Axon Enterprise Inc (AXON) 2024 Q3 法說會逐字稿

The safe harbor provision of the Private Securities Litigation Reform Act of 1995.

1995 年《私人證券訴訟改革法案》的安全港條款。

These comments are made for 19 expectations as of today and are not guarantees of future performance.

這些評論是針對截至今天的 19 項預期做出的，並不是對未來業績的保證。

All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

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。

As we discuss these risks in our SEC filings.

當我們在 SEC 文件中討論這些風險時。

We will also discuss certain non-GAAP financial measures and description of each non-GAAP measure and reconciliation of each non-GAAP measure to the most directly-comparable GAAP measure can be found in our shareholder letter as well as on our Investor Relations website.

我們還將討論某些非 GAAP 財務指標，以及每項非 GAAP 指標的說明以及每項非 GAAP 指標與最直接可比較的 GAAP 指標的調整表，請參閱我們的股東信函以及我們的投資者關係網站。

Now turning to our quarterly update.

現在轉向我們的季度更新。

First, we'll start off with a quick video showing and also example, one of our customer using products across our ecosystem.

首先，我們將從一個快速影片開始，並舉例說明我們的一位客戶在我們的生態系統中使用產品。

It will be about five minutes.

大約需要五分鐘。

So you get a chance to take a minute whom and when I'm looking at implementing technology news and excitement about what that technology can do, but I really look at it through a lens of how we can best support our employees in doing a difficult job and making that job just a little bit easier by leveraging the technology that's available to us.

因此，您有機會花一點時間了解誰以及何時我正在關注實施技術新聞以及對該技術可以做什麼的興奮，但我實際上是透過我們如何才能最好地支持我們的員工完成困難的鏡頭來看待它的。

We are a small community located right in the middle of Silicon Valley and have a great relationship with our community.

我們是一個位於矽谷中部的小社區，與我們的社區有著良好的關係。

And we look at ourselves as really being a part of the Campbell community.

我們將自己視為真正的坎貝爾社區的一部分。

We started with Exxon now when we introduced teaser in mid two thousands as we've kind of than that observer from the side of all the amazing things that have been going on, we've started to embrace all the different internal platforms and axle has offered and look at our partnership with Exxon tenants not giving us the opportunity to do some amazing things.

我們現在從埃克森美孚開始，當時我們在兩千多歲左右推出了預告片，因為我們已經從所有正在發生的令人驚奇的事情的側面觀察到了，我們已經開始接受所有不同的內部平台和車軸並看看我們與埃克森美孚租戶的合作關係，並沒有給我們機會做一些令人驚奇的事情。

one of the is draft one.

其中之一就是草案一。

And in our testing period, we've already identified or 60% of Officer's report writing time.

在我們的測試期間，我們已經確定了 60% 的官員報告編寫時間。

Job one has been really great for me.

第一份工作對我來說真的很棒。

It's definitely come down my time on operating when I've been in use by HUD, missing Persons Report boost and a shift just taking those reports and they have to be liquidity normally are particularly 30 to 45 minutes to be probably ultimately get it done in under five minutes and actually be able to go home on time that base.

當我被 HUD 使用時，這肯定會減少我的操作時間，失踪人口報告的提升以及僅獲取這些報告的轉變，而且它們必須具有流動性，通常需要 30 到 45 分鐘才能最終完成。 ，居然就能夠準時回家了。

So it's really great and get that report to the detector so they can do there.

因此，將報告發送給探測器，以便他們可以在那裡進行操作，這真的很棒。

Paul, perhaps due to the my position, some my Innovus can be very lengthy cuts downtime.

Paul，也許由於我的立場，我的一些 Innovus 可以很長地減少停機時間。

I find myself doing a five Hour Energy view with a suspect and then I have to now, right this five, our view to into a large SA size very helpful and beneficial to the case where draft one rights of the key points of the interview.

我發現自己與一名嫌疑人進行了五小時的能源觀點，然後我現在必須這樣做，對這五個小時，我們對大型SA 規模的觀點非常有幫助，並且有利於起草訪談要點的一項權利。

And then I can go and review a draft one has put into tax and I can add add more information to make it more to the point of my investigation.

然後我可以去審查一份已納稅的草案，我可以添加更多信息，使其更符合我的調查目的。

Jonathan, first responder has made a number of different age and it's kind of hard to pinpoint just one, everything from the nine incident, which present value units to alarm strain, where you might have a residential and commercial lines knowledge on can respond now and give us an idea of what's happening.

喬納森，第一響應者已經做出了許多不同的年齡，很難僅確定一個，從九個事件的所有內容，這些事件提供了價值單位到警報壓力，您可能有住宅和商業線路的知識，現在可以做出回應，讓我們了解正在發生的事情。

Is there any impact?

有影響嗎？

You know, an alarm sounding has been doing and broken by do we have running from the building Juliana Aguilar where currencies is occurring as usual as we did enhanced situational lanes.

你知道，警報已經響起，我們從朱莉安娜·阿吉拉爾大樓逃跑，那裡的貨幣像往常一樣發生，就像我們增強了態勢通道一樣。

That gives us a better understanding of what we are responding channel suitability for our agency and we use in Toronto, drones and the canine on a call, we're going to be clear as much as we can with the drones first.

這讓我們更了解我們正在回應的管道適合我們的機構，以及我們在多倫多使用的無人機和犬類通話，我們將首先盡可能清楚地了解無人機。

And then will you guys into onto surgeries, drones and minor build the antisense is closed?

然後你們會進行手術、無人機和小型建築來關閉反義嗎？

Or are there areas that drone can't get into the synergy work thesis is giving us a way to put on video feeds that we were never able to get before.

或者是否有無人機無法進入的領域協同工作論文為我們提供了一種方式來播放我們以前從未獲得過的視訊來源。

And it's also going to integrate and systems that we already logged into going to give us that ability to streaming body-worn camera footage, in-car camera, Vonage drone footage, traffic cameras, skin Fintur as an opportunity to see part of the solution technology is changing the way we do Law Enforcement Training is not the same of I would highly encourage going towards.

它還將整合我們已經登入的系統，使我們能夠傳輸佩戴式攝影機鏡頭、車載攝影機、Vonage 無人機鏡頭、交通攝影機、皮膚 Fintur，以此作為了解部分解決方案的機會技術正在改變我們進行執法培訓的方式，我強烈鼓勵這樣做。

We are all you need is for walls and ceilings and you have a training center of ready-to-go feedback that I'm seeing from officers.

您所需要的只是牆壁和天花板，我們就是您所需要的，而且您還有一個培訓中心，可以提供我從官員那裡看到的隨時可用的反饋。

Is there just feeling a lot more comfortable.

是不是感覺舒服了很多。

We're not a large agency where we're utilizing the teaser every single day real world.

我們不是一家每天都在現實世界中使用預告片的大型機構。

So how do I think what we're doing in training and related to those points and then related back in the training, having the ability to do multiple virtual reality scenarios, prepares them for the real world.

那麼我如何看待我們在培訓中所做的事情以及與這些點相關的內容，然後在培訓中相關聯，有能力執行多個虛擬實境場景，為現實世界做好準備。

When I look at Exxon, look at the future of law enforcement technology, I want a partner who I can trust who's at the forefront of building new products that is ultimately going to keep our officers safer and our communities safer.

當我看到埃克森美孚，看到執法技術的未來時，我想要一個我可以信任的合作夥伴，他們處於開發新產品的最前沿，最終將使我們的官員更安全，我們的社區更安全。

That's why I choose Exxon.

這就是我選擇埃克森的原因。

Exxon is a partner whose mission is and Admiral ones that aligns with exactly what we're trying to do.

埃克森美孚是一個合作夥伴，其使命和海軍上將的使命與我們正在努力做的事情完全一致。

It all comes together to create an environment that that is giving our officers, the tools necessary to do that day job and the ability to make choices and use of options of other than a gun.

所有這些共同創造了一個環境，​​為我們的警官提供日常工作所需的工具以及做出選擇和使用槍支以外的選項的能力。

And I am so excited about what the future holds for law enforcement.

我對執法部門的未來感到非常興奮。

And for the Campbell, please department specifically, because I think we're going to be doing.

對於坎貝爾，請具體說明部門，因為我認為我們將會這樣做。

Some of the change was policing looks like in the future of.

有些變化是未來警務工作的樣子。

All right.

好的。

Thank you, Derek.

謝謝你，德里克。

And I want to thank all of which are look at it.

我要感謝所有關注它的人。

I would take all of our shareholders for joining us here today.

我歡迎我們所有的股東今天來到這裡。

So welcome to Actuant's Third Quarter 2024 earnings call.

歡迎參加 Actuant 2024 年第三季財報電話會議。

It is truly humbling to come back to you with another fantastic update and to show you these videos, the caps we've been working on and the relationships we strive to build with our customers.

能夠帶著另一個精彩的更新回到您身邊並向您展示這些影片、我們一直在努力的上限以及我們努力與客戶建立的關係，我真的很榮幸。

These calls are a great opportunity for us to reflect on our recent momentum while thinking about what's next, as I've shared with you in the past, I spent the majority of my time with our customers and with our product teams, ensuring that we are inventing and focused on the right things in aligning our efforts where our customers need a place where they need us to be for their future.

這些電話會議對我們來說是一個很好的機會，可以反思我們最近的勢頭，同時思考下一步的發展，正如我過去與大家分享的那樣，我將大部分時間花在了我們的客戶和我們的產品團隊上，以確保我們我們正在發明並專注於正確的事情，以協調我們的努力，為我們的客戶提供一個他們需要我們為他們的未來提供幫助的地方。

I've been able to lean in with hundreds of our customers over the past few months between the AUSCAN, just the big army show, IACPB. Chiefs of Police Conference and several events at our offices and internationally.

在過去的幾個月裡，我在 AUSCAN（大型軍事展 IACPB）期間與數百名客戶進行了交流。警察局長會議以及在我們辦公室和國際上舉辦的多項活動。

Our customers are as excited as we are about what's ahead and it's energizing to see them ready to move forward with us on this journey together, there's no place because more clear to me than the area of artificial intelligence.

我們的客戶和我們一樣對未來感到興奮，看到他們準備好與我們一起踏上這段旅程，我們感到非常興奮，對我來說，沒有什麼比人工智慧領域更清晰的了。

The interest is immense here, and we are already building a suite of products for our new AI. Aeroplan providing access to an expanding set of solutions.

這裡的興趣是巨大的，我們已經在為我們的新人工智慧建立一套產品。 Aeroplan 提供了一系列不斷擴展的解決方案。

Our strategy here is twofold.

我們的策略是雙重的。

First, we understand and believe AI innovation is moving at a breakneck pace.

首先，我們理解並相信人工智慧創新正在以驚人的速度發展。

It would be almost impossible for us to continually update our go-to-market offerings at the speed.

我們幾乎不可能以這種速度持續更新我們的上市產品。

The AI. is moving with this plan, we get to deliver an ever-changing and expanding offering for drive increased value.

人工智慧.隨著這項計劃的推進，我們將提供不斷變化和擴展的產品，以推動價值的增加。

Second, we want to partner with our customers by offering them access to the solutions we have today and those who are building for the future.

其次，我們希望與客戶合作，為他們提供我們今天擁有的解決方案以及為未來構建的解決方案。

We can work together on starting to deliver what they need as technology improves.

隨著科技的進步，我們可以共同努力開始提供他們所需的東西。

It evolves.

它不斷發展。

We know the best way to win by putting our customers.

我們知道贏得客戶的最佳方式。

First, this is going to be how we help them harness the power of AI as we launch many exciting products over the coming years.

首先，這將是我們在未來幾年推出許多令人興奮的產品時幫助他們利用人工智慧力量的方式。

Hey, I just wanted to many areas that excited me about our business, but it's not the only one through 10 combined with the power of our expanding virtual reality or V.

嘿，我只是想了解許多讓我對我們的業務感到興奮的領域，但這並不是唯一一個與我們不斷擴展的虛擬實境或 V 的力量相結合的領域。

Our trading portfolio continues to gain traction as a disruptive force to how we de-escalate in difficult situations.

我們的交易組合作為一種顛覆性力量繼續受到關注，幫助我們緩和困難局勢。

Real-time capabilities enabled with Axon Body for or infuses had advanced response and communication in ways that are finally modernizing public safety communication tools that have been a bit stagnant for decades.

Axon Body for 或 Infusions 實現的即時功能具有先進的回應和通訊方式，最終使數十年來停滯不前的公共安全通訊工具實現現代化。

The newer categories like drones in robotics continues to accelerate with our recently closed acquisition of the headroom, which helped enable capital PD., as you saw to gave the first half a approval waiver for 24 seven drone operations as first responder.

