Axon Enterprise Inc (AXON) 2025 Q1 法說會逐字稿

(audio in progress) business outlook and make forward-looking statements. Any forward-looking statements made today are pursuant to and within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These comments are based on our predictions and expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. We discuss these risks in our SEC filings.

（音訊正在播放）業務展望並做出前瞻性陳述。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案》的安全港條款的含義。這些評論是基於我們今天的預測和期望，並不保證未來的表現。所有前瞻性陳述都存在風險和不確定性，可能導致實際結果大不相同。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。

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

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 指標的對帳。

Now turning to our quarterly update. First, we're going to show you a quick video recapping some of our recent announcements from Axon Week in April.

現在轉向我們的季度更新。首先，我們將向您播放一段簡短的視頻，回顧我們四月份 Axon Week 上發布的一些最新公告。

(video playing)

（影片播放）

All right. Thanks, Erik. I always enjoy watching those highlight reels, and welcome, everyone, to our first quarter 2025 earnings call.

好的。謝謝，埃里克。我總是喜歡看那些精彩片段，歡迎大家參加我們的 2025 年第一季財報電話會議。

We kicked off another exciting year at Axon just a couple of weeks ago, as we hosted our annual user conference, which is one of my favorite events of the year, as we dedicate a full week to spending time with our customers. And as you can see from that video, we got to show them the many exciting things we've been working on.

幾週前，我們舉辦了年度用戶大會，開啟了 Axon 又一個激動人心的一年，這是我一年中最喜歡的活動之一，因為我們用整整一周的時間與客戶共度時光。正如您從影片中看到的，我們向他們展示了我們一直在研究的許多令人興奮的事情。

I believe our work is about far more than technology or results. It's about our mission to protect life. It's about giving those who stand on the front lines of our communities, the tools the tech they need to be safer, faster, smarter and better connected. We envision a society where violence and crime rarely occur because it is simply so unappealing and so well deterred. I'm so proud of the products we've developed and brought to market over the past few years because I think we are creating the power of that deterrence to create a safer society.

我相信我們的工作遠不止科技或成果。這是我們保護生命的使命。它旨在為那些站在社區前線的人們提供他們所需的工具和技術，使他們能夠更安全、更快速、更聰明、更好地連接。我們設想一個社會，其中暴力和犯罪很少發生，因為它們根本不具吸引力，而且很容易受到震懾。我對我們過去幾年開發並推向市場的產品感到非常自豪，因為我認為我們正在創造這種威懾力量，以創造一個更安全的社會。

Each quarter, we're putting TASER 10 in the hands of more people, helping them safely deescalate conflict without escalating to lethal force. We're giving them better training tools alongside while investing to improve efficacy in more and more situations. At the same time, our camera and sensor systems are becoming increasingly connected and exponentially more intelligent with the power of AI. Draft One is helping officers cut back on administrative workloads, so they can focus their attention in the field where it matters. In the field, Axon assisted insurers, they're no longer alone.

每個季度，我們都會將 TASER 10 交到更多人手中，幫助他們安全地緩和衝突，而不會升級為致命武力。我們在為他們提供更好的培訓工具的同時，也在投資提高越來越多情況下的效率。同時，借助人工智慧的力量，我們的攝影機和感測器系統正變得越來越互聯，並且智慧化程度呈指數級增長。Draft One 正在幫助官員減少行政工作量，以便他們可以將注意力集中在重要領域。在該領域，Axon 為保險公司提供協助，他們不再孤軍奮戰。

They have an always available voice-driven, AI assistant, delivering critical information exactly when and where it's needed through hardware that they already have.

他們擁有一個始終可用的語音驅動的人工智慧助手，可以透過他們已有的硬體在需要的時間和地點準確提供關鍵資訊。

With Fusus, they also have the support of hundreds of thousands of public and private cameras to provide them another layer of real-time visibility. And now with Axon vehicle intelligence and light posts and outpost. Our tools are delivering actionable insights through licensed play recognition and real-time alerts, available through innovative, flexible form factors.

借助 Fusus，他們還獲得了數十萬個公共和私人攝影機的支持，為他們提供了另一層即時可視性。現在還配備了 Axon 車輛智慧、燈柱和前哨。我們的工具透過授權播放識別和即時警報提供可操作的見解，並透過創新、靈活的形式提供。

Through our newly launched integrations with Ring and Citizen, we're also helping public safety and the community to work together to help keep their neighborhoods safe, building a critical bridge, all while protecting privacy and the right to choose whether or not you want to participate. As you know, I spend my time thinking about where Axon is going, and part of that is thinking about how we grow. Our new headquarters project is a focus of mine. I'm excited to share that we recently cleared another hurdle with the passing of Arizona Senate Bill 1543 recently signed by the governor. This gets us one step closer to moving forward and one step closer to keeping icon in Arizona.

透過我們新推出的與 Ring 和 Citizen 的整合，我們也幫助公共安全和社區共同努力，幫助維護社區安全，建立重要的橋樑，同時保護隱私和選擇是否參與的權利。如你所知，我花時間思考 Axon 的發展方向，其中一部分是思考我們如何發展。我們的新總部專案是我的重點。我很高興地告訴大家，我們最近又清除了另一個障礙，亞利桑那州參議院第 1543 號法案已獲得州長簽署。這讓我們距離前進更近了一步，也讓我們距離將標誌留在亞利桑那州更近了一步。

Our efforts around this new legislation are another example of what our unstoppable team can do. I cannot be more proud. Challenging divisive political opposition and obstacles have stood in front of our project for nearly five years. but our team found a way, and the leadership of Arizona found a way to step up and help us stay here. We don't have everything finalized yet. There are still a few other hurdles to clear.

我們圍繞這項新立法所做的努力再次證明了我們不可阻擋的團隊的能力。我感到無比自豪。近五年來，我們的計畫一直面臨著挑戰​​性的分裂政治反對派和障礙。但我們的團隊找到了辦法，亞利桑那州的領導層也找到了方法來幫助我們留在這裡。我們還沒有最終確定一切。還有一些其他障礙需要克服。

But I wanted to thank our team for everything they've died for this effort, including hundreds of employees who showed up at the Arizona State Capital Building and personally met with and wrote letters to our elected officials to help them see just why we want to lay the foundation for decades of future growth at Axon right here where we started. We will come back to you with more details when we have them and we look forward to updating you on our continued progress.

但我想感謝我們的團隊為這項努力所付出的一切，包括數百名員工，他們來到亞利桑那州議會大廈，親自會見我們的民選官員並給他們寫信，幫助他們理解為什麼我們要在我們起步的地方為 Axon 未來幾十年的發展奠定基礎。一旦獲得詳細信息，我們將及時向您通報，並期待向您通報我們的持續進展。

And with that, I'd like to hand over to our President, Josh, to share more about what the team accomplished in the first quarter. Over to you, Josh.

接下來，我想將時間交給總裁喬希 (Josh)，讓他分享團隊在第一季的成就。交給你了，喬希。

Thanks a lot, Rick, and good afternoon, everybody. As I'm sure you can gather from Rick's comments, we're really proud of everything going on here at Axon. We're ramping our investments to deliver on our vision and our team's ability to execute quarter after quarter has allowed us to do so at an incredible rate for our customers.

非常感謝，里克，大家下午好。我相信您可以從 Rick 的評論中看出，我們對 Axon 發生的一切感到非常自豪。我們正在加大投資以實現我們的願景，我們團隊每季的執行能力使我們能夠以驚人的速度為客戶實現這一目標。

The start of the year is a great opportunity for our sales and product teams to do just that. to plan and work through customer priorities and see where we can help. I'm proud to say our partnership has never been stronger. This was especially evident coming out of Axon Week, our user conference in April and continues to be evident as we look ahead. Q1 bookings are a great indicator of our momentum.

今年年初對我們的銷售和產品團隊來說是一個很好的機會。制定計劃並處理客戶的優先事項，看看我們能提供哪些協助。我很自豪地說，我們的夥伴關係從未如此牢固。這一點在我們 4 月的用戶大會 Axon Week 上表現得尤為明顯，展望未來，這一點將繼續顯現。第一季的預訂量是我們發展動能的一個很好的指標。

Although seasonally the most modest bookings quarter of the year were off to a fantastic start. A year ago at the end of Q1, I felt like we could have come out of the gate faster and we talked a lot about that throughout 2024. I'm thrilled to say our sales team responded to that message, emulating the sense of urgency and mission orientation that our customers deserve.

儘管從季節性角度來看，今年預訂量最少的季度卻迎來了良好的開端。一年前第一季末，我覺得我們本來可以更快地起步，我們在 2024 年對此進行了大量討論。我很高興地說，我們的銷售團隊對這一訊息做出了回應，效仿了我們的客戶應得的緊迫感和使命導向。

As a result, we emerged from Q1 with a far stronger outcome and an even more exciting pipeline for the remainder of 2025. We expect another record for annual bookings with a growth rate in the range of what we saw last year. I'm proud of our mentally tough sales team who embraces the fact that pressure is a privilege.

因此，我們在第一季取得了更強勁的業績，並為 2025 年剩餘時間制定了更令人興奮的計劃。我們預計年度預訂量將再創紀錄，成長率與去年持平。我為我們意志堅強的銷售團隊感到自豪，他們接受壓力是一種特權。

More specifically, our pipeline is strong across customer segments, especially with US state and local, who are upgrading to our OSP 10 premium plans and beginning to deploy Draft One. In fact, 5 of our top 10 Q1 domestic deals included OSP 10 premium and 2 included Draft One. Along the same lines, through the first 2 years, TASER 10 orders continue to pace at 2x the rate of adoption of TASER 7. This is our fastest new TASER adoption by a wide margin.

更具體地說，我們在各個客戶群中都有強大的管道，特別是美國各州和地方的客戶，他們正在升級到我們的 OSP 10 高級計劃並開始部署 Draft One。事實上，我們第一季十大國內交易中有 5 筆包括 OSP 10 溢價，2 筆包括 Draft One。同樣，在最初的兩年裡，TASER 10 的訂單量仍然是 TASER 7 的兩倍。這是我們採用新型泰瑟槍最快的一次，而且領先優勢非常大。

And through one year, Draft One remains our fastest adopted software product with nearly 30,000 active users across Draft One and our AI Era Plan to date. More than 2x any other product we've launched one year in.

經過一年的努力，Draft One 仍然是我們採用速度最快的軟體產品，迄今為止，Draft One 和我們的 AI 時代計劃已擁有近 30,000 名活躍用戶。是我們一年內推出的任何其他產品的兩倍多。

Turning to our other customer verticals. International bookings are off to a strong start. We're seeing demand in Australia, Latin America, Canada, Asia, the UK and Europe, all of which contributed to our top 10 international deals in the quarter. The team delivered a record Q1 booking results, and we have more and more conviction in the growing global pipeline.

轉向我們的其他客戶垂直領域。國際預訂業務開局強勁。我們看到澳洲、拉丁美洲、加拿大、亞洲、英國和歐洲的需求，這些地區都為我們本季的十大國際交易做出了貢獻。該團隊取得了創紀錄的第一季預訂業績，我們對不斷增長的全球管道越來越有信心。

Additionally, we're seeing strong demand across our emerging verticals, including triple-digit growth in corrections and in Justice. And in enterprise, we're coming off a record deal in Q4 and building a strong pipeline in several key industries. US Federal, as we mentioned in Q4 represents a strong long-term opportunity. While there's a lot of uncertainty within the federal agencies, our solutions are mission-critical and the value we deliver is clear. While Congress discusses reconciliation and a final budget for next year, we'll continue to focus on converting the existing large deals in our federal pipeline.

