Axon Enterprise Inc (AXON) 2025 Q3 法說會逐字稿

Hi, everyone, and thank you for joining Axon's executive team today. We hope you've had a chance to read our shareholder letter released after the market closed, which you can find at investor.axon.com. Our remarks today are meant to build upon that letter.

大家好，感謝各位今天加入Axon的執行團隊。希望您有機會閱讀我們在股市收盤後發布的股東信，您可以在 investor.axon.com 上找到該信函。我們今天的演講旨在在此信函的基礎上進行補充。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our 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 as discussed in our SEC filings. We'll also discuss certain non-GAAP financial measures. Reconciliations to non-GAAP are included in our shareholder letter and available on our Investor Relations website.

在本次電話會議中，我們將討論我們的業務前景並發表前瞻性聲明。這些評論是基於我們目前的預期，並不能保證未來的表現。所有前瞻性陳述均存在風險和不確定性，可能導致實際結果與我們在提交給美國證券交易委員會的文件中討論的結果有重大差異。我們也將討論一些非GAAP財務指標。與非GAAP準則的調整表已包含在我們的股東信中，並可在我們的投資者關係網站上查閱。

With that, before I turn it over to Rick, we have a quick video to show you. It shows a little bit about our vision for Axon 911. Let's pull it up.

接下來，在我把麥克風交給瑞克之前，我們先給大家播放一段簡短的影片。它稍微展現了我們對 Axon 911 的願景。我們把它調出來。

(video playing)

（影片播放）

Thanks, Erik, and great job to our team who put that video together to help share some of the narrative of where we're going next as we extend the Axon ecosystem. So I'd like to welcome everybody to our third-quarter 2025 earnings call. It's truly just an amazing time to be at Axon. Just a few weeks ago, we were at the major annual conferences across public safety, federal and military and enterprise, meeting with hundreds of customers to catch up on their top priorities and share our vision, which you just saw a glimpse of a piece of it in that video. Like me, our team walked away energized.

謝謝 Erik，也感謝我們的團隊製作了這段視頻，幫助我們分享了在擴展 Axon 生態系統的過程中，我們下一步的發展方向。歡迎大家參加我們2025年第三季財報電話會議。現在加入 Axon 真是太棒了。就在幾週前，我們參加了公共安全、聯邦和軍事以及企業領域的主要年度會議，與數百位客戶會面，了解他們的首要任務並分享我們的願景，而您在影片中看到的只是其中的一部分。和我一樣，我們團隊成員都精神抖擻地離開了。

We're incredibly excited about what we're building. The future we envision is coming together, and it's even more inspirational than I could have imagined a decade ago. At the heart of that future is the expansion of our ecosystem. Our latest update outlines our path toward delivering Axon 911, which will be built on the foundations of Prepared and Carbyne, a major leap toward unifying the technology needed to deliver measurably better outcomes for communities and our customers. Prepared and Carbyne are powerfully complementary.

我們對正在打造的產品感到無比興奮。我們所憧憬的未來正在一步步實現，它比我十年前所能想像的還要令人振奮。未來的核心在於我們生態系的擴展。我們最新的更新概述了我們實現 Axon 911 的路徑，它將建立在 Prepared 和 Carbyne 的基礎上，這是在統一為社區和我們的客戶提供可衡量的更好結果所需的技術方面邁出的一大步。Prepared 和 Carbyne 具有極強的互補作用。

Prepared is a low-friction AI capability that can be rapidly installed in any communication center, immediately giving call takers superpowers to speed through data collection, analysis and sharing. It can autonomously handle up to half of noncritical calls, freeing the human operators for true emergencies. On critical calls, Prepared serves as an intelligent assistant, taking on data collection so operators can focus on the human side of helping people in crisis.

Prepared 是一種低摩擦的 AI 功能，可快速安裝在任何通訊中心，立即賦予接線員超能力，以快速完成資料收集、分析和共用。它可以自主處理多達一半的非緊急呼叫，使人工接線員能夠處理真正的緊急情況。在緊急呼叫中，Prepared 可作為智慧助手，負責資料收集，以便接線員能夠專注於幫助危機中的人們。

Just last week, we heard a story about a 911 call center for one of the largest US cities who installed Prepared ahead of July 4. They completed implementation in about a month, which is incredibly fast. It's lightning fast for public safety. And in the first few days, they saw a 33% reduction in calls requiring a human operator even as the overall inbound volume was up significantly due to the holiday weekend. That's real immediate impact.

就在上週，我們聽說美國某大城市的 911 呼叫中心在 7 月 4 日之前就安裝了 Prepared 系統。他們僅用了一個月左右的時間就完成了實施，速度非常快。它對公共安全來說速度極快。在最初的幾天裡，儘管由於假日週末，整體來電量大幅上升，但需要人工接線員的來電數量卻減少了 33%。這是立竿見影的直接影響。

And Carbyne replaces on-prem call center infrastructure with highly resilient cloud infrastructure, eliminating the enormous costs of running legacy equipment and allowing agencies to move at the exponential pace of modern technology rather than at the glacial pace of procurement. We see Carbyne repeating in voice communications, the success we had with evidence.com in moving agency data centers to the cloud.

Carbyne 以高彈性的雲端基礎設施取代了本地呼叫中心基礎設施，消除了運行傳統設備的巨額成本，使機構能夠以現代技術的指數級速度發展，而不是以採購的緩慢速度發展。我們看到 Carbyne 在語音通訊領域重現了我們在 evidence.com 將機構資料中心遷移到雲端時所取得的成功。

Now we'll do it with their call centers. Together, these capabilities let agencies make their existing systems smarter today and provide a smooth orderly path to full modernization over time. Both leverage AI natively to rethink what's possible. Let me bring this to life.

現在我們將透過他們的呼叫中心來實現這一點。這些能力結合起來，可以讓各機構今天就讓現有的系統更加智能，並為隨著時間的推移實現全面現代化提供平穩有序的途徑。兩者都充分利用人工智慧技術重新思考各種可能性。讓我來把它生動地展現出來。

Imagine you need help. You dial 911. Today, the operator listens, gathers information and frenetically types it into a command line system. That information is then passed via a typed message over to a dispatcher who's a different person who reads that information and then relays it over the radio to police officers. It's an inherently inefficient system of the old telephone game, prone to risks of miscommunication.

想像一下你需要幫助。你撥打911。如今，操作員監聽、收集訊息，然後瘋狂地將其輸入到命令列系統中。然後，該訊息會以文字形式傳遞給調度員，調度員會閱讀該訊息，然後透過無線電將其轉達給警察。這是一種本質上效率低下的老式傳話遊戲系統，容易出現溝通不良的風險。

We can turn that process, and we are now turning it on its head. When you make that call, a network of connected devices and software across your city will activate instantly, analyzing information, prompting decisions, and allowing the human operator to coordinate a faster, more informed response. Call handlers will focus on helping you instead of typing feverishly, while real-time prompts will enable the dispatch of human or drone responders. And that suspicious reported person, we can handle that call autonomously. No need for a human operator.

我們可以扭轉這一局面，而我們現在正在徹底改變它。當你撥打電話時，你所在城市的連網設備和軟體網路將立即激活，分析訊息，提示決策，並允許人工操作員協調更快、更明智的回應。接線員將專注於幫助您，而不是瘋狂地打字，而即時提示將能夠派遣人工或無人機響應人員。對於被舉報的可疑人員，我們可以自主處理該舉報電話。無需人工操作。

When there is an emergency, critical context will flow directly to those on scene through their body cameras, keeping them more informed, less distractive and better supported by a network built to keep people safe. It's a powerful future that's coming into view.

當發生緊急情況時，關鍵訊息將透過現場人員的隨身攝影機直接傳輸給他們，使他們能夠更好地了解情況，減少分心，並得到一個旨在保障人們安全的網路的更好支援。這是一個正在逐步展現的強大未來。

Now to clarify how this fits into our overall approach, as you will recall, we exited our computer-aided dispatch product line about a year ago. This new approach lets us innovate in critical response workflows without rebuilding legacy systems. It means we can innovate faster, driving real-world impact and value creation. And we will enable reciprocal data sharing and APIs to drive true interoperability, giving agencies the flexibility to modernize at their own pace.

為了闡明這與我們整體方法的契合之處，您應該還記得，我們​​大約在一年前退出了電腦輔助調度產品線。這種新方法使我們能夠在關鍵響應工作流程中進行創新，而無需重建舊系統。這意味著我們可以更快地進行創新，從而產生實際影響並創造價值。我們將實現互惠資料共享和 API，以推動真正的互通性，使各機構能夠靈活地以自己的步調進行現代化改造。

This isn't just a cloud migration. It's a connected platform that upgrades existing systems and makes them better, no replacement required. Customers get immediate capability upgrades while having the option to migrate older infrastructure to hyperscaler efficiency on their own time line. It also unlocks new potential across our real-time operations, vehicle intelligence, and drone and robotics platforms, creating an integrated ecosystem that delivers on the future we've long envisioned with Fusus serving as the real-time sensor network backbone, while Prepared and Carbyne provide the voice layer connecting every persona from the caller to the responder moving toward creating an AI superpowered team.

這不僅僅是雲端遷移。這是一個互聯平台，可以升級現有系統並使其變得更好，無需更換。客戶可以立即獲得功能升級，同時可以選擇按照自己的時間表將舊的基礎設施遷移到超大規模資料中心，從而提高效率。它還釋放了我們在即時運作、車輛智慧以及無人機和機器人平台上的新潛力，創建了一個整合生態系統，實現了我們長期以來設想的未來。其中，Fusus 作為即時感測器網路骨幹，而 Prepared 和 Carbyne 提供語音層，連接從呼叫者到響應者的每個角色，朝著創建一個 AI 超級團隊的目標邁進。

Voice communications, if we think back, this began with operators 100 years ago physically connecting phone lines, then it moved through rotary dials and keypads. The next era is intelligent AI-enabled communications that process information at super human speed and surface the right insights to each human decision-maker when they need it. Prepared and Carbyne aren't the end state. They are the foundation for the transformation in voice communications ahead.

回想一下，語音通訊始於 100 年前，當時接線員透過實體方式連接電話線，然後發展到旋轉撥號盤和鍵盤。下一個時代是人工智慧賦能的智慧通信，它能以超人的速度處理訊息，並在每個決策者需要時提供正確的見解。Prepared 和 Carbyne 都不是最終狀態。它們是未來語音通訊變革的基礎。

People often ask where Axon's limits are. I believe we're only scratching the surface. We're advancing our ecosystem while expanding our reach to more new customers. In addition to better serving emergency call centers, we recently introduced ABW Mini, our second enterprise body camera, opening enterprise opportunities similar to public safety, and we're finding new inroads globally.

人們常問Axon的限制在哪裡。我認為我們目前所了解的只是冰山一角。我們正在推動生態系統建設，同時擴大服務範圍，吸引更多新客戶。除了更好地服務緊急呼叫中心外，我們最近還推出了 ABW Mini，這是我們的第二款企業級隨身攝影機，為企業帶來了類似於公共安全領域的機遇，並且我們在全球範圍內找到了新的突破口。

As I think about the next few decades and what we're building, I truly believe that the best is indeed yet to come. What an amazing time to be alive and what a privilege to be at Axon during this accelerating transformation.

展望未來幾十年以及我們正在建立的一切，我堅信最好的還在後頭。能夠生活在這樣一個令人驚嘆的時代，能夠在這個加速改變的時代加入 Axon，真是我的榮幸。

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

接下來，我將把麥克風交給喬許。

Thanks a lot, Rick, and good afternoon, everyone. Before we get into our results, I want to echo Rick's comments as we welcome the Prepared team and soon the Carbyne team to Axon. I believe our greatest asset is our team. Nothing excites me more than bringing on exceptional people who will help accelerate our mission and ignite our future. Our growth can only accelerate via elite talent and our team is now stronger than ever with the additions of Michael, Dylan, Neil, and the rest of the Prepared team, and Amer Alex, and the rest of the Carbyne team.