隨著我們最近完成對Headroom 的收購，機器人技術中的無人機等新類別繼續加速發展，這有助於啟用資本PD。響應者提供了批准豁免。

To summarize, I'm very sorry, added about what we are seeing in the market today and the energy our customers have put behind what we are doing.

總而言之，我很抱歉，補充了我們今天在市場上看到的情況以及我們的客戶為我們正在做的事情付出的精力。

We're on a multiyear journey to modernize the way public safety operates.

我們正在進行多年的公共安全運作方式現代化之旅。

And the opportunity in front of us is to drive real improvement in outcomes that matter to our communities to our customers who worked tirelessly every day to me, the world safer.

我們面前的機會是推動成果的真正改善，這些成果對我們的社區、我們的客戶至關重要，他們每天都在不知疲倦地工作，讓世界變得更安全。

While we report our results to you on a quarterly basis, I believe our success is measured in years and lives saved.

雖然我們每季向您報告我們的結果，但我相信我們的成功是用年數和挽救的生命來衡量的。

We remain focused on our moon shot goal and our mission to protect life, and we're thankful to have you on this journey with us.

我們仍然專注於我們的登月目標和保護生命的使命，我們很高興有您與我們一起踏上這段旅程。

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

有了這個，我會把它交給喬希。

Is there.

有沒有。

Thanks a lot, Rick.

非常感謝，瑞克。

And good this week, we are participating core element of our culture at Exxon, putting our customers first together, it is the week of the customer internally where we invite customers into work to share their stories, recognize our internal support teams and double down on employee in on employee training.

本週很好，我們正在參與埃克森美孚文化的核心要素，將客戶放在第一位，這是內部客戶週，我們邀請客戶參與工作，分享他們的故事，認可我們的內部支持團隊，並加倍努力員工參加員工訓練。

To ensure that the color customer remains at the center of our universe.

確保顏色客戶始終處於我們宇宙的中心。

I'd like to share a quick anecdote to that end in response to the devastating hurricanes that impacted the southeastern U.S.

為此，我想分享一個簡短的軼事，以應對影響美國東南部的毀滅性颶風。

In September and October, we deployed our apps on eight emergency response team to work alongside first responders around the clock for 16 days.

9 月和 10 月，我們在 8 個緊急應變團隊中部署了我們的應用程序，與急救人員一起全天候工作 16 天。

Our team that will witness the magnitude of customers' efforts.

我們的團隊將見證客戶付出的努力。

First hand out Exxon, we know our customers are heroes and being a small service to them in this mission was an honor and nothing short of inspirational.

首先是埃克森美孚，我們知道我們的客戶是英雄，在這項使命中為他們提供小小的服務是一種榮幸，而且非常鼓舞人心。

We work every day to help our customers achieve better outcomes.

我們每天都在努力幫助我們的客戶取得更好的成果。

And when we put their needs first, we get to share in there successes.

當我們把他們的需求放在第一位時，我們就能分享他們的成功。

Understanding.

理解。

This is something I've spent a lot of time on and percolates into how we built our team.

這是我花了很多時間的事情，並滲透到我們如何建立我們的團隊。

When I look at what our team is working on with our customers and results we are delivering because of our strong partnership with them, I continue to be excited and impressed.

當我看到我們的團隊正在與客戶合作以及我們由於與他們的牢固合作關係而交付的成果時，我仍然感到興奮和印象深刻。

I'll briefly share a few updates that build my confidence.

我將簡要分享一些增強我信心的更新。

First, our record results.

首先，我們創紀錄的成績。

We just delivered our 11th consecutive quarter growing above 25%.

我們剛剛連續第 11 個季度成長超過 25%。

And our third quarter, this you're growing above 30% of that growth puts us at a level where we are accomplishing in quarters.

第三季的成長率超過 30%，這使我們達到了幾個季度就能實現的水平。

What took us years to do on the a few years ago.

幾年前我們花了幾年才完成的事。

Second, while we've been growing fast, we still have line of sight to a multiyear growth opportunity that continues to build.

其次，雖然我們一直在快速成長，但我們仍然專注於持續成長的多年成長機會。

We closed Q3 with record bookings in excess of 1 billion on both an absolute and normalized five year basis.

我們第三季的絕對預訂量和標準化五年預訂量均超過 10 億，創歷史新高。

That's our strongest normalized booking quarter in history outside of Q4 last year.

這是除去年第四季之外我們歷史上最強勁的標準化預訂季度。

As this Q4, which has historically been our strongest bookings quarter, we are already executing against the largest pipeline we've ever had expect to post an exceptional and record result again.

第四季是我們史上最強勁的預訂季度，我們已經在執行最大的管道，我們預計將再次取得優異的創紀錄結果。

Third, what's really encouraging here is that we are seeing strength across the board, our state and local businesses, buyer going on all cylinders led by Jessica Duncan.

第三，真正令人鼓舞的是，我們看到了全面的實力，我們的州和地方企業，在傑西卡·鄧肯（Jessica Duncan）的帶領下，買家正在全力以赴。

In the early interest we are seeing in our Yes, our plan signals to me that this new offering could be one of the more meaningful drivers for us in the year to come.

我們在「是的」計劃中看到的早期興趣向我表明，這項新產品可能是我們來年更有意義的驅動因素之一。

Beyond our state and local business, our US federal bookings came in higher than what we did in a full year just a few years ago, with four of our top 10 domestic deals in the quarter coming from federal customers across several agencies, including DHSIRS. and Amtrak.

除了我們的州和地方業務之外，我們的美國聯邦預訂量還高於幾年前全年的水平，本季十大國內交易中有四項來自包括 DHSIRS 在內的多個機構的聯邦客戶。和美鐵。

Looking ahead, we have a clear path to surpass the Q3 bookings again in Q4 for our strongest year yet international bookings came in at near record levels match in Q4 of last year, up 40% sequentially from Q2.

展望未來，我們有明確的道路可以在第四季度再次超越第三季度的預訂量，實現我們最強勁的一年，但國際預訂量接近去年第四季度的創紀錄水平，比第二季度連續增長40%。

In our year to date, international bookings are up 40% from last year.

今年迄今為止，國際預訂量比去年增加了 40%。

Similar to federal, we see a clear path to surpass Q3 bookings again in Q4.

與聯邦類似，我們看到第四季的預訂量再次超過第三季的明確路徑。

Finally, we saw strong bookings from corrections.

最後，我們看到了修正帶來的強勁預訂。

Customers from our adjusted segment continued to grow, and we have several Fortune 500 companies conducting retail security trials with Exxon products in the enterprise segment.

調整後的細分市場客戶持續成長，已有多家財富500強企業在企業區隔市場使用埃克森產品進行零售安全試驗。

As is the case, every Q4, we must do two things.

事實上，每個Q4，我們必須做兩件事。

Well, number one, close out the year with Maxim, some intensity and flawless execution, a number to ensure that we are well prepared to drive a record 2025.

好吧，第一，用 Maxim 來結束這一年，一定的強度和完美的執行力，這些數字可以確保我們做好充分準備，在 2025 年創造創紀錄的成績。

We have a lot of sharp adaptable, an unstoppable teammates that are embracing this change.

我們有很多適應性強、勢不可擋的隊友正在擁抱這一變化。

I know I say this a lot, but I truly believe Exxon is in the strongest position we've ever been.

我知道我說了很多次，但我堅信埃克森美孚處於我們有史以來最強大的地位。

We have an immense opportunity ahead to continue to progress, which we will pursue with vigor.

我們面臨著繼續進步的巨大機會，我們將積極追求這一目標。

Now I'll pass it over to Brittany to go over everything in more detail for any.

現在我將把它交給布列塔尼，讓他們更詳細地檢查所有內容。

Thank you, Josh.

謝謝你，喬許。

Next quarter marks two years for me and Exxon and the business has certainly been incredible.

下個季度標誌著我和埃克森美孚的兩歲，業務確實令人難以置信。

I couldn't be more pleased to share the results of another.

我非常高興能分享另一個人的結果。

Great.

偉大的。

The Q. three, we grew revenue 32% year over year and delivered strong adjusted EBITDA with a 26.7% margin.

第三季度，我們的營收年增 32%，調整後 EBITDA 強勁，利潤率為 26.7%。

We achieved this margin expansion while driving over 30% top line growth.

我們實現了利潤率擴張，同時推動了超過 30% 的營收成長。

And we continue to successfully prioritize balancing the bottom line with achieving that strong top line growth at the Palmer.

我們繼續成功地優先考慮平衡利潤與實現帕爾默強勁的收入成長。

As Rick and John both talked about the thought process to focus on product innovation and delivering for our customers remains our North Star and is what enables us to keep delivering these types of results.

正如里克和約翰都談到的那樣，專注於產品創新和為客戶提供服務的思維過程仍然是我們的北極星，也是我們能夠不斷交付這些類型結果的原因。

Thank you to everyone on our team will drive SAP's.

感謝我們團隊中推動 SAP 發展的每個人。

Okay.

好的。

As we get into the details, I am particularly excited that the revenue growth is broad-based in terms of product and customer verticals.

當我們了解細節時，我感到特別興奮的是，收入成長在產​​品和客戶垂直領域具有廣泛的基礎。

Josh spoke to the strength we're seeing across different customers.

喬希談到了我們在不同客戶身上看到的優勢。

Strength is across our products as well.

我們的產品也具有優勢。

For example, our acquisition of PFS has been very positive across a number of our verticals and take their 10 also continues to exceed our expectations on its adoption.

例如，我們對 PFS 的收購在我們的許多垂直行業中都取得了非常積極的效果，並且他們的 10 個垂直行業也繼續超出了我們對其採用的預期。

Paseo revenue with a standout in the quarter, growing 36% year over year, strongest growth in our TV segment in more than two years on the back of increased capacity and broad-based demand.

Paseo 本季營收表現出色，年增 36%，在容量增加和廣泛需求的支持下，我們的電視業務實現了兩年多來最強勁的增長。

Filing services was up 36% year over year, with software revenue was the primary driver.

歸檔服務年增 36%，其中軟體收入是主要驅動力。

Aircard 885 million is up, and our net revenue retention an indicator of growth with our increased to 123%.

Aircard 增加了 8.85 億美元，我們的淨收入留存率增至 123%，這是一個成長指標。

Sensors and other revenue was up 18% year over year, with strong demand for Exxon body for partially offset by fleet.

感測器和其他收入年增 18%，對埃克森車身的強勁需求被車隊部分抵消。

Fleet continues to be very strong product, but given our key timing and customer deployment schedules, we expect it to have interest in hardware revenue quarter to quarter.

Fleet 仍然是非常強大的產品，但考慮到我們的關鍵時間和客戶部署計劃，我們預計它會對每季的硬體收入感興趣。

Overall, our future contracted revenue estimate that approximately $7.7 billion exiting the quarter, which is up 33% year over year.

總體而言，我們預計本季未來合約營收約為 77 億美元，年增 33%。

As a reminder, this is a GAAP definition of our remaining performance obligations and will not tying back all the commentary we share about bookings.

提醒一下，這是我們剩餘履約義務的 GAAP 定義，不會束縛我們分享的有關預訂的所有評論。

Bookings are also seasonally strongest place in Q3 and Q4, and as Josh said, are continuing to see that this year with a strong Q4 and Panama adjusted gross margin 63.2% with stable sequentially and up approximately 50 basis points from last year.

第三季和第四季的預訂量也是季節性最強的，正如喬許所說，今年第四季的預訂量將繼續強勁，巴拿馬調整後的毛利率為63.2%，環比穩定，比去年增長約50 個基點。

Overall, as we have ramped automation and efficiency in our teams are 10 manufacturing, we have stabilized our margin and expect to maintain its approximate levels subject to the usual business mix dynamics.

總體而言，隨著我們在 10 個製造團隊中提高了自動化程度和效率，我們已經穩定了利潤率，並預計根據通常的業務組合動態保持其大致水平。

Adjusted EBITDA margin at 26.7% was a three-year record driven by operating leverage as we did deliver at scale on strong revenue.

調整後的 EBITDA 利潤率達到 26.7%，創下了三年來的最高紀錄，這是由營運槓桿推動的，因為我們確實在強勁的收入基礎上實現了大規模的交付。

one note on our financials that you will see in our forthcoming 10 Q is that we have made a revision to our historical financials to reflect corrections are certain areas related to the categorization of some of our partner relationships as principal instead of that agent, we concluded that these were not material to any previously issued financial statements.

您將在即將發布的10 個問題中看到有關我們財務狀況的一項說明，即我們對歷史財務狀況進行了修訂，以反映與我們的一些合作夥伴關係分類為委託人而不是代理人相關的某些領域的更正，我們得出結論這些對先前發布的任何財務報表都不重要。

Our current period.

