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》的安全港條款。

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

這些評論針對截至今天的 19 項預期做出，並不保證未來的表現。

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

所有前瞻性陳述都受風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果大不相同。

As we discuss these risks in our SEC filings.

正如我們在美國證券交易委員會的文件中所討論的那樣，這些風險。

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公認會計準則財務指標，每項非公認會計準則指標的描述以及每項非公認會計準則指標與最直接可比較的公認會計準則指標的對賬，可在我們的股東信函以及投資者關係網站上找到。

Now turning to our quarterly update.

現在來看看我們的季度更新。

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

首先，我們將以一個簡短的影片開始展示，並舉例說明我們的一位客戶如何使用我們生態系統中的產品。

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來了解我正在關注的實施技術新聞以及人們對該技術可以做什麼的興奮之情，但我真正關注的是我們如何才能最好地支持我們的員工完成一項艱鉅的工作，並通過利用我們可用的技術使這項工作變得更容易一些。

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

我們是位於矽谷中部的一個小社區，與我們的社區保持著良好的關係。

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

我們將自己視為坎貝爾社區的真正一部分。

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. one of the is draft one.

我們開始與埃克森美孚合作，當時我們在 2000 年中期推出了預告片，我們就像觀察者一樣，從所有正在發生的令人驚奇的事情的角度來觀察，我們開始接受所有不同的內部平台和 axles 所提供的，並審視我們與埃克森美孚租戶的合作關係，這給了我們機會去做一些令人驚奇的事情。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% 的官員報告撰寫時間。

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.

這肯定減少了我的操作時間，當我被 HUD 使用時，失踪人員報告提升和輪班只是為了接收這些報告，它們必須是流動性，通常特別需要 30 到 45 分鐘，最終可能在五分鐘內完成，並且實際上能夠按時回家。

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

所以這真的很棒，並將報告發送給探測器，以便他們可以在那裡進行操作。

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

保羅，也許是由於我的職位原因，我的一些 Innovus 的停機時間可能會非常長。

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.

我發現自己對一名嫌疑人進行了五小時的能量觀察，然後我現在必須將這五小時的能量觀察轉化為一個大的 SA 規模，這對起草面試關鍵點的權利非常有幫助和益處。

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繳稅的草案，並且可以添加更多資訊以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程度的響應，很難只指出一個，從九個事件開始，到當前的值單位到警報應變，您可能對住宅和商業線路有了解，現在可以做出響應並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.

您知道嗎，警報已經響起，我們是否已經從朱莉安娜·阿吉拉爾 (Juliana Aguilar) 大樓跑出，那裡的貨幣像往常一樣出現，正如我們增強的情境通道一樣。

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.

這使我們更了解了我們為我們的機構提供的回應管道的適用性，以及我們在多倫多使用無人機和呼叫犬的情況，我們將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、無人機和小型建設，反義詞是關閉的嗎？

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.

或者是否存在無人機無法進入的協同工作論文領域，為我們提供了一種以前從未能夠獲得的視訊來源的方法。

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，使我們能夠傳輸隨身攝影機鏡頭、車載攝影機、 Vonage 無人機鏡頭、交通攝影機、皮膚 Fintur，這是一個機會，讓我們看到解決方案技術的一部分正在改變我們進行執法培訓的方式，這是我強烈鼓勵邁向的方向。

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，而且您有一個培訓中心，裡面有我從官員那裡得到的隨時可用的回饋。

Is there just feeling a lot more comfortable.

是不是感覺舒服多了。

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

我們不是一個大型機構，我們不會每天在現實世界中使用預告片。

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.

那麼我認為我們在訓練中所做的事情與這些要點有何關聯，然後在訓練中與之相關，有能力完成多個虛擬實境場景，為他們進入現實世界做好準備。

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.

當我審視埃克森美孚、審視執法技術的未來時，我希望有一個我可以信賴的合作夥伴，能夠站在打造新產品的前沿，最終保障我們的警官和社區的安全。

That's why I choose Exxon.

這就是我選擇埃克森美孚的原因。

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

埃克森美孚和海軍上將的合作夥伴的使命與我們的一致。

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.

所有這些結合在一起，創造了一種環境，為我們的警官提供了完成日常工作所需的工具，以及做出選擇和使用除槍支之外的其他方式的能力。

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

我對執法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.

對於坎貝爾部門，請具體說明，因為我認為我們將會這樣做。

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

未來的警務工作將會經歷一些變化。

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.

我要感謝所有觀看此文的人。

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

我非常感謝今天所有股東的到來。

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.

我真的很榮幸能再次向您帶來精彩的更新，並向您展示這些影片、我們一直在努力製作的帽子以及我們努力與客戶建立的關係。

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.

這些電話會議為我們提供了一個很好的機會，讓我們反思最近的發展勢頭，同時思考下一步該怎麼做，正如我過去與你們分享的那樣，我大部分時間都花在了我們的客戶和產品團隊身上，確保我們正在發明並專注於正確的事情，將我們的努力與客戶需要的地方相協調，在他們未來需要我們的地方。

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.

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。

Chiefs of Police Conference and several events at our offices and internationally.

警察局長會議以及在我們的辦公室和國際上舉辦的幾場活動。

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.

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

The interest is immense here, and we are already building a suite of products for our new AI.

人們對此的興趣非常濃厚，我們已經在為我們的新人工智慧建立一套產品。

Aeroplan providing access to an expanding set of solutions.

Aeroplan 提供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，我們了解並相信人工智慧創新正在快速發展。

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樣的速度不斷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提升。

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，為他們提供我們現有的解決方案以及為未來建設的解決方案。

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要的東西。

It evolves.

它在進化。

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的力量的方式。

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，我只是想了解很多讓我對我們的業務感到興奮的領域，但它並不是唯一一個透過 10 結合我們不斷擴展的虛擬實境或 V 的力量的領域。

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

我們的交易組合繼續發揮推動作用，成為我們在困難局勢中緩和局勢的一股顛覆性力量。

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 所具備的即時功能以先進回應和通訊方式實現了現代化，而這些方式幾十年來一直處於停滯狀態的公共安全通訊工具也終於實現了現代化。

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，機器人技術領域的無人機等較新的類別繼續加速發展，這有助於實現資本 PD。

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，補充一下我們今天在市場上看到的情況以及我們的客戶為我們所做的事情所投入的精力。

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

我們花了多年時間來實現公共安全運作方式的現代化。

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.

