demo.

顯然，人工智慧現在是一個非常有趣的領域。坦白說，18 個月前不可能的任務現在在某些情況下變得容易。像第一稿這樣的東西在用戶體驗方面幾乎是神奇的。我第一次打開它是在二月份，我在測試版中獲得了它。我當時在德克薩斯州公共安全部做一個——實際上，我可能不應該完全透露——我當時在德克薩斯州的一家大型機構做演示。

And they were saying, Oh, there's no way this will work, with an East Texas accent. And they started teasing each other. And I said, Well, I don't know. Let's try it. And we have this officer come up. And literally, this guy could have been on Saturday Night Live. He did the best like kind of hillbilly voice skit, was completely nonlinear answering questions, was all over the place. I was sure it's going to be a disaster.

他們說，哦，帶著東德克薩斯口音，這是不可能的。他們開始互相取笑。我說，嗯，我不知道。我們來試試吧。我們請了這位官員。從字面上看，這個人本來可以參加《週六夜現場》。他做得最好，就像鄉下人的聲音短劇一樣，完全非線性地回答問題，無處不在。我確信這將是一場災難。

And I was just shocked at how well the AI turned all of the nonsense into a professional-looking report in like, literally, 15 seconds. And we're seeing that reaction from customers across the board. We had some customers say that the time savings alone from Draft One justifies paying for the entire Officer Safety Plan.

我對人工智慧在 15 秒內將所有無意義的內容轉化為看起來很專業的報告感到震驚。我們看到了所有客戶的反應。我們的一些客戶表示，僅草案一所節省的時間就足以證明支付整個軍官安全計畫的費用是合理的。

So, while it's not -- because of the nature of these things, we write contracts upfront. It takes time for the revenue to kick in. I think Draft One is a real accelerator. It brings transcription. You need to have respond. You have to have the wireless connectivity for us to be able to push this up to the cloud, have it ready in time, so it pulls other products with it.

因此，儘管事實並非如此，但由於這些事情的性質，我們會提前簽訂合約。收入需要時間才能發揮作用。它帶來了轉錄。你需要有回應。您必須擁有無線連接，以便我們能夠將其推送到雲端，及時準備好，以便它可以帶動其他產品。

And then there's a whole suite of other stuff that we are now working on across the board. I would just tell you, Jeff and I sat down and we said, we kind of pulled the emergency brake and said, across the entire business, every team is now researching what are the AI possibilities that justify changing our priorities so that we're nimble and that we're moving things that our customers couldn't even imagine are now moving to the top -- a year ago are now at the top of our product development priorities.

然後我們現在正在全面開展一整套其他工作。我只想告訴你，傑夫和我坐下來，我們說，我們有點緊急煞車，並說，在整個業務中，每個團隊現在都在研究人工智慧的可能性是什麼，可以證明改變我們的優先事項是合理的，以便我們靈活，我們正在推動客戶甚至無法想像的事情，現在已經移到了頂端——一年前的事情現在已經成為我們產品開發優先事項的首要任務。

So, with that, Jeff, I don't know if you have anything else you want to add.

那麼，傑夫，我不知道你還有什麼要補充的嗎？

Sure. I think both you and Brittany said it well, but thanks, Jonathan, as always, for the question. I mean, I think the beauty of the strength is that it's universal across the diversity of all of our product lines and segments, whether it is continued growth of core DEMS and more and more access to higher and higher tier plans of like unlimited third-party storage and all of those things, whether it's the core add-ons on the back of DEMS, redaction, and all of those things, the strength and productivity like the pipeline for Draft One, but records and standards and core transcription.

當然。我認為你和布列塔尼都說得很好，但謝謝喬納森，一如既往地提出這個問題。我的意思是，我認為這種優勢的美妙之處在於，它在我們所有產品線和細分市場的多樣性中都是普遍存在的，無論是核心DEMS 的持續增長，還是越來越多地獲得越來越高級的計劃，例如無限的第三方計劃。有記錄、標準和核心轉錄。

And of course, an RTO of the existing strength and respond, the addition of Fusus, and then VR accelerating and everything across the board. So, I think that the thing that is most interesting is how universal the growth is across the diversity of our product line

當然，還有現有實力和響應的 RTO、Fusus 的添加、VR 加速以及全面的一切。所以，我認為最有趣的是我們產品線多樣性的成長是多麼普遍

Excellent. I'll keep it to one question. Thank you.

出色的。我將保留一個問題。謝謝。

Thanks, Jonathan. We're going to Trevor Walsh at JMP next.

謝謝，喬納森。接下來我們將採訪 JMP 的 Trevor Walsh。

Great. Thanks, team. I appreciate you taking my question. Josh, maybe for you, but feel free, anyone else, to jump in. Good to see the international bookings up 100% in the quarter. It's a theme you've obviously been talking about for quite a while now. Can you maybe just give us reiterate kind of the why now you think that international opportunity sort of seems to be gaining some speed?

偉大的。謝謝，團隊。我很感謝你回答我的問題。喬什，也許對你來說，但其他人也可以隨意加入。顯然，這個主題你已經討論了很久了。您能否為我們重申為什麼您現在認為國際機會似乎正在加速？

And then depending on how you answer there, are there things that might kind of even accelerate that further geopolitical-wise or just everything kind of going on kind of globally that might help to either make that those dynamics increase or maybe a headwind if things kind of turn more toward the negative? Thanks.

然後取決於你如何回答，是否有一些事情可能會進一步加速地緣政治的發展，或者只是全球範圍內發生的一切事情可能有助於使這些動態增加，或者如果事情發生的話可能會成為逆風變得更加消極？謝謝。

Thanks. Thanks for the question, Trevor. Well, I'd say it's really the convergence of a couple of things that we've been working on for a couple of years now. Number one is getting the team right. I think this is the strongest international team we've had. We've made some new additions to the team in 2024 not only with Cameron Brooks, our CRO, but with some of some new leadership in Europe, some new country managers.

謝謝。謝謝你的提問，特雷弗。嗯，我想說，這實際上是我們幾年來一直在努力的幾件事的融合。第一個是讓團隊正確。我認為這是我們擁有的最強大的國際團隊。我們在 2024 年為團隊增添了一些新成員，不僅包括我們的 CRO 卡梅倫·布魯克斯 (Cameron Brooks)，還包括歐洲的一些新領導層和一些新的國家/地區經理。

And I think that's already showing a different level of rigor and intensity than we've had kind of across the board historically. So, very excited about that. I think number two, TASER 10 is really allowing us to start and restart conversations around TASER adoption. And it's driving a lot of interest in a lot of the core markets. I think the market is moving more in the direction of cloud now, especially certain markets internationally.

我認為這已經顯示出與我們歷史上的全面程度不同的嚴格性和強度。所以，對此非常興奮。我認為第二，TASER 10 確實讓我們能夠開始並重啟有關 TASER 採用的對話。它引起了人們對許多核心市場的濃厚興趣。我認為現在市場正在更多地朝著雲端的方向發展，尤其是國際上的某些市場。

And I think we've been opportunistic there and continue to grow the pipeline. And so, I think those are really the three big things. The last one that is kind of a continual effort is making sure we're focused on the right places. I think at times historically, we've gone a little off kilter with the volume of opportunities, and that's affected our execution.

我認為我們一直在這方面抓住機會並繼續擴大管道。所以，我認為這確實是三件大事。最後一項需要持續努力的就是確保我們專注於正確的地方。我認為，從歷史上看，有時我們對機會的數量有點不平衡，這影響了我們的執行力。

And I think at this point in time, we are really locked in on the places we have strong conviction we can be successful. And we're investing in those areas, and the team is doing a great job in executing in those geographies. And so, I think all those factors are really contributing to the great results we're seeing internationally. I would say like we're still very much in our own territory here looking down the whole field.

我認為在這個時候，我們確實鎖定了我們堅信能夠成功的地方。我們正在這些領域進行投資，團隊在這些地區的執行上做得非常出色。因此，我認為所有這些因素確實對我們在國際上看到的巨大成果做出了貢獻。我想說的是，俯視整個領域，我們仍然在自己的領地裡。

We've got a ton of opportunity here. And this is going to be essentially the low point of our international results this year and a ton of opportunity to build on into the future here, especially with the right team in place now. So, very excited about what the future holds for international.

