Axon Enterprise Inc (AXON) 2025 Q4 法說會逐字稿

All right. Hi, everyone, and thank you for joining Axon's executive team today. We may notice we have a longer call schedule this afternoon. We're going to report our fourth quarter and full year results as we normally do, and then we'll transition into a short presentation where we'll introduce you to our new 2028 financial targets and share more about our vision. Our remarks today are meant to build upon our most recent shareholder letter and investor materials, which you can find on our investor website at investor.axon.com.

好的。大家好，感謝各位今天加入Axon的執行團隊。我們可能會注意到，今天下午的通話安排會比較長。我們將像往常一樣公佈第四季度和全年業績，然後我們將進行一個簡短的演示，向大家介紹我們新的 2028 年財務目標，並分享更多關於我們願景的信息。我們今天的演講旨在進一步闡述我們最近發布的股東信和投資者資料，您可以在我們的投資者網站 investor.axon.com 上找到這些資料。

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 for 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 will also discuss certain non-GAAP financial measures. Descriptions and reconciliations to GAAP are included in our shareholder letter and available on our investor 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。相關說明和與 GAAP 的核對錶已包含在我們的股東信中，也可在我們的投資者網站上查閱。

Now as always, before we begin, we have a quick video to get us started. Let's pull it up.

像往常一樣，在正式開始之前，我們先來看一段簡短的影片。我們把它調出來。

(video playing)

（影片播放）

All right. Thank you, Erik, and thank you, everyone, for joining us today. We completed another incredible year at Axon. I'm humbled by what our team has accomplished. It goes beyond products and financial performance, it's about our mission and the work we're doing to accomplish even more in the years to come.

好的。謝謝艾瑞克，也謝謝各位今天能來參加。我們在Axon又度過了精彩的一年。我對我們團隊的成就感到無比自豪。這不僅關乎產品和財務業績，更關乎我們的使命以及我們為在未來幾年取得更大成就所做的工作。

As Erik mentioned, we're going to do things a little different today. After you hear from Josh and Brittany, I'll come back to tie it together with how we see Axon evolving and why I believe there is no better position to be in than the one we are in right now.

正如艾瑞克所提到的，我們今天要採取一些不同的做法。聽完 Josh 和 Brittany 的發言後，我會回來總結我們對 Axon 發展的看法，以及為什麼我認為我們現在所處的位置是最佳的。

Josh, you're up.

喬許，輪到你了。

Thanks a lot, Rick, and good afternoon, everybody. I'm very proud of our team. They earned this result and they deserve the credit. They are this good. It's a privilege to work with such talented people who are passionate about serving our customers and pursuing our mission. And in 2025, their hard work yielded a number of exciting outcomes worth highlighting.

非常感謝里克，大家下午好。我為我們的團隊感到非常自豪。這是他們努力爭取來的成果，他們理當獲得這份榮譽。他們就是這麼優秀。能夠與如此才華洋溢、充滿熱情地服務客戶、追求我們使命的人共事，是我的榮幸。2025年，他們的辛勤努力取得了一些令人興奮的成果，值得重點介紹。

First, when it comes to our key indicators on our scoreboard, there is no metric more important than bookings. You may recall that over the past few quarters, we laid out an ambitious plan to drive record bookings, I'm proud to say the team left no doubt. 2025 full year bookings surpassed $7 billion and were up more than 40% from last year. That's on the back of Q4 bookings up more than 50%, representing a major acceleration relative to two straight years of bookings growth in the high 20% range.

首先，就我們記分板上的關鍵指標而言，沒有比預訂量更重要的指標了。您可能還記得，在過去的幾個季度裡，我們制定了一項雄心勃勃的計劃，旨在推動預訂量創下新高。我很自豪地說，團隊的表現沒有辜負大家的期望。 2025 年全年預訂量超過 70 億美元，比去年成長超過 40%。這是在第四季度預訂量增長超過 50% 的基礎上實現的，與連續兩年預訂量增長在 20% 以上相比，這是一個重大加速。

To me, this is the beginning of a trend. We just booked almost as much business in the quarter as we did in the full year just two years ago, and we see no sign of that slowing down. Generally, we are big on singling out specific teams because, frankly, so many of them at Axon are operating at a world-class level right now. But given the Q4 results, I want to call out a few standout performances.

在我看來，這預示著一種趨勢的開始。我們本季的業務量幾乎與兩年前全年的業務量持平，而且我們看不到這種成長勢頭放緩的跡象。一般來說，我們很喜歡表揚一些特定的團隊，因為坦白說，Axon 的許多團隊現在都達到了世界一流水平。但鑑於第四季的業績，我想特別指出一些表現突出的項目。

First, our US state and local team led by Jessica Duncan. This is our best team at the company and possibly the best team in the entire industry. In 2025, they delivered not one, but three nine-figure deals. A few years ago, that didn't even seem possible. This demonstrates the tremendous reception that our new products are receiving.

首先是我們的美國州和地方團隊，由傑西卡鄧肯領導。這是我們公司最好的團隊，也可能是整個產業中最好的團隊。2025年，他們達成的不是一筆，而是三筆九位數的交易。幾年前，這似乎根本不可能。這充分說明了我們的新產品受到了熱烈歡迎。

Speaking of new products. A second highlight was that new product bookings, which include AI and Fusus totaled over $1 billion for the year and were nearly triple 2024 as a result. For two years, we have recognized that for software companies to win in the age of AI, they must convert their existing customer base to AI users before someone else does. And I believe Axon is doing that better than any company in public safety. To that end, in our first full year of selling the AI Era plan, it accounted for approximately $750 million worth of bookings or about 10% of the overall bookings total.

說到新產品。第二個亮點是，包括人工智慧和Fusus在內的新產品預訂量全年超過10億美元，幾乎是2024年的三倍。兩年來，我們一直認為，軟體公司要想在人工智慧時代取得成功，就必須在其他人之前將現有客戶群轉化為人工智慧用戶。而且我認為，在公共安全領域，Axon 在這方面做得比其他公司都好。為此，在我們全面銷售 AI 時代計畫的第一年，該計畫的預訂額約為 7.5 億美元，約佔總預訂額的 10%。

We are positioned to be a winner in this AI-driven environment, and we intend to lap the field. Along those lines, we see a lot of runway across our new product portfolio. ALPR and Vehicle Intelligence is another one that has barely scratched the surface. Our pipeline is sitting in the nine figures for that new product set and we expect that to continue to grow. These are exactly the signs we need to see to know we are on the right track, and it's why we keep building more.

我們已做好充分準備，在這個人工智慧驅動的環境中成為贏家，我們打算遙遙領先其他競爭對手。基於這些思路，我們看到新產品組合還有很大的發展空間。車牌自動識別和車輛智慧是另一個尚未完全開發的領域。我們這套新產品的研發項目規模已達九位數，我們預計這一數字還會繼續成長。這些正是我們需要看到的跡象，表明我們走在正確的道路上，這也是我們不斷建造更多設施的原因。

The industry-wide scrutiny on data privacy and license plate readers is real, and we believe it's a tailwind for Axon. Our early and sustained investment in privacy by design and ethical governance has positioned us well. We're hearing directly from customers, some of whom came to us from other vendors that our track record on privacy and ethics was a deciding factor in their decision. Customers aren't just buying hardware and software, they're buying confidence that will help them deploy technology responsibly. That's a durable competitive advantage.

整個行業對資料隱私和車牌識別器的審查是真實存在的，我們相信這對 Axon 來說是一個有利因素。我們早期對隱私設計和道德治理的持續投入，使我們處於有利地位。我們直接從客戶那裡了解到，其中一些客戶是從其他供應商那裡轉而來的，他們表示，我們在隱私和道德方面的良好記錄是他們做出決定的決定性因素。顧客購買的不僅是硬體和軟體，他們購買的是信心，這種信心將幫助他們負責任地部署技術。這是一項持久的競爭優勢。

Next up, we have new and emerging markets. Bookings in this category, which include everything outside US state and local law enforcement, surpassed $2 billion on the back of record results in international corrections and justice.

接下來，我們來看看新興市場。此類案件（包括美國州和地方執法部門以外的所有案件）的預訂額超過 20 億美元，這得益於國際懲教和司法領域創紀錄的成果。

A huge shout out to our international team specifically, who crossed $1 billion in annual bookings for the first time and delivered two of our largest deals in Q4 both of which were large European cloud deployments, coupled with Connected Devices. We're seeing this type of progress across multiple regions as our land and expand strategy continues to gain momentum.

特別感謝我們的國際團隊，他們首次實現了 10 億美元的年度預訂金額，並在第四季度完成了兩筆最大的交易，這兩筆交易都是大型歐洲雲端部署，並結合了連網設備。隨著我們的土地擴張策略不斷取得進展，我們在多個地區都看到了這種類型的進展。

Additionally, it's impossible to talk about explosive growth at Axon without mentioning our corrections team. A few years ago, it would have sounded crazy for me to predict this, but the largest single customer booking in Axon company history was delivered by our corrections team.

此外，談到 Axon 的爆炸性成長，就不能不提及我們的糾錯團隊。幾年前，如果我預測到這一點，那聽起來會很瘋狂，但 Axon 公司歷史上最大的單筆客戶訂單是由我們的校正團隊完成的。

And what's really important about that is what's included, TASER 10, Body 4, real-time capabilities, AI and more, showing we have product market fit across the platform. Corrections has become one of our many verticals to prove it could punch well above its weight. While 2025 was a great year, and we're thrilled with such a strong result, we stopped celebrating this at about 12:10 Pacific Time on January 6.

而真正重要的是它包含的內容，例如 TASER 10、Body 4、即時功能、人工智慧等等，這表明我們在整個平台上實現了產品市場契合度。懲戒業務已成為我們眾多垂直領域之一，證明了它能夠取得遠超其規模的成就。雖然 2025 年是輝煌的一年，我們對如此強勁的成績感到非常興奮，但我們在太平洋時間 1 月 6 日 12:10 左右就停止了慶祝。

That was 10 minutes into our 2026 company kickoff event. This is a team that is on to the next play. We are 15% of the way through 2026 already. And as we assess what's ahead, I have never been more excited to kick off a new campaign. We have opportunity in front of us everywhere.

那是在我們公司 2026 年啟動活動開始 10 分鐘的時候。這是一支已經把注意力集中在下一回合的隊伍。2026 年已經過去 15% 了。展望未來，我從未像現在這樣興奮地準備啟動一項新的競選活動。我們處處都有機會。

Of course, 2026 starts with selling new products to our existing US state local customer base. At this point, hopefully, if there is no more confusion we are accelerating in this market and delighting customers along the way. As we sell new products to existing customers, we also sell existing products to new customers and several of those new customer markets represent exciting days ahead. Enterprise is a big one.

當然，2026 年伊始，我們將首先向我們現有的美國州/地方客戶群銷售新產品。目前來看，如果沒有更多混亂，我們將在這個市場加速發展，並在過程中讓客戶感到滿意。在向現有客戶銷售新產品的同時，我們也向新客戶銷售現有產品，其中一些新客戶市場預示著令人興奮的未來。企業是一個很大的因素。

The market is enormous and what we're good at translates perfectly. While 2025 is about putting the right team in place to start scaling fast, we also solidified our second high-volume US enterprise customer. What's particularly exciting is that they will be fielding the recently announced Axon Body Mini, which is getting rave reviews in beta and will launch later this spring.

市場龐大，而我們擅長的領域恰好能完美地轉換到這個市場。2025 年，我們的目標是組建合適的團隊，開始快速擴張，同時我們也鞏固了我們第二個美國大客戶的地位。尤其令人興奮的是，他們將推出最近發布的 Axon Body Mini，該產品在測試版中獲得了極高的評價，並將於今年春季晚些時候上市。

On top of the Mini, expanded capabilities in Fusus, new AI offerings, counter drone technology and Axon Lightpost and Outpost will contribute to stronger and stronger product market fit in the enterprise space. US Federal is also showing promising signs. There is a major opportunity across federal law enforcement for a number of our core products as well as counter UAS technology.

除了 Mini 之外，Fusus 的擴展功能、新的 AI 產品、反無人機技術以及 Axon Lightpost 和 Outpost 將有助於在企業領域實現越來越強的產品市場契合度。美國聯邦也展現出令人鼓舞的跡象。聯邦執法部門對我們的一些核心產品以及反無人機系統技術有著巨大的需求。

As I look ahead, our patience and persistence in this customer set is paying off. Some of our largest opportunities in front of us for 2026 could come from federal customers, and we're excited to help. Our confidence is also bolstered by the arrival of our new federal leader, Claudia Davidson, who is well respected in the federal space and is off to a great start. Rick will talk more about this but as we enter the new year, we believe Axon is positioned very well.

展望未來，我們對這批客戶的耐心和堅持正在獲得回報。2026 年我們面臨的一些最大機會可能來自聯邦客戶，我們很高興能夠提供協助。新任聯邦領導人克勞迪婭·戴維森的到來也增強了我們的信心，她在聯邦領域備受尊敬，並且開局良好。Rick 會就此做更多闡述，但隨著新年的到來，我們相信 Axon 的情況非常有利。

At our core, we sell integrated hardware and software solutions that help collect and leverage the power of data for our customers that have highly complex regulatory and liability requirements where technology has lagged for decades. That's a unique combination that lends itself to swift adoption of AI capabilities as our $750 million of bookings in this category demonstrates.

我們的核心業務是銷售整合硬體和軟體解決方案，幫助那些面臨高度複雜的監管和責任要求，且相關技術已經落後數十年的客戶收集和利用數據。這種獨特的組合有利於人工智慧功能的快速應用，我們在該類別中 7.5 億美元的預訂就證明了這一點。

So the takeaway is simple. We're seeing broad-based demand and we're seeing it at increasing scale in a lot of places. This is a defensible, rapidly expanding business built on a foundation of customer trust and we can't wait to put up another record year.

所以結論很簡單。我們看到需求基礎廣泛，而且在很多地方，這種需求的規模都在不斷擴大。這是一個建立在客戶信任基礎上的、具有強大防禦能力且快速發展的業務，我們迫不及待地想要再創佳績。

Over to you, Brittany.

接下來就交給你了，布列塔尼。

Thank you, Josh. I echo Rick and Josh's comments when I say that I am truly thankful for our team and impressed with everything they were able to accomplish over the past year. First, I'll walk through our fourth quarter performance, and then we'll move to guidance, our new 2028 targets and how we think about the future. Q4 was another very strong quarter across the Board. Revenue grew 39% year-over-year to $797 million, our eighth quarter and fourth year in a row growing above 30%.

謝謝你，喬希。我完全同意 Rick 和 Josh 的看法，我真心感謝我們的團隊，並對他們在過去一年中所取得的成就印象深刻。首先，我將回顧我們第四季的業績，然後我們將談談業績展望、我們新的 2028 年目標以及我們對未來的展望。第四季各方面表現都非常強勁。營收年增 39% 至 7.97 億美元，連續第八個季度和第四年實現 30% 以上的成長。

Our growth is supported across our product lines. Software and Services grew 40% year-over-year to $343 million. Expansion within existing customers and growth with new customers both drive this segment. We see strong demand with new products, including Fusus, AI, VR and counter drone, each contributing to our software growth alongside our digital evidence management platform. Net revenue retention expanded to 125% in the quarter and demonstrates the adoption of our new products by our existing customers.

我們各產品線都為我們的成長提供了支持。軟體和服務業務年增 40%，達到 3.43 億美元。現有客戶的擴張和新客戶的成長共同推動了這個細分市場的發展。我們看到新產品需求強勁，包括 Fusus、AI、VR 和反無人機，這些產品與我們的數位證據管理平台一起，都促進了我們軟體的成長。本季淨收入留存率擴大至 125%，顯示我們的新產品得到了現有客戶的認可。

ARR grew 35% year-over-year to over $1.3 billion. We're also gaining new customers in diversified end markets, as Josh called out, including strong wins in corrections and International this quarter. Connected Devices was up 38% year-over-year with revenue of $454 million. TASER revenue of $264 million grew 32%. Personal Sensors revenue of $109 million grew 28% and Platform Solutions revenue of $81 million grew 81% in the quarter.

年度經常性收入年增 35%，超過 13 億美元。正如 Josh 指出的那樣，我們也在多元化的終端市場中獲得了新客戶，包括本季在矯正和國際市場上的強勁成長。互聯設備業務年增38%，營收達4.54億美元。泰瑟槍營收達 2.64 億美元，成長 32%。本季個人感測器營收為 1.09 億美元，成長 28%；平台解決方案營收為 8,100 萬美元，成長 81%。

TASER 10, Body 4, counter drone equipment and VR training solutions were all drivers. Adjusted gross margin came in at 61.1%, down sequentially due to the impact of tariffs and increased mix from Platform Solutions, partially offset by continued strong growth in high-margin Software and Services. We expect to see quarter-to-quarter volatility from product mix. But over time, we will see the benefits of our software mix flow through to gross margins.

TASER 10、Body 4、反無人機設備和 VR 訓練解決方案都是推動因素。經調整後的毛利率為 61.1%，環比下降，主要原因是關稅的影響以及平台解決方案業務佔比增加，但高利潤率的軟體和服務業務持續強勁增長部分抵消了這一影響。我們預期產品組合將導致季度間波動。但隨著時間的推移，我們將看到我們軟體組合帶來的好處最終體現在毛利率上。

Adjusted operating expenses of $1.1 billion increased $245 million sequentially and decreased as a percentage of revenue from 39.2% to 38.2% year-over-year. Increased operating expenses were driven by continued investment in R&D and our go-to-market functions as we scale the business to support future growth. This was partially offset by leverage on our G&A functions as we work to scale efficiently.