非常感謝里克，大家下午好。在我們公佈結果之前，我想重申 Rick 的評論，歡迎 Prepared 團隊和即將加入的 Carbyne 團隊加入 Axon。我認為我們最大的財富是我們的團隊。沒有什麼比招募傑出人才更讓我興奮的了，他們將幫助加速我們的使命，點燃我們的未來。只有透過菁英人才才能加速發展，隨著 Michael、Dylan、Neil 和 Prepared 團隊的其他成員，以及 Amer Alex 和 Carbyne 團隊的其他成員的加入，我們的團隊現在比以往任何時候都更強大。

As I reflect on our Q3 results and look ahead to Q4, I'm excited and grateful. We are building an elite business that is still nowhere near its ultimate potential, and we are doing it with a team that is rapidly bought into the mission. A lot of people around here bust their tails every day, and I am thankful for the intensity they bring to work and the bar they set.

回顧第三季業績並展望第四季度，我感到既興奮又感激。我們正在打造一家精英企業，但它距離其最終潛力還相差甚遠，而我們正在與一支迅速融入這項使命的團隊一起完成這項工作。這裡很多人每天都拼命工作，我很感激他們對工作的熱情和他們所建立的高標準。

What we're seeing right now isn't just incredible execution. It's a signal. The theme that comes to mind is be obsessed. Our value focusing on relentless focus on our customers, an attitude we drive home every day at Axon because we know their success is what fuels ours. Let me share a few data points that show how we're hitting the mark.

我們現在看到的不僅僅是令人難以置信的執行力。這是一個訊號。我首先想到的主題是癡迷。我們重視客戶，並且始終堅持以客戶為中心，這是我們在 Axon 每天都要貫徹的態度，因為我們知道客戶的成功就是我們的成功。讓我分享一些數據點，這些數據點顯示我們是如何達到目標的。

First, our state and local customers continue to rely on us for more and more products. Rick talked about expanding our ecosystem. And for me, the most important indicator that we're doing it right is simple. It's evidence that we're helping customers where they need it most. We hear that in conversations every day, but we are seeing that in the data.

首先，我們的州和地方客戶繼續依賴我們提供越來越多的產品。里克談到了擴展我們的生態系統。對我來說，衡量我們是否做對的最重要指標很簡單。這證明我們正在客戶最需要的地方幫助他們。我們每天都能在談話中聽到這樣的說法，而且我們也從數據中看到了這一點。

One clear example is that more and more of our deals now include the full breadth of our portfolio. I say it often, we have the best sales team in the world. But when you can sell everything to a customer, that's more than just sales execution. It's the trust you've built, it's the product market fit and it's a sign you're making an impact.

一個明顯的例子是，我們現在越來越多的交易涵蓋了我們全部的產品組合。我常說，我們擁有世界上最好的銷售團隊。但是，當你能把所有東西都賣給顧客時，這就不僅僅是銷售執行的問題了。這是你建立起來的信任，這是產品與市場的契合度，也是你正在產生影響力的標誌。

I mentioned that last quarter that a few of our deals were approaching the $600 per user per month level, several multiples above our current average. In Q3, we broke that threshold with 2 of our top 10 deals in our state and local base, each representing major upgrades with Axon. These long-term partnerships across so many different product lines speak to our customers' confidence in a future with us.

我在上個季度提到過，我們的一些交易每用戶每月費用接近 600 美元，比我們目前的平均水平高出好幾倍。第三季度，我們在州和地方市場中，有 2 筆前 10 名交易突破了這一門檻，這兩筆交易都代表著 Axon 的重大升級。我們與許多不同產品線建立了長期合作關係，這反映了客戶對我們未來發展的信心。

Across products, the story is the same. The AI Era Plan continues to be the fastest booked Axon software product to date. We're on pace for AI bookings to contribute over 10% of US state and local bookings for next year -- or sorry, for this year. When you expand that to our newer offerings, Axon Air, Dedrone, and Fusus, bookings are up more than 3x year to date.

所有產品的情況都一樣。AI 時代計劃仍然是迄今為止 Axon 軟體產品中預訂速度最快的。我們預計，明年人工智慧預訂量將占美國州和地方預訂量的 10% 以上——或者抱歉，是今年。如果將這一比例擴大到我們較新的產品，如 Axon Air、Dedrone 和 Fusus，今年迄今的預訂量已經增加了 3 倍以上。

The momentum highlights another key part of our growth strategy, how we pour fuel on the fire when we acquire great businesses. Across the board, our acquisitions over the past year have outperformed initial bookings expectations, which are showing up in adoption of these new products.

這一勢頭凸顯了我們成長策略的另一個關鍵部分，即我們如何在收購優秀企業時為其發展注入動力。總體而言，過去一年我們的收購項目都超出了最初的預訂預期，這體現在這些新產品的採用率上。

Next, let's talk about expansion beyond our core state and local base into corrections, justice, international and enterprise. A standout this year continues to be corrections, which contributed 2 of our top 10 deals in Q3 with year-to-date bookings up more than 2x from last year. International also delivered 2 of our top 10 deals overall with an additional nine-figure cloud deal in Europe that closed in October.

接下來，我們來談談如何將業務拓展到我們核心的州和地方基礎之外，拓展到懲教、司法、國際和企業領域。今年最引人注目的依然是價格調整，第三季我們十大交易中有兩筆是價格調整帶來的，今年迄今的預訂量比去年增長了2倍多。國際業務部門也達成了我們前 10 大交易中的 2 筆，此外，10 月還在歐洲完成了一筆價值九位數的雲端交易。

We're finally seeing a shift in some countries driven by the value that cloud products bring, and we think this will be the start of larger and larger deals in our International segment to come. Growing adoption of TASER 10 in international markets is another part of the story, and 7 of our top 10 Q3 international deals were driven by TASER 10.

我們終於看到一些國家正在轉變，這主要得益於雲端產品帶來的價值。我們認為，這將是我們國際業務未來達成越來越大規模交易的開端。TASER 10 在國際市場上的日益普及是另一個方面，我們第三季十大國際交易中有 7 筆是由 TASER 10 推動的。

Looking ahead, we're executing against a growing pipeline, and we're not slowing down. Year-to-date bookings are up in excess of 30% and accelerating from last year, and we have line of sight to close out the year even stronger, but we are still in the early innings. We see the healthiest and best indicators across our business we have ever had, and I'm confident we are on the right track as we scale up the investment in our products and sales team to go after the entirety of what's in front of us.

展望未來，我們正在推進不斷成長的項目，而且我們不會放慢腳步。今年迄今的預訂量成長超過 30%，並且比去年加速成長，我們預計在年底前取得更強勁的成績，但我們仍處於起步階段。我們看到公司各項指標都達到了前所未有的最佳水平，我相信隨著我們加大對產品和銷售團隊的投資，全力以赴地迎接未來的挑戰，我們正走在正確的道路上。

I have no doubt we will deliver another record year in 2026, something that I'm sure many of you are wondering about. And I think our opportunity has the potential to accelerate much further. Going into next year, look for us to continue to drive record growth, ensuring better execution through the use of AI tools and efficient decentralized ownership to tackle new markets and opportunities. Elite scrappy team doing more and more in parallel will be our competitive advantage for years to come. That's what our next play looks like.

我毫不懷疑我們將在 2026 年再創佳績，我相信很多人都對此感到好奇。我認為我們的機會還有可能進一步加速發展。展望明年，我們將繼續保持創紀錄的成長，透過人工智慧工具和高效的去中心化所有權，確保更好地執行，從而開拓新市場，抓住新機會。一支精幹高效的團隊，能夠同時處理越來越多的任務，這將是我們未來幾年的競爭優勢。這就是我們接下來的計劃。

With that, over to you, Brittany.

那麼，接下來就交給你了，布列塔妮。

Thank you, Josh. As Rick and Josh highlighted, we're excited to welcome Prepared and announce Carbyne, which we expect to close in early 2026. We're proud of our third-quarter results, which again reflect strong execution across our products and markets. Third-quarter revenue of $711 million increased 31% year over year, marking our seventh consecutive quarter of 30% or greater growth, underscoring the robust demand we are seeing.

謝謝你，喬許。正如 Rick 和 Josh 所強調的，我們很高興歡迎 Prepared 的加入，並宣布 Carbyne 的收購計劃，預計將於 2026 年初完成。我們為第三季的業績感到自豪，這再次反映了我們在產品和市場上的強勁執行力。第三季營收達 7.11 億美元，年增 31%，連續第七個季度實現 30% 或以上的成長，凸顯了我們所看到的強勁需求。

Software and services was again the leader, increasing 41% year over year to $305 million of revenue. This growth reflects both new customers and existing customers expanding their use of our platform and capabilities. We continue to have strong net revenue retention at 124% again this quarter, and ARR grew 41% to $1.3 billion. Connected Devices revenue grew 24% year over year to $405 million, reflecting broad-based demand. TASER grew 17%, led by TASER 10. Personal Sensors grew 20%, driven by Axon Body 4 and Platform Solutions grew 71%, driven by counter drone, virtual reality, and fleet.

軟體和服務再次成為領頭羊，年增 41%，營收達到 3.05 億美元。這一成長反映了新客戶和現有客戶對我們平台和功能的使用範圍不斷擴大。本季我們的淨收入留存率持續保持強勁勢頭，達到 124%，年度經常性收入成長 41%，達到 13 億美元。互聯設備營收年增 24% 至 4.05 億美元，反映出廣泛的市場需求。TASER 成長了 17%，其中 TASER 10 的成長最為顯著。個人感測器業務成長了 20%，主要得益於 Axon Body 4 的推動；平台解決方案業務成長了 71%，主要得益於反無人機、虛擬實境和艦隊解決方案的推動。

Adjusted gross margin of 62.7% decreased 50 basis points year over year, primarily due to tariffs impacting us for the first full quarter. We also continued scaling Platform Solutions, which overall has lower margins than TASER and personal sensors, but offset by continued strong growth in our higher-margin software business.

經過調整後的毛利率為 62.7%，年減 50 個基點，主要原因是關稅對我們第一個完整季度造成了影響。我們也繼續擴大平台解決方案的規模，雖然其整體利潤率低於泰瑟槍和個人感測器，但我們利潤率更高的軟體業務的持續強勁增長抵消了這一影響。

Adjusted EBITDA margin of 24.9% reflected the impact from tariffs and the planned increased R&D investments. These investments are into categories that will support future growth, including our vehicle intelligence ALPR products, Axon Body Workforce Mini, and new AI Era Plan features such as live translation and policy chat. We couldn't be more excited about these products and the traction they are already seeing from our customers, and we will deliver a strong ROI on these organic investments over the long term.

調整後的 EBITDA 利潤率為 24.9%，反映了關稅的影響以及計劃增加的研發投資。這些投資將用於支持未來的成長，包括我們的車輛智慧ALPR產品、Axon Body Workforce Mini以及新的AI時代計劃功能，例如即時翻譯和政策聊天。我們對這些產品以及它們已經從客戶那裡獲得的認可感到無比興奮，我們將從長遠來看為這些有機投資帶來強勁的投資回報率。

We've also accelerated strategic investments with recent acquisitions. Newer product lines such as Fusus and Dedrone are scaling quickly, and we continue to invest in their growth, along now with Prepared and Carbyne as another exciting new category. While these acquisitions are immaterial from a financial perspective at close, we see tremendous value in how these investments advance our long-term vision and solve challenges for our customers. They have strong teams in emerging categories and complement the capabilities we are already investing in.

我們也透過近期的收購加快了策略投資步伐。Fusus 和 Dedrone 等新產品線正在迅速擴張，我們將繼續投資於它們的成長，現在又新增了 Prepared 和 Carbyne 這兩個令人興奮的新類別。雖然從財務角度來看，這些收購在完成時並不重要，但我們認為這些投資在推進我們的長期願景和解決客戶面臨的挑戰方面具有巨大的價值。他們在新興領域擁有強大的團隊，與我們已經投資的能力互補。

Turning to our outlook, we're again raising revenue guidance for the remainder of the year. We expect Q4 revenue between $750 million and $755 million, implying full-year revenue of about $2.74 billion, up from $2.65 billion to $2.73 billion and representing approximately 31% growth at the midpoint. For adjusted EBITDA, we expect Q4 between $178 million and $182 million, which maintains our full-year 25% margin target. We are pleased to deliver on our commitment for a 25% adjusted EBITDA margin for the year, even with the impact from tariffs and our increased R&D investments.