我們眼前的機會是推動真正改善的結果，這對我們的社區、對我們每天不知疲倦地工作的客戶、對我而言、對世界而言都是重要的，使世界更加安全。

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結果，但我相信我們的成功是以挽救的年數和生命來衡量的。

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.

我們將繼續專注於我們的登月目標和保護生命的使命，我們很感謝您與我們一起踏上這段旅程。

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

現在我將把話題交給喬希 (Josh)。

Is there.

有沒有。

Thanks a lot, Rick.

非常感謝，里克。

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.

本週非常好，我們參與了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，我們邀請客戶來工作，分享他們的故事，表彰我們的內部支持團隊，並加倍投入員工培訓。

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

確保色彩客戶始終處於我們的中心地位。

I'd like to share a quick anecdote to that end in response to the devastating hurricanes that impacted the southeastern U.S. In September and October, we deployed our apps on eight emergency response team to work alongside first responders around the clock for 16 days.

為了應對襲擊美國東南部的毀滅性颶風，我想分享一個簡短的故事。

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

我們的團隊將見證客戶的努力。

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，在這次任務中為他們提供一點小幫助是一種榮幸，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客戶取得更好的結果。

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.

我花了很多時間在這上面，並將其融入我們團隊的建設中。

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與客戶共同努力，並因為與他們的牢固合作而取得成果時，我仍然感到興奮和印象深刻。

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

我將簡要分享一些可以增強我信心的最新消息。

First, our record results.

首先，我們的記錄結果。

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

我們剛剛連續第 11 個季度實現了超過 25% 的成長率。

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

在第三季度，我們的成長超過了 30%，這使我們達到了季度完成的水平。

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

我們幾年前花了很多年才完成的事。

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

其次，雖然我們發展迅速，但我們仍然看好持續發展的多年成長機會。

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

我們在第三季結束時，以絕對金額和五年標準計算的預訂量均超過 10 億美元。

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

這是我們歷史上除去年第四季外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.

今年第四季是我們史上預訂量最強勁的季度，我們已經在執行史上最大的訂單管道，期望再次取得卓越和創紀錄的業績。

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，我們看到各方面實力的增強，包括我們州和地方的企業，以及以傑西卡·鄧肯 (Jessica Duncan) 為首的買家全力以赴。

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.

從我們早期看到的關注來看，我們的計劃向我表明，這項新產品可能成為我們未來一年更有意義的推動力之一。

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，我們的美國聯邦訂單量比幾年前全年的訂單量還要高，本季度我們十大國內交易中有四筆來自包括 DHSIRS 在內的多個機構的聯邦客戶。和美國鐵路公司。

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，我們預計在第四季度再次超越第三季度的預訂量，成為我們今年表現最強勁的一年，但國際預訂量接近去年第四季的歷史最高水平，較第二季度環比增長 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明顯將再次超過第三季。

Finally, we saw strong bookings from corrections.

最後，我們看到了來自修正的強勁預訂量。

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.

我們調整後的分部的客戶持續成長，我們有幾家財富 500 強公司在企業分部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，每個第四季度，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.

首先，用「Maxim」來結束這一年，一些強度和完美的執行，這些數字確保我們做好充分準備，在 2025 年創下紀錄。

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

我們有很多適應能力強、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.

我知道我經常這麼說，但我真的相信埃克森美孚正處於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.

我們面前有巨大的機會繼續進步，我們將積極把握。

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，讓她更詳細地介紹一切。

Thank you, Josh.

謝謝你，喬希。

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

下個季度是我和埃克森美孚合作兩週年，我們的業務確實非常出色。

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

我非常高興能夠分享另一個結果。

Great.

偉大的。

The Q3 , 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，利潤率達 26.7%。

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

我們在實現超過30%的營收成長的同時，也實現了利潤率的提高。

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

我們持續成功地優先平衡利潤與實現帕爾默強勁的營收成長。

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 Rick 和 John 所談到的，專注於產品創新和為客戶提供服務的思考過程仍然是我們的北極星，也是我們能夠繼續提供這些類型的成果的原因。

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

感謝我們團隊中每一個推動 SAP 發展的人。

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.

當我們深入了解細節時，我特別高興的是，從產品和客戶垂直角度來看，收入成長是廣泛的。

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.

我們的產品同樣實力雄厚。

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 的收購在我們多個垂直領域都取得了積極的進展，其 10 項收購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 的營收在本季表現出色，比去年同期成長了 36%，由於產能增加和廣泛的需求，這是我們電視部門兩年多來最強勁的成長。

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推動力。

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

Aircard 的淨收入增加了 8.85 億美元，我們的成長指標淨收入保留率也增加了 123%。

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％，埃克森美孚車身的強勁需求被車隊部分抵銷。

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 繼續保持強勁產品勢頭，但考慮到我們的關鍵時間和客戶部署計劃，我們預計將對硬體收入產生逐季度的興趣。

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，這是對我們剩餘履約義務的 GAAP 定義，不會與我們分享的有關預訂的所有評論掛鉤。

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勁的，正如 Josh 所說，今年第四季的預訂量繼續保持強勁，巴拿馬調整後的毛利率為 63.2%，環比穩定，比去年增長了約 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，隨著我們提高了團隊的自動化程度和效率，我們穩定了利潤率，並預計其利潤率將根據通常的業務組合動態維持大致水準。

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

調整後的 EBITDA 利潤率為 26.7%，創下三年來的新高，這得益於經營槓桿，因為我們在強勁的收入基礎上實現了規模化增長。您將在我們即將發布的 10-Q 報告中看到關於我們財務狀況的一條說明，我們對歷史財務狀況進行了修改，以反映某些領域的更正，這些更正與將我們的部分合作夥伴關係歸類為委託人而非代理人有關，我們得出的結論是，這些對任何以前發布的財務報表都不重要。

Our current period.

我們的當前時期。

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

報告的財務狀況和修訂的歷史財務狀況反映的收入和支出確認與我們在修訂中所做的更正一致。

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

現在再次討論提高收入和調整後 EBITDA 的指引。

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

第四季營收預期範圍為1,600萬至5.7億美元，中位數增幅超過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.

這意味著全年營收約為 20.7 億美元，年成長 32% 以上，高於我們先前預測的 20.5 億美元或 29.5% 的成長。

Our adjusted EBITDA guidance for the fourth quarter is a range of 131 million and 135 million or approximately 23.5% adjusted EBITDA margin.