我們當前的時期。

Reported financial and revised historical financials reflect revenue and expense recognition consistent with the corrections we made in the revision.

報告的財務數據和修訂後的歷史財務數據反映了與我們在修訂中所做的更正一致的收入和費用確認。

Now turning to raise guidance again on both revenue and adjusted EBITDA.

現在轉向再次提高收入和調整後 EBITDA 的指導。

Q4 revenue guidance in that range from 16 to 570 million, representing more than 30% growth in midpoint.

第四季營收指引範圍為 1.6 至 5.7 億美元，中點成長超過 30%。

This implies approximately 2.07 billion in full year revenue from greater than 32% annual revenue, up from our prior guidance of two to $2.05 billion or 29.5% growth.

這意味著全年收入約為 20.7 億美元，年收入成長超過 32%，高於我們先前指導的 20.5 億美元或 29.5% 的成長。

Our adjusted EBITDA guidance for the fourth quarter is a range of 131 hundred and 35 million or approximately 23.5% adjusted EBITDA margin.

我們對第四季度調整後 EBITDA 的指導範圍為 1,310.35 億美元，即調整後 EBITDA 利潤率約為 23.5%。

This implies full year adjusted EBITDA of approximately $510 million or 24.6% margin.

這意味著全年調整後 EBITDA 約為 5.1 億美元或 24.6% 的利潤率。

Note that Q4 implies lower adjusted EBITDA margins than we were just able to achieve in Q3, which is a result of timing and some of our expenses and also reflects a full quarter of our now closed Dijon acquisition and costs to integrate.

請注意，第四季度意味著調整後的EBITDA 利潤率低於我們在第三季度所能達到的水平，這是時間安排和我們的一些費用的結果，也反映了我們現已結束的第戎收購的整個季度和整合成本。

We continue to have conviction in our margin target of 25% for 25, which continues to show nice leverage.

我們仍然堅信 25 的保證金目標為 25%，這繼續顯示出良好的槓桿作用。

There were full year 24.

整整一年有24年。

Overall, we are very pleased with our progress against the three year targets now for 2025.

整體而言，我們對 2025 年三年目標的進展感到非常滿意。

We are on pace to deliver our initial 2 billion revenue target for 2025 a full year early and remain confident in our extended target of 20% or greater annual progress, all while increasing our adjusted EBITDA margins and achieving the 25% target next year.

我們正在努力提前一年實現 2025 年 20 億美元的初始收入目標，並對我們 20% 或更高的年度進展目標保持信心，同時提高調整後的 EBITDA 利潤率，並在明年實現 25% 的目標。

With that, I'd like to turn the call over to take any questions.

因此，我想轉接電話以回答任何問題。

Thanks, Bernie.

謝謝，伯尼。

We can all get up into gallery view.

我們都可以進入畫廊視圖。

We'll take our first question from George Notter at Jefferies.

我們將回答傑富瑞 (Jefferies) 的喬治諾特 (George Notter) 提出的第一個問題。

Hey, George, thanks very much and congratulations on the strong result about term draft.

嘿，喬治，非常感謝並祝賀學期選秀取得了優異的成績。

one.

一。

I'm curious if you'd give us an update on that.

我很好奇您是否願意向我們提供最新情況。

Your progress in the September quarter there in terms of pipeline, was there any revenue recognition tied to draft one on any single contributions to your ARR?

您在 9 月季度在管道方面取得的進展，是否有任何收入確認與您的 ARR 的任何單一貢獻的草稿相關？

So thanks a lot for the question.

非常感謝您的提問。

I really appreciate it.

我真的很感激。

In terms of draft one, yes, we did receive some orders in Q three from kind of early customers.

就第一稿而言，是的，我們確實在第三季收到了來自早期客戶的一些訂單。

So there was some impact on revenue from dropped one.

因此，掉落對收入造成了一些影響。

But I would still say we're in like the top of the first inning on what that's going to look like moving forward, especially as we go into next year with draft rule, one being the anchor product of RAI. or a bundle.

但我仍然想說，我們正處於第一局的頂部，接下來的發展將會是什麼樣子，特別是當我們進入明年的選秀規則時，其中一個是 RAI 的主打產品。或一捆。

And so certainly, we're very, very bullish on draft one and all of our AI products contributions to both revenue and profitability over time.

因此，當然，我們非常非常看好第一草案以及我們所有的人工智慧產品隨著時間的推移對收入和盈利能力的貢獻。

But we're still not yet seen a major impact on the quarter to quarter results, which as expected due to the SIS accounting last quarter, I think you guys mentioned 100, $100 million pipeline, I think in six or seven weeks of selling 100 movement.

但我們還沒有看到對季度業績的重大影響，正如上季度 SIS 會計所預期的那樣，我想你們提到了 100 個、1 億美元的管道，我認為在六到七週內銷售 100 個移動。

Is there an update to that number?

該號碼有更新嗎？

It continues to grow, especially after ICP.

它持續增長，尤其是在 ICP 之後。

So we're again, we're converting some of that pipeline into the new kind of a I ever bundle that were coming out with next year as well.

因此，我們再次將其中一些管道轉換為新的捆綁包，該捆綁包也將在明年推出。

And again dropped one is really the kind of central driver of interest in that bundle, along with a number of other features were developed right now.

再次刪除的一個確實是該捆綁包中感興趣的核心驅動力，現在還開發了許多其他功能。

So certainly safe to say that the interest is the most we've seen out of any year one product.

因此，可以肯定地說，這是我們在任何一年級產品中看到的最大的興趣。

Got one last follow-up and I'll pass it on on where we can land in terms of pricing on on that, I realize it's going to go into the bundle.

得到了最後一個後續行動，我將把它傳遞給我們可以在定價方面著陸的地方，我意識到它將進入捆綁包。

I know you guys have been selling and Hana Card to some degree to early customers, and we'd heard price points to 30 and $40 a month.

我知道你們一直在某種程度上向早期客戶銷售 Hana 卡，我們聽說價格為每月 30 美元和 40 美元。

But is that is that kind of the right zip code in terms of where this is permanent bundle would do would step up to in terms of pricing?

但就永久捆綁包的定價而言，這是正確的郵遞區號嗎？

Any sense there?

有什麼意義嗎？

Sure.

當然。

So right now, draft want to own a $65 a month, and it requires transcription.

所以現在，選秀想要每月擁有 65 美元，並且需要轉錄。

And on top of that for another 20.

除此之外還有另外 20 個。

So at 85 a month for just dropped one.

所以每月 85 隻掉了一顆。

We're looking at the AI. or a bundled price of one 99.

我們正在研究人工智慧。或99元一件的捆綁價。

And some other parts of that bundle is expected to be somewhere 250 to $350 in terms of everything included in it.

該捆綁包的其他一些部分預計售價為 250 至 350 美元，全部包含在內。

So good economics for buying as a group of features instead of individual stand-alone features.

購買一組功能而不是單獨的獨立功能具有良好的經濟性。

But that'll that'll be the price has gone into next year.

但這就是明年的價格。

Thank you for those are the launch features.

感謝您提供這些啟動功能。

Of course, the features in the plan are going to grow rapidly.

當然，計劃中的功能將會快速成長。

Makes sense.

有道理。

Thanks.

謝謝。

And I would just note that we'll probably you'll hear us talking more and more about the AI. bundle plan and less and less about draft.

我想指出的是，您可能會聽到我們越來越多地談論人工智慧。捆綁計劃，關於草稿的事情越來越少。

one is sort of an individual product or an individual data points.

一種是單一產品或單一數據點。

It's really going to, as Josh said, be the anchor product in the new I bundle and will continue to add features there.

正如 Josh 所說，它確實將成為新的 I 捆綁包中的主打產品，並將繼續在那裡添加功能。

But that that's what you'll hear us talking about quarter to quarter.

但這就是我們每季都會談論的內容。

The threat, of course, on pretty much everything in that plan.

當然，威脅幾乎針對該計劃中的所有內容。

Pure SaaS software additions on top of our overall software are, of course, the new build upon people who have our hardware like cameras and pacers and the like.

當然，在我們的整體軟體之上添加的純 SaaS 軟體是基於擁有我們的相機和計步器等硬體的人的新構建。

But the Aeroplan itself is all good for us.

但 Aeroplan 本身對我們來說都是有好處的。

Thanks, George.

謝謝，喬治。

Up next, we've got Jonathan Ho at William Blair.

接下來請來威廉布萊爾的喬納森何 (Jonathan Ho)。

Paul, a good afternoon.

保羅，下午好。

I just wanted to get a sense from you as you start to think about sort of the broader opportunity around drones as a first responder, how should we think about maybe the ability to monetize this, the ability to see broader adoption?

我只是想了解一下，當您開始思考作為第一個響應者的無人機的更廣泛機會時，我們應該如何考慮將其貨幣化的能力，以及看到更廣泛採用的能力？

What sort of has to happen for that to take place?

必鬚髮生什麼樣的情況才能發生這種情況？

Thank you.

謝謝。

Direct wanted to start?

直接想入手嗎？

No power.

沒電。

Sorry, I myself on mute.

抱歉，我自己靜音了。

First, Jonathan's with the headphone listening to another earnings call, the same time, potentially not I'm not I've got a lot of positive pay out.

首先，喬納森戴著耳機聽另一場財報電話會議，同時，我可能沒有得到很多正面的回報。

So yes, we see drove a huge opportunity on the DJO acquisition, we think is a real key part of that because before you can start flying drones without extra human standing around watching them, you've got to be able to see for aerospace and array of sensors can see the aerospace far better than a human on a rooftop.

所以，是的，我們看到DJO 收購帶來了巨大的機會，我們認為這是其中真正關鍵的部分，因為在你可以開始駕駛無人機而不需要額外的人站在旁邊觀看之前，你必須能夠看到航空航天和感測器陣列可以比屋頂上的人更好地觀察太空。

So part of our process and making the D2 on acquisition was a dual that number one, that it would be a key enabler for DFR. to be able to fly around EUR.

因此，我們流程的一部分以及在收購時實現 D2 是雙重的第一，它將成為 DFR 的關鍵推動因素。能夠圍繞歐元飛行。

You got to be able to see the aerospace well.

你必須能夠清楚地看到航空航天。

And then the second is that we're going to see increased interest in counter drone capabilities, not just this past week that apparently somebody in Pennsylvania put a bomb on a drone who's going to fly into critical infrastructure, something from we'd be glad to see.

第二個問題是，我們將看到人們對反無人機能力的興趣日益濃厚，而不僅僅是上週，顯然賓州有人在一架即將飛入關鍵基礎設施的無人機上放置了炸彈，我們對此感到很高興查看。

There has not been that much of that kind of activity here in the US, but it's certainly growing all over the world and we certainly hope it doesn't come here.

在美國，這類活動還沒有那麼多，但它在世界各地肯定在成長，我們當然希望它不會出現在這裡。

I think it is something that's likely to get more nefarious use.

我認為這可能會被更多的惡意利用。

And right now, counter drone is really limited to federal agencies, meaning state local cannot interdict the drones themselves.

目前，反無人機實際上僅限於聯邦機構，這意味著州地方機構無法自行攔截無人機。

So degrown is helpful in that case because they will tell you where the pilot is and you can go I'll deal with the pilot directly.

因此，在這種情況下，degrown 會很有幫助，因為他們會告訴你飛行員在哪裡，你可以去，我會直接與飛行員打交道。

However, there was a bill in Congress, I believe this year.

然而，我相信今年國會有一項法案。

I don't think it's going to make it through, but there have been some efforts to give state and local law enforcement, the ability to introduce drones not to get into politics.

我認為這不會成功，但已經做出了一些努力，讓州和地方執法部門有能力引入無人機，而不是捲入政治。

My assessment of the shift of the election were coming out of is that that is likely to speed up up launch and potentially including the local ability for law enforcement to interdict drones are I think Sky DO.s partner.

我對選舉結果的評估是，這可能會加快發射速度，並且可能包括當地執法部門攔截無人機的能力，我認為 Sky DO. 是 Sky DO. 的合作夥伴。

We sort of made a shift with the shipping relationship, the DJ, the Chinese drone manufacture.

我們在運輸關係、DJ、中國無人機製造商方面做出了一些轉變。

We think there's legislation afoot to pass the House of Representatives unanimously that's going to be blocking DJ, long term, frankly, all Chinese drones.

我們認為眾議院一致通過的立法正在醞釀中，坦白說，從長遠來看，這將阻止 DJ 所有中國無人機。

And so we shifted our focus really with Sky DOV turns out is the world leader in autonomy already for drugs that can fly themselves effectively.

因此，我們真正將注意力轉移到了 Sky DOV 上，事實證明，Sky DOV 在能夠有效自行飛行的藥物領域中已經處於世界領先地位。

So we think between the partnership, the acquisition of D. drone and then some pending legislative changes.