此外，我們看到新興垂直領域的需求強勁，其中懲教和司法領域的需求均實現了三位數成長。在企業領域，我們在第四季度達成了創紀錄的交易，並在幾個關鍵行業中建立了強大的管道。正如我們在第四季度提到的那樣，美國聯邦代表著一個強勁的長期機會。儘管聯邦機構內部存在著許多不確定性，但我們的解決方案對於任務至關重要，我們提供的價值也是明確的。當國會討論明年的和解和最終預算時，我們將繼續專注於轉換聯邦管道中現有的大型交易。

Finally, I'll conclude with a quick note about the current tariff situation, which Brittany can expand upon in more detail. A couple of years ago, our team flagged tariffs and the uncertainty in the South China Sea as reasons to diversify our supply chain and make large but low-risk investments in inventory. I'm proud of Brittany, Josh Goldman and Eric Hurst and our entire operations team for seeing around corners and ensuring we are ready for a climate like this. This, of course, puts us in a better position to serve our amazing customers. That's always the priority, and we're confident in our ability to do that given the quality of our team.

最後，我將簡要介紹目前的關稅情況，布列塔尼可以對此進行更詳細的闡述。幾年前，我們的團隊將關稅和南海的不確定性列為我們多元化供應鏈和進行大規模但低風險的庫存投資的原因。我為布列塔尼、喬許·戈德曼、埃里克·赫斯特和我們整個營運團隊感到驕傲，他們預見了問題所在，確保我們為這樣的氣候做好了準備。當然，這使我們能夠更好地服務我們出色的客戶。這始終是我們的首要任務，憑藉著我們團隊的素質，我們有信心做到這一點。

With that, we're on to the next play. We'll kick it over to Brittany.

這樣，我們就可以進行下一場比賽了。我們將把它交給布列塔尼。

Thank you, Josh. As Josh and Rick mentioned, we're extremely proud of our results and performance as we deliver for our customers and invest in the future. First quarter revenue of $604 million increased 31% year-over-year, our 13th consecutive quarter over 25%, and we delivered a 25.7% adjusted EBITDA margin with $1.1 billion in ARR. Before I go into the details, you'll notice we updated our segments from TASER and software and sensors to connected devices and software and services.

謝謝你，喬希。正如 Josh 和 Rick 所提到的，我們為客戶提供服務並投資未來，對我們的成果和表現感到非常自豪。第一季營收為 6.04 億美元，年增 31%，這是我們連續第 13 季成長超過 25%，調整後 EBITDA 利潤率為 25.7%，ARR 為 11 億美元。在我介紹細節之前，您會注意到，我們將細分領域從 TASER、軟體和感測器更新為連接設備、軟體和服務。

As we mentioned last quarter, we made this change to better align our segment reporting, given our increasing product diversification. Some previously disclosed margin information will no longer be included in the shareholder letter as a result, but we'll continue to give periodic updates on our earnings calls.

正如我們上個季度所提到的，鑑於我們產品日益多樣化，我們做出這項改變是為了更好地協調我們的分部報告。因此，一些先前披露的保證金資訊將不再包含在股東信中，但我們將繼續定期在收益電話會議上提供最新資訊。

Software and Services increased 39% year-over-year to $263 million, driven by continued strength across digital evidence management and premium add-ons each contributing about half of our overall software growth. We continue to see growing adoption of our premium plans. Approximately 70% of our domestic user base is still on our basic plans and our offerings continue to get better over time, convincing more customers to upgrade. Our NRR also a measure of our existing customers coming back and buying more remained at 123% and supported annual recurring revenue of $1.1 billion, an increase of 34% year-over-year.

軟體和服務年增 39%，達到 2.63 億美元，這得益於數位證據管理和高階附加元件的持續強勁成長，這兩個部門分別貢獻了我們整體軟體成長的一半左右。我們持續看到越來越多的人採用我們的高級計劃。我們大約 70% 的國內用戶仍在使用我們的基本套餐，而且隨著時間的推移，我們的服務不斷改進，從而說服更多客戶升級。我們的 NRR 也是衡量現有客戶回頭購買率的指標，維持在 123%，並支持年度經常性收入達到 11 億美元，年成長 34%。

Connected Devices revenue of $341 million grew 26% year-over-year. This was driven by growth across TASER 10 devices and cartridges, AB4s, which are now included in personal sensors and fleet, counter drone and VR, which are now included in platform solutions. Adjusted gross margin of 63.6% was up 40 basis points year-over-year, largely based on mix shift to software. Adjusted operating expenses of $236 million were up 3% sequentially and down 140 basis points year-over-year.

連網設備營收為 3.41 億美元，年增 26%。這是由 TASER 10 設備和彈藥筒、AB4（現已包含在個人感測器和車隊中）、反無人機和 VR（現已包含在平台解決方案中）的成長所推動的。調整後的毛利率為 63.6%，較去年同期成長 40 個基點，主要得益於產品組合向軟體的轉變。調整後的營運費用為 2.36 億美元，季增 3%，年減 140 個基點。

As a result, adjusted EBITDA margin came in ahead of expectations at 25.7%. Part of this leverage was driven by timing of our hiring ramp, and we do expect to continue to ramp investment through the year, especially in our R&D organization.

因此，調整後的 EBITDA 利潤率高於預期，達到 25.7%。這種槓桿作用的部分原因是我們增加招募的時機，我們確實希望在今年繼續增加投資，特別是在我們的研發機構。

We also expect some impact to the rest of the year from tariffs. As many of you know, we already manufacture our TASER devices in Arizona, but we do have an impact on the supply chain. The team has done a great job ensuring we can be flexible and nimble, and we think we are well positioned to manage through the shifting environment. Based on timing, Q1 had a minimal impact. For the full year, we have offset some of the tariff impact through other cost measures.

我們也預計關稅會對今年剩餘時間產生一定影響。正如你們許多人所知，我們已經在亞利桑那州生產泰瑟槍，但我們確實對供應鏈產生了影響。團隊做得很好，確保我們能夠靈活、敏捷，我們認為我們有能力應對不斷變化的環境。從時間角度來看，第一季的影響微乎其微。就全年而言，我們透過其他成本措施抵消了部分關稅影響。

And overall, we expect a net impact to our adjusted EBITDA margin guidance of approximately 50 basis points for the full year. This is based on where tariffs stand today. We are not planning any price increases to our customers at this point. We review pricing annually, and we'll assess the need heading into next year.

整體而言，我們預計全年調整後的 EBITDA 利潤率指引的淨影響約為 50 個基點。這是基於目前的關稅狀況​​。目前我們還沒有計劃提高客戶的價格。我們每年都會審查價格，並且會評估明年的需求。

Turning to guidance for 2025. We expect revenue in a range of $2.6 billion to $2.7 billion or 27% annual growth at the midpoint. This is up from $2.55 billion to $2.65 billion or 25% growth. Our comfort in raising guidance is based on the strong Q1 bookings performance as well as the pipeline we see for the year and the future contracted bookings of $9.9 billion.

轉向2025年的指導。我們預計營收將在 26 億美元至 27 億美元之間，或年增長率為 27%。從 25.5 億美元增至 26.5 億美元，增幅達 25%。我們之所以有信心提高預期，是基於第一季強勁的預訂業績以及我們對今年全年的預期和未來 99 億美元的合約預訂量。

On adjusted EBITDA, we continue to target margin of approximately 25% for the year which raises our guidance to $650 million to $675 million from our previous outlook of $640 million to $670 million. Tariffs and exciting R&D investments are factored into this guidance, and we're very pleased to be able to maintain the 25% margin target. Overall, we're delivering another strong quarter in Q1 as well as a healthy outlook for the rest of 2025. This is based on our momentum across a wide range of product categories and end markets. We continue to be long-term focused on or investing in the business to deliver for our shareholders and for our customers well into the future.

就調整後的 EBITDA 而言，我們繼續將今年的利潤率目標定為約 25%，這將使我們的預期從先前的 6.4 億至 6.7 億美元上調至 6.5 億至 6.75 億美元。關稅和令人興奮的研發投資都已計入該指引，我們很高興能夠維持 25% 的利潤率目標。總體而言，我們在第一季再次取得了強勁的業績，並且對 2025 年剩餘時間的前景也十分樂觀。這是基於我們在廣泛的產品類別和終端市場中的發展勢頭。我們將繼續長期關注或投資於業務，以便在未來為我們的股東和客戶提供服務。

With that, we'll turn it over for questions.

接下來，我們將開始回答問題。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

Great to see the strong cloud numbers. ARR growth was very that drove that strength in the quarter specifically and on Draft One, great to hear, it was 2 of the top 10 deals, the 30,000 seats. It was great to hear an Axon Week. Talk about what pipeline, any kind of pipeline update for Draft One would be great and how you're thinking about this in guidance?

很高興看到強勁的雲端數據。ARR 的成長是本季推動這一強勁勢頭的關鍵，很高興聽到第一稿中，它是十大交易中的兩個，即 30,000 個座位。聽到 Axon Week 真是太好了。談論什麼樣的管道，對於第一稿來說任何類型的管道更新都會很棒，以及您如何在指導中考慮這一點？

Sure thing. Andrew, good to see you again, and nice to see at Axon Week a couple of weeks ago. In terms of pipeline, I think the result was really just a better -- like a result of all the work that went into last year, not only converting on existing pipeline in 2024, but making sure that we had a far more predictable Q1 and driving a lot more activity into Q1 that last year kind of got delayed until Q2 and Q3. And so the team really took it upon themselves to up our game there, and I'm really happy about the way they responded. And in doing so, we built a lot of pipeline for Q2 and beyond as well. And as you mentioned, part of that is the AI Era Plan in Draft One.

當然可以。安德魯，很高興再次見到你，幾週前在 Axon Week 上見到你也很高興。就通路而言，我認為結果確實更好 - 就像去年投入的所有工作的結果一樣，不僅在 2024 年轉換了現有管道，而且確保我們有一個更加可預測的第一季度，並在第一季度推動更多活動，而去年則推遲到第二季度和第三季度。因此，球隊真的承擔了提高比賽水準的責任，我對他們的反應感到非常高興。透過這樣做，我們也為第二季及以後建立了大量管道。正如您所提到的，其中一部分是第一稿中的《人工智慧時代計劃》。

In terms of expectations setting, I think, the first half of this year is still about making sure that we have identified all the key opportunities in Draft One in the AI Era Plan. And we think in the back half of the year, we'll start to see a lot more of those convert. Now that's not to say AI -- or the Draft One and AI Era Plan haven't been well adopted so far, but relative to what we saw at the end of last year. I think we're in for a far stronger result this year. And really in Q3 and Q4, you should start to kind of assume that will show up in our future contracted bookings.

在設定預期方面，我認為，今年上半年仍要確保我們確定了《人工智慧時代規劃》第一稿中的所有關鍵機會。我們認為，今年下半年，我們將會看到更多的人轉變觀念。這並不是說人工智慧——或者第一稿和人工智慧時代計畫到目前為止還沒有得到很好的採用，而是相對於我們去年年底看到的情況而言。我認為今年我們會取得更好的成績。實際上，在第三季度和第四季度，您應該開始假設這將出現在我們未來的合約預訂中。

Just Andrew, to give you a little color on ARR because thank you for calling that out. It was a really nice number this quarter. It's usually about a quarter off from our bookings. So what you're really seeing come through in ARR was the strong bookings results we had in Q4. So that's driving some of the growth.