我們對第四季度的調整後 EBITDA 預期在 1.31 億至 1.35 億之間，或調整後 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的 EBITDA 約為 5.1 億美元，或利潤率為 24.6%。

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，第四季度的調整後 EBITDA 利潤率低於我們在第三季度所能實現的利潤率，這是由時間和部分費用造成的，也反映了我們現已完成的第戎收購和整合成本的整個季度。

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

我們依然堅信我們的利潤率目標為 25%，這繼續顯示出良好的槓桿作用。

There were full year 24.

全年共有 24 年。

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

整體而言，我們對實現 2025 年三年目標所取得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.

我們預計提前一年實現 2025 年最初的 20 億美元收入目標，並且對每年增長 20% 或更高的延長目標充滿信心，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.

說完這些，我想轉而回答大家的提問。

Thanks, Brittany.

謝謝，布列塔尼。

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.

我們的第一個問題來自傑富瑞 (Jefferies) 的喬治諾特 (George Notter)。

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

嘿，非常感謝，並祝賀學期草案取得了圓滿的成果。一。

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

我很好奇您是否能向我們通報一下最新情況。

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?

就通路而言，您在 9 月季度的進度如何？ 是否有任何與草案一相關的收入確認，或任何單項對 ARR 的貢獻？

So thanks a lot for the question.

非常感謝您提出這個問題。

I really appreciate it.

我非常感激。

In terms of draft one, yes, we did receive some orders in Q3 from kind of early customers.

就第一稿而言，是的，我們確實在第三季收到了一些來自早期客戶的訂單。

So there was some impact on revenue from dropped one.

因此，下降對收入產生了一定影響。

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.

但我仍然要說，我們正處於第一局的上半部分，對未來將如何發展進行預測，尤其是當我們進入明年的選秀規則時，其中之一就是 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，我們當然非常看好第一稿以及我們所有 AI 產品對長期收入和獲利能力的貢獻。

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,

但我們尚未看到季度業績受到重大影響，這是由於上個季度的 SIS 會計所導致的，

I think you guys mentioned $100 million pipeline, I think in six or seven weeks of selling 100 movement.

我想你們提到了價值 1 億美元的管道，我認為在六到七週內就能賣出 100 塊機芯。

Is there an update to that number?

該號碼有更新嗎？

It continues to grow, especially after ICP.

它會持續成長，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，我們再次將其中一部分管道轉換為新型的 I ever bundle，該產品線也將於明年推出。

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.

再一次，放棄一個確實是這個捆綁包中引起興趣的核心驅動因素，同時也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，我們看到人們對第一年產品的興趣是最多的。

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.

還有最後一個後續問題，我會將其傳達給我們可以在定價方面達成的目標，我意識到它將被納入捆綁包。

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.

我知道你們一直在向早期客戶銷售 Hana Card，我們聽說價格是每月 30 美元到 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?

但就永久捆綁服務的價格而言，這是否是正確的郵遞區號？

Any sense there?

有道理嗎？

Sure.

當然。

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

所以現在，草稿要每月支付 65 美元，而且需要轉錄。

And on top of that for another 20.

除此之外還有 20 個。

So at 85 a month for just dropped one.

因此，每月 85 美元就減掉一個。

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

我們正在研究人工智慧。或捆綁價 99 美元。

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

而該捆綁包中的其他部分，預計所有組件的價格在 250 美元到 350 美元之間。

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

因此，購買一組功能而不是單一獨立功能具有很好的經濟效益。

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

但那將是明年的價格。

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，該計劃的功能將會迅速成長。

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

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，關於草案的越來越少。一種是單獨的產品或單獨的數據點。

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

正如喬希所說，它確實將成為新 I 捆綁包中的主打產品，並將繼續添加功能。

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事情。

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

當然，該計劃中的幾乎所有內容都受到了威脅。

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硬體（如攝影機、起搏器等）的人而構建的。

But the Aeroplan itself is all good for us.

但 Aeroplan 本身對我們來說還是很好的。

Thanks, George.

謝謝，喬治。

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

接下來我們請到 William Blair 的 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，當您開始考慮無人機作為第一響應者的更廣泛的機會時，我們應該如何看待將其貨幣化的能力、更廣泛採用的能力？

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

要發生什麼樣的情況才能實現這一點呢？

Thank you.

謝謝。

Direct wanted to start?

直接想開始嗎？

No power.

沒有電。

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個財報電話會議，同時，可能不會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，我們看到了 DJO 收購帶來的巨大機遇，我們認為這是其中真正關鍵的部分，因為在你開始飛行無人機而不需要額外的人員站在周圍監視之前，你必須能夠看到航空航天，並且一系列感測器可以比屋頂上的人更好地看到航空航天。

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，我們的流程的一部分以及收購 D2 的雙重意義在於，它將成為 DFR 的關鍵推動因素。能夠飛往歐元地區。

You got to be able to see the aerospace well.

你必須能夠看清楚航空航天。

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，我們將看到人們對反無人機能力的興趣日益增加，不僅僅是上週賓州有人在一架即將撞向關鍵基礎設施的無人機上放置了炸彈，這是我們很高興看到的事情。

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，這種活動還沒有那麼多，但肯定在世界各地日益增多，我們當然希望它不會發生在我們這裡。

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

我認為它可能會被用在更邪惡的地方。

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

而現在，反無人機行動實際上僅限於聯邦機構，這意味著州和地方政府無法攔截無人機。

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 會有所幫助，因為他們會告訴你飛行員在哪裡，然後你就可以直接去找飛行員。

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

然而，我相信今年國會已經通過了一項法案。

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.

我認為它不會成功，但已經有一些努力賦予州和地方執法部門引入無人機的能力，而不是介入政治。

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.

我對選舉結果轉變的評估是，這可能會加速發射，並可能包括當地執法部門攔截無人機的能力，我認為無人機是 Sky DO 的合作夥伴。

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

我們與航運關係、DJ 以及中國無人機製造商之間做出了一些改變。

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.

