Axon Enterprise Inc (AXON) 2024 Q4 法說會逐字稿

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

大家好。感謝您今天加入 Axon 的執行團隊。我希望大家都有機會閱讀我們在市場收盤後發布的股東信，您可以在 investor.axon.com 上找到。

Our prepared remarks today are meant to build upon the information in that letter. During this call, we will discuss our business outlook and make forward-looking statements. Any forward-looking statements made today are pursuant to and within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These comments are based on our predictions and expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

我們今天準備好的發言旨在以那封信中的信息為基礎。在本次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。今天做出的任何前瞻性陳述均依據並符合 1995 年《私人證券訴訟改革法》的安全港條款的含義。這些評論是基於我們今天的預測和預期，並不保證未來的表現。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。

We discuss these risks in our SEC filings. Our most up-to-date SEC filings, including our Form 10-K will be available this week. We will also discuss certain non-GAAP financial measures. A 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.

我們在提交給美國證券交易委員會的文件中討論了這些風險。我們最新的 SEC 文件（包括 10-K 表格）將於本週提供。我們也將討論某些非公認會計準則財務指標。在我們的股東信函以及投資者關係網站上可以找到每個非 GAAP 指標的描述以及每個非 GAAP 指標與最直接可比較的 GAAP 指標的調整表。

Now turning to our quarterly update. First, we're going to pull up a video that highlights some of the things we're proud of publishing over the past year.

現在轉向我們的季度更新。首先，我們將播放一段視頻，重點介紹我們在過去一年中自豪發布的一些內容。

(video playing)

（影片播放）

What an amazing company. What an amazing group of people. The people I get to work with our employees, my teammates, customers are working on problems we care about. It's a privilege to work here.

真是個令人驚奇的公司。真是一群令人驚奇的人。與我一起工作的人們，我們的員工，我的隊友，客戶都在努力解決我們關心的問題。能夠在這裡工作是我的榮幸。

All right. Welcome to another one of our team members, our investors. And we're here to report our fourth quarter 2024 -- year. We just finished what I believe will be a pivotal year in the history of our company, and we're looking forward to another exciting year in 2025. The most rewarding part of my job is getting to spend time with our customers.

好的。歡迎我們的另一位團隊成員，我們的投資者。我們在此報告我們的 2024 年第四季業績。我認為，我們剛剛度過了公司歷史上關鍵的一年，我們期待著 2025 年又一個激動人心的一年。我的工作中最有意義的部分是能夠花時間與我們的客戶相處。

And as you can see in the video, we feel like we're on this mission together. Understanding the challenges they face every day is our guiding light. We have worked tirelessly to become their trusted technology partner. There's so much we can do to make their jobs here, their lives safer and their day is just a little bit better while helping them to protect us.

正如您在影片中看到的，我們感覺我們在一起執行這項使命。了解他們每天面臨的挑戰是我們的指導方針。我們不懈努力，致力於成為他們值得信賴的技術合作夥伴。我們可以做很多事情來讓他們在這裡的工作、他們的生活更安全、他們的生活更美好，同時幫助他們保護我們。

Over the years, we've introduced new tools that have advanced the way our customers operate and how they think about technology. We are at a place with the benefits of adopting newer technologies. We're so clear. It's almost too impossible to imagine what the world would be like if they were never brought forward. We launched TASER 10 about 2 years ago.

多年來，我們不斷推出新工具，改善了客戶的營運方式和技術思維。我們正處於採用新技術並獲益的階段。我們非常清楚。幾乎無法想像，如果這些願望從未被提出來，世界會變成什麼樣子。我們大約兩年前推出了 TASER 10。

It's just one example of a product that is not only driving growth in our business, but it's changing the world. I rarely go a day without one of our customers telling me how this device has changed their world. And we're investing to make it better. We have a lot of work ahead of us to deliver on our moonshot and I believe we have the road map to get us there.

這只是一個產品的例子，它不僅推動了我們的業務成長，而且改變了世界。幾乎每天都會有客戶告訴我這個設備是如何改變他們的世界的。我們正在投資使其變得更好。要實現我們的登月計劃，我們還有很多工作要做，我相信我們已經有了實現目標的路線圖。

In an international market, where I just came back from 1 of the most inspiring days of my career, and I can't wait to share the results that will unfold over the next 24 months as we move forward -- shot, it's bigger than just the United States and cutting unrelated deaths between police and public in the U.S. It is a worldwide phenomenon that's going to happen here. Stay tuned. We're going to have better efficiency, better training and new ways to apply our technology over the horizon.

在國際市場上，我剛剛度過了職業生涯中最鼓舞人心的一天，我迫不及待地想與大家分享未來 24 個月內我們將取得的成果——這不僅僅是在美國發生的，而且也減少了美國警察與公眾之間無關的死亡事件。敬請關注。我們將擁有更高的效率、更好的培訓和新的方式來應用我們的技術。

Our cameras and our sensors are helping our customers capture more moments. Our acquisition fuses helps us connect more sensors and cameras than ever before. There are countless places where the benefits of better transparency operations with the increased application of connected technology are just unviable. Our investments and our ability to lean in out of the foresight to invest in the things that led us here, that enable connectivity and software behind not just cameras, but all these sensors that are now taking flight into so many new sets of customers where we've never had the chance to engage previously.

我們的相機和感光元件正在幫助我們的客戶捕捉更多時刻。我們的採集保險絲幫助我們連接比以往更多的感測器和攝影機。在無數的地方，隨著連網技術的應用不斷增加，提高營運透明度所帶來的好處根本無法實現。我們的投資以及我們憑藉遠見卓識進行投資的能力，使我們能走到今天這一步，這些投資不僅能實現攝影機背後的連接和軟體，而且能實現所有這些感測器，這些感測器現在正飛向許多我們以前從未有機會接觸的新客戶群。

Our devices are connected by the most powerful purpose-built public safety operating system in the world. We now have more than 1 million -- of our software solutions, spanning evidence management, real-time operations, productivity, and yes, artificial intelligence. We understand the interconnection of advanced software and hardware and we -- undervalue and solutions that leverage the seamless connectivity to solve problems we care deeply about. This is where we differentiate ourselves with our customers.

我們的設備透過世界上最強大的專用公共安全作業系統連接。我們現在擁有超過 100 萬種軟體解決方案，涵蓋證據管理、即時操作、生產力以及人工智慧。我們了解先進軟體和硬體的互聯互通，我們低估了利用無縫連接來解決我們深切關注的問題的解決方案。這就是我們與客戶的差別。

With this foundation, we see several major tech trends unfolding before our very eyes. An exponential advances in artificial intelligence, increasing connectivity, real-time sensor fusion and growing applications for drones and robotics to name a few. These aren't just buzzwords to us. These are our passions, and we're making them real and real businesses. These product areas were more or less elements of our imagination a few years ago, and today, they account for nearly half of the overall opportunities in our pipeline.

在此基礎上，我們親眼看到幾個主要的技術趨勢正在展開。人工智慧的快速發展、連接性的提高、即時感測器融合以及無人機和機器人應用的不斷增長等等。對我們來說這些不僅僅是流行語。這些都是我們的熱情所在，我們正在將它們變成真實的事業。幾年前，這些產品領域或多或少是我們想像的元素，而今天，它們佔據了我們整體機會的近一半。

We believe we will be the partner who enables our customers to leverage these tools to make them work to make their jobs safer, to make them better and more efficient.

我們相信，我們將成為客戶的合作夥伴，使我們的客戶能夠利用這些工具使他們的工作更安全、更好、更有效率。

I continue to spend my time thinking about the big picture, while ensuring that we're on the right path to make giant leaps that challenge our conventional thinking so we can be prepared for and deliver -- a better driver of the future for our customers. I've never felt more confident about our position or more just insanely excited and motivated by what we're doing and frankly, by the people I get to work with every day.

我繼續花時間思考大局，同時確保我們走在正確的道路上，實現巨大的飛躍，挑戰我們的傳統思維，以便我們能夠做好準備並為我們的客戶提供更好的未來驅動力。我從未對我們的地位感到如此自信，也從未對我們所做的事情以及坦率地說對與我每天一起工作的人們感到如此興奮和激勵。

One moment before I pass it on. I would like to provide an update about something near and dear to me. It's been 1 year since we last updated you on our intent to invest in our headquarters campus. We have a vision for a campus. We've put in a lot of work.

在我傳遞它之前請稍等片刻。我想提供一些與我息息相關的事情的最新消息。距離我們上次向您更新我們投資總部園區的意向已經過了一年。我們對校園有一個願景。我們已付出了很多努力。

I personally haven't timed into that vision, and we hope to keep it based here in Arizona. We love Arizona, and we want to be here. Unfortunately, Arizona has a political legal environment that is making it challenging for businesses like us to invest here. After several years of working with our various selected administrative officials, developing plans that are responsive to our community, and we received unanimous approval from the planning commissions and then to vote our elected officials. We've had a sec, unlike states like Florida and Texas, Arizona allows on decisions to be subjected to political petitions and frankly, political gamesmanship.

我個人還沒有實現這個願景，我們希望將總部設在亞利桑那州。我們熱愛亞利桑那州，我們想留在這裡。不幸的是，亞利桑那州的政治法律環境使得我們這樣的企業在這裡投資面臨挑戰。經過幾年與我們選出的各行政官員的合作，制定出響應我們社區的計劃，我們得到了規劃委員會的一致批准，然後投票選出我們的民選官員。我們已經知道，與佛羅裡達州和德克薩斯州等州不同，亞利桑那州允許決策受到政治請願和坦率的政治權術的限制。

In our case, we faced paid petitioners who collected 93% of the signatures on a pay per signature basis with 2/3 of those people coming outside the state of California -- I'm sorry, outside the state of Arizona, from another state who I may have just -- recently mentioned. If we allow this to stand, this would delay our project by 2 years and reintroduce the risk of having to start over.

在我們的案例中，我們面對的是付費請願者，他們按每個簽名付費收集了 93% 的簽名，其中 2/3 的人來自加州以外的地區——對不起，是亞利桑那州以外的地區，而是來自我可能剛剛——最近提到過的另一個州。如果我們允許這種情況持續下去，我們的專案將會被推遲兩年，並且再次面臨重新開始的風險。

Unfortunately, this same phenomenon caused Arizona to lose our NHL Pro sports team, and it's playing Axon and other major projects at risk. So like many things, we're digging in to fix the problem. I'm working with our elected officials to try to fix this situation and enable Arizona to be an attractive, predictable environment for businesses. If we can fix it, it will keep us here, and it will help the state attract other businesses, and really grow to the tech center I believe it can be. If we can't fix it.

不幸的是，同樣的現象導致亞利桑那州失去了我們的 NHL 職業運動隊，並使 Axon 和其他重大項目面臨風險。因此，像許多事情一樣，我們正在深入挖掘以解決問題。我正在與我們選出的官員合作，試圖解決這個問題，並使亞利桑那州成為一個對企業有吸引力、可預測的環境。如果我們能夠解決這個問題，我們就能留在這裡，這也將幫助該州吸引其他企業，並真正發展成為我相信可以成為的科技中心。如果我們不能修復它。

Well, then we're going to have to move on. We have several states courting us that don't have this same risk profile. So we're not going to leave this decision open forever. We will update you again as soon as we have fully vetted our options come to a final decision. I intend to make that decision together with our order in the coming weeks.

好吧，那我們就得繼續前進了。有幾個州向我們求愛，但它們並不具備相同的風險狀況。所以我們不會永遠擱置這個決定。一旦我們全面審查了我們的選擇並做出了最終決定，我們將再次向您通報最新情況。我打算在未來幾週內根據我們的訂單做出這項決定。

So with that, I'll pass it on to a guy, again, who I'm just excited to work who really leads the business, which gives me the time to spend a lot of time with our customers. And Josh is going to give you the details on what our incredible team accomplished in this most recent quarter. Josh?