我們這裡有很多機會。這基本上將是我們今年國際業績的最低點，也是我們未來發展的大量機會，特別是現在有了合適的團隊。因此，我對國際化的未來感到非常興奮。

Hey, Josh, if I could jump in as well. Something that's different in the past three months is AI. I met with a very senior government leader in Continental Europe in a country where everything I had heard up until now was cloud never just showing Draft One.

嘿，喬什，如果我也能加入的話。過去三個月的不同之處在於人工智慧。我在歐洲大陸會見了一位非常高級的政府領導人，在這個國家，我到目前為止所聽到的一切都是雲，而不僅僅是展示一號草案。

And look, we're able to fill it and do it in French no problem because the underlying large language models from OpenAI, like they handle 100 languages without breaking a sweat. And I had this presidential advisor look at me and said, I've never -- like I've understood the value of the cloud historically. It's been somewhat compelling, but like this is a game changer.

看，我們能夠用法語填充它並完成它，沒有問題，因為來自 OpenAI 的底層大型語言模型，就像它們可以毫不費力地處理 100 種語言一樣。這位總統顧問看著我說，我從來沒有像我以前那樣理解雲端的價值。這有點引人注目，但就像這是一個遊戲規則改變者。

And when you think about the complexity of deploying AI at scale and the massive GPU clusters you're going to need and the connectivity into the cloud just eases all that. So, we've been almost religious about our cloud forever.

當您考慮大規模部署 AI 的複雜性以及您將需要的大規模 GPU 叢集時，雲端連線只會簡化這一切。因此，我們幾乎永遠對我們的雲抱持虔誠的態度。

In the US, our customers told us early on the cloud was illegal, and they couldn't do it. Of course, we pressed through that, and now it's become ubiquitous. Europe has been harder. They've been very resistant to the cloud, and we've stuck to our guns, but it's taken a lot longer than we thought.

在美國，我們的客戶很早就告訴我們雲端是非法的，他們不能這樣做。當然，我們推動了這一點，現在它已經變得無處不在。歐洲的情況更加艱難。他們對雲非常抵觸，而我們也堅持我們的立場，但這花費的時間比我們想像的要長得多。

I think this is still theory. We haven't seen it peraa, but the early reactions are AI services like Draft One and some of the new stuff you'll see in a few months could be enough to tip it over and start to make the cloud sweep through the rest of the world that's been very resistant to it. That will be a real game changer if that pans out.

我認為這仍然是理論。我們還沒有看到它的出現，但早期的反應是像 Draft One 這樣的人工智慧服務，以及幾個月後你將看到的一些新東西可能足以顛覆它，並開始讓雲端席捲其他領域。對此一直非常抵制。如果成功的話，這將是一個真正的遊戲規則改變者。

Great. Thanks both. I'll get back in queue.

偉大的。謝謝兩位。我會回到隊列中。

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

謝謝，特雷弗。接下來我們要去尼達姆找喬許‧賴利 (Josh Reilly)。

All right. Thanks for taking my questions. And I'll echo the congrats on the very strong quarter here. I just -- I noticed the sequential growth in ARR was down from last year's $39 million that you added in Q2.Is it simply a matter of timing as you did add a record $93 million in ARR sequentially last quarter from Q4 to Q1. And I would assume with the commentary that demand for premium bundles remains pretty robust here.

好的。感謝您回答我的問題。我也對這個非常強勁的季度表示祝賀。我只是- 我注意到ARR 的環比增長低於去年第二季度添加的3900 萬美元。 。我認為根據評論，這裡對優質捆綁包的需求仍然相當強勁。

Yeah, you got it. It's just timing. It depends on when the new revenue starts turning on in the quarter, and bookings in Q1 were relatively light as we go through the year. And so, you just see that rolling into ARR in this quarter. So, I wouldn't read any more into it than that. We're still really happy with the 40%-plus year-over-year growth in that ARR number, and that's what we're looking at.

是的，你明白了。這只是時機。這取決於本季新收入何時開始，而全年第一季的預訂量相對較少。因此，您會在本季度看到這種情況進入 ARR。所以，我不會再讀更多的內容了。我們仍然對 ARR 數字超過 40% 的同比增長感到非常滿意，這就是我們所關注的。

Got it. That's helpful. And then the TASER gross margin had a nice bounce back here in Q2. How should we be thinking about the trajectory for the TASER gross margin for the balance of the year? Because I know there's been some swing factors there that maybe we should be considering.

知道了。這很有幫助。然後，泰瑟槍毛利率在第二季出現了良好的反彈。我們該如何思考今年餘下時間的泰瑟槍毛利率軌跡？因為我知道其中存在一些我們應該考慮的搖擺因素。

Yeah. I was happy to say I think our margins generally are starting to stabilize around the levels you're seeing them at now. And so, that's both inside of our segments and for our overall gross margin. So, hopefully, some of the noise that we've been seeing in past quarters is stabilizing a bit.

是的。我很高興地說，我認為我們的利潤率總體上開始穩定在您現在看到的水平附近。因此，這既涉及我們的細分市場，也涉及我們的整體毛利率。因此，希望我們在過去幾季看到的一些噪音能夠穩定下來。

And I would say some of that benefit you're seeing in the TASER gross margin this quarter is we've talked about automation coming online, and you're starting to see the benefits of that. So, I think you'll see that benefit going forward. And then just as we go through the year, mix does always tend to move things up or down a little bit, both inside the segment and for the overall gross margins.

我想說的是，您在本季泰瑟槍毛利率中看到的一些好處是我們已經討論了自動化的上線，您已經開始看到它的好處。所以，我認為您將來會看到這種好處。然後，就像我們度過這一年一樣，混合總是傾向於使事情上升或下降一點，無論是在細分市場內部還是整體毛利率方面。

Thank you. Very helpful.

謝謝。很有幫助。

Thanks, Josh. We've got Joe Cardoso at JPMorgan up next.

謝謝，喬許。接下來是摩根大通的喬·卡多佐。

Hey, thanks for the question, and congrats on the results as well. I guess just one for me, and I just wanted to follow up. I think, Josh, last quarter, you talked about the best opportunity pipeline you had seen exiting 1Q, and it seems like 2Q topped that, particularly given your bookings or backlog comment heading into the back half.

嘿，謝謝你的提問，也恭喜你的結果。我想這對我來說只是一個，我只是想跟進。我認為，喬什，上個季度，您談到了第一季度退出時看到的最佳機會管道，而第二季度似乎超過了這一點，特別是考慮到您的預訂或積壓評論進入後半段。

I guess can you just flesh that out a bit more specifically, like what's driving your conviction here? Is there any particular parts of the pipeline where you've seen a big pickup as it relates to the portfolio or customer vertical perspective and that's driving basically this view going into the back half? Thank you.

我想你能否更具體地具體說明一下，例如是什麼推動了你的信念？您是否在管道中的任何特定部分看到了重大提升，因為它與投資組合或客戶垂直視角相關，而這基本上推動了這種觀點進入後半部分？謝謝。

Sure thing. Thanks for the question. Ultimately, the pipeline is very strong. Of course, that's something we track as a company and as a sales team. And it all comes down to just the conviction that we have and how accurate it is. And look, like, we have the best sales team in this industry. The sales team is one of our strongest teams in the company, and I would bet on them all day. And so, I think we are going to have a massive back half in terms of bookings.

當然可以。謝謝你的提問。最終，管道非常強大。當然，這是我們作為公司和銷售團隊所追蹤的事情。這一切都取決於我們的信念及其準確性。看起來，我們擁有這個行業中最好的銷售團隊。銷售團隊是我們公司最強大的團隊之一，我整天都在他們身上打賭。因此，我認為我們在預訂方面將有大量的後半部分。

We see the pipeline everywhere across the business, but more importantly, the names next to the pipeline are names that I have a ton of conviction and belief in, and I think everyone's going to be really pleased to see what the team is puts up in Q3 and Q4 here.