我們認為眾議院即將一致通過一項立法，坦白說，這項立法將長期阻止所有中國無人機。

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，我們真正改變了焦點，事實證明 Sky DOV 在自主飛行藥物方面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，我們認為，在合作、收購 D.drone 以及一些待決的立法變更之間。

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，當地居民可以開始使用比我們最後想到的更具攻擊性的反無人機能力。

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，而不會在緩解方面採取過於激進的措施，因為他們知道，基本上擁有檢測空間，並且成本低於一些專注於軍事庫存攔截行動的競爭對手。

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，並且隨著法律環境的變化，該策略能夠隨著時間的推移插入其他硬體。

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

然後約翰，我只想在瑞克的精彩總結上添加兩點。我們非常興奮的是市場如何發展，將即時犯罪中心空間和 DFR 空間結合在一起，我們認為這對機構和社區來說都是正確和有益的，並且能夠發揮我們的優勢。

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的組合解決方案的不同啟動，這些素數與我們所有其他設備深度相關，然後融入 DFR 合作夥伴關係，我們正在考慮一起購買這些素數。

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

這對他們來說非常好，可以使用這項技術來維護社區，並且它能夠充分發揮 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，也是同一件事的另一個例子，我們剛剛有一個大型機構正在那裡開展業務。

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.

你是否需要在前幾天分析一下，主動談論他們很想有一名軍官或能夠按下那個「監視我」按鈕的想法，你知道，我們的 AV 攝影機上有這個按鈕，在適當的條件下，會自動觸發 IDF 的調度。

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

這正是我們為機構提供的所有服務結合所推動的解決方案。

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，再次預告片，本季表現非常強勁。

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

我們經常被問到這樣一個問題：預告片業務是否能夠維持這種成長水準。

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，或者也許您是否看到在您的領導層變動中，像問一個人這樣的事情將開始接管這種增長，但隨著時間的推移？

Thank you.

謝謝。

Yes, but they do compete for the top slot.

是的，但他們確實在爭奪第一的位置。

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

這匹「老戰馬」能夠留下來或仍能奔跑，確實令我感到自豪。

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，我們有很多東西都有機會繼續顛覆成長。

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，這真的是國際化的。

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.

我認為我們關心的是成本，但實際上我正在為今天在實驗室的工程師們獲取稅收信息，他們實際上正在研究一些非常酷的相關細節，或者我們認為我們有機會在未來幾年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.

現在在美國政府中相當長一段時間以來在文化上因為請或處理某人在公共場合持槍的問題。

But in much of the world I got it.

但在世界上很多地方我都遇到了這種情況。

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.

對於 45 英尺範圍內，我剛才說的最後一件事就是，一旦我們撥打電話，就可以進行滲透。

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的主要自衛武器，因為歐洲政府公眾對這項武器的傾向性並不高，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.

我可能還會針對這個問題補充一兩點想法。

Okay.

好的。

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

這對於企業維持利潤率的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，就像你現在處於五級升級週期一樣，我們繼續看到異常強勁的需求，實際上是之前的兩倍。

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

正如我們在之前的電話會議中所說的那樣，您知道，T7。

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

因此，我肯定還有很大的發展空間來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，引誘劑業務將解決警務工作中最關鍵的問題之一，即即使有 10 人被拘留，他們仍會欠平民或警察的債務。

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，我仍然認為我們已經觸及了預告片業務能力的表面。

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.

僅從這種詳細的建模角度來看，我不知道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.

這對 Key 來說是一個特別強勁的季度，部分原因是我們在預告片業務上獲得了更大的收益。

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，我想說本季確實脫穎而出，並且它繼續涵蓋我們的 P7 和傳統手柄中的租戶。

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 T10, the ability to sell it into different markets holdover over the long term again.

但喬許認為，關於 T10 的長期發展軌跡，以及將其銷往不同市場的能力，都將在長期內持續下去。

And congrats on the strong quarter.

並祝賀本季業績強勁。

Jonathan, up next, we have Michael.

喬納森，接下來有請麥可。

Good afternoon and thank you very much for the question.

下午好，非常感謝您的提問。

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

我想跟進一下關於 24 的評論。

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

我認為您說過這很可能是一個創紀錄的預訂季度。

Is that right?

是嗎？

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

而一年前第二季的訂單量在 17 億美元到 18 億美元之間，這只是為了確保我們以正確的方式考慮這個問題。

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.

我認為您可以談談您對這些事情的了解和信心，聯邦預訂量連續增加，國際預訂量也隨之增加。

Is it AIRZ., you know, the pipeline growth that you've seen coming out of IACP.

是 AIRZ 嗎？

Would just love some color around the bookings outlook that you gave for 4Q.

我非常希望您能對第四季度的預訂前景做出一些說明。

Thank you for sure.

非常感謝。

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

是的，我當然要重申，我對我們在第四季要做的事情非常有信心，並且受到鼓舞。

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個季度之外，預訂量可能不會給您一個具體的數字。

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.

我認為在上次電話會議中我說過，就預訂量而言，今年第四季第三季的總和將與去年全年的預訂量相當。

So we're very bullish on bookings.

因此，我們對預訂量非常看好。

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，企業所有四個部門（州和地方企業、聯邦和國際）的出色執行力。

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.

我們在第四季度的所有四個領域都有非常有意義的交易，而且其中許多交易都不是那麼重要，因此不會有很大比例的預訂集中在一筆交易上。

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到非常非常滿意，並決定在二月更詳細地討論我們第四季的預訂情況。

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

什麼情況會變得更好或什麼將推動未來的成長？

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.

我認為本季我最喜歡的事情之一是，成長是全面的，你可能會在一個季度從一個細分市場獲得多一點的收益，在另一個季度從另一個細分市場獲得多一點的收益。

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，在今天的設備業務上，在預告片之前的實力轉變和幾天或 10 年，然後我們的軟體，在我們現有軟體業務繼續表現良好的情況下，未來非常光明，我們認為人工智慧。計劃已經並將繼續推動軟體。

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

因此你會看到每季都有略微的不同。

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，你會發現這三個部分都將繼續推動我們的成長。

Excellent, thanks.

非常好，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.

如果我可以跟進先前關於 Taser 的問題，那麼該收入已連續六個季度佔 Teva 創下收入記錄。

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，可能花了五年時間才達到 80％ 到 85％ 的採用率，這還能縮短多少時間？

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？提升與表格？

Thank you.

謝謝。

So Mike, the question was how fast can we get to 85% adoption on T10 versus T7?

所以 Mike，問題是我們多久才能讓 T10 相對於 T7 的採用率達到 85%？

Yes, that's right.