安德魯，我只是想給你介紹 ARR，謝謝你提到這一點。本季的數字確實不錯。通常比我們的預訂量低四分之一左右。因此，您在 ARR 中真正看到的是我們在第四季度取得的強勁預訂業績。這推動了部分成長。

And then as I mentioned, it's really coming both from new users as well as people adding on some of the more premium subscription pieces. So it's really -- it's a nice healthy growth that we're seeing driving that ARR number.

正如我所提到的，它實際上既來自新用戶，也來自添加一些更高級訂閱內容的人。所以，我們看到 ARR 數字確實呈現了良好的健康成長態勢。

Great. One more for you, Josh. The international commentary was great. There were a lot of countries and regions in there, and you said they had a record Q1. So great to see kind of two quarters of really strong momentum there. What are kind of the most adopted products? Or is there a trigger point? Or is it go-to-market improvements? Or what's kind of causing that continued inflection up internationally?

偉大的。再給你一個，喬希。國際評論很精彩。其中有很多國家和地區，您說他們的第一季業績創下了紀錄。很高興看到這兩個季度的勢頭非常強勁。最常採用的產品有哪些？或者是否存在觸發點？還是為了進入市場而做出的改進？或者是什麼原因導致了國際上這種持續的衰退？

Yes. I think it starts with just a little more focus from all of our teams at Axon. I think historically, we've been a very US-focused company. And with the hire of Camera Brooks a year ago as our Chief Revenue Officer, there's just been far better sponsorship for our international business. and that's trickling down into our product focus, to our go-to-market focus, our services focus and so forth.

是的。我認為這首先需要 Axon 所有團隊更加集中註意力。我認為從歷史上看，我們是一家非常關注美國的公司。自從一年前我們聘請 Camera Brooks 擔任首席營收長以來，我們的國際業務得到了更好的贊助。這逐漸滲透到我們的產品重點、市場重點、服務重點等等。

So the level of execution is really the strongest it's been in international. And on top of that, I think the product adoption is ranging from TASERs to body cam to more and more cloud openness. And so I think our plan is always the same. We've got to win with one product and then earn the right to sell more to the customer through a great customer experience and a lot of value provided through our products and services and that's kind of the playbook we're running internationally, and we're starting to see the fruits of that.

因此，其執行水準確實是國際上最強的。除此之外，我認為產品採用範圍從泰瑟槍到隨身攝影機，以及越來越多的雲端開放性。所以我認為我們的計劃始終是一樣的。我們必須憑藉一種產品取勝，然後透過出色的客戶體驗以及透過我們的產品和服務提供的大量價值來贏得向客戶銷售更多產品的權利，這就是我們在國際上實施的策略，我們開始看到其成果。

Joe Cardoso, JPMorgan.

摩根大通的喬·卡多佐。

Maybe I just wanted to start off and maybe this is more of a clarification for you, Josh. Based on your prepared remarks. You're sounding pretty bullish on demand, pipeline, et cetera. However, obviously, there's just persistent concern on the macro just given kind of the current backdrop. So maybe you can just clarify or touch on -- are you seeing any signs in the conversations that you're having with customers that there's these prevailing concerns?

也許我只是想開始，也許這對你來說更是一個澄清，喬希。根據您準備好的評論。您聽起來對需求、管道等等非常樂觀。然而，顯然，鑑於當前的背景，人們對宏觀經濟的擔憂仍然存在。所以也許您可以澄清一下或談談——您在與客戶的對話中是否看到任何跡象表明存在這些普遍存在的擔憂？

Is that showing up in any of the deals that you guys are seeing? And then maybe if you could bifurcate that in conversations with your traditional core base of state and local law enforcement versus kind of the other verticals that you guys are obviously gaining traction with?

你們看到的任何交易都出現了這種情況嗎？那麼，您是否可以在與州和地方執法部門的傳統核心基礎的對話中，以及與您顯然正在獲得關注的其他垂直部門的對話中，將其一分為二呢？

Yes, sure. I would say virtually no headwinds in terms of anything macro with US state and local enterprise or international. I think there are little challenges along the way, but I think our team is prepared. We've built a great team to be able to handle challenges like we're seeing in the macro environment right now.

是的，當然。我想說，就美國各州、地方企業或國際企業而言，幾乎沒有任何宏觀阻力。我認為一路上會有一些小挑戰，但我認為我們的團隊已經準備好了。我們已經建立了一支優秀的團隊來應對目前宏觀環境中面臨的挑戰。

So I don't necessarily have a lot of concern in those markets. And in federal, it just is one where right now, it kind of is what it is. We know that until a new budget is passed, and there's more clarity on where the federal civilian customers as well as the DoD will be spending money. Our best strategy is just to focus on the deals that we know are right in front of us. And that's what the team is doing, and some of those deals are very large and very exciting.

所以我對這些市場不一定有太多的擔憂。在聯邦，目前情況就是這樣。我們知道，在新預算通過之前，聯邦民用客戶以及國防部的資金支出方向將會更加明確。我們最好的策略就是專注於我們知道就在眼前的交易。這就是團隊正在做的事情，其中​​一些交易規模非常大，非常令人興奮。

But there, I'd say the volume of opportunity is a little bit out of standstill just until some of the budgeting and reconciliation stuff gets worked out. But in terms of that impact on our overall bookings, it's minimal, and we're really excited about the rapid growth that we're still seeing in the US and in international and in enterprise.

但是，我想說，在一些預算和協調問題解決之前，機會的數量會有點停滯。但就其對我們整體預訂量的影響而言，影響微乎其微，我們對美國、國際和企業市場仍然保持的快速成長感到非常興奮。

Got it, Clear. And then maybe just a follow-up. I wanted to touch on some of the recent product introductions maybe on the hardware side. Obviously, you disclosed the two new fixed mobile hardware products that you guys kind of put out there. And I guess the crux of my question is just really around -- obviously, you had fuses and that was kind of giving you an entry point in kind of the fixed mobile market there.

明白了，Clear。然後也許只是後續行動。我想談談最近推出的一些硬體產品。顯然，您揭露了你們推出的兩款新型固定行動硬體產品。我想我的問題的關鍵在於——顯然，你有保險絲，這為你進入那裡的固定移動市場提供了一個切入點。

What was the main drivers in kind of owning the hardware stack there? Was it more of a customer push? Did you not see that you were getting enough traction on deals? Any way you can flesh that out in terms of what drove the kind of the entry there. And I guess the second part of that question is like, is this kind of more of a test in the waters and then you can expand that product set there in terms of addressing other applications? Or I guess, how are you thinking about the opportunity there?

擁有硬體堆疊的主要驅動因素是什麼？這是否更像是一種客戶推動？您是否沒有意識到自己在交易上獲得了足夠的吸引力？無論如何，您都可以根據是什麼原因導致了這種進入，來充實這一點。我想這個問題的第二部分是，這是否更像是一種試水，然後您可以擴展該產品集以解決其他應用問題？或者我想，您如何看待那裡的機會？

Yes. Let me start with that one. So much like we started with body cameras, and we added fleet cameras to expand our ecosystem deeper. The fleet camera is already a real-time camera in car that does ALPR live streaming video. So this was a natural extension, where one of our advantages like we've got just an awesome imaging team, and we felt we could provide really best-in-class for fixed ALPR, which has been a growing category and especially in the context of Fusus making sure that we had a really great overall experience.

是的。讓我從那一點開始。就像我們一開始使用隨身攝影機一樣，我們添加了車隊攝影機以更深入地擴展我們的生態系統。車隊攝影機已經是車載即時攝影機，可以進行 ALPR 即時串流影音。所以這是一個自然的延伸，我們的優勢之一就是我們擁有一支出色的成像團隊，我們覺得我們可以為固定 ALPR 提供真正一流的服務，這是一個不斷增長的類別，特別是在 Fusus 的背景下，確保我們擁有真正出色的整體體驗。

We identified this as a very interesting and fast-growing expansion opportunity for us. And we fit very naturally with all the things we we're already doing in mobile. So why not take that same technology, repackage it and have the best-in-class fixed cameras. And then you layer that on top of them, also this whole works with Axon workflow, where how do we go identify all the different sources of different camera feeds and then find a way to connect them into our ecosystem. And you'll notice I started our keynote, very much focused on the privacy issues.

我們認為這對我們來說是一個非常有趣且快速成長的擴張機會。我們非常自然地適應了我們在行動領域所做的一切。那麼為什麼不採用同樣的技術，重新包裝並擁有一流的固定攝影機呢？然後你將它們分層放在它們上面，整個過程也與 Axon 工作流程配合，我們如何識別不同攝影機饋送的所有不同來源，然後找到將它們連接到我們的生態系統的方法。你會注意到，我開始我們的主題演講，重點是隱私問題。

We certainly get it. What we're building is really powerful tech, and we want to be really thoughtful about it as do our partners. I mean each of the partners we brought on stage are the market leaders in their segment. And I think bringing this together to do it the right way, again, with this idea, what we don't want to do is create a surveillance state where we're being tracked everywhere we go. What we do what to create is a state where people who need help or people that are dangerous or vehicles that are wanted for some reason can be quickly identified primarily so we can get help where it's needed or deter criminal activity.

我們當然明白。我們正在建立的是真正強大的技術，我們希望像我們的合作夥伴一樣對此進行深思熟慮。我的意思是，我們邀請到的每一位合作夥伴都是各自領域的市場領導者。我認為把這些結合起來以正確的方式做到這一點，再次強調，根據這個想法，我們不想做的是創建一個監視狀態，無論我們走到哪裡都會被追蹤。我們所做的就是創造一種狀態，可以快速識別需要幫助的人或危險的人或因某種原因被通緝的車輛，以便我們可以在需要的地方提供幫助或阻止犯罪活動。

I actually think right now the US is sort of got the -- the balance is completely wrong. When you're incarcerating a ton of people, but your deterrence isn't high enough to stop crime. That's like the worst outcome. I think the best outcome is you deter crime by having a very high probability you're going to get caught such that it just doesn't make sense for people to start to engage.

我實際上認為現在美國的平衡已經完全錯了。當你監禁大量人時，你的威懾力卻不足以阻止犯罪。這就像是最糟糕的結果。我認為最好的結果是，透過設定一個非常高的犯罪被抓機率來嚇阻犯罪，這樣人們就沒有理由再參與其中了。

And I think we're seeing a real swing back from post the early pandemic and George Floyd. We saw the pendulum swing very hard against public safety, and there's the decriminalization of shop lifting and retail primes with catastrophic consequences, right? We've seen just city urban centers hollowed out as retailers had to move out of town. We've seen -- they've got to lock up the shampoo and the toothpaste and that's where our partnership with (inaudible), I think, comes in here really well as well. They're like people realize you have to have fundamental stability and safety and rules that are enforced in society or the little things escalate.

我認為，從早期疫情和喬治·弗洛伊德事件之後，我們正看到真正的復甦。我們看到，公共安全正受到嚴重威脅，商店竊盜和零售竊盜行為的合法化卻帶來了災難性的後果，對嗎？我們看到城市中心因零售商不得不遷出而變得空洞化。我們已經看到 - 他們必須鎖定洗髮精和牙膏，而這正是我們與（聽不清楚）的合作之處，我認為，在這裡也發揮了很好的作用。人們意識到，社會必須有基本的穩定和安全以及強制執行的規則，否則小事就會升級。

And I was shocked to learn as I got to know (inaudible) that the significant majority of retail crimes associated with people who are either part of a criminal network or and/or involved in violent crimes as well. So the sort of the scene from Wayne Misra, where it's a woman trying to steal bread for her children is not and I don't think that's what anybody is talking about. It's when games of people rush into a Best Buy, grab TVs and run out in a mob like that is organized criminal activity. So we really looked at this to expand where we can do partners well and where we want to be first party so that we make sure that we've got best-in-class capabilities.