經調整後的營運支出為 11 億美元，季增 2.45 億美元，佔營收的百分比年比從 39.2% 下降至 38.2%。營運費用增加是由於我們在擴大業務規模以支持未來成長的過程中，持續增加對研發和市場推廣職能的投入。我們透過有效利用一般及行政職能來提高效率，從而部分抵銷了這項影響。

Adjusted EBITDA grew 46% year-over-year to $206 million and adjusted EBITDA margin of 25.9% outperformed our expectations on higher revenue than forecasted and operating leverage. Operating cash flow of $217 million and free cash flow conversion on an adjusted EBITDA decreased year-over-year due to investments in inventory and the timing of collections, which we expect to catch up on in the coming quarters. We continue to target free cash flow conversion on adjusted EBITDA of 60% and expect 2025 to represent a low point as we get back closer to that 60% level in 2026.

經調整的 EBITDA 年成長 46% 至 2.06 億美元，經調整的 EBITDA 利潤率為 25.9%，由於收入高於預期以及營運槓桿作用，超出了我們的預期。由於對庫存的投資和收款時間安排，營運現金流為 2.17 億美元，調整後 EBITDA 的自由現金流轉換率將年減，我們預計在接下來的幾季中將迎頭趕上。我們繼續以調整後 EBITDA 的自由現金流轉換率為 60% 為目標，並預計 2025 年將是一個低谷，我們將在 2026 年恢復到接近 60% 的水平。

On our balance sheet, we leveraged our financing during the year to update our capital structure and completed the redemption of our outstanding convertible notes, limiting dilution while ensuring we have capital available to support our growth strategy. We closed the acquisition of Prepared in Q4 and closed our acquisition of Carbyne this month.

在資產負債表方面，我們利用本年度的融資來更新資本結構，並完成了未償還可轉換票據的贖回，從而在限制股權稀釋的同時，確保我們擁有足夠的資金來支持我們的成長策略。我們在第四季度完成了對 Prepared 的收購，並在本月完成了對 Carbyne 的收購。

Now turning to guidance. Our strong 2025 bookings, scaled manufacturing capacity, continued investment in new products and a growing bookings backlog supports our expectations for another year of robust growth. Our forecast for 2026 is revenue growth in the range of 27% to 30% year-over-year, which is the strongest outlook we have had heading into the year.

現在進入指導環節。我們強勁的 2025 年訂單、擴大的生產能力、對新產品的持續投資以及不斷增長的訂單積壓，都支撐著我們對另一個強勁增長年的預期。我們對 2026 年的預測是，營收年增 27% 至 30%，這是我們今年迄今為止最樂觀的預測。

We see robust growth and are maintaining our adjusted EBITDA margin of 25.5% for the year. This expectation includes the impact from our increased investment in several product and market areas as well as impacts from global tariffs, inflationary componentry costs, including memory and acquisitions, which are still scaling.

我們看到強勁的成長勢頭，並維持全年調整後 EBITDA 利潤率為 25.5%。這項預期包括我們在多個產品和市場領域增加投資的影響，以及全球關稅、通貨膨脹的零件成本（包括記憶體）和仍在擴大規模的收購所帶來的影響。

Obviously, there was big news on tariffs last week. Right now, for us, very little has changed going forward given the implementation of the new 15% global tariff, and that is what we have baked in. We're not assuming anything on refunds until the process is clearer. In addition to our full year guidance, I'd like to provide some commentary on seasonality. Q4 is usually our strongest quarter for bookings, which we absolutely saw.

顯然，上週關稅方面傳來了許多重大消息。就目前而言，考慮到新的 15% 全球關稅的實施，未來幾乎沒有什麼變化，而這正是我們已經考慮到的。在退款流程更明確之前，我們不會對退款事宜做任何假設。除了全年業績指引外，我還想就季節性因素發表一些看法。第四季通常是我們預訂量最大的季度，而我們也確實看到了這一點。

Q1 is a period where we build pipeline for the year, resulting in our slowest quarter for new bookings. We also paid bonuses and commissions in Q1, resulting in a quarter that typically has lower free cash flow conversion than our average. We expect both dynamics again as we head into Q1. We do expect year-over-year revenue growth to be consistent with our overall guide for the year in Q1, and we expect to ramp into our average adjusted EBITDA margins as we scale revenue through the year, which may result in lower adjusted EBITDA margins than our annual target in Q1.

第一季是我們為全年建立銷售管道的時期，因此也是我們新訂單量最少的季度。我們在第一季也支付了獎金和佣金，導致該季度的自由現金流轉換率通常低於平均水平。我們預計進入第一季後，這兩種趨勢仍將持續。我們預計第一季同比營收成長將與全年整體預期保持一致，隨著全年營收規模的擴大，我們預計調整後 EBITDA 利潤率將逐步達到平均水平，這可能會導致第一季調整後 EBITDA 利潤率低於我們的年度目標。

Now that's the recap of our quarter and results for the year. As Rick mentioned, we are doing things a little differently today, and we've prepared a brief presentation to walk through our new 2028 target model and the long-term strategy behind it.

以上就是我們本季及全年業績的總結。正如里克所提到的，我們今天的做法有所不同，我們準備了一個簡短的演示文稿，來介紹我們新的 2028 年目標模型及其背後的長期策略。

Let's pull up the presentation. Thank you. Our agenda is a brief overview of our financials and targets from me, and then I'll pass it over to Rick to cover our longer-term product vision.

我們來開啟簡報。謝謝。我們的議程是，我先簡單概述我們的財務狀況和目標，然後交給 Rick 來介紹我們更長期的產品願景。

As I look back on the last five years, I am impressed by the transformation the company has gone through, more than tripling revenue over five years with a 33% CAGR over the past three years. Scaling new hardware products and managing through ongoing supply chain disruptions and tariffs with stable gross margins, generating strong operating leverage as we expanded adjusted EBITDA over 500 basis points over three years to 25.5% and delivering over $700 million of EBITDA in 2025.

回顧過去五年，我對公司的發展歷程印象深刻，五年內營收成長超過三倍，過去三年的複合年增長率達到 33%。透過擴大新硬體產品的規模，並應對持續的供應鏈中斷和關稅，保持穩定的毛利率，從而產生強大的營運槓桿，使調整後的 EBITDA 在三年內增長超過 500 個基點，達到 25.5%，並在 2025 年實現超過 7 億美元的 EBITDA。

Our products have expanded significantly, including TASER 10, Axon Body 4, our VR training portfolio, Fleet 3, Air and AI with software at 43% of our business. We've seen traction in markets like enterprise and corrections, each producing some of our largest bookings, and we've had our best year ever in international.

我們的產品線已大幅擴展，包括 TASER 10、Axon Body 4、我們的 VR 訓練產品組合、Fleet 3、Air 和 AI，其中軟體業務占我們業務的 43%。我們在企業和懲教等市場取得了進展，這兩個市場都為我們帶來了一些最大的訂單，而且我們在國際市場也取得了有史以來最好的一年。

As I look forward, we are going to keep that momentum, more than doubling revenue, expanding gross margins over time and delivering adjusted EBITDA expansion of almost 250 basis points as we continue to innovate, add problems, solve problems for our customers, add products, solve problems and gain traction in new markets. We've also continued to mature as a company with a strong balance sheet, clean capital structure and a track record of strong M&A with disruptive companies that complement our organic R&D efforts.

展望未來，我們將保持這一勢頭，在不斷創新、為客戶創造更多挑戰、解決問題、增加產品、解決問題並在新市場獲得發展動力的同時，實現收入翻番、毛利率逐步擴大，並實現調整後 EBITDA 增長近 250 個基點。我們公司也持續發展成熟，擁有強勁的資產負債表、清晰的資本結構，並在與顛覆性公司的併購方面取得了良好的業績，這些併購與我們自身的研發工作相輔相成。

Let's look a little closer at 2025 and some of the metrics underlying our business that highlight the quality of what we're delivering and underpin the future. First, we did $7.4 billion in annual bookings. That acceleration, growing bookings at 46%, along with our 125% net revenue retention is a great sign that our products are resonating with our customers.

讓我們更仔細地展望 2025 年，以及一些支撐我們業務的指標，這些指標突顯了我們所交付產品或服務的質量，並為未來奠定了基礎。首先，我們的年度預訂金額達到了74億美元。成長速度加快，預訂量成長 46%，淨收入留存率達到 125%，這充分錶明我們的產品引起了客戶的共鳴。

Today, only about 30% of our customers are on premium versions of our subscription plans, and that includes prior premium plans from several years ago, which actually look more like our entry-level plans today. We think that means we have meaningful room to drive adoption of the new products we continue to deliver.

如今，只有大約 30% 的客戶使用我們訂閱計劃的高級版本，其中還包括幾年前的高級計劃，而這些計劃現在看起來更像是我們的入門級計劃。我們認為這意味著我們有很大的空間來推動我們不斷推出的新產品的普及。

Our current officer-based subscription plans can deliver ARPU of nearly $600. And when we add in other products such as Fleet, Fusus, Dedrone and ALPR, that ARPU can get much larger. That's relative to our subscription plan five years ago where our most premium offering was under $250. Those new product offerings, which did over $2 billion in bookings are a major driver of future growth. International did over $1 billion of bookings.

我們目前基於員工的訂閱方案可以實現近 600 美元的 ARPU（每位用戶平均收入）。如果再加上 Fleet、Fusus、Dedrone 和 ALPR 等其他產品，ARPU 將會變得更大。這與我們五年前的訂閱方案相比，當時我們最高級的套餐價格不到 250 美元。這些新產品的預訂金額超過 20 億美元，是未來成長的主要驅動力。國際訂單金額超過10億美元。

There is no one product alone that drives our success, but the portfolio delivers value across our customer base. Our success is driven by being customer-obsessed, innovative, embracing new technologies like AI and having the data and experience to make it work. We've always been careful with our customers' data, but we're seeing increasing value in how we can use it to deliver powerful AI solutions, all while respecting privacy. Within our software business, more than 40% of our software growth was driven by products outside our core DEMS business in 2025.

並非某一款產品單獨推動了我們的成功，而是我們的產品組合為所有客戶創造了價值。我們的成功源自於以客戶為中心、不斷創新、擁抱人工智慧等新技術，以及擁有實現這些技術所需的數據和經驗。我們一直非常謹慎地對待客戶數據，但我們越來越意識到，在尊重隱私的前提下，我們可以利用這些數據提供強大的 AI 解決方案，這其中蘊含著越來越大的價值。到 2025 年，我們軟體業務中超過 40% 的成長是由我們核心 DEMS 業務以外的產品推動的。

In our hardware business, Platform Solutions drove more than 30% of our growth, also largely driven by newer products. For our 2028 targets, our 2028 revenue target is approximately $6 billion. This more than doubles our revenue today. Along with this growth, we are targeting a 28% adjusted EBITDA margin in 2028. This implies approximately 250 basis points of margin expansion over the next few years, balancing profitability with continuing to invest as a disruptive innovator and reaccelerating margin expansion after this year.

在我們的硬體業務中，平台解決方案推動了我們 30% 以上的成長，這主要得益於新產品的推出。對於我們 2028 年的目標，我們的 2028 年營收目標約為 60 億美元。這將使我們目前的收入翻倍。隨著這一成長，我們的目標是到 2028 年實現 28% 的調整後 EBITDA 利潤率。這意味著未來幾年利潤率將擴大約 250 個基點，在保持獲利能力的同時，繼續作為顛覆性創新者進行投資，並在今年之後重新加速利潤率擴張。

As I mentioned before on free cash flow, we expect average annual conversion of approximately 60% over the longer term and expect to get back close to that level next year. We believe 2025 conversion will be a low point as we look ahead and maintain our conversion target of approximately 60%. We have a compensation plan that is highly performance-based, attracts and retains the best talent and met our goal of less than 3% annual dilution from stock-based compensation. We are now dropping that to less than 2.5% on a go-forward basis.

正如我之前提到的自由現金流，我們預計長期平均年轉換率約為 60%，並預計明年將恢復到接近該水準。我們認為 2025 年的轉換率將是一個低谷，展望未來，我們將繼續維持約 60% 的轉換率目標。我們的薪酬方案高度注重績效，能夠吸引和留住最優秀的人才，並實現了股票選擇權激勵導致的年度股權稀釋率低於 3% 的目標。我們將把這一比例降至2.5%以下。

No material M&A is contemplated in the forecast, but we expect to continue our strategy of tuck-in deals to expand our ecosystem and bring the best talent to Axon going forward. We will also continue to mature our business, our operations and our best practices while staying true to our culture and what makes Axon special. Another way we benchmark this model is through the lens of the Rule of 40.

預測中沒有考慮任何實質的併購，但我們預計將繼續採取補充收購策略，以擴大我們的生態系統，並在未來為 Axon 引進最優秀的人才。我們將繼續完善我們的業務、營運和最佳實踐，同時堅守我們的文化和Axon的獨特之處。我們衡量該模型的另一種方法是透過「40法則」來衡量。

Over the last several years, we've consistently operated around 50% or higher with the most recent years among our strongest and well above 55%. Our target model implies we can continue to operate at these levels as we grow and expand margins, maintaining 55% or better.

過去幾年，我們的營運效率一直穩定在 50% 或更高，最近幾年更是達到了最高水平，遠超過 55%。我們的目標模型意味著，隨著我們的成長和利潤率的擴大，我們可以繼續以這些水平運營，保持 55% 或更高的利潤率。

Let's go through what we need to do to get there, deliver for our customers, solve real problems and innovate. A core element of our strategy will continue to be reinvestment in the business. We are funding new product development organically that has been and will remain a primary driver of our growth and our investment. New organic products have included our TASER devices, body cameras, in-car cameras, VR training solutions, vehicle intelligence, evidence management and our suite of AI products.

讓我們一起來看看為了實現目標，我們需要做些什麼，為我們的客戶提供服務，解決實際問題並進行創新。對業務的再投資仍將是我們策略的核心要素之一。我們正在透過自身研發為新產品開發提供資金，這一直是並將繼續是我們成長和投資的主要驅動力。新推出的有機產品包括我們的泰瑟槍、執法記錄儀、車載攝影機、VR培訓解決方案、車輛智慧、證據管理以及我​​們的人工智慧產品套件。

Our ability to fund organic investment positions us as an innovator, disruptor and category leader. We are not simply entering existing markets. We are creating them or taking a new approach. It is a testament to Rick's visionary leadership and ensures we are not the disrupted but the disruptor. That's why investing is critical.

我們有能力為有機投資提供資金，這使我們成為創新者、顛覆者和產業領導者。我們並非只是進入現有市場。我們正在創造它們，或採取一種新的方法。這證明了里克富有遠見的領導力，並確保我們不是被顛覆者，而是顛覆者。所以投資至關重要。

We won't get complacent. These investments are in both hardware and software as the deep integration is a strong advantage for us. The dynamics of our software business today with the nascent adoption of AI and strong trends in our other core software products means we expect software growth to be faster than hardware, but both are critical and valuable. You are seeing us drive upsell and adoption in our existing markets. We continue to have a lot of opportunity in state and local, and it delivered amazing results again this year.

我們不會自滿。這些投資涵蓋硬體和軟體兩方面，因為深度整合對我們來說是一項強大的優勢。如今，隨著人工智慧的新興應用以及其他核心軟體產品的強勁發展趨勢，我們軟體業務的動態變化意味著我們預計軟體的成長速度將超過硬件，但兩者都至關重要且極具價值。您可以看到我們正在推動現有市場的追加銷售和產品採用。我們在州和地方層面仍然有很多機會，而且今年再次取得了驚人的成果。

We also have tremendous opportunities outside domestic state and local in federal, corrections, retail, healthcare and other enterprise customers. This isn't hypothetical. We've demonstrated this with strong customer wins in each of these markets. We're investing behind them thoughtfully, and we will execute on and grow those opportunities as we drive longer-term results. We're incredibly excited about what we're going to deliver over the next three years in the business, but we always take a long-term mindset.

我們在國內州和地方政府以外的聯邦、懲教、零售、醫療保健和其他企業客戶方面也擁有巨大的機會。這不是假設。我們已透過在每個市場贏得大量客戶證明了這一點。我們正在深思熟慮地進行投資，並將把握和發展這些機會，以實現長期業績目標。我們對未來三年在業務上的成就感到無比興奮，但我們始終秉持著長遠的眼光。

So let me turn it over to Rick to talk through our product vision.

那麼，就讓瑞克來談談我們的產品願景吧。

Awesome. Thank you, Brittany. It excites me that our team is thinking longer term, and I believe that will be a competitive advantage for many years to come. Five years ahead -- three years ahead is no time at all and even in the history of TASER and Axon, but with the technology advancing faster than ever, I have no doubt the world will look unrecognizable in just a few more short years in a good way.

驚人的。謝謝你，布列塔尼。令我興奮的是，我們的團隊正在考慮長遠發展，我相信這將在未來多年成為我們的競爭優勢。五年後——三年後的時間根本不算什麼，即使在泰瑟槍和艾克森槍的歷史上也是如此，但隨著科技以前所未有的速度發展，我毫不懷疑，再過短短幾年，世界將會發生翻天覆地的變化，而且是朝著好的方向發展。

Now before I talk about where we're going, I want to ground us in where we are today and what anchors us to do so much of what we do. Let me start with our Moonshot. A few years ago, we introduced a Moonshot to cut gun-related deaths between police and the public in the United States in half by 2033. We do a lot of things at Axon. But when you step back and you think about impact, I believe it all harmonizes under this goal and our mission to protect life.

在談論我們的未來方向之前，我想先讓我們回顧一下我們今天的處境，以及是什麼讓我們能夠堅持做這麼多事情。讓我先從我們的登​​月計畫說起。幾年前，我們提出了“登月計劃”，旨在到 2033 年將美國警察與公眾之間涉及槍支的死亡人數減少一半。我們在Axon做了很多事。但當你退後一步，思考其影響時，我相信這一切都與我們保護生命的這一目標和使命相協調。

I'm also excited to share and look, this is still preliminary as data is still coming in from last year, but 2025 appears to be the first year where the number of gun-related deaths between police and the public actually went down substantially in the US. It's too early to claim Axon had a direct causal impact, but I'm encouraged to see the trend is turning the right direction for the first time. We do have numerous anecdotes of specific instances where the capabilities of TASER 10 saved the life in situations where previously people would have been shot and killed.