展望未來，我們再次上調了今年剩餘時間的營收預期。我們預計第四季度營收將在 7.5 億美元至 7.55 億美元之間，這意味著全年營收約為 27.4 億美元，高於先前預測的 26.5 億美元至 27.3 億美元，中位數約為 31%。對於調整後的 EBITDA，我們預計第四季將在 1.78 億美元至 1.82 億美元之間，這將維持我們全年 25% 的利潤率目標。即使受到關稅的影響以及研發投入的增加，我們仍然很高興能夠實現全年調整後 EBITDA 利潤率達到 25% 的承諾。

We think the combination of top line growth and bottom line profitability is the right balance for the business, delivering at 55-plus versus the Rule of 40. We're incredibly excited by the opportunities in front of us. The investments we highlighted are key components of continuing to deliver great performance in the years ahead.

我們認為，營收成長和利潤獲利能力的結合才是企業應有的平衡點，其實現速度超過 55 倍，而不是 40 倍。我們對擺在我們面前的機會感到無比興奮。我們重點介紹的這些投資是未來幾年繼續取得優異績效的關鍵組成部分。

In summary, we are proud of our results and our team and thankful for our terrific customers. We're well positioned for the future and look forward to continued strong performance.

總之，我們為我們的成績和團隊感到自豪，並感謝我們優秀的客戶。我們已為未來做好充分準備，並期待繼續保持強勁的業績。

With that, we'll open the line for questions.

接下來，我們將開放提問環節。

George Notter, Wolfe.

喬治諾特，沃爾夫。

Josh, you mentioned that AI should contribute about 10% to total bookings this year, but bookings looked a little bit softer this quarter. Was there any delayed contract decisions in Q3 that maybe drove that? Or what's the perspective there?

Josh，你提到人工智慧今年應該會貢獻約 10% 的預訂量，但本季的預訂量看起來有點疲軟。第三季度是否有任何合約審批延遲導致了這種情況？或者說，那裡的觀點是什麼？

Yes. Thanks for the question, George. Look, we had said last quarter, we expect bookings growth to be in the high 30s year over year, and we still believe that to be true. And so you can guess what that means for Q4.

是的。謝謝你的提問，喬治。你看，我們上個季度就說過，我們預計預訂量將年增長將達到 30% 以上，我們仍然相信這是真的。所以你可以猜到這對第四季意味著什麼。

Got it. Okay. And then also, you guys have now acquired, I guess, if I look at it, Prepared, Carbyne, both in the 911 space. You talked about them as kind of a foundation. But it would be great if you could talk a little bit more about sort of the industrial logic, why it makes sense for you guys to be in that space, given the existing competitive landscape and the types of things that you expect to add to those businesses going forward. So what's the perspective on those two deals?

知道了。好的。而且，如果我仔細觀察的話，你們現在似乎也收購了 Prepared 和 Carbyne，這兩家公司都屬於 911 領域。你曾經把它們比喻成一種基礎。但如果您能再多談談產業邏輯，解釋一下鑑於現有的競爭格局以及您預計未來將為這些業務增加的內容，為什麼你們進入這個領域是有意義的，那就太好了。那麼，您對這兩筆交易有何看法？

Yes. Let me go ahead and take that one. If you think about what we've built in our ecosystem so far, we look at what are things that are most valuable when they plug into the broader Axon ecosystem. So today, we've got a strong connection to the officers in the field, their vehicles through their body cameras, their in-car cameras, drones and robotics. But if you look at where information comes in, that comes in really through your 911 call centers.

是的。讓我來接手吧。想想我們迄今為止在生態系統中建構的東西，我們會考慮哪些東西在融入更廣泛的 Axon 生態系統時最有價值。所以今天，我們透過警員的隨身攝影機、車載攝影機、無人機和機器人與第一線警員及其車輛建立了緊密的聯繫。但如果你看看資訊的來源，你會發現這些資訊其實是透過 911 呼叫中心傳入的。

Now previously, we had looked at making a play in dispatch. And what we learned was that CAD software, frankly, was just -- there was not a lot of room to innovate. It was something where it's very training intensive, typically very old code bases that have to integrate with a lot of legacy, federal and other systems. And so we pulled back from there seeing was the place we could innovate. And we were looking at where can we use AI and where could we begin to innovate really across the very beginning of an incident, right?

在此之前，我們曾考慮在調度領域有所作為。而我們了解到的是，坦白說，CAD 軟體並沒有太多創新的空間。這項工作需要大量的培訓，通常涉及非常老舊的程式碼庫，這些程式碼庫必須與許多遺留系統、聯邦系統和其他系統整合。因此，我們從那裡撤退了，因為我們意識到那是我們可以進行創新的地方。我們當時在思考，在事件發生的最初階段，我們可以在哪些方面使用人工智慧，以及我們可以在哪些方面開始真正進行創新，對吧？

It starts with a 911 call, the majority of the time, but you can't skip 911, right? We looked at different strategies, how else could we connect these smartphones rather than through like a 1970s voice interface. And what we learned and looking at all that is like there is 0 appetite to do anything that is not in the 911 call. But once you start with the 911 call, you can then open up parallel channels of communication. So with Prepared, for example, we can send a link, open up cameras and sensors on the phone.

大多數情況下，都是從撥打 911 報警電話開始的，但你不能跳過撥打 911，對吧？我們研究了不同的策略，除了像 20 世紀 70 年代那樣的語音介面之外，我們還能用什麼方式連接這些智慧型手機。我們從中了解到，除了撥打 911 報警電話之外，人們對任何事情都沒有絲毫興趣。但是，一旦你開始撥打 911 報警電話，你就可以開闢其他溝通管道。例如，使用 Prepared，我們可以發送鏈接，打開手機上的相機和感測器。

We can begin to do like AI processing so that the human -- we're not limited by the typing speed of the human nor their ability to finish the initial report before sending it on elsewhere. We can begin processing information in real time. We see this as the ability to deploy drones much faster to begin moving officers into position before they're even officially deployed and to become much smarter by now basically creating the link between the caller and the whole Axon ecosystem. And I think this is a lot bigger than 911. Prepared is really about AI voice communication automation, really starting in 911.

我們可以開始像人工智慧處理那樣進行處理，這樣人類就不會受到打字速度或完成初始報告後再將其發送到其他地方的能力的限制。我們可以開始即時處理資訊。我們認為，這意味著可以更快地部署無人機，在正式部署之前就開始將警員運送到位，並且變得更加智能，從而在呼叫者和整個 Axon 生態系統之間建立聯繫。我認為這比911事件嚴重得多。Prepared 實際上是一款人工智慧語音通訊自動化產品，最初應用於 911 緊急呼叫系統。

And then where Carbyne gets really interesting, they have built a very high reliability, mission-critical voice communication platform that also starts in 911, but by no means is it limited that that's where you would need to sit. So we think voice communications that today sits in pretty ancient infrastructure across the whole spectrum, whether it's in the 911 call center or LMR radios right out of the 1970s, like you've got all these different voice communication systems, none of which really leverage the latest technology and are not really built to move at the exponential speed of modern tech.

而Carbyne真正有趣的地方在於，他們建構了一個非常高可靠性、任務關鍵型的語音通訊平台，該平台也從911緊急呼叫開始，但絕不僅限於你必須坐在那裡。所以我們認為，如今整個領域的語音通訊都依賴相當古老的基礎設施，無論是 911 呼叫中心還是 20 世紀 70 年代的 LMR 無線電，所有這些不同的語音通訊系統都沒有真正利用最新技術，也沒有真正為適應現代技術的指數級增長速度而構建。

We see Carbyne is the play to go deeper into that voice layer infrastructure and to be able to deploy it across not just 911, but all the human beings that are involved in a call and to bring the move AI to the center. We named the company Axon, right, because it's all about the Axon's of the nerve fibers that connect everything together into the sophisticated nervous system that is a human being. We're building the nervous system of the modern police agency.

我們認為 Carbyne 的目標是深入到語音層基礎設施中，並能夠將其部署到不只是 911，而是所有參與通話的人員，並將人工智慧推向中心。我們把公司命名為 Axon，對吧？因為我們公司與神經纖維的軸突有關，這些軸突將人體所有器官連接起來，構成了複雜的神經系統。我們正在建構現代警察機構的神經系統。

And these two acquisitions move us into really being a major player in voice communications and really an ability to link in the consumer right from that first 911 call.

這兩項收購使我們真正成為語音通訊領域的主要參與者，並真正具備從消費者撥打第一個 911 報警電話開始就與其建立聯繫的能力。

Jeremy Hamblin at Craig-Hallum.

傑里米·漢布林在克雷格-哈勒姆。

And I wanted to get into just some of the interplay that you're seeing between software and services, connected devices. So your ARR growth was the best growth rate you've seen in 2025, software and -- software and services, also the best growth in a quarter in 2025 and a little bit slower growth with connected devices than you've seen in the first half of the year.

我想深入探討軟體和服務、連網裝置之間的一些交互作用。因此，您的 ARR 成長率是自 2025 年以來軟體和軟體服務的最佳成長率，也是 2025 年季度中的最佳成長率，而連網裝置的成長速度比今年上半年略慢。

And I wanted to just get a sense for whether or not that is a reflection that you are having maybe not as many new licenses, but the value of those licenses is growing substantially. And then as we start to look ahead at how the business is going to change and evolve here over the next few years, is that how you expect growth to go forward here over the next, let's say, three to five years?

我想了解一下，這是否反映出你們的新許可證數量可能不多，但這些許可證的價值卻大幅增加。然後，當我們開始展望未來幾年業務將如何變化和發展時，您是否預期未來三到五年內業務成長將如此？

I'm happy to start or you can, Josh.

我樂意先開始，或者你也可以，喬許。

Yes. Go ahead, Brittany.

是的。布列塔尼，你繼續吧。

Okay. I would say -- I'll sort of take it in reverse order. I would say as we look into the future, I think we continue to expect software and services as a category to be a higher-than-average growth rate. It's been doing that for the last couple of years. We expect it to continue doing that to what you called out that is on our customers buying more and increasing their features and capabilities, but it's also on increasing user count.

好的。我會說——我會反過來考慮。展望未來，我認為軟體和服務這一類別將繼續保持高於平均的成長率。過去幾年它一直都是這樣。我們預計這種情況會持續下去，正如您所指出的，這不僅取決於我們的客戶購買更多產品並增加其功能和效能，還取決於用戶數量的成長。

So that is not an issue at all. We're continuing to see new customers come in and join the platform, and then we're upselling them over time. So higher growth there across the board. That said, we continue to be really pleased by the growth that we're seeing in our other segments, both TASERs, our body camera segments, we had some really strong growth this quarter in those segments, and we expect those to continue to drive growth well into the future. So both TASER and our body cameras, our connected sensors are seeing nice growth this year, next year, like there's no real slowing down of that. So you should expect that to continue.

所以這根本不是問題。我們不斷看到新客戶加入平台，然後隨著時間的推移，我們會向他們推銷更多產品。因此，各方面都出現了更高的成長。儘管如此，我們對其他業務板塊的成長仍然感到非常滿意，包括泰瑟槍和執法記錄儀板塊，這些板塊本季度都實現了強勁增長，我們預計這些板塊將在未來繼續推動成長。所以無論是泰瑟槍、我們的隨身攝影機還是我們的連網感測器，今年和明年都將實現良好的成長，而且這種成長勢頭似乎沒有放緩的跡象。所以你應該預料到這種情況還會繼續。

Some of that's on new products. We talked about ABW Mini. We're excited for ABW Mini that launches next year. So as usual, we talk about things before they're really hitting our numbers. So ABW Mini will be something that will come next year. There's just a lot of momentum across the board. You can see in Platform Solutions, that's where you're starting to see both counter drone show up, but we're also still getting really nice growth from fleet, and we're seeing VR grow. So it's kind of across the board, and I would expect it to continue to be like that.

其中一些用於新產品。我們聊了聊ABW Mini。我們非常期待明年推出的 ABW Mini。所以像往常一樣，我們會在事情真正達到我們的預期目標之前就先進行討論。所以ABW Mini將會是明年才會推出的產品。目前各方面都勢頭強勁。從平台解決方案領域可以看出，反無人機技術已經開始出現，但我們的艦隊業務也持續成長，虛擬實境技術也在發展。所以這種情況普遍存在，而且我預計還會繼續下去。

Yes. I just -- I agree with everything Brittany said. I also echo Jeremy, like over the next three to five years, I think you're going to see the same type of growth as you're seeing now. And it's certainly a part of it is what I talked about earlier with the per user values going up, but do not discount the user growth that we're going to see either, like international and enterprise, we have a lot of confidence that those are headed in the right direction. International, we're super excited about the results we've seen year to date and the early Q4 results that we're seeing. I think user growth is absolutely going to be a major part of our future.