因此，我會將其傳遞給一個讓我非常興奮能夠與他共事的人，他真正領導這項業務，這讓我有時間花很多時間與我們的客戶在一起。喬許將向您詳細介紹我們出色的團隊在最近一個季度所取得的成就。喬許？

Thanks a lot, Rick. I appreciate the kind words. Good afternoon, everybody. As Rick mentioned, our customers remain at the center of our universe. I believe that mindset is what has afforded us the results that we have the privilege of reporting to you today.

非常感謝，里克。我很感激這些善意的話語。大家下午好。正如 Rick 所說，我們的客戶始終是我們一切的中心。我相信，正是這種心態讓我們獲得了今天有幸向你們報告的成果。

I'd like to share a few updates that recap the year, and some thoughts about where we're headed next. First, we just closed the year with revenue in excess of $2 billion. That's nearly double the revenue we reported only 2 years ago and it marks our third consecutive of year of growing over 30%. This growth is a testament to our ability to deliver products that drive clear value for our customers and our team's ability to connect our customers with the right solutions. It takes an entire team to deliver results like these and everyone at Axon continues to rally behind Rick's visionary leadership.

我想分享一些回顧這一年的最新消息，以及對我們下一步發展方向的一些想法。首先，我們剛結束的財年收入超過 20 億美元。這幾乎是我們兩年前報告的收入的兩倍，這也是我們連續第三年成長超過 30%。這種成長證明了我們有能力提供能為客戶帶來明顯價值的產品，也證明了我們團隊有能力為客戶提供正確的解決方案。要取得這樣的成果需要整個團隊的共同努力，Axon 的每個人都繼續團結在 Rick 的遠見領導下。

Second, we booked over $5 billion in business last year with about half of that closing in Q4, and there was strength across the board. 8 quarters in TASER 10 orders continue to outpace their 7 by 2x. And and we continue to see encouraging demand from our emerging market customers. To that end, 7 of our top 10 -- TASER 10 orders to date come from outside U.S. state and local law enforcement including customers in international, federal and corrections.

其次，我們去年的業務額超過 50 億美元，其中約一半在第四季完成，全方面表現強勁。 TASER 10 的 8 個季度訂單量持續比 7 個季度增長 2 倍。我們繼續看到來自新興市場客戶令人鼓舞的需求。為此，迄今為止，我們的前 10 個 TASER 10 訂單中有 7 個來自美國州和地方執法部門以外的國家，包括國際、聯邦和懲教部門的客戶。

We also had our highest ever officer safety bookings in Q4, nearly booking more seats in the quarter than the prior 3 quarters combined. And we continue to see strong adoption of our premium plans within that mix, along with adoption of our emerging products. Draft 1 continues to garner strong interest and we were able to close our first 10 AI Aeroplan deals in Q4. We are extremely pleased with this outcome given the fact that the plan launched at IACP in late October. New product pipeline generally takes 3 to 6 months to materialize, and we view that accelerated adoption of this plan as a positive indicator of things to come.

我們在第四季的官員安全預訂量也創下了歷史新高，本季的預訂座位量幾乎超過了前三個季度的總和。我們繼續看到我們的高級計劃和新興產品的廣泛採用。第一稿繼續引起人們的強烈興趣，我們能夠在第四季度完成首批 10 筆 AI Aeroplan 交易。鑑於該計劃於 10 月下旬在 IACP 啟動，我們對這一結果感到非常高興。新產品線通常需要 3 到 6 個月才能實現，我們認為加速採用該計劃是未來發展的積極指標。

We updated our TAM and as Rick mentioned, we believe our investments around AI real-time operations and drones and robotics roughly doubles our overall opportunity set. We're seeing early signs in our product bookings to support that outlook.

我們更新了 TAM，正如 Rick 所提到的，我們相信我們在人工智慧即時操作、無人機和機器人方面的投資大約使我們的整體機會集翻了一番。我們的產品預訂情況已初見成效，支持此前景。

Third, I want to talk about 2 growing customer groups that I'm particularly excited about right now, international and enterprise. Our international bookings grew nearly 50% sequentially in Q4, and that's on top of 40% sequential growth that we saw in Q3. In Enterprise, our bookings roughly tripled year-over-year. I'm happy to report that in Q4, our enterprise team booked the largest deal in company history with a global logistics provider. Congrats to Mike Shore, Billy Corbett and the dozens of Axon employees who supported this deal.

第三，我想談談目前令我特別興奮的兩個不斷成長的客戶群，也就是國際客戶群和企業客戶群。我們的國際預訂量在第四季度環比增長了近 50%，而第三季度的環比增長則為 40%。在 Enterprise，我們的預訂量比去年同期增加了大約三倍。我很高興地報告，在第四季度，我們的企業團隊與一家全球物流供應商達成了公司歷史上最大的交易。恭喜 Mike Shore、Billy Corbett 以及支持這筆交易的數十名 Axon 員工。

This development continues to give us confidence that given the large TAM and growing product market fit, the enterprise segment represents one of Axon's largest opportunities into the future, along with federal and international. As we expand and grow, these 3 customer groups account for over $100 billion of opportunity.

這一發展讓我們繼續相信，鑑於龐大的 TAM 和不斷增長的產品市場契合度，企業部門與聯邦和國際部門一起，代表著 Axon 未來最大的機會之一。隨著我們的擴張和發展，這 3 個客戶群代表著超過 1000 億美元的機會。

Turning to what's next. We have a lot of runway ahead. We ended the year with total future contracted bookings of over $10 billion, and our pipeline is the healthiest it has ever been even in comparison to this time last year. We expect another record bookings year in 2025 with line of sight into several years of exciting growth ahead. Our team is focused on executing on the many opportunities in front of us, and we are in -- the work to achieve our goals and deliver on our mission of protecting life.

談談下一步。我們前面還有很長的路要走。我們截至今年年底的未來合約訂單總額超過 100 億美元，與去年同期相比，我們的訂單儲備也是有史以來最健康的。我們預計 2025 年的預訂量將再創紀錄，未來幾年將出現令人興奮的成長。我們的團隊專注於抓住眼前的眾多機遇，並致力於實現我們的目標和履行保護生命的使命。

I know I say this a lot, but we run our team with the next-play mindset. What excites me most about our results is what they signal for the years ahead. That's why I love the beginning of the year. While it affords the opportunity for others to hypothesize and speculate on varying expectations, that's the same energy that fuels us to win more often in more places and deliver bigger and bigger societal outcome and that's exactly what we plan to do in 2025 and beyond.

我知道我經常這麼說，但是我們是以下一場比賽的心態來管理我們的團隊。我們的成果最讓我興奮的是它們對未來幾年的啟示。這就是我喜歡年初的原因。雖然它為其他人提供了對不同期望進行假設和推測的機會，但這種動力也激勵我們在更多地方取得更多勝利，實現越來越大的社會成果，而這正是我們計劃在 2025 年及以後做的事情。

Over to you, Brittany.

交給你了，布列塔尼。

Thank you, John. As Rick and Josh mentioned, it's wonderful to come back to you with another great quarter and to report results that exceeded our expectations once again. Q4 revenue of $575 million increased 34% year-over-year for our 12th consecutive quarter of over 25% revenue growth. I'm particularly excited that we saw double-digit year-over-year growth in all of our business areas with TASER up 37%, sensors up 18%, and software and services up 41%. Our software remains higher -- of our overall growth and contributed 40% of our total revenue in Q4.

謝謝你，約翰。正如 Rick 和 Josh 所提到的，我們很高興能再次向您報告這個出色的季度，並再次向您報告超出我們預期的業績。第四季營收為 5.75 億美元，年增 34%，這是我們連續 12 個季度實現超過 25% 的營收成長。我特別高興的是，我們所有業務領域都實現了兩位數的年成長，其中 TASER 成長 37%，感測器成長 18%，軟體和服務成長 41%。我們的軟體仍然佔據整體成長的較高份額，並在第四季度貢獻了我們總收入的 40%。

ARR increased to $1 billion, up 37% year-over-year, and net revenue retention remained strong at 123%, reinforcing the visibility and predictability in our business. Adjusted gross margin was 63.2% and has been very stable across the year at an overall company level. Adjusted EBITDA margin was 24.6%, and and we continue to invest in our business to ensure we are positioned to grow in customers and markets while driving innovation in our technology.

ARR 增加至 10 億美元，年成長 37%，淨收入保留率仍保持強勁，達到 123%，增強了我們業務的可見性和可預測性。調整後的毛利率為63.2%，從公司整體來看，全年都非常穩定。調整後的 EBITDA 利潤率為 24.6%，我們將繼續對我們的業務進行投資，以確保我們能夠在客戶和市場中實現成長，同時推動我們的技術創新。

On a full year basis, we delivered over 33% top line growth, driven by continuing to deliver more to our customers with strong product performance across the board. We also delivered strong bookings, taking our total future bookings above $10 million and providing support for years to come. We made significant strides in profitability, expanding adjusted EBITDA margins almost 400 basis points this year. As a result, we achieved a 25% adjusted EBITDA margin for the full year, a milestone we initially set for 2025.

從全年來看，我們實現了超過 33% 的營收成長，這得益於我們繼續透過全面強勁的產品性能為客戶提供更多服務。我們還獲得了強勁的預訂量，使我們未來的總預訂量超過 1000 萬美元，並為未來幾年提供支援。我們在獲利能力方面取得了重大進步，今年調整後的 EBITDA 利潤率擴大了近 400 個基點。結果，我們全年實現了 25% 的調整後 EBITDA 利潤率，這是我們最初為 2025 年設定的里程碑。

With this result, we reached both our 3-year revenue and adjusted EBITDA margin chart, a full year ahead of schedule. As we exit the year, our product teams are working on the new technology that will support our growth outlook for many years ahead. We are quite excited about our newer product areas and continue to invest in R&D to support our growth. We are entering the new year and the strongest and cleanest inventory position we've been in for the last 3 years. We did all that with strong free cash flow generation above 60%.

憑藉這一成果，我們提前整整一年實現了 3 年收入和調整後 EBITDA 利潤率目標。隨著今年的結束，我們的產品團隊正在致力於開發新技術，以支持我們未來多年的成長前景。我們對我們的新產品領域感到非常興奮，並將繼續投資研發以支持我們的成長。我們即將進入新的一年，我們的庫存狀況也將達到三年來最強勁、最乾淨的水平。我們做到了這一切，並且實現了 60% 以上的強勁自由現金流。

We continue to drive strong customer satisfaction, which is our North Star. It's humbling to think about where we are, and I thank our teams across the company for the work they put in during this incredibly busy and exciting year.

我們將繼續提高客戶滿意度，這是我們的北極星。想想我們現在的處境，我感到很謙卑，我感謝公司各團隊在這極其忙碌和激動人心的一年裡所做的工作。

Now I'll turn to our 2025 guidance. We expect 2025 revenue in a range of $2.55 million to $2.65 billion or approximately 25% annual growth at the midpoint. This would mark our seventh consecutive year of 25% or greater annual growth. Similar to past years, we looked at the strong execution across all segments, momentum in future contracted bookings and our pipeline entering the year to develop this guidance. We expect 2025 adjusted EBITDA in a range of $640 million to $670 million, representing approximately 25% margins.

現在我來談談我們 2025 年的指導。我們預計 2025 年的營收將在 255 萬美元至 26.5 億美元之間，或中間值年增長率約為 25%。這將是我們連續第七年實現25%或更高的年增長率。與往年類似，我們檢視了各部門的強勁執行力、未來合約訂單的動力以及進入新年後我們的產品線，以製定這項指引。我們預計 2025 年調整後 EBITDA 在 6.4 億美元至 6.7 億美元之間，利潤率約為 25%。

We believe this margin level puts us at the right balance to invest in the future growth opportunities we see, while still delivering strong profitability and cash flow. As a managing, we are focused on delivering year after year over the long term. That requires continued innovation, product risk taking and investments, and we're lucky to have Rick, who is such a visionary in this space. I hope you can tell we're excited about the opportunities in front of us. It is this type of product innovation that has allowed us to deliver our consistent impressive top line growth numbers.