是的，沒錯。

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

瞧，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 T10.

我想說我們的目標是將每個關鍵的七個和傳統模型預告片轉變為 T10。

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.

我認為這個階段的 10 井電壓尋呼機和上一階段租戶的漸進式改進，只是技術在降級能力和官員安全功能方面的根本性飛躍，我們真的相信，永遠的副本將通過團隊提供最好的服務，對不起，當然，隨著我們進入未來幾年 10 生命週期的細節，主要目標是升級和更換現有車隊。

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

我再說一遍，我們對我們的能力非常有信心。

Excellent.

出色的。

Thank you, Josh.

謝謝你，喬希。

Thank you.

謝謝。

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

謝謝，麥克，實際上還有摩根大通的喬·卡多佐 (Joe Cardoso)。

Hi.

你好。

Thanks for the question, guys.

謝謝大家的提問。

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做一個快速澄清，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?

你們是否有望實現上個季度設定的目標，並在今年下半年實現與全年 23 個訂單量相當的目標？

Or is it more like on?

或者更像是？

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.

我只是好奇您是否可以更詳細地闡述這一點，因為看起來這裡的節奏確實有點快。

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：我對此的看法是錯誤的。

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，當您進入今年下半年時，您實際上看到了成長並推動了整個投資組合的預訂量，從整個投資組合的角度來看，這真的都是廣泛的嗎？

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

你們是否在其中嵌入了我看到的任何新聞以作為發佈內容？

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

只是好奇您是如何看待驅動因素和排名順序的？

And then I have a quick follow-up.

然後我有一個快速的後續問題。

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，喬和湯姆，我當然感謝這個問題，這些將在第四季度完成的交易通常是銷售週期為 6 到 12 個月的交易，最低租賃期限為。

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

這些事情需要一整年的時間才能完成，尤其是在第一季度，因為季節性原因，預訂量較少​​。

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，其中的一部分是趨勢、新產品和新定價，這些都影響著他們的新業務。

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

所以這實際上就是為今年剩餘時間的管道建設所做的基礎工作。

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，大部分支出將在第三季和第四季結束，尤其是當你看到全國一些最大的預算，聯邦政府、佛羅裡達州、德州的預算都在 9 月 30 日結束的時候，你會發現有很多木材採購行動，然後你會在第四季度花掉很多新的預算資金。

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。由於我們在第四季度推出了該捆綁包，因此它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.

我們仍在為一些新功能和新產品進行長期建設。

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驅動力是為了在州本地市場執行安全計劃，你知道，一些大型交易以及國際聯邦和企業的交易是在幾個季度內達成的。

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

因此，可以肯定地說，第四季在絕對金額和正常化預訂量方面將成為川普的關鍵第三季。

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.

我對我們的了解已經相當清楚了。

Thanks.

謝謝。

Appreciate the explanation.

感謝您的解釋。

And then maybe a question for Britney.

然後也許可以問布蘭妮一個問題。

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，利潤率全年表現良好，每個季度都在擴大，甚至超出了你的預期。

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，看到利潤率出現連續下滑，您能否為我們介紹一下過去幾季利潤率優異表現的驅動因素是什麼？

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，有什麼不同促使您預期第四季度本身會出現連續下滑嗎？

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實際上已經相當低，但我們的收入卻表現出色。

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流向底線的良好流程，看看團隊如何能夠擺脫規模並從營運支出（尤其是在銷售、一般及行政費用）中獲得一些槓桿作用。

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

然而，當我們看第四季時，我們也預期部分好處是時機，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間問題一樣，在我們的一些費用支出稍微落後之後的季度裡，並不是所有的事情都能準確地實現。

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

隨著前三個季度的到來，我們預計第四季將趕上一些步伐。

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，既然我們已經完成這筆交易，我們預計第四季將有整整四分之一的無人機和一些與乾旱相關的整合成本。

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，我可能還會對調整後的 EBITDA 水準再補充一點想法，最讓我興奮的是，我們並沒有犧牲研發來實現這些結果，就這樣，透過抵押未來來提高調整後的 EBITDA 將會非常容易。

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.

我們仍在不斷尋找新機會並堅持不懈地投資。

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，我們看到，我們就像在把交付放在第一位，在銷售、一般及行政管理方面也更加自律。

I think sprinting.

我認為是短跑。

Thanks, Joe.

謝謝，喬。

Appreciate the Questions.

感謝您的提問。

Thanks show up next we have Jamie Reynolds that are Morgan Stanley.

謝謝，接下來有請摩根士丹利的 Jamie Reynolds。

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

大家下午好，再次恭喜本季取得佳績。

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

里克，我知道你剛才提到未來國際市場可能需要專注在一些事情上。

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?

但是，考慮到您看到今年的預訂量強勁，我想，您能否告訴我們，是什麼因素推動了近期以及明年的預訂量提升？

It really is broad based.

它確實具有廣泛的基礎。

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

我認為關於傑夫，六個月前發生了什麼事？

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，我們需要拉緊急煞車，審視我們所有的產品開發計劃，看看我標記的新功能是否出現在我們的可見性清單中，但緊急煞車產生了真正的效果。

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.

嗯，不，這是當你倒車並且煞車時，就像《哈扎德公爵》裡說的，這是一個相當大的轉變。

And for example, one that came out of that.

舉個例子，其中一個就是從那裡出來的。

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

我們也舉辦這些 AI 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.

但我們確實非常專注於一件事，我補充一點，很明顯，能夠在隨身攝影機上進行即時翻譯將是非常有價值的，並且是收費最高的。

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，我們改變了喬的想法，基本上你可以想像今天管理 2,500 名工程師的破壞性有多大。

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

我們知道所有計劃好的交付都在進行中，但實際上一切都被打亂了。

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討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.

像那樣移動很困難。

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了一些幾乎神奇的事情，這些事情透過高品質和我們對 REACRI 等項目的投資成為可能。道德諮詢委員會幫助我們對草案一等內容進行安全測試，只是簡單地運行測試，看看你是否改變了主題的速度，這是否會從這些模型訓練的全球數據集中挑選出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，例如詞彙選擇。

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

如果它說明了你所看到的需求與離開現場的數量，你真的可以改變該陳述的情感感知。

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

因此，我們採取了一些措施，例如降低詞語選擇的嚴重性。

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

所以最無聊的警報率很高。

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

這是正確的，因為它是人類在運動中產生的。

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

所以無論如何，我認為這種關注確實重新激發了人們對即時隨身攝影機的興趣。

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一場激烈的辯論。

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一個無線晶片 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.