因此，我們在合作、收購 D.drone 以及一些懸而未決的立法變化之間進行了思考。

And I would expect within 24 months, we'll see a shifting landscape to our state and local folks can begin using more aggressive counter drone capabilities that we last thing.

我預計在 24 個月內，我們將看到我們州的情況發生變化，當地人可以開始使用我們最後想到的更積極的反無人機能力。

I'll say we did a full scale of the world's sort of counter drone providers a few years ago before we selected the drone.

我想說的是，幾年前，在我們選擇無人機之前，我們對世界上的反無人機提供者進行了全面的調查。

We like the drone strategy.

我們喜歡無人機策略。

There were very focused on detection and not getting too aggressive on mitigation, knowing that that basically owning the detection space and being at a lower cost point than some of the competitors that have been out there focused on more military stock interdiction effort.

他們非常注重檢測，而不是過於積極地採取緩解措施，因為他們知道，與一些專注於更多軍事庫存攔截工作的競爭對手相比，他們基本上擁有檢測空間，並且成本更低。

It has given them a good footprint to scale from and then the strategy's been able to plug in other hardware over time as the legal landscape changes.

它為他們提供了良好的擴展空間，並且隨著時間的推移，隨著法律環境的變化，該策略能夠插入其他硬體。

And then John, I just add two things on Rick's Great summary.

然後約翰，我只是在里克的偉大總結中添加兩件事。

one that's been that we're super pumped about is how the market's evolving to think about the real-time Crime Center space and the DFR space together, which we think it's both right and good for agencies and community and plays right into our strengths.

令我們興奮不已的是，市場如何不斷發展，將即時犯罪中心空間和 DFR 空間放在一起考慮，我們認為這對機構和社區來說既正確又有益，並且充分發揮了我們的優勢。

And our differ initiation of the solutions of the combination of uses real-time primes that are deeply connected with all of our other devices and then into the DFR partnership stuff that we're thinking about buying those together.

我們對使用實時素數組合的解決方案的不同啟動，這些素數與我們所有其他設備緊密相連，然後進入我們正在考慮一起購買這些設備的 DFR 合作夥伴關係。

And that's both great for them to use this technology to keep community and it plays right into all of Exane strengths.

對他們來說，使用這項技術來保持社區非常好，而且它可以充分發揮 Exane 的所有優勢。

And the second, which is another example of that same thing, we just had a major agency who is in the middle of rolling out there.

第二個，這是同一件事的另一個例子，我們剛剛有一個主要機構正在那裡推出。

Do you have to parse out the other day, talk unprompted about the notion of they would love to have an officer or be able to press that watch me button that, you know, we have on our AV for cameras and have that under the right conditions, automatically trigger the dispatch of IDF., our drug to bring health and extra Overwatch for that situation even faster than with any other key members of could be.

你是否必須在前幾天分析一下，不經提示地談論他們希望有一名警官的想法，或者能夠按下那個監視我的按鈕，你知道，我們在攝影機的AV 上有這個按鈕，並且在右側下方有這個按鈕情況下，自動觸發以色列國防軍的派遣。

And that's exactly the kind of solution that's powered by the combination of all the things we bring to bear for agencies.

這正是我們為各機構提供的所有服務的結合所提供的解決方案。

Excellent.

出色的。

And then just a follow-up.

然後只是後續行動。

I mean, teaser again, had a very strong on quarter.

我的意思是，再次預告，季度表現非常強勁。

We regularly received a question whether the teaser business can sustain this level of growth.

我們經常收到這樣的問題：預告片業務能否維持這種成長水準。

And I just wanted to get a sense for what gives you the confidence that we can continue to see teaser be one of the major drivers of the business or for maybe do you see on your shifting leadership where things like to ask one will start to take over that growth, but over time?

我只是想了解一下是什麼讓您有信心我們可以繼續看到預告片成為業務的主要驅動力之一，或者您是否看到您的領導層發生變化，諸如詢問之類的事情將開始採取超過了這種增長，但隨著時間的推移呢？

Thank you.

謝謝。

Yes, but they do compete for the top slot.

是的，但他們確實在爭奪榜首位置。

And it does make me proud that the Old War Horse that stays or can still can still run.

這確實讓我感到自豪，留下來或仍然可以運行的老戰馬仍然可以運行。

So we had I think we've got so many things that have the opportunity to continue to be disruptive in the growth.

所以我認為我們有很多東西有機會繼續破壞成長。

The big one for Taylor, just come back on that to me is really International.

對泰勒來說，最重要的是，對我來說，這確實是國際化的。

I think we are on the cost, but actually I'm getting tax states for my engineers that are in the lab today, actually working on some pretty cool stuff related details or that we think we have the opportunity in the next couple of years to become the primary weapon internationally.

我認為我們正在考慮成本，但實際上我正在為今天在實驗室的工程師們獲取稅收狀態，他們實際上正在研究一些非常酷的東西相關的細節，或者我們認為我們有機會在未來幾年內成為國際上的主要武器。

Now in the US government quite a while culturally because please or deal with somebody guns out in the public.

現在，在美國政府中，很長一段時間以來，在文化上，因為取悅或應付某人而在公共場合開槍。

But in much of the world I got it.

但在世界的大部分地方我都明白了。

You have a viable high reliability alternative.

您有一個可行的高可靠性替代方案。

And for within that 45 foot range, I was just over the last thing we're working on is putting penetration once we get that dialed in.

在 45 英尺的範圍內，我剛剛完成了我們正在做的最後一件事，就是一旦我們撥通了它，就可以進行穿透。

We've got a shot at becoming the primary self-defense weapon in international markets where there's not a high propensity of European government public and I think back to be a real game changer for Taylor.

我們有機會成為國際市場上主要的自衛武器，而歐洲政府公眾不太願意使用它，我認為這對泰勒來說是一個真正的遊戲規則改變者。

And I might just add one or two more thoughts there about the question of.

我可能會就這個問題添加一兩個想法。

Okay.

好的。

Is this sustainable for the business to keep growing in margin in answer is absolutely.

答案是絕對的，這對於企業的利潤率持續成長是否可持續。

Yes, like were you to a five and then upgrade cycle right now, we continue to see exceptionally strong demand, literally double what it was.

是的，就像您現在進入五個然後升級週期一樣，我們繼續看到異常強勁的需求，實際上是原來的兩倍。

As we've said on previous calls, you know, T7.

正如我們在之前的電話中所說，T7。

And so I certainly a lot of runway ahead to continue to grow the teaser business.

因此，我肯定還有很長的路要走，才能繼續發展預告片業務。

It looked like, as Rick said, the teaser business is going to solve one of the most critical issues in policing over the long term, which is that even counters 10 and in debt either from the civilian or a police officer.

正如里克所說，從長遠來看，預告片業務將解決警務領域最關鍵的問題之一，甚至可以抵消平民或警官欠下的 10 美元債務。

And if we can solve that problem, I still think we're scrap touching the surface of what the teaser business is capable of.

如果我們能夠解決這個問題，我仍然認為我們只是觸及了預告片業務的表面。

Just from that detailed sort of modeling perspective, I don't know that I would expect every quarter to be as strong as this quarter was.

僅從詳細的建模角度來看，我不知道我是否會期望每季都像本季一樣強勁。

This was a particularly strong quarter for key there, and that is partly because we got more bang for the teaser business.

對於 key 來說，這是一個特別強勁的季度，部分原因是我們的預告片業務取得了更大的成功。

So all of that demand just from a growth standpoint, I would say this quarter really stood out and it continues to be across both the tenant in our P7 and legacy handle.

因此，僅從成長的角度來看，所有這些需求，我想說這個季度確實很突出，並且它繼續存在於我們的 P7 和舊版手柄中的租戶中。

So that was a little bit unique.

所以這有點獨特。

But everything reckon Josh said about the long-term trajectory of the power of T. 10, the ability to sell it into different markets holdover over the long term again.

但喬許談到了 T.10 的長期發展軌跡，以及將其銷售到不同市場的能力，並長期保留。

And congrats on the strong quarter.

恭喜季度的強勁表現。

Jonathan, up next, we have Michael.

喬納森，下一位是麥可。

Good afternoon and thank you very much for the question.

下午好，非常感謝你的提問。

I wanted to follow up on a comment made about 24.

我想跟進關於 24 的評論。

I think you said it would be likely a record bookings quarter.

我想你說過這可能是個創紀錄的預訂季度。

Is that right?

是這樣嗎？

And was a year ago for Q2 bookings in that like 1.7, $1.8 billion range, just to make sure we're thinking about that the right way.

一年前，第二季的預訂量約為 170 至 18 億美元，只是為了確保我們以正確的方式考慮這一點。

And I think you could talk about some of the visibility and confidence that you have in those things that you mentioned, the federal bookings increasing sequentially international bookings.

我認為你可以談談你對你提到的那些事情的一些可見性和信心，聯邦預訂量連續增加國際預訂量。

Is it AIRZ., you know, the pipeline growth that you've seen coming out of IACP. Would just love some color around the bookings outlook that you gave for 4Q.

是 AIRZ 嗎？只是喜歡您為第四季度提供的預訂前景的一些色彩。

Thank you for sure.

謝謝你肯定。

Yes, certainly reiterating that I'm very confident and encouraged here in terms of what we're going to do in Q4.

是的，當然要重申，我對我們在第四季要做的事情非常有信心並受到鼓勵。

Bookings are probably won't give you a specific number other than we expected to exceed last quarter.

除了我們預計超過上季的預訂量之外，預訂量可能不會給您具體的數字。

And I think in the last call, I said the sum of Q3 in Q4 this year will be comparable to what we did in the full year last year in terms of bookings.

我想在上次電話會議中，我說過今年第三季和第四季的總預訂量將與我們去年全年的預訂量相當。

So we're very bullish on bookings.

所以我們非常看好預訂。

Part of what's informing that confidence is just tremendous execution across all four segments of the business, state and local enterprise, federal and international.

這種信心的部分原因在於企業、州和地方企業、聯邦和國際所有四個部門的巨大執行力。

We have meaningfully meaningful deals and all four of those segments in Q4 and a lot of them such that there's no there's not a it's not like a huge percentage of the bookings would be concentrated on one deal.

我們有有意義的交易，第四季度的所有四個細分市場以及其中許多，因此沒有很大一部分預訂會集中在一項交易上。

We feel really, really good about the foundation and decided to talk in more detail about our Q4 bookings in February.

我們對這個基金會感覺非常非常好，並決定在二月更詳細地討論我們第四季度的預訂。

What what's getting better or what's going to drive the growth going forward?

哪些方面正在變得更好，哪些將推動未來的成長？

I think one of the things that I like so much that this quarter, that growth is across the board, you might get a little more from one segment, one quarter and a little more from another segment another quarter.

我認為我非常喜歡這個季度的一件事，即全面成長，你可能會從一個細分市場、一個季度獲得更多一點，再一個季度從另一個細分市場獲得更多一點。

But really across the business in the devices on the strength today before teaser on the strength turns and days or 10, and then our software on the strength of both our existing software businesses continuing to perform well and then the very bright future and that we think the AI. plan has and will continue to drive software.

但實際上，在今天的設備業務中，在實力轉折之前的預告片上，我們的軟體在我們現有的軟體業務上繼續表現良好，然後是非常光明的未來，我們認為人工智慧。計劃已經並將繼續推動軟體發展。

And so you'll see a slightly different every quarter.

因此，每個季度您都會看到略有不同。

But as you look long term, you release it expect all three of those pieces to continue driving our growth.

但從長遠來看，你發布它時預計所有這三個部分將繼續推動我們的成長。

Excellent, thanks.

太棒了，謝謝。

And if I could follow up on the earlier Taser question, the revenue accounted for six consecutive quarter where Teva has hit a record revenue record.

如果我能跟進之前泰瑟槍的問題，營收佔梯瓦連續六個季度創下營收紀錄。

You talked a little bit about faster than expected adoption.

您談到了比預期更快的採用速度。

And I think if we look back the teaser seven, it probably took you, I think, five years to get to 80% to 85% adoption on how much shorter can that be?

我認為，如果我們回顧預告片 7，我認為您可能花了五年時間才獲得 80% 到 85% 的採用率，這還能短多少？

And could you just remind us like what's the typical price mix or AST. uplift versus table?

您能否提醒我們典型的價格組合或 AST 是多少？提升與桌子？

Thank you.

謝謝。

So Mike, the question was how fast can we get to 85% adoption on T. 10 versus T seven?

麥克，問題是，與 T 7 相比，T.10 的採用率要多快才能達到 85%？

Yes, that's right.

是的，沒錯。

Look, I think that would be setting our sights short.