我們相信，這個利潤率水準使我們能夠保持適當的平衡，投資於我們看到的未來​​成長機會，同時仍能實現強勁的獲利能力和現金流。身為管理者，我們專注於長期內年復一年地實現目標。這需要持續的創新、產品風險承擔和投資，我們很幸運有 Rick，他在這個領域有遠見。我希望你能感覺到我們對眼前的機會感到興奮。正是這種產品創新使我們能夠持續實現令人印象深刻的營收成長數字。

Beyond R&D, we're also investing in our sales functions to support new customers and market opportunities as well as continuing to scale the business. For some context, we are now 4 years hitting 50, well above the rule of 40. We're pleased our guidance implies another year of hitting that type of number. We also expect CapEx in the range of $140 million to $180 million, up year-over-year on a dollar basis, but only up 2 points as a percent of revenue. This is driven both by [Morty's] or 10 capacity to keep with our continued strong demand as well as investment in both R&D and manufacturing for our many exciting new product areas.

除了研發之外，我們還投資於銷售職能，以支援新客戶和市場機會並繼續擴大業務規模。就某些情況而言，我們現在已經 4 年達到 50 了，遠高於 40 的規則。我們很高興，我們的預期意味著再過一年就能達到這樣的數字。我們也預計資本支出將在 1.4 億美元至 1.8 億美元之間，以美元計算同比增長，但佔收入的百分比僅增長 2 個百分點。這是由 [Morty's] 或 10 的產能推動的，以滿足我們持續強勁的需求，以及對我們許多令人興奮的新產品領域的研發和製造的投資。

We're proud of all we accomplished in 2024 and are looking forward to another dynamic and innovative 2025 that delivers for our customers and our shareholders.

我們為 2024 年所取得的所有成就感到自豪，並期待著又一個充滿活力和創新的 2025 年，為我們的客戶和股東帶來更多收益。

Now we will turn it over to take your questions.

現在我們將回答大家的提問。

Thanks, Brittany. It's all put into gallery view. Great. We're going to take our first question from Jeremy Hamblin at Craig-Hallum.

謝謝，布列塔尼。一切都已放入畫廊視圖中。偉大的。我們將回答 Craig-Hallum 的 Jeremy Hamblin 提出的第一個問題。

Thanks and congrats on the very strong results and guidance. I wanted to start with a figure a topical question and just get a sense for what portion of your total revenues are coming from federal contracts with the U.S. government whether or not some of the things that are happening in terms of hiring freezes, you expect to have any potential change in the time line of deployments. Anything you might be able to share on that to provide us a little bit of a better sense, we've certainly got a lot of questions around the potential risk around this area.

感謝並祝賀您取得的出色成果和指導。我想先從一個數字開始，這是一個熱門問題，然後了解一下你們的總收入中有多少部分來自與美國政府簽訂的聯邦合同，無論凍結招聘等一些事情是否發生，你預計部署時間表是否會有任何潛在變化。您能否分享一些資訊以便讓我們更好地了解這一點，我們確實對該地區的潛在風險有很多疑問。

Yes, I really appreciate it, Jeremy. Thanks. A couple of thoughts on this one. Number one, I certainly don't think in terms of Axon's case in our future, there's any real cause for concern about what's happening with the funding cuts and dose and so forth. Actually, I think there's a world where we could come out of this with more opportunity as they start to look at, hey, where are federal law enforcement, getting their bank for their buck technology, and I think they point back to Axon.

是的，我非常感激，傑瑞米。謝謝。關於這一點，我有幾點想法。首先，就 Axon 的未來而言，我絕對不認為有任何真正值得擔心的事情，例如資金削減和劑量等等。實際上，我認為我們可以從中獲得更多的機會，因為他們開始關注聯邦執法部門在哪裡，如何獲得銀行支付技術，我認為他們會把矛頭指向 Axon。

And I think we'll have the opportunity to continue to support the federal government across both federal civilian and DoD hopefully, in bigger ways in DoD moving forward, and we're excited to compete for more business there. So I personally think there's more opportunity than risk right now for us in the federal space.

我認為我們將有機會繼續為聯邦政府、聯邦民事部門和國防部提供支持，希望今後在國防部方面能有更大的發展，我們很高興在那裡爭取更多的業務。因此我個人認為目前我們在聯邦領域的機會大於風險。

Great. And then potentially related questions. So other topical news is, it looks like we may be coming towards an end, hopefully, in a war in Ukraine, I know that Dedrone has certainly been impactful in terms of operational support in those efforts. I also know that the recent kind of government changes in terms of funding, outline that drones would not be impacted by any hiring. I wanted to understand the potential mix of change related to if we get an end to kind of Ukraine or in the next month or 2.

偉大的。然後是可能相關的問題。另一個熱門新聞是，看起來我們可能即將結束烏克蘭的戰爭，我知道 Dedrone 在這些行動支持方面確實發揮了重要作用。我還知道，政府最近在資金方面做出的改變表明無人機不會受到任何招聘的影響。我想了解如果我們結束烏克蘭危機或在未來一兩個月內結束危機，將會發生哪些潛在的變化。

And then vis-a-vis what you expect from a border patrol support and opportunities that are coming from -- or there for Dedrone related to those efforts?

然後，您對邊境巡邏支援和來自那裡的機會有什麼期望 - 或者對於 Dedrone 來說與這些努力有什麼關係？

Got it. Let me maybe take this one. So yes, I mean Dedrone has sold a lot of stuff in Ukraine, but the far bigger picture is what happened in Ukraine has put drones on everybody's road map. Every military in the world is thinking about how do you detect these small drones that traditional [millers] systems are not designed to detect how do you defend against them. We acquired the world leader in drone detection.

知道了。也許我可以拿這個。所以是的，我的意思是 Dedrone 在烏克蘭銷售了很多東西，但更大範圍的事件是烏克蘭發生的事情讓無人機出現在了每個人的路線圖上。世界上的每一支軍隊都在思考如何探測這些傳統[米勒]系統無法偵測的小型無人機，如何防禦它們。我們收購了無人機偵測領域的全球領導者。

We acquired the -- it was one of the world leaders in indoor type of drones with Skydio, we've partnered with the leading U.S. maker of launch autonomous AI-driven drones in the moment where basically, DJI is largely being made illegal in the United States. So we think we are in an amazing position for drones and robotics. It's an area we're investing heavily. We are currently either a leader or partnered with the leader in the key market segments.

我們收購了 Skydio，它是室內無人機領域的全球領導者之一，我們與美國領先的製造商合作，推出由自主人工智慧驅動的無人機，目前大疆在美國基本上是非法的。因此我們認為我們在無人機和機器人領域處於極為有利的地位。這是我們投入大量資金的領域。目前，我們在關鍵細分市場中要么是領導者，要么是與領導者合作。

And when you think about things like protecting borders, protecting stadiums. And I mean you can show that anybody could do with a drone you can buy for less than $500. And everybody in the world is thinking about how to defend against those. And we think we are, if not deposition, among the best positioned for helping our customers globally solve that problem.

當你考慮保護邊境、保護體育場等事情。我的意思是你可以證明任何人都可以使用一架售價不到 500 美元的無人機。世界上每個人都在思考如何防禦這些攻擊。我們認為，即使不是沉積，我們也是能夠幫助全球客戶解決這個問題的最佳人選之一。

From a human perspective, I certainly hope that all the things we're seeing in the world comes to an end, but in a way that is resistant and sort of long term put these issues to rest. And we look forward to playing a role in helping use technology to protect people from killer drones. We're not going to get into the lethal drone business ourselves. But we're going to absolutely be a leader in helping defend against those kinds of threats and then using drones to be able to go out, to act intelligently save lives and stop threats without using legal force. Those opportunities have all gotten bigger, just given the quick evolution of the space that's been caused by happening in the Middle East and in Ukraine.

從人類的角度來看，我當然希望我們在世界上看到的所有事情都能夠結束，但是要以一種抵抗的方式並長期解決這些問題。我們期待能夠利用科技幫助保護人們免遭殺手無人機的攻擊。我們自己不會涉足致命無人機業務。但我們絕對會在幫助抵禦此類威脅方面發揮領導作用，然後使用無人機出去，採取智慧行動，拯救生命，制止威脅，而無需使用法律手段。鑑於中東和烏克蘭局勢的快速變化，這些機會都變得更大了。

And Rick, I might just add one more thing there, which is just to the first part of your question, Jeremy, just to address any ambiguity. None of our forward-looking guidance assumes any incremental revenue from Ukraine.

瑞克，我可能還會補充一點，這只是針對你問題的第一部分，傑里米，只是為了解決任何歧義。我們所有的前瞻性指引均不假設來自烏克蘭的任何增量收入。

Thanks, Jeremy. Up next, we have Meta Marshall at Morgan Stanley.

謝謝，傑里米。接下來，我們請到摩根士丹利的 Meta Marshall。

Congrats on the quarter. Maybe to start with great traction on kind of noting the 100,000 incident reports kind of already completed kind of with the AI tools. Just what are you seeing in terms of kind of AI adoption either in what type of bundles they're opting for just kind of pipeline there? And then maybe as a second question, noted kind of the large enterprise win. Just what was kind of the entry point there?

恭喜本季取得佳績。也許首先要注意到的是，已經有 10 萬份事件報告透過 AI 工具完成了。就人工智慧的採用而言，您看到了什麼？ 他們選擇哪種類型的捆綁軟體？然後也許作為第二個問題，注意到大型企業的勝利。那裡的入口點到底是什麼樣的？

Was it fuses? Was it kind of body cameras? Just any context there would be helpful.

是保險絲嗎？這是一種隨身攝影機嗎？任何背景資訊都會有幫助。

Let me take the first part, and then I'll have Josh talk about the second part. So in terms of AI, like without a doubt, these are the fastest-growing adoption products we've ever had, and it's not by a small margin. So we're seeing these products, these services really resonate with our customers. And it's unbelievable that AI Aeroplan that we are closing deals within 8 or 9 weeks of launch. Like I don't think we've ever seen things move that fast, a little bit -- we like with a TASER, but that's more like somebody on an existing TASER line item.

讓我講第一部分，然後讓喬許講第二部分。因此就人工智慧而言，毫無疑問，這是我們有史以來成長最快的應用產品，而且差距不小。所以我們看到這些產品、這些服務確實引起了顧客的共鳴。令人難以置信的是，AI Aeroplan 在推出後 8 到 9 週內就達成了交易。就像我認為我們從未見過事情進展得那麼快一樣，有點——我們喜歡用泰瑟槍，但這更像是某人在現有的泰瑟槍產品上。

We introduced a new TASER and they like went from TASER 7 to TASER 10. So yes, that has happened. But a new product category going from 0 to deals in that shorter time frame is super encouraging.

我們推出了新型 TASER，他們從 TASER 7 升級到了 TASER 10。是的，這確實發生了。但是，一個新產品類別在如此短的時間內從 0 實現交易，這是非常令人鼓舞的。

Awesome. And on the second part of that question on enterprise, I think the really exciting news is there are multiple entry points into some of these large opportunities. I think TASER is certainly a body cameras are certainly relevant. Dedrone is relevant, drones are relevant. Obviously, Evidence.com, I think there's -- we're starting to see, like I said, just better and safer product market fit to address this group customers.