是的。我完全同意布列塔尼說的一切。我也同意傑里米的看法，我認為在接下來的三到五年裡，你會看到與現在一樣的成長。當然，這其中一部分原因正如我之前提到的，即每個用戶的價值不斷上升，但也不要忽視我們將會看到的用戶增長，例如國際用戶和企業用戶，我們非常有信心這些增長正朝著正確的方向發展。國際方面，我們對今年迄今的業績以及第四季初的業績感到非常興奮。我認為用戶成長絕對會是我們未來發展的重要組成部分。

And then just one other question. In terms of the company is closing in on kind of $3 billion in annualized revenue. As we look at some of these newer pieces of the platform, Axon 911 versus, let's say, a Dedrone, which of those do you expect to be -- they're still in early stages and from a materiality standpoint. Do you expect faster growth from Axon 911 versus Dedrone?

最後一個問題。就公司而言，其年化收入即將達到 30 億美元左右。當我們審視平台的一些新零件時，例如 Axon 911 和 Dedrone，你認為哪一個會——它們仍處於早期階段，而且從物質角度來看也是如此。你認為 Axon 911 的成長速度會比 Dedrone 更快嗎？

Maybe I'll take a shot at that to start. I think, look, part of the reason we acquired both of these businesses on the 911 side, Jeremy, is because their growth is very, very exciting into the future. But note that those are software businesses. And so in terms of hitting our revenue, just like with all software, there's -- it takes time for the software to accumulate. And Dedrone, while a software business is also a hardware business.

或許我可以先試試這個。傑里米，我認為，我們收購這兩家 911 業務的部分原因在於，它們的未來發展前景非常非常令人興奮。但請注意，這些都是軟體公司。因此，就實現我們的收入而言，就像所有軟體一樣，軟體需要時間累積收益。而 Dedrone 雖然是一家軟體公司，但同時也是一家硬體公司。

And so you'll see that first in our results by virtue of the fact that these are high-dollar hardware shipments, some of which are like 9-figure opportunities we're working on right now. And so we -- I think Dedrone will be the first to hit revenue in a big way. But when you look at Prepared and Carbyne over the long term, we think there's a lot to disrupt in the 911 space. And the synergy between those opportunities and all the downstream stuff with digital evidence and prosecution, I think that workflow from end-to-end is going to be the long-term value that we add to public safety.

因此，您首先會在我們的業績中看到這一點，因為這些都是高價值的硬體出貨量，其中一些是我們目前正在處理的九位數機會。因此，我認為 Dedrone 將會是第一個實現大幅獲利的公司。但從長遠來看，我們認為 Prepared 和 Carbyne 在 911 領域有許多可以顛覆的地方。我認為，這些機會與所有下游環節（包括數位證據和起訴）之間的協同作用，以及端到端的工作流程，將是我們為公共安全帶來的長期價值。

I agree with all of that. I would just add, like I wouldn't discount Fusus and I wouldn't discount some of the new organic investments we're making into things like vehicle intelligence and automated license plate reading. As we think about our acquisitions, I think what you're seeing is we are investing in companies that tend to be a little bit earlier stage. So we're not really buying revenue. We're not buying an existing business.

我完全同意。我還要補充一點，我不會輕視 Fusus，也不會輕視我們正在對車輛智慧和自動車牌識別等領域進行的一些新的自主投資。當我們考慮收​​購目標時，我認為你們看到的是我們投資的公司往往處於發展初期。所以我們其實不是在購買收入。我們收購的不是現有企業。

We're buying an opportunity. And then we're pulling it in to our ecosystem and integrating it and really using that to accelerate the opportunity. I think what you're seeing on Fusus and Dedrone is now we've had them under our belt for a year plus. So you're seeing the power of doing that. hopefully, a year from now when we've had Prepared and Carbyne under our belt for a year, you'll start to see some of that fraction as well.

我們正在買入一個機會。然後，我們將它納入我們的生態系統並進行整合，真正利用這一點來加速實現這一機會。我認為你們現在在 Fusus 和 Dedrone 上看到的，是我們已經使用它們一年多了。所以你現在看到了這樣做的好處。希望一年後，當我們把 Prepared 和 Carbyne 都成功應用一年後，你也能看到其中的一些成效。

Andrew Sherman, TD.

安德魯謝爾曼，TD。

Good to see you. The international deals, good to see the 2 big deals there, including a 9-figure one. Any more color on where those were, what products they bought? And how is the pipeline shaping up across countries? And can this momentum you're seeing in Europe or internationally continue over the next year or so?

很高興見到你。國際交易方面，很高興看到有兩筆大交易，其中一筆是九位數的交易。能否提供更多關於這些地點、他們購買了哪些產品等資訊？各國管線建設進度如何？您在歐洲或國際上看到的這種勢頭能否在未來一年左右的時間內持續下去？

Yes. Andrew, nice to see, and thanks for the question. We've been talking for years about opening up the cloud in Europe, and we're starting to see that happen. And I think it's a credit to the team over there, led by Cameron and Nathan Satel opened up one large cloud opportunity already this year in Europe, and that might not be it. And so we're encouraged to see some of that taking place just as TASER 10 is starting to accelerate internationally.

是的。安德魯，很高興見到你，謝謝你的提問。多年來，我們一直在討論在歐洲開放雲端運算，現在我們開始看到這種情況發生。我認為，卡梅倫和內森·薩特爾領導的團隊功不可沒，他們今年已經在歐洲開闢了一個巨大的雲端計算機遇，而這可能還不是全部。因此，我們很欣慰地看到，就在 TASER 10 開始在國際上加速推廣之際，這些事情也正在發生。

We see very consistent bookings out of Canada and Australia and South America is coming on strong as well. So the international business is all the things we've been talking about and all the investments we've been making there over the years, it's really starting to come into fruition. And look, that's part of the investment we have to make moving forward is making sure that we capture that opportunity around the world, and we're prepared to do that and feel really, really good about the results that it's going to yield.

我們看到來自加拿大和澳洲的預訂量非常穩定，南美洲的預訂量也成長強勁。所以，國際業務就是我們多年來一直在談論的所有事情，以及我們在那裡進行的所有投資，現在真的開始取得成果了。而且，我們未來必須進行的投資之一就是確保我們抓住世界各地的機遇，我們已經做好了準備，並且對最終的結果感到非常非常滿意。

Yes. I would add in this nine-figure deal is not in one of the bigger or more populous countries. It just gives you an idea of the scale of the opportunity in Europe. And then what I think is even more important is this is the alpha patient. When you're introducing a new technology, the hardest part is getting the first customer to adopt it.

是的。我還要補充一點，這筆金額達九位數的交易並非發生在人口眾多或面積較大的國家。這讓你對歐洲的機會規模有了大致的了解。而且我認為更重要的是，這是阿爾法患者。推出一項新技術時，最困難的部分是讓第一個客戶接受它。

In the UK, that was the London Met going to the cloud. But the UK post-Brexit is not in the EU. And they're really considered really more part of the Commonwealth as we look at, and we've had a lot of adoption there. So to me, the thing that's more exciting than the value of this order is that we've got really, I'd say, the first customer going all in on the cloud in the EU. We've had some other customers dipping their toe, but this is a big one. We get a couple more of these add in TASER 10 getting some momentum, and Europe could get pretty exciting.

在英國，這指的是倫敦地鐵飛向雲端。但脫歐後的英國已不再是歐盟成員。從我們的角度來看，他們實際上更像是英聯邦的一部分，而且我們在那裡也進行了很多收養。對我來說，比這筆訂單的價值更令人興奮的是，我們真正擁有了歐盟第一個全面擁抱雲端運算的客戶。之前也有一些客戶試水，但這次是大客戶。如果再有幾款這樣的產品上市，再加上泰瑟槍10型（TASER 10）勢頭強勁，歐洲市場可能會變得非常精彩。

That's great to hear. And since you're all wearing the new Body Workforce Mini, which nice to see that live. I know these retail trials have been in the pipeline for a while that you've talked about. I would love to hear an update on the status of that and what Body Workforce Mini can do to help that and how this actually deters organized crime in retailers and how you're thinking about that opportunity next year?

聽到這個消息真是太好了。而且你們都穿著新款 Body Workforce Mini，很高興看到實體效果。我知道您之前也提到過，這些零售試點計畫已經籌備了一段時間。我很想了解這方面的最新進展，以及 Body Workforce Mini 能為此做些什麼，以及這實際上如何阻止零售商中的組織犯罪，還有您明年是如何看待這個機會的？

Yes, sure. Look, I think I've been excited about Enterprise for a while and the closer we get to the launch date of ABW Mini the more excited we get. We already have pent-up demand for this product and in the meantime, customers are deploying our Axon Body 4 right now. And so they see the need for body cameras. They're already paying for them and deploying them.

當然可以。你看，我覺得我對 Enterprise 已經期待很久了，而且隨著 ABW Mini 發布日期的臨近，我們越來越興奮。我們已經對該產品有了積壓的需求，同時，客戶現在正在部署我們的 Axon Body 4。因此，他們看到了配戴執法記錄器的必要性。他們已經開始為此付費並部署這些設備了。

And they really plan to expand in a major way as ABW Mini gets to market. And so I think I've said a couple of times on these calls, at the end of the day, Enterprise might be the biggest part of our business. And so we are investing there and feeling great about what our future looks like there. Obviously, a massive TAM with some very, very large customers in enterprises that we're working with and that are showing a lot of interest and expansion and so very, very bullish on enterprise heading into the years to come. And that ABW Mini launch is certainly a moment in time where we think will step up in terms of getting into the next tier of that opportunity.

隨著 ABW Mini 上市，他們確實計劃進行大規模擴張。所以我想我在這些電話會議上已經說過好幾次了，歸根結底，企業可能是我們業務中最大的部分。因此，我們正在那裡進行投資，並且對我們在那裡的未來充滿信心。顯然，我們擁有巨大的潛在市場規模，與一些規模非常非常大的企業客戶合作，這些客戶表現出濃厚的興趣和擴張意願，因此我們對未來幾年的企業市場前景非常非常樂觀。而 ABW Mini 的發布無疑是我們認為能夠邁入下一個發展階段的關鍵時刻。

If I could add in as well, there was a moment in time our first body camera in policing didn't hit the product market fit, Axon Pro. We got out -- got a couple of key customers to prove the concept. Then Axon Flex made it my smaller, but really was the introduction of Axon Body 1 that hit law enforcement and began to scale.

如果我能補充一點的話，我們警用的第一款執法記錄器 Axon Pro 曾經一度未能達到市場預期。我們成功了—找到了幾個關鍵客戶來驗證這個概念。然後 Axon Flex 將其縮小了，但真正讓執法部門受到影響並開始大規模推廣的是 Axon Body 1 的推出。

I would say enterprise, the existing body cameras are seeing more as police body cameras. Yes, we have the Axon Body Workforce, which is really sort of a minor reskin of AB 3 compared to what we've now done. I would say this is the moment where we think -- well, we know we've got product market fit because we jointly develop this with our key customers.

我認為，企業級的現有執法記錄器越來越被視為警用執法記錄器。是的，我們有 Axon Body Workforce，與我們現在所做的相比，它實際上只是 AB 3 的一個略微改頭換面而已。我認為，此時此刻，我們會想——我們知道我們已經實現了產品與市場的契合，因為我們是與我們的主要客戶共同開發這款產品的。

So I think this is we're really positioned now and at the moment that it takes off. And we're seeing, by the way, the early proof points, both statistically very significant reductions in assault time on staff in addition to powerful anecdotes, individual stories of very dangerous people seeing they're being recorded, throwing down whatever they were going to steal an just storming out rather than causing trouble.

所以我覺得我們現在的位置非常有利，正處於它起飛的階段。順便說一句，我們已經看到了早期證據，包括對工作人員的襲擊時間在統計上非常顯著的減少，以及強有力的軼事，即一些非常危險的人發現自己被錄像後，扔掉他們要偷的東西，然後憤然離去，而不是製造麻煩。

Right. And to that -- to the part of your question about how it directly impacts reducing crime, there's the direct impact of the cameras themselves that Rick was just referring to. But again, it's about the combination of how the camera has worked together with us and how the cameras, which can get deployed right into the GSO of these large retailers and other enterprises and how it works with other partners like or together with all of their workflows, right? So if -- or is helping them identify and be aware of key individuals that have been repeat offenders or are part of organized crime groups if their [GSOP] can be alerted through those alerts as well as people being as people escalate situations in stores through the Body 4.