聽著，我認為這會讓我們短視。

I would say our goal is to transition every key seven and legacy model teaser into a T. 10.

我想說，我們的目標是將每個關鍵 7 和舊模型預告片轉換為 T.10。

And we we think we have an opportunity to do that.

我們認為我們有機會做到這一點。

I think this this stage of 10 well voltage pagers and incremental improvement over the last one stage of tenants, just a fundamental leap forward in the technology in the de-escalation capabilities in the officer safety features, we really believe that ever a copy will be best served through the teams are set with the age of 10 I'm sorry, and certainly as we go into the next few years here of the details of 10 lifecycle, the primary goal is is upgrade and replacement of the current fleet.

我認為這一階段的 10 個井壓尋呼機和上一階段租戶的漸進式改進，只是官員安全功能降級能力方面技術的根本性飛躍，我們真的相信，永遠不會有任何副本抱歉，最好的服務團隊設定為10 歲，當然，當我們進入未來幾年10 個生命週期的細節時，主要目標是升級和更換當前機隊。

And again, we're very confident in our ability to do that.

再說一次，我們對我們做到這一點的能力非常有信心。

Excellent.

出色的。

Thank you, Josh.

謝謝你，喬許。

Thank you.

謝謝。

Thanks, Mike, and actually have Joe Cardoso with JP Morgan.

謝謝，麥克，還有摩根大通的喬卡多佐。

Hi.

你好。

Thanks for the question, guys.

謝謝你們的提問，夥伴們。

I guess maybe just a quick clarification on the bookings and Josh, can you just quickly clarify your comments today?

我想也許只是對預訂進行快速澄清，喬希，你今天能快速澄清一下你的評論嗎？

Are you guys are on track to meet the bogey that you laid out last quarter and achieving bookings in line with full year 23 in the back half of this year?

你們是否預計將實現上個季度設定的目標，並在今年下半年實現與第 23 年全年一致的預訂量？

Or is it more like on?

還是更像是在？

And I'm just curious if you could just flesh that out a little bit more because it does seem like perhaps here a little bit of pace.

我只是好奇你是否可以將其充實一點，因為看起來確實有點節奏。

And I just wanted to make sure that I'm not thinking about that incorrectly.

我只是想確保我沒有錯誤地思考這個問題。

A I'd say about that incorrectly.

答：我的說法是錯誤的。

Okay.

好的。

And then so when you when you're going into the back half of this year, like where you're actually seeing the growth and driving these bookings across the portfolio, is it really all broad base in terms of the entire portfolio?

那麼，當你進入今年下半年時，就像你實際看到成長並推動整個投資組合中的這些預訂一樣，就整個投資組合而言，這真的是廣泛的基礎嗎？

Are you guys embedding any of the news a I see in that in terms of releases there?

你們是否將我在其中看到的新聞嵌入了發布的內容中？

Just curious in terms of like how you're thinking about the drivers and the rank ordering?

只是好奇您如何看待車手和排名順序？

And then I have a quick follow-up.

然後我會進行快速跟進。

Yes, sure.

是的，當然。

Look, I certainly appreciate the question, Joe and Tom, these deals that are going to be closed in Q4 are deals that are generally six to 12 month sales cycle at a minimum right lease.

聽著，我當然很欣賞喬和湯姆的問題，這些將在第四季度完成的交易通常是 6 到 12 個月的銷售週期，最低租賃權。

These things take the full year to come together of territory talking Q1 when bookings are seasonally light.

當季節性預訂較少時，這些事情需要一整年的時間才能完成。

Traditionally that part of that is the trend, the new products and the new pricing getting their arms around their new book of business as.

傳統上，這部分是趨勢、新產品和新定價圍繞著他們的新業務。

And so that's really where the ground work goes into like building the pipeline for the rest of the year.

因此，這確實是今年剩餘時間的基礎工作，例如建造管道。

And naturally, most of that closes in Q3 and Q4, especially when you see some of the biggest budgets in the country, the federal government, Florida, Texas, all ending on September 30th, you get a lot of sense timber action and then you've got a lot of new budget dollars being spent in Q4.

當然，其中大部分在第三季和第四季結束，特別是當你看到全國、聯邦政府、佛羅裡達州、德州的一些最大的預算都在9 月30 日結束時，你會得到很多有意義的木材行動，然後你在第四季度花費了大量的新預算。

And so I don't know that the AI. bundle is going to have a major impact on Q4 since we launched it in the same quarter on.

所以我不知道人工智慧。自從我們在同一季度推出以來，捆綁包將對第四季度產生重大影響。

And we're still building the pipe for the long term for some of our newer features and products.

我們仍在為我們的一些新功能和產品長期建立管道。

So the big driver of a lot of these deals is for safety plan execution in the state local markets and you know, some large deals and international federal and enterprise that have been coming together over the course of several quarters.

因此，許多此類交易的主要推動力是州當地市場的安全計劃執行，你知道，一些大型交易以及國際聯邦和企業在幾個季度的過程中已經走到了一起。

So certainly expect Q4 to really Trump key three in terms of just the absolute dollars and the normalized bookings.

因此，當然預計第四季度將在絕對美元和正常化預訂方面真正成為關鍵的三項。

But it's also so the result of a lot of pipeline building that happened throughout the year.

但這也是全年大量管道建設的結果。

I've got a fairly clear to us.

我對我們已經相當清楚了。

Thanks.

謝謝。

Appreciate the explanation.

感謝您的解釋。

And then maybe a question for Britney.

然後可能會問布蘭妮一個問題。

Just margins are tracking nicely through the year and expanded each quarter and even outperforming kind of your expectations, if I'm remembering the guidance correctly.

如果我沒記錯的話，利潤率在整個一年中都表現良好，並且每個季度都在擴大，甚至超出了您的預期。

So as we look here into the fourth quarter, the guy here for a sequential decline, can you maybe just walk us through what has been the driver of outperformance in margins over the past couple of quarters?

因此，當我們展望第四季度時，您是否可以向我們介紹過去幾季利潤率表現出色的驅動因素是什麼？

And then relative to your expectations going into this quarter, like with different that's driving your expectations for the sequential decline to occur in the fourth quarter itself?

然後，相對於您對本季的預期，就像不同的情況一樣，您對第四季度出現連續下降的預期是怎樣的？

Thanks for the questions.

感謝您的提問。

So we actually had a pretty down hitting our expense targets in our OpEx targets and then our revenue has outperformed.

因此，我們的營運支出目標中的支出目標實際上相當低，但我們的收入表現卻優於預期。

And so what you're really seeing is some nice flow through on that higher top line revenue coming through to the bottom line, see how the team has been able to escape scale and get some leverage out of the OpEx and especially on the SG&A side.

因此，您真正看到的是更高的頂線收入轉化為底線的一些不錯的流量，看看團隊如何能夠擺脫規模並從營運支出中獲得一些槓桿作用，尤其是在銷售、管理和管理方面。

When we look at Q4, though, we also expect that some of the benefit has been timing, right?

不過，當我們審視第四季時，我們也預期一些好處是時機到來的，對嗎？

Like we've been talking about timing, not everything hits exactly in the quarter after we've been a little bit behind on some of our expense spend.

就像我們一直在談論時機一樣，在我們的一些開支支出有點落後之後，並不是所有的事情都恰好在本季度發生。

As we've gone through the first three quarters, we expect to catch up on some of that in Q4.

由於我們已經經歷了前三個季度，我們預計會在第四季度趕上其中的一些情況。

And then the other thing is we expect to have a full quarter of the drone and some of the integration costs associated with the drought in Q4 now that we have closed that deal.

另一件事是，既然我們已經完成了這筆交易，我們預計將擁有整個季度的無人機以及與第四季度乾旱相關的一些整合成本。

And then I might just add one more thought on on adjusted EBITDA level, which is the thing I'm most excited about is the fact that we are not sacrificing R&D to achieve these results, right like that, that it would be very easy to drive up the adjusted EBITDA by mortgaging the future.

然後我可能會再補充一個關於調整後 EBITDA 水平的想法，這是我最興奮的事情，即我們不會犧牲研發來實現這些結果，就像這樣，這將很容易通過抵押未來來提高調整後的EBITDA。

And I don't think anyone feels that way right now.

我認為現在沒有人有這種感覺。

We're still in place of loading up on new opportunities and investing relentlessly.

我們仍然在不斷地抓住新機會並進行投資。

And then we're just seeing like to bring to set over delivery and a lot more disciplined in SG&A as well.

然後我們只是看到要在交付上進行調整，並且在SG&A 方面也更加嚴格。

I think sprinting.

我認為是短跑。

Thanks, Josh.

謝謝，喬許。

Appreciate the color.

欣賞顏色。

Thanks show up next we have Jamie rounds that are family.

謝謝接下來我們有傑米查房，這是一家人。

Good afternoon, everyone, and congrats again on the quarter.

大家下午好，再次恭喜本季。

Rick, I know you just mentioned there's probably some stuff to keep an eye on for the international market going forward.

里克，我知道您剛才提到國際市場的未來可能有一些值得關注的事情。

But just given the strength in bookings that you kind of seeing through the year, I guess, could you give us a sense as to what's driving maybe the improved traction kind of near term and kind of as we go into next year?

但鑑於您今年所看到的預訂量強勁，我想您能否讓我們了解一下是什麼推動了近期和明年的牽引力的改善？

It really is broad based.

它確實基礎廣泛。

I think the about Jeff, what was it six months ago?

我想傑夫，六個月前是什麼？

I just come back from a tech conference.

我剛從技術會議回來。

And so Jeff, we need to pull the emergency brake and take a look at all of our product development plans and look at where a I label new features that weren't even on our visibility listing are going up, but the emergency brake turn the real effect.

所以傑夫，我們需要拉緊緊急煞車，看看我們所有的產品開發計劃，看看那些我標記的新功能甚至不在我們的可見性清單上正在上升，但緊急煞車把真實效果。

Well, no, this is the one where you're in reverse and you pull the break is like the Dukes of Hazard to say that there was it was a pretty big shift.

好吧，不，這是你逆轉的情況，你拉開了突破，就像阿扎爾公爵說這是一個相當大的轉變。

And for example, one that came out of that.

例如，由此產生的一個。

We also do these AI roundtables what their customer round tables.

我們也舉辦這些人工智慧圓桌會議，就像他們的客戶圓桌會議一樣。

But we did was really focused on a I add one thing that became very clear was being able to do real-time translation on a body camera would be just insanely valuable rated at the top of the charge.

但我們確實專注於我補充說的一件事，這一點變得非常清楚，那就是能夠在隨身相機上進行即時翻譯將是非常有價值的。

Joe, we pivoted Joe, basically these you can imagine like how disruptive is the today's managing like 2,500 engineers I hold on.

喬，我們以喬為中心，基本上你可以想像這些，就像今天我所擁有的 2,500 名工程師的管理是多麼具有破壞性。

We know we've got everything planned deliveries working but literally disrupt everything.

我們知道我們已經完成了所有計劃的交付工作，但實際上卻擾亂了一切。

And I think that enabled us to talk about six or seven major eight AI. features by IACP. already.

我認為這使我們能夠談論六到七個主要的八個人工智慧。 IACP 的功能。已經。

I'm really proud of, you know, companies in our scale.

我真的為我們這樣規模的公司感到自豪。

It's hard to move like that.

就這樣移動起來很困難。

Tom Brady.

湯姆·布雷迪.

So our customers are seeing, again, things that just feel almost magical that are possible with a high and our investment in things like REACRI. ethics Advisory Council to help us do safety testing on things like draft one, just simply running tests to see if you change the rate of the subject, does that pick up any hit local buyers from the global dataset that these models are trained on?

因此，我們的客戶再次看到，透過我們對 REACRI 等產品的高投入和投資，可以實現幾乎神奇的事情。道德諮詢委員會幫助我們對草案一等內容進行安全測試，只需運行測試來看看您是否改變了主題的比率，這是否會從這些模型所訓練的全球數據集中找到任何熱門的本地買家？

And we did pick up some things like word choice.

我們確實學到了一些東西，例如單字選擇。

If it says the demand you're seeing versus amount left the scene, you can really change the emotional perception of that statement.

如果它說的是您看到的需求與離開場景的數量，那麼您確實可以改變對該聲明的情感感知。

And so we did things like tuning down from the word choice severity.

所以我們做了一些事情，例如降低單字選擇的嚴重性。

So there are a high rate of the most boring police report.

所以最無聊的警察報告的出現率很高。

It can right, because it's a humans jobs out of motion in tone to it.

它可以是對的，因為這是人類工作的基調。

So anyway, I think that that focus is really rejuvenated interest in the real-time body cameras.

所以無論如何，我認為這個焦點確實重新激發了人們對即時隨身相機的興趣。

You all may remember a few years ago we had this whole debate about rate.