我們在整個企業中隨處可見管道，但更重要的是，管道旁邊的名字是我充滿信心和信念的名字，我認為每個人都會很高興看到團隊所做的事情這裡是 Q3 和 Q4。

Got it. Thanks. Appreciate the response.

知道了。謝謝。感謝您的回應。

Thanks, Joe. Up next, we have someone new to us. Welcome, Jordan. We're going to take Jordan Lyonnais, Bank of America.

謝謝，喬。接下來，我們有一個新人。歡迎，喬丹。我們將選擇美國銀行的喬丹·里昂。

Hey. Thank you guys for taking the question. On the drone market, in particular, the NDAA amendment was added, potentially that can lead to a DJI drone ban. If that were to go through, how does it change your opportunity with partnerships with Skydio?

嘿。謝謝你們提出問題。特別是在無人機市場，增加了 NDAA 修正案，這可能會導致大疆無人機禁令。如果這一切得以實現，您與 Skydio 的合作機會將如何改變？

Yeah. So, I'll take that one and then see if Jeff needs to clean anything up. We've our strategy around drones has been to be very dynamic and flexible. DJI, up until now, has been the market leader, and through our partnership with DroneSense. Basically, DroneSense created piloting and data management software that would be able to use Chinese hardware with US software and data flows, so that it could be more secure, and that's been very successful.

是的。所以，我會拿走那個，然後看看傑夫是否需要清理任何東西。我們圍繞無人機的策略是非常動態和靈活的。到目前為止，大疆創新一直是市場領導者，並且透過我們與 DroneSense 的合作。基本上，DroneSense 創建了飛行和數據管理軟體，能夠將中國硬體與美國軟體和數據流結合使用，從而更加安全，而且非常成功。

I'd say DroneSense is currently the market leader in terms of the number of drones flying on their software. The hardware bans have been instituted in some states already, like Florida, and Skydio is the clear US market leader. They're also the clear leader globally in autonomy, in terms of the drones being able to fly themselves without operator intervention.

我想說，就使用其軟體飛行的無人機數量而言，DroneSense 目前是市場領導者。佛羅裡達州等一些州已經實施了硬體禁令，而 Skydio 顯然是美國市場的領導者。就無人機能夠在沒有操作員幹預的情況下自行飛行而言，它們在自主飛行方面也是全球明顯的領導者。

And so, Jeff really spearheaded the efforts around negotiating this new partnership, combining the best of DroneSense, Skydio, and Dedrone. So, we think we're well positioned either way this pans out. There was a movement towards a federal ban. It looks like that has, at least for now, been paused on DJI. So, we are prepared for either outcome, and we think we've got the best strategy we can that's optimized, and not betting on political outcomes because you can't bet on those.

因此，Jeff 真正帶頭圍繞這一新合作夥伴關係進行談判，結合了 DroneSense、Skydio 和 Dedrone 的優點。因此，我們認為無論結果如何，我們都處於有利位置。有人發起了一項聯邦禁令的運動。至少目前看來，大疆創新已經暫停了這項措施。因此，我們為任何一種結果都做好了準備，我們認為我們已經有了優化的最佳策略，而不是押注於政治結果，因為你不能押注於這些結果。

Jeff, anything you'd want to add?

傑夫，你還有什麼要補充的嗎？

Yeah, sure. I think hands down, like we've talked about for multiple quarters, the role of drones and robotics broadly in public safety is another one of these rapidly accelerating rocket ships. And we intend to continue to play a bigger and bigger role in supporting agencies across all of the workloads for drones and robotics that they're doing.

好，當然。我認為，毫無疑問，就像我們在多個季度所討論的那樣，無人機和機器人在公共安全中廣泛發揮的作用是這些快速加速的火箭飛船中的另一艘。我們打算繼續發揮越來越大的作用，支持各機構處理無人機和機器人技術的所有工作負載。

And one of the most important aspects of that is this whole category of DFR or drone as first responder. And within that, you need the right combination of many elements of the stack. You need the right drone hardware. You need the right piloting and all that stuff. You need the right mission management. You need the right docking infrastructure, and you need the right airspace protection.

其中最重要的方面之一是整個類別的 DFR 或無人機作為第一個響應者。其中，您需要堆疊中許多元素的正確組合。您需要合適的無人機硬體。你需要正確的駕駛和所有這些東西。您需要正確的任務管理。您需要正確的對接基礎設施，並且需要正確的空域保護。

And so, as Rick just said, we are thrilled to announce this big comprehensive additional partnership together with Skydio, who is unquestionably the leading US hardware manufacturer. And together with them and us and Dedrone and others, we are confident that we are, by far, the best end-to-end solution for agencies in the Us and steadily over around the world there. Plus we continue to support, together with Skydio and our other partners, all of the other workloads that aren't DFR yet in drones, and it's going to keep on growing

因此，正如 Rick 剛才所說，我們很高興宣布與 Skydio 建立這一大型全面的額外合作夥伴關係，Skydio 無疑是美國領先的硬體製造商。與他們、我們、Dedrone 和其他人一起，我們相信，到目前為止，我們是美國和世界各地機構的最佳端到端解決方案。此外，我們繼續與 Skydio 和其他合作夥伴一起支援無人機中尚未 DFR 的所有其他工作負載，並且它將繼續成長

Thank you.

謝謝。

Thanks, everyone. Up next, Meta Marshall at Morgan Stanley

感謝大家。接下來是摩根士丹利的 Meta Marshall

Great. Thanks. Rick, maybe further detail. You guys were talking about that there would be a lot of pull-through of additional kind of products with Draft One. Just can you give a sense of like how you would monetize either other sensors you were bringing in or other amounts of data you were bringing in? Or do you mean that in -- that you would monetize it through product announcements that we'll kind of hear about over the next six months or a year? That's the main question.

偉大的。謝謝。瑞克，也許有更多細節。你們正在談論草案一將會有很多其他類型的產品。您能否介紹如何將您引入的其他感測器或您引入的其他數據量貨幣化？或者你的意思是——你會透過我們將在接下來的六個月或一年內聽到的產品公告來將其貨幣化？這是主要問題。

Yeah. So, the monetization as of right now does not rely on any new products. So, in order for Draft One to work, you've got to have our body cameras. And then with those body cameras, you need Respond Plus, which is the connectivity layer. You got to turn the service on so that we can wirelessly stream over secure LTE to get the audio up into the cloud so that by the time you sit down in your patrol car, where a lot of officers write their reports, the data is ready.

是的。因此，目前的貨幣化並不依賴任何新產品。因此，為了讓草案一發揮作用，你必須擁有我們的隨身攝影機。然後，對於這些隨身鏡頭，您需要 Respond Plus，這是連接層。你必須打開服務，這樣我們就可以透過安全的 LTE 進行無線傳輸，將音訊傳輸到雲端，這樣當你坐在巡邏車上時（許多警官正在寫報告），數據就準備好了。

Then you need our transcription service so that we've transcribed that to feed it into the AI model that's going to write Draft One. And then what we have seen is the so Draft One is opening -- basically causing agencies to open their contracts to add Draft One. And any time that happens, now you're in a contract rewrite, and of course, that creates an opportunity.

然後您需要我們的轉錄服務，以便我們將其轉錄並將其輸入到將編寫第一稿的人工智慧模型中。然後我們看到的是，第一草案正在開放——基本上導致各機構開放他們的合約以添加第一草案。任何時候發生這種情況，現在你都在重寫合同，當然，這創造了機會。

This is an interesting industry in that the effort expended just going through procurement is almost more important than the amount of budgetary dollars. So, once they were in a procurement, I think there's a general customer sentiment of, Okay, like what else should we be looking at now? Because if we're going to go through this, let's go through, let's do our evaluation, and we find that opens their minds to doing more with us.

這是一個有趣的行業，因為僅僅透過採購所花費的精力幾乎比預算金額更重要。因此，一旦他們參與採購，我認為普遍的客戶情緒是，好吧，我們現在還應該關注什麼？因為如果我們要經歷這個，讓我們經歷一下，讓我們進行評估，我們發現這會讓他們願意與我們一起做更多事情。

And then I think also they're aware of the speed at which this is happening, just the level of tech shift that's happening across society. And so, I think we're seeing them -- these OSP packages are a way to sort of derisk these acquisitions for our customers where -- they don't necessarily even know how much of the stack you're going to use, kind of like if you set up for Amazon Prime.