正確的。至於你提出的關於它如何直接影響減少犯罪的問題，瑞克剛才提到的就是攝影機本身的直接影響。但話說回來，關鍵在於攝影機如何與我們協同工作，以及攝影機如何能夠直接部署到這些大型零售商和其他企業的 GSO 中，以及它如何與其他合作夥伴協同工作，或者如何融入他們的所有工作流程，對吧？因此，如果——或者幫助他們識別和了解那些屢犯不改或屬於有組織犯罪集團的關鍵人員，如果他們的[GSOP]可以通過這些警報以及人們在商店中通過Body 4升級情況來收到警報。

It's that combination of our pieces of the puzzle, Fusus, the body cameras and the rest and then the connection with our partners like -- or that have enterprises incredibly excited and make that the breakthrough moment for why they want to adopt the whole stack.

正是我們拼圖的各個部分（Fusus、執法記錄器等）的組合，以及與合作夥伴（例如…）的聯繫，讓企業感到無比興奮，並成為他們想要採用整個技術棧的突破性時刻。

Okay. I got to come back and add one more thing. Here's how this ecosystem ties together. So you've got body cameras that can reduce assault in the store. And I think we've seen society-wide, the experiment with decriminalizing theft was a disaster.

好的。我還要回來補充一點。以下是此生態系各部分之間的連結。所以現在有了可以減少店內攻擊事件的執法記錄器。我認為我們已經看到，從整個社會來看，將盜竊行為非刑事化的嘗試是一場災難。

It led to the hallowing out of some of our best cities as retailers' business models no longer made sense. They left town with catastrophic consequences. The politicians we talk to know that. I've met in the past two weeks with two prosecutors, one in one of the largest districts in America and one in one of the largest districts in a Commonwealth country. And they both shared with us like how important it is for them to be able to drive down criminal behavior and retail crime that we've got to help reduce the friction because there's both the political will to do it, but then how do you actually manage all of this data and get it to the prosecutor in a way that they can handle and where they can make sense of the hours and hours of video they may get with every case.

這導致我們一些最好的城市變得空洞化，因為零售商的商業模式不再合理。他們離開小鎮，造成了災難性的後果。我們接觸的政治家們都知道這一點。在過去的兩個星期裡，我與兩位檢察官會面，一位來自美國最大的地區之一，另一位來自英聯邦國家最大的地區之一。他們都向我們表達了降低犯罪行為和零售犯罪率的重要性，我們必須幫助減少摩擦，因為一方面有政治意願這樣做，另一方面，如何管理所有這些數據，並以檢察官能夠處理的方式將其提供給他們，讓他們能夠理解每個案件中可能獲得的數小時的視頻。

And just one example, rolling out our digital evidence in Scotland and the test pilot in Dundee, they saw an 80% reduction in court backlog. So we are the only ones who can take this from the retailer through the police to the prosecutor and the courts and tie the whole system together in a way that will fundamentally make society better and safer.

舉個例子，我們在蘇格蘭推廣數位證據，並在鄧迪進行試點，結果發現法院積壓案件減少了 80%。因此，只有我們才能將這些資訊從零售商、警察、檢察官和法院串聯起來，把整個系統連接起來，從而從根本上改善社會，使其更加安全。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Maybe just staying on body camera. What are you guys seeing competitively there, especially post Motorola's introduction of their new SVX? And how much of the Carbyne acquisition and broader 911 is a way to push back on Motorola given that LMR angle, Rick, that you alluded to?

或許就一直戴著隨身攝影機吧。你們覺得這方面的競爭情勢如何？尤其是在摩托羅拉推出新款SVX之後？Rick，你之前提到的LMR角度，那麼Carbyne的收購以及更廣泛的911項目，在多大程度上是為了反擊摩托羅拉？

Yes, I'll take that one, and nice to meet you. Thanks for joining the call. we're not -- we're focused on what we're doing at Axon with our body camera business. There's a lot of chatter out there in the market. People like to talk about us.

好的，我接受這個，很高興認識你。感謝您參加電話會議。我們目前專注於Axon的執法記錄器業務，沒有其他事情要忙。市面上各種傳言滿天飛。人們喜歡談論我們。

We're focused on our customers. And we see absolutely no headwinds in that way with any concerns from our customers about our body cameras. We make the best products in the market. Other companies can pick out little things on the edges where they think there's some aha moment. Our customers don't see that.

我們以客戶為中心。我們完全沒有看到這方面有任何阻力，我們的客戶對我們的執法記錄器也沒有任何擔憂。我們生產市場上最好的產品。其他公司可能會在一些細小的細節中發現一些蛛絲馬跡，認為其中蘊藏著某種「頓悟」時刻。我們的客戶看不到這一點。

And so we're going to keep executing. We're going to keep focusing on our customer. We're going to keep out innovating ourselves, and we're going to keep delivering world-class technology to our customers. The 911 stuff is yet another opportunity to do something better than it's being done in the field right now, and we're really, really looking forward to competing in that space.

所以我們會繼續執行。我們將繼續以客戶為中心。我們將繼續自我創新，並繼續為客戶提供世界一流的技術。911 系統為我們提供了一個機會，讓我們能夠做得比現在這個領域做得更好，我們真的非常期待在這個領域中競爭。

Got it. And then Brittany, I'm not going to let you off the hook here. I guess Q4 guide is implying a revenue acceleration exiting the year. What's giving the confidence in that? How are you guys thinking about backlog exiting the year? It looks like you guys continue to build it up relative to revenue that provides that level of confidence?

知道了。還有布列塔尼，我不會放過你的。我猜第四季業績指引暗示著年底營收將加速成長。是什麼讓你對此充滿信心？你們覺得今年底的積壓訂單狀況如何？看起來你們一直在穩定提升營收，這足以讓你們對公司的未來充滿信心？

Yes. I mean we have a lot of confidence. I think as Josh said, we are just seeing more momentum than ever in our bookings. We talked about it a little bit. We're expecting a really big bookings quarter in plus we have our recurring software business that is just hitting on all cylinders.

是的。我的意思是，我們很有信心。正如喬許所說，我們的預訂量正處於前所未有的成長勢頭。我們稍微談了一下。我們預計下一季的預訂量將大幅成長，此外，我們的經常性軟體業務也正在蓬勃發展。

So I would say at this point in the year, we have really strong visibility. A little bit of the variability is just mix and exactly what books and gets recognized when but really strong visibility and just incredible momentum from our customers and from the deals that we have looking at in Q4.

所以我覺得，就今年的這個階段而言，我們的市場前景非常光明。部分波動性在於產品組合以及具體哪些產品何時獲得認可，但第四季度來自客戶和我們正在洽談的交易的可見性非常強，勢頭也十分強勁。

Can I just add one more thing there. I think ultimately, we feel really, really good about our organic growth for the next few years. And like we're excited about what that looks like. If we want that to continue for years like 5 through 10 out into the future, we've got to make some investments to do that in sales and in product and in new markets and in new products. And so part of this is like, hey, how do we continue to deliver great results to our investors.

我可以再補充一點嗎？我認為最終我們對未來幾年的自然成長感到非常非常樂觀。我們對此感到非常興奮。如果我們希望這種情況能持續下去，例如未來 5 到 10 年，我們就必須在銷售、產品、新市場和新產品方面進行一些投資。所以，其中一部分問題在於，我們如何繼續為投資人帶來豐厚的回報。

We understand the importance of money coming through the bottom line and growing the top line in exciting ways. If we sit on our laurels, we could do that pretty easily for the next few years. We're playing the long game here, and we want to deliver decades of growth like this. And to do that, there are times where we have to make investments to make that happen for the long term. And so that's where we are right now.

我們深知獲利的重要性，也明白以令人興奮的方式提升營收的重要性。如果我們固步自封，未來幾年我們很容易就能做到這一點。我們著眼於長遠發展，希望未來幾十年都能維持這樣的成長動能。為了實現這一目標，有時我們需要進行投資，以實現長期目標。這就是我們目前的處境。

Yanni Samoilis, Baird.

Yanni Samoilis，Baird。

Yanni Samoilis on from Will Power tonight. Rick, Josh, maybe if I just start with a question on Dedrone and DFR. I was hoping you could provide some color on how conversations are progressing at the state and local level. I know you've been meeting with a lot of customers lately, especially at IACP. So it would be great to hear how that was received coming out of that event.

Yanni Samoilis 今晚將接棒 Will Power。Rick，Josh，或許我可以先問一個關於 Dedrone 和 DFR 的問題。我希望您能介紹州和地方層級的對話進展。我知道你最近會見了很多客戶，尤其是在 IACP 展會上。所以，很想知道那次活動結束後大家對此有何反應。

And then also the extent to which there might be growing traction across your broader drones portfolio for military or defense applications going forward.

此外，也要考慮您的無人機產品組合在軍事或國防應用領域未來可能的發展前景。

Yes. So I'll start with that. I will tell you, every customer is acutely aware of the threat that drones present going forward. Drone-based violence is the big new threat vector. It's probably more dangerous even than gun violence in terms of the propensity for somebody to do a lot of damage quickly.

是的。那我就從這裡開始吧。我可以告訴你，每位顧客都非常清楚無人機未來帶來的威脅。無人機暴力是新的重大威脅來源。就某人能在短時間內造成巨大破壞的傾向而言，它可能比槍支暴力更危險。

One of the challenges is that right now in the US, state and local police are not legally authorized to mitigate drones. But they are seeing, especially with things like the World Cup coming up, they've got to start investing now in the infrastructure to be able to track drones. Right now, they can mitigate by going to the pilot. But there's a lot of, I would say, momentum building in Congress to give state and local police the ability to mitigate drones. And look, we're one bad incident away from that just -- and I hate to be -- I don't wish for that to happen.

其中一個挑戰是，目前在美國，州和地方警察沒有法律授權來制止無人機活動。但他們意識到，尤其是在世界盃等賽事即將到來之際，他們現在必須開始投資基礎設施，以便能夠追蹤無人機。目前，他們可以透過試運行來緩解這個問題。但我認為，國會正在累積很多力量，賦予州和地方警察應對無人機威脅的能力。你看，我們離那件事只差一次糟糕的事件──雖然我很不願意這麼說──但我並不希望那件事發生。

I hope it never does. But I think realistically, that will happen, and then there's going to be a rapid movement where you just -- there's not enough feds to go around to operate the counter drone equipment we'll need to secure every city, every stadium, every school fair, every public gathering. And we think with Dedrone, we're just incredibly well positioned for that. And then, look, every time we move into a new space, we do a thoughtful make, build, buy partner analysis. And for DFR, it was just exceedingly clear.

我希望它永遠不會發生。但我認為現實情況是，這種情況將會發生，然後就會出現快速的轉變，因為聯邦政府沒有足夠的人手來操作我們需要用來保護每個城市、每個體育場、每個學校集市和每個公共集會的反無人機設備。我們認為，憑藉 Dedrone，我們在這方面已經佔據了非常有利的地位。然後，你看，每次我們搬進新空間時，我們都會認真地進行自製、建造、購買合作夥伴分析。對DFR來說，這一點就非常清楚了。

There was one company that stood head and shoulders out from the crowd, and that was Skydio. And that's why we've become a significant investor in Skydio, and we've really chosen them as our DFR partner. And that is really scaling. I mean the docs, the automated robotic docs to be able to deploy and land a drone and have it recharge on its own with 0 human interaction. Those robotic docs really just started becoming available in the last two quarters, and it's scaling rapidly. We're seeing a ton of interest in some pretty big deals coming in, in the DFR space.

有一家公司鶴立雞群，那就是 Skydio。正因為如此，我們成為了 Skydio 的重要投資者，我們選擇他們作為我們的 DFR 合作夥伴。這才是真正的規模化。我的意思是，自動化機器人文件能夠部署和降落無人機，並使其在無需任何人為幹預的情況下自行充電。這些機器人醫生實際上是在過去兩個季度才開始出現的，而且正在迅速普及。我們看到，在DFR領域，一些相當大的交易引起了廣泛關注。

And the only thing I'll add is I think it's really important to call out that DFR and the 911 investments we're making really go hand-in-hand because the more you can shrink the time of the 911 response to get a drone up in the air, the better outcome the customer and the community receives. And so these -- while at face value, they seem like on different ends of the workflow here, they are very, very closely related. And ultimately, we think our investments in 911 will accelerate DFR adoption and lead to far better outcomes in the field.