大家可能還記得幾年前我們就利率進行了整個辯論。

Should we put a wireless chip U.S. Cellular LTE chip in the camera.

我們是否應該在相機中放置無線晶片 U.S. Cellular LTE 晶片。

Our customers were telling us they actually not only were they not interested in it.

我們的客戶告訴我們，他們實際上不僅對此不感興趣。

There were skeptical of it.

有人對此表示懷疑。

We're hearing things they are and what my boss watching the real time and micromanaging me from the field.

我們聽到了他們的情況，我的老闆實時觀看並在現場對我進行微觀管理。

And we still think, you know, it may not be don't want to Real's stream real-time video, but there's going to be something they're going to want to do.

我們仍然認為，你知道，可能不是不想播放 Real 的實時視頻，但他們會想做一些事情。

And so not only did we decide to put the VLT chip in the camera, we decided to put it in every case, we made a decision not to sell a camera without it because we knew our customers.

因此，我們不僅決定將 VLT 晶片放入相機中，而且決定將其放入每種情況下，我們決定不銷售沒有它的相機，因為我們了解我們的客戶。

If we had a cheaper care, I'm or without the thing they didn't know they need to get to when they would buy.

如果我們有更便宜的護理，我或沒有他們不知道他們在購買時需要得到的東西。

And there were some short-term pain because our cost of goods crept up and maybe, you know, our customers around these upgrade plans where they get the next camera that we don't get the charge and many more for it.

短期內我們會遇到一些痛苦，因為我們的商品成本不斷上升，也許我們的客戶圍繞這些升級計劃購買了我們不收取費用的下一款相機以及更多其他相機。

So eating and $80 price increase on the hopes and dreams that we would find value for that was a bit of a risky bet.

因此，為了我們認為有價值的希望和夢想而吃東西並漲價 80 美元是一個有點冒險的賭注。

We'll now that's really coming home to roost because things like draft one are only possible because of that real-time connectivity, real-time translation only possible because of that real-time connectivity.

現在我們將真正回到正題，因為像第一稿這樣的事情只有透過即時連線才可能實現，即時翻譯也只有因為即時連線才可能實現。

So I think we're now reaping the games of some of those bets we've made historically and it's across the portfolio.

因此，我認為我們現在正在收穫我們歷史上所做的一些賭注，而這些賭注遍及整個投資組合。

I don't think there's any one thing.

我不認為有任何一件事。

That's what makes us just so exciting.

這就是讓我們如此興奮的原因。

I mean, it makes judge just job so difficult for me because I'm drawing a 1,000 features that Japanese I called out the Slough, slow it down.

我的意思是，這讓法官的工作對我來說變得如此困難，因為我正在繪製 1,000 個日本特徵，我稱之為泥沼，放慢速度。

We got to like rationalize the sequencing.

我們必須合理化排序。

And when we're going to be so things have been what are the things that are going to be a delightful to use out of the gate now that aren't going to go over that customer expectations that of course, you Brittany as well, making sure that we're holding the line on how much we're spending on all this stuff, adding to what you thought the Goldilocks and magical, I think about Exxon's flywheel, things like the questions about what's happening with bookings or demand like right now and then everything Rick's talking about the future.

當我們要成為這樣的事情時，現在哪些東西將是令人愉快地使用的，並且不會超出客戶的期望，當然，你布列塔尼也是如此，確保我們控制住在所有這些東西上花費的金額，添加到你認為的金發姑娘和神奇的東西，我想到埃克森美孚的飛輪，諸如有關預訂或需求發生的問題等問題時不時地談論里克談論未來的一切。

As you know, all of our new innovations are really leading indicators of this time.

如你所知，我們所有的新創新都是這個時代的真正領先指標。

Next year's growth, not about this quarter's growth because of the sales cycle stuff because of building stuff, but they feed into customers.

明年的成長，不是本季的成長，因為銷售週期的問題，因為建築的問題，但它們會回饋給客戶。

Excited meant about their bet on Activa for the long term.

興奮意味著他們對 Activa 的長期押注。

But the bookings that are in this quarter next quarter or about the pipe, as Josh talked about that got that got laid nine months ago and it all connects and that ongoing C-class feeding upon ourselves in a really great virtue Virtu MYSTIC way.

但是本季度下季度的預訂或有關管道的預訂，正如喬什所說，九個月前就已經鋪設好了，一切都連接在一起，正在進行的C 級以一種真正偉大的美德Virtu MYSTIC 的方式餵養我們自己。

We're super excited about a Jamie, was your question specifically international at all?

我們對傑米感到非常興奮，你的問題是不是特別國際化？

Or was that that?

或者就是那樣？

Yes, yes.

是的，是的。

I was just kind of what's driving that and preemptive internationalized.

我就是推動這一趨勢並先發制人地國際化的人。

Yes, for sure.

是的，當然。

And I think you're going to actually answer the question.

我認為你會真正回答這個問題。

You asked specifically everything's optional, but we might as well as about one as well.

您特別詢問了所有內容都是可選的，但我們也可能會選擇其中之一。

So on on international, as you know, we in searching for new CROs are big priority was upping our game internationally.

因此，在國際方面，如您所知，我們在尋找新的 CRO 時的首要任務是提高我們的國際水平。

And Cameron Brooks has come in really early on this year of hit the ground running and is really just held up our game in terms of the call, would you have the team, the quality of the execution, how we're executing now, but also building for the future.

卡梅倫·布魯克斯今年很早就開始了工作，並且在電話方面確實阻礙了我們的比賽，你是否擁有團隊，執行的質量，我們現在的執行方式，但是也為未來建設。

And I think just across the board, we've got some new players on the team that are that are really good tenant free agent signings.

我認為從整體來說，我們隊中有一些新球員，他們是非常好的租戶自由球員簽約。

We've got a lot of customer momentum from the work that's been done in the last couple of years.

我們從過去幾年所做的工作中獲得了極大的客戶動力。

And I will start and frankly, just see things come to a more of a Polish level.

坦白說，我將開始，只是看到事情變得更加波蘭化。

And there's still a long way to go huge TAM out there.

距離 TAM 的發展還有很長的路要走。

Everything's going to take time just due to the fact you're dealing with federal governments and all of these countries, not staying local police forces that are able to operate semi autonomously.

一切都需要時間，因為你要與聯邦政府和所有這些國家打交道，而不是與能夠半自主運作的當地警察部隊打交道。

So so it's still there to be a grand, but we really, really believe we're on the right track.

所以它仍然是一場盛大的比賽，但我們真的、真的相信我們走在正確的軌道上。

And it's a journey to kind of a team we're building here led by Cameron.

這是我們在這裡建立的由卡梅倫領導的團隊的旅程。

Thank you so much and congrats again, you've got to June.

非常感謝你，再次恭喜你，你已經到了六月了。

Thanks.

謝謝。

Thanks, Jami.

謝謝，賈米。

Up next, we have Jordan at Bank of America.

接下來是美國銀行的喬丹。

Thank you, guys, for taking the question on the administration change, how are you guys looking at the opportunities versus the risks involved?

謝謝你們提出有關政府變動的問題，你們如何看待所涉及的機會和風險？

Just with what plans have been said, if they were not the increased emphasis on border security versus tariffs?

就剛才所說的計劃而言，如果不是更強調邊境安全而不是關稅呢？

Yes.

是的。

I appreciate the question, Jordan.

我很欣賞這個問題，喬丹。

I'd say the first thing that I want to make really clear, like we have a very a political culture at Amazon.

我想說的第一件事是我想澄清的，就像我們在亞馬遜有一個非常政治化的文化。

We know we've got to be successful and a Democratic administration as well as a Republican administration.

我們知道我們必須取得成功，無論是民主黨政府還是共和黨政府。

And we've only seen that over the last 10 years with both parties being in power and the business continuing to grow.

我們只是在過去 10 年裡雙方都掌權並且業務持續成長時才看到這一點。

Of course, there are going to be some interesting opportunities for us in the new administration is focused primarily on border security.

當然，在主要關注邊境安全的新政府中，我們將會有一些有趣的機會。

We're excited about how we can help there in our new capabilities that we can bring to the table to offer support on that.

我們很高興能夠利用我們的新功能來提供協助，並為此提供支援。

But at the high level, certainly, we believe look like saving lives are driving transparency and delivering disruptive technologies to governments and public safety agencies around the world.

但在高層，我們當然相信拯救生命正在推動透明度並為世界各地的政府和公共安全機構提供顛覆性技術。

Those are things that are are really not specific to which parties and power.

這些事情其實並不特定於哪個政黨和權力。

And we're focused on just delivering the best products we can.

我們專注於提供最好的產品。

And then just if tariffs are imposed, how are you looking at what levers you can pull to offset any supply chain component changes?

那麼，如果徵收關稅，您如何考慮可以利用哪些槓桿來抵消供應鏈組成部分的變化？

It certainly lived in an environment of tariff before or our philosophy is January to be pretty flexible.

它之前肯定生活在關稅環境中，或者我們的理念是一月份相當靈活。

We've got multiple sources from a supplier standpoint.

從供應商的角度來看，我們有多個來源。

We do or we manufacture our teasers like in the US than it ordinarily beyond component parts that come in.

我們像在美國一樣製造我們的預告片，而不是通常超出進來的零件。

And so but we'll just work through it and we'll be flexible and and and be nimble as those come through.

所以，我們會努力解決這個問題，並且在這些事情發生時我們會保持靈活性。

And it may seem that they are.

看起來確實如此。

Thank you, guys.

謝謝你們，夥計們。

Fixture of naturally have Josh Riley at Needham.

喬許·萊利（Josh Riley）自然是尼達姆的固定球員。

All right.

好的。

Thanks for taking my questions.

感謝您回答我的問題。

And maybe just starting off, can you discuss how the FedRAMP status in your position and the I believe the only cloud body cam vendor with the highest level FedRAMP status has been helping you win, you have a federal opportunities?

也許剛開始，您能否討論一下您所在職位的 FedRAMP 狀態以及我相信唯一具有最高級別 FedRAMP 狀態的雲端隨身攝影機供應商如何幫助您贏得聯邦機會？

And how just along with that, Howard, the growth in US federal then I guess relative to the broader business this year, that's significantly above the consolidated growth rate.

霍華德，同時，我想相對於今年更廣泛的業務，美國聯邦的成長明顯高於綜合成長率。

I know you don't break it out, but any color there would be helpful.

我知道你不會把它打破，但任何顏色都會有幫助。

Yes.

是的。

Thanks a lot, Josh.

非常感謝，喬許。

On the first question regarding federal, look like we've invested a lot and we've put a lot of effort into being a FedRAMP High product in the federal government, no question about that.

關於關於聯邦的第一個問題，看起來我們已經投入了大量資金，並且為成為聯邦政府的 FedRAMP 高產品付出了很多努力，這是毫無疑問的。

And and that's certainly a differentiator for us.

這對我們來說無疑是一個與眾不同的因素。

But I would be so bold as to say, even if everybody was on FedRAMP, we're still winning the majority deals and state and local.

但我可以大膽地說，即使每個人都參與 FedRAMP，我們仍然贏得了州和地方的大多數交易。

We're we're competing against the same companies without FedRAMP.

我們正在與沒有 FedRAMP 的同一家公司競爭。

And so I think it's more of a tribute to the teams, quality, product delivery and the federal teams, phenomenal execution on the sales and more importantly, the support from for our for our federal law enforcement customers.

因此，我認為這更多的是對團隊、品質、產品交付和聯邦團隊、出色的銷售執行力以及更重要的是我們對聯邦執法客戶的支持的致敬。

And so the team has done a nice job this year.

因此，該團隊今年做得很好。

There's as I said in my remarks, there's a lot to still close in Q4.

正如我在演講中所說，第四季仍有許多工作需要完成。

We could have a better Q4 than Q3 uncommon because of the end of the budget year at the end of Q2 three.

由於預算年度在第二季第三季結束時結束，我們的第四季可能會比第三季更好，這並不常見。

And so we'll have to see where the dust settles, but certainly exciting double digit growth on federal and a lot of conviction that were on the right path there.

因此，我們必須看看塵埃落定的地方，但聯邦的兩位數增長肯定令人興奮，並且有很多人相信那裡的道路是正確的。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just going back to the T their revenues, you know, I think real generally know that that capacity has been increasing sequentially, but maybe just over the next three or four quarters, should we assume that, you know, I know you said that maybe the sequential increases or have you may not be the same, but is it safe to assume there's still more capacity increases that will be coming in the next kind of three to five quarters as well?

然後回到他們的收入，你知道，我認為真正普遍知道產能一直在連續增加，但也許就在接下來的三到四個季度，我們是否應該假設，你知道，我知道你說也許連續的增長或者你可能不一樣，但可以安全地假設在接下來的三到五個季度中還會有更多的產能成長嗎？

Thank you.