然後我認為他們也意識到了這種情況發生的速度，以及整個社會正在發生的技術轉變的水平。因此，我認為我們正在看到它們 - 這些 OSP 套件是一種為我們的客戶消除這些收購風險的方式 - 他們甚至不一定知道你將使用多少堆疊，種類就像你設定了亞馬遜 Prime 一樣。

Like you may or may not use the free videos or you may or may not use the different things in there, but across -- we try to make it easy for them. There's a lot to understand here. If you go on the OSP plan, we'll figure it out together what's valuable for you.And I think Draft One is just kind of accelerating that.

就像您可能會或可能不會使用免費視頻，或者您可能會或可能不會使用其中的不同內容一樣，但我們會盡力讓他們變得輕鬆。這裡有很多東西要理解。如果您繼續執行 OSP 計劃，我們將共同找出對您有價值的內容。

Josh, is there anything you'd want to add to that?

喬什，你還有什麼要補充的嗎？

No, I think the beauty, like Rick just described, is the fact that adopting one product often opens up increased value for the next product to come in and solve an additional problem. So, the bridge from respond to transcription to Draft One, and I think we will see that in other parts of the business. Rick mentioned real-time operations and participating in that market to a larger extent. I think there are similar opportunities there between respond and other AI offerings to drive additional value and solve additional problems. So, I think it really nicely fits together when one solution leads to the next.

不，我認為，正如里克剛剛描述的那樣，美妙之處在於採用一種產品通常會為下一種產品的出現和解決額外問題帶來更大的價值。因此，從回應到轉錄到第一稿的橋樑，我認為我們會在業務的其他部分看到這一點。 Rick提到了即時營運以及更大程度地參與該市場。我認為響應和其他人工智慧產品之間也存在類似的機會來推動附加價值並解決附加問題。因此，我認為當一個解決方案引出下一個解決方案時，它確實可以很好地結合在一起。

You know, the one thing I'd add to that is you asked about new product announcements. I would just say like you can imagine given the enthusiasm that Rick and Jeff and the teams are actively working on new products also. And so, like, yes, stay tuned for new areas that we develop, and we go into in this in the future.

您知道，我要補充的一件事是您詢問有關新產品發布的問題。我只想說，就像你能想像的那樣，考慮到 Rick 和 Jeff 以及團隊也積極致力於新產品的熱情。所以，是的，請繼續關注我們開發的新領域，我們將來會涉足這一領域。

Great. Thanks. And just maybe, Brittany, as a follow-up for you. You guys mentioned international as a particular area of strength, but just any trends between Us federal and enterprise and just kind of relative strength during the quarter, and then I'll hand it off.

偉大的。謝謝。布列塔尼，也許，作為你的後續行動。你們提到國際是一個特定的優勢領域，但只是美國聯邦和企業之間的任何趨勢以及本季的相對優勢，然後我會把它交給。

Yeah. I mean, I think that our domestic law enforcement business continues to just put up really incredible numbers and just deliver. And you see that from all of the things that the team has been talking about in terms of the ability to upgrade, to move on to OSP, to continue making those migrations. But we are seeing great traction outside, right?

是的。我的意思是，我認為我們的國內執法部門繼續提供令人難以置信的數字並交付成果。從團隊一直在談論的升級能力、轉向 OSP、繼續進行這些遷移的所有事情中，您可以看到這一點。但我們在外面看到了巨大的吸引力，對嗎？

Josh mentioned we had some big corrections wins. We're seeing international wins, especially with TASER 10. Some of our biggest deals have been outside that domestic LE business. And so, we really are seeing nice traction in some of the other parts of the markets we've been investing in.

喬許提到我們取得了一些重大的修正勝利。我們看到了國際上的勝利，尤其是 TASER 10。因此，我們確實看到了我們一直投資的市場的其他一些部分的良好吸引力。

Great. I might just add there as well. I think state and local is a little different than federal, international, and enterprise, whereas I think we've talked about this historically, where for state and local, what we really, really need to be good at is building new products and then upselling them into that market. And I think the team -- Draft One is a great example of that, and the team is doing a very nice job of that.

偉大的。我也可以在那裡添加。我認為州和地方與聯邦、國際和企業略有不同，而我認為我們歷史上已經討論過這一點，對於州和地方來說，我們真正真正需要擅長的是開發新產品，然後將他們追加銷售到該市場。我認為團隊－草案一號就是一個很好的例子，團隊在這方面做得非常好。

In other markets, it's about taking products that we've already built and selling them in as kind of the first product into those new markets. And I think we're at varying levels of that across international, federal, and enterprise. But it's still the same motion. And from there, the adoption of one product leads to the next and the next and the next.

在其他市場，我們需要將我們已經生產的產品作為第一個產品銷售到這些新市場。我認為我們在國際、聯邦和企業方面處於不同的水平。但它仍然是同一個動作。從那裡開始，一種產品的採用會導致下一種產品的採用。

So, I think it's two very different motions between state and local and the rest of our business, but the team is doing a really nice job of executing on those in parallel.

所以，我認為這是州和地方以及我們其他業務之間的兩項截然不同的動議，但團隊在並行執行這些動議方面做得非常好。

Thanks, Meta. Up next, we have Keith Housum with Northcoast.

謝謝，梅塔。接下來，我們有來自 Northcoast 的 Keith Housum。

Good afternoon, everybody, and thanks for the opportunity here. And I'll echo congratulations on the quarter. Guys, a lot of commentary on Draft One, much appreciated. Perhaps you can provide some similar color to Fusus. That's been under your belt here for several months. I understand that's successful for you, guys, but hoping you can provide some equal color to Fusus like you guys did for Draft One.

大家下午好，感謝給我這個機會。我也對這個季度表示祝賀。夥計們，對第一稿有很多評論，非常感謝。也許你可以提供一些與Fusus類似的顏色。這已經在你的掌控下好幾個月了。我知道這對你們來說是成功的，夥計們，但希望你們能為 Fusus 提供一些同樣的色彩，就像你們在第一輪選秀中所做的那樣。

Yeah. Let me maybe take that first. You heard some of the commentary there about that we're pivoting our dispatch strategy. And so, basically what we've learned, we brought two agencies live on dispatch. And what we learned is the core dispatch experience, dispatch systems have numerous elements in them. Two of the big ones to think about are they've got a command line console, where they're basically a 911 caller comes in, somebody picks up the phone, and then the call taker types it into a dispatch system.

是的。讓我先考慮一下。您聽到了一些關於我們正在調整調度策略的評論。因此，基本上根據我們所了解到的情況，我們讓兩個機構立即上線。而我們學到的是核心的調度體驗，調度系統裡面有很多元素。需要考慮的兩個大問題是他們有一個命令列控制台，基本上是一個 911 呼叫者進來，有人拿起電話，然後接聽者將其輸入調度系統。

Another person is reading those messages. That person is called a dispatcher, and then they relate it to a police officer in the field. Also in that CAD software is a mapping software where the map tries to bring together different information. So, what we've learned is at agencies, they're frequently opening three, five, six different maps because you've got one for vehicle locator, you might have an Axon Respond or where your body cameras are.

另一個人正在閱讀這些訊息。這個人被稱為調度員，然後他們將其與現場的警察聯繫起來。該 CAD 軟體中還有一個地圖軟體，地圖試圖將不同的資訊匯集在一起。因此，我們了解到，在代理商中，他們經常打開三、五、六張不同的地圖，因為你有一張用於車輛定位器的地圖，你可能有 Axon Respond 或你的隨身攝影機所在的位置。

There's a rapid SOS, which is the guys who locate where the cellphone is as most people are now calling on the cellphone. So, what we learned in the console software, very difficult to drive change. Dispatchers or -- take six months to a year to train them how to do their job learning the different dispatch codes. And so, what we learned is that that is not an area we could drive much innovation.