驚人的。關於企業問題的第二部分，我認為真正令人興奮的消息是，這些巨大的機會有多個切入點。我認為 TASER 肯定是一種與隨身攝影機相關的武器。Dedrone 是相關的，無人機也是相關的。顯然，Evidence.com，我認為——就像我說的，我們開始看到更好、更安全的產品市場適合滿足這群客戶的需求。

And really the most encouraging thing of that is it's still along the lines of our mid and use cases that we really want to support in that they lead to better, safer outcomes in these enterprise environments. And so it really is exciting. i believe this is going to be a major, major part of our business, maybe even the biggest part of our business long, and I think we're on the right track there for sure.

而真正最令人鼓舞的是，它仍然符合我們真正希望支援的中間和用例，因為它們在這些企業環境中帶來更好、更安全的結果。所以這確實令人興奮。我相信這將成為我們業務的重要組成部分，甚至可能是我們長期業務中最重要的部分，而且我認為我們肯定走在正確的軌道上。

Next, we have Josh Reilly at Needham.

接下來，我們請到尼德姆的喬許‧賴利 (Josh Reilly)。

All right. Just wanted to hit on the news with the Flock Safety partnership. Maybe what happens in terms of the technology licensing for fleet ALPR technology now that the partnership has maybe ended? And then how are you thinking about more broadly your relationship with the company moving forward, our strategy around fixed LPR?

好的。只是想了解一下與 Flock Safety 合作的消息。既然合作關係可能已經結束，那麼車隊 ALPR 技術的技術許可方面會發生什麼情況呢？那麼，您如何更廣泛地考慮您與公司未來的關係，以及我們圍繞固定 LPR 的策略？

Yes. Thanks, Josh. Look, a lot has been made of this, obviously, in the last week, and -- I think it's somewhat overblown -- we did exit a partnership with Flock. However, I think both sides have an interest in getting back to that partnership. We proposed new terms.

是的。謝謝，喬希。你看，顯然，上週人們對此事進行了大量報道，而且——我認為有些誇大其詞——我們確實退出了與 Flock 的合作關係。然而，我認為雙方都有興趣恢復這種夥伴關係。我們提出了新的條款。

I think what we're asking for is just a more fair flow of information to fuses, just like we support into FlockOS and to FlockCredit, they've been receptive to our feedback there, and we hope to be able to resume it. And so I'm not going to speculate on what happens if that doesn't come into fruition. And of course, we'd have to look at how we support those customer use cases. But right now, our focus is just on making sure that we can arrive at a new partnership that really, in the end, benefits our customer and the use of their own data.

我認為我們所要求的只是更公平的資訊流，就像我們支持 FlockOS 和 FlockCredit 一樣，他們已經接受了我們在那裡的回饋，我們希望能夠恢復它。所以我不會猜測如果這個目標沒有實現會發生什麼事。當然，我們必須研究如何支援這些客戶用例。但現在，我們的重點只是確保我們能夠達成新的合作關係，最終真正使我們的客戶及其自己的數據的使用受益。

Understood. And then just back on the federal business. Have you heard any feedback thus far from customers with regards to the ability to expand and take down more body cameras or TASERs under the existing contract structures, which, to my understanding, we're often open if their ability to add more products since the election has happened?

明白了。然後回到聯邦事務。到目前為止，您是否聽過客戶對在現有合約結構下擴展和拆卸更多隨身攝影機或泰瑟槍的能力的反饋？

Yes. Thanks for the question. So on some of these customers in federal, as you probably saw in the news, one of the first executive orders addressed body cameras for federal law enforcement. And yes, our customers are still wearing our body cameras. They're seeing a lot of great outcomes as a result of wearing them.

是的。謝謝你的提問。因此，對於聯邦政府的一些客戶，正如你可能在新聞中看到的那樣，首批行政命令之一涉及聯邦執法部門的隨身攝影機。是的，我們的客戶仍然戴著我們的隨身攝影機。戴上這些產品後，他們看到了很多很好的效果。

And we do believe these programs will continue to expand into federal. So again, I don't think -- has changed much, if at all, for us in the federal space. I think that's the benefit and reward for having products that drive true outcomes in the field, and I think our customers do that and we get a lot of support from them on this. So we're proud of the partnership and certainly think it's going to be a bright future there.

我們確實相信這些項目將繼續擴展到聯邦。所以，我再說一遍，我認為，對於我們聯邦領域來說，如果有的話，變化並不大。我認為這就是擁有能夠在該領域帶來真正成果的產品的好處和回報，我認為我們的客戶就是這樣做的，我們在這方面也得到了他們的大力支持。因此，我們對這項合作關係感到自豪，並且堅信我們的未來一定會很光明。

And Josh, let me tell as well. We introduced body cameras in law enforcement, most cops didn't want to carry it, but didn't want to wear them. And there was one of the statewide union leaders sort of famously told me, no comp once they were a body camera until they've worn on for 30 days, and then they'll refuse to go on patrol without it because they realize in today's world, it protects them from all the crazy allegations somebody could make. And that's also true of our federal customers. I meet with them all the time.

喬希，讓我也告訴你。我們在執法中引入了隨身攝影機，大多數警察不想攜帶，但不想戴它們。有一位全州工會的領導人曾對我說過一句名言，一旦佩戴了隨身攝影機，他們將不會獲得補償，除非他們佩戴了 30 天，否則他們將拒絕在未佩戴攝影機的情況下執行巡邏任務，因為他們意識到在今天的世界裡，它可以保護他們免受各種瘋狂指控。對於我們的聯邦客戶也是如此。我常常和他們見面。

And so like early on, I think it was kind of helpful to get a political push from the top to get these agencies to try it. But once they start using it, we see the same phenomenon. Like if you're -- whatever federal agency you work for, you just realized like your job places you now have physical risk, but at risk of being accused of just about anything. And having a video of your choice, you're a professional doing the job the right way is something that gives them great comfort to go do their jobs with confidence that they're not going to get hung out to drive by somebody making something up about what they did.

因此，就像一開始那樣，我認為從上層獲得政治推動以讓這些機構嘗試是有幫助的。但一旦他們開始使用它，我們就會看到同樣的現象。就像如果你——無論你在哪個聯邦機構工作，你都會意識到，在你的工作場所，你現在面臨身體風險，但也有被指控的風險。並且，透過您選擇的視頻，您可以證明自己是以專業人士的身份以正確的方式完成工作的，這會讓他們感到非常安心，可以滿懷信心地去做他們的工作，他們不會被別人編造他們所做的事情而耽誤時間。

And by the way, the other thing I'll add is these new tools like Draft 1, customers absolutely love it. I mean, cops are over the moon about this, the idea that, God, I don't have to spend 4 hours a shift doing reports. I'm cutting that an app. And I was just demonstrating our new [brand] translator. I'm outside of the U.S.

順便說一句，我要補充的是，這些新工具，例如 Draft 1，深受顧客喜愛。我的意思是，警察們對此欣喜若狂，天哪，我不用每次輪班都花 4 個小時來做報告了。我正在剪切那個應用程式。我剛剛在演示我們新品牌的翻譯器。我在美國境外。

right now. Like we did a an Icelandic yesterday. And the guy said, we think there's no way it was going to work and his jaw hit the floor before we did. Eric, Norwegian and a couple of other not exactly in the side of like the most heavily used languages in the world, we think the real-time translator is going to be another real hit. So the body camera is evolving, and our customers are seeing it.

現在。就像我們昨天做的那樣，冰島語。然後那個人說，我們認為這不可能成功，他比我們先驚訝得合不攏嘴。埃里克，挪威語和其他幾種並不屬於世界上使用最頻繁的語言，我們認為即時翻譯器將成為另一個真正的熱門。隨身攝影機正在不斷發展，我們的客戶也看到了這一點。

It's not just a recording that can help me. It's now the edge of the AI Internet on my chest, I've got a real-time AI assistant that will help me translate, that will help me write my reports, that will have me look up things I need to know, help me ask policy questions. I don't have to call a lawyer at 2 a.m. in the morning about how to do some obscure legal situation. I can just immediately cross -- my reports and all those capabilities are included in the new Aeroplan, which is why go from 0 to revenue so quickly.

不只是錄音能幫助我。現在，我的胸前就出現了人工智慧網路的邊緣，我擁有了一個即時人工智慧助手，它可以幫助我翻譯，幫助我撰寫報告，幫助我找到我需要知道的東西，幫助我提出政策問題。我不需要在凌晨 2 點打電話給律師，詢問如何處理一些晦澀的法律狀況。我可以立即跨越——我的報告和所有這些功能都包含在新的 Aeroplan 中，這就是為什麼能夠如此迅速地從 0 實現收入。

And I think one of the things you continually hear in the industry right now is a lot of theory and not a lot of practice and application with the power of these new AI tools and what we are all about is the applied practice directly in service a real problems for our real customers, and that's what they love about what we're building.

我認為，目前業界不斷聽到的一件事就是，這些新人工智慧工具的強大功能只注重理論，而缺乏實踐和應用。

Thank you. Thanks, everyone. Up next, we have Mike Ng.

謝謝。謝謝大家。接下來我們有幸邀請到 Mike Ng。

I just have 2, 1 on bookings and 1 on cloud. First, just on Kings, it's a 2-parter. You guys had bookings of over $5 billion this year. I think this is at least the third year of bookings growing $1 billion year-on-year. So when you look at your pipeline going into 2025 in your base case or in your bull case, like are you assuming bookings grow $1 billion again to $6 billion?

我只有 2 個，1 個在預訂上，1 個在雲端。首先，僅就《國王》而言，它是兩部分的。你們今年的訂單量超過 50 億美元。我認為這至少是預訂量年增 10 億美元的第三年。因此，當您在基本情況或樂觀情況下展望 2025 年的銷售管道時，您是否假設預訂量將再次增長 10 億美元至 60 億美元？

Any thoughts, qualitative or quantitative would be helpful.

任何想法，無論是定性的還是定量的，都會有幫助。

Sure thing. Like I said, Mike, in my prepared remarks, the pipeline is extremely healthy right now, even healthier as relative to where it was at this time last year. And look, our goal is that our bookings growth rate looks similar to our revenue growth rate and in the back of the napkin, it kind of pencils out, hey, we can just keep this high growth rate going well into the future. So it's not necessarily about growing $1 billion every year or less or more it's more about, hey, can we have our bookings growth rate somewhat mirror our revenue growth rate and if we do that every year, the business will be very, very healthy for a long time.

當然可以。麥克，就像我在準備好的發言中所說的那樣，目前的管道狀況極其良好，甚至比去年同期更加良好。我們的目標是，我們的預訂量成長率與我們的收入成長率相似，在餐巾紙的背面，我們可以清楚地看到，嘿，我們可以在未來保持這種高成長率。因此，我們不一定要每年增加 10 億美元或多或少，而是要考慮，我們的預訂量成長率能否反映出我們的收入成長率，如果我們每年都這樣做，那麼業務在很長一段時間內就會非常非常健康。

Great. And then just on cloud, Axon Evidence and cloud services revenue within software and sensors, that saw a solid step up Q-on-Q. I think it was up $35 million sequentially, I think the largest on record. Could you talk a little bit about some of the key things that drove that strength? Was there anything unusual that made that sequential growth, particularly good this quarter?

偉大的。然後僅在雲端，Axon Evidence 和軟體和感測器內的雲端服務收入就環比穩定成長。我認為它比上一季增加了 3500 萬美元，這是有史以​​來的最大增幅。您能否稍微談談推動這種實力的一些關鍵因素？有什麼不尋常的事情導致本季的連續成長特別好嗎？

Or are you thinking that, hey, the structural run rate of sequential increases may have stepped up?