當我得知（聽不清楚）絕大多數零售犯罪都與犯罪網絡成員或參與暴力犯罪的人有關時，我感到很震驚。因此，韋恩·米斯拉 (Wayne Misra) 筆下的那種場景，一個女人試圖為她的孩子偷麵包，我認為這不是人們所談論的。當人們衝進百思買，搶走電視，然後成群結隊地跑出來時，就像有組織的犯罪活動一樣。因此，我們確實考慮了這一點，以擴大我們可以與合作夥伴做得好的領域以及我們希望成為第一方的領域，以確保我們擁有一流的能力。

And two just really quick things to add on that, Bill, like you mentioned Fusus, this is all about doubling down and going even further above and beyond what the momentum that has started with Fusus. You've heard both Rick and myself talk before about we're at this unique moment in time where the intersection of real-time crime center, DFR and vehicle intelligence broadly because of the crucial role that vehicle intelligence plays in solving so many crimes.

比爾，我只想快速補充兩點，就像你提到的 Fusus 一樣，這一切都是為了加倍努力，甚至超越 Fusus 所開創的勢頭。您之前已經聽過 Rick 和我談論過，我們正處於一個獨特的時刻，即時犯罪中心、DFR 和車輛智慧交匯，因為車輛智慧在解決許多犯罪問題方面發揮著至關重要的作用。

The intersection of all of those three and the power that new AI capabilities brings to making them be able to be more powerful and effective than ever is really at the heart of this and making sure that we bring our best foot forward all of three legs of that stool, both with what we do ourselves and with what we partner with.

這三者的交集以及新人工智慧能力所帶來的力量使它們能夠比以往更加強大和有效，這才是真正的核心，並確保我們盡最大努力在這三條腿上前進，無論是我們自己做的還是我們與合作夥伴所做的。

And then the second part on responsible AI innovation, as Rick said, that's always been a cornerstone of how we build and what we build from -- if you go back to the beginning when we first laid out and shipped Fleet 3, we were extraordinarily careful and extraordinarily clear in how our view and why we felt compelled to bring ALPR technology ourselves in the first place was to deliver better results for customers with better ethical and responsible design built in from the ground up. And we choose partners like OR and others that embody that same approach, and you'll see that continue to play out as we go forward.

然後是關於負責任的人工智慧創新的第二部分，正如 Rick 所說，這一直是我們如何構建以及從哪裡構建的基石——如果你回到最初我們第一次規劃和運送 Fleet 3 的時候，我們非常謹慎，非常清楚我們的觀點以及為什麼我們覺得有必要自己引入 ALPR 技術，是為了從頭開始構建更好的道德和負責任的設計，為客戶提供更好的設計，為客戶提供更好的結果。我們選擇像 OR 和其他體現相同方法的合作夥伴，隨著我們不斷前進，您會看到這種方法繼續發揮作用。

Alyssa Shreves, Barclays.

巴克萊銀行的 Alyssa Shreves。

Just a quick few ones on Draft One and AI Era Plan. I saw the success with Draft One, but is there any kind of difference in -- with the AI Era Plan penetration versus the early days of I heard the call, it's on Draft One, but it seems like AI Era might be a little bit different. And then I just had a follow-up on that.

簡單介紹一下第一稿和人工智慧時代計畫。我看到了第一稿的成功，但是與早期相比，人工智慧時代計畫的滲透率有什麼不同嗎？我聽到的呼聲是在第一稿中，但人工智慧時代似乎可能有點不同。然後我對此進行了跟進。

Sure thing, Alyssa. Thanks for the question. I'd say Draft One launched a full year before the AI Era Plan. So in terms of just pipeline conversion, Draft One, we just started from a bigger foundation that were already in the asked councils and working through budgets. I think over the last quarter and then -- and certainly into Q2 as well, after we converted some of those early deals, we're still seeing them come in.

當然可以，艾麗莎。謝謝你的提問。我想說第一稿是在人工智慧時代計畫之前整整一年發布的。因此，就管道轉換、草案一而言，我們只是從一個更大的基礎開始，這個基礎已經在被要求的委員會中，並且透過預算開展工作。我認為在上個季度以及之後——當然也在第二季度，在我們轉換了一些早期交易之後，我們仍然看到它們的到來。

But some of the larger ones, like this is the time where we're getting them integrated into our quotes with our customers for the back half of the year, some of the larger police departments will be sponsoring large deployments to their communities and putting those on city council agendas in Q3 and Q4. So I think it's just a matter of Draft One had a faster head start and thus, it's a little more well adopted right now.

但對於一些較大的機構來說，例如現在，我們將把它們整合到下半年與客戶的報價中，一些較大的警察部門將贊助向其社區的大規模部署，並將其列入第三季度和第四季度的市議會議程。所以我認為這只是草案一啟動得更快，因此現在更容易被採用。

But we're starting to see more and more Draft One conversations become AI Era Plan conversations and a lot more excitement especially after we announced all of the new inclusions in the AI Era Plan after Axon Week. So I think the future is very, very bright for the AI Era Plan. And again, we'll start to see that really convert in a much bigger way of bookings in the back half of this year.

但是，我們開始看到越來越多的草案一討論變成了人工智慧時代計劃討論，並且更加令人興奮，特別是在我們在 Axon Week 之後宣布了人工智慧時代計劃中的所有新內容之後。所以我認為人工智慧時代計畫的前景非常光明。而且，我們將在今年下半年看到預訂量真正以更大規模的方式轉換。

Okay. And then just a quick one on that. How have you guys got longer term kind of thinking about EBITDA target with this kind of growth in Draft One, AI Era given it's kind of all SaaS?

好的。然後我簡單說一下這一點。考慮到 Draft One 和 AI Era 都屬於 SaaS 類型，你們對於 EBITDA 目標有何長期考慮？

Yes. I mean I think it's been really nice that software in general, has been a great tailwind to our margins from a gross margin basis. And then I would say, at the same time, we are bringing on new hardware products as well, which are also really exciting. But those will sort of balance out. So I think you've seen over the last year or so, we've had a little bit of a tailwind from software, but we really do have mix factors that you have to consider.

是的。我的意思是，我認為軟體總體上對我們的毛利率產生了很大的推動作用。然後我想說，同時，我們也推出了新的硬體產品，這也非常令人興奮。但這些最終會達到平衡。所以我想你已經看到，在過去一年左右的時間裡，我們在軟體方面獲得了一些順風，但我們確實有一些你必須考慮的混合因素。

We don't have a specific long-term target out there after this year, but obviously, it helped in -- software helped in this quarter. And in general, we're really happy. We're continuing to blend out at that 25% even with tariffs. We'll probably think about longer-term margins as we come up at the end of this year and really think about refreshing what that long-term model looks like for everyone.

我們沒有為今年之後設定具體的長期目標，但顯然，軟體在本季發揮了作用。總的來說，我們真的很高興。即使有關稅，我們仍會繼續維持 25% 的稅率。我們可能會在今年年底考慮長期利潤率，並認真考慮更新對每個人來說長期模型是什麼樣子。

Jamie Reynolds, Morgan Stanley.

摩根士丹利的傑米雷諾茲。

Great. And congrats on the strong results. Maybe just following up on that. I mean as you've layered in some of this newer AI functionality kind of beyond Draft One. Are you seeing sort of increased hurdles from like an adoption standpoint or greater concern from some of those prosecutor type constituents or now that Draft One has been in the market for a year, is that conversation kind of getting easier? And then I have a follow-up.

偉大的。恭喜您取得如此優異的成績。也許只是跟進這一點。我的意思是，你已經將一些較新的 AI 功能分層到 Draft One 之外。您是否看到從採用的角度來看障礙增加，或者某些檢察官類型的選民對此更加擔憂，或者現在第一稿已經進入市場一年了，這種對話變得更容易了？然後我有一個後續問題。

Let me start on this one. I would say, look, things like the real-time trains later like enormous interest, and I haven't really heard any critique of that. Like it's just so powerful for an officer to be able to communicate clearly with somebody in front of them. So we are leading with the productivity enhancements and things that sort of have extremely high benefits with sort of the smallest risk footprint. And as we get into like look, things like vehicle intelligence, now you're starting to find vehicles, et cetera, you're going to face a little more maybe opposition from some of the police skeptics there.

讓我從這個開始。我想說，看，像實時火車這樣的東西後來引起了極大的興趣，而且我還沒有聽到任何對此的批評。就好像對於一名警官來說，能夠與面前的某人清晰地溝通是非常有力的。因此，我們在提高生產力和帶來極高效益且風險最小的事情上處於領先地位。當我們深入研究諸如車輛智慧之類的事物時，現在你開始發現車輛等等，你可能會面臨一些來自警察懷疑論者的反對。

And there, we just think it's important to make sure that we're -- really feel good that we're winning right, that we're doing this the right way. We've got our ethics framework. We spent a lot of time developing. So there will be, I think, some jurisdictions will be slower to adopt that tend to be a little more skeptical police. And the ones that are more supportive, we'll probably be faster to adopt.

我們認為，重要的是確保我們真的感覺良好，我們贏得正確，我們正在以正確的方式做這件事。我們有自己的道德框架。我們花了很多時間進行開發。因此，我認為，一些司法管轄區將會採取更慢的措施，並且對警察持更懷疑的態度。而那些給予我們更多支持的政策，我們可能會更快採納。

But the other thing I would say is the AI Era stuff like a lot of those features like the real-time translator. I don't think it's fully shipped. We're in like beta with customers now. So it's really just preparing to roll out. So of course, there's also the need to get the stuff out in the hands of customers. They typically want to get some cycles in before they've made a large purchasing commitment.

但我想說的另一件事是人工智慧時代的許多功能，例如即時翻譯。我認為它尚未完全發貨。我們現在正與客戶進行測試。所以這實際上只是準備推出。因此，當然也需要將產品送到顧客手中。他們通常希望在做出大額購買承諾之前先經歷一些週期。

I think the flip side to that, too, though, is like it also gives people more reasons to be excited about AI and to get excited about adopting AI. And so I think we just haven't seen higher enthusiasm from our customers about the whole suite of the AI products we have, and that really encourages them to push to adopt and get over those hurdles. So I actually I totally agree, but also, I would call out for you like that the broader the product suite we have, the more the return for them that they see on using it. And so I think that just gives them a lot of momentum to go look at that whole product suite.

但我認為另一方面，它也給人們提供了更多理由對人工智慧感到興奮，並對採用人工智慧感到興奮。因此，我認為我們還沒有看到客戶對我們全套人工智慧產品的更高熱情，這確實鼓勵他們努力採用並克服這些障礙。所以我實際上完全同意，但同時，我要指出的是，我們的產品套件越廣泛，他們在使用時獲得的回報就越大。所以我認為這給了他們很大的動力去了解整個產品套件。

Once again, just like Josh was talking about with the Era Plan and the brightness there. the beauty of having a plan that includes everything that we do, not just right now, but over the next five years, is it gives any individual agency a pallet of choices. So even if in that particular agency, one particular thing might not yet be for them, there's many different ways to stack up the points on the board within the plan for the plan to be a fantastic value for any given customer.