有一個快速求救系統，就是那些能找到手機所在位置的人，因為現在大多數人都會用手機打電話。所以，我們在控制台軟體中學到的東西，很難推動改變。調度員或 - 花六個月到一年的時間來培訓他們如何完成工作並學習不同的調度代碼。因此，我們了解到，這不是我們可以推動太多創新的領域。

In fact, each of the first two agencies we launched that said, Basically, we don't want anything new there. You've got to rebuild your software to fit our existing training. Sometimes, it's a hard decision, but Jeff and I sat, and we talked about it and said, This is not going to scale If we have to rebuild, and it's a fragmented business, there's many different CAD providers, everybody does it a little different.

事實上，我們成立的前兩家機構都表示，基本上，我們不希望那裡有任何新東西。您必須重建您的軟體以適應我們現有的培訓。有時，這是一個艱難的決定，但傑夫和我坐下來，我們討論了這個問題並說，如果我們必須重建，這不會擴大規模，而且這是一個分散的業務，有許多不同的CAD 提供商，每個人都會做一點不同的。

But what we've learned from Fusus, the demand signal there has been extremely strong, and Fusus has been able to take over the map, the geospatial display. So, that's an area where in the time we brought two agencies live on the dispatch console software, we brought, I don't know, dozens or 100 live in Fusus. So, we've been actually pivoting -- our whole CAD strategy is now pivoted to be very Fusus-centric. We're like, Okay, we think -- we know based on experience with customers, the existing map interfaces are not very good.

但我們從 Fusus 了解到，那裡的需求訊號非常強烈，Fusus 已經能夠接管地圖、地理空間顯示。因此，當我們在調度控制台軟體上引入兩個機構時，我們在 Fusus 引入了數十個或 100 個機構，我不知道。所以，我們實際上一直在調整——我們的整個 CAD 策略現在已經轉向以 Fusus 為中心。我們想，好吧，我們認為 - 根據客戶的經驗，我們知道現有的地圖介面不是很好。

Fusus is best in the world at this. And they can bring in the dispatch information into Fusus. They can bring in third-party cameras from the community. They can bring in cameras. They're really the interstitial connections that bring everything together into one map interface. And so, we're really excited. And basically, our whole real-time communications has shifted to be very Fusus-centric. We've, in fact, already begun earlier this year shifting away from our own Respond map.

Fusus 在這方面是世界上最好的。他們可以將調度信息帶入Fusus。他們可以從社區引入第三方攝影機。他們可以帶相機來。它們實際上是將所有內容整合到一個地圖介面中的間隙連接。所以，我們真的很興奮。基本上，我們的整個即時通訊已經轉變為以 Fusus 為中心。事實上，我們在今年早些時候就已經開始放棄我們自己的回應地圖。

We're beginning to deprecate that in parts of our ecosystem and just replace it with the Fusus experience. So, Jeff, is there anything else you want to add about Fusus that I might have missed?

我們開始在生態系統的某些部分棄用這種做法，並將其替換為 Fusus 體驗。那麼，Jeff，關於 Fusus，您還有什麼要補充但我可能漏掉的嗎？

I think that's spot on. I mean, I think we're just hugely we are -- customers are as bullish on Fusus as we are, and I think they're just voting with their feet. And across the board, it is the fulcrum for the journey you've heard me talk about for a long time.

我認為這是正確的。我的意思是，我認為我們只是——客戶和我們一樣看好 Fusus，而且我認為他們只是用腳投票。總的來說，它是你長期以來聽到我談論的旅程的支點。

Like, ultimately, the real-time operations journey is two things, win more sockets and win more moments. More sockets, meaning more sensors, more cameras on our panes of glass, and more moments, meaning more conversations, more collaboration, more minutes of that intense real time incident management stuff happening one way or another between our cameras, our sensors, and our pane of glass Now with Fusus, and they are the fulcrum of us being able to accelerate that journey.

歸根結底，即時營運之旅有兩件事：贏得更多的插槽和贏得更多的時刻。更多的插座，意味著更多的感應器，我們的玻璃上有更多的攝像頭，以及更多的時刻，意味著更多的對話，更多的協作，更多分鐘的激烈的實時事件管理工作以某種方式發生在我們的攝影機、感測器和我們的設備之間。

And one thing I might add there is just also that what we're super excited about the adoption and momentum within public safety, Fusus just represents this awesome opportunity in enterprise as well. And I think that in terms of having a product that right now is so relevant for a lot of our enterprise customers and could be the first product they buy from Axon and then that motion we were talking about before, that opening the door to demos and body cams and additional solutions down the road. Fusus very much has proven to be that, and we're super excited about the kind of path that it's creating for us in the enterprise space as well.

我還想補充的一件事是，我們對公共安全領域的採用和勢頭感到非常興奮，Fusus 也代表了企業中的絕佳機會。我認為，就目前擁有一款與我們許多企業客戶息息相關的產品而言，這可能是他們從 Axon 購買的第一個產品，然後是我們之前討論過的動議，為演示打開了大門，隨身攝像頭和未來的其他解決方案。 Fusus 已經證明了這一點，我們對它在企業領域為我們創造的道路感到非常興奮。

Let me actually double down on that one. -- Sorry to keep going, Keith, but you wanted some more detail. So, Fusus, I initially thought of it as -- oh, this helps a police department connect to third-party cameras like a school or a business.

讓我實際上加倍努力。 ——抱歉，繼續說下去，基思，但你想要更多細節。所以，Fusus，我最初認為它是 - 哦，這有助於警察部門連接到學校或企業等第三方攝影機。

Yes, it does that. But we've been really interested to learn is there's many large enterprises, some are private businesses, some are big federal government agencies that have hundreds or thousands of their own facilities. And over the last decades, they've installed a bunch of different systems in all these different facilities, and they can't even manage their own cameras.

是的，它就是這樣做的。但我們真的很想知道有很多大型企業，有些是私人企業，有些是擁有數百或數千個自己的設施的大型聯邦政府機構。在過去的幾十年裡，他們在所有這些不同的設施中安裝了一堆不同的系統，他們甚至無法管理自己的攝影機。

But with Fusus, they don't have to come in and reinstall it all. They can basically use the same sort of network appliance. They can plug it in. And so, you could have a large agency, whether it's public or private, suddenly, they don't have to go replace all their cameras.

但有了 Fusus，他們就不必進來重新安裝了。他們基本上可以使用相同類型的網路設備。他們可以將其插入。

With Fusus, they can aggregate those feeds themselves and be able to share it to public safety partners. So, that's where I think the magic is coming in. We're having enterprises that are looking at Fusus for their own internal use in addition to being able to partner with agencies. And I think, Brittany, I don't know if you want to add anything in terms of the numbers on this.

借助 Fusus，他們可以自行聚合這些來源，並將其分享給公共安全合作夥伴。所以，我認為這就是神奇之處。我想，布列塔尼，我不知道你是否想在數字方面添加任何內容。

I was going to throw some numbers in, but I think the enthusiasm covers it well. Keith, for us, Fusus is in our real-time operations group as you heard the team talk about. And we did share that that grew over 100% in the quarter. So, it's continuing to perform really well and be one of the segments that's contributing to the growth in software outside of that evidence.com piece.

我原本打算加入一些數字，但我認為熱情很好地涵蓋了這一點。 Keith，對我們來說，Fusus 就在我們的即時營運小組中，正如您聽到團隊談論的那樣。我們確實分享了該季度增長超過 100% 的情況。因此，它的表現仍然非常出色，並且成為對evidence.com 之外的軟體成長做出貢獻的細分市場之一。

All right. I've got tons more follow-ups. I'll actually pass it off because I'm no longer.

好的。我還有很多後續行動。我實際上會把它傳遞出去，因為我不再是了。

I don't know. We can spend the whole rest of the call on this, as you can tell.

我不知道。如您所知，我們可以將剩餘的通話時間都花在這個問題上。

That's fine. I'll pass it off. Thanks, guys. Appreciate it

沒關係。我會把它傳遞出去。多謝你們。欣賞它

I appreciate it so that I can try to manage our time. We've got Jeremy Hamblin up next.