人們對此表示懷疑。

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

我們聽到了他們正在發生的事情以及我的老闆在即時監視並對我進行微觀管理的情況。

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，這可能並不是 Real 不想播放實時視頻，而是他們想做某事。

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，我們不但決定將 VLT 晶片安裝在相機中，還決定將其安裝在每種情況下，我們決定不出售沒有該晶片的相機，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何時需要的東西就會購買。

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.

而且也存在一些短期痛苦，因為我們的商品成本上升了，也許，你知道，我們的客戶圍繞這些升級計劃，他們購買下一台相機時，我們不需要支付費用，而且還會因此獲得更多的費用。

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，為了實現我們的夢想和希望而吃飯並支付 80 美元的費用並尋找其價值，這有點冒險。

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.

我們現在真的要面對現實了，因為像第一稿這樣的事情只有在實時連接的情況下才有可能實現，實時翻譯也只有在實時連接的情況下才有可能實現。

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進行的一些賭注的回報，而這種收穫遍布整個投資組合。

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.

這正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，這讓我的判斷工作變得非常困難，因為我正在繪製 1,000 個特​​徵，而日語中我稱之為“斯勞”，讓它慢下來。

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.

當我們要這樣做的時候，現在哪些東西會令人愉快地使用，而不會超出客戶的期望，當然，你布列塔尼也是如此，確保我們控制我們在所有這些東西上的花費，加上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，比如關於現在預訂或需求發生了什麼問題，以及里克談論的未來的一切。

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

如你所知，我們所有的新創新其實都是這個時代的領先指標。

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，與本季的成長無關，因為銷售週期因素和建築因素會影響客戶的成長。

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、下個季度的預訂或有關管道的預訂，正如喬希所說的那樣，九個月前就已經完成了，所有這些都聯繫在一起，並且正在進行的 C 級以真正偉大的美德 Virtu MYSTIC 方式滋養著我們自己。

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

我們對 Jamie 感到非常興奮，你的問題是否特別具有國際性？

Or was that that?

或者就是這樣？

Yes, yes.

是的，是的。

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

我只是想知道是什麼推動了這一進程並實現了先發制人的國際化。

Yes, for sure.

是的，當然。

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

我認為你確實會回答這個問題。

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

您具體問的是一切都是可選的，但我們也可能只問其中一個。

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

因此，在國際上，如您所知，我們在尋找新的 CRO 時，首要任務是提高我們的國際競爭力。

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.

卡梅隆布魯克斯 (Cameron Brooks) 今年很早就加入進來，開始全力投入工作，在號召、團隊、執行品質、我們現在的執行方式以及未來的建設等方面確實推動了我們的比賽。

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，就整體而言，我們隊中有一些新球員，他們都是簽約非常優秀的租戶自由球員。

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

過去幾年來我們所做的工作為客戶帶來了巨大的發展動力。

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

我將開始坦率地看待事情，看看它是否能達到更波蘭的水平。

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

要達到巨大的 TAM 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.

因此，我們仍有可能獲得巨大成功，但我們確實相信，我們走在正確的道路上。

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一支由卡梅倫領導的團隊的一段旅程。

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

非常感謝，再次恭喜你，你就是 Rick。

Thanks.

謝謝。

Thanks, Jami.

謝謝，傑米。

Up next, we have Jordan Waterman at Bank of America.

接下來我們請到美國銀行的喬丹沃特曼。

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

謝謝你們回答關於政府變革的問題，你們如何看待其中蘊含的機會與風險？

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

如果不是更重視邊境安全而不是關稅，那麼他們到底說了什麼計畫呢？

Yes.

是的。

I appreciate the question, Jordan.

我很感謝你提出這個問題，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.

我想說的第一件事就是要明確一點，亞馬遜的文化非常政治化。

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

我們知道，民主黨政府和共和黨政府都必須成功。

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

我們看到，在過去的十年裡，兩黨執政，業務持續成長。

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

當然，新政府主要關注邊境安全，這對我們來說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幫助和支援。

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向世界各國政府和公共安全機構提供顛覆性的技術。

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、哪個權力。

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，您如何考慮採取哪些措施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.

它之前確實處於關稅環境中，或者我們的理念是 1 月相當靈活。

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.

我們確實在美國製造我們的預告片，而不是像在美國那樣進口零件。

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，我們會努力解決它，我們會靈活、敏捷地應對這些問題。

And it may seem that they are.

看起來似乎確實如此。

Thank you, guys.

謝謝你們。

Fixture of naturally have Josh Riley at Needham.

在尼德姆的比賽自然有喬什·萊利 (Josh Riley) 參加。

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?

也許只是開始，您能否討論一下您的職位上的 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，與此同時，我猜想相對於今年的整體業務而言，美國聯邦政府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.

我知道你不會把它分解開來，但任何顏色都會有幫助。

Yes.

是的。

Thanks a lot, Josh.

非常感謝，喬希。

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.

關於第一個關於聯邦政府的問題，看起來我們已經投入了很多，我們為成為聯邦政府的 FedRAMP High 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個差異化因素。

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.

但我敢大膽地說，即使每個人都使用 FedRAMP，我們仍然會贏得大多數交易以及州和地方的交易。

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

我們正在與沒有 FedRAMP 的相同公司競爭。

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的致敬，他們在銷售方面表現出色，更重要的是，我們對聯邦執法客戶的支持。

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

所以今年團隊做得很好。

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

正如我在發言中所說，第四季仍有許多工作要做。

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末結束，因此我們的第四季表現可能會比第三季更好。

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，但聯邦政府無疑將實現令人興奮的兩位數增長，並且我們堅信我們走在正確的道路上。

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 T 的收入，你知道，我認為實際上知道產能一直在連續增加，但也許只是在接下來的三到四個季度，我們是否應該假設，你知道，我知道你說過也許連續增加或者可能不一樣，但是否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增加？

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，當我們談論容量時，我們既有當前容量，也有處理容量。

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

正如您所想像的，我們正在努力將兩者都引入以滿足這一需求。

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

我們看到了交貨時間，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，我們已經按照他們的意願立即提供了盡可能多的供應。

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

因此您可以看到我們本季獲得更多供應商的成果。

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

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.