再一次，就像喬希談論的時代計劃和那裡的光明一樣。制定一個涵蓋我們所做的一切事情的計劃的好處在於，它不只是現在，而且是未來五年內所做的一切，它為任何單一機構提供了多種選擇。因此，即使在特定的機構中，某件特定的事情可能還不適合他們，但仍有許多不同的方法可以在計劃中積累積分，從而使該計劃對任何特定的客戶都具有極大的價值。

Got it. And then maybe just on the drone side, I think a couple of weeks ago, the FAA might have made some improvements to the waiver process specific maybe to DFR. So I guess, how has that changed conversations? And then what do you think we still need to see from a regulatory standpoint to see like broader-based adoption?

知道了。然後也許只是在無人機方面，我想幾週前，美國聯邦航空局可能對豁免流程做了一些改進，也許是針對 DFR。那我想，這如何改變了談話內容呢？那麼，您認為從監管角度來看，我們還需要看到什麼才能實現更廣泛的採用？

So I don't know, Jeff, do you want to talk at all about the more detailed portion? I can tell you that we're definitely seeing DFR go mainstream. And the timing is just really phenomenal. Our partners at Skydio, are really just now scaling the manufacturing of their docs. And I'd say the DFR limitation is probably somewhat production constrained right now.

所以我不知道，傑夫，你想談談更詳細的部分嗎？我可以告訴你，我們肯定會看到 DFR 成為主流。而且時機確實非常好。我們在 Skydio 的合作夥伴現在才剛開始擴大他們的文件製作規模。我想說的是，DFR 限制目前可能在某種程度上限制了生產。

But in the back half of the year, we really expect that to grow strongly. And Skydio has really become a pretty well-oiled machine at getting waivers, particularly if you're going to fly below 200 feet, where I think Skydios really the only viable solution in that space because they have such solid autonomy and collision avoidance. And then if you want to come up a little higher into the 200 to 400-foot range, really then carrying it with drone helps there. They're the FA wants to see more aerospace awareness, you're more likely to need visual observers or things like high zoom cameras and radar where it's down below 200 feet, there's just less concern about drones being involved in air traffic issues. So Jeff, anything you want to add?

但我們確實預計今年下半年這一數字將強勁成長。Skydio 在獲得豁免方面確實已經成為一台運轉良好的機器，特別是如果你要飛到 200 英尺以下，我認為 Skydios 確實是該領域唯一可行的解​​決方案，因為它們具有如此強大的自主性和防撞功能。然後，如果你想要飛得更高一些，達到 200 到 400 英尺的範圍，那麼使用無人機攜帶它會很有幫助。他們是 FA，希望看到更多的航空航天意識，你更有可能需要視覺觀察員或諸如高變焦攝影機和雷達之類的東西，在 200 英尺以下的地方，人們不太擔心無人機會捲入空中交通問題。那麼 Jeff，你還有什麼要補充的嗎？

That's pretty good. I think the key is really meaningful step forward with the FAA stuff. Obviously, it's not all the way done, but the changes that really expedited the path to getting these waivers was a very meaningful step forward for the industry. And as Rick said, the key to having the best solution is to arming customers with the full palette of the ability to have what you need to do to fly low and with a lot of autonomy and a lot of capability in a diverse range of situations close to the ground, equally to have access to that fly high. And again, that's why we're investing in the way that we are and think we're bringing by far the broadest and most comprehensive range of options that are moving in lockstep as the regulatory framework keeps unveiling.

那非常好。我認為關鍵在於 FAA 的工作真正向前邁出了有意義的一步。顯然，這還沒有完全完成，但這些變化確實加快了獲得這些豁免的進程，對於該行業來說是一個非常有意義的進步。正如里克所說，獲得最佳解決方案的關鍵是讓客戶擁有全面的能力，讓他們能夠低空飛行，擁有很大的自主權，能夠在各種接近地面的情況下擁有很大的能力，同樣也能夠高空飛行。再次強調，這就是為什麼我們以這種方式進行投資，並認為我們將帶來迄今為止最廣泛、最全面的選擇，這些選擇將隨著監管框架的不斷出台而同步發展。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

On the federal side, the FY26 (inaudible) budget called out a $44 billion increase for DHS. How are you guys thinking about that across verticals? Because it also said they need advanced border security technologies. They need to prep for the World Cup and the Olympics. So where are you guys most excited about that Axon can help?

聯邦方面，26 財政年度（聽不清楚）預算要求國土安全部增加 440 億美元。你們對於這個垂直領域有什麼看法？因為它也說他們需要先進的邊境安全技術。他們需要為世界盃和奧運做準備。那麼，你們最興奮的是 Axon 能提供哪些幫助呢？

Yes, for sure. I think on the border bill, there's -- on the border focus, there's a lot of focus on drones and counter drone, which I think we are excited to participate in as well as real-time video, which is kind of what we do at this point. And so I think all the work we've done in the last few years with some of the federal agencies to make body cameras, Evidence.com and live streaming available to them as kind of the precursor to fill in some of the existing blanks around better video in more places, better counter drone solutions and, of course, more drone solutions that are USA made and fit for purpose for the US government. And so, that's where our focus will start.

是的，當然。我認為在邊境法案中，重點關注的是無人機和反無人機，我認為我們很高興參與其中，以及實時視頻，這也是我們目前正在做的事情。因此，我認為，過去幾年我們與一些聯邦機構合作開展的所有工作，包括為他們提供隨身攝影機、Evidence.com 和直播服務，都是一種先導，可以填補一些現有的空白，例如在更多地方提供更優質的視頻、提供更好的反無人機解決方案，當然還有更多美國製造、適合美國政府用途的無人機解決方案。所以，這就是我們的關注點開始的地方。

Of course, we're working on a number of deals across the festive agencies and a number of use cases, but specifically for kind of new money coming into the federal government, I think those are really the focal points along the border.

當然，我們正在與一些節日機構和一些用例進行合作，但具體到進入聯邦政府的新資金，我認為這些才是邊境的真正焦點。

Yes. I would add the real-time translation is going to be hugely beneficial. I had a regional commander for Border Patrol a year ago come to me asking for exactly that capability because they are constantly dealing with people coming across the border, and they have no idea of what language they're going to run into. And today, it's a very manual process. you've got a call, get an operator, that operator or a service provider then has to figure out even what the language is and how you pack somebody through.

是的。我想補充的是，即時翻譯將會帶來巨大的好處。一年前，邊境巡邏隊的一名地區指揮官來找我，要求我提供這種能力，因為他們經常與越過邊境的人打交道，他們不知道會遇到什麼語言。如今，這是一個非常手動的過程。你接到一個電話，聯絡接線員，接線員或服務提供者必須弄清楚對方說的是什麼語言，以及如何接通電話。

I think I may have mentioned, but I was in Norway showing an early prototype -- and one of the instructors from Iceland wanted to see if it could work with Icelandic and it was pretty flawless. In Icelandic is one of those languages you don't run into very often. So I'm not as close as Josh to a sort of actual pipeline with the federal government, but I can tell you the fundamental underlying demand, I think the translator is going to be a huge interest for border.

我想我可能提到過，但我在挪威展示了一個早期原型——來自冰島的一位講師想看看它是否可以與冰島語相容，而且它非常完美。冰島語是你不常見的語言之一。因此，我不像喬希那樣了解聯邦政府的實際管道，但我可以告訴你根本的潛在需求，我認為翻譯將對邊境產生巨大影響。

Got it. And then is there anything else that has to get done on the federal side. So things can move quicker. I don't know if Fusus was FedRAMP certified yet or if you guys are starting to see existing drone contracts where agencies are jumping into those that might not have been initially thought that it would be for that. But okay, we can procure Body Chem 4 and Draft One now.

知道了。那麼聯邦方面還有其他事情要做嗎？這樣事情就能進展得更快。我不知道 Fusus 是否已經獲得 FedRAMP 認證，或者你們是否開始看到現有的無人機合同，其中各機構正在加入那些最初可能沒有想到的合同。但好吧，我們現在可以採購 Body Chem 4 和 Draft One。

That is a great question, particularly on Fusus. Jeff, do you want to give -- I want to make sure to give an accurate -- we're making progress with Fusus. I don't know what we can say quickly about where we're at.

這是一個很好的問題，特別是關於 Fusus 的問題。傑夫，你想給出——我想確保給出一個準確的——我們在 Fusus 方面正在取得進展。我不知道我們能快速說一下我們目前所處的位置。

Yes. I think we can -- the process for all the Fed ramping stuff is you go through, we submit sort of every six months or whatever, our updates to our things. the official assessors make their official recommendation that says, yes, this is ready for extension. And then it just takes another couple of months for the formal kind of paperwork approval on the back end. And with uses we passed that submission stage very, very recently.

是的。我認為我們可以——聯準會所有升息措施的流程是，我們每六個月左右提交一次更新資訊。官方評估員給了正式建議：是的，這已經準備好進行擴展了。然後後端的正式文書審核就只需要幾個月的時間。就用途而言，我們最近剛剛通過了提交階段。

So we're in the shot. So Fusus is absolutely FedRAMP-ready. It has been officially recommended by the auditors, and now it just needs to finish the last little bit of certification. So we're very excited about that.

所以我們就出現在鏡頭裡了。因此，Fusus 絕對已為 FedRAMP 做好準備。它已獲得審計員的正式推薦，現在只需完成最後一點認證。所以我們對此感到非常興奮。

I would just -- Jordan, just add that like I love that you're highlighting some of these opportunities just from a guidance standpoint. As you can imagine, we've been pretty conservative on what we've assumed for the year on federal. So some of these things would be upside and tailwind if they started to happen faster.

我只是想——喬丹，我只是想補充一點，我喜歡你從指導的角度強調其中的一些機會。你可以想像，我們對今年聯邦政府的假設是相當保守的。因此，如果這些事情開始更快發生，那麼其中一些將會帶來好處和順風。

Bill Power, Baird.

比爾鮑爾，貝爾德。

Awesome. All right. Yes. Congratulations on a great quarter. I want to start with a question on enterprise.

驚人的。好的。是的。恭喜本季取得優異成績。我想先問一個關於企業的問題。

I know you all view this as a significant TAM expander. I think last quarter, you talked about a big logistics company win. I think that's how it was phrased. I'd be curious just kind of how that's going. And then, b, just any other color you can share on what the pipeline looks like there and how do you get these deals converted, whether it's retail or other verticals you're targeting there?

我知道你們都認為這是一個重要的 TAM 擴充器。我想上個季度您談到了一家大型物流公司的勝利。我認為這就是它的表述方式。我很好奇事情進展如何。然後，b，您可以分享那裡的管道是什麼樣子的，以及您如何轉換這些交易，無論是零售還是您瞄準的其他垂直行業？

Yes. So we set a large logistics provider last quarter. I think everything is going nicely with that and everything is on track there. Just from a pipeline standpoint, I think getting a big customer like that is a really great signal to the market and a really great blueprint for us to go show other customers how we can roll those out and how we can get traction. So again, we're sort of rebuilding the pipeline for the year in Q1, but we continue to be really excited about enterprise as a category in a long-term market.

是的。所以我們在上個季度設立了一家大型物流供應商。我認為一切進展順利，一切都在按計劃進行。僅從通路角度來看，我認為獲得這樣的大客戶對市場來說是一個非常好的訊號，也是一個非常好的藍圖，讓我們向其他客戶展示我們如何推出這些產品以及如何獲得吸引力。因此，我們再次重申，我們正在為第一季重建銷售管道，但我們仍然對企業作為長期市場的一個類別感到非常興奮。

Yes. I was invited to a keynote at RILA, which is like the retail security. I can't remember what the acronym is for, but it's basically all the retail security.

是的。我被邀請參加 RILA 的主題演講，這就像零售安全一樣。我不記得這個縮寫是什麼意思，但基本上它代表所有的零售安全。

Retail Industry Leaders Association, RILA.