謝謝。

Yes, for sure.

是的，當然。

I mean, you know, we as we talk about capacity, we have both current capacity and handle capacity.

我的意思是，你知道，當我們談論產能時，我們既有當前產能，也有處理產能。

And as you can imagine, we're working to bring both in there that can meet that demand.

正如您可以想像的那樣，我們正在努力將兩者引入以滿足這一需求。

We see out there lead times, we do have automation equipment.

我們看到交貨時間，我們確實有自動化設備。

So it's not which, you know, we've turned on as much supply immediately as they would like.

所以，你知道，我們並沒有立即按照他們的意願提供盡可能多的供應。

And so you can see the result of us getting more supplier in this quarter.

所以你可以看到我們在本季獲得更多供應商的結果。

And then again, the growth is particularly impressive this quarter.

話又說回來，本季的成長尤其令人印象深刻。

I want to temper everyone's expectation on that looking the same every quarter that, yes, we'll keep bringing capacity elements.

我想緩和大家的期望，每季看起來都一樣，是的，我們將繼續帶來容量元素。

We continue to see demand increase.

我們繼續看到需求增加。

I often think that entail.

我經常認為這需要。

Thanks, Josh.

謝謝，喬許。

And next we'll go to the terminal Osher, JMP.

接下來我們將前往 Osher 航站樓，JMP。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

And it may be a recurring or Josh, kind of high-level one for you.

它可能是一個反覆出現的或喬什，對你來說是一種高級的。

Circling back to the D drawn or just general DFR opportunity at, can you does that seem to be in your minds and kind of a state and local US domestic kind of initial push?

回到 D 抽籤或一般 DFR 機會，您是否認為這似乎是您的想法，並且是美國國內各州和當地的初步推動？

Or is there international opportunities along the lines there?

或者那裡有類似的國際機會嗎？

And I guess I asked from the standpoint of some seems like that landing or any time on their stage or and or previous models is sort of that kind of the Texas U.S. business.

我想我從某些人的角度問，似乎登陸或任何時候在他們的舞台上或和或以前的模型都是那種美國德克薩斯州的業務。

And it seems to be similar type of path and kind of the international front.

這似乎是類似的路徑類型和國際戰線類型。

But just curious if there's ways for DFRR. type of use cases to be more again and that type of the spear kind of on the international front with respect to be drawn.

但只是好奇是否有 DFRR 的方法。用例類型會更多，並且在國際戰線上的矛類型會被繪製。

And the other things as we can do or if it does start first just degrown by itself without DFR kind of interest internationally.

我們能做的其他事情，或者如果它確實首先開始的話，如果沒有國際上對 DFR 的興趣，它就會自行退化。

I mean, every country in the world is now thinking about how they're going to deal with known threats in the past 24 months.

我的意思是，世界上每個國家現在都在考慮如何應對過去 24 個月內已知的威脅。

And in many cases, a deep product, just a great capabilities.

在很多情況下，一個深入的產品，只是一個強大的功能。

The COD. has brought us new customers to what was the World Cup in Qatar, the NFL stadiums, critical infrastructure and that we're seeing the same thing with fuses.

貨到付款。為我們帶來了卡達世界盃、NFL 體育場、關鍵基礎設施的新客戶，我們在保險絲上也看到了同樣的情況。

I mean, both of these acquisitions, these are two big bites for us to take out this closely together, Tom, it's been really impressive how much customer interest there has been in those unit with fuses.

我的意思是，這兩項收購，對我們來說是兩個重大的收購，要我們緊密合作，湯姆，客戶對這些帶有保險絲的設備的興趣確實令人印象深刻。

That's really supercharge our enterprise customers.

這確實讓我們的企業客戶受益匪淺。

Enterprises want to be able to work collaboratively with public safety and fuses becomes the backbone of doing that in real time degrown.

企業希望能夠與公共安全部門合作，而熔斷器成為即時實現這一目標的支柱。

We think there's more of a new angle into military customers for us.

我們認為對我們來說，軍事客戶有更多新的視角。

Militaries around the world are very interested in how you deal with these small first person or Maverick style, drones, critical infrastructure and enterprise there as well.

世界各地的軍隊都對如何處理這些小型第一人稱或特立獨行的無人機、關鍵基礎設施和企業非常感興趣。

So I'd say degrown, even on its own is having not only interesting to our existing customers and frankly, probably even more interesting to the new customer sets they're bringing to us.

因此，我想說的是，即使是其本身，不僅對我們現有的客戶感興趣，而且坦白說，可能對他們帶給我們的新客戶群更感興趣。

The DFR is what's making counter drone, especially relevant when I surveying our customers state local, the responses are yes, we're kind of interested in counter drone, but it's not really our mission set today to be now that for us, is more of a future bet that that's going to come on.

DFR 是製造反無人機的關鍵，當我對當地客戶進行調查時尤其相關，答案是肯定的，我們對反無人機有點感興趣，但這並不是我們今天設定的使命，對我們來說，更多的是未來的賭注，這將會發生。

Your plate is put, the DFR thing is here.

你的盤子已經放好，DFR 的東西就在這裡。

And now that's where our customers really like about.

現在這就是我們的客戶真正喜歡的地方。

If I can use degrown to enable DFR, I want to be able to apply my own drugs, not something I can do today, but I've got to do in this awkward way where I've got people standing of rooftops and it's Canada's manual include GPs, and we make it much safer and less clear to you by putting a data center up there.

如果我可以使用degrown 來啟用DFR，我希望能夠使用我自己的藥物，這不是我今天可以做的事情，但我必須以這種尷尬的方式來做，我讓人們站在屋頂上，這是加拿大的手冊中包括全科醫生，我們透過在那裡建立一個資料中心，讓您更安全、更清晰。

So I also am getting interest.

所以我也產生了興趣。

Where was that we had another DFR use case in one of our other markets.

我們在其他市場之一有另一個 DFR 用例在哪裡？

It's not grown as a first responder, but for competitive reasons, I don't want to name with sector.

它並不是作為第一個響應者而成長的，但出於競爭原因，我不想以部門命名。

It is, but this was a non law enforcement sector and they don't need to be flying garages first responder.

是的，但這是一個非執法部門，他們不需要成為飛行車庫的急救人員。

But boy, I sure would like to be able to fly drones on automated patrol around their facilities.

但是天哪，我確實希望能夠駕駛無人機在他們的設施周圍進行自動巡邏。

And so our partnership with Sky depletion drone, and I'd really come together natural, really for us to be able to service a lot more than just drawn as a first responder for police, if you want to fly a drone without having to have manual human overseer on-site, like we could take that risk.

因此，我們與 Sky depletion 無人機的合作關係，我真的很自然地走到了一起，真的，我們能夠提供的服務不僅僅是作為警察的急救人員，如果你想駕駛無人機而不必擁有現場人工監督員，就像我們可以承擔這個風險一樣。

And it was a partner as well, brings us into potentially new customers in critical infrastructure and elsewhere where we haven't been historically.

它也是一個合作夥伴，為我們帶來了關鍵基礎設施和我們歷史上從未接觸過的其他領域的潛在新客戶。

Thanks for.

謝謝。

Thanks, Trevor.

謝謝，特雷弗。

Next.

下一個。

We have a key element North Coast now.

我們現在有一個關鍵要素北海岸。

Good morning, guys.

早安，夥計們。

I know we're running long here sometime make my questions quick just real quick.

我知道我們在這裡的時間很長，有時會讓我的問題變得很快。

Britney, you talk about the impact on our pro forma interconnected pro forma catching up with a T. 10 new capacity.

布蘭妮，您談到了對我們備考互連備考趕上 T.10 新容量的影響。

How much of growth in the quarter, we would you say it was more of a catch-up of capacity yet as a normalized demand?

您認為本季成長了多少，這更多的是產能的追趕，但仍是正常化的需求？

I would break it out necessarily, Keith.

我一定會打破它，基斯。

What I would say is we've had incredible demand like our demand has been outpacing our capacity.

我想說的是，我們的需求令人難以置信，就像我們的需求已經超過了我們的能力一樣。

And so as that demand and growth every quarter, we need to bring more capacity on the quarter with a combination of the two.

因此，隨著每季的需求和成長，我們需要將兩者結合起來，在本季增加產能。

But I wouldn't say it's not like through backlog or something like that to deliver.

但我不會說這不是透過積壓或類似的方式來交付。

You're just seeing the ability for us to shift more into that demand.

您只是看到我們有能力更多地滿足這一需求。

Appreciate it.

欣賞它。

And services.

和服務。

I know services can be lumpy on both the sequential growth in services of about $6 million.

我知道服務業可能會出現波動，服務業連續成長約 600 萬美元。

Personal loans has grown sequentially for several years.

個人貸款連續幾年持續成長。

If I look at it correctly and it happened in the quarter, how should we think about services going forward?

如果我正確地看待它並且它發生在本季度，那麼我們應該如何考慮未來的服務？

Yes, great.

是的，太好了。

Great question.

很好的問題。

I think there's two pieces.

我認為有兩塊。

And now one, there's a little bit of a lag in that stack as you go through each quarter.

現在，當你經歷每個季度時，堆疊中會有一點滯後。

So what we really booked in Q3 will show up in Q4 and still a little bit of what you're seeing in this gap in the quarter.

因此，我們在第三季真正預訂的內容將在第四季度出現，並且仍然是您在本季的間隙中看到的一些內容。

Sort of, you know what what was going on in Q2 from a booking standpoint, and that's because many of the bookings come in pretty late in the quarter.

某種程度上，從預訂的角度來看，您知道第二季度發生了什麼，這是因為許多預訂是在本季較晚的時候到來的。

So they don't the revenue from that doesn't necessarily get captured in our actual number.

因此，他們並不認為由此產生的收入不一定會包含在我們的實際數字中。

Then the other piece that's going on in there that both our software stack and our services business.

然後是我們的軟體堆疊和服務業務的另一部分。

And so with some of the deployment of our fleet hardware being down in the quarter that you can see in the fleet number, we actually have less professional services associated with fleet.

因此，由於我們的車隊硬體部署在本季度有所下降，您可以在車隊數量中看到，我們實際上與車隊相關的專業服務較少。

And so that's actually offsetting some of the software piece.

所以這實際上抵消了一些軟體部分。

So if you were just looking at software, you would see a larger steps and what's coming through.

因此，如果您只專注於軟體，您會看到更大的步驟以及正在發生的事情。

And in the number you're actually seeing the actually had a step down in PS, which is atypical.

在數字中，你實際上看到 PS 確實有所下降，這是不典型的。

Normally PSL is growing and software and it's growing, but because we came down that you're seeing that dynamic fashion.

通常情況下，PSL 和軟體都在成長，但因為我們下來你看到的是充滿活力的時尚。

Ok, operator, I'll turn back over.

好的，接線生，我這就回去。

Thank you.

謝謝。

Thanks, J.D. Power will trying to get everyone in here.

謝謝，J.D. Power 將盡力讓大家來到這裡。

We will power Baird.

我們將為貝爾德提供動力。

Okay, for us and thank you all.

好的，對我們來說，謝謝大家。

Congratulations on a new restaurant for our execution.

恭喜我們的新餐廳開幕。

On the question, probably for brinci of the software and ARR growth continues to be very good.

就這個問題而言，可能對於brinci 來說，該軟體和ARR 的成長仍然非常好。

There was some deceleration there.

那裡有一些減速。

I guess if there's any other color impact's going to be aware of there and how to think about modeling that going forward as mid 30s found the right growth rate and what are the puts and takes there?

我想是否還有其他色彩影響會被注意到，以及如何考慮未來的建模，因為 30 多歲找到了正確的增長率，以及那裡的看跌期權和拿貨是什麼？

I mean that we look at that sort of on an average basis, like I think because of the dynamics I just talked about our timing of when bookings come in next quarter, looking at any one quarter is not as good as sort of averaging out over the year.

我的意思是，我們會在平均基礎上進行考察，就像我認為的那樣，因為我剛剛談到了下季度預訂時間的動態，所以考察任何一個季度都不如對整個季度進行平均。

And the team has things like seasonality playing into that.

該團隊還存在季節性因素。

So I would say nothing underlying it.

所以我不會說什麼。

That would change our unit sort of four to six quarter average.

這將改變我們單位四到六個季度的平均水平。

On anything on the staff on ARR growth, on any of that, you're just seeing a little bit of timing and have quarterly lower what's showing up in Q3 as well?

在員工的 ARR 成長方面，在任何方面，您都只是看到了一些時機，第三季也出現了季度下降？

Ricky.

瑞奇。

And to what I will show up in Q2 for is really what we're telling you about with strength in Q2 three.