我很感激，這樣我就可以嘗試管理我們的時間。接下來是傑里米·漢布林。

Thanks. And apologies if we've already covered some of this. But I actually wanted to get into another piece of winning moments and get into the DFR space in Skydio and Dedrone. And just in terms of the ramp opportunity and kind of the timing as you progress through this acquisition and moving forward with this particular space, I wanted to get a sense for the inbound kind of interest that you're seeing in this, the timing of when you feel like this could potentially add in at least somewhat of a material fashion to your business and whether or not any of the events are creating more opportunities or more inbound interest in this particular category.

謝謝。如果我們已經介紹了其中的一些內容，我們深表歉意。但我實際上想進入另一個勝利時刻並進入 Skydio 和 Dedrone 的 DFR 空間。就提升機會和時機而言，當你透過這次收購取得進展並推進這個特定領域時，我想了解你在這方面看到的入境興趣，時機當您覺得這可能至少在一定程度上為您的當業務增加物質時尚時，以及是否有任何活動在這一特定類別中創造了更多機會或更多的入境興趣。

Yeah. Let me start strategically, then maybe let some other folks give a little more detail. So, when you think about Dedrone for our core business of law enforcement, their interest has been -- I would say, sort of mediocre on the pure drone detection. It's like, yes, that's interesting. It's not part of our day-to-day jobs today.

是的。讓我從策略開始，然後也許讓其他人提供更多細節。因此，當您考慮 Dedrone 的執法核心業務時，我想說，他們對純粹的無人機檢測的興趣有點平庸。就像，是的，這很有趣。這不是我們今天日常工作的一部分。

But the DFR component being able to fly drone as a first responder, there's a ton of interest there. They see that as the natural extension of a drone program. And DFR last we ran the numbers, it was growing literally like a 10x rate that in a 12-month period, we've seen 10 times more agencies come on DFR.

但 DFR 組件能夠作為第一響應者駕駛無人機，引起了人們的極大興趣。他們認為這是無人機計畫的自然延伸。上次我們統計的 DFR 數據顯示，在 12 個月的時間裡，它的成長速度幾乎達到了 10 倍，我們看到採用 DFR 的代理商數量增加了 10 倍。

Now -- we also think that counter-drone defense is going to become a bigger deal. I mean, there's stories emerging now about the role of a drone in the assassination attempt on Trump. We think we're going to see, unfortunately, drones, the consumer-level drones can be weaponized pretty easily, especially based on the rapid innovation we're seeing in the Middle East and Ukraine.

現在，我們也認為反無人機防禦將變得更重要。我的意思是，現在有一些關於無人機在暗殺川普的事件中所扮演的角色的故事。不幸的是，我們認為我們將看到無人機，消費級無人機可以輕鬆武器化，特別是基於我們在中東和烏克蘭看到的快速創新。

So, we also think there's going to be a big opportunity in law enforcement for counter-drone, but it's not -- no point intended on their radar so much yet. So, DFR was the big play there. But then where Dedrone is also interesting for military customers, they've got a large number of systems deployed in Ukraine right now. And I think every country and every military is now getting very interested in how you deal with the threat of small FPV and consumer-grade drones.

因此，我們也認為反無人機執法將有一個巨大的機會，但事實並非如此——他們的雷達還沒有那麼多意圖。所以，DFR 是那裡的重頭戲。但軍事客戶對 Dedrone 也很感興趣，他們目前在烏克蘭部署了大量系統。我認為每個國家和每支軍隊現在都對如何應對小型 FPV 和消費級無人機的威脅非常感興趣。

So, Dedrone kind of gives us a new way to enter into the military markets, critical infrastructure, from protecting all the NFL stadiums to nuclear power plants, et cetera. So, Dedrone gives us existing product lines to go into new markets and then hopefully pull the rest of our ecosystem along with it. Jeff, anything you'd add?

因此，Dedrone 為我們提供了一種進入軍事市場和關鍵基礎設施的新方式，從保護所有 NFL 體育場到核電廠等。因此，Dedrone 為我們提供了進入新市場的現有產品線，然後希望能夠帶動我們生態系統的其他部分。傑夫，你還有什麼要補充的嗎？

No, I think that's all well said. But maybe if, Josh, you wanted to talk to the materiality question and sort of like you think about the pipeline.

不，我認為這一切都說得很好。但也許，喬什，你想談談重要性問題，就像你思考管道一樣。

Sure. As Rick said -- hey, this is going to take some time. Even though the numbers are kind of exponentially growing in terms of adoption, there is -- this is going to take some time to be adopted in such a way that it has a material impact on our revenue.

當然。正如里克所說——嘿，這需要一些時間。儘管採用率呈指數級增長，但需要一些時間才能採用，從而對我們的收入產生重大影響。

And so, I think for now, just like early days of the body camera business in fleet business and so forth, it's about establishing relationships with the agencies. It's about getting the first kind of one or two drones in there and then landing and expanding over time. So, I would position this as strategically very important to win some market share early on but more of a long-term effort before it really starts to have a major impact on the P&L.

因此，我認為目前，就像早期的執法記錄器業務在車隊業務等方面一樣，關鍵在於與各機構建立關係。這是關於讓第一批一到兩架無人機進入那裡，然後隨著時間的推移著陸和擴展。因此，我認為這對於儘早贏得一些市場份額具有非常重要的戰略意義，但在真正開始對損益產生重大影響之前，這更需要長期的努力。

And where do you guys assess the TAM in four or five years?

你們對四、五年後的 TAM 有何評價？

I think Rick said this before, and I certainly agree with it. I don't know if it's in the next five years, but in the next 10, we believe there will be a one-to-one relationship between drones and police cars.

我想里克以前說過這句話，我當然同意。我不知道未來五年是否會這樣，但未來10年，我們相信無人機和警車之間會形成一對一的關係。

Thanks, guys.

多謝你們。

Thanks a lot, Jeremy. Appreciate it.

非常感謝，傑瑞米。欣賞它。

We've got two left. We're going to go to Mike Ng at Goldman Sachs.

我們還剩兩個。我們將去找高盛的麥克吳 (Mike Ng)。

Hey. Good afternoon. Thanks for the question. I just have two. First on Axon Cloud Services, up really strong in the quarter, $19 million sequentially, which I think is the highest on record. Is that a good way to think about sequential growth from here?

嘿。午安.謝謝你的提問。我只有兩個。首先是 Axon 雲端服務，本季成長非常強勁，連續成長 1,900 萬美元，我認為這是有史以​​來的最高水準。這是考慮從這裡開始連續成長的好方法嗎？

And when you think about cloud services and cloud revenue, like do you think about it as a function of number of seats and revenue per seat? Or do you have a different framework in terms of teasing out the longer-term opportunity there?

當您考慮雲端服務和雲端收入時，您是否將其視為席位數量和每個席位收入的函數？或者您有不同的框架來梳理那裡的長期機會？

Yeah. I mean, great question. I'll start. It was a big step. You can probably see as you go back, our steps jump around a bit for any number of reasons. And this happened to be a really nice quarter from a step standpoint. You also -- again, we talked a lot about Fusus, but you've got Fusus starting to come into those numbers and some good additions.

是的。我的意思是，很好的問題。我開始吧。這是一大步。您可能會發現，當您返回時，由於多種原因，我們的步驟有點跳躍。從步伐的角度來看，這恰好是一個非常好的季度。你也 - 再次，我們談論了很多關於 Fusus 的事情，但是你已經讓 Fusus 開始進入這些數字和一些好的補充。

So, I don't have particular go-forward guidance. And given this was the largest step, maybe take that into account as you think going forward. But really, really healthy growth, and we were happy to see it. And I'll let Jeff jump in on this one, too, probably as the owner of this segment. But yes, we do. We think about revenue per seat, number of seats, and then a lot of the -- how many features and functions are each of these customers buying in terms of our add-on offerings.

所以，我沒有特別的前進指導。鑑於這是最大的一步，也許您在思考未來時考慮到這一點。但真正非常健康的成長，我們很高興看到它。我也會讓傑夫參與這一話題，他可能是該細分市場的所有者。但是，是的，我們確實這麼做了。我們會考慮每個席位的收入、席位數量，以及每位客戶在我們的附加產品中購買了多少功能和功能。

That's right, Brittany. I think that's spot on. And it's another place where OSP factors in because it's a great as we've used that Amazon Prime analogy for a long time, it's a way for agencies when they have that procurement moment to buy a package that feels to them like a great deal even if they only have in mind a subset of the things in the package.