零售業領袖協會 (RILA)。

Here we go. Thank you for the phone a friend help there. And I can tell you the -- I was talking to our Head of Enterprise and his feedback was Rick, it's happening. Like this is really coming together. Now again, these deals, the bigger the agency or the bigger the company, the longer the time it is, and we've sort of baked all that into our guidance for the year, but we think enterprise is going to become a more and more meaningful contributor.

開始了。謝謝電話那邊的朋友的幫忙。我可以告訴你——我正在與我們的企業主管交談，他的回饋是里克，這正在發生。就像這真的走到一起了。現在再說一次，這些交易，機構越大或公司越大，時間就越長，我們已經將所有這些都納入了今年的指導中，但我們認為企業將成為越來越有意義的貢獻者。

Okay. And then my second question, whether Rick, do you want to take it or Josh or whoever wants to take it. Just looking at the fixed ALPR opportunity, how do we -- maybe help us kind of size the opportunity? I guess I'd also just be curious on early feedback you're getting, it will take some time, obviously, to build the bookings there and the opportunity. But any help just kind of sizing the opportunity, early conversations.

好的。然後我的第二個問題是，瑞克，你想接手這個任務，還是喬希，或是其他任何人想接手這個任務？僅從固定 ALPR 機會來看，我們如何 - 也許可以幫助我們確定機會的規模？我想我也只是好奇您收到的早期回饋，顯然，在那裡建立預訂和機會需要一些時間。但任何幫助都只是衡量機會、進行早期對話。

And then the sales process. Is it -- can you use your existing force? Is there other distinctions you're going to need to make as you deal with missile governments, et cetera, getting access? How does that work?

然後是銷售流程。你能運用你現有的力量嗎？在與飛彈政府等打交道以取得存取權限時，是否還需要做出其他區分？這是如何運作的？

Sure. Maybe, Rick, I'll start and then you can fill in any blanks. Ultimately, we'll -- this is a very, very competitive space right now, and we're excited to be a part of that competition. So I'm going to keep the kind of commentary at a very high level here. But ultimately, we were really thrilled with the customer reaction during Axon Week agencies that took us 10, 15 years to win on body cameras and digital evidence management are asking us for very large deployments out of the gate of this product.

當然。也許，里克，我先開始，然後你可以填寫任何空白。最終，我們會——這是一個競爭非常激烈的領域，我們很高興能夠參與其中。因此，我將在這裡保持非常高水準的評論。但最終，我們對 Axon Week 期間客戶的反應感到非常激動，那些花了 10 到 15 年時間才在隨身攝影機和數位證據管理領域取得勝利的機構要求我們在推出該產品後進行大規模部署。

I think our real -- we're excited to be in this market because ultimately, this capability is very complementary to the other products that we build, and we can offer it at a far more reasonable price than some of our competitors and give them the opportunity to have other options out in the market. And so, for us, we're going to -- to answer your question about the sales team, we have a dedicated sales team to this product. Of course, our key account leaders that manage the relationships with our large agencies will be a big part of that as well. But we're gearing up, and we expect to win in this market.

我認為我們真正興奮的是能夠進入這個市場，因為最終，這種能力與我們生產的其他產品非常互補，而且我們可以以比我們的一些競爭對手更合理的價格提供它，並讓他們有機會在市場上獲得其他選擇。因此，對於我們來說，我們將 - 回答您關於銷售團隊的問題，我們有一個專門負責該產品的銷售團隊。當然，負責管理與大型機構關係的大客戶負責人也將在其中扮演重要角色。但我們正在加緊努力，並期望在這個市場上取得成功。

Yes. I would add, the other thing that was really a pleasant surprise was how well Ubicquia was received. Just doing the permitting and all the logistics behind that is a real sort of issue and challenge for our customers and Ubicquia brings with them preset access to tens of millions, if not hundreds of millions of streetlights. I can't remember the number. It's huge.

是的。我想補充的是，另一件真正令人驚訝的事情是 Ubicquia 受到如此熱烈的歡迎。僅僅辦理許可證以及背後的所有物流工作對我們的客戶來說就是一個真正的問題和挑戰，而 Ubicquia 為他們帶來了數千萬甚至數億盞路燈的預設訪問權限。我記不住號碼了。它非常巨大。

Because they already have relationships where they're putting equipment on these light falls and have relationships with the utilities that run them, that Ubicquia, if they showed on stage, they could do an installation in like a minute. Now of course, you've got to get out there with a truck and all that. But the fact they don't have to go through permitting because it's all preset, the polls are already there. These are sturdy poles with power and a universal adapter plug. I think Ian told me there's like 450 million streetlights worldwide that all share that same plug-in. So we think that could also be a real accelerator.

因為他們已經與在這些光瀑布上安裝設備的公司以及運營這些設備的公用事業公司建立了合作關係，所以如果 Ubicquia 在舞台上展示，他們可以在一分鐘內完成安裝。現在當然，你必須帶著卡車出去。但事實上他們不需要經過許可，因為一切都是預先設定好的，投票已經存在了。這些是帶有電源和通用適配器插頭的堅固桿。我想伊恩告訴我，全世界大約有 4.5 億盞路燈都共用同一個插件。所以我們認為這也可能是個真正的加速器。

Josh Reilly, Needham.

喬許·賴利，尼德姆。

Kind of following up on Will's question there. How do you -- how are you thinking about ramping up production of the camera units for the outpost in the light post? Obviously, you've done some different things in terms of manufacturing for the TASER versus the body camera. Just wanted to get a sense, so we level set expectations, I assume it will be supply constrained for a while. I just wanted to get a sense there.

有點像是跟進威爾的問題。您如何考慮提高燈柱哨所前哨攝影機裝置的產量？顯然，你們在製造泰瑟槍和隨身攝影機方面做了一些不同的事情。只是想了解一下，所以我們設定了預期，我認為供應會在一段時間內受到限制。我只是想去感受一下那裡的情況。

Yes. plan on no major revenue impact this year as we go through trials and then maybe some early shipments at the end of the year. this year is about getting trials out there, getting really good at the installations, delivering a very, very high-quality product. and really converting those opportunities to revenue next year. But the fact that we built cameras every day in a lot of different form factors, but a lot of the same underlying technology has accelerated our path market here, and we're really excited to kick off trials this summer.

是的。由於我們正在進行試驗，因此今年不會對收入產生重大影響，並且可能會在年底進行一些早期發貨。今年的重點是進行試驗，做好安裝，提供非常高品質的產品。並真正將這些機會轉化為明年的收入。但事實上，我們每天都會製造各種不同外形的相機，但許多相同的底層技術加速了我們在這裡的市場路徑，我們非常高興今年夏天開始試驗。

Got it. That's helpful. And then what's the feedback from customers in terms of the expense of urgency of closing some of the leader pricing deals for Draft One and the AI Era Plan. I believe, correct me if I'm wrong, it was June 30 because you mentioned that some of those deals might actually be closing in the second half now. So just wanted to get a sense of the price sensitivity there.

知道了。這很有幫助。那麼，就達成第一稿和人工智慧時代計劃的一些領先定價交易的緊迫性費用而言，客戶有何反饋？我相信，如果我錯了請糾正我，那是 6 月 30 日，因為你提到其中一些交易實際上可能在下半年完成。所以只是想了解那裡的價格敏感度。

Yes, great question, Josh. We're working through that right now. So I think whenever we quote something, sometimes there's a reality that some of those deals could slip quarter after quarter. The leaders pricing is to potentially ensure that there is a sense of urgency from the customer as well. And so if anything changes there, we'll certainly let everybody know. But at this point, we're still focused on making sure we convert everything in the pipeline in Q2 here.

是的，喬希，問得好。我們現在正在努力解決這個問題。因此我認為，每當我們引用某些內容時，有時現實情況是其中一些交易可能會逐季下滑。領導者的定價是為了潛在地確保客戶也有緊迫感。因此，如果發生任何變化，我們一定會讓每個人都知道。但目前，我們仍然專注於確保在第二季轉換管道中的所有內容。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林、克雷格·哈勒姆。

Congrats on another really strong quarter. I want to come back to kind of your traditional cloud services business. So I think that's about 40% of revs. You crossed over to having 1 million platform users at the end of last year. As we look into '25 and think about the growth that you're expecting 27% total revenue growth, as we think about the cloud services, do you expect more of that growth to come from growing your user base versus kind of that ASP per user per month? As we're kind of looking about that and then maybe contrasting that to what we've seen here over the last couple of years?

恭喜您又一個季度取得如此強勁的業績。我想回到你們傳統的雲端服務業務。所以我認為這大約是 40% 的轉速。截至去年年底，你們的平台用戶已突破 100 萬人。當我們展望 25 年並思考您預期 27% 的總收入成長時，當我們考慮雲端服務時，您是否預期更多的成長來自於用戶群的成長，而不是每位使用者每月的平均銷售價格？當我們對此進行研究時，也許可以將其與過去幾年所看到的情況進行比較？

Yes.

是的。

Jeremy, I think couple of quarters, we've called out that it's been split about 50-50 between our user growth and our premium adoption. So I mean, not perfectly, but I would say that's a really good rule of thumb to use at least as we go through the rest of this year. And then with things like AI and Draft One that will really ramp even more next year, we'll see if that mix changes at all.

傑里米，我想有幾個季度，我們已經說過，我們的用戶成長和高級採用率大約各佔一半。所以我的意思是，雖然不是完美的，但我想說，至少在我們度過今年剩餘的時間時，這是一個非常好的經驗法則。然後隨著 AI 和 Draft One 等技術明年將進一步發展，我們將看看這種組合是否會改變。

Got it. Okay. That was the second part or a follow-up there on how it looks in '26 and beyond. Okay. And then I wanted to shift gears then and ask about Dedrone, right?

知道了。好的。這是第二部分，或者說是後續部分，關於 26 年及以後的情況。好的。然後想換個話題問一下 Dedrone，對嗎？

There's a lot that's kind of going on in the space. There's a lot on a geopolitical sense and a lot of speculation about the opportunities with the current administration and how capabilities might be utilized both domestically, close relations, but then also, we are seeing an uptick, unfortunately, in geopolitical activity. But just wanted to get a sense for what you were kind of sensing out there in the market. now that kind of these overseas wars are not fading away, but seem to be increasing in terms of magnitude and presence.

太空中發生了很多事情。有很多關於地緣政治意義的事情，也有很多關於現任政府的機會以及如何在國內和密切關係中運用能力的猜測，但不幸的是，我們也看到地緣政治活動有所增加。但只是想了解一下您在市場上感受到了什麼。如今，這類海外戰爭不僅沒有消失，而且規模和存在感似乎有所增加。

Yes. Well, I would say we continue to believe that we're really excited about the acquisition because we got into one of the most important spaces in the world right now, whether it's a military, whether it's political leaders, we have interest from enterprise executive protection. The -- we're seeing Dedrone systems use there to protect headquarters and to protect people's homes. I think people are rapidly realizing if you're an actor who's out to do something bad, a drone is a unique threat vector that everybody using the security business has got to think about and deal with. And so we're -- now some of these to like we start to in about military customers and others.