我想緩和大家對每季都一樣的期望，是的，我們將繼續帶來產能要素。

We continue to see demand increase.

我們持續看到需求增加。

I often think that entail.

我常常認為這意味著。

Thanks, Josh.

謝謝，喬希。

And next we'll go to the Jeff Osher's fom JMP.

接下來我們來了解 Jeff Osher 的 JMP。

Great.

偉大的。

Thanks for taking the questions.

感謝您回答這些問題。

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

對你來說，這可能是一種反覆出現的情況，或是某種高級情況。

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 繪製或只是一般的 DFR 機會，您是否覺得這似乎是您心中的一種州和地方美國國內的初步推動力？

Or is there international opportunities along the lines there?

或者那裡是否存在國際機會？

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.

我想我是從某些人的角度問的，似乎那種著陸或在他們的舞台上任何時候或和或以前的模型都是那種德克薩斯州美國業務。

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

這似乎是一條類似的道路和國際戰線。

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.

但只是好奇是否有辦法實現 DFRR。用例類型再次增多，並且這種類型的矛頭在國際戰線上被拉開。

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

我們可以做的其他事情，或者如果它確實首先開始，就讓它自行衰退，而不會引起 DFR 之類的國際關注。

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，現在世界上每個國家都在思考如何應對過去 24 個月已知的威脅。

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

在很多情況下，一款深度產品就意味著一項強大的功能。

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、關鍵基礎設施等新客戶，我們在保險絲方面也看到了同樣的事情。

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，這兩次收購對我們來說都是兩個重大的舉措，我們要緊密結合起來，湯姆，客戶對保險絲部門的興趣非常濃厚，這真的令人印象深刻。

That's really supercharge our enterprise customers.

這確實為我們的企業客戶帶來了巨大助力。

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，而保險絲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，我們可以從更多新的角度來了解軍事客戶。

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.

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

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.

所以我想說，即使就其本身而言，degrown 不僅對我們現有的客戶有吸引力，而且坦白說，可能對他們為我們帶來的新客戶群更有趣。

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 是反無人機的關鍵，當我在當地客戶處進行調查時，我發現這尤其重要，他們的回答是肯定的，我們對反無人機很感興趣，但這並不是我們今天設定的任務，對我們來說，這更像是對未來的賭注。

Your plate is put, the DFR thing is here.

你的盤子已放好，DFR 東西在這裡。

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

這正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 來實現 DFR，我希望能夠使用自己的藥物，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，包括全科醫生，我們通過在那裡建立一個數據中心，讓它變得更安全，對你來說更不清晰。

So I also am getting interest.

所以我也越來越感興趣了。

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

我們在其他市場中的另一個 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.

它並不是作為第一響應者而成長起來的，但是出於競爭的原因，我不想用部門來命名。

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第一個響應者。

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

不過，我真的很想能夠在他們的設施周圍駕駛無人機進行自動巡邏。

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 無人機的合作非常自然，實際上我們可以提供的服務遠不止於作為警察的第一個響應者，如果您想在不需要現場人工監督的情況下駕駛無人機，我們可以承擔這個風險。

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領域以及其他我們以前從未涉足過的領域的潛在新客戶。

Thanks for.

謝謝。

Thanks, Josh.

謝謝，喬希。

Next.

下一個。

We have a Keith Housum from North Coast now.

我們現在有一位來自北海岸的 Keith Housum。

Good morning, guys.

大家早安。

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

我知道我們有時會在這裡待很長時間，所以我的問題要很快回答。

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

布蘭妮，您談談追趕 T.10 新容量對我們的形式互聯形式的影響。

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?

本季的成長有多少，您是否認為這更多的是產能的追趕，但還是正常化的需求？

I would break it out necessarily, Keith.

我一定會把它打破的，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，甚至已經超越了我們的產能。

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

為了滿足每季的需求和成長，我們需要透過兩者的結合來增加每季的產能。

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

但我不會說這不像是透過積壓或類似的東西來交付。

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

您只是看到了我們有能力更多地滿足這一需求。

Appreciate it.

非常感謝。

And services.

和服務。

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

我知道服務業務的連續成長可能會不穩定，服務業務的連續成長約為 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?

如果我正確看待這個問題並且它在本季度發生了，我們應該如何看待未來的服務？

Yes, great.

是的，太棒了。

Great question.

好問題。

I think there's two pieces.

我認為有兩個部分。

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

現在，每季都會出現一點滯後的情況。

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，我們在第三季度實際預訂的金額將會在第四季度顯現出來，並且仍然會有一些您在本季度看到的差距。

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.

你知道從預訂的角度來看第二季度發生的情況，那是因為許多預訂都是在本季相當晚的時候進行的。

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

因此，他們不認為由此產生的收入一定會被計入我們的實際數字中。

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

然後正在發生的另一件事是我們的軟體堆疊和我們的服務業務。

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，正如您在車隊數量中看到的那樣，本季度我們車隊硬體的部署有所下降，實際上與車隊相關的專業服務也減少了。

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的影響。

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

因此，如果您只是查看軟體，您將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.

而從數字上看，您實際上可以看到 PS 實際上有所下降，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.

通常來說，PSL 和軟體都在成長，但因為我們來到這裡，所以你看到了這種動態的方式。

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 將盡力讓每個人都參與其中。

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.

祝賀我們開了一家新餐廳。

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

關於這個問題，可能對於 Brinci 的軟體和 ARR 成長來說仍然非常好。

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，如果有任何其他顏色的影響，人們將會意識到這一點，以及如何思考建模，以便在未來 30 年代中期找到正確的成長率，以及那裡的投入和產出是什麼？

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，我們以平均為基礎來看待這個問題，就像我認為由於我剛才談到的關於下個季度預訂時間的動態，查看任何一個季度都不如按全年平均值查看好。

And the team has things like seasonality playing into that.

團隊將季節性等因素考慮進去。

So I would say nothing underlying it.

因此我不會對此發表任何評論。

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

這將會改變我們單位四到六個季度的平均值。

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?

關於員工 ARR 成長方面的任何問題，您是否只看到了一點時間差異，並且季度成長率較低，這在第三季也會出現嗎？

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.

而我將在第二季展示的內容其實就是我們在第二季第三季所講述的實力。

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，第一季將會出現的情況是，我們在第四季度交付的任何產品都會增加，但最終會留在那裡。

Thank you.