我也很高興地與大家分享，雖然這仍然是初步結果，因為去年的數據還在統計中，但2025年似乎是美國警察與公眾之間涉槍死亡人數大幅下降的第一年。現在斷言 Axon 產生了直接的因果影響還為時過早，但我很高興地看到，這一趨勢第一次朝著正確的方向發展。我們有許多具體事例，證明泰瑟槍 10 的功能在以前人們會被槍殺的情況下挽救了生命。

See this video I'm going to show you now from our hometown here in Scottsdale, Arizona, where a woman called 911, she wanted to be shot and killed, she wanted to commit what's called suicide by cop.

我現在要給你們看一段視頻，視頻拍攝於我們的家鄉亞利桑那州斯科茨代爾，一名女子撥打了 911 報警電話，她想被警察擊斃，她想實施所謂的“自殺式襲警”。

(video playing)

（影片播放）

Alright. As you can see there, there was another officer with a lethal weapon. I talked to some of the officers, we're on scene that day and they said she very likely would have been shot and killed had she taken another step and on ly TASER 10 enabled them to shoot from that distance. Go and advance to the next slide, please. I also want to share that we've had customers now coming back and telling us they are seeing a result.

好吧。正如你所看到的，那裡還有另一名警官攜帶致命武器。我和當天在現場的一些警官談過，他們說如果她​​再往前走一步，很可能就會被槍殺，只有泰瑟槍 10 型才能讓他們從那個距離開槍。請繼續瀏覽下一張投影片。我還想分享一下，現在已經有客戶回來告訴我們他們看到了效果。

We are in major county sheriff's office. That means they're one of the largest in the US tell us that they had a 42% reduction in deputy involved shootings, and they believe that TASER 10 was a major contributing factor, along with de-escalation training, much of which happened in our VR system.

我們現在位於某縣警長辦公室。這意味著他們是美國最大的公司之一，他們告訴我們，他們使警員參與的槍擊事件減少了 42%，他們認為 TASER 10 是一個主要促成因素，此外還有降級訓練，其中大部分是在我們的 VR 系統中進行的。

So in addition to that quote, I just want to talk about like where this translates into our mission. Our mission translates into the products we build and the scale that we're now operating at. TASER is becoming synonymous with de-escalation and saving lives more than ever before and in more places.

所以除了那句話之外，我還想談談這句話與我們的使命有何關聯。我們的使命體現在我們生產的產品以及我們目前的營運規模。泰瑟槍正逐漸成為緩和局勢和拯救生命的代名詞，其作用比以往任何時候都更加廣泛，應用範圍也越來越廣。

Today, we estimate a TASER cartridge is fired in the field approximately every 30 seconds in the US. In just the time I was speaking, another TASER cartridge has been fired. Every time a TASER device is used successfully, it has the potential to save life, and that's what grounds us in how we think about this product line. Training is also a critical element. We can build the greatest device ever created, but if people aren't trained to use it effectively, it doesn't deliver its true value.

據估計，目前在美國，平均每 30 秒就會發射一枚泰瑟槍彈。就在我說話的這段時間裡，又一枚泰瑟槍彈匣發射了。每次成功使用泰瑟槍，都有可能挽救生命，這就是我們思考產品線的起點。培訓也是一個至關重要的因素。我們可以製造出有史以來最偉大的設備，但如果人們沒有接受過有效使用它的培訓，它就無法發揮其真正的價值。

That's why we invested in building a suite of virtual reality training solutions over the last five years. We took a risk. VR training was not common or widely adopted when we started. And as Brittany mentioned, we leaned in to be the innovators and disruptors here. And today, we see that was definitely the right direction.

這就是為什麼我們在過去五年投資開發了一套虛擬實境培訓解決方案的原因。我們冒了險。我們剛開始的時候，VR訓練並不普及，也沒有被廣泛採用。正如布列塔尼所提到的那樣，我們努力成為這裡的創新者和顛覆者。而今天，我們看到這絕對是正確的方向。

Last year, customers completed nearly 0.5 million VR training sessions, and that number continues to grow. VR training is nearly sold 1:1 with TASER 10 deployments, and it can do much more than trained users on our devices. This year, we are infusing our VI platform with AI-powered features that will transform how police are trained in the decade ahead. Because we lean in and make bold bets before it's safe to do so, we garner significant first-mover advantages.

去年，客戶完成了近 50 萬次 VR 培訓課程，而且這個數字還在持續成長。VR 訓練的銷售量幾乎與 TASER 10 的部署量持平，而且它能做的遠不止是訓練使用者使用我們的設備。今年，我們將人工智慧驅動的功能融入我們的 VI 平台中，這將改變未來十年警察的訓練方式。因為我們敢於在形勢尚不明朗的情況下大膽嘗試，所以我們獲得了顯著的先發優勢。

And now we have what we believe is the most widely deployed VR training platform in the US public safety sector and are well positioned to layer in AI capabilities just as we are across our massive sensor and software network. Another part of our strategy has been transparency and better decision-making in the moment. That led us to body cameras nearly 15 years ago. And today, our cameras are the standard in public safety.

現在，我們擁有了我們認為在美國公共安全領域部署最廣泛的 VR 訓練平台，並且我們有能力像在我們龐大的感測器和軟體網路中一樣，逐步添加 AI 功能。我們策略的另一部分是提高透明度，並更好地及時做出決策。這促使我們在近15年前開始使用執法記錄器。如今，我們的攝影機已成為公共安全領域的標準配備。

We have stored and enabled recordings of more than 60 million hours of body-worn camera footage on our latest two generation of cameras, Body 3 and Body 4 in just the last year, and we're helping customers use that body camera footage to drive more efficient workflows, provide transparency and support faster and more effective justice.Beyond body cameras, our real-time efforts expanded into fixed cameras, vehicle intelligence and real-time operations. Through Fusus, we now power more than 1 million monthly live streams with more than 300,000 community cameras connected. That's powerful connectivity and insights unavailable anywhere else.

光是去年，我們就在最新兩代執法記錄器（Body 3 和 Body 4）上儲存並啟用了超過 6000 萬小時的執法記錄器影片錄影，我們正在幫助客戶利用這些錄影來提高工作流程效率、增強透明度，並支持更快、更有效的司法公正。除了執法記錄器之外，我們的即時技術應用範圍還擴展到了固定攝影機、車輛智慧和即時營運領域。透過 Fusus，我們現在每月為超過 100 萬個直播串流提供支持，連接了超過 30 萬個社群攝影機。這是其他任何地方都無法獲得的強大連接性和洞察力。

And finally, we're leading and supporting and driving toward the future in the AI era. We already have more than 500 public safety -- I'm sorry, public safety agencies live with Axon Assistant, generating more than 200,000 monthly messages. We were the first to introduce a suite of industry-leading AI tools for our customers, and we're not just enabling the ability to query. We're pioneering the ideas and the ways they will use AI and its features to do their jobs more safely and more effectively. We're just getting started with what that assistant can do.

最後，我們正在引領、支援和推動人工智慧時代的到來。我們已經有超過 500 個公共安全機構——抱歉，是公共安全機構——在使用 Axon Assistant，每月產生超過 20 萬條訊息。我們率先為客戶推出了一套業界領先的人工智慧工具，而且我們不僅僅是讓客戶能夠進行查詢。我們正在開創性地探索如何利用人工智慧及其功能，使他們能夠更安全、更有效地完成工作。我們才剛開始了解這個助手的功能。

And you'll continue to see us push the envelope well ahead of the pack. I know that sounds like a lot already. But in my view, you haven't seen anything yet. It's about to get a lot more exciting, and it's going to happen faster than ever before.

你們將會看到我們繼續引領潮流，遙遙領先其他公司。我知道這聽起來已經很多了。但依我看，你還沒見識過真正的厲害。接下來事情會變得更加精彩，而且發生的速度也會比以往任何時候都快。

Let me summarize it in a succinct vision. This is how I think about Axon developing. Axon can be the provider of the world's largest global sensor network, fully connected and supercharged by AI. We will power the most intelligent connected safety devices globally. We will connect those sensor devices across the full life cycle of how they're used, and we'll build AI into every workflow safely, securely and reliably. Let's go to the next slide.

讓我用簡潔的語言概括一下。這就是我對軸突發育的理解。Axon 可以成為全球最大的感測器網路供應商，該網路完全互聯，並由人工智慧提供強大支援。我們將為全球最聰明的連網安全設備提供動力。我們將把這些感測器設備貫穿其整個使用生命週期，並將人工智慧安全可靠地融入每個工作流程中。我們來看下一張投影片。

And now let's dive into what that means in more detail. Building the leading global sensor network means more than just our body cameras used by law enforcement. We believe our devices can be the primary connected AI-powered assistant across many different use cases and industries. We're a leader in AI-powered wearables. Workers for the government, retailers, utility companies, healthcare providers and in many more places today taking massive amounts of data into their brains.

現在讓我們更詳細地探討一下這意味著什麼。建立全球領先的感測器網路不僅僅意味著我們為執法部門使用的執法記錄器。我們相信，我們的設備可以成為許多不同應用場景和產業中主要的聯網人工智慧助理。我們在人工智慧驅動的可穿戴設備領域處於領先地位。如今，政府工作人員、零售商、公用事業公司、醫療保健機構以及許多其他行業的員工都在將大量資料輸入大腦。

And they process that data manually and they carry out the task they've been asked to do and then they spend hours typing it into systems. Our sensors will become their partners. Their virtual eyes, ears, mouths bring that real-world data into a digital backbone where it can be analyzed, utilized and relayed.

他們手動處理這些數據，完成被要求完成的任務，然後花費數小時將數據輸入系統。我們的感測器將成為它們的夥伴。它們的虛擬眼睛、耳朵和嘴巴將現實世界的數據帶入數位主幹網，在那裡可以進行分析、利用和傳遞。

Because we have the proven track record of ingesting and managing some of the most sensitive data on earth, enterprise customers of many varieties now see us as the safest choice to help them use sensors and AI to securely capture multimedia information and transform it into useful knowledge and work product. Today, we connect body cameras, in-car cameras, TASER devices, fixed cameras, drones and robotics.

由於我們在攝取和管理地球上一些最敏感的數據方面擁有良好的記錄，各種類型的企業客戶現在都將我們視為最安全的選擇，可以幫助他們使用感測器和人工智慧安全地捕獲多媒體信息，並將其轉化為有用的知識和工作成果。如今，我們將執法記錄器、車載攝影機、泰瑟槍、固定攝影機、無人機和機器人連接起來。

We've been the industry leader in introducing customers to these sensor product solutions, and we've built them in close partnership to understand or to ensure that we understand how they can be used to help. So I want to take a moment to step back and speak to something I believe is fundamental to Axon's long-term value creation. We build for durability, not for the metric of the moment. A decade ago, when our SaaS business was gaining momentum, there was real pressure to shed hardware and chase software margins. I disagreed.

我們一直是產業領導者，率先向客戶介紹這些感測器產品解決方案，並且我們透過緊密的合作關係來建立這些解決方案，以了解或確保我們了解它們如何能夠幫助客戶。因此，我想花點時間退後一步，談談我認為對 Axon 的長期價值創造至關重要的事情。我們追求的是耐用性，而不是一時興起的指標。十年前，當我們的 SaaS 業務發展勢頭強勁時，我們面臨著削減硬體業務、追求軟體利潤的真正壓力。我不同意。

My conviction was and remains that the most important customer problems require integrated solutions, not point products. That decision looks prescient today. As AI increasingly commoditizes software development, the companies with defensible positions are those that own the full stack, including hardware, and we do. What we've built is an interconnected ecosystem of hardware, software and cloud services embedded in a heavily regulated industry through long-term government contracts. That's not just a business model.

我過去和現在都堅信，最重要的客戶問題需要的是整合解決方案，而不是單一產品。現在看來，那個決定極具遠見。隨著人工智慧日益將軟體開發商品化，那些擁有包括硬體在內的全端技術的公司才擁有可防禦的地位，而我們正是如此。我們已經建立了一個由硬體、軟體和雲端服務組成的互聯生態系統，並透過長期政府合約將其嵌入到一個受到嚴格監管的行業中。那不僅僅是一種商業模式。

It's an ecosystem that grows even more valuable, the deeper our customers go into it. And rather than being a target for disruption, we are the disruptor. The current environment is accelerating our growth as customers consolidate around platforms that they trust to scale with them. The ability to capture data at the point of action and integrate it seamlessly across complex, regulated ecosystems is a rare capability and one that we believe will define the next generation of public safety technology. What you see in our sensor and product portfolio today is compelling.

這是一個生態系統，我們的客戶越深入了解，它的價值就越高。我們不是被顛覆的目標，而是顛覆者。當前環境正在加速我們的成長，因為客戶會圍繞著他們信任的、能夠與他們共同擴展的平台進行整合。在行動點捕獲數據並將其無縫整合到複雜的、受監管的生態系統中的能力是一種罕見的能力，我們相信這將定義下一代公共安全技術。您今天在我們展示的感測器和產品組合中看到的產品極具吸引力。

What it becomes over the next few years is what truly excites me. Our sensor network is most valuable, not as a system of record, but as a system of action. The ability to surface and connect data in real time across active incident and task workflows is what separates a truly integrated platform from a collection of devices. Post-incident analysis has its place, but real-time intelligence is where outcomes change. That is the capability we're building toward and one where we believe very few organizations in the world are positioned to deliver.

它未來幾年的發展方向真正讓我感到興奮。我們的感測器網路最有價值的地方不在於它是一個記錄系統，而在於它是一個行動系統。能夠即時呈現和連接活躍事件和任務工作流程中的數據，這才是真正整合平台與設備集合之間的差異。事後分析固然重要，但即時情報才是改變結果的關鍵。這就是我們正在努力建立的能力，我們相信世界上很少有組織能夠做到這一點。

What makes this even more powerful is, of course, AI, not bolted on after the fact, but embedded natively within the workflow and accessible directly through each device. This is the difference between technology that assists and technology that transforms. We are giving our customers genuine superpowers, the ability to do things that simply were not possible before. And we believe that potential has only begun to be realized. For most of my career, people thought we were crazy.

當然，讓這一切更加強大的是人工智慧，它不是事後附加的，而是原生嵌入到工作流程中，並且可以透過每個裝置直接存取。這就是輔助型技術和變革型技術的區別。我們正在賦予客戶真正的超能力，讓他們能夠做到以前根本不可能做到的事。我們相信，這種潛力才剛開始發揮。在我職業生涯的大部分時間裡，人們都認為我們瘋了。

But now the breadth of what Axon has built and the vision that connects it, it was not obvious to the outside world for a long time. And there were moments it was easier to just keep our heads down and build. But things have changed. The vision that has driven every product decision, every acquisition and every bet is now coming into focus for the broader market. People are starting to see what we have always envisioned.

但 Axon 所建構的龐大體係以及貫穿其中的願景，在很長一段時間內，外界都未能意識到這一點。有時候，埋頭苦幹反而更容易。但情況已經改變了。驅動每一項產品決策、每一次收購和每一次投資的願景，如今正逐漸在更廣泛的市場中清晰呈現。人們開始看到我們一直以來所設想的景象。

Let me give you a few examples of why I believe that. So here's one to make the vision tangible. A 911 call comes in and it's answered instantly. If it's not a true emergency, it's handled automatically by AI, freeing human capacity for the moments that matter most. If it is an emergency, the full weight of the Axon ecosystem activates in seconds. The call is transcribed and translated from just about any language in real time, breaking down language barriers that have historically cost critical minutes.

讓我舉幾個例子來說明我為什麼會這麼認為。所以，這裡有一個例子，讓願景變得具體化。911報警電話響起，立即得到接聽。如果不是真正的緊急情況，人工智慧會自動處理，從而將人力解放出來，用於最重要的時刻。如果發生緊急情況，Axon 生態系統的全部力量將在幾秒鐘內啟動。通話會被即時轉錄並翻譯成幾乎任何語言，打破了以往浪費寶貴時間的語言障礙。

Location confirmed, context captured, crime center notified, live video from city cameras, public sources, from the 911 caller's phone and vehicle intelligence all flowing in real time. A drone already airborne and gathering awareness before the first responder has left the station. By the time the boots hit the ground, the situation is already understood. And in a growing number of cases, the drone does not just inform the response, it is the response where it holds the situation safely, creating the time and visibility needed for a better outcome. This is the power of sensors connected and supercharged with AI.

位置已確認，上下文已獲取，犯罪中心已通知，來自城市攝影機、公共來源、911 警報電話和車輛情報的即時視訊全部即時傳輸。在第一響應人員離開站點之前，無人機已經升空並收集資訊。當士兵們踏上戰場的那一刻，局勢就已經明朗了。在越來越多的案例中，無人機不僅可以提供應對措施的信息，而且本身就是應對措施，它可以安全地控制局面，創造所需的時間和可視性，從而取得更好的結果。這就是感測器與人工智慧連結並增強後的強大力量。

Next, emergency response is just one dimension of what this ecosystem makes possible. Consider the challenge of connecting physical infrastructure and protecting it against a new class of threat. Drones are the physical equivalent of a cyberattack. They're low cost, widely available and capable of causing outsized disruption and harm in the wrong hands. A single consumer drone can shut down an airport, compromise a stadium or create chaos at a public event.