或者您認為，嘿，連續增長的結構性運行率可能已經上升了？

I'll take that one. I think it's very much what we talk about from a seasonality standpoint as we go through the year, which is that our step-up software standpoint, often lags how we're doing on bookings by a quarter. Now, it's not always perfect, right, because there's timing inside of the quarter. But as you think about it, our strongest bookings quarters tend to be Q3 and Q4 and then Q1 is our seasonally softest and it does, it goes through the year that way. And so if this step is lagging by a quarter, what you see -- finally is Q4 and Q1 have the bigger stuff from a software standpoint.

我要那個。我認為這很大程度上是我們一年中從季節性的角度所談論的問題，也就是說，我們的升級軟體角度往往比我們的預訂情況落後一個季度。現在，它並不總是完美的，對吧，因為季度內有時間限制。但你想一想，我們預訂業務最強勁的季度往往是第三季度和第四季度，而第一季則是季節性最疲軟的季度，事實也是如此，全年都是如此。因此，如果這一步滯後一個季度，您最終會看到——從軟體的角度來看，第四季度和第一季將有更大的發展。

I think you're just seeing the strength in the software business come through. We're seeing more user adoption, and we're seeing more products -- more software products sold into those users. Dedrone is not material to our business, but they do have some software revenue. And so you are seeing a small bit of room come into the software step for the first time this quarter.

我認為您只是看到了軟體業務實力的增強。我們看到越來越多的用戶採用，也看到越來越多的產品——越來越多的軟體產品銷售給這些用戶。Dedrone 對我們的業務來說並不重要，但他們確實有一些軟體收入。因此，您會看到本季首次在軟體層面出現了一點點的成長空間。

Thanks, Mike. Up next, we have Jonathan Ho at William Blair.

謝謝，麥克。接下來我們邀請到 William Blair 的 Jonathan Ho。

Let me echo my congratulations as well on the strong quarter. With your international bookings, can you talk a little bit about the strength here? And maybe what's changed in the decision to expand sort of the TAM?

我也謹對本季的強勁表現表示祝賀。就你們的國際預訂而言，能不能談談這裡的優勢？那麼擴大 TAM 的決策可能有什麼改變嗎？

Yes. So I think a lot -- Josh may cover the strength on international, but I think a lot of what you're seeing in the TAM is we refreshed the TAM every 2 years. We did a little bit of an interim update when we did our fuses and our Dedrone acquisitions, but that was really an interim process. And so as we came back to look at our TAM this year, we really looked out over the next 2 years. And what's changed a lot from 2 years ago is really the number of products we have.

是的。所以我認為很多——喬希可能會談到國際實力，但我認為你在 TAM 中看到的很多內容是我們每兩年更新一次 TAM。我們在進行保險絲和 Dedrone 收購時做了一些臨時更新，但這實際上是一個臨時過程。因此，當我們回過頭來審視今年的 TAM 時，我們確實著眼於未來兩年。與兩年前相比，我們產品的數量發生了很大變化。

And so that applies to international as well. As you look at the international market, we now have a lot more products that we can go ahead and sell into the international market, like [uses], like Dedrone, like AI. And so you're seeing that strength come through. We're also continuing to see some nice traction outside of some of our Commonwealth markets, and so that gives us increasing confidence in that higher international TAM.

這也適用於國際。看看國際市場，我們現在有更多的產品可以銷售到國際市場，例如[用途]，例如Dedrone，例如AI。所以你就看到了這種力量的體現。我們也繼續看到一些英聯邦市場以外的良好發展勢頭，這使我們對更高的國際 TAM 越來越有信心。

Yes. And I'd just add, Jonathan, on the international bookings piece. I think it's just a story about execution. I think we have plenty of product market fit to be very successful internationally. I think the team has this has been somewhat of a transformative year for our international business in terms of the team, bringing on Cameron Brooks as our CRO out in Europe, and he's made a couple of key hires in Europe and our Latin America and Canada function is going very, very well under [Michelle Deers].

是的。喬納森，我只想補充國際預訂部分。我認為這只是一個關於執行的故事。我認為我們的產品市場足夠強大，能夠在國際市場上獲得成功。我認為，就團隊而言，今年對於我們的國際業務而言可以說是變革性的一年，我們聘請了 Cameron Brooks 擔任我們在歐洲的首席風險官，他在歐洲招聘了幾位關鍵員工，而我們拉丁美洲和加拿大的職能部門在[米歇爾·迪爾斯]。

We've got more of the team in place that's just executing on a higher level. And so we're pretty bullish on international moving into the future here, as Brittany is saying. I think now as we're landing in more places, there's going to be the opportunity to expand with more products.

我們已擁有更多團隊，能夠以更高的水平執行任務。正如布列塔尼所說，我們對未來的國際化進程非常樂觀。我認為現在隨著我們進入更多地方，將有機會擴展更多產品。

Excellent. And just as a follow-up, a big picture question for Rick. We've clearly seen a strong value proposition here from generative AI tools. How do you imagine what you can do with a genetic AI, which seems to be sort of all the rage on the tech side and potentially is even more impactful than generative AI?

出色的。作為後續問題，我向 Rick 提出一個大問題。我們清楚地看到了生成式人工智慧工具的強大價值主張。您如何想像利用基因人工智慧可以做什麼？

Yes. I mean I think it just sort of builds for us, it's all about like where do the workflows matter that will enable our customers to do the things they need to do, in their jobs. So I think -- live right now is like, okay, take this transcript, runthrough, and create a report for me, or like, hey, take this and translate it. I think Agentic AI allows you to start to do things like, "hey, go search across this giant data set and help me solve like some problem that currently have teams of people working on." And we think we're in a unique position given our customer trust, given that we're housing so much of their data for them and managing their sensors that would kind of keep going down the list of their problems.

是的。我的意思是，我認為這只是為我們建造的，一切都關乎工作流程如何發揮作用，使我們的客戶能夠在工作中完成他們需要做的事情。所以我認為——現在的直播就像，好的，拿著這個記錄，瀏覽一遍，然後為我創建一份報告，或者就像，嘿，拿著這個然後翻譯它。我認為 Agentic AI 可以讓你開始做一些事情，例如「嘿，去搜尋這個巨大的資料集並幫助我解決目前有團隊正在研究的一些問題」。我們認為，鑑於我們贏得客戶的信任，鑑於我們為他們儲存瞭如此多的資料並管理他們的感測器，我們會不斷解決他們的問題，因此我們處於一個獨特的地位。

And then for us, there's also a risk-reward trade-off. Like we intentionally start with report writing, rather than, for example, facial recognition, where there's various privacy and related concerns where we report writing, like, hey, we can ensure that you an oversight. If the AI gets it wrong, like it's actually not a catastrophic failure. You've always got the underlying evidence. We can put in speed bumps to make the officer to do it.

對我們來說，也存在著風險和回報的權衡。就像我們有意從撰寫報告開始，而不是例如面部識別，其中存在各種隱私和相關問題，我們撰寫報告，例如，嘿，我們可以確保你沒有疏忽。如果人工智慧判斷錯誤，這其實並不是什麼災難性的失敗。您總是能找到根本的證據。我們可以設定減速帶，迫使警官這麼做。

I mean we always look at more uses of AI that will help with some more core law enforcement functions. We're going to do it in a -- way we will always be proud of that respects and balances, privacy, and we want to build the world of Jean Rotenberg, not George Orwell. And these Agentic workflows will just allow us to start handling higher levels of complexity. But for us, I go out, I meet with customers, I hear what their problems at and I get to come back to the company looking like a genius all these great ideas like a bee carrying pollen back to the hive.

我的意思是，我們一直在研究人工智慧的更多用途，以幫助實現更多核心的執法功能。我們將以一種讓我們永遠引以為傲的方式來實現這一目標，即尊重和平衡隱私，我們希望建立讓·羅滕伯格的世界，而不是喬治·奧威爾的世界。這些 Agentic 工作流程將使我們能夠開始處理更高層級的複雜性。但對我們來說，我會出去與客戶見面，了解他們的問題，然後回到公司，看起來像個天才，所有這些偉大的想法就像蜜蜂把花粉帶回蜂巢一樣。

And then Jeff's got to make sense of it all, segment it, work with our thousand engineers and product people to take these great customer ideas and put them together and then Josh and Brittany are going to -- like the staff and execute the business to run it, and I get to go out on the road again. So the team worked well together. And I just -- I love my job getting to go just sort of imagine talk out the problems and try to -- okay -- what tech is -- to be honest, Jeff, really holds me accountable. A lot of our conversations uses the word actually a lot about like, okay, Rick, this is great stuff. What can actually work right now in a way that customers will actually use it.

然後，傑夫要把這一切理順，對它們進行細分，與我們的數千名工程師和產品人員一起，把這些偉大的客戶想法整合在一起，然後喬希和布列塔尼會像員工一樣執行業務，然後我就可以再次上路了。因此團隊合作得很好。我只是 — — 我喜歡我的工作，可以去想像和討論問題，並嘗試 — — 好吧 — — 什麼是技術 — — 說實話，傑夫，真的讓我承擔責任。我們在很多對話中都用到了很多這樣的詞，例如，好的，瑞克，這是很棒的東西。什麼方法可以真正發揮作用，讓客戶真正使用呢？

It won't disappoint them and it's not going to be buggy. And so Agentic, we're going to approach it kind of the same way, okay, where are we at? And what will work well for our customers, and it's -- a lot of it is just getting the sequencing down.

它不會令他們失望，也不會出錯。因此，Agentic，我們將採用同樣的方式來處理這個問題，好吧，我們在哪裡？什麼對我們的客戶最有利呢？

Thanks, Jonathan. Up next, we have Andrew Sherman, Andrew, welcome to the call.

謝謝，喬納森。接下來有請安德魯‧謝爾曼 (Andrew Sherman)，安德魯，歡迎參加電話會議。

Great. Thanks, Eric. Good to be on the call. Congrats on the quarter. Brittany, one for you on the revenue growth guide of 25%, very strong.

偉大的。謝謝，埃里克。很高興接聽電話。恭喜本季取得佳績。布列塔尼，您的營收成長預期為 25%，非常強勁。

Maybe just walk us through your assumptions embedded there for NRR. Any color on the ERA contribution, the sustainability of the strong [1% to 3%] NRR. And any change to your guidance philosophy versus the past couple of years.

也許只是向我們介紹一下您對 NRR 的假設。任何顏色對 ERA 的貢獻，都具有強勁的 [1% 到 3%] NRR 的可持續性。與過去幾年相比，您的指導理念有什麼改變嗎？

Yes, so as I talked about, no actual change in our guidance philosophy, what we do is we've got our future contracted bookings. We know approximately how much of that will convert in the next year. So we know how much of a go-get we have. And then we can look at our pipeline and see how pipeline stacks up and how we feel about that go get. So that's pretty much how we do it, and that's how we continue to do it this year.

是的，正如我所說的，我們的指導理念沒有實際改變，我們所做的就是獲得未來的合約預訂。我們大概知道明年有多少轉化。所以我們知道我們有多大的實力。然後我們可以查看我們的管道，以了解管道如何堆積以及我們對此的感受。這就是我們的做法，今年我們也會繼續這樣做。

In terms of assumptions going forward, and we have really low churn, our NRR has really only continued to be very stable to positive. So no major changes in assumption going forward.

就未來的假設而言，我們的客戶流失率確實很低，我們的 NRR 實際上一直保持非常穩定甚至正值。因此，未來的假設不會有重大變化。

Great. And also for Brittany and Josh, maybe just -- where the supply.demand imbalance for TASER 10, great to see that it's still tracking at 2x T7. But where do we stand today is supply/demand imbalance. I think, Brittany, your CapEx comments would imply more supply coming on. So what does that signal for growth this year?