是的。嗯，我想說，我們仍然相信我們對這次收購感到非常興奮，因為我們進入了目前世界上最重要的領域之一，無論是軍隊，還是政治領導人，我們都對企業高管保護感興趣。我們看到 Dedrone 系統在那裡被用來保護總部和人們的家園。我認為人們很快就會意識到，如果你是一個想要做壞事的人，無人機就是一個獨特的威脅載體，每個從事安全業務的人都必須考慮和處理它。所以我們現在開始與軍事客戶和其他客戶溝通。

Some of those are longer programs and ones where we're really not at much liberty to talk about what's going on there, but there's certainly -- there's a time President Trump has talked about this, the American equivalent of the iron dome in terms of ballistic missile defense. And we believe there's going to be -- that will be a multilayered system that you include close quarter air support from things like first person view and consumer drones. And so we think it's going to be a really exciting business long term. So we're glad we're in it, and we're really excited. AD and the team at Dedrone are pretty fantastic. They're doing great work.

其中一些是較長的項目，我們實際上沒有太多自由談論那裡發生的事情，但肯定有一次——川普總統談到了這一點，這是美國在彈道飛彈防禦方面相當於鐵穹防禦的計劃。我們相信，這將是一個多層次的系統，其中包括第一人稱視角和消費級無人機等近距離空中支援。因此我們認為從長遠來看這將是一項真正令人興奮的業務。所以我們很高興能夠參與其中，並且我們真的很興奮。AD 和 Dedrone 的團隊非常棒。他們做得很好。

Just as a quick follow-up maybe for Brittany. In terms of thinking about that segment of business, going forward, is it going to be a reportable segment? I know it may not quite be material just yet, but hopefully, it will become material. And then if it's not a reportable segment, would that just fall under your software and services.

也許這只是對布列塔尼的一次快速跟進。從考慮該業務部門的角度來看，未來它會成為一個可報告的部門嗎？我知道現在它可能還不是完全實質的，但希望它能成為實質的。如果它不是一個可報告的部分，那麼它是否只屬於您的軟體和服務。

Yes. So Dedrone has two components. It has a hardware component and a software component. The software piece, you'll see show up in our software and services, and the hardware component you'll see show up in our platform solutions. I think it's unlikely to get broken out separately, at least for a while.

是的。所以 Dedrone 有兩個元件。它有一個硬體組件和一個軟體組件。您會看到軟體部分出現在我們的軟體和服務中，而您會看到硬體元件出現在我們的平台解決方案中。我認為它不太可能被單獨分離出來，至少在一段時間內不會。

But one of the reasons we're really happy to do the break apart of our segments as you can see inside of our connected devices, that Platform Solutions segment and inside of there the big drivers of that will really be fleet VRR and some of the counter drone pieces. And so it gives us a little bit more visibility into some of those drivers to share with all of you.

但我們非常樂意對各個細分市場進行拆分的原因之一，正如您所見，在我們的連接設備內部，即平台解決方案細分市場，而其中的主要驅動力實際上是機隊 VRR 和一些反無人機部件。因此，它讓我們對其中一些驅動因素有了更多的了解，並與大家分享。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Rick, maybe for you, if I can. I was clearly hear about the Apollo cartridge plans. I know it's been maybe kind of the last piece of T10 kind of getting through the pieces of the clothing. And I think you've talked about that in the past more on the international opportunity and the kind of cold weather areas, but we obviously have our fair share of cold weather environment here in the US and domestic markets.

瑞克，如果可以的話，也許可以為你效勞。我清楚地聽說過阿波羅彈藥筒計劃。我知道這也許是 T10 的最後一部分，它穿過了衣服的各個部分。我認為您過去更多地談論過國際機會和寒冷天氣地區，但顯然我們在美國和國內市場也面臨著相當大的寒冷天氣環境。

So can you just talk about kind of where that cutters is at? And then what type of opportunities get locked, if there is domestic kind of hold up, if you will, or if it's more again internationally focused and kind of as a primary lead in those sourcing for that.

那你能談談切割機在哪裡嗎？然後，如果存在國內阻礙，什麼類型的機會會被鎖定，或者如果它再次更多地關注國際並成為那些採購的主要線索。

So we're about a year out from scaled automated production we wanted to get ahead of it, like this is such a fundamental shift. It takes the TASER from sort of this less Leafhold capture device to a self-defense weapon. And as you heard probably from Espen, our friend from Norway, he's coming to conclude -- intellectually, he's already concluded that if you're a close quarter combat a T10 plus this Apollo Art is a better, more effective, safer option for you to use them and gun. I even have to be careful saying that. We were a little nervous about putting them on stage because that's such a high bar.

因此，我們距離規模化自動化生產還有大約一年的時間，我們希望能夠領先一步，這是一個根本性的轉變。它將泰瑟槍從一種不太具葉子抓握力的捕獲裝置轉變為自衛武器。正如您可能從我們來自挪威的朋友埃斯彭那裡聽到的那樣，他即將得出結論——從理智上講，他已經得出結論，如果您是近距離戰鬥，那麼使用 T10 加上這款阿波羅藝術槍是更好、更有效、更安全的選擇。我甚至必須小心地說這句話。我們對把他們放在舞台上感到有點緊張，因為標準太高了。

It's almost a little bit of a lightning rod. Now where this is going to make a difference in the US. There will be some marginal revenue from it. We'll probably have some kind of upgrade tactical package that includes that cartridge. And it is obviously looking at it it's a bit more sophisticated.

它幾乎就像一根避雷針。現在這將對美國產生影響。這會帶來一些邊際收益。我們可能會有某種包含該彈藥筒的升級戰術包。顯然，從外觀上看，它更加複雜一些。

It's going to be a little higher price point than our traditional carpet have been. But I think really the impact in the US is going to be on the moon shot. Like our goal today, an officer, their weapon of last resort is their gun, but their weapon a first resort is also their gun. So the thing in their hand if they don't know what's behind the door, is it gun.

它的價格會比我們傳統的地毯稍微高一點。但我認為，真正對美國產生影響的是登月計畫。就像我們今天要討論的警官一樣，他們最後的武器是槍，但他們的第一個武器也是槍。如果他們不知道門後面是什麼，那麼他們手上拿的東西就是槍。

And we've all seen the catastrophic consequences when you go through and you have to make an immediate decision. I think over time, we're going to see the T10 be a first choice. Now look, if you know you're going into a gunfight, they're going to go to their firearm, but we think especially around Edge weapons and others, this is the piece that really gives us a shot at displacing lethal force. And our estimates are about 40% of situations where people are shot and killed in the US today.

我們都看到了當你經歷這些並且必須立即做出決定時所帶來的災難性後果。我認為隨著時間的推移，我們會看到 T10 成為首選。現在看看，如果你知道你將要進入一場槍戰，他們就會拿起他們的槍，但我們認為特別是在 Edge 武器和其他武器方面，這是真正讓我們有機會取代致命武力的東西。我們估計，目前美國大約有 40% 的事件都是槍擊案。

So here, I'd say it's probably more about the moonshot internationally. But the reason I say that is most agencies in the US are already buying TASERs. So yes, there's going to be a little bit of upgrade opportunity there. But in the US, it's going to drive the mission more than a pure revenue driver.

因此，我想說，這可能更多的是關於國際上的登月計劃。但我這樣說的原因是，美國大多數機構已經在購買泰瑟槍了。所以是的，那裡會有一點升級機會。但在美國，它不僅是一個純粹的收入驅動因素，更是一個推動使命的因素。

Internationally, though, I think that's where TASERs are not standard issue in most countries. They're shared among specialty teams. But when we get to the point where it's like, hey, we're going to use this as our primary defensive weapon. Now you go from 3% to 10% of the agency using it to potentially 100% of patrol. And then that should begin to pull through with it, much of the rest of our ecosystem.

不過，從國際上看，我認為泰瑟槍在大多數國家都不是標準配備。它們由專業團隊共享。但是當我們到達這樣的地步時，嘿，我們要用它作為我們的主要防禦武器。現在，使用該技術的機構從 3% 到 10% 增加到可能 100% 的巡邏範圍。然後，我們的生態系統的其餘部分就會開始恢復。

So I think from a pure financial business sense I think T10 is going to be much more impactful in global markets. And then frankly, in enterprise and other places where whether you're somebody like Loomis, who's in the business of moving cash around or casino guards or anywhere you see armed private guards, we think T10 plus the Apollo is going to begin to be much more widely deployed there because -- and maybe they'll still carry their gun, they might start to look more like a comp where they have two weapons. But we think all the business operators pay a ton of attention to the liability issue. And if they can avoid a shooting, it's -- there's a lot of financial incentive in addition to the moral imperative. So I'd say this is going to its biggest impact will be opening new markets for TASER.

因此我認為從純粹的金融業務角度來看，T10 將對全球市場產生更大的影響。坦白說，在企業和其他地方，無論你是像 Loomis 這樣的人，從事現金轉移業務，還是賭場保安，或者任何你看到武裝私人保安的地方，我們認為 T10 加上 Apollo 將開始在那裡得到更廣泛的部署，因為——也許他們仍然會攜帶槍支，他們可能開始看起來更像是擁有兩種武器的公司。但我們認為所有企業經營者都非常重視責任問題。如果他們能夠避免槍擊事件，那麼除了道德責任之外，還有很多經濟誘因。所以我認為這將產生最大的影響，即為泰瑟槍開闢新的市場。

Awesome. Super helpful. Maybe 1 just quick follow-up for Brittany. I appreciate the color around tariffs in the 50 basis point impact to the adjusted EBITDA for the year. Would you call that kind of your I guess, worst case where all the kind of adjustments and adaptability that you've built in around supply chain kind of not opening exactly?

驚人的。超有幫助。也許 1 只是對布列塔尼的快速跟進。我很欣賞關稅對今年調整後 EBITDA 造成 50 個基點影響這現象的影響。您是否認為這是最糟糕的情況，即您在供應鏈中建立的所有調整和適應性都無法完全發揮作用？

Or is that -- just give us, I guess, a sense of like kind of where that falls in terms of your high side, low side sort of expectations from the impacts?

或者那是 — — 我想，只是讓我們了解一下，就您對影響的高端和低端預期而言，這處於什麼位置？

Yes. I mean I think it's our best guess of being realistic, and that's obviously like with what we know today. I like it's always hard to caveat, but this has been dynamic, and it doesn't assume like new retaliatory tariffs or anything like that. But just based on what we know today, what we're able to offset, I would say it's realistic. Of course, we're going to try and do more if we can do more and continue to work those supply chain muscles. But I think it's a fair bet knowing what we know right now.

是的。我的意思是，我認為這是我們對現實情況的最佳猜測，而這顯然與我們今天所知道的一樣。我喜歡它總是很難提出警告，但它一直是動態的，它並不假設新的報復性關稅或類似的東西。但僅根據我們今天所了解的情況以及我們能夠抵消的情況，我認為這是現實的。當然，如果我們能夠做得更多，我們就會盡力做得更多，並繼續發揮供應鏈的力量。但我認為，根據我們目前所了解的情況，這是一個合理的猜測。

Keith Housum, Northcoast.

基斯‧豪瑟姆 (Keith Housum)，北海岸。

Rick, is we saw Axon Week, the Axon ecosystem is growing and being more and more important to your agencies that you serve. Is there a point where your customers become concerned that you're too big a part of their ecosystem? They are too important. They're too levered to you. And how do you address that? And is that a risk to your growth going forward is next year, 5 years, 10 years down the road?

里克，我們看到 Axon Week，Axon 生態系統正在不斷發展，並且對您所服務的機構越來越重要。您的客戶是否會擔心您在他們的生態系統中佔據了太大的比重？它們太重要了。他們對你太依賴了。您如何解決這個問題？這是否會對您未來一年、五年或十年的成長造成風險？

Yes. I would actually say, we started hearing that maybe five years ago, six years ago, that was coming up as a concern. I've been hearing it last recently. What we've been hearing from our customers more is like, hey, we've got all this technology that doesn't play particularly well together. Can you take on more?