其次，緊急應變只是此生態系所能實現的功能之一。想像一下，如何連接實體基礎設施並保護其免受新型威脅。無人機在物理層面上等同於網路攻擊。它們成本低廉、隨處可得，如果落入不法分子手中，可能會造成巨大的破壞和危害。一架消費級無人機就能癱瘓機場、擾亂體育場館秩序或在公共活動中製造混亂。

The question is no longer whether this threat is real. It is whether you are ready for it. At a major venue, an unauthorized drone enters restricted airspace. Our integrated sensor network flags it immediately, location of the aircraft, flight path and origin point of the operator are identified in seconds. Security engages on the ground.

問題不再是這種威脅是否真實存在。關鍵在於你是否已經準備好了。在某重要場館，一架未經授權的無人機進入了禁飛區。我們的整合感測器網路會立即發出警報，幾秒鐘內即可確定飛機的位置、飛行路徑和操作員的出發點。安保人員在現場展開行動。

Law enforcement has the same real-time picture. The operator standing in a nearby parking lot realizes the response is already underway, and this disruption ends before it escalates and the event continues. But detection is only half the equation. Knowing a threat exists means nothing if you cannot neutralize it. Our DeDrone Defender uses the same sensor network that identified the threat to aim a sophisticated jamming system directly at the drone, delivering precise electromagnetic interference on the exact frequency it is using to communicate, not a broad blanket, a surgical one, a surgical response.

執法部門也掌握著同樣的即時資訊。站在附近停車場的操作員意識到救援行動已經開始，因此在事態升級和事件繼續發生之前，這場騷亂就結束了。但檢測只是成功的一半。如果不能消除威脅，知道威脅的存在就毫無意義。我們的 DeDrone Defender 使用與識別威脅相同的感測器網絡，將複雜的干擾系統直接對準無人機，在其用於通訊的確切頻率上施加精確的電磁幹擾，而不是大範圍的干擾，而是精準的干擾，精準的應對。

Today, active drone mitigation is reserved for federal agencies, but the threat has democratized faster than the law has adapted. And many times, we will build ahead of the law and be involved in helping to change the law. So we're active at all levels of government. And what once only mattered at a presidential inauguration now matters at your county fair or your Friday night football game, drones are a threat everywhere. And we're not building for today's threats in today's regulatory environment alone. We're building for tomorrow's.

如今，主動應對無人機威脅的權力僅限於聯邦機構，但這種威脅的蔓延速度已經超過了法律的適應速度。很多時候，我們會走在法律的前面，並且參與法律的修改。所以我們積極參與各級政府的活動。無人機曾經只在總統就職典禮上才重要，但現在在你的縣集市或週五晚上的橄欖球比賽中也同樣重要，無人機對任何地方都構成了威脅。我們並非僅僅為了應對當今監管環境下的威脅而進行建設。我們正在為未來建設。

When the law catches up, and we believe it will, Axon will already be there. This is the same connected AI-powered ecosystem applied to a different threat, and it works exactly the same way. Now let's take this ecosystem in a completely different direction. A retail associate faces difficult situations regularly. Before they ever encounter one, they've already been trained for it through our immersive AI-driven MetaCoach, scenarios designed to build the confidence and judgment to stay safe, deescalate and prevent situations from spiraling.

當法律跟上步伐時（我們相信一定會如此），Axon 將會搶佔先機。這是將同樣的互聯人工智慧生態系統應用於不同的威脅，其運作方式也完全相同。現在讓我們把這個生態系統引向一個完全不同的方向。零售店員經常會遇到各種棘手的情況。在他們真正遇到這種情況之前，他們已經透過我們沉浸式的 AI 驅動的 MetaCoach 進行了訓練，該訓練場景旨在建立信心和判斷力，以保持安全、緩和局勢並防止事態惡化。

It's AI-centric, and it can be delivered on any screen conveniently and effectively. When an incident does occur, they're ready, camera activated, panic feature engaged. Their security team is live within seconds, communicating directly through the device and pulling additional camera angles to guide the response in real time. The incident is automatically summarized and transmitted as an emergency to the local appropriate police department. The closest officer with retail crime training is dispatched.

它以人工智慧為核心，可以方便有效地在任何螢幕上呈現。當事故發生時，他們已經做好準備，攝影機已啟動，緊急警報功能已開啟。他們的保全團隊在幾秒鐘內就能上線，透過設備直接溝通，並調取其他攝影機角度，即時指導應對措施。該事件將自動產生摘要，並作為緊急情況發送給當地相應的警察部門。派遣距離事發地點最近的、接受過零售犯罪訓練的警員前往現場。

They arrive, deescalate and documentation begins immediately. That is where most systems stop. Ours does not. The post-incident reporting system cross-references the individual against prior incidents, aggregates the supporting evidence and delivers a complete prosecution-ready summary directly to the prosecutor's office. Justice is served, and that associate comes back to work the next day, not rattled but confident, knowing they have the training, the tools and an entire ecosystem behind them. This is end-to-end community safety, not a product, not a platform. It's really a promise.

他們到達現場後，立即緩和局勢並開始記錄。大多數系統都止步於此。我們的沒有。事後報告系統將個人與先前事件進行交叉比對，匯總佐證材料，並將完整的、可用於起訴的摘要直接提交給檢察官辦公室。正義得到了伸張，那位同事第二天回到工作崗位，沒有驚慌失措，反而充滿自信，因為他知道自己背後有培訓、工具和整個生態系統的支持。這是端到端的社群安全，不是一款產品，也不是一個平台。這的確是一個承諾。

Sensors deployed citywide by governments, businesses and private citizens, unified in a privacy-preserving way into a system that detects threats, accelerates response and drives outcomes that matter. Every stakeholder is connected, every incident better handled than the one before. The goal was never just faster response times or better documentation. It was a community that works together, feels safer together, is more connected and trusts one another more because of it. That's what we're building.

政府、企業和私人公民在全市範圍內部署的傳感器，以保護隱私的方式整合到一個系統中，該系統可以檢測威脅、加快響應速度並推動重要成果。所有利害關係人相互關聯，每起事件都比前一起處理得更好。目標從來都不是僅僅追求更快的反應速度或更好的文件。這是一個團結協作、彼此感到更安全、更緊密、更信任的社群。這就是我們正在建造的。

And again, we're just getting started. So what excites me most is this. We're not building for just one use case. We're building for many of them. Corrections, retail, healthcare, federal, the courtroom, the back office, every environment where safety, documentation and accountability matter is an environment where Axon belongs.

再說一遍，我們才剛開始。最讓我興奮的是這一點。我們並非只針對單一用例進行開發。我們正在為他們中的許多人建造房屋。懲教、零售、醫療保健、聯邦、法庭、後台辦公室，凡是重視安全、記錄和問責的環境，都是 Axon 的用武之地。

A correctional officer with the tools to deescalate before conflict starts, a retail manager with real-time visibility into store operations; an ER nurse whose documentation burden drops so she can focus on the patient in front of her, a federal agent with the same integrated platform as the local officer on the be; a prosecutor who walks into court with a clear evidence-based picture of exactly what happened. The platform is the same. The impact scales to every corner of public safety and now beyond. That is the opportunity in front of us.

一名懲教人員擁有在衝突發生前緩和局勢的工具；一名零售經理可以即時了解商店的運營情況；一名急診室護士的文書工作負擔減輕，從而可以專注於眼前的病人；一名聯邦特工擁有與當地官員相同的集成平台；一名檢察官帶著清晰的、基於證據的事件經過走進法庭。平台是一樣的。影響範圍涵蓋公共安全的各個層面，甚至更廣。這就是擺在我們面前的機會。

So let me be direct with you. We are at a moment unlike anything I've seen in 30 years of building this company. AI is not an incremental shift. It is not a bubble. It is not overblown. It is a fundamental disruption. It is a force, and it will break companies that are not ready for it. I've watched tech cycles come and go. This one is different. The speed is different, the stakes are different, and it's what we've been building for, for the past decade or more. And I've never been more confident in Axon's position.

那我就直說了。在我創立這家公司 30 年的時間裡，我們正處於一個前所未有的時刻。人工智慧並非漸進式變革。這不是泡沫。這並非誇大其詞。這是一場根本性的變革。它是一種強大的力量，它會摧毀那些沒有準備好的公司。我見證了科技業的周期性波動。這個不一樣。速度不同了，風險也不同了，而這正是我們過去十年或更長時間以來一直在努力的目標。我對Axon的立場從未像現在這樣充滿信心。

We're not a simple all software company waiting to be undercut by a cheaper model or a faster startup. We're an integrated ecosystem of hardware, software and real-world data embedded in regulated environments, trusted by the customers who depend on us most. And that trust is not a marketing line. It is the result of 30 years of showing up, delivering and earning the right to be a partner rather than a vendor. Here's how I see the opportunity.

我們不是那種等著被更便宜的模式或更快的新創公司搶走市場份額的普通軟體公司。我們是一個由硬體、軟體和真實世界數據組成的整合生態系統，嵌入在受監管的環境中，深受最依賴我們的客戶的信賴。而這種信任並非行銷噱頭。這是 30 年來始終如一、盡職盡責，最終贏得合作夥伴而非供應商地位的結果。我是這樣看待這個機會的。

If we deploy AI more aggressively and more thoughtfully than anyone else in this space, while honoring the responsibility that comes with operating in the environments we operate in, we will create value that our customers simply cannot replicate, cannot replace and most importantly, they will not want to because they trust us. They will reward that with deeper partnerships, larger opportunities and bigger problems for us to go solve together. None of this gives us permission to relax. Complacency is fatal.

如果我們比這個領域的任何人都更積極、更周全地部署人工智慧，同時尊重我們所處環境中營運所帶來的責任，我們將創造客戶根本無法複製、無法替代的價值，最重要的是，他們也不想替代，因為他們信任我們。他們會以更深層的合作關係、更大的機會和更大的問題來回報我們，讓我們共同解決這些問題。但這並不能讓我們放鬆警戒。自滿是致命的。

In a world moving as fast, yesterday's success is not a foundation. It is a liability if you let it make you comfortable. As Josh says, we got to focus on the next play. We had a great year, but Axon is not about getting comfortable. We're leaning in harder than we ever have. We will take bold risks. We will invest aggressively. We will reimagine everything AI can touch in what we do, and we will do it without losing sight of the mission that has always driven us.

在這個瞬息萬變的世界裡，昨天的成功並不能成為基石。如果你讓它讓你感到舒適，那它就成了一種負擔。正如喬許所說，我們必須專注於下一回合。我們度過了非常棒的一年，但 Axon 的目標不是安於現狀。我們比以往任何時候都更加努力。我們將承擔大膽的風險。我們將大力投資。我們將重新構想人工智慧在我們工作中所能觸及的一切，我們將始終不忘初心，並牢記我們一直以來的使命。

Axon has never been built on smooth sailing. We've been built on reinvention, on finding a way through when others said there was none. That is not just our history, it's our competitive advantage. And right now, it has never been more relevant. So let me leave you with this. What I've described today is not a vision deck. It's not a road map for the next few years.

Axon 的發展歷程從來就不是一帆風順的。我們靠著不斷創新發展壯大，在別人認為無路可走的時候，總能找到出路。那不僅是我們的歷史，也是我們的競爭優勢。而現在，這一點比以往任何時候都更重要。那麼，就讓我把這句話留給你們吧。我今天所描述的並不是願景規劃圖。這並非未來幾年的發展路線圖。

It's happening now, and it's arriving faster than any of us anticipated. The pace of what our teams are building, the creativity I see accelerating across this company, the acceleration they are delivering against their original road maps, this is the Axon I've always believed in. And right now, we are hitting -- we are firing on every cylinder. We're living through a pivotal chapter, not just for Axon, not just for public safety, but for humanity, the moment where human and machine intelligence begin working together to solve problems that once felt permanent. It's not hyperbole.

這件事正在發生，而且比我們任何人預想的都要快。我們的團隊正在創造的產品速度，我看到整個公司不斷加速的創造力，以及他們按照原計劃加快交貨的速度，這正是我一直以來所相信的 Axon。現在，我們狀態正佳──我們火力全開。我們正經歷一個關鍵的篇章，不僅對 Axon 而言如此，對公共安全而言也是如此，對全人類而言更是如此。在這個時刻，人類和機器智慧開始攜手合作，解決那些曾經看似無法解決的問題。這並非誇張之詞。

It's what I see when I walk halls to this company every day. I've been doing this for over 30 years. I've never been more energized than I am right now. We're pushing the arc of history away from violence toward a world where killing is no longer necessary or acceptable. That mission hasn't changed. Our ability to deliver on it has grown and it has never been greater. Now what matters is execution. And by that measure, we've never been stronger.

這是我每天走過公司走廊時看到的景象。我從事這項工作已經超過30年了。我從未像現在這樣精力充沛。我們正在推動歷史的進程遠離暴力，走向一個不再需要或不可接受殺戮的世界。這項使命沒有改變。我們實現這一目標的能力不斷增強，而且比以往任何時候都更強大。現在關鍵在於執行。從這個角度來看，我們從未如此強大。

Let's roll.

出發！

Thanks, Rick, everyone. Mike Ng, Goldman Sachs.

謝謝里克，謝謝大家。吳邁克，高盛集團。

Historically, you've given us a sense of what bookings growth could look like on an absolute basis or relative to revenue growth. I was just wondering if you could talk about what you're expecting around bookings growth and discuss the demand environment in 2026? And then relatedly, are you expecting to see any meaningful product or customer vertical inflections over the next three years embedded in the guidance?

從歷史數據來看，你們讓我們對預訂量成長的絕對價值或相對於收入成長的情況有了大致的了解。我想請您談談您對2026年預訂量成長的預期，並討論市場需求環境？此外，您是否預期在未來三年內，產品或客戶垂直領域會出現任何有意義的轉折點，並在指導意見中加以體現？

I'd say at this point in time, we probably want to stay away from any bookings guidance. But I would say qualitatively, as we get toward the later part of the year and I start to have more visibility just like in the past years, I can certainly give more information then. But from a demand perspective, never been more confident across the Board.

我認為，在目前這個階段，我們最好還是不要提供任何預訂的指導。但就性質而言，隨著時間推移，到了下半年，我的曝光度也會像往年一樣增加，到那時我肯定可以提供更多資訊。但從需求角度來看，我對各方面都從未如此充滿信心。

Like we knew our core was rolling, and we're excited about that. But seeing these new products layer on and just the stand-alone demand for them in some cases and the kind of bundled demand in conjunction with some of our other products, it's just -- it's coming together really nicely. And I think it's very, very possible that all four of our core markets are in a place to have banner years this year. And it's going to take a lot of execution and a lot of focus, a lot of discipline, but I'll bet on our team.

就像我們知道我們的核心團隊正在運作一樣，我們對此感到興奮。但是，看到這些新產品層層遞進，在某些情況下，它們本身就有獨立的需求，而另一些新產品則與其他產品捆綁銷售，這一切都進展得非常順利。我認為我們四大核心市場今年都很有可能迎來業績輝煌的一年。這需要很強的執行力、高度的專注力和極強的自律性，但我相信我們的團隊。

Great. And just as my follow-up, just on the strategy to become the number one global sensor network, it seems like Axon 911, building on prepared and Carbyne should be really foundational to that. Could you talk a little bit about the differentiation that you guys have relative to the incumbents? What does the go-to-market look like to address this wider group of constituents that you may have done a little bit less with in the past, like Fire and EMS?

偉大的。至於如何成為全球第一的傳感器網絡，我的後續建議是，Axon 911 在 Prepared 和 Carbyne 的基礎上發展起來，應該會成為這一戰略的基礎。能否談談貴公司相對於現有競爭對手的不同之處？為了吸引過去可能接觸較少的更廣泛的客戶群體，例如消防和急救部門，市場推廣策略應該是怎樣的？

Sure. Jeff, why don't you cover the product and then -- or Rick cover the product, I'd be happy to cover the go-to-market motion.

當然。Jeff，你來介紹產品，然後──或者 Rick 來介紹產品，我很樂意介紹上市策略。

I'm going to give Jeff a little chance to speak here, and then maybe I'll top up after.

我打算先給傑夫一點時間發言，之後我可能會補充一些內容。

Yeah, sure. Michael, I think like we talked about before, the combination of sort of two steps. One is within 911 and then 911, how it connects to the rest of the ecosystem and everything Rick just talked about. So within 911, the combination of Prepared and Carbyne and why we were so excited to bring both of them into the Axon fold is because it's breadth and depth.

當然可以。邁克爾，我覺得就像我們之前討論的那樣，需要結合兩個步驟。一個是 911 內部，另一個是 911，它如何與生態系統的其他部分以及 Rick 剛才談到的所有內容連結。所以，在 911 中，Prepared 和 Carbyne 的結合，以及我們如此興奮地將它們都納入 Axon 系統的原因，是因為它具有廣度和深度。

And so what Prepared does is it is this AI-powered modern overlay that instantly adds value with almost 0 deployment complexity that can be done in extremely short order to any PSAP anywhere instantly turbocharging their ability to have a faster and more efficient workforce and to feed real-time data about incidents into a real-time crime center like Fusus and the like, and I'll come back to that in a moment.

因此，Prepared 的作用在於，它是一款由人工智慧驅動的現代化疊加層，幾乎無需任何部署複雜性即可立即為任何公共安全應答點 (PSAP) 增加價值，並且可以在極短的時間內完成部署，從而立即增強其擁有更快、更高效的工作人員的能力，並將有關事件的實時數據輸入到像 Fusus 這樣的實時犯罪中心，我會再談到這一點。

So it is not competitive with the legacy systems. It is an add-on and an instant overlay that's extremely efficient and effective. And then Carbyne comes right around behind that and says as an agency is ready whenever they're ready and many and many and more of them are getting ready sooner to say, we want to modernize our overall call handling infrastructure and have top to bottom the absolute best full stack for powering 911. Carbyne has already proven and continues to prove that pound for pound, they can outperform on every metric that matters those incumbent systems.