我將在第二季度出現的內容實際上是我們在第二季第三季告訴您的實力。

And then what will show up in Q1 will be whatever we deliver in Q4 ramped up just to kind of leave it there.

然後，第一季將出現的內容將是我們在第四季度交付的所有內容，只是將其留在那裡。

Thank you.

謝謝。

All know from we have one line of Jeremy Hamblin with Craig-Hallum.

眾所周知，我們有傑里米·漢布林 (Jeremy Hamblin) 和克雷格·哈勒姆 (Craig-Hallum) 的台詞。

Thanks and congrats on another fantastic quarter.

感謝並祝賀又一個精彩的季度。

I want to come back to the teaser just for a second.

我想再回到預告片。

Great.

偉大的。

So I think 50% year over year growth on really impressive.

所以我認為 50% 的年成長確實令人印象深刻。

And it sounds like getting great traction on the international front from.

這聽起來像是在國際戰線上獲得了巨大的關注。

I wanted to see if we could unpack the driver there in itself, sounds like is really picking up on the international piece of the business.

我想看看我們是否可以將驅動程式本身拆開，聽起來真的很適合國際業務。

We know that there's a lot of opportunity domestically still, but internationally, is this more about the capability?

我們知道國內還有很多機會，但在國際上，更多的是能力嗎？

And I think you are just seeing what the device does versus the prior version on it is a huge step forward from a technology perspective.

我認為您只是看到了該設備與之前版本相比的功能，從技術角度來看這是一個巨大的進步。

But does this make you think that the longer of potential is quite a bit bigger internationally than maybe what you've seen before?

但這是否讓您認為國際上的長期潛力比您以前看到的要大得多？

That's part one of my question.

這是我的問題的一部分。

The second part, it actually has to do with cartridge cartridge revenue relative to the growth in teaser was really not that that was it was up, I think maybe about 10% year over year.

第二部分，它實際上與墨盒收入有關，相對於預告片的成長，我認為可能比去年同期成長 10% 左右。

And I'm just curious if there were something in particular there why that didn't grow a little bit stronger?

我只是好奇是否有什麼特別的東西為什麼沒有變得更強大一點？

Yes, I can maybe start with territories because that's easy.

是的，我也許可以從領土開始，因為這很容易。

And then if John wants to talk more about gene therapy, can most of our IP, their customers are on started about cartridge deployment plan, which smooths out.

然後，如果約翰想更多地談論基因治療，我們的大多數知識產權，他們的客戶都可以開始討論墨盒部署計劃，這會順利進行。

How do you see concerns revenue come in.

您如何看待收入的擔憂？

But we do have international customers who are now on a plan.

但我們確實有一些國際客戶現在正在製定計劃。

And so what you'll see as every now and then our heritage revenue, it is particularly lumpy quarter in the quarter until last quarter, we had some big international come.

因此，您不時會看到我們的傳統收入，這個季度特別不穩定，直到上個季度，我們有一些大型國際公司的到來。

Customers come in and place cartridge ordered, and then that didn't repeat this quarter.

客戶進來並放置訂購的墨盒，然後本季就沒有再發生這種情況。

So again, looking at a longer trend line of cartridge growth versus last quarter to this quarter.

再次，觀察與上季度到本季相比較長的墨盒成長趨勢線。

And then I think the only other thing I can maybe give a little more color on period before I turn it over to Josh, is in our last quarter in his script, Josh talked a bit about how much demand we're seeing for decades or 10 relative cities are seven energy demand is sort of to that.

然後我想在我把它交給喬什之前，我唯一可以給它更多色彩的另一件事是在他的劇本的最後一個季度，喬什談到了我們幾十年來看到的需求量或10 個相關城市中有7 個能源需求與此類似。

The paste, we are still seeing really good performance from K. their setup.

貼上後，我們仍然看到 K. 他們的設置確實表現出色。

And and so part of what you're seeing in this quarter, not only are you getting all of those benefits from case or 10 that we've been talking about, but we do still have customers ordering teaser salmon and some of our other legacy cases are handled and products until that, that sort of combining together, particularly FX result?

因此，您在本季度看到的部分內容是，您不僅可以從我們一直在談論的案例或 10 中獲得所有這些好處，而且我們仍然有客戶訂購挑逗鮭魚和我們的其他一些傳統產品案件處理和產品，直到那，那種結合在一起，特別是外匯結果？

Yes.

是的。

I'd say it's in part due to interest.

我想說，部分原因是興趣。

We're getting better that we're building relationships, kind of what the right customers were doing, a better job of explaining and demonstrating the value that teasers Burton complete, both in terms of lives saved, but also in terms of officer, safety increase in workers' comp decreasing and just some of the issues that come along with the absence of teaser deployments.

我們正在做得更好，我們正在建立關係，就像正確的客戶正在做的那樣，更好地解釋和展示伯頓預告片所完成的價值，無論是在拯救生命方面，還是在官員和安全方面工人報酬的增加減少，以及由於缺乏預告片部署而帶來的一些問題。

But I think the bigger thing is just very simple.

但我認為更大的事情非常簡單。

We have a phenomenal product market fit with this product, and that's really Credit Direct like our culture.

我們擁有與該產品相適應的非凡產品市場，這就是像我們的文化一樣的「信用直接」。

Customers are for the first time, really seeing that man.

顧客還是第一次真正見到那個人。

This thing is on track to outperforming a firearm in the field and we've been talking about it for a long time, but for 30 years was only up to two thoughts.

這東西在戰場上的表現有望超越槍支，我們已經討論它很長時間了，但 30 年來最多只有兩個想法。

That was still one of the pipe to lower.

那仍然是需要降低的管道之一。

We're seeing in the 10 shots and customers are saying, man, you know, the increase distance of 45, the combined with the number of shops combined with the better penetration, those are all things that I think are inspiring more confidence in the device from our customers, whether they be in state, local or federal or international.

我們在 10 個鏡頭中看到，顧客們說，夥計，你知道，增加了 45 個距離，再加上商店的數量以及更好的滲透率，我認為這些都激發了人們對我們的客戶的設備，無論他們是在州、地方、聯邦或國際。

And so I think that's really it's a good sales execution with a product that has a phenomenal product market fit.

因此，我認為這確實是一種良好的銷售執行，其產品具有驚人的產品市場契合度。

Great.

偉大的。

Thanks for all the color and best wishes.

感謝所有的色彩和最美好的祝愿。

Thanks, Jeremy.

謝謝，傑里米。

It was nice to see many of you at ICP. Thanks for making the trip out there and great to see at the boot.

很高興在 ICP 見到你們中的許多人。感謝您來到這裡旅行，很高興在啟動時看到。

Thanks, Jeremy, and thanks, everyone.

謝謝傑里米，謝謝大家。

For us, we'll give it directly close us out.

對於我們來說，我們會直接將其關閉。

Right.

正確的。

So I have two things I want to conclude on.

所以我想總結兩件事。

one.

一。

I want to be careful in my previous statement, would I talked about the election results I'm talking about which party one, where on some of the overall political environment, for example, in California, voters approved Proposition 36 that we raised the penalties for shoplifting and certain general shift that manifested in this election swing the pendulum more supportive of public safety in general.

我想在我之前的發言中要小心一點，我是否會談論選舉結果，我談論的是哪個政黨，在一些整體政治環境上，例如在加利福尼亞州，選民批准了我們提高處罰的36號提案對於入店行竊和本次選舉中表現出的某些整體轉變，鐘擺整體上更加支持公共安全。

And I would say in our company, we are violently nonpartisan.

我想說的是，在我們公司，我們是非常無黨派的。

We have passionate gun control, advocate and passionate second amendment gun owners who come to meetings to go there and are productive.

我們有熱情的槍支管制、倡導者和熱情的第二修正案槍支擁有者，他們來參加會議，並且富有成效。

And you could say it across all of the divisive issue in Baltics.

你可以在波羅的海的所有分歧問題上這麼說。

And I think Josh, in particular is good and great job from setting the tone from a leadership perspective that we want to be intellectually diverse place that where everyone is welcome.

我認為喬許的工作尤其出色，他從領導的角度定下了基調，即我們希望成為一個智力多元化的地方，每個人都受到歡迎。

And we keep the device of stuff like out of the office because we've got a job to do and we do best when the best and brightest smartest, most passionate people, no matter their political views feel like this is a place where they can come and do their best work.

我們把諸如此類的設備放在辦公室之外，因為我們有工作要做，當最優秀、最聰明、最聰明、最熱情的人，無論他們的政治觀點如何，都覺得這是一個他們可以發揮作用的地方時，我們就會做得最好。

Then the other thing I wanted to say it was your Brittany two years to explain back via that what you're seeing right now.

然後我想說的另一件事是你的布列塔尼兩年來透過你現在所看到的來解釋。

I mean, we see a lot of bringing his fingerprints on the P&L.

我的意思是，我們看到很多人都在損益表上留下了他的痕跡。

She really does a great job of just driving both operating and financial rigor of, you know, I come back from customers with all sorts of ideas.

她確實在推動營運和財務嚴謹方面做得非常出色，你知道，我從客戶那裡得到了各種各樣的想法。

Some people might say they're crazy.

有些人可能會說他們瘋了。

And some of them are between Brittany and Jeff, they've got to figure out, okay, how do we how do we sort through what we're actually going to execute on would actually go to product.

其中一些是在布列塔尼和傑夫之間，他們必須弄清楚，好吧，我們如何對我們實際要執行的內容進行排序，這些內容實際上會進入產品。

You could just give you in terms of if it's a great, Rick, this is really the idea.

你可以告訴你這是否很棒，瑞克，這確實是這個想法。

The idea is to take it from 5G to concrete for Brittany to work with the to make sure we can make this stuff and execute.

我們的想法是把它從 5G 變成具體的東西，讓布列塔尼與我們合作，以確保我們能夠製造這些東西並執行。

And then you, Josh and other key members are Jimmie Johnson has a lifelong Cabot.

然後你、喬許和其他關鍵成員吉米·約翰遜擁有終生的卡博特。

Sure.

當然。

You'll appreciate that reference.

你會很感激這個參考。

He's our head coach because I'm just building the team and the people that is the magic pill we're seeing now is we've got these awesome product in our team as we each have their own that through the whole of phenomenal execution, pay your the ownership is part of the.

他是我們的主教練，因為我正在組建球隊，而我們現在看到的這些人就是我們的神奇藥丸，我們團隊中擁有這些很棒的產品，因為我們每個人都通過整個非凡的執行力擁有自己的產品，支付給你的所有權是其中的一部分。

We appreciate our shareholders.

我們感謝我們的股東。

The analyst who take the time to get to know is over the years and are supportive of us using our shareholders' capital to go solve these problems that we're excited and interested to go do that.

多年來花時間了解的分析師支持我們利用股東資本來解決這些問題，我們對此感到興奮和有興趣這樣做。

Fundamentally, we believe, make the world a better place when we're done that, motivate everybody to come to work excited.

從根本上說，我們相信，當我們做到這一點時，世界會變得更美好，激勵每個人都興奮地去工作。

So I would have appreciated a belt a comparison over Jay Johnson, but we'll let that one slide should have made a bet whether I could get that by without comment but tight.

因此，我希望有一條腰帶與傑伊·約翰遜進行比較，但我們會讓一張幻燈片打賭我是否可以在沒有評論但緊張的情況下得到它。

So thanks, everybody.

謝謝大家。

Thanks to our team.

感謝我們的團隊。

Those people listening on the phone, what a phenomenal quarter.

那些在電話裡聽的人，真是非凡的季度。

And we're really excited to talk to you after the 1st year, but have a fantastic holiday season, you know how your kids and your family, hopefully the world's going to get a little less crazy over the next couple of years than it has been over the last few with what's been happening in the Middle East, Ukraine.

我們真的很高興在第一年之後與您交談，但是祝您度過一個愉快的假期，您知道您的孩子和您的家人如何，希望世界在接下來的幾年裡不會變得那麼瘋狂。

And since you so much violence in the world, right self admittedly was may be too optimistic in May 2017 or 18 book the end of killing the thought there at the end of war with proven sort of the thesis was wrong in terms of timing.

既然世界上有如此多的暴力，我承認，2017 年 5 月或 18 本書的結尾可能過於樂觀，在戰爭結束時扼殺了那裡的思想，事實證明該論文在時機上是錯誤的。

But I do think you mean anybody can do better and we can find ways to deal with threats while minimizing the loss of life.

但我確實認為你的意思是任何人都可以做得更好，我們可以找到應對威脅的方法，同時最大限度地減少生命損失。

And we're going to stay.

我們會留下來。

It's true that mission.

確實是這個使命。

So thanks, everybody.

謝謝大家。

During the holidays, we'll see you next year.

假期期間，我們明年再見。