沒錯，布列塔尼。我認為這是正確的。這是OSP 考慮因素的另一個地方，因為它很好，因為我們很長一段時間都在使用Amazon Prime 類比，對於代理商來說，當他們有採購時機時，這是一種方式來購買對他們來說甚至感覺很划算的套餐。

And so, they're making a purchase decision that feels like a great deal even for a subset. And then from that point forward, all the things that they aren't using yet feel free because they're already rolled into what they're already paying. And so, those procurement moments to get people on higher and higher tiers of OSP continues to be a pivotal part of our flywheel.

因此，他們所做的購買決定即使對於一小部分人來說也感覺很划算。從那時起，他們還沒有使用的所有東西都可以自由使用，因為它們已經包含在他們已經支付的費用中。因此，那些讓人們獲得越來越高階的 OSP 的採購時刻仍然是我們飛輪的關鍵部分。

Great. That's fantastic. And it's a good segue to the follow-up, which was just really trying to think about how much that like revenue per seat could actually grow. Like I don't know if there's a good way to think about when you think about some of your highest-value customers, like what's the revenue per seat for them versus some of the newer customers, how much more penetration in some of these newer software products like real-time operations and AI and productivity could be into the existing installed base? I was struck by about half the growth coming from these newer software products. Thank you.

偉大的。這太妙了。這是後續行動的一個很好的延續，這只是真正嘗試思考每個席位的收入實際上可以增長多少。就像我不知道當你考慮一些最高價值的客戶時是否有一個好的方法來思考，比如他們與一些新客戶相比每個席位的收入是多少，這些新客戶的滲透率是多少實時操作、人工智慧和生產力等軟體產品可以融入現有的安裝基礎嗎？大約一半的成長來自這些較新的軟體產品，這讓我感到震驚。謝謝。

Yeah. No, it's a great question. I think probably the best we can give is we give periodic updates on how we're doing on our OSP penetration to give a sense for how much more room do we have to go. And we actually luckily shared an update this quarter that our OSP penetration went above the 20% mark.

是的。不，這是一個很好的問題。我認為我們能提供的最好的可能是定期更新我們在 OSP 滲透方面的表現，以了解我們還有多少空間。事實上，我們很幸運地在本季度分享了一個更新，我們的 OSP 滲透率超過了 20%。

And so, basically, that's of all OSP, not just premium, but it means that just over 20% of our potential customers are on our OSP plans. You can imagine with that, there's lots of room to go. That talks more to getting any customer at all onto our OSP plan. But then as you think about revenue per customer, that can be the most basic plan, and we move them up to our OSP premium plans over time. So, my punchline has lots of room to go on that one.

因此，基本上，這是所有 OSP，而不僅僅是高級，但這意味著我們有超過 20% 的潛在客戶加入了我們的 OSP 計劃。你可以想像一下，還有很大的發展空間。這更說明瞭如何讓任何客戶加入我們的 OSP 計劃。但是，當您考慮每位客戶的收入時，這可能是最基本的計劃，隨著時間的推移，我們會將其升級為我們的 OSP 高級計劃。所以，我的妙語有很多空間可以繼續。

Great. Thank you, Brittany. Thank you, Jeff.

偉大的。謝謝你，布列塔尼。謝謝你，傑夫。

Thanks, Mike. And last but not least is Will Power at Baird.

謝謝，麥克。最後但並非最不重要的是貝爾德的意志力。

All right. Great. Thank you. I guess I'll echo the congratulations. Broad-based, great to see. I guess I have two questions. Maybe first one for Josh. So, I was intrigued on TASER 10, your four largest deals outside the local law enforcement if I heard it right. Just it would be great to kind of understand what's happening there. What's kind of driving that?

好的。偉大的。謝謝。我想我也會表示祝賀。基礎廣泛，很高興看到。我想我有兩個問題。也許是喬希的第一個。所以，我對 TASER 10 很感興趣，如果我沒聽錯的話，這是當地執法部門之外最大的四筆交易。如果能了解那裡發生的事情就太好了。是什麼樣的駕駛方式？

And I guess within that, I'm also interested in kind of understanding how much is TASER 10 opening up new TASER customers altogether. Are you starting to see people that just didn't have TASER 7 or earlier versions go to TASER 10 because of the new capabilities

我想在這之中，我也有興趣了解 TASER 10 總共在多大程度上開闢了新的 TASER 客戶。您是否開始看到那些沒有 TASER 7 或更早版本的人因為新功能而轉向 TASER 10

Yeah, absolutely. Thanks, Will. good to see you. It is exciting to see so much adoption and growth outside of state and local. I'd say there's -- the biggest dynamic in play there is in corrections even, more so in federal and in international, you just end up with these customers that are 2 times, 3 times, 4 times the size of NYPD.

是的，絕對是。謝謝，威爾。很高興見到你。看到州和地方之外如此多的採用和增長令人興奮。我想說的是，最大的動態甚至是懲戒，在聯邦和國際上更是如此，你最終會得到這些客戶的規模是紐約警察局的 2 倍、3 倍、4 倍。

And so, the pension for large-volume orders is so much larger outside of the state and local customer base. And that's what we're starting to see. We saw a large correction correctional facility purchase. We're also seeing a lot of international governments for the first time really ordering our devices in larger volumes, and same for the federal government and the federal civilian space.

因此，在州和當地客戶群之外，大批量訂單的退休金要高得多。這就是我們開始看到的。我們看到了大規模的懲教設施購買。我們也看到許多國際政府首次真正大量訂購我們的設備，聯邦政府和聯邦民用領域也是如此。

So, I think it's a function of just the work we've put in over the last five years to expand beyond state and local law enforcement. And now a lot of those -- a lot of that effort is starting to pay off, and I think it will pay off for years to come because there's still going to be plenty of upside in selling more and more TASER devices in.

因此，我認為這只是我們在過去五年中為擴大州和地方執法範圍所付出的努力的結果。現在，其中許多努力已經開始得到回報，我認為這將在未來幾年得到回報，因為銷售越來越多的泰瑟槍設備仍然會有很大的上升空間。

But like we said before, that's going to kind of open up the opportunity to sell body cameras in, to sell fleet in, sell drones, VR, etc. And so, I think this is promising in a lot of different ways to see TASER 10 so well adopted outside of the state and local customer base.

但就像我們之前說過的，這將打開銷售隨身相機、銷售機隊、銷售無人機、VR 等的機會。 10 在州外和本地客戶群中廣泛採用。

Okay. That's helpful. And I wanted to ask Rick one. As you know, there are fresh concerns on the macroeconomy, are we potentially going to go into some sort of recession? You all have a great slide in the investor deck.

好的。這很有幫助。我想問里克一。如您所知，宏觀經濟出現了新的擔憂，我們是否有可能陷入某種衰退？你們在投資者平台上都有一張很棒的幻燈片。

I think in some respects, addresses this, right, looks at this consistency and public safety spend over a long period of time. But you've obviously been through a lot of cycles of the company. It'd just be great to kind of hear your perspective as to what type of impacts maybe you've seen in the past and, as you look forward, what we might expect in part because the portfolio has also changed quite a bit even at the customer base is somewhat similar.

我認為在某些方面，解決這個問題，是的，著眼於長期的一致性和公共安全支出。但你顯然已經經歷了公司的許多周期。很高興能聽到您對過去可能看到的影響類型的看法，以及您展望未來時我們可能期望的部分原因，因為即使在客戶群有些相似。

Are you calling me old, Will?

你是在說我老嗎，威爾？

No, you just got great perspective.

不，你只是有很好的視角。

I'm teasing, of course, having a little fun with you. Always good to see you. Thanks for the question. I think the same dynamic we've seen in the past, we're in this kind of a bubble in some ways. And I mean, not like a frothy bubble, I mean, just it's different. It's we haven't seen the economic swings really impact us one way or the other. When things are really great, it doesn't really lift us because of that. And when things are rough, we don't get hit downward with that.