謝謝。

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

我們都知道，Jeremy Hamblin 和 Craig-Hallum 有一條線路。

Thanks and congrats on another fantastic quarter.

謝謝並祝賀您又一個出色的季度。

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

我想稍微回顧一下預告片。

Great.

偉大的。

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

因此我認為 50% 的同比增長確實令人印象深刻。

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

這聽起來在國際上引起了極大的關注。

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.

我想看看我們是否能夠從根本上解決這個問題，這聽起來像是真正抓住了國際業務的重點。

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

我們知道國內仍有許多機會，但從國際上看，這是否更多的關乎能力？

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的版本相比有何變化，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?

但是，這是否讓您認為，其國際潛力比您以前見過的要大得多？

That's part one of my question.

這是我的問題的第一部分。

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，它實際上與卡帶收入有關，相對於預告片的增長，實際上並不是這樣，我認為它可能比去年同期增長了 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，如果那裡有什麼特別的東西，為什麼它沒有變得更強大一點？

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

是的，我可以從領土開始，因為那很容易。

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 IP 都可以，他們的客戶已經開始討論墨盒部署計劃，這會很順利。

How do you see concerns revenue come in.

您如何看待關注收入的流入？

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

但我們確實有一些國際客戶正在製定計劃。

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，您會看到，我們的文化遺產收入時常會出現波動，直到上個季度，我們才有一些較大的國際收入。

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

顧客進來訂購墨盒，然後本季沒有重複這種情況。

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

因此，再次查看上一季至本季墨盒成長的長期趨勢線。

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，我認為在將其交給喬希之前，我唯一可以給出更多細節的另一件事是，在我們上個季度的腳本中，喬希談到了我們看到的幾十年來的需求量，或者 10 個相對城市中有 7 個能源需求就是這樣。

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

貼上後，我們仍然看到 K. 的設定表現非常出色。

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?

那麼，您在本季度看到的部分情況是，您不僅可以從我們一直在談論的 10 個案例中獲得所有好處，而且我們仍然有客戶訂購誘餌鮭魚，並且我們的一些其他遺留案例也得到了處理，直到那時產品才得到處理，這些結合在一起，特別是 FX 結果？

Yes.

是的。

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

我想說這在某種程度上是出於興趣。

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.

我們在建立關係方面做得越來越好，就像合適的客戶所做的事情一樣，我們更好地解釋和展示了伯頓預告片所帶來的價值，不僅在挽救生命方面，而且在官員安全方面，在增加工人補償方面減少，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.

但我認為更重要的事情非常簡單。

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

我們的這款產品與市場有著極佳的契合度，這與 Credit Direct 的文化非常契合。

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

顧客們都是第一次真切地見到那個男人。

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.

這種東西在戰場上的表現將超越槍支，我們也談論它很久了，但 30 年來只想過兩次。

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.

從這 10 次掃描中我們看到，客戶都說，你知道，距離增加了 45 米，再加上商店數量，再加上更好的穿透力，我認為這些都是能讓我們的客戶對該設備更加有信心的因素，無論他們是在州、地方、聯邦還是國際範圍內。

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很好的銷售執行方式，其產品與市場契合度極高。

Great.

偉大的。

Thanks for all the Question and best wishes.

感謝您提出的所有問題並致以最良好的祝愿。

Thanks, Jeremy.

謝謝，傑里米。

It was nice to see many of you at ICP.

很高興在 ICP 見到大家。

Thanks for making the trip out there and great to see at the boot.

感謝您前來參加這次旅行，很高興看到您來到了這裡。

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. one.

因此，我想總結兩件事。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.

我想在之前的發言中謹慎一點，我是否會談論選舉結果，我談論的是哪個政黨，以及整個政治環境，例如，在加利福尼亞州，選民批准了第 36 號提案，我們提高了對商店偷竊的處罰力度，以及在這次選舉中表現出來的某些總體轉變，使鐘擺更加支持總體公共安全。

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

我想說，我們公司絕對是無黨派的。

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

我們擁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，他們參加會議並富有成效。

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

你可以這麼說，波羅的海國家的所有分歧問題都是這樣的。

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.

我認為喬希做得特別好，從領導的角度定下了基調，我們希望成為一個智力多元化的地方，歡迎每個人。

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.

我們把設備之類的東西放在辦公室外，因為我們有工作要做，當最優秀、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來做最佳工作的地方時，我們的工作就會最好。

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事情來解釋。

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

我的意思是，我們看到很多損益表上都有他的痕跡。

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.

她在推動營運和財務嚴謹性方面確實做得非常出色，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.

其中一些是布列塔尼和傑夫之間的，他們必須弄清楚，好吧，我們該如何對實際要執行的操作進行分類，然後才能真正投入產品。

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

你可以給你說一下，如果這是一個偉大的想法，瑞克，這確實是個好主意。

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.

我們的想法是將其從 5G 轉化為具體應用，以便 Brittany 能夠與之合作，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、喬希和其他主要成員都是吉米約翰遜擁有終身卡博特。

Sure.

當然。

You'll appreciate that reference.

您將會感激這個參考。

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，因為我正在組建團隊，而這些人就是我們現在看到的靈丹妙藥，我們在團隊中擁有這些令人敬畏的產品，因為我們每個人都有自己的產品，透過整個非凡的執行，支付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，花時間了解情況的分析師一直支持我們利用股東資本來解決這些問題，我們很高興也有興趣這樣做。

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

從根本上來說，我們相信，當我們做到這一點時，世界將變得更美好，激勵每個人興奮地去工作。

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，我非常希望與傑伊·約翰遜 (Jay Johnson) 進行比較，但我們應該打賭我是否可以不加評論但很緊張地獲得它。

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.

那些透過電話聆聽的人，這是一個多麼驚人的季度。

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.

我們非常高興在第一年之後與你們交談，但願你們度過一個愉快的假期，你們知道你們的孩子和你們的家人，希望未來幾年世界能夠比過去幾年中東、烏克蘭發生的事件稍微平靜一些。

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.

鑑於世界上有如此多的暴力，我承認自己在 2017 年 5 月或 18 日對戰爭結束時殺戮的想法可能過於樂觀，但事實證明這種論點在時間上是錯誤的。

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.

我們將會留下來。

It's true that mission.

那個使命是真的。

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。