偉大的。對於布列塔尼和喬什來說，也許只是——TASER 10 的供需不平衡，很高興看到它仍然跟踪 2x T7。但我們目前的狀況是供需失衡。布列塔尼，我認為你的資本支出評論意味著將有更多的供應。那麼這對今年的成長意味著什麼？

You got it. We are still outpacing our supply with our demand, so still in a great place, we are -- into next year to try and bring more supply online. So we'll see where demand goes. I think we imagine that time next year, we've got that supply-demand imbalance. But what you're really seeing right now is we are basically selling as much T10 as we can make, and so we've got to keep investing behind our capacity.

你明白了。我們的供應量仍然超過需求量，因此我們仍處於一個很好的狀態，明年我們將努力在網路上帶來更多的供應。因此我們將觀察需求走向何處。我想我們可以想像明年那時我們將會出現供需失衡的情況。但您現在真正看到的情況是，我們基本上銷售了我們所能生產的所有 T10，因此我們必須繼續投資於我們的產能。

Great. And Andrew, thanks a lot, we're particularly excited about T10 just because of what it means for our mission and Moonshot as well. The more customers deploying it. We are seeing videos of better and better outcomes in the field. And I think that's kind of continuing through a network effect across the entire market.

偉大的。非常感謝安德魯，我們對 T10 特別興奮，因為它對我們的任務和登月計劃都意義重大。部署它的客戶越多。我們在該領域看到了越來越好的成果的影片。我認為這將透過網路效應延續到整個市場。

And so we're very exciting excited about what the future holds for TASER 10, and I don't think there's any slowdown inside here. It's our highest demand CW ever, and I think that will continue.

因此，我們對 TASER 10 的未來感到非常興奮，而且我認為這裡不會有任何放緩的跡象。這是我們有史以來需求量最高的 CW，而且我認為這種情況還會持續下去。

Yes. I just met with some new European customers who have not had T10 for very long and 2 of them told me they've already inverted at least 1 shooting at least a life in the early few months of the deployment in the field. And these are countries, obviously, that don't have the frequency of shootings that we do in the U.S. So it's pretty significant to hear that from them.

是的。我剛剛會見了一些使用 T10 時間不長的歐洲新客戶，其中兩位告訴我，在現場部署的最初幾個月裡，他們已經倒置了至少 1 次射擊，至少挽救了一條生命。顯然，這些國家的槍擊事件並不像美國那麼頻繁。

All of our products work so well together. And as an ecosystem, there are payers here and there that are doubly so peanut butter and -- drive each other forward. And so with the story with VR is such a great one because T10 is not only so transformational in its capability but it is new and different in a way that really motivates the sale and adoption of our VR training that goes along with it. And it's the catalyst for getting the best possible outcomes with T10. A similar story for like DFR and robotics with USIS and RTC.

我們的所有產品都能很好地協同工作。作為一個生態系統，到處都有付款人，他們彼此幫助、共同前進。因此，VR 的故事非常精彩，因為 T10 不僅在功能上具有變革性，而且它的新穎性和與眾不同之處真正推動了與之相伴的 VR 培訓的銷售和採用。它是利用 T10 獲得最佳結果的催化劑。DFR 和帶有 USIS 和 RTC 的機器人技術也有類似的故事。

So you see all these pairings that goes so well together, combined with the leverage of them adopting more and more of our whole ecosystem.

因此，您會看到所有這些配對都如此完美地結合在一起，並且它們可以利用我們的整個生態系統越來越多地採用這些配對。

Great. Thank you all. Thanks, Andrew. Up next Will Power at Baird.

偉大的。謝謝大家。謝謝，安德魯。接下來是貝爾德 (Baird) 的威爾鮑爾 (Will Power)。

Great. Thanks. I guess I got a couple. And we get for the reconciliation of Lone Star state would love to have you. Maybe first question for Josh or Rick, whoever want to take it.

偉大的。謝謝。我想我已經得到了一些。我們孤星州的和解非常希望有您的參與。也許第一個問題應該問 Josh 或 Rick，無論誰想回答。

Look, it sounds like really strong -- at the AI play in. I think you noted 10 deals for Q4. I just want to understand the confidence and stability there as we move forward because it's a big lift in OSP pricing, right? You're going from 350 at the high end of 550. What's the conviction confidence, visibility and agencies have enough budget to be able to adopt this at a rapid pace from here.

看起來，這聽起來真的很強大——在 AI 遊戲中。我認為您注意到第四季度有 10 筆交易。我只是想了解我們前進過程中的信心和穩定性，因為這對 OSP 定價來說是一個巨大的提升，對嗎？您將從 350 達到 550 的最高值。信念、可見性和機構是否有足夠的預算能夠從現在開始快速採用這項技術。

Yes. It's interesting. Well, it's a great question, and it's nice to see you again. What I would say about the AI Aeroplan and about our AI products in general is -- they are driving such an ROI that can be measured in staffing and officer time that our customers are saving money as a result of of deploying this for $200 a person. You could just do the math on Draft 1 alone.

是的。這很有趣。嗯，這是一個很好的問題，很高興再次見到你。我對 AI Aeroplan 以及我們的 AI 產品總體的看法是 - 它們帶來的投資回報率可以透過人員配備和官員時間來衡量，我們的客戶以每人 200 美元的價格部署這些產品，從而節省了資金。您可以單獨針對第 1 稿進行計算。

And essentially, what it is allowing you to do, if you're a police chief, is have 20% more capacity day-to-day of your police officers. And this is an environment where police departments are still very understaffed. They've got dozens, in a lot of cases, hundreds of open roles that are unfilled. And so when they can allocate some of those dollars over to these tools that might mitigate the need to have more officers at the department to begin with, that's highly valued. And so we're very, very encouraged and it's mostly because we know what type of final outcomes some of these AI products are driving for our customers.

本質上，如果你是警察局長，它可以讓你的警員日常工作能力增加 20%。在這種環境下，警察部門仍然嚴重缺乏人手。他們有數十個，很多情況下是數百個空缺職位。因此，當他們可以將部分資金分配給這些工具時，可能會減輕該部門對更多警員的需求，這是非常有價值的。因此我們感到非常非常鼓舞，這主要是因為我們知道這些人工智慧產品中的一些會為我們的客戶帶來什麼樣的最終結果。

Yes. Let me jump in I met with a large customer in a relatively new segment for us. So it's not state local law enforcement, big agency and meeting. I spend a debit with the customer going through their operations, learning how things work. It was a lot of fun for me.

是的。讓我先說一句，我在一個相對較新的領域遇到了一位大客戶。所以它不是州地方執法機構、大型機構和會議。我花了一些時間和客戶一起了解他們的操作，了解事情是如何運作的。對我來說這很有趣。

And there is a new AI source we could do that would literally offload more than half of what the entire -- spends their time doing that they hate doing, that's administrative in nature. It's got a lot of the similar characteristics to Draft 1 to where customers like, "Oh, my God, this will be game-changing for my budget, it would free up my people to do." Like more in -- and I wouldn't need as many people so I could grow a little slower and my morale will go up dramatically and that's something I can back to Jeff, and we're like, okay, let's put a team and I have to figure out how to do this. And with the new AI tools like it's going to be very doable. And so again, that's just another example where AI is allowing us rapidly bring the promise of like AI tech doing sort of repetitive jobs. And because our customers -- one of the things that's greatest, it's not like they're firing people, just taking people's jobs.

我們可以開發一種新的人工智慧來源，它實際上可以減輕人們一半以上的負擔——他們把時間花在了自己討厭做的事情上，這些事情本質上是行政性的。它與草案 1 有許多相似的特徵，客戶會說，“哦，天哪，這將徹底改變我的預算，它可以讓我的員工有更多時間去做。”就像更多的一樣——而且我不需要那麼多人，所以我可以成長得慢一點，我的士氣將大大提高，這是我可以回報傑夫的事情，我們就像，好吧，讓我們組建一個團隊，我必須想辦法做到這一點。借助新的 AI 工具，這將變得非常可行。這只是另一個例子，人工智慧讓我們能夠快速實現用人工智慧技術完成重複性工作的願望。因為我們的客戶——這是最棒的事情之一，他們不是在解僱員工，而是搶走了員工的工作。

It's taking the crappy lower time consuming bureaucratic suck of their job away. And I take a win-win and they're just excited, but yes, I can get to go do stuff I enjoy doing that gets me excited to work. And then for the chief and say, yes, I'm getting more out of my people, it's paying for itself.

它使他們工作中那些糟糕且耗時且耗力的官僚現象消失。我獲得了雙贏，他們也感到很興奮，但是是的，我可以去做我喜歡做的事情，這讓我對工作感到興奮。然後對於酋長來說，是的，我從我的人民那裡得到了更多的回報，這是值得的。

It sounds like Jeff's got job security as he works on those projects. And maybe just a quick second one, probably for Josh. Just the enterprise deal, you hear the largest deal. I think history -- maybe I missed this, but any other color as to exactly what they're utilizing? Are they utilizing body-worn cameras, is it USIS, is it both?

聽起來傑夫在從事這些專案時工作很穩定。也許這只是第二個，可能是為喬許 (Josh) 準備的。僅就企業交易而言，您聽到的是最大的交易。我認為是歷史——也許我錯過了這一點，但還有其他什麼可以說明他們到底在利用什麼嗎？他們是否使用隨身攝影機？

Is it, I don't know, even deter -- for facilities? What's kind of good news there?

我不知道，這是否會對設施產生阻礙作用？那邊有啥好消息嗎？

Yes. This particular deal, Will, it's body cameras and fuses with, of course, Evidence.com licensing as well. But the same customer has a lot of interest in Dedrone and other products as well. So I think what you're going to see throughout this year in the enterprise segment is we'll be landing in a lot of cases with fuses and body-worn cameras. But just like I was saying about international, I think the same holds true, where a bigger and bigger part of our product portfolio will be applicable to the enterprise segment, and we're very excited about that.

是的。威爾，這項特別的交易是隨身攝影機，當然也與 Evidence.com 授權相融合。但同一位客戶對 Dedrone 和其他產品也非常感興趣。所以我認為，今年你將在企業領域看到，我們將在許多案件中使用保險絲和隨身攝影機。但就像我所說的國際化一樣，我認為情況也是如此，我們的產品組合中越來越多的部分將適用於企業領域，我們對此感到非常興奮。

Up next we have Trevor Walsh from JMP.

接下來我們有來自 JMP 的 Trevor Walsh。

Josh, maybe for you, but Rick, feel free to jump in. I want to ask the federal question maybe a different way. So I understand it's more opportunity versus risk on the federal opportunity itself, but one of your peers kind of in the state and local technology-centered kind of sales motion, gave some statistics on their call a few weeks back about kind of how federal funding flows down in the state and/or local budgets. Just curious, it sounds like from that kind of just general commentary that state budgets can be a little bit more impacted or kind of do draw a lot more from federal funds. So just curious if you're hearing concerns or for that state level, state police, whatever it might be types of orgs having maybe worries or concerns around kind of what the federal fund kind of flow will be for them, less so, obviously, like uncanny and local level, if that makes sense.

喬希，對你來說也許如此，但是里克，請隨意加入吧。我想以不同的方式提出聯邦問題。因此，我理解就聯邦機會本身而言，這更多的是機會還是風險，但幾週前，你們一位在州和地方以技術為中心的銷售動議中的同事在電話會議上提供了一些統計數據，說明聯邦資金如何在州和/或地方預算中流動。只是好奇，從那種一般性評論來看，州預算可能會受到更大的影響，或者確實會從聯邦資金中提取更多資金。所以我只是好奇，您是否聽過擔憂，或者對於州一級的機構，州警察，無論是哪種類型的機構，可能擔心或擔心聯邦資金的流動會給他們帶來什麼，顯然，這種擔憂較少，比如不可思議的和地方層面的，如果這說得通的話。

Yes. Thanks a lot. Personally, I'm not sure I agree with that commentary. It is true that some grants in other programs have dried up. A lot of those were not particularly impactful to Axon, maybe to some other companies.