當然，我是在開玩笑，跟你開玩笑。很高興見到你。謝謝你的提問。我認為我們過去看到過同樣的動態，在某些方面我們正處於這種泡沫之中。我的意思是，不像泡沫，我的意思是，它只是不同。我們還沒有看到經濟波動真正以某種方式影響我們。當事情真的很棒時，它並不會因此而真正讓我們振奮。當事情變得艱難時，我們不會因此而受到打擊。

And I think it's because in our customer base, the whatever they're spending on tech, it's still a fraction of their overall spend. Almost all their money goes into personnel, vehicles, and gas. And then tech is relatively small. So, when times are really good, the agencies are typically hiring more people and expanding if the tax revenues are allowing it.

我認為這是因為在我們的客戶群中，無論他們在技術上花費什麼，這仍然只是他們整體支出的一小部分。他們幾乎所有的錢都花在了人員、車輛和汽油上。然後技術相對較小。因此，當情況非常好的時候，這些機構通常會僱用更多的人員，並在稅收允許的情況下進行擴張。

In the tough times, I think in 2008, we had a quarter or two where they were really trying to like tighten their belt, but became clear, yes, we're going to have to actually make personnel cuts. We then found them investing more in productivity. And now back then, we are still primarily the TASER company, and body cameras were super new.

我認為在 2008 年的艱難時期，我們有一兩個季度確實想勒緊褲腰帶，但後來變得很清楚，是的，我們將不得不實際進行人員削減。然後我們發現他們在生產力方面投入更多。現在，我們仍然主要是 TASER 公司，隨身攝影機是超級新的。

I think what's different at this time, most of our revenues on these long-term contracts, we're an essential service, so we don't see agencies -- better knock on wood when I say this. I can't fathom them like cutting back contracts. And in fact, things like Draft One, many agencies are still struggling to fill their approved budgeted seats.

我認為現在有什麼不同，我們的大部分收入來自這些長期合同，我們是一項基本服務，所以我們沒有看到代理機構——當我這麼說時，最好敲木頭。我無法理解他們像削減合約一樣。事實上，像第一草案這樣的事情，許多機構仍在努力填補批准的預算席位。

The post-George Floyd sort of impact the difficulties around recruiting and kind of the negative energy around policing is improving. The pendulum is swinging, but many of them are still 15% to 20% below their targeted force numbers. And so, that's where we're hearing the sort of magical feedback where they're like man, with Draft One, if it's freeing up 20%, 25% of my officer's day from writing reports, that's almost like a 20% bump in my force power overnight.

後喬治·弗洛伊德時代的影響，招募方面的困難以及警務方面的負面能量正在改善。鐘擺正在擺動，但其中許多人仍比目標兵力數量低 15% 至 20%。所以，這就是我們聽到的那種神奇的回饋，他們就像男人一樣，在草案一中，如果它能把我的軍官一天的20%、25% 的時間從寫報告中解放出來，那幾乎就像是增加了20% 的時間。

So, I certainly hope we're not in the beginning of a big economic swoon. And I'm not going to tell you we're immune. I don't think anybody is immune, but historically, it just seems to be that we just we're in this different universe over here where those economics just don't seem to matter as much for good or for bad.

因此，我當然希望我們沒有處於經濟大衰退的開端。我不會告訴你我們已經免疫了。我不認為任何人都能倖免，但從歷史上看，我們似乎只是生活在這個不同的宇宙中，這些經濟因素似乎不那麼重要，無論好壞。

And I'd just add to that, Rick, that one of the really nice things that make us feel really good at Axon is our products save lives, and they also save money. And so, for customers to move away from our products, it very literally is costing them money to do so and will make their economic situation worse, not better. And I think our customers understand and appreciate that. And certainly, we work really hard to make sure that our products deliver that type of value for our customers.

我想補充一點，Rick，讓我們對 Axon 感覺非常好的真正好的事情之一是我們的產品可以拯救生命，而且還可以省錢。因此，對於客戶來說，放棄我們的產品實際上是在花費他們的錢，並且會讓他們的財務狀況變得更糟，而不是更好。我認為我們的客戶理解並欣賞這一點。當然，我們非常努力地確保我們的產品為客戶提供這種價值。

Great. Thank you.

偉大的。謝謝。

Thanks, everyone. I'll toss it to Rick to close this out.

感謝大家。我會把它扔給里克來結束這個問題。

All right. You got to knock on wood when you have results like this. And Josh, Jeff, Brittany, and the team, just so many people work so hard and have delivered so consistently quarter in, quarter out. I was waiting for Erik to throw up the screen with the forward-looking statements when Josh was expressing his effusive enthusiasm for the back half of the year.

好的。當你得到這樣的結果時，你必須敲木頭。喬許、傑夫、布列塔尼和他的團隊，有這麼多人努力工作，每季都始終如一地交付成果。我正在等待埃里克（Erik）拋出前瞻性陳述的屏幕，而喬什（Josh）正在表達他對下半年的熱情。

But it's been just a phenomenal run with the team. But it really does feel like with Draft One and some of the other things we're doing, we're in the early innings in a lot of really exciting new stuff and new markets that are now really taking off as well. As Josh likes to tell me, there are so many different pathways to be able to make our numbers work. And just it's a really exciting time to be in the business.

但這只是球隊的一次非凡的表現。但確實感覺就像第一輪選秀和我們正在做的其他一些事情一樣，我們正處於許多令人興奮的新事物和新市場的早期階段，這些新事物和新市場現在也正在真正起飛。正如喬許喜歡告訴我的那樣，有很多不同的途徑可以讓我們的數字發揮作用。對於這個行業來說，這是一個非常令人興奮的時刻。

So, we're delighted to have been able to deliver these results. A little inside baseball. Brittany sort of joked that we didn't prove out to be very good at forecasting again this quarter because the sales team overperformed where we thought we were going to be.

因此，我們很高興能夠取得這些成果。有點棒球內幕。布列塔尼開玩笑說，事實證明我們本季的預測能力並不好，因為銷售團隊的表現超出了我們的預期。

Again, I tend to like those problems. Brittany would like to see us be a little more accurate. But we got to be -

再說一次，我傾向於喜歡這些問題。布列塔尼希望我們能更準確一點。但我們必須——

But if we're not, this is the way to go.

但如果我們不這樣做，這就是我們要走的路。

So, of course, I challenged Josh, the sales -- hey, let's keep overdelivering. Of course, we want to do that. So, anyway, sorry for all the enthusiasm. We are having a good time. You got to enjoy the good quarters. And obviously, we're feeling good about, certainly, the near term. And I'm super excited about the long term with all the stuff that's, frankly, unproven yet. That to me is the exciting stuff. A lot of good stuff that, Draft One's off to a phenomenal start. And with that, I'm going to stop talking. Erik, are we doing anything at IACP with analysts this year? I should have asked that before. I bring it up in front of everybody.

所以，當然，我向喬希提出了銷售挑戰——嘿，讓我們繼續超額交付。當然，我們想這樣做。所以，無論如何，對大家的熱情感到抱歉。我們玩得很開心。你必須享受美好的宿舍。顯然，我們對近期感覺良好。坦白說，我對所有尚未證實的東西的長期發展感到非常興奮。這對我來說是令人興奮的事。有很多好東西，草案一號有了一個非凡的開始。說到這裡，我不再說話了。 Erik，今年我們在 IACP 上與分析師合作了嗎？我早該問這個的。我把它帶到大家面前。

We'll have something.

我們會有一些東西。

Okay. So, for those who can't stay tuned, IACP is going to be great in Boston this year. Check in with Erik on that. And we're just grateful to have you all supporting us with our shareholders. So, thanks, and we'll see you on a couple of quarter -- no, I'm sorry, in a couple of months for the next quarterly results.

好的。因此，對於那些無法繼續關注的人來說，IACP 今年在波士頓將會非常精彩。與埃里克核實一下。我們非常感謝你們和我們的股東支持我們。所以，謝謝，我們將在幾個季度見——不，很抱歉，我們將在幾個月後公佈下一個季度業績。