是的。實際上我想說，大概五年前、六年前我們就開始聽說這個了，這已經成為一個問題。我最近一直在聽這個。我們從客戶那裡聽到的更多是這樣的：嘿，我們擁有的所有這些技術不能很好地協同工作。你能承擔更多嗎？

Like last year when we exited the CAD business, doing the Dispatch software, the thing we heard from a lot of our customers was like, oh, gosh, we really wanted you to take that over to because when Axon -- when Axon does it, we know it just works, and we know that we're going to get a great response if we have an issue, and it's going to be supportive. So I'd say it feels to me like it's less of a concern than it was a few years ago. I think we've sort of crossed this Rubicon where we're such an integral part. They're already kind of all in with us. And so kind of -- even including more stuff, I think doesn't really increase their risk.

就像去年我們退出 CAD 業務、做 Dispatch 軟體一樣，我們從許多客戶那裡聽到的消息是，哦，天哪，我們真的希望你接手這個軟體，因為當 Axon 做這件事時，我們知道它有效，我們知道如果我們遇到問題，我們會得到很好的回應，它會提供支援。因此，我想說，我覺得這個問題比幾年前不那麼令人擔憂了。我認為我們已經跨越了盧比孔河，我們已經成為不可或缺的一部分。他們已經完全同意我們的觀點了。所以 — — 即使包含更多的東西，我認為也不會真正增加他們的風險。

Like if Axon went out of business or there was some catastrophic event, it would be majorly disruptive already. And I think what they're -- they continue to tell us is though things just work better, the more they work with us. And that's why also this year, we really wanted to lean into the partnerships. We're both signaling and living up to a commitment to our customers that's pad.

例如，如果 Axon 倒閉或發生一些災難性事件，就會造成巨大的破壞。我認為他們——他們不斷告訴我們的是，他們與我們合作得越多，事情就會越好。這就是為什麼今年我們真的希望依靠合作關係。我們都向客戶發出信號並履行承諾。

We know we can't be everything and we're going to identify best-in-class partners and bring them to you and have an open ecosystem so that you can feel more comfortable working with us, and we're not going to try to box you into a walled garden and that ultimately you'll be able to use the parts of our ecosystem you want and the parts that you don't want to use. You can use other tech solutions, and we'll keep things open, so you can integrate with us.

我們知道我們不可能面面俱到，我們將尋找一流的合作夥伴，將他們帶給您，並建立一個開放的生態系統，以便您可以更舒適地與我們合作，我們不會試圖將您限制在一個封閉的環境中，最終您將能夠使用我們生態系統中您想要的部分和您不想使用的部分。您可以使用其他技術解決方案，我們將保持開放，以便您可以與我們整合。

One more thing, Keith, there is just I think some of that is -- some of that thinking is informed in how we've gone to market with our AI Era Plan, where some of these software heavy offerings, I think it's better to offer customers a fixed price with certainty and continue to delight them with more and more features in there that they don't have to pay additional dollars for. So I think in a lot of the new disruptive technologies that we're entering. It's far more about derisking the proposition for them by making sure that very fair and predictable on pricing and we over deliver on the expectations in terms of features and service.

還有一件事，基思，我認為其中一些想法是——其中一些想法是在我們的人工智慧時代計劃推向市場時提出的，其中一些軟體繁重的產品，我認為最好是向客戶提供確定的固定價格，並繼續用越來越多的功能讓他們滿意，而他們不必為此支付額外的費用。所以我認為我們正在進入許多新的顛覆性技術。這更多的是透過確保定價非常公平和可預測來降低他們的主張風險，並且我們在功能和服務方面超出預期。

Okay. Got you. And just a quick follow-up. Obviously, you guys got a great net retention rate. And I'm assuming, right, you guys still have not lost a significant vendor or a significant agency to a competitor yet, correct, when it comes to on body camera?

好的。明白了。這只是一次快速的跟進。顯然，你們的淨留存率很高。而且我假設，就隨身攝影機而言，你們還沒有失去重要的供應商或重要的代理商給競爭對手，對嗎？

That's correct, Keith. Yes.

沒錯，基斯。是的。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Just in terms of the TASER 10 growth, I think you called out just some pretty phenomenal growth here. What gives you the confidence that with this rapid rate of adoption, do we kind of run into the risk of hitting the wall at some point or seeing that adoption rate as fast as is sort of get in the way of growth in future quarters?

就 TASER 10 的成長而言，我認為您指出了這裡的一些非常驚人的成長。是什麼讓您有信心，在如此快速的採用率下，我們是否會在某個時候遇到瓶頸的風險，或者看到採用率如此之快以至於阻礙未來幾個季度的增長？

Yes, Jonathan. It's a fair question. I personally don't see a lot of that, given that there are still customers that are using the X26P and customers that are using the X2 and a lot of what TASER 10 has done has accelerated the upgrade cycle. So I think that we're -- that would be much more of a concern if all customers predictably upgraded every five years. Eventually, we'd hit a rate problem there.

是的，喬納森。這是一個公平的問題。我個人並不認為這種情況會很多，因為仍然有客戶在使用 X26P，還有客戶在使用 X2，而且 TASER 10 所做的許多工作都加速了升級週期。所以我認為，如果所有客戶每五年都會進行一次可預測的升級，那將是一個更大的問題。最終，我們遇到了利率問題。

But in reality, historically, TASER 10 is the first one where customers are feeling like, hey, we must upgrade as soon as we possibly can, even if it's inside of five years. I do think there's still plenty of opportunity in the next three, four years in terms of TASER 10. And of course, the name of the game there is not only filling out deployments and upgrading deployments in our state and local customer base but extending to our international customers and the tunnel wide space there, and we're seeing a lot of excitement, as Rick highlighted in Europe and in other geographies as well.

但實際上，從歷史上看，TASER 10 是第一款讓客戶產生「嘿，我們必須盡快升級」的想法的產品，即使在五年內。我確實認為，就 TASER 10 而言，未來三到四年仍有許多機會。當然，遊戲的名稱不僅在於填補和升級我們州和當地客戶群的部署，還在於擴展到我們的國際客戶和那裡的隧道寬闊空間，我們看到了很多令人興奮的事情，正如 Rick 在歐洲和其他地區所強調的那樣。

Mike Ng, Goldman Sachs.

高盛的 Mike Ng。

I just have two quick ones. First, just on the AI Era Plan and AI services, are there any meaningful margin differences relative to evidence.com just because you have to pay the cost to compute? And then secondly, I just wanted to ask about the state and local budget flush outlook, which I think typically happens in 2Q and 4Q. Just wondering if you had any early expectations on what you can expect there, just given what you're seeing in the pipeline?

我只有兩個簡短的問題。首先，僅就人工智慧時代計畫和人工智慧服務而言，僅僅因為你必須支付計算成本，相對於evidence.com是否存在任何有意義的利潤差異？其次，我想問州和地方預算充裕的前景，我認為這通常發生在第二季和第四季。只是想知道，根據您所看到的管道情況，您是否對那裡的情況有任何早期的預期？

Sure. Brittany, do you want to cover the first one then I can take the margin one?

當然。布列塔尼，你想先蓋住第一個，然後我可以拿邊緣那個嗎？

Yes. I mean nothing that I would sort of factor in as a meaningful driver. We talk about our software business continuing to be above 80% gross margins and the AI Era Plan would certainly fit in that. Now the interesting thing about the AI Era Plan is like we don't actually know every product we're going to go put into the AI Era Plan because there's still more to come. But based on what we are releasing right now and what we're seeing, we're pretty happy that it falls in that range of what we would expect for our software business.

是的。我的意思不是說我會把任何因素視為有意義的驅動因素。我們談到我們的軟體業務繼續保持 80% 以上的毛利率，而人工智慧時代計劃肯定適合這一點。現在，關於人工智慧時代計劃的有趣之處在於，我們實際上並不知道我們將要納入人工智慧時代計劃的每一種產品，因為還有更多的產品即將推出。但根據我們現在發布的產品和我們看到的情況，我們很高興它符合我們對軟體業務的預期範圍。

And then on the state and local budget items, Michael, I don't know that we're seeing a lot different there as it relates to us. Now other companies are seeing at times that these grants that were out there starting to dry up. But a lot of those grants were helpful in paying for like onetime upfront purchases most of our activity, as we've talked about in the past, is highly related to operational expenditures as opposed to capital ones. And so for us, I think as we work through budgetary quotes like, for example, some large states, their budget ends on September 30 and starts again on October 1, and we're working through, hey, here's budgetary quote that you can kind of bank on for Q4, we're not seeing much difference in how we've handled those in the past years, if any at all. So certainly something that we'll continue to monitor.

然後關於州和地方預算項目，邁克爾，我不知道我們看到的與我們相關的有很大不同。現在其他公司有時會發現這些補助金開始枯竭。但許多撥款有助於支付一次性預付採購費用，正如我們過去所討論的，我們的大部分活動與營運支出而非資本支出高度相關。因此對我們來說，我認為當我們處理預算報價時，例如，一些大州的預算在 9 月 30 日結束，在 10 月 1 日重新開始，我們正在處理，嘿，這是您可以依賴的第四季度預算報價，我們沒有看到我們在過去幾年處理這些問題的方式有太大差異，如果有的話。因此我們肯定會繼續監控。

But at this point, we feel really good about what we're seeing in terms of availability of funds and opportunity to invest from some of our state and local customers.

但目前，我們對一些州和地方客戶的資金可用性和投資機會感到非常滿意。

All right. We'll kick it to Rick to close this out.

好的。我們將把這個任務交給 Rick 來完成。

Sorry, I made myself mute. Hey, everybody. Again, I hate to sound like a broken record because we keep breaking records, but it's exciting like Josh and Brittany and Jeff the entire team, just the sheer breadth of the products that we've been bringing to market. the intensity of our sales and customer support teams to both get it to customers but make sure it's working to deliver a world-class experience. everything it takes -- it is pretty mind blowing.

抱歉，我把自己弄啞了。嘿，大家好。再說一次，我不想聽起來像一張破唱片，因為我們一直在打破紀錄，但喬希、布列塔尼和傑夫整個團隊都感到興奮，我們向市場推出的產品範圍非常廣泛。我們的銷售和客戶支援團隊不僅致力於將產品送到客戶手中，還確保能夠提供世界級的體驗。所需要的一切——這真是令人難以置信。

I don't know that I can think of another tech company that has so much breadth across so many different areas. And then coupling that with the challenges of selling into public safety and the regulatory environment around managing government data, whether it's from FedRAMP to CGUs. And I'm just delighted that we're able to continue turning in these results and it's a privilege to work for all of our shareholders that are on today and to work with all the analysts. You guys ask great questions, you help us even take a hard look at different aspects of our own business. And together, we're doing great things.

我不知道是否還能想到另一家在如此多不同領域擁有如此廣泛業務的科技公司。然後將其與銷售公共安全和管理政府數據的監管環境的挑戰結合起來，無論是從 FedRAMP 到 CGUs。我很高興我們能夠繼續取得這些成果，我很榮幸能為今天在場的所有股東服務並與所有分析師合作。你們提出了很好的問題，甚至幫助我們認真審視我們自己業務的不同面向。我們一起創造偉大的事業。

So excited to see you all again, maybe at our shareholder meeting in May. And if not, certainly the next earnings call in August. Thanks, everybody.

很高興再次見到你們，也許是在五月的股東大會上。如果沒有的話，下次財報電話會議一定會在八月舉行。謝謝大家。