是的。多謝。就我個人而言，我不確定我是否同意該評論。確實，其他一些項目的補助已經枯竭。其中許多對 Axon 沒有特別的影響，也許對其他一些公司有影響。

But I still think there's a unit where police and federal military are better funded by the federal government, state and local police and federal military are better funded by the federal government in this next year than I think people are assuming. And so personally, I don't necessarily see any headwinds in that way that would have any material impact on our business.

但我仍然認為，有一個部門的警察和聯邦軍隊會得到聯邦政府更多的資助，而州和地方警察以及聯邦軍隊明年會得到聯邦政府更多的資助，我認為比人們想像的要多。因此就我個人而言，我並不認為有任何阻力會對我們的業務產生實質影響。

And if you hear the types of projects that are getting printed in front of the cameras is like examples of waste, none of them are like critical public safety equipment and technology. It's stuff that people like, wow, that's where they're spending my money on that. And like we just don't think we're -- like our products make it on a sense for customers that buy part and are pretty universally Republicans and Democrats in the last election cycle, they were going out of their way to make sure that they knew that they were Flock Safety prolong enforcement.

如果你聽說在鏡頭前印刷的那些項目就像是浪費的例子，那麼它們都不是關鍵的公共安全設備和技術。這是人們喜歡的東西，哇，他們就會把錢花在那上面。而且我們只是不認為我們的產品對購買部分產品的客戶有意義，而且在上次選舉週期中，他們普遍是共和黨人和民主黨人，他們不遺餘力地確保他們知道他們是 Flock Safety 延長執法。

Again, I don't want to be arrogant about it and say we're bulletproof, but I would say we think net -- we haven't seen the political wins really affect us that much as long as we're delivering things that actually help our customers do their job. Then whether it's in a Blue City or Red City, Trump administration, Biden administration, like the product carries today.

我再說一遍，我不想自大地說我們是無懈可擊的，但我想說，我們認為只要我們能真正幫助客戶完成工作，政治勝利就不會對我們產生太大影響。那麼無論是在藍城還是紅城，無論是川普政府還是拜登政府，都像今天的產品一樣。

Great. Maybe just one quick follow-up for Brittany. I appreciate the new future contracted bookings metric, always adding a new metric to keep tabs on. It sounds like it's RPO basically plus additional contracts that have T4C or clauses that kind of obviously don't put them into RPL. Is that kind of new meta function of that more of those termination clauses are doing more contracts that have more of those types of things, and so it kind of helps to give more visibility there.

偉大的。也許只是對布列塔尼的一個快速跟進。我很欣賞新的未來合約預訂指標，總是添加一個新的指標來密切關注。這聽起來基本上是 RPO 加上具有 T4C 的附加合約或顯然不會將其納入 RPL 的條款。這種新的元功能是否意味著更多的終止條款將在更多的合約中包含更多此類內容，因此它有助於提高合約的可見性。

I guess where are those contracts falling? Are those federal customers just generally have that written in? Or are there other places where you're seeing that kind of more and more generally from a contract perspective?

我猜這些合約落在哪裡了？這些聯邦客戶通常都已經寫好這些了嗎？或者從合約角度來看，您是否在其他地方越來越普遍地看到這種情況？

Yes. I mean, you nailed it. That's exactly what it is. And so we're going to move to talking about our new total future bookings number because really more indicative of what the business is doing and bookings commentary and color we give. We have been going through and we changed accountants this year.

是的。我的意思是，你成功了。事實確實如此。因此，我們將轉而討論我們新的未來總預訂量，因為這實際上更能說明業務狀況以及我們給出的預訂評論和情況。我們一直在經歷這個過程，今年我們更換了會計師。

So we've really been scrubbing RPO. And there's just a lot ASC606 doesn't allow us to put in from a GAAP standpoint. So you will still find our GAAP RPO number in the like 10-K, we have to report that, you'll see that. But just more and more, it's diverging from how we actually measure our business. And we don't go back and look at our historical contracts, like even when we have termed for convenience, our customers don't actually leave us like they don't utilize that.

所以我們確實一直在清理 RPO。而從 GAAP 的角度來看，ASC606 有很多內容不允許我們添加。因此，您仍然會在 10-K 中找到我們的 GAAP RPO 數字，我們必須報告這一點，您會看到這一點。但它與我們實際衡量業務的方式越來越不同。我們不會回頭查看我們的歷史合同，即使我們為了方便而簽訂了條款，但我們的客戶實際上並沒有離開我們，就像他們沒有使用那些條款一樣。

We really don't have churn. So it's just not indicative.

我們確實沒有客戶流失。所以它只是不具有指示性。

In terms of where we're seeing it, honestly, across the board, like more and more customers just want term for convenience as a best practice. And so we're seeing it in a lot of places. And so we're just going to move to the sort of non-GAAP burn of the metric, which we think is a better reflection.

就我們所看到的情況而言，老實說，從各方面來看，越來越多的客戶只是希望將方便作為最佳實踐。我們在很多地方都看到這種情況。因此，我們將轉向非 GAAP 指標，我們認為這能更好地反映情況。

Next, we have Jordan Lyonnais at Bank of America.

接下來是美國銀行的喬丹里昂 (Jordan Lyonnais)。

Could you guys talk about how you're approaching your go-to-market with Skydio and Sky Swap program and how that's been going so far?

你們能否談談如何透過 Skydio 和 Sky Swap 計劃進入市場以及目前進展如何？

Yes. And certainly, I'll start, but I think others should chime in on this one. Look, we're really excited Skydio as a partner. We think they're the most talented team in drone technology. They're a phenomenal cultural fit with us in terms of our go-to-market motions.

是的。當然，我會開始，但我認為其他人也應該參與其中。看，我們真的很高興 Skydio 能夠成為我們的合作夥伴。我們認為他們是無人機技術領域最有才華的團隊。在我們的行銷行動方面，他們的文化與我們極為契合。

The product is fantastic. Like Rick was saying, DJI has fallen out of favor in U.S. public safety and Skydio, is the obvious choice behind them. And so we're really excited to be able to kind of augment our ecosystem with Skydio hardware. And really give our customers more situational awareness and more opportunities for really integrated DFR drone as the first responder experience.

產品非常棒。正如里克所說，大疆在美國公共安全領域已經失寵，而 Skydio 顯然是他們背後的選擇。因此，我們非常高興能夠利用 Skydio 硬體來增強我們的生態系統。並真正為我們的客戶提供更多的態勢感知能力，並為真正整合的 DFR 無人機作為第一響應者體驗提供更多機會。

So I think that's something that we're very, very excited about and very encouraged about what the results have been so far in that partnership.

所以我認為，我們對這項合作迄今為止所取得的成果感到非常興奮和鼓舞。

It's not ever -- actually say -- It's not even -- I wouldn't say Skydio is behind DJI, like got to market first with scale. But Skydio's actually the world leader in autonomy, like many things, the chase companies had really inexpensive hardware and they did a great job user experience. Skydio, has a big team, Silicon Valley has been very much focused on leveraging AI and sensors so that the drones can launch and fly themselves autonomously.

從來都不是——實際上說——甚至不是——我不會說 Skydio 落後於 DJI，就像憑藉規模率先進入市場一樣。但 Skydio 實際上是自動駕駛領域的全球領導者，就像許多事情一樣，追逐公司擁有真正便宜的硬件，並且在用戶體驗方面做得很好。Skydio 擁有一支龐大的團隊，矽谷一直非常專注於利用人工智慧和感測器，讓無人機能夠自主發射和飛行。

Now look, we bought a drone company, 2 years ago-ish with Sky-Hero, that was very pre-use case. That's for indoor like tactical drones. And as we did an assessment on the make, build, buy, what Skydio is doing is just a different level of complexity. Like if a tactical drone that falls out of the sky, it falls to the floor from 6 feet, it doesn't -- somebody, it doesn't have to fly itself. You build it to be more resilient to bump into things and you don't need -- in fact, all the autonomy can get confused in an environment.

現在看看，我們在兩年前收購了一家無人機公司 Sky-Hero，這是一個非常早期的用例。這適用於室內戰術無人機。正如我們對製造、建造、購買所做的評估那樣，Skydio 所做的事情只是複雜程度不同。就像如果一架戰術無人機從天上掉下來，從 6 英尺高的地方掉到地上，它不需要——有人說，它不需要自己飛行。你建造它是為了使其更能適應碰撞，但你不需要——事實上，所有的自主性在某個環境中都可能變得混亂。

And there's other applications for the long term that we felt Sky-Hero would be transformative for us to own and work on with Skydio, this was just -- our assessment was, wow, it took a team of like 600 people working for the better part of a decade with a sim investments to do this, and they've got a huge head start. And as we got to know each other, it was one of those like Jeff say talked peanut butter moments. It was really a great fit. I've developed a great personal relationship with the team and out there, and it really fits nicely like a lock in key with each other's portfolio. So we're going to market, hard to think with the partnership, and we're getting tremendous customer feedback.

並且我們認為，從長遠來看，還有其他應用程序，Sky-Hero 將為我們擁有並與 Skydio 合作帶來變革，這只是——我們的評估是，哇，一個由 600 人組成的團隊花了近十年的時間，通過模擬投資才做到這一點，他們已經取得了巨大的領先優勢。當我們彼此了解時，我們就像是傑夫說的談論花生醬時刻。這確實非常合適。我和團隊以及其他人員都建立了良好的個人關係，就像一把鑰匙鎖，與彼此的投資組合完美契合。因此，我們要進入市場，認真思考與合作夥伴的關係，並且獲得大量客戶回饋。

In fact, it actually cost you a lot to deploy an American Skydio than a DJI drone for this reason.

事實上，出於這個原因，部署一架美國 Skydio 無人機的成本實際上比部署 DJI 無人機的成本要高得多。

With DJI, you put it in the trunk of a car and then you basically generally turn your police officer to an Uber driver for drones. You drive to the team, and he stands on seeing flying the drone which basically cost you [$200,000] per year to get that drawn driven around -- over the Skydio dock, yes, the hardware is a bit more and the software. But for $50,000, you can have that drone autonomously that does not consume an officer. It can be autonomously flown. It flies to a site with a any need for like human oversight and you paired out our dedrone centers.

有了 DJI，你可以把它放在汽車後車箱裡，然後基本上就可以把你的警察變成無人機的 Uber 司機了。你開車去找團隊，他站在那裡看著無人機飛行，基本上每年要花 [20 萬美元] 才能讓它在 Skydio 碼頭上空飛行，是的，硬體和軟體要貴一些。但只要花費 5 萬美元，你就可以擁有這架自動無人機，而且不會消耗警員的體力。它可以自主飛行。它飛到需要人類監督的地點，然後你將我們的無人機中心配對起來。

Now that is an amazing pairing, you can now see the airspace to see where everything is. You can -- the drone can fly autonomously connecting those 2 systems together and then whoever needs to see the feed just magically sees a camera in the sky where they want it, looking at what they want to see. With 0 human oversight. So it's actually about 1/4 of the price when you consider the human labor elements. And we think this is both an interesting political moment in the U.S.

這是一個令人驚嘆的組合，現在你可以看到空域，看到一切所在。你可以——無人機可以自主飛行，將這兩個系統連接在一起，然後任何需要查看信號的人都會神奇地看到天空中他們想要的那個位置有一個攝像頭，可以看到他們想要看到的東西。完全不受人工監督。因此，如果考慮人力因素，其價格實際上約為 1/4。我們認為這是美國一個有趣的政治時刻。

government policy and the rift of China is accelerating that transition. But it's just matching this wonderful moment in time where AI is now making the autonomous life possible. Skydio, is in the process of releasing from beta to production, their dock that unlocks this like complete autonomy. So just a really exciting part of the business. And we always look to look for and just make the best decisions where we should make, what we should build ourselves, where we should partner.