因此，它無法與傳統系統競爭。它是一款插件和即時疊加層，非常有效率且實用。然後 Carbyne 緊隨其後表示，作為一個機構，他們隨時準備就緒，而且越來越多的機構正在提前做好準備，表示他們希望實現整體呼叫處理基礎設施的現代化，並擁有從上到下絕對最好的全棧來支援 911。Carbyne 已證明並將繼續證明，就同等性能而言，他們在所有重要的指標上都能勝過現有系統。

And so the combination of those two, we think, sets us up very, very well, both right now and in the years to come. And then both of those connect to the ecosystem in a very advantaged way in the vignettes that Rick already shared. So the ability to as seamlessly as possible, take that signal from 911, flow it right into the RTCC with Fusus, flow it right into DFR with Skydio and more, and then all the way connected from there to all of our other sensors and signals, including the ones that are being worn by officers. And so again, agencies will pick individually which pieces they want the most, but the complete combination is really unmatched and unbeatable.

因此，我們認為，這兩者的結合，無論現在或未來幾年，都讓我們處於非常有利的地位。然後，在里克已經分享的案例中，這兩者都以非常有利的方式與生態系統聯繫起來。因此，我們能夠盡可能無縫地接收來自 911 的訊號，將其直接導入 Fusus 的 RTCC，再導入 Skydio 的 DFR 等設備，然後從那裡一直連接到我們所有其他的感測器和訊號，包括警員佩戴的感測器和訊號。因此，各個機構會各自挑選他們最想要的組件，但整體組合起來的效果是無與倫比的。

And from a go-to-market perspective, Michael, you're right to identify the fact that while there's overlap in the real-time crime center, the PSAPs are an extension of our customer base. I think Prepared's brand -- and look, the Carbyne acquisition closed just very recently. So most of my comments will be more geared toward Prepared as we've made a little more headway given that the acquisition was last year. These folks are very well ingrained in this customer set, and they're very well liked and respected.

從市場推廣的角度來看，邁克爾，你指出即時犯罪中心與公共安全應答中心存在重疊，這一點是正確的，但公共安全應答中心是我們客戶群的延伸。我認為 Prepared 的品牌——而且你看，Carbyne 的收購案也是最近才完成的。因此，我的大部分評論將更側重於 Prepared，因為自去年收購以來，我們取得了一些進展。這些人與客戶群建立了非常深厚的聯繫，他們深受客戶喜愛和尊敬。

And I'd say any acquisition we do ever starts with the quality of the team, like it doesn't really matter to us who's ahead and who's behind. In this case, we believe Prepared is ahead and Carbyne is ahead in next-gen call handling, but these teams are very, very talented. So not only are we placing a bet on this technology, we're placing a bet on the leaders here.

而且我認為，我們進行的任何收購都是從團隊品質開始的，至於誰領先誰落後，對我們來說並不重要。在這種情況下，我們認為 Prepared 和 Carbyne 在下一代通話處理方面處於領先地位，但這些團隊都非常有才華。所以，我們不僅是在押注這項技術，更是在押注這裡的領導者。

And specifically, Michael Chime, CEO of Prepared, this guy is going to win in 911. We're betting on him. We're arming him with what he needs, coupled with the mirror at Carbyne, we think we're going to be a very, very, very competitive group into the future, and we're excited about that.

具體來說，Prepared 公司的執行長 Michael Chime，這個人將在 911 事件中獲勝。我們看好他。我們正在為他提供他所需要的一切，再加上 Carbyne 的回饋，我們認為我們將來會成為一支非常、非常、非常有競爭力的隊伍，對此我們感到非常興奮。

One thing I want to just pile on with one other thing. If you look at -- there's sort of two general acquisition strategies, I'd say, in our industry. There's buy the mature cash cow industry leader and you sort of do that sort of a roll-up, which is not what we do, or you look at who are the disruptors that bring a fresh tech stack, Fusus, Dedrone, Prepared, Carbyne. These are all category upstarts that have a fresh technology stack that we can bring and integrate with what we're doing. The alternative is you buy a ton of tech debt.

我還有一件事想補充。如果你觀察一下──我認為，我們這個產業大致有兩種收購策略。要麼收購成熟的現金牛產業領導者，進行某種形式的整合，但這並不是我們所做的；要麼關注那些帶來全新技術堆疊的顛覆者，例如 Fusus、Dedrone、Prepared、Carbyne。這些都是新興的產業公司，擁有全新的技術堆疊，我們可以將其引入並整合到我們正在做的事情中。另一個選擇是背負大量的科技債務。

And so just because you've got a bunch of sort of legacy businesses under one brand doesn't mean that the systems play well together. And especially if we don't get the cultural elements right, driving change in large organizations is ever harder. So I want to thank Jeff, in particular, and Josh, I mean, I drive these guys nuts. They're trying to run a large business. And I'm always coming in like, hey, we got to push over here. We got to be changing. And I'm really proud.

因此，即使你把許多老牌企業都歸於同一個品牌之下，也不代表這些系統就能很好地協同運作。尤其是如果我們沒有正確掌握文化因素，在大組織中推動改變就更加困難。所以我要特別感謝傑夫，還有喬什，我的意思是，我快把他們兩個逼瘋了。他們試圖經營一家大型企業。我總是進來就說，嘿，我們得往這邊推。我們必須做出改變。我感到非常自豪。

I mean, Jeff has shown me just great examples. I think our team is adopting AI internally at a speed that I'm just really proud of. And it's not easy. There's also -- frankly, at times, there's pressure to, hey, should we be more focused, stay in one market, stay in one product segment. But you look at the breadth of all the different things we're doing across that portfolio and now in so many different markets, -- and the benefit of that is when the ground is shifting beneath our feet, we're not just relying -- I would not want to be a software-only company right now.

我的意思是，傑夫給我舉了很多很好的例子。我認為我們團隊在內部採用人工智慧的速度讓我感到非常自豪。這並不容易。坦白說，有時我們也會面臨這樣的壓力：我們是否應該更專注，留在一個市場，留在一個產品領域？但看看我們在整個產品組合中所做的各種不同的事情的廣度，以及我們現在在這麼多不同市場所做的事情——這樣做的好處是，當腳下的土地發生變化時，我們不僅僅依靠——我現在不想成為一家純粹的軟體公司。

I think this whole SaaS box looks has got some real risk to it. But when you combine like doing integrated hardware and software and all the data handling and network effects of sharing across all these different users and now in each new market we go into, I just met with a huge company in the medical response space. The ability we can give them to directly communicate and share data with other first responders without going -- having to rely on a radio right out of the 1970s, we think sets us up to continue to really build this ecosystem for the future and disrupt many of the category incumbents.

我認為整個SaaS模式都存在一些真正的風險。但是，當你把硬體和軟體整合起來，處理所有數據，以及在所有這些不同的用戶之間共享數據的網路效應，並且現在我們進入的每個新市場，我剛剛與一家醫療響應領域的巨型公司會面。我們能夠讓他們直接與其他緊急人員溝通和共享數據，而無需像 1970 年代那樣依賴無線電，我們認為這將使我們能夠繼續真正建立面向未來的生態系統，並顛覆許多現有行業巨頭。

Will Power, Baird.

威爾鮑爾，貝爾德。

Okay. Great. Well, really strong results. Congratulations to the whole team. And Rick, probably most importantly, great to hear some of the early green shoots. It seems like you're seeing out of the moonshot land. So best of luck on that, obviously moving forward.

好的。偉大的。結果非常出色。祝賀整個團隊。里克，或許最重要的是，很高興聽到一些早期的復甦跡象。你似乎已經超越了登月計畫的限制。祝你一切順利，未來可期。

Look, as I look at the future contract bookings, that provides really strong visibility seemingly for 2026. So I guess I want to focus on '27 and '28 and maybe better understand the confidence and visibility to sustain similar growth rates. Anything you can share on contribution from existing products versus new products? Any particular standouts there? And then I have a quick follow-up.

你看，從未來的合約預訂情況來看，2026 年的前景似乎非常明朗。所以我想專注於 2027 年和 2028 年，或許能更了解維持類似成長率所需的信心和前景。能否分享一下現有產品與新產品在貢獻上有哪些不同？有沒有特別突出的球員？然後我還有一個簡短的後續問題。

Sure. I mean I think, Will, in general, I think we're still growing into these new offerings, the AI Era Plan, the new version of OSP that launched this year. There's just more and more products. We have essentially more arrows in our quiver to keep selling and all of the buying signals are there. And frankly, we see a multitude of ways to get to that CAGR. I mean, we have, like I said, four markets that are all really showing signs of growth and a bunch of new products that we're really excited to see the adoption of.

當然。我的意思是，威爾，總的來說，我認為我們仍在逐步適應這些新產品，例如人工智慧時代計劃，以及今年推出的新版 OSP。產品種類越來越多。我們還有更多賣出的機會，而且所有買進訊號都已經出現了。坦白說，我們看到了實現該複合年增長率的多種方法。我的意思是，就像我剛才說的，我們有四個市場都展現了成長的跡象，還有許多新產品，我們非常期待看到它們被市場接受。

Maybe I'll call out one, which is Dedrone. That one, I think, has the potential to be really exciting, both because in state and local, we have the opportunity to really make an impact there with it, but it's really opening doors into both federal and international and often like the land and expand might not always be TASER into something else anymore.

也許我會點名批評 Dedrone。我認為，這項技術有潛力帶來真正的驚喜，不僅因為我們有機會在州和地方層面真正產生影響，而且它也為聯邦和國際層面打開了大門，而且通常情況下，就像土地和擴張可能並不總是意味著泰瑟槍會變成其他東西一樣。

It might be Dedrone into something else. And we're just seeing that play out so beautifully across both federal and international. It gives us a lot of confidence in the out years. And so certainly, everything we're looking at in terms of indicators suggest that the next three years is going to be really exciting here.

它可能會被 Dedrone 變成其他東西。我們看到，無論是在聯邦層級還是國際層面，這種情況都得到了非常完美的展現。這讓我們對未來幾年充滿信心。因此，我們所看到的所有指標都表明，未來三年將會非常令人興奮。

Yeah. The only thing I would add for everyone is I don't think you need to assume anything differently than what we have just delivered in this last year, right? There's no major change that you have to forecast or underwrite for 2028. All of the product lines are growing. We're seeing traction in all the markets. You can just continue to roll that forward.

是的。我唯一想補充的是，我認為大家不需要對我們在過去一年所取得的成就抱持任何不同的假設，對吧？2028 年不會出現任何需要預測或承保的重大變更。所有產品線都在成長。我們在所有市場都看到了成長勢頭。你可以繼續往前滾動。

Okay. I just -- that's all very helpful. Just maybe to follow up on some of the AI commentary. Great to see the bookings strength there. It'd be great to get any kind of perspective on kind of what any year. I mean, I think last year was kind of the first big year for bookings, right, given when it was rolled out. Is that something that could double this year? I mean what's kind of the -- what does the pipeline look like? And what is the product road map there? Anything you can share on that front?

好的。我只是——這些都很有幫助。或許只是想對一些人工智慧的評論做個補充說明。很高興看到那裡的預訂情況如此強勁。如果能了解一下往年的情況就太好了。我的意思是，考慮到這項服務推出的時間，我認為去年是預訂量第一個大幅增長的一年，對吧。今年這個數字有可能翻倍嗎？我的意思是，整個流程大概是什麼樣的？那裡的產品路線圖是什麼？這方面有什麼可以分享的嗎？

Well, I take a lot of craft at Axon for sports analogies. So you're not helping me out here. But I would say we're in the very early innings, like bottom of the first, top of the second, we're talking about here. We've got a lot of pipeline ahead of us in AI, and we've got the opportunity to continue deploying more and more AI products every year into this plan. And as such, the value will continue to increase in it and certainly attract more and more customers along the way. So this is one where this is like we're -- game just started, National Anthem is over and teams are running out on the field here.

我在 Axon 學習了很多關於體育類比的技巧。所以你在這裡一點也幫不上我的忙。但我認為我們現在還處於比賽的初期階段，就像第一局下半局、第二局上半局。我們在人工智慧領域還有很多專案正在籌備中，我們有機會每年繼續按照計劃部署越來越多的人工智慧產品。因此，它的價值將持續增長，並且肯定會在此過程中吸引越來越多的客戶。所以現在的情況是──比賽才剛開始，國歌奏完，隊員們正在跑進球場。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Let me echo the congratulations as well on the strong quarter. Can you -- I also appreciate sort of the additional detail on your AI moats. And so I wanted to start there and maybe dig in a little bit more. Can you help us understand some of the domain knowledge and data moats that you have in the AI world? And maybe how does that relationship -- the vision for working with some of the frontier models, how does that look like now and in the future?

我也要對本季強勁的業績表示祝賀。您好—我還很欣賞您關於人工智慧護城河的額外細節。所以我想從那裡開始，也許可以更深入地研究一下。您能否幫助我們了解您在人工智慧領域擁有的一些領域知識和數據優勢？那麼，這種關係──與一些前沿模式合作的願景，現在和未來會是什麼樣子呢？

I was going to see if Jeff wanted to take that one.

我本來想問傑夫願不願意接下那個任務。

Maybe I'll start and then, Rick, you can chime on. So I think, first, I think that the grounding, and you've heard us talk about this before and goes with what Josh was saying, too, is that I think differentiation and success here in AI at its core in a world where everybody has access to the same commodity but very powerful frontier models is really, one, having the right physical sockets, and that's why hardware plays such a big role, right?

也許我先開始，然後瑞克，你可以接著說。所以我認為，首先，我認為基礎在於，你們之前也聽我們談過這一點，這也與 Josh 所說的相符，那就是，在人工智能領域，在每個人都能獲得相同商品但非常強大的前沿模型的時代，差異化和成功的核心在於，第一，擁有合適的物理接口，這就是為什麼硬件發揮著如此重要的作用，對吧？

So if you think about something like even translation that we came out with last year that is having such a big hit, the raw technology of translation comes with the core models. That's not where our -- either our innovation or our differentiation or our moat is.

所以，如果你想想像我們去年推出的翻譯功能這樣非常受歡迎的功能，翻譯的原始技術就是核心模型。那不是我們的——無論是我們的創新、差異化優勢還是護城河所在。

The key is that we are marrying that up with a clear and present, very real specific need for our customers all day, every day in their real job, and we are embedding it ergonomically and physically into the device that a very, very, very large number of the people in this category are already wearing every day.

關鍵在於，我們將這種理念與客戶在日常工作中清晰、迫切、真實的具體需求相結合，並以符合人體工學和物理的方式將其融入到該類別中大量用戶每天都在佩戴的設備中。

And that's why -- and like if you think about an officer carrying a phone and trying to pull out the phone and launch an app and this and that and the other or add some other piece of equipment that they're not used to or have -- all of those things are radically simplified when we simply can build in that functionality into an experience and a physical artifact that we already have that socket for.

這就是為什麼——例如想想一個警官帶著手機，試圖掏出手機啟動應用程式等等，或者添加一些他們不習慣或沒有的其他設備——當我們能夠將這種功能整合到我們已經有相應介面的體驗和實體設備中時，所有這些事情都會得到極大的簡化。

The second, as you said, is ultimately about the data. And as you know, we simultaneously have, I think, the highest bar of anyone out there in our own or even other segments about thinking ethically and responsibly about how we use any kind of data and certainly customer data in the right ways.

正如你所說，第二個問題最終還是與數據有關。如您所知，我認為，我們同時也有著業界最高的標準，無論是在我們自己的領域還是其他領域，對於如何以合乎道德和負責任的方式使用任何類型的數據，尤其是客戶數據，我們都秉持著最高的標準。

But ultimately, even with the highest possible bar of dedication to responsible innovation, our responsibility and our ability, given that massive -- you talked about the millions of hours of video and everything else is for us to use the state-of-the-art as it keeps evolving with what the models can do to get differentiated results out of the same models that everybody else can use by leveraging in a responsible way, the unique customer data that we are the custodians of.

但歸根結底，即使我們以最高的標準致力於負責任的創新，鑑於我們掌握著海量數據——你剛才提到了數百萬小時的視頻等等——我們的責任和能力在於，我們要利用最先進的技術，隨著模型不斷發展，利用我們作為保管者的獨特客戶數據，以負責任的方式從其他人可以使用的相同模型中獲得差異化的結果。

Maybe I'll just add one really, really simple add-on to that, which is like our CEO is in the top 0.0001% of AI users globally. So you can imagine what that means for everyone else at the company when that's Rick, right? And so I think I'm particularly proud of the push we've gotten from Rick, but also Jeff equally leading the charge on this and really establishing our identity as an AI company in public safety.

也許我只需要增加一個非常非常簡單的附加功能，那就是我們的 CEO 躋身全球人工智慧用戶前 0.0001% 之列。所以你可以想像，如果瑞克是那樣的人，這對公司裡的其他人意味著什麼，對吧？因此，我認為我尤其為里克所做的努力感到自豪，同時也為傑夫在這方面的帶頭努力感到自豪，他真正確立了我們作為一家公共安全領域人工智慧公司的地位。

The only thing I would add on to the tail end of that is also the fact that we are managing these business process flows of this critical information because of the whole Evidence.com ecosystem, right? The evidence comes in, we store it, we move it around workflows that have traditionally been manual. The opportunity for us to automate more and more of that with AI is just like we're in this incredible position to automate away just a ton of work for our customers. And then it goes to the prosecutor, it goes to the defense attorney. And now we're now selling premium products there years ago.