我唯一要補充的是，我認為必須指出的是，DFR 和我們正在進行的 911 投資是相輔相成的，因為越能縮短 911 響應時間，讓無人機升空，客戶和社區就能獲得越好的結果。因此，雖然從表面上看，它們似乎處於工作流程的不同階段，但實際上它們密切相關。最終，我們認為我們對 911 的投資將加速 DFR 的普及，並在現場帶來更好的結果。

Yes. Let me tell you one more thing actually together on ecosystem. Today, if you call 911 in a retailer like a Walmart, the people in the store have no idea you've called 911. They're completely unaware that there might be some incident happening. When we tie together Prepared, Carbyne, Fusus, and our enterprise customers, we can begin to have them collaborate in real time so that they're getting alerts as well and being aware, hey, if there's a 911 call in our parking lot, we're going to need to engage with that or in the store as well.

是的。讓我再跟你們說說關於生態系的一件事。如今，如果你在沃爾瑪這樣的零售店裡撥打 911，店裡的人根本不知道你已經撥打了 911。他們完全沒有意識到可能會發生一些意外。當我們把 Prepared、Carbyne、Fusus 和我們的企業客戶聯繫起來時，我們就可以讓他們即時協作，這樣他們也能收到警報，並且知道，嘿，如果我們的停車場或商店裡有人撥打 911，我們就需要參與處理。

So again, this is where each of these pieces all sort of build on each other into one highly integrated nervous system.

所以，正是在這裡，所有這些部分相互依存，最終構成一個高度整合的神經系統。

That's right. Every single conversation is about that triangle of 911, DFR and real-time crime centers with Fusus and vehicle intelligence. And the intersection and interplay of those three things are what lead to solving crimes faster and more effectively and delivering the platforms that agencies and communities need.

這是正確的。每一次對話都圍繞著 911、DFR 和即時犯罪中心與 Fusus 和車輛智慧這三者之間的三角關係。這三者的交會和相互作用，使得破案速度更快、更有效率，並為機構和社區提供了所需的平台。

Yes. Good to hear. Sounds pretty compelling. And then Brittany, I was just wondering, just switching gears, if you could talk about the gross margin outlook from here. And maybe if you could just review the tariff impact that you might be seeing on the gross margins on the connected devices side.

是的。很高興聽到這個消息。聽起來很有吸引力。然後，布列塔尼，我只是想換個話題，你能談談目前的毛利率前景嗎？或許您可以考慮關稅對連網設備業務毛利率的影響。

Yes, happy to. So all of the impact from tariffs is obviously hitting the Connected Devices business overall. This was the first quarter that we had a full quarter of impact from tariffs. So as we look at the year-over-year step down, that really is attributable to tariffs. As long as tariffs stay in place, I view that as sort of a onetime adjustment.

是的，我很樂意。因此，關稅帶來的所有影響顯然都波及了連網設備業務的整體發展。這是我們首次受到關稅影響的完整季度。因此，當我們觀察同比下降的情況時，這確實是由於關稅造成的。只要關稅政策繼續實施，我認為這只是一次性的調整。

So now that's baked into the gross margins. Obviously, as our software business continues to outpace from a growth standpoint, like we talked about, that becomes even at bigger dollars, that becomes a smaller and smaller percentage of our overall gross margin. And so as you go forward from this quarter, you'll go back to just seeing the mix shift interplay between software and connected devices quarter to quarter. So I would imagine that over a longer period of time, you'll go back to seeing tailwinds in the gross margin from the software business. You'll also, over time, see tailwinds as we take in some new businesses and we scale them, something like our platform sensors, which we're calling out as a headwind to gross margins right now.

所以現在這部分成本已經計入毛利率了。顯然，正如我們之前討論過的，隨著我們的軟體業務從成長角度來看持續領先，即使金額更大，它在我們整體毛利率中所佔的比例也會越來越小。因此，從本季度開始，您將會看到軟體和連網裝置之間的相互作用在每個季度發生變化。因此，我認為從長遠來看，軟體業務的毛利率將會再次迎來利好。隨著時間的推移，隨著我們吸收一些新業務並擴大規模，您也會看到一些利好因素，例如我們的平台感測器，我們目前將其視為毛利率的不利因素。

As we get that to scale over time, that will end up being neutral. So you get into that product mix. This is the one sort of quarter step down that you're seeing from tariffs. Now that will continue to be baked in for as long as we have tariffs. Like no question, if there weren't tariffs, we would have had higher gross margins and then higher adjusted EBITDA for this quarter and Q4. But once it's in, it's in, if that makes sense.

隨著時間的推移，當這種規模擴大後，最終結果將趨於中性。所以你就得加入這個產品組合。這是關稅方面唯一小幅下調的措施。只要關稅存在，這種情況就會持續下去。毫無疑問，如果沒有關稅，我們本季和第四季的毛利率和調整後 EBITDA 都會更高。但一旦進去了，就進不去了，如果這能說得通的話。

Trevor Walsh, Citizens.

特雷弗·沃爾什，市民。

Rick, if I could just circle back to some of the commentary that you made around Prepared and Carbyne. I understand completely kind of the user persona benefits of just making this process and system better. But it seems like between CAD or legacy systems that are in place, it's still -- those are still kind of in the mix.

Rick，我可以再談談你之前對《Prepared》和《Carbyne》的一些評論嗎？我完全理解改善這個流程和系統對使用者帶來的好處。但似乎在現有的 CAD 系統或傳統系統之間，它們仍然處於混合狀態。

So is there a risk from just a technology perspective as customers are adding these things into the stack that those things break or just become -- don't scale or whatever kind of technical kind of element there might be where that just limits the possibility or like customers need to get rid of those things faster, maybe that's what you're hoping for. If you just double-click a little bit on how kind of the -- sort of the -- I guess, the parts that are doing so well don't negatively affect what you guys want to do there, that would be helpful.

那麼，從技術角度來看，當客戶將這些東西添加到技術堆疊時，是否存在這樣的風險：這些東西會損壞，或者變得——無法擴展，或者存在其他技術方面的問題，從而限制了可能性，或者客戶需要更快地擺脫這些東西，也許這就是你所希望的。如果你稍微雙擊一下，看看那些運作良好的部分是否會對你們想做的事情產生負面影響，那就很有幫助了。

Yes. So 911 is the entry portal into the police, your public safety. The fact that, that historically has come through a landline, it's definitely now moving the majority or mobile, but it's still sort of next-gen 911 was this government initiative. I think it was next-gen in like 1987. It's certainly not very next-gen compared to where we're at today.

是的。所以，911 是進入警察系統、保障公共安全的入口。歷史上，911 一直是透過固定電話撥打的，但現在它肯定正在將大部分電話轉移到行動電話上，但這仍然是下一代 911，這是政府的一項舉措。我記得大概是 1987 年的次世代主機。與我們目前的技術水平相比，它肯定算不上很「次世代」。

And that's where we see a strategy that allows us to build parallel systems that respect the existing infrastructure, but allow us to begin to move in parallel alongside it. So yes, we'll integrate with CAD. Over time, I think CAD is going to become less relevant as AI-based systems are processing that information, and we'll see more of those interconnections, I think, move back end to back end in the cloud. Now we'll still likely have to pass them into local CAD systems. But much like your home telephone, you didn't have to throw it out the window when you got your mobile phone.

因此，我們看到了一種策略，它允許我們建立並行系統，既尊重現有的基礎設施，又允許我們開始與之並行發展。是的，我們會與CAD系統整合。我認為，隨著人工智慧系統處理這些訊息，CAD 的重要性會逐漸降低，我們將看到更多此類互連，我認為，後端到後端都在雲端進行。現在我們可能仍然需要將它們匯入本機CAD系統。但就像你以前的家用電話一樣，你不需要在擁有手機後把它扔出窗外。

But over time, people migrated more and more and look at how much your mobile phone has evolved, where is your landline -- the last big upgrade your landline got was when the rotary dial went away in the '70s when I was growing up, but mobile moved really fast. And then a lot of people just don't even have -- you wake up one day and you're like, man, I don't -- I actually couldn't tell you my home telephone number right now for my landline.

但隨著時間的推移，人們的遷移越來越多，看看你的手機發展到了什麼程度，再看看你的固定電話——固定電話上一次重大升級還是在我成長的 70 年代，當時撥號盤被淘汰了，但移動電話的發展速度卻非常快。還有很多人甚至連——你有一天醒來，就會想，天哪，我沒有——我現在真的說不出我家座機的電話號碼。

I probably shouldn't admit that on air, but it's become that irrelevant. So yes, I think we've got a strategy that is resilient, that we can build all the critical elements with infrastructure connections in the cloud that make us less dependent, but we'll respect those systems that our customers have on-prem. But this is allowing us to build a parallel infrastructure that's -- there's no dependencies we really have on some creaky old on-prem thing in order for us to go from caller to RTCC to drone on site to the officer through their body cam.

我或許不該在節目裡承認這一點，但這已經無關緊要了。所以，是的，我認為我們制定了一個具有彈性的策略，我們可以利用雲端的基礎設施連接來建立所有關鍵要素，從而減少對本地環境的依賴，但我們會尊重客戶在本地部署的系統。但這使得我們可以建造一個並行基礎設施，這樣我們就無需依賴任何老舊的本地設備，即可從呼叫者到 RTCC，再到現場無人機，最後透過警員的隨身攝影機將畫面傳輸給警員。

Yes. And just to build on that really specifically, it's another reason why the combination of Prepared and Carbyne is so helpful. As Josh said at the top and Rick said at the top, what Prepared is it's this extraordinarily easy to deploy AI overlay that interplays with what they already have with their existing infrastructure, in particular, with their existing call taking systems. Like literally, all they have to do is tap an audio feed port off of the existing infrastructure and then the rest just works. It's just SaaS software.

是的。更具體地說，這也是 Prepared 和 Carbyne 的組合如此有用的另一個原因。正如 Josh 和 Rick 在開頭所說，Prepared 的優勢在於它是一種極其容易部署的 AI 疊加層，可以與他們現有的基礎設施（特別是他們現有的呼叫接聽系統）進行互動。實際上，他們只需要從現有基礎設施上接入一個音訊輸入端口，剩下的就都能正常工作了。它只是一款SaaS軟體。

And so it's very easy to deploy, very fast to deploy, very, very minimal integrations. And it instantly gives both the PSAP, the ECC, a ton of this acceleration and efficiency value and forwards that data instantly to Fusus to voice assistant from Axon on all of those things to DFR. And then alongside that, you have Carbyne, which is a totally modern, totally cloud-based call handling infrastructure system that's already battle-hardened and proven.

因此，它非常容易部署，部署速度非常快，整合工作量非常少。它立即為 PSAP 和 ECC 提供大量的加速和效率價值，並將這些數據立即轉發給 Fusus，然後由 Axon 的語音助理向 DFR 提供所有這些資訊。此外，還有 Carbyne，這是一個完全現代化的、完全基於雲端的呼叫處理基礎設施系統，它已經過實戰檢驗並被證明有效。

And as an agency is ready to get rid of that old school big iron clunky on-prem call handling system, they can plop that in and have a massive cloud-based upgrade similar to, as Rick said before, the original journey to evidence.com. And so we have both flavors of that and agencies can move at their pace, and they can work with us every step of the way as they move through that, get instant value from Prepared and when and as they're ready, get a complete transformation to the cloud with Carbyne.

當代理商準備擺脫老式笨重的本地呼叫處理系統時，他們可以立即部署新的系統，進行大規模的雲端升級，就像里克之前提到的，當初遷移到 evidence.com 的過程一樣。因此，我們提供兩種方案，代理商可以根據自身情況調整進度，並在整個過程中與我們緊密合作，從 Prepared 獲得即時價值，並在準備就緒後，透過 Carbyne 實現向雲端的全面轉型。

Awesome. Maybe one quick follow-up for Brittany or Josh, feel free to weigh in as well. Just given international momentum sounds great. Corrections deals, also great. I know those are two kind of big priority areas, but federal deals have been as well and kind of progress there.