政府政策和中國的裂痕正在加速這項轉變。但這正好與這個美妙的時刻相吻合，人工智慧正在讓自主生活成為可能。Skydio 正處於從測試版發佈到生產的過程中，他們的基座可以解鎖完全的自主性。所以這只是業務中非常令人興奮的一部分。我們始終尋求並做出最佳決策，決定我們應該在哪裡做、我們應該自己建立什麼、我們應該在哪裡合作。

In this case, it was a great partner, and we're confident that it's got the right relationship with it in long-term dynamics.

在這種情況下，它是一個很好的合作夥伴，我們相信在長期的發展中，我們與它建立了正確的關係。

And for your customers, your DJI order patrol, can they just go through you to buy the Skydio drone and you guys put on your kit. So it's all connected? Or do you need both of you?

對於您的客戶，您的 DJI 訂單巡邏，他們是否可以透過您購買 Skydio 無人機並安裝您的套件。那麼這一切都是有關聯的嗎？還是你們兩個都需要？

We could do those deals on what we call Axon paper or on Skydio papers.

我們可以在所謂的 Axon 紙或 Skydio 紙上進行這些交易。

And more and more and more, as customers get excited about this space for all the reasons Rick just went through, again, they think of the evolution of the real-time crime center space and that opportunity as hand in glove with DFR and drones as first responder. And so the combination of FSIs with Skydio with the rest of the Axon suite is just hands down unmatched in terms of bringing the capability that customers want and need in giving them the situational awareness and autonomous response that they're looking for.

並且，越來越多的客戶因為 Rick 剛才所述的各種原因而對這個領域感到興奮，他們再次想到了實時犯罪中心領域的發展以及與 DFR 和無人機密切合作作為第一響應者的機會。因此，FSI 與 Skydio 以及 Axon 套件其他部分的結合在提供客戶想要和需要的功能方面是無與倫比的，為他們提供了他們所尋求的態勢感知和自主回應。

Yes. One example as well, like an officer with their body camera, in the near future, we may say, "Hey, I need a drone," and we deploy the drone to the body camera. And as it flies in, Skydio has done a great job integrating. You'll see a blue augmented reality pillar growing the sky that tells you right where your officer is. So there's no searching around to find them.

是的。還有一個例子，就像一個帶著隨身攝影機的警官，在不久的將來，我們可能會說，“嘿，我需要一架無人機”，然後我們就會將無人機部署到隨身攝影機上。當它飛行時，Skydio 已經完成了出色的整合工作。你會看到天空中出現了一個藍色的擴增實境柱，它會告訴你警官的確切位置。因此無需到處尋找它們。

It's a seamless mash of our body cameras, Our FSIs and Skydio's autonomy and their flight software. But to the customer, it doesn't matter. It's one experience say, "Oh, that offer need to grow there it is." And there's my offer and I can see and I can pass that video fee to whoever I need to pass it to.

它是我們的隨身攝影機、我們的 FSI 和 Skydio 的自主性及其飛行軟體的無縫融合。但對顧客來說，這並不重要。這是一種經驗之談：“哦，那個提議需要在那裡發展。”這是我的報價，我可以看到並且我可以將視訊費用轉交給我需要的任何人。

Thanks, Jordan. Up next, we have Joe Cardoso at JPMorgan.

謝謝，喬丹。接下來我們請到摩根大通的喬‧卡多佐 (Joe Cardoso)。

Thanks for the question. Maybe just wanted to follow up on the Dedrone question, but from a different point of view and maybe a bigger picture point of view, like how are you guys thinking about timing of that opportunity, materializing in a more material way for us onto relative to a year or 2 ago? Because it sounds like anecdotally, it's ramping much faster than maybe the conversations we were having last year. And just kind of curious like when we're thinking about the size of this potential business for Axon a year out, 2 years out, like can we think about this as being material volumes? Or is that just getting a little bit ahead of our skis as you guys are doing more kind of pilots and programs with some of your end customers?

謝謝你的提問。也許只是想跟進 Dedrone 的問題，但從不同的角度，也許是更大的角度來看，例如你們如何考慮這個機會的時機，相對於一兩年前，以更實質的方式實現它？因為這聽起來像是軼事，它的進展速度可能比我們去年的對話快得多。只是有點好奇，當我們考慮 Axon 一年或兩年後的潛在業務規模時，我們能否將其視為實體規模？或者這只是比我們的滑雪稍微領先一點，因為你們正在與一些最終客戶進行更多的試點和專案？

Or are we actually starting to see some more bigger moves here from your end customers into adoption?

或者我們實際上是否開始看到您的最終客戶在採用方面採取更多更大的措施？

They typically prevent me from throwing numbers out because I get too enthusiastic, but I would say qualitatively, we're at a tipping point.

他們通常會阻止我說出數字，因為我太過熱情，但我想說，從質量上講，我們正處於一個臨界點。

Okay. So you're starting to see more of a -- sorry, go ahead, Brittany.

好的。所以你開始看到更多——抱歉，請說，布列塔尼。

I was just going to say we've got the game about $20 billion for that, and we are in such early innings. So we took that up because I think we see the opportunity much more clearly in front of us. Now like general logistics and a timing thing, right? We do long-term kings, they go into bookings. That's what's giving us excitement about momentum.

我只是想說，我們為這場遊戲投入了大約 200 億美元，而且我們才剛開始。所以我們接受了這個提議，因為我認為我們更清楚地看到了眼前的機會。現在就像是一般的物流和時間安排的事情，對嗎？我們確實有長期的國王，他們會進行預訂。這就是讓我們對動力感到興奮的原因。

It takes a little bit of time to seeing that all flow through the P&L.

要花一點時間才能看到所有流程都流經損益表。

Got it. And then maybe a quick question for Brittany. Obviously, you talked about it hit the 25% EBITDA target a year ahead of plan, guiding for '25 -- for 2025. I appreciate that you talked about the investments in your prepared remarks. Maybe just flesh out a bit more in terms of where those investments are exactly getting?

知道了。然後也許我可以問布列塔尼一個簡單的問題。顯然，您談到了提前一年實現 25% EBITDA 目標，並為 2025 年做好了準備。我很欣賞您在準備好的發言中談到了投資。或許可以更詳細說明這些投資的具體用途？

Like is there any particular areas that you guys are kind of putting those dollars to spend in different parts of the portfolio or engineers, et cetera. Just curious where those are being spent. And then anything that we should be interpreting in terms of implications around gross margin expansion for the year from those comments? Or is it really just largely taking those dollars investing it into CapEx.

例如，你們是否將資金投入投資組合的不同部分或工程師等特定領域？只是好奇這些錢都花在哪裡了。那麼，我們該如何解讀這些評論對今年毛利率擴張的影響呢？或者它實際上只是將這些資金主要投資於資本支出。

Yes, I'd say it's largely taking those dollars and investing back into R&D, and it's all the areas we've talked about, right? It's drones, it's robotics, it's FSIs, it's all of these new markets that we're so excited about.

是的，我想說的是，這主要是利用這些資金重新投資於研發，這也是我們討論過的所有領域，對嗎？無人機、機器人、金融服務業，所有這些新市場都讓我們感到興奮。

Got it. And I'd also add, Brittany -- it's also our enterprise go-to-market as well. That's a big investment for us this year. We're seeing these early results. Now it's about, hey, how do we really cover the market well from a sales and sales support and customer success perspective.

知道了。我還要補充一點，布列塔尼，這也是我們企業的市場走向。這對我們來說是今年的一大投資。我們看到了這些早期成果。現在的問題是，我們如何從銷售、銷售支援和客戶成功的角度真正涵蓋市場。

So that's a large investment center this year for us and one that you have high conviction will pay off nicely in the year to come.

所以，對我們來說，這是今年的一個重大投資中心，而您堅信它將在未來一年獲得豐厚的回報。

Thanks, Joe. And finally, we'll go to Keith Housum at Northcoast.

謝謝，喬。最後，我們將拜訪 Northcoast 的 Keith Housum。

I appreciate it. In terms of the enterprise opportunity, obviously, it sounds like we're having a lot of traction here. Brittany, maybe can you talk about the pricing there? I know it's still nascent, but in the public safety space, you guys have that nice metric that you guys provided investors over the past several years. How do you think about pricing for the enterprise market?

我很感激。就企業機會而言，顯然我們在這裡取得了很大的進展。布列塔尼，你能談談那裡的定價嗎？我知道它仍處於起步階段，但在公共安全領域，你們在過去幾年中為投資者提供了很好的指標。您如何看待企業市場的定價？

Is it in a similar vein? Or is there different pricing schemes that you're going through?

是否也有類似的情況？或者您正在採用不同的定價方案嗎？

I wouldn't say it's in a similar vein. I wouldn't think about it as being materially different. Obviously, there are some nuances to the enterprise market, of course, but they're still buying dams licenses, they're thinking about FSIs, they're thinking about body cameras. So there's certainly nuances but nothing large, I would call out for you on being highly different at this point.

我不認為這是類似的情況。我不認為這有實質的不同。顯然，企業市場當然存在一些細微差別，但他們仍在購買大壩許可證，他們正在考慮金融服務機構 (FSI)，他們正在考慮隨身攝影機。因此，肯定存在細微差別，但沒有什麼大的區別，我會呼籲你在這一點上表現出極大的不同。

Okay. I appreciate that. And I apologize if I missed this perhaps earlier in the call. But obviously, tariffs are top of mind for a lot of people these days, both on a cost perspective for the companies as well as perhaps demand issues for geopolitical issues. How are you guys thinking about tariffs from both aspects?

好的。我很感激。如果我在通話初期沒有註意到這一點，我深感抱歉。但顯然，關稅是目前許多人最關心的問題，既出於公司成本的角度，也可能出於地緣政治問題的需求問題。你們從這兩方面如何看待關稅？

We've tried to be really flexible in our supply chain. Obviously, at this time, we've been dealing with tariffs of some kind for a number of years. And so we really have found that just being flexible and diversified is key. Now it's hard to exactly predict what is going to happen going forward. So without certainty on what the tariffs are going to be, it's hard to give a perfect -- enter.

我們一直努力使我們的供應鏈變得非常靈活。顯然，目前我們已經處理某種形式的關稅問題很多年了。因此，我們確實發現靈活性和多樣化是關鍵。現在很難準確預測未來會發生什麼。因此，如果不確定關稅金額，就很難給出完美的答案。

But based on what the talk is at least right now in terms of some of the proposed tariffs, there is nothing that I see that would really impact organization any way. We think we're pretty well baked in what is knowable today.

但至少根據目前關於一些擬議關稅的討論情況，我認為這些關稅不會對組織產生任何實際影響。我們認為我們對今天已知的知識已經相當了解了。

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

謝謝大家。我會把這個任務交給 Rick 結束。

Awesome. All right. Well, obviously, we're delighted to have delivered another great year. team is just doing a great job. I am insanely motivated by our customer feedback.

驚人的。好的。嗯，顯然，我們很高興又度過了一個偉大的一年。團隊表現出色。客戶的回饋令我深受激勵。

On the things I'd mention is, I think, ultimately, [TDN] has the opportunity to become a primary weapon system and that could drive growth in the international markets even more than in the U.S., where they will carry a gun in the TASER frequently on every officer. And my confidence in that future is growing.

我想說的是，我認為，最終 [TDN] 有機會成為一種主要的武器系統，並且可能比在美國更能推動國際市場的成長，在美國，每個警官都會經常攜帶泰瑟槍。我對未來的信心也日益增強。

So here's to a great 2025. We look forward to seeing you all on our next earnings call, and thanks for being part of the team.

祝2025年一切順利。我們期待在下次財報電話會議上見到大家，感謝您成為團隊的一員。