我唯一想補充的是，我們之所以能夠管理這些關鍵資訊的業務流程，也是因為整個 Evidence.com 生態系統，對吧？證據進來後，我們將其儲存起來，並在傳統上需要人工操作的工作流程中傳輸。利用人工智慧實現越來越多的自動化，我們擁有了絕佳的機會，可以為客戶自動完成大量工作。然後案件會交給檢察官，再交給辯護律師。而現在，我們已經在那裡銷售高端產品好幾年了。

And we -- I think we still do have a free version of Evidence.com for prosecutors to be able to just receive evidence, but they're now buying premium versions because, boy, they sure love that evidence to come in and get processed for all the things they've got to do with it, make sure we're helping track discovery requests and helping them find where the needles in the haystack, the things they need to look at, most importantly, when they get 100 hours of video in a case.

我們——我認為我們仍然為檢察官提供了一個免費版本的 Evidence.com，以便他們能夠接收證據，但他們現在購買的是高級版本，因為他們確實很喜歡接收證據並進行處理，以便處理他們需要做的所有事情，確保我們幫助他們跟踪取證請求，幫助他們在茫茫證據中找到關鍵信息，找到他們需要查看的內容，尤其是在案件中收到 100 小時的視頻。

So I think the -- it really is that we've got sort of the manual version of these workflows with this highly secure data, and it's shame on us if we can't be the ones who really delight our customers by bringing AI in to solve more and more problems for them on their existing workflows and then doing new things that they never thought possible.

所以我覺得——實際上，我們擁有的是這些高度安全的數據的手動工作流程版本，如果我們不能透過引入人工智慧來解決客戶現有工作流程中越來越多的問題，並實現他們從未想過的新事物，從而真正讓客戶感到滿意，那真是我們的恥辱。

Sockets, workflows and real jobs to be done. So many companies out there that are trying to work their way through this situation, they are trying to sort of, as Rick said before, kind of do AI for AI's sake or paint it on as an afterthought. Foundationally, we are always grounded in actually solving the real everyday workflows for our customers, and we have the benefit of having these incredibly sticky all day, everyday workflows and physical sockets that they are already depending on us for, and they are the perfect conduits to insert AI done right to help accelerate what they're trying to get done.

套接字、工作流程和待完成的實際任務。很多公司都在努力應對這種情況，正如里克之前所說，他們試圖為了人工智慧而人工智慧，或將其作為事後考慮的附加功能。從根本上講，我們始終致力於為客戶解決實際的日常工作流程問題，並且我們擁有這些極其穩定的日常工作流程和實體管道，客戶已經依賴我們，而這些管道正是引入正確應用的 AI 以幫助加速他們想要完成的工作的完美途徑。

Excellent. It looks like you're a clear beneficiary of this AI trend. One thing I wanted to also better understand is with the enterprise opportunity, you've now called out sort of multiple large contracts. It seems like we're just at the beginning here as well. What maybe has to happen from a go-to-market perspective to achieve that vision? What do you have to do to build out a channel and to sell this even more into newer enterprises?

出色的。看來你是人工智慧發展趨勢的明顯受益者。我還想更了解的一點是，關於企業合作機會，你們現在已經提到了幾個大型合約。看來我們也才剛起步。從市場推廣的角度來看，為了實現這個願景，可能需要做些什麼？要如何拓展通路，並進一步向新興企業推廣這款產品？

Sure thing. I think, look, while it's a different market, I think we've seen this play out before. Some of us were here in 2009, 2010, 2011 when we were building the Video business in public safety, and we understand what it takes to like get momentum out of the gate to make your first customer successful to parlay that into customers two, three and -- and the reality is it's like -- it's an exponential curve. It's not linear.

當然可以。我認為，雖然這是一個不同的市場，但這種情況我們以前也見過。我們當中有些人從 2009 年、2010 年、2011 年就開始在這裡，當時我們正在公共安全領域建立視訊業務，我們知道如何快速起步，讓你的第一個客戶獲得成功，然後將其轉化為第二個、第三個客戶——而現實是——這是一個指數曲線。它並非線性發展。

Like we go from 1 to 4 to 12 customers and each of those kind of is the next like stone across the creep that we have to cross, and it's going to take a little time. But for me, the most important thing out of the gate is not how many enterprise customers we sign up in short order. It's how many enterprise customers we make successful and delighted with the products early on. And then the rest has a way of figuring itself out.

就像我們從 1 個顧客到 4 個顧客再到 12 個顧客，每個顧客都像是我們要跨越的陡坡上的一塊石頭，這需要一些時間。但對我來說，最重要的是在短時間內簽下多少企業客戶。這就是我們如何讓眾多企業客戶在早期階段就獲得成功並對產品感到滿意的原因。剩下的事情自然會迎刃而解。

And so for us, it's much more about getting the right team, focusing on the right early customers, focusing on the right channel partners in certain markets like private security. And so that's just a process that's playing out. But every year, we see a few more indicators that this is something that's truly turning into a valuable business. And while we've got some work to do, for sure, like my opinion is, as long as we keep things simple and put one in front of -- put one foot in front of the other, we're going to end up in a very exciting place in the enterprise business.

因此，對我們來說，更重要的是組建合適的團隊，專注於合適的早期客戶，並專注於某些市場（例如私人保全）的合適通路合作夥伴。所以這只是一個正在發生的過程。但每年我們都會看到一些跡象表明，這確實正在變成一項有價值的業務。雖然我們還有一些工作要做，但我認為，只要我們保持簡單，一步一腳印地前進，我們最終會在企業業務中達到一個非常令人興奮的境界。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Congrats on the quarter. Josh, TASER saw a huge acceleration to 32% growth. Congrats on hitting $1 billion run rate there and also the decline in the officer-related debts. Talk about any specific drivers in the quarter that helped that? Where do you stand from a capacity standpoint? And is the Apollo cartridge still slated for this year?

恭喜你本季取得佳績。Josh，TASER 的成長速度大幅加快，達到了 32%。恭喜你們實現了10億美元的年化收入，同時也恭喜你們減少了與高階主管相關的債務。請談談本季有哪些具體的驅動因素促成了這個結果？從產能角度來看，你們的情況如何？Apollo 卡帶今年還會上市嗎？

So I'll let Rick weigh in on the Apollo DART project. In terms of TASER demand, I think it's a matter of just execution. I think one thing people have got to realize a little bit about bookings, and I think Q3 and Q4 were a good example of this is the bigger the deals get like sometimes Q3 like last year will be a decent quarter, but not a double over the last year, but then we come back in Q4 with a couple of these large, large deals that we thought had a chance to close in Q3 and they closed in Q4.

那麼，就讓瑞克來談談阿波羅DART計畫。就泰瑟槍的需求而言，我認為這只是執行層面的問題。我認為大家需要對預訂情況有所了解，第三季和第四季就是一個很好的例子。有時候，像去年第三季那樣，業績還不錯，但並沒有達到去年同期的兩倍。但到了第四季度，我們又迎來了幾筆我們認為在第三季度有機會達成的巨額交易，而這些交易最終在第四季度成功完成。

So with nine-figure deals and these bigger and bigger deals, there's just a little more variability quarter-to-quarter. And I think that's more of what happened. I think it was -- the demand was there, and we are very confident in it. It's just some of those large deals pushed from Q3 to Q4, and the team did a good job getting them soon up before the end of the year. But we certainly feel like TASER demand is very strong. And it's exciting to see, obviously, the progress on the moonshot and to hear the testimonials from customers saying in or coming in.

因此，隨著九位數交易以及越來越大的交易的出現，季度之間的波動性也會略有增加。我覺得這才是事情的真相。我認為確實如此——市場需求旺盛，我們對此非常有信心。只是有些大額交易從第三季度推遲到了第四季度，團隊做得很好，在年底前盡快完成了這些交易。但我們確實感覺泰瑟槍的需求非常強勁。顯然，看到登月計畫取得進展，聽到顧客的評價，令人興奮不已。

We're only talking about a low thousands number. So when you hear an agency say, hey, there were five or seven of these that would have resulted in a shooting, that's like a statistically significant amount that we're starting to see in terms of saves instead of shootings in public safety. And so we're really encouraged to see the trend line. And again, a lot of work to do, but feeling like we're on the right track.

我們說的只是幾千個數字而已。所以，當你聽到某個機構說，嘿，有五到七起這樣的事件本來會導致槍擊事件發生時，這就像是我們在公共安全領域開始看到的，在挽救生命而不是槍擊事件方面，這是一個具有統計學意義的數字。因此，我們看到這條趨勢線，感到非常鼓舞。當然，還有很多工作要做，但感覺我們走在正確的道路上。

Rick, did you want to cover the Apollo DART?

瑞克，你想報道阿波羅DART計畫嗎？

Yeah. Apollo is testing extremely well, better than we even expected in laboratory testing, meaning the percentage of time we can get through heavy clothing being very high and the percentage of time we get an over penetration is very low. So that's great. It's going to be going shortly up to the Arctic circle for some field testing. We've made heavy investments in the automation. It is not an easy product to make. If you look at the videos, it kind of looks like this pretty cool object.

是的。Apollo 的測試結果非常好，甚至比我們在實驗室測試中預期的還要好，這意味著穿透厚重衣物的百分比非常高，而過度滲透的百分比非常低。那太好了。它很快將被送往北極圈進行實地測試。我們在自動化方面投入了大量資金。這不是一種容易製作的產品。如果你看了視頻，它看起來就像一個很酷的物體。

The thing is a flying hypodermic needle that we have like cut with incredible precision to create these cascading crumple zones so we can use the physics and fluid dynamics of skin function to create a chain reaction that makes this thing stop cutting through materials and penetrating. So I think it's a really big technological breakthrough. And I would say it's probably not going to be a meaningful contributor to revenue this year, but it will start to be in real customers' hands for the next cold season is the goal.

這個東西就像一根飛行的皮下注射針，我們以驚人的精確度切割它，創造出這些層疊的褶皺區域，這樣我們就可以利用皮膚功能的物理學和流體動力學來產生連鎖反應，使這個東西停止切割材料和穿透。所以我認為這是一項非常重大的技術突破。我認為它今年可能不會對收入做出實質貢獻，但我們的目標是在下一個寒冷季節讓真正的顧客能夠用上它。

That's great. One more quick one for you, Josh. Europe, obviously had a huge year. Great to hear the two big deals in Q4. How is the pipeline for this year tracking? How do you keep up that momentum? What's driving that?

那太棒了。喬希，最後一個問題快問快答。歐洲顯然度過了碩果累累的一年。很高興聽到第四季達成了兩筆大交易。今年的專案進度如何？如何保持這種勢頭？是什麼原因導致這種情況？

Sure thing. It's a story of -- we had two huge deals at the end of the year that certainly helped the result, coupled with a lot of medium-sized deals. And I think that's kind of the thing. Like as it's growing, we saw this in state and local, we feel good about the foundational level, but for things to really grow fast, we've got to have more and more big deals.

當然可以。這是一個這樣的故事——我們在年底達成了兩筆大筆交易，這無疑對最終結果有所幫助，再加上許多中等規模的交易。我覺得這就是關鍵。就像它正在發展一樣，我們在州和地方層級都看到了這一點，我們對基礎層面感到滿意，但要真正快速發展，我們必須達成越來越多的重大交易。

And so we've got a bunch of big deal hunters over there in Europe now, and they're bringing back more and more opportunity every quarter. And while the timing is going to vary a little quarter-to-quarter, we feel like we've got a few really, really exciting opportunities in international this year, and the team is going to focus on closing them.

所以我們現在在歐洲有一群專門尋找大宗交易的人員，他們每季都在帶回越來越多的機會。雖然每季的具體時間安排會略有不同，但我們感覺今年在國際市場上有一些非常非常令人興奮的機會，團隊將專注於把握這些機會。

Mike Latimore, Northland.

麥克·拉蒂莫爾，北地。

So I think you've mentioned that within the longer-term guidance, maybe software grows a little faster than hardware. I guess is there any thought that maybe the software growth rate actually improves or accelerates a little bit given some of the AI applications that are going in there?

所以我覺得您已經提到過，從長遠來看，軟體的成長速度可能會比硬體快一些。我想，鑑於一些人工智慧應用正在湧現，是否有人認為軟體成長率實際上可能會有所提高或加快呢？

I mean I think we're obviously really excited with the performance we saw, but our hardware business is also doing great. So I mean, I think they're both performing so well. It's hard to really call which will be a bigger contributor. I think you've seen in the last couple of years, though, that software has been slightly outpacing hardware growth, and that's a tailwind for us from a gross margin standpoint.

我的意思是，我們當然對目前的業績感到非常興奮，但我們的硬體業務也發展得很好。所以我覺得他們兩個表現都非常出色。很難說哪一個貢獻比較大。不過，我想你們在過去幾年已經看到，軟體的成長速度略微超過了硬體的成長速度，從毛利率的角度來看，這對我們來說是一個利好因素。

We do have monetary dynamics there with like how much software historically we've booked, when you just layer on the AI Era Plan on top of that, now there's just so many more dollars available in software and AI relative to hardware. So certainly, we're excited about that and seeing more and more software start to pile up here.

這其中確實存在資金方面的動態因素，例如我們過去預訂的軟體數量，再加上人工智慧時代計劃，現在軟體和人工智慧領域相對於硬體領域有了更多的資金可用。所以，我們當然對此感到興奮，也很高興看到越來越多的軟體在這裡堆積起來。

We do have some more hardware magic up our sleeve over the next couple of years here. So I do want to give a shout out to Brittany as well. She had her work cut out working with me on the long-term plan because one of the things I worry about is that if we underinvest in continuing to build out the hardware elements of the ecosystem, which are going to -- they're not going to be as high margin, at least initially, especially as the software, but I think it's important to the health of the business.

未來幾年，我們還有一些硬體方面的驚喜等著我們。所以我也想特別表揚一下布列塔尼。她和我一起制定長期計劃，工作量很大，因為我擔心的一件事是，如果我們對繼續構建生態系統的硬體部分投入不足，而這些硬體部分的利潤率不會像軟體那麼高，至少在初期是這樣，但我認為這對企業的健康發展很重要。

And Brittany and her team really did a nice job really rigorously modeling this out to show me we have plenty of room to be able to hit all the investments we want to invest in and continue to deliver growing profitability to our shareholders.

布列塔尼和她的團隊確實做得很好，他們非常嚴謹地建立了模型，向我展示了我們有足夠的空間來實現我們想要投資的所有項目，並繼續為我們的股東帶來不斷增長的盈利能力。

Great. And then just a second question for me. It seems like you've won some good international cloud deals lately. Do you see sort of an acceleration there? Is that kind of loosening up where the dam sort of broken and now international cloud is going to -- they're more comfortable with that model?

偉大的。我還有一個問題。看來你最近拿下了一些不錯的國際雲端服務訂單。你覺得那裡有某種加速的跡象嗎？這是否意味著某種程度上的放鬆，就像堤防決堤一樣，現在國際雲端服務商更適應這種模式了？

Yeah, for sure, for sure. And we think AI is the thing that takes that opportunity to the next level as well. Now it's like if you want to deploy things on-premise, you're essentially signing up for 0 AI tools into the future, which I think is becoming pretty clearly not a winning formula. And so I think that is a nice push to the cloud for some governments that have been slow to adopt it. And we're here certainly waiting for that moment with a lot to offer, not only in cloud, but also in AI.

是的，當然，當然。我們認為人工智慧也將把這種機會提升到一個新的水平。現在的情況是，如果你想在本地部署某些東西，你實際上就等於放棄了未來使用任何人工智慧工具的機會，我認為這顯然不是一個成功的模式。所以我認為這對一些一直遲遲沒有採用雲端運算的政府來說，是一個很好的推動力。我們當然會在這裡等待那個時刻的到來，並且有很多東西可以貢獻，不僅在雲端運算領域，而且在人工智慧領域。

David Paige, RBC.

David Paige，RBC。

Erik. Nice to be here. Congrats on the great results, team. I had a question -- maybe jumping back to what Jonathan Ho had asked, in terms of driving growth in the enterprise market and the go-to-market, I guess if I think about like US public safety, police station, like the Chief of Police would then call like the neighboring chief of police and say, oh, hey, I have this great Axon product. Why don't you look at it, look how beneficial it is. But like a big box retailer wouldn't exactly call their biggest competitor and say, hey, I have this great camera that's reducing theft and all the benefits that it has. So I was just curious, maybe you could flesh out just how you're going after new business there.

埃里克。很高興來到這裡。恭喜團隊取得如此優異的成績！我有一個問題——也許可以回到 Jonathan Ho 提出的問題，關於推動企業市場成長和市場推廣，我想，如果我以美國公共安全部門、警察局為例，比如警察局長會打電話給鄰近的警察局長說，哦，嘿，我有一個很棒的 Axon 產品。為什麼不看看呢，看看它有多好。但就像大型零售商不會打電話給他們最大的競爭對手說：“嘿，我有一款很棒的相機，可以減少盜竊，還有它帶來的所有好處。”所以我很好奇，您能否詳細介紹一下您在那裡是如何拓展新業務的？

Yeah. Let me take on that one to start because I would actually tell you, they do colleagues, the security departments are mostly former law enforcement. And they're under a lot of pressure, and they don't view that as a competitive advantage in any way. It that's an area like we partner with Auror, which is one of our investment companies out of New Zealand that basically runs a case management software similar to Evidence.com for retailers.

是的。讓我先回答這個問題，因為我其實可以告訴你，他們確實有同事，保全部門大多是前執法人員。他們承受著巨大的壓力，他們也不認為這是一種競爭優勢。在這個領域，我們與 Auror 合作，Auror 是我們位於紐西蘭的投資公司之一，它主要經營一款類似 Evidence.com 的零售商案件管理軟體。

And they share wildly with each other because they want to track -- they're all being hit with these organized retail crime organizations. And so there is actually much more collaboration than I was expecting. I expected a more competitive dynamic, and there certainly is on the retail side, but I'm not seeing anybody viewing this as an area of competitive advantage. They're quite collaborative.