驚人的。或許還有一點想跟布列塔尼或喬許說，也歡迎你們發表意見。鑑於目前的國際發展勢頭，這聽起來很棒。矯正服務也很棒。我知道這是兩個比較重要的優先領域，但聯邦協議也是重點，在這方面也取得了一些進展。

Just curious if the guidance is influenced at all by the shutdown or even kind of how you're thinking about '26, kind of where that's looking on that particular area of the business.

我只是好奇，疫情停擺是否對業績指引產生了影響，或者說，您對2026年的看法，以及該業務領域的具體情況，是否對您目前的業績指引產生了影響。

Yes. Maybe I'll take guidance and then Josh can talk to federal more broadly. We talked at the beginning of the year about how we really weren't betting on federal for this year and that it wasn't a big part of our guidance or anything we were counting on. I think that continues to be true. So there's actually probably -- this I'll hand over to Josh, but there's probably more upside from federal at this point than there is any risk from it.

是的。或許我會尋求指導，然後喬希可以更廣泛地與聯邦政府溝通。今年年初我們就討論過，我們今年並沒有把希望寄託在聯邦層面，聯邦經濟也不是我們業績指引的重要組成部分，也不是我們寄予厚望的因素。我認為情況依然如此。所以實際上可能——這部分我交給喬希回答——但就目前而言，聯邦投資帶來的好處可能大於任何風險。

Yes. I would just say weirdly, given everything going on, it's strange to say, but we expect Q4 to be our best federal quarter of the year. And so a lot of that's driven by interest in Dedrone going into major events next year like the World Cup and otherwise. But certainly, even as the shutdown has been going on, significant numbers of personnel are still working through some of these opportunities with us, and we see some upside there for Q4 that's frankly exciting.

是的。考慮到目前的情況，雖然這麼說很奇怪，但我們預計第四季將是我們今年聯邦業務表現最好的一個季度。因此，很大程度上是由於人們對無人機在明年世界盃等重大賽事中應用的興趣所驅動的。但可以肯定的是，即使在停工期間，仍有相當數量的員工在與我們一起探索這些機會，我們看到第四季度的一些成長潛力，坦白說，這令人興奮。

Andrew Spinola, UBS.

瑞銀集團的安德魯·斯皮諾拉。

Thanks, Erik. Strong quarter in international, but the US. business deceled again this quarter despite a really strong software and services growth reaccelerating to 41%. Just wondering if you could provide a little color on the dynamic in the US business.

謝謝你，埃里克。國際業務本季表現強勁，但儘管軟體和服務業務成長強勁，重新加速至 41%，美國業務本季再次放緩。想請您簡單介紹一下美國商業的動態。

The US business is accelerating.

美國業務正在加速發展。

On the bookings side, what about the revenue side?

預訂方面，收入方面情況如何？

Well, look, the revenue is just a function of how we recognize software. Bookings is the indicator of what the future of the domestic business looks like. And not only is it accelerating, it's actually -- it's beyond what we planned for this year, frankly. And so we're really proud of the work that's being done in domestic right now. We think it will shine through in a major way in Q4.

你看，收入只是我們如何看待軟體的一種體現。預訂量是衡量國內業務未來發展趨勢的指標。不僅如此，坦白說，它實際上已經超出了我們今年的計劃。因此，我們為目前國內正在進行的工作感到非常自豪。我們認為這將在第四季度大放異彩。

And when I sit thinking about the business, one thing that I do not worry about at all is our execution in state and local. I think it's just going to be a monster year for that team, and it's going to continue into next year.

當我坐下來思考業務時，有一件事我完全不擔心，那就是我們在州和地方層級的執行情況。我認為對於這支球隊來說，這將是輝煌的一年，而且這種勢頭還會延續到明年。

So there's more time than you're saying just on revenue rec?

所以，實際到帳的時間比你說的多，光是收入確認方面就需要更多時間？

Yes. I mean, look, Q4 has always been our biggest quarter for domestic. The deals are getting bigger and bigger. And so sometimes it takes a little extra time to close opportunities like that. We had an awesome October. I'm feeling great about bookings and revenue in the domestic segment. Again, no concerns there.

是的。我的意思是，你看，第四季一直是我們國內業務最大的季度。交易規模越來越大。所以有時候，要抓住這樣的機會，就需要多花一些時間。我們度過了一個非常棒的十月。我對國內市場的預訂量和收入狀況感到非常滿意。再次強調，這方面沒有任何問題。

Just wanted to ask one more -- oh sure.

還想問最後一個問題——哦，當然可以。

I was just going to echo like nothing fundamental. There's a lot of timing that goes into that quarter-to-quarter. And so you can have lumpy deals in international. You can have lumpy deals in different segments, like I would look at it less quarter-to-quarter and more over the course of the year. And to Josh's point, over the course of the year, and that really comes through in bookings.

我本來只是想附和一下，好像沒什麼實質內容似的。季度之間的變化有很多時間上的考量。因此，國際交易中可能會出現金額較大的交易。不同領域的交易可能會出現波動，我會更多地從全年的角度來看待，而不是按季度來看。正如 Josh 所說，一年下來，這一點確實體現在預訂量上。

We continue to see really incredible strength in the domestic business.

我們持續看到國內業務展現出令人難以置信的強勁勢頭。

The second question I wanted to ask is just on the bookings piece. Anecdotally, I've seen a shift towards more and more tenure contracts with your clients, which I think unquestionably a good thing. But I'm thinking about it, is there any color you can give us around that, maybe take rates, how big the shift has been from 5 to 10 years?

我想問的第二個問題是關於預訂方面的問題。就我個人觀察而言，我發現貴公司與客戶簽訂的長期合約越來越多，我認為這無疑是一件好事。但我一直在思考這個問題，您能否提供一些相關信息，例如成交率，以及過去 5 到 10 年的變化幅度？

Because I'm just trying to think as we exit the year and looking at how '25 perform against the year-end contracted backlog in '24. I'm trying to think about how to think about '26. So I'm just wondering how big of a transition are you seeing towards those 10-year contracts?

因為我只是想在年底之際思考一下，看看 2025 年的業績與 2024 年底的合約積壓訂單相比如何。我正在思考該如何看待「26」。所以我想知道，您認為向10年合約過渡的幅度有多大？

Yes, Andrew, it's a great question. We look at our business, both as normalized bookings, which are -- we normalize everything to five years and then total bookings. And we're not going to comment much on the 10-year deals in terms of the weighting there. But in the five-year deals, we see the growth rate in -- in normalized bookings surpassing last year's growth rate. And so even the five-year bookings number is accelerating.

是的，安德魯，這是一個很好的問題。我們從兩個角度來審視我們的業務：一是標準化預訂量，即－我們將所有資料標準化為五年，二是總預訂量。至於10年協議中的權重問題，我們不予置評。但在五年期合約中，我們看到正常預訂量的成長率超過了去年的成長率。因此，五年預訂量也在加速成長。

Certainly, we're closing more 10-year deals. And like you said, we view that as a good thing, but we certainly don't want there to be any misunderstanding even when you normalize it, the growth is accelerating in bookings.

當然，我們正在達成更多為期十年的協議。正如你所說，我們認為這是一件好事，但我們當然不希望出現任何誤解，即使將其正常化，預訂量的增長速度也在加快。

If I could actually give you one qualitative takeaway I've got, maybe five, six years ago, we were having some conversations with customers about them having some concern about share of wallet, like, hey, are we too dependent like on Axon just because you're taking up a growing portion of our tech budget. Those conversations have largely disappeared.

如果我能給你一個定性的建議，那就是五、六年前，我們和客戶進行了一些對話，他們對錢包份額有些擔憂，比如，嘿，我們是不是太依賴 Axon 了，因為你們佔用了我們越來越多的技術預算。這些對話基本上已經消失了。

What I'm hearing from customers now is you know what, when we deploy something with Axon, whether it's body cameras or records, it just works. Like you guys hire great people, you empower them to get the customers supported. We do not let customers fail. And we're hearing more and more taking -- we would love to just have Axon take over all the tech for our agency because you're a trusted partner. We know it's going to work. And I think those 10-year deals are just -- it's function of that where customers are like, you know what, we believe in this relationship, and we want to do this for the long term. And we're all in together, and we're willing to do it over a long time horizons.

我現在從客戶那裡聽到的是，你知道嗎，當我們使用 Axon 部署任何東西時，無論是執法記錄器還是錄影設備，它都能正常運作。你們聘用了優秀的人才，並賦予他們權力去為客戶提供支援。我們絕不讓客戶失望。我們聽到越來越多的人說——我們非常希望 Axon 能接管我們公司的所有技術，因為你們是值得信賴的合作夥伴。我們知道這肯定會奏效。我認為這些 10 年的合約之所以有效，是因為客戶會說：“我們相信這種關係，我們希望長期合作。”我們齊心協力，也願意長期堅持下去。

So by the way, it's a super incumbent on us to never let them down, the pressure on us to continue to execute only continues to grow as that trust grows. It's so easy to lose trust. It takes you decades to build it. And so you'll see us defend it with every fiber of our effort.

所以，順便說一句，我們肩負著重大的責任，絕不能讓他們失望；隨著信任的增長，我們繼續執行任務的壓力也會越來越大。信任很容易喪失。建造它需要幾十年的時間。所以你們將會看到我們竭盡全力捍衛它。

Jordan, Bank of America.

Jordan，美國銀行。

Just two quick ones. You guys have a lot of irons in the fire, new product development investments for growth in the companies you've acquired. How should we think about margin mix going forward? And then two, Rick, for the time that you spent in Europe, what are the timing items that you're seeing on Dedrone sales to NATO countries?

就兩個簡單的問題。你們有很多項目正在進行中，包括對已收購公司進行新產品開發投資以實現成長。未來我們該如何看待利潤率組合？其次，瑞克，在你待在歐洲的這段時間裡，你觀察到北約國家無人機銷售的時間安排有哪些改變？

I can start with the margin piece and then hand it over to Rick. Look, I think from a -- like from a gross margin standpoint, I think we talked about it a bit. So that will really just be product mix. There's tailwinds from software, and then you'll have mix between software and hardware. If you're thinking about adjusted EBITDA margins, look, we worked really hard to balance the impact of tariffs and all of those additional new segments we wanted to invest in with our commitment on the 25% adjusted EBITDA margin for the year.

我可以先處理邊緣部分，然後再交給里克。你看，我覺得從毛利率的角度來看，我們已經稍微討論過這個問題了。所以這其實只是產品組合的問題。軟體方面會有順風，然後就會出現軟硬體結合的情況。如果你在考慮調整後的 EBITDA 利潤率，那麼你看，我們非常努力地平衡關稅的影響以及我們想要投資的所有其他新業務領域，以實現我們今年 25% 的調整後 EBITDA 利潤率的承諾。

So we're really happy and proud that we're delivering on our commitment for the year and managed to balance all of the new things that we want to go do for the long term and tariffs coming through. And that will just be what we continue to do. We're always going to take the long-term view, the multiyear view. We want to continue making this an incredible business that compounds. And so we're going to make the right ROI-based decisions in any given quarter about where we need to be investing and what we need to be doing for the long term and set us up and you all up really well for that.

因此，我們非常高興和自豪地看到，我們履行了今年的承諾，並成功地平衡了我們想要長期開展的所有新項目以及即將出台的關稅政策。我們將繼續這樣做。我們始終著眼於長遠，著眼於多年規劃。我們希望繼續將這項業務打造成為一個能夠不斷成長的卓越企業。因此，我們將在每個季度做出基於投資回報率的正確決策，決定我們需要在哪裡投資以及我們需要為長期發展做些什麼，從而為我們自己和你們所有人做好充分的準備。

I think if you compare to the Rule of 40, any time we're delivering like 55%-plus against that rule, like we're doing pretty happy with how we're balancing the margin versus growth profile, and we're going to continue to look at that in the future.

我認為，如果與 40 法則進行比較，任何時候我們達到該法則 55% 以上的完成率，就說明我們對利潤率與成長狀況的平衡做得相當滿意，我們將來會繼續關注這一點。

And I'll just add before we hand it over to Rick. Brittany and I are very fiercely aligned that, look, when we spend money as a company, we're going to get an ROI on it. And so I don't want anyone to be under the illusion like this is going to be a runaway train of investment. Like we're going to make smart investments and those investments are going to pay off. And we understand the need to balance revenue growth and profitability and we're prepared to be responsible there.