他們互相瘋狂分享訊息，因為他們想要追蹤——他們都受到了這些有組織的零售犯罪組織的打擊。所以，實際的合作比我預想的多很多。我原本預期競爭會更加激烈，零售業的確如此，但我沒有看到任何人將此視為競爭優勢的領域。他們非常善於合作。

And then similarly, on the medical side, I was just with a major medical provider. And it was interesting there, there's a fair amount of mission-driven stuff, too. This company, in particular, operates a ton of ambulances and vehicles and EMS services.

同樣，在醫療方面，我當時只選擇了一家大型醫療服務提供者。那裡也很有趣，有很多以任務為導向的東西。這家公司尤其經營大量的救護車、車輛和緊急醫療服務。

But there day-to-day, they're pretty geographically segmented, and they're constantly deploying ambulances that calls that may come into a competitor or they'll have a call that comes in that they'll end up shunting over to a competitor. And I think in those cases, I've not seen in those industries that a negative competitive dynamic. In fact, there's a lot of the same collaboration.

但就日常營運而言，他們的業務在地理上相當分散，他們不斷部署救護車，處理可能屬於競爭對手的呼叫，或者他們接到呼叫後最終會轉交給競爭對手。我認為在這些產業中，我還沒有看到負面的競爭動態。事實上，有很多合作都是相同的。

Yeah. I'd just add, it's incumbent upon us to build the business case also for every customer. Ultimately, I think you're right, in general, like there's an element of competition, at least a little more so than in public safety. But ultimately, all of these decision-makers understand what an ROI looks like and that our products drive that ROI and solve real problems for them.

是的。我還要補充一點，我們有責任為每位客戶建立商業案例。總的來說，我認為你是對的，這裡面確實存在競爭因素，至少比公共安全領域要多一些。但歸根究底，所有這些決策者都明白投資報酬率是什麼樣子，也明白我們的產品能帶來投資報酬率，並為他們解決實際問題。

So our lead gen efforts and our -- how we show up for new prospects matters probably a little more here than in public safety. But at the same time, I think the market is so much bigger as well that I don't think the opportunity slows down as a result of that nuance.

因此，我們的潛在客戶開發工作以及我們如何與潛在客戶互動，在這裡可能比在公共安全領域更重要一些。但同時，我認為市場規模也大得多，因此我不認為這種細微差別會導致機會減少。

Jordan Lyonnais, Bank of America.

喬丹·里昂，美國銀行。

Rick, you touched on it a little bit in the Go Boldly podcast where things had gone where you expected. So when we look out to 2028, having this joint sensor just under the Axon tool belt, what do you worry about could go wrong?

Rick，你在 Go Boldly 播客中稍微提到過這一點，事情的發展正如你所預料的那樣。展望 2028 年，在 Axon 工具腰帶下方安裝這種關節感測器，您擔心會出什麼問題？

I think for us, a misstep around sort of privacy and data handling. We are seeing that those are concerns right now out in the public. I think that would be one where we could make a mistake that would have outsized negative consequences. I think also if we -- our customers are going to expect that we continue to deliver more and more value. I mean they're all hearing the same things we all are that you can do more with less cost in terms of developing technology. And so I think it's incumbent on us to make sure we're still earning our way up the value chain the way we always have.

我認為對我們來說，這是在隱私和資料處理方面犯的錯誤。我們看到，這些確實是目前公眾所關注的問題。我認為那件事我們可能會犯錯，而這個錯誤會造成巨大的負面後果。我認為，如果我們這樣做，我們的客戶也會期望我們持續提供越來越多的價值。我的意思是，他們都聽到了和我們一樣的說法，那就是在技術開發方面，可以用更少的成本做更多的事情。所以我認為，我們有責任確保我們仍然像以往一樣，透過努力提升自身在價值鏈中的地位。

It something I'm particularly proud of, like when Josh talks about where we were five years ago with a much lower peak price point, it was, I think, like in the $200 range. We haven't just like raised prices to get there. We've launched a ton of new products that didn't exist. And I think that we've got to just continue to deliver there. And Jeff and his team are pretty busy making sure that I think expectations for what we deliver in the AI Era Plan are going to continue to grow, and we've got to hit it.

這是我特別引以為傲的事情，就像 Josh 談到我們五年前的情況，當時的峰值價格要低得多，我記得好像是 200 美元左右。我們並非僅僅透過提高價格來實現這一目標。我們推出了大量以前不存在的新產品。我認為我們必須繼續在這方面取得進展。傑夫和他的團隊非常忙，確保我們能夠實現人工智慧時代計畫的目標。我認為，人們對我們交付成果的期望將會不斷提高，我們必須達到目標。

Keith Housum, Northcoast.

Keith Housum，北海岸。

Just unpacking the enterprise opportunity a little bit more. Perhaps you guys can provide a little bit of color about, one, I guess, which verticals are you having the initial success in? And perhaps any color you can give on the second large customer that you guys have in terms of which vertical they buy in?

再詳細分析一下企業機會。或許你們可以稍微介紹一下，例如，你們在哪些垂直領域取得了初步成功？您能否透露一下貴公司第二大客戶的具體情況，例如他們主要採購哪個垂直領域的產品？

And then finally, I guess, as you guys are going after the enterprise market, are you leading with Fusus? Are you leading with the Mini or what's kind of like the lead product there? And are people signing up for a multipack or are they going with one product and the goal is to land and expand?

最後，我想，既然你們的目標是企業市場，那麼Fusus是你們的首選產品嗎？你們是以Mini為主打產品，還是以其他類似主打產品的產品為重點？人們是購買多件裝產品，還是只購買一種產品，目標是先站穩腳跟，然後再逐步擴大規模？

Yeah. Thanks, Keith, and good to see you. I would say, look, like our salespeople, we're like as allergic as to the like show up and throw up mindset as you possibly could be. Like we want our salespeople showing up and asking a million questions to identify the opportunity and then figure out what product is going to solve the problem. And so I think there's moments where ABW Mini leads or Axon Body Mini leads to more conversations around software and AI.

是的。謝謝你，基思，很高興見到你。我想說，你看，就像我們的銷售人員一樣，我們對那種「來了就吐」的心態反感到極點。我們希望銷售人員到場後提出無數個問題，以發現商機，然後找出能夠解決問題的產品。因此，我認為在某些時候，ABW Mini 或 Axon Body Mini 會引發更多關於軟體和人工智慧的討論。

I think there's moments where Fusus is really the exciting part. I think there's moments where Outpost and Lightpost or DFR or counter drone are the exciting first opportunities. And I think that's -- it's similar to international. It's like the beauty of it is -- you just got to get in with one product and then everything works so synergistically, we'll bet on ourselves and our ability to sell more over time. And so I think now more than ever, it varies. Like for a little while, it was a Body cam and then you go to the next step. Now it can be a number of different first products.

我覺得有時候 Fusus 才是真正精彩的部分。我認為有些時候，哨站、燈塔、DFR 或反無人機是令人興奮的首次機會。我認為這與國際情況類似。它的妙處就在於——你只需要推出一款產品，然後一切都會協同運作，我們相信自己，也相信我們有能力隨著時間的推移銷售更多產品。所以我覺得現在這種情況比以往任何時候都更加複雜多變。就像一開始只是戴上執法記錄儀，然後就進入了下一個階段。現在它可以是多種不同的首發產品。

Great. Great. Any color on the large customer that you guys announced in your second one in enterprise?

偉大的。偉大的。你們在第二次企業級發表會上宣布的大客戶有什麼細節嗎？

Yeah. So I appreciate you asking, Keith. Personally, I'm not sure that we're going to be announcing logos from us on enterprise deals. I'm not sure that it serves us. And I think we'll see. I think some of these will just come out in the press or hopefully, some of you guys are walking into these major businesses over time and you see our products just being used in the wild. But I think we're trying to do the calculus of like is it worth starting to identify these by name for competitive reasons or not. And so that -- hence our trepidation on that.

是的。謝謝你的提問，基斯。就我個人而言，我不確定我們是否會在企業合作專案中公佈我們的標誌。我不確定這是否對我們有利。我想我們拭目以待。我認為其中一些情況會在媒體上曝光，或者希望隨著時間的推移，你們中的一些人能夠進入這些大型企業，看到我們的產品在實際應用中發揮作用。但我認為我們正在嘗試計算的是，出於競爭原因，是否值得開始按名稱來識別這些。所以——這就是我們對此感到擔憂的原因。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Congrats. I guess just maybe first question on the 911 market. Just is that a different buyer kind of within the organization? Or just how much can you use kind of cross-selling and leveraging the relationships you already have within kind of some of the state and local environments?

恭喜。我想這或許是關於911市場的第一個問題。那是不是公司內部另一種類型的買家？或者，你能在多大程度上利用交叉銷售以及你在州和地方環境中已經建立的關係？

And then maybe just a second quick question for Brittany. You mentioned the 30% on the premium OSP plan. Understanding that continues to kind of get enhanced over time. But do you see any major changes to that percentage kind of driving some of your expectations for 2028?

然後，或許我還能再問布列塔尼一個簡短的問題。您提到了高級 OSP 計劃的 30% 折扣。隨著時間的推移，這種理解會不斷加深。但您認為這個百分比會有什麼重大變化，從而影響您對 2028 年的預期嗎？

Brittany, do you want to start with the second one first?

布列塔尼，你想先從第二個開始嗎？

Yeah, sure. I mean, look, the interesting thing about that is the premium plan goes up every year. So each year, we start with a new premium plan. I do think that over time, we will continue to roll more of our customers on to our most premium plans. That's a little bit of what you're seeing underlining the 125% NRR number.

當然可以。我的意思是，你看，有趣的是，高級套餐的價格每年都在上漲。所以每年我們都會推出新的高級計劃。我認為隨著時間的推移，我們將繼續將更多客戶升級到我們最高級的套餐。這就是你所看到的，125% NRR 這個數字背後的部分原因。

So I think you can continue to see it moving up over time. I also think, though, that we continue to add amazing new products, and that takes that premium plan price point up. So it's not like I see us getting saturated on how many people are on the premium plan in the next few years.

所以我認為隨著時間的推移，它的價格會繼續上漲。不過，我認為，我們不斷推出令人驚豔的新產品，這也推高了高級方案的價格。所以，我並不認為未來幾年內高級會員計畫的用戶數量會達到飽和。

And Meta, great question on the buyer persona and 911. I don't think it's cut and dry with like one buyer. Sometimes the RTCC really has a lot of say over that, the real-time crime center. Sometimes the police department or county operates their own 911 center and there, again, it's a very tight decision loop. Sometimes a PSAP supports 5, 10, 20-plus different accounts.

Meta，你關於買家畫像和911的問題問得很好。我覺得事情不像只有一個買家那麼簡單。有時候，即時犯罪中心（RTCC）在這方面確實有很多發言權。有時，警察局或縣政府會運作自己的 911 中心，在那裡，決策過程同樣非常嚴格。有時一個公共安全應答中心 (PSAP) 會支援 5 個、10 個、20 個甚至更多不同的帳戶。

And there, that's probably the case where we get the lease network effects from our existing customer base, but there's still some. And I think Prepared and Carbyne over the past several years have really built up their own brands and relationships in those spaces. So I think we view this as an opportunity to bring more potential buyers into our universe, not necessarily like an uphill battle to go meet a bunch of new buyers for the first time.

在那裡，我們可能已經從現有客戶群中獲得了租賃網路效應，但仍存在一些影響。我認為，在過去幾年裡，Prepared 和 Carbyne 確實在這些領域建立了自己的品牌和關係。所以我認為我們應該把這看作是一個機會，讓更多潛在買家加入我們的行列，而不是一場艱苦的戰鬥，去第一次認識一大批新買家。

George Notter, Wolfe.

喬治諾特，沃爾夫。

All right. I think I heard you say earlier in the call that you have 500 agencies deploying Axon Assistant. I think Axon Assistant is an element of the AI Eras Plan. I guess I'm inferring that you have 500 AI Eras customers at this point, and that translates into $750 million in bookings. Is that the right math exercise? Am I looking at that correctly?

好的。我想我之前在通話中聽到您說過，有 500 個機構正在部署 Axon Assistant。我認為 Axon Assistant 是人工智慧時代計劃的一部分。我猜想你們目前有 500 位 AI Eras 客戶，這相當於 7.5 億美元的預訂。這是正確的數學練習題嗎？我理解的對嗎？

Not quite, George, because you could buy some of these as a stand-alone as well. And so it's not one for one, any customer who adopts a Draft One or an Axon Assistant is automatically an AI Era customer. But directionally, that's kind of the right line of thinking that a number of those deals will be on the AI Era Plan and translate into a certain number of bookings. And we're -- you know what the pricing is, we publish it. It's not a secret. It's just a matter of covering the market.

不完全是這樣，喬治，因為其中一些也可以單獨購買。因此，並非一對一的交換，任何採用 Draft One 或 Axon Assistant 的客戶都會自動成為 AI Era 的客戶。但從方向上看，這種想法是正確的，即其中許多交易將納入人工智慧時代計劃，並轉化為一定數量的預訂。而且我們——你知道價格是多少，我們會公佈價格。這並非秘密。這只是覆蓋市場的問題。

I think also, George, what we were calling out is that's one of our very newest features inside the AI Era Plan. And so not every customer turns on a new feature immediately. So we're sharing that because it's a really nice indicator that customers are excited for it and they're starting to adopt it, but it does not tie exactly back to how many customers are on our AI Era Plan.

喬治，我認為，我們剛才提到的正是我們在人工智慧時代計畫中的最新功能之一。因此，並非所有客戶都會立即啟用新功能。我們分享這個數據，因為它很好地表明客戶對這項服務感到興奮，並且開始接受它，但這與有多少客戶使用我們的人工智慧時代計劃並沒有直接關係。

Got it. Okay. I guess where I was going with this is I'm trying to understand sort of the penetration rate you've got at this point on AI Eras. And I guess if I think about 15,000 law enforcement agencies in the US, roughly just the US, and I kind of use that 500 number as a proxy for your penetration. Like am I in the right ballpark in terms of where you are in penetration rate?

知道了。好的。我想表達的是，我試著去了解你們目前在 AI Eras 上的滲透率。我想，如果考慮到美國大約有 15,000 個執法機構（僅指美國），我可以用 500 這個數字來近似衡量你的滲透率。就市場滲透率而言，我的估計是否大致正確？

I would go back and I would look at what we charge on a per officer per month basis for that, consider that inside of the $750 million of bookings that we shared, and then you can tie that sort of back to the officer count.

我會回去看看我們按每位警官每月收取的費用，再考慮一下我們共享的 7.5 億美元預訂額，然後就可以把這和警官人數聯繫起來了。

Jim Fish, Piper Sandler.

吉姆·菲什，派珀·桑德勒。

Look, going back on TASER, TASER noticeably reaccelerated, and we've been hearing customers that had been on TASER 7 were sort of being told end of support on that as they come up for renewal, not a forced refresh by any means across the base, but encouraging them to move to TASER 10.

你看，回到 TASER，TASER 的發展速度明顯加快了，我們聽說之前使用 TASER 7 的客戶在續訂時被告知 TASER 7 的支援即將結束，這並不是強制所有客戶升級，而是鼓勵他們升級到 TASER 10。

So I guess how much refresh of TASER 7 to 10 could we see this year? Or what percentage of the base is still actually on some of the legacy offerings that we can actually have a bit of an upgrade cycle on top of the fact that if I look back five years ago, your incremental bookings really improved versus this time last year. So should we be expecting a larger portion of your growth this year actually coming just from contract renewals?

所以我想知道今年我們可能會看到多少 TASER 7 到 10 的更新換代產品？或者說，有多少百分比的用戶仍然在使用一些傳統產品，我們才能真正進行一些升級週期？此外，回顧五年前，你們的增量預訂量與去年同期相比確實有所提高。那麼，我們是否應該預期今年貴公司成長的更大一部分實際上將來自合約續約？

So Jim, great question. I don't think it's the case. We view it as failure when a customer buys TASER 10 and then their upgrade is a TASER 10 five years from now. So we're really focused on trying to get the new version of the TASER out to market as fast as we can. I would say TASER 7, there's -- we would never not support the product.

吉姆，問得好。我不認為情況是如此。如果客戶購買了 TASER 10，五年後他們升級的仍然是 TASER 10，我們認為這是失敗。因此，我們正全力以赴，爭取盡快將新版泰瑟槍推向市場。我會說泰瑟7型，我們永遠不會停止支援這款產品。

Part of our -- actually, part of our inventory strategy is like, hey, we launch a TASER. We know it ships for 15 or 20 years before it's discontinued. And that kind of is the hedge on being more aggressive with holding more inventory upfront.

實際上，我們庫存策略的一部分是這樣的：嘿，我們推出泰瑟槍。我們知道這款產品會持續銷售 15 到 20 年才會停產。而這在某種程度上可以對沖提前持有更多庫存的激進做法。

So we'll continue to support TASER 7. There's plenty of customers on it and using it. Of course, we view those as the population. We've got to go earn the right to upgrade, and we believe we will. But high level, I think you should think of the TASER business this year as plenty of demand and orders to support the revenue guidance. So certainly, we don't see anything different than that.

因此我們將繼續支持泰瑟7型。有很多用戶正在使用它。當然，我們把這些人視為人口。我們必須努力爭取升級的資格，我們相信我們能做到。但從整體來看，我認為今年泰瑟槍業務的需求和訂單足以支撐營收預期。所以，我們當然看不到任何不同的情況。

Yeah. I would maybe just add, I mean, that's all spot on. I mean, including the fact that like we still have customers we're selling X2, too. So yes, TASER 10 is doing incredibly well, but that's driven a lot more by the efficacy of the product than it is us not supporting it. But I think the thing I wouldn't miss is as we have big corrections deals and we have big international deals, you're seeing new customers come in, right?