在把它交給里克之前，我還要補充一點。布列塔尼和我對此觀點非常一致，那就是，公司花錢一定要獲得投資報酬率。所以我不想讓任何人誤以為這會是一波投資狂潮。就像我們要進行明智的投資，而這些投資將會獲得回報。我們明白需要在營收成長和獲利能力之間取得平衡，我們也準備好承擔起這方面的責任。

So we're excited about the ability to be able to thoughtfully invest in some of our new opportunities across markets and thoughtfully staff all these new R&D opportunities we have. But make no mistake, profitability is still important to this company.

因此，我們很高興能夠有意識地投資於我們在各個市場的一些新機遇，並有意識地為我們所有這些新的研發機會配備人員。但毋庸置疑，獲利能力對這家公司仍然至關重要。

Yes. And by the way, I would also add, if you look at the types of investments or acquisitions we're making, we're not buying mature cash cow businesses. Those tend to come with a lot of tech debt. We are a disruptor. And when we identify -- like we looked at the -- coming out of our strategy meeting earlier this year, one of the takeaways, I sat with the team and said, like with the AI sort of explosion that's happening, now is the time for us to make our move into AI voice in particular on the 911 call space.

是的。順便說一句，我還想補充一點，如果你看看我們正在進行的投資或收購類型，我們並沒有收購成熟的現金牛企業。這些往往伴隨著大量的技術債。我們是顛覆者。當我們確定——就像我們今年早些時候在戰略會議上看到的那樣——其中一個要點是，我和團隊坐下來說道，隨著人工智慧的爆發式發展，現在是我們進軍人工智慧語音領域，尤其是在 911 呼叫領域的時候了。

And we did a hard look at should we build this ourselves or not. And as we looked around, we actually found two very talented teams that were relatively early with very different sort of product offerings, one that prepared that goes wide, quickly and easily and another one that goes deep and really sets the foundation for the long term. And so we said, look, this was on our road map. The decision was we found 2 awesome teams. They're both pretty early in their growth cycle, but we think they're at the perfect time of the maturity of their platforms.

我們認真考慮過是否應該自己建造這個專案。當我們環顧四周時，我們發現了兩個非常有才華的團隊，他們起步相對較早，產品類型也截然不同：一個團隊的產品線發展迅速且易於推廣，而另一個團隊的產品線則深入挖掘，真正為長期發展奠定了基礎。所以我們就說，這已經在我們的計劃之中了。我們最終找到了兩支非常棒的團隊。它們都還處於發展週期的早期階段，但我們認為它們正處於平台成熟的最佳時期。

They're great teams built on modern tech. What a great way to integrate that into our ecosystem. It's not like we're, again, buying something that's mature where we're going to rationalize sales teams and try to cut our way to profitability. We think this is what makes our ecosystem so sticky and so valuable over the long term.

他們都是基於現代科技打造的優秀團隊。將它融入我們的生態系統真是個絕妙的方法。這並不是說我們又要收購一個成熟的產品，然後透過精簡銷售團隊、削減成本來獲利。我們認為，這正是我們的生態系統具有如此強大的黏性和長期價值的原因。

And Jordan, you asked about Dedrone. I'll just quickly answer that so we can get to one more question. Look, I think Dedrone is actually the most consistent product we have across federal, state and local and international. We're not going to go into market by market and NATO on the call. But I would say across those three markets, we are seeing real demand for Dedrone.

喬丹，你問過關於Dedrone的問題。我簡單回答這個問題，這樣我們就可以回答下一個問題了。我認為 Dedrone 實際上是我們目前在聯邦、州、地方和國際層面上最穩定的產品。我們不會在電話會議上逐一分析市場和北約的情況。但我認為，在這三個市場中，我們看到了對無人機的真正需求。

And actually, the one that's maybe taking the longest to materialize is US state and local just based on some of the regulatory issues there right now in terms of mitigating drones, but there's a lot of pent-up demand there. And while we're waiting for some of those things to take shape, it's a great contributor to both our federal and international businesses, and there is a lot of demand across those segments for it. So I think the growth trajectory of Dedrone in and of itself across markets is something that we're excited to see play out.

事實上，最難實現的可能是美國州和地方政府，這主要是因為目前在無人機管制方面存在一些監管問題，但那裡存在著很大的潛在需求。雖然我們還在等待其中一些事情成形，但它對我們的聯邦和國際業務都做出了巨大貢獻，而且這些領域對它的需求很大。所以我認為，Dedrone 在各個市場的成長軌跡本身就是一件令人興奮的事情，我們很期待看到它的發展。

Josh Reilly, Needham.

喬許雷利，尼德姆。

Yes, I'll just ask one quick question here. I think Fusus has about 200 customers, correct me if I'm wrong, on that front, and there's roughly 12,000 agencies in the US. Do you think that DFR programs or some other catalyst is out there, which could drive much higher penetration for Fusus over the next few years? Or is it more of a natural kind of pipeline building process that you've kind of just executed excellently over the last few years?

是的，我就問一個簡單的問題。我認為 Fusus 大約有 200 位客戶，如果我錯了請糾正我，而美國大約有 12,000 家代理商。您認為未來幾年內，是否存在 DFR 專案或其他催化劑，能夠推動 Fusus 的市場滲透率大幅提高？或者，這更像是一種自然而然的管道建設過程，而你們在過去幾年裡只是出色地執行了這個過程？

And then one question I get too with that is, is a real-time Crime Center relevant for all 12,000 agencies in the US? Or is it really just some portion of that mix ultimately that is relevant for the TAM?

我經常被問到的一個問題是，即時犯罪中心是否適用於美國所有 12,000 個機構？或者說，最終與TAM相關的，其實只是這其中的某些部分？

Do you want to take it? Josh?

你想拿嗎？喬希？

Go ahead, Jeff.

請繼續，傑夫。

I mean I think the simple answer is absolutely, every single agency of all size should and I think over time, will have broadly the notion of real-time Crime Center. That doesn't always mean a big room with giant monitors in it. That's the beauty of SaaS software in the cloud is it can be the app on your phone, it can be the MDT in your car, et cetera. But the notion of having a single pane of glass to aggregate all of the signals, whether it's 911 calls, whether it's CCV cameras, whether it's body cameras, drones, Dedrone, et cetera, every agency needs that for situational awareness and the demand, both in domestic law enforcement and in enterprise is just staggering. And I think we're -- as Brittany said earlier, we are extraordinarily excited about the growth.

我的意思是，我認為簡單的答案是肯定的，所有規模的機構都應該，而且我認為隨著時間的推移，將會廣泛接受即時犯罪中心的概念。這並不總是意味著要有一個擺放著巨型顯示器的大房間。這就是雲端 SaaS 軟體的優勢所在，它可以是你手機上的應用程序，它可以是你車裡的 MDT 等等。但是，要有一個單一的平台來聚合所有訊號，無論是 911 報警電話、閉路電視攝影機、執法記錄器、無人機、Dedrone 等等，每個機構都需要它來了解情況，而國內執法部門和企業的需求都是驚人的。正如布列塔尼之前所說，我們對這一增長感到無比興奮。

And then also as an interim step towards that, we also already this year migrated and smoothly transitioned almost every single customer that had previously been doing live streaming on our body cameras and what we used to call Respond onto Fusus. So every single one of those customers is already now using Fusus for their body camera live streaming even if they haven't yet expanded to also connecting CCTV cameras and the rest. And so all of that motion is comprehensive and high growth.

此外，作為實現這一目標的過渡步驟，我們今年已經將之前在我們執法記錄儀和我們以前稱為 Respond 的平台上進行實時直播的幾乎所有客戶都遷移並順利過渡到了 Fusus。因此，即使這些客戶還沒有擴展到連接閉路電視攝影機和其他設備，但他們現在都已經在使用 Fusus 進行隨身攝影機即時直播了。因此，所有這些運動都是全面且高成長的。

Yes. Think of Fusus as like the more hardware inputs we have in the market, the more Fusus adoption will grow across body cameras, ALPR, DFR, CCTV, et cetera.

是的。把 Fusus 理解為，市場上硬體輸入越多，Fusus 在執法記錄器、車牌自動識別系統、數位車牌識別系統、閉路電視監控系統等領域的應用就越廣泛。

I think that 200 is outdated. I don't think we've updated it. So maybe we'll consider updating it, but I would imagine that it is bigger than that now.

我認為200這個數字已經過時了。我認為我們還沒有更新過它。所以也許我們會考慮更新它，但我認為它現在比以前大得多。

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

謝謝你，喬希。好的。我們把這個主題交給里克來總結。

Awesome. So as we look back, we're three quarters into the year. I couldn't be more proud of the team in terms of the financial results. We have really beat our internal expectations. I'm proud of the organic work our teams have been doing, products like, let me find here again, but ABW Mini, Outpost and Lightpost, we didn't really spend much time talking about that.

驚人的。回顧過去，我們已經度過了今年的四分之三。就財務表現而言，我對團隊感到無比自豪。我們確實超出了內部預期。我為我們團隊所做的有機工作感到自豪，例如產品，讓我再找找，但是 ABW Mini、Outpost 和 Lightpost，我們並沒有花太多時間討論它們。

That's a huge potential market for us, building on our acquisitions of Fusus and Dedrone and now the new acquisitions of Prepared and Carbyne. And then that all leverages our internal and organic growth of all of our AI Era Plan offerings. So I'm just delighted that we're executing both, I think, world-class on our organic programs and Henrik Kuhl and his team has done just a masterful job from corporate development to really turn on partnerships and acquisitions to really build out this ecosystem in a way that what really matters is do we give our customers world-class superpowers. Jeff and I were talking about this, remember what taxi dispatch used to be like, right? You'd call and then some person will be looking at a map to figure out where there's a taxi that all changed with Uber.

這對我們來說是一個巨大的潛在市場，建立在我們收購 Fusus 和 Dedrone 的基礎上，現在又收購了 Prepared 和 Carbyne。然後，這一切都將促進我們所有人工智慧時代計劃產品的內部和自然成長。所以我很高興，我認為我們在有機成長項目上都達到了世界一流水平，Henrik Ku​​hl 和他的團隊在企業發展方面做得非常出色，真正推動了合作與收購，從而真正構建了這個生態系統，而真正重要的是，我們是否能為我們的客戶提供世界一流的超能力。傑夫和我聊起這件事，你還記得以前的計程車調度是什麼樣的嗎？你以前會打電話叫車，然後會有人查看地圖，找出哪裡有出租車——而優步改變了這一切。

Now I'm not saying that it's going to be the same kind of change. I think they're -- given when you're in a crisis, you're going to need human beings to help you through that. But there's huge tech improvements that are going to happen, and we think we are so well positioned to continue to be that tech platform that our partners can work across all of the things that they need to do and not just within an agency, but now reaching out to enterprise users who then have their security teams that have to interact with customers. But then we're now finding new productivity use cases that are maybe not even security related for our audio, video and cloud and AI platforms.

我並不是說會發生同樣的改變。我認為──當你身處危機之中時，你需要人來幫助你度過難關。但未來將會有巨大的技術進步，我們認為我們擁有非常有利的地位，可以繼續成為一個技術平台，讓我們的合作夥伴能夠完成他們需要做的所有事情，不僅限於代理商內部，現在還可以接觸到企業用戶，這些企業用戶擁有需要與客戶互動的安全團隊。但我們現在發現，對於我們的音訊、視訊、雲端和人工智慧平台而言，一些新的生產力用例甚至可能與安全性無關。

So it's just incredibly exciting time to be where we are, I think our team is probably doing as good a job as I've seen of any company turning the AI hype into real valuable products for customers and real repeatable, scalable, profitable revenue for our investors. So it's -- we're going into the holidays on fire and excited, and I can't wait. I hope you all have a wonderful holiday season, and we will se you in the new year and be ready to update you on the next leg of our growth.

所以，現在正是我們所處階段，令人無比興奮。我認為我們的團隊在將人工智慧熱潮轉化為真正對客戶有價值的產品，以及為投資者帶來真正可複製、可擴展、盈利的收入方面，做得可能是我見過的任何公司中最好的。所以——我們帶著滿腔熱情和興奮之情迎接假期，我迫不及待了。祝大家假期愉快，我們新年再見，並準備好向大家報告我們下一階段的發展。