是的。我可能還要補充一點，我的意思是，這些都完全正確。我的意思是，包括我們仍然有客戶在銷售 X2 的事實。所以，沒錯，TASER 10 的確賣得非常好，但這更多是因為產品本身的功效，而不是因為我們沒有支持它。但我認為我最不懷念的是，隨著我們達成大型矯正交易和大型國際交易，你會看到新客戶不斷湧入，對吧？

So there's always this conversation around TASER of like what is the upgrade cycle. That still exists. Customers do 5 to 10-year contracts. We upgrade TASER every five years. But don't forget the piece in the TASER business as new customers are coming in and actually adopting TASER.

所以一直以來，關於泰瑟槍的升級週期都是討論議題。這種情況仍然存在。客戶簽訂的合約期限為5至10年。我們每五年升級一次泰瑟槍。但別忘了泰瑟槍業務也在蓬勃發展，因為有新客戶正在湧入並實際採用泰瑟槍。

We'll go to Tim Long at Barclays next.

接下來我們將採訪巴克萊銀行的蒂姆·朗。

Just two quick ones, if I could. First, obviously, a lot of success in these other markets outside of state and local. So just curious, anything jump out that's different there relative to deals that are in more of the core, things like win rate, deal sizes, bundles, anything like that, that you can point to directionally on those?

如果可以的話，就問兩個簡單的問題。首先，很顯然，我們在州和地方以外的其他市場取得了巨大的成功。所以我很好奇，相對於核心交易而言，這些交易有什麼明顯的不同嗎？例如成交率、交易規模、捆綁銷售等等，你能指出哪些方面與核心交易不同嗎？

And then second, I did want to follow up on the hardware comments on T10 and AB4 both seem to have a ton of incremental utility compared to prior products. So Rick, I think you talked about some magic in hardware, but -- just curious, as you've taken such big leaps on this last set of some of the core products, does it get more and more difficult over time to innovate further and take bigger steps compared to what was just accomplished with the really successful ones?

其次，我想就硬體方面的評論補充一下，T10 和 AB4 與之前的產品相比，似乎都增加了大量的實用功能。里克，我想你談到了硬體方面的一些神奇之處，但是——我很好奇，隨著你在一些核心產品上取得瞭如此巨大的飛躍，隨著時間的推移，與剛剛取得的真正成功的產品相比，進一步創新和取得更大的進步是否會變得越來越困難？

No, I actually can see, I think our next generations of hardware are all going to be pretty compelling. We've got at least one new category in the pipeline as well. But I'm knee-deep in the next-generation TASER, knee-deep with Rubén Caballero, who Jeff hired on his team, who's leading our sensors space. His last gig -- well, I don't know if it's his last gig, but he worked for Steve Jobs directly as a hardware lead on the iPhone. So bringing him in, a lot of new creative energy looking at our personal sensor space. So I think we still have a lot of room to innovate.

不，我倒是覺得，我們下一代的硬體產品都會非常吸引人。我們至少還有一個新類別正在籌備中。但我現在全心投入下一代泰瑟槍的研發中，與魯本·卡瓦列羅（Rubén Caballero）密切合作，他是傑夫（Jeff）團隊的負責人，領導著我們的感測器領域。他最後一份工作——嗯，我不知道是不是他最後一份工作，但他曾直接為史蒂夫·喬布斯工作，擔任 iPhone 的硬體主管。所以，他的加入為我們個人感知領域注入了許多新的創造力。所以我認為我們還有很大的創新空間。

Jeff, how would you answer it?

傑夫，你會怎麼回答這個問題？

No, I think that's spot on. I was just -- I was half jokingly saying we have at least two whole new categories in the pipeline. But I thought that was good. And I think to the -- everything we said on the call, it all just keep coming back to, I think, where we continue to differentiate on being the world's best combination in this area of hardware and software working together.

不，我覺得說得完全正確。我只是——我是半開玩笑地說，我們至少有兩個全新的產品類別正在籌備中。但我認為這很好。我認為，我們在電話會議上所說的一切，最終都歸結於一點：我們繼續保持差異化優勢，成為軟硬體協同工作領域全球最佳的組合。

And on having a full spectrum portfolio of products that we grow both organically and through bringing on early-stage disruptive winning teams and product lines. And bringing them into the fold in a way that is just as natural as if they were organically built, which is a completely different approach to just sort of GE style stacking together a bunch of independent separate nonintegrated companies.

我們擁有全方位的產品組合，並透過有機成長以及引入早期顛覆性成功團隊和產品線來實現成長。而且將它們納入麾下的方式就像是自然而然地發展起來的一樣自然，這與通用電氣那種將一堆獨立、互不相干的公司堆砌在一起的做法完全不同。

I don't think we're anywhere close to running out of ideas and things to be innovative on, not on the product team, but neither Rick nor Jeff nor their teams are slowing down in any way.

我不認為我們產品團隊會缺乏創意和創新方向，Rick、Jeff 和他們的團隊也絲毫沒有放慢腳步。

And Tim, on your first question on the different market dynamics depending on which buyer we're talking about. Ultimately, state and local is a market that values premium products even if they carry premium prices. The only buyers that are buying anything else are doing that on price. They're willing to take a more primitive product at a lower price that is not full featured. And that's happening very, very rarely in state and local, and I believe that will continue to happen very, very rarely.

提姆，關於你提出的第一個問題，即根據我們談論的是哪個買家，市場動態會有所不同。歸根結底，州和地方市場是一個重視優質產品的市場，即使這些產品價格較高。唯一會購買其他商品的買家都是出於價格考量。他們願意接受價格較低、功能不全的簡易產品。這種情況在州和地方層級非常非常罕見，我相信這種情況以後也會繼續非常非常罕見。

Internationally, we've said for years, hey, if you're a customer that wants on-prem with primitive tools and you want to pay a very inexpensive price for that, we're probably not the vendor for you. And there is some of that internationally.

多年來，我們一直向國際客戶表示：嘿，如果您是想要使用原始工具進行本地部署，並且希望為此支付非常低廉的價格的客戶，那麼我們可能不是適合您的供應商。國際上也存在一些這樣的情況。

But the good news is more and more, we're seeing customers that value the premium workflows and products and tools between hardware and software, and those are becoming Axon customers. And so I think it just comes down to the intersection of price and quality and the buyers that really value price above all, they'll generally buy something else. But the good news for us is there are fewer and fewer of those buyers in public safety.

但好消息是，我們看到越來越多的客戶重視硬體和軟體之間的優質工作流程、產品和工具，而這些客戶正在成為 Axon 的客戶。所以我覺得最後還是要看價格和品質的平衡，那些把價格看得比什麼都重要的買家，通常會買別的東西。但對我們來說的好消息是，公共安全領域的這類買家越來越少。

Joe Cardoso, JPMorgan.

Joe Cardoso，摩根大通。

Maybe just one for me, just to be respectful of time here. When we think about the AI Era Plan traction today, just curious if you could touch on now that it's been in the market for a while or at least a year plus, if you could touch on customer behavior around adoption of the plan and whether you're seeing any interesting trends.

也許我只給自己留一個，以示對這裡時間的尊重。當我們思考人工智慧時代計劃目前的進展時，我很好奇，既然該計劃已經上市一段時間，或者至少一年多了，您能否談談客戶在採用該計劃方面的行為，以及您是否觀察到任何有趣的趨勢。

And like maybe specifically, curious if adoption is being more done in isolation, meaning like you're just seeing folks go out and basically purchase the AI Era Plan or if you're seeing customers expand spend in other areas of the portfolio at the same time? Just trying to get a sense if you're seeing any pull-in as you're kind of going out to customers and pitching kind of the new plan there.

具體來說，我很好奇用戶是否更多地單獨購買人工智慧時代計劃，還是同時擴大了在其他領域的支出？我只是想了解一下，當你向客戶推銷新方案時，是否看到了任何成效。

And I think, look, oftentimes, OSP and the AI Era Plan at this point are bought in tandem with each other, and that often includes a newer version of OSP with more new products in it. So I think it's fair to say that it's not in isolation that customers are buying the AI Era Plan, they're buying it along with other capabilities.

而且我認為，你看，目前很多時候，OSP 和 AI 時代計畫都是一起購買的，而且通常還會推出更新版本的 OSP，其中包含更多新產品。所以我認為可以公平地說，客戶購買人工智慧時代計畫並不是孤立地購買的，而是與其他功能一起購買的。

And I think, look, we've got our customer success team, their sole measure of success day-to-day is adoption of new products. And so that's really what they're focused on. When we sell AI Era Plan, getting customers comfortable with using it is -- it takes a little bit of work, and that's what our customer success team does day in and day out, and they're very, very good at it.

我認為，我們擁有客戶成功團隊，他們每天衡量成功的唯一標準就是新產品的採用率。所以，這才是他們真正關注的重點。當我們銷售 AI 時代計畫時，讓客戶習慣使用它需要一些努力，而這正是我們的客戶成功團隊日復一日所做的事情，他們在這方面非常非常出色。

I'm particularly excited. I think as we ideate and talk about new AI products that are going to go into that plan, I think this is going to be an exciting year for that, and we're going to start unlocking some new capabilities in that plan for customers over the coming months. And going into next year, I think there'll be a lot to talk about in terms of new capabilities in that plan. So certainly very bullish on what the future of AI adoption looks like amongst our customers.

我特別興奮。我認為，隨著我們構思和討論即將納入該計劃的人工智慧新產品，今年將是令人興奮的一年，在接下來的幾個月裡，我們將開始為客戶解鎖該計劃中的一些新功能。展望明年，我認為該計劃中的新功能有很多值得討論的地方。因此，我對人工智慧在客戶群中的應用前景非常樂觀。

We'll squeeze one more in here. I know we're running up a little over on time. But -- so Trevor Walsh at Citizens.

我們再擠出一個地方來。我知道我們稍微超時了。但是——這是市民隊的特雷弗沃爾什的說法。

Erik, let's get through them all. I mean all these -- everybody waited 1.5 hours here might as well let them ask the questions.

艾瑞克，我們一起把它們都過一遍吧。我的意思是，所有這些人——大家都在這裡等了1.5個小時，不如就讓他們問問題吧。

All right. Cool. I like it, Josh. Rick, maybe for you just on the commentary you made around drone legislation. You sounded like you were -- there was a little bit left to be desired about what's kind of currently out there.

好的。涼爽的。我喜歡，喬希。Rick，或許你只是對你之前就無人機立法發表的評論感興趣。聽起來你好像覺得──目前市面上的一些產品還有待改進。

But as we kind of read through the most recently passed National Defense Act, there was a pretty robust language in there about letting -- moving from federal agency overview to giving state and local powers around both kind of drone tracking, taking down or mitigation of threat type drones. So I guess what do you think is lacking there still? Or what still needs to be done for you in that regard?

但當我們仔細閱讀最近通過的《國防法》時，發現其中有相當有力的措辭，即從聯邦機構的監督轉向賦予州和地方權力，以進行無人機跟踪、擊落或減輕威脅。所以我想問你，你覺得那裡還缺什麼？或者，在這方面您還需要做些什麼？

Well, I just think it's a continued evolution. Like I know there's some special accommodations being made for the World Cup for those cities. And then there's some more broad-based stuff. But I've been walking all the Congress. We got a bill to create a new less lethal category that would exempt the T10 from the Firearms Act. And then I understand why people say it will take an act of Congress with something that's going to be pretty hard to do. But we're just -- we're continuing to engage there.

我覺得這只是一個持續演變的過程。我知道世界盃期間，這些城市會得到一些特殊安排。還有一些更廣泛的內容。但我一直在國會大廈裡走來走去。我們提出了一項法案，旨在創建一個新的非致命性武器類別，使 T10 不受《槍支法》的約束。所以我現在明白為什麼人們說這需要國會立法才能實現，而這確實是一件非常困難的事。但是我們——我們仍在繼續與那裡進行接觸。

So to be honest, I haven't checked in on the latest status of the -- where each type of regulation is on this. But I think just directionally, today, state and local really can't mitigate drones directly. I think in a few years, they'll all get that capability.

說實話，我還沒有了解這方面的最新情況──也就是每項法規的具體內容。但我認為，就目前而言，州和地方政府真的無法直接緩解無人機問題。我認為幾年後，他們都會具備這種能力。

And we may see it go to a fair number of private security type folks, too, like sporting stadiums and people are running critical infrastructure. So the main point is it's narrowly allowed capability today, but we're building the center network to be able to expand and be able to do mitigation work as well. And we just think that that's going to grow as the regulations loosen up.

我們可能會看到相當一部分人也從事私人保全工作，例如體育場館的保全人員和關鍵基礎設施的營運人員。所以關鍵在於，目前這項能力還受到嚴格限制，但我們正在建立中心網絡，以便能夠擴展並進行緩解工作。我們認為隨著監管放鬆，這種情況會持續成長。

And I'd also say, like to the administration's credit, they've been very open to modernizing policy around drones and counter drones, which we view as very helpful, like the engagement and conversations have generally given us a lot of confidence that the government is going to adapt with the technology.

而且，值得稱讚的是，本屆政府一直非常樂於對無人機和反無人機相關政策進行現代化改革，我們認為這非常有幫助，這種參與和對話總體上讓我們很有信心，政府將會適應這項技術的發展。

Josh Reilly, Needham.

喬許雷利，尼德姆。

All right. Just two quick items for me. On the international business outside the Commonwealth countries, would you kind of characterize that 2025 was that an inflection point in terms of that becoming a much bigger contributor to international? And then secondarily, on Carbyne and Prepared impact to the guidance, I got a number of e-mails into the quarter asking about the impact there on revenue and EBITDA. I know it's relatively immaterial, but any comment there?

好的。我只有兩件事要辦。就英聯邦國家以外的國際貿易而言，您認為 2025 年是否是一個轉捩點，屆時英聯邦國家以外的國際貿易將對國際貿易做出更大的貢獻？其次，關於 Carbyne 和 Prepared 對業績指引的影響，我在本季收到了許多電子郵件，詢問它們對收入和 EBITDA 的影響。我知道這無關緊要，但大家有什麼看法嗎？

I can take one --

我可以拿一個--

I'll let Brittany with the second one, yes.

第二個就交給布列塔妮吧，好的。

I'll start with the second one. On Carbyne, there's literally 0 impact because Carbyne wasn't even closed until this month. And to your point on Prepared, it was only partway through the quarter. It was really an immaterial impact. So we're very excited for both businesses, but you can expect to see those really start to impact going forward.

我先從第二個開始。對 Carbyne 來說，幾乎沒有任何影響，因為 Carbyne 直到本月才關閉。至於你提到的「準備就緒」這一點，當時學期才過了一半。這真的只是微不足道的影響。所以我們對這兩家公司都感到非常興奮，但可以預見的是，它們的影響將在未來真正開始顯現。

And Josh, what was the first question again? I think it was international related, but sorry.

喬希，第一個問題是什麼來著？我想這可能與國際事務有關，但很抱歉。

Yeah. Is there an inflection point in the international business that could be a good bode well for this year?

是的。國際商業領域是否存在一個轉折點，預示著今年形勢良好？

Look, it's only an inflection point if we follow it up with an even better year, right? And so we'll see at the end of the year if it was or it wasn't, it certainly feels that way, but it's not going to feel that way if we don't show up and do our jobs well and continue to bring on more and more international customers. So that will be the focal point. We feel like we have some wind at our back, and now we got to capitalize on it.

你看，只有當我們接下來一年表現得更好時，這才能算是一個轉折點，對吧？所以到年底我們就能知道結果如何了，現在感覺確實如此，但如果我們不認真工作，不繼續吸引越來越多的國際客戶，就不會有這種感覺了。所以這將是關注的焦點。我們感覺現在順風順水，必須好好利用這一點。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林，克雷格-哈勒姆。

And I'll add my congratulations. I'm going to ask a high-level question. So I think what's interesting, if we go back three years ago when you unveiled the FY25 plan, at that point in time, you were assuming a 20% sales CAGR. And with each successive year, you've actually raised your expectations on your sales growth, your revenue growth for the year on your initial guidance here in February, including this year where it's 27% to 30%.

我也要向你表示祝賀。我要問一個比較宏觀的問題。所以我覺得有趣的是，如果我們回顧三年前你公佈 2025 財年計畫的時候，當時你假設銷售額複合年增長率為 20%。而且，你們每年都提高了對銷售成長和年度收入成長的預期，比二月的初步預期更高，包括今年，你們的預期為 27% 到 30%。

I want to just understand in terms of the visibility, like clearly, which must be significantly higher and how you feel about that today than you did about the business three years ago. What's providing that type of confidence? Is it that you just have a lot more shots on goal and a lot more ways that you can win? And obviously, the business has tacked on a lot of different areas, whether it's Axon 911, whether it's Dedrone, et cetera. But just can you provide a little more insight? You guys are typically pretty conservative. I don't know how many quarters in a row of beat and raises in the 20s, I think. But I just wanted to get some insight.

我想了解一下，就知名度而言，顯然，知名度肯定要高得多，以及你今天對這個業務的看法與三年前相比有何不同。是什麼提供了這種信心？是不是因為你們的射門次數更多，獲勝的方式也更多？顯然，該企業已經涉足了許多不同的領域，無論是 Axon 911，還是 Dedrone 等等。您能否提供更詳細的資訊？你們通常都比較保守。我不知道連續多少個季度都贏了，而且漲幅都在20多美元，我想。但我只是想了解一些情況。

Yeah. Jeremy, it's a great question, and I appreciate it. I think some of what you said certainly factors into it, but the biggest thing is the bookings growth rate, right? Like when we issued that guidance a few years ago, we were seeing bookings in that range as well in terms of year-over-year growth. Now all of a sudden, they're accelerating each year into a high point last year, and hopefully, we'll be able to trump that this year.

是的。傑里米，這是一個很好的問題，我很感謝。我認為你提到的一些因素肯定會影響結果，但最重要的還是預訂成長率，對吧？就像幾年前我們發布該指引時一樣，我們看到預訂量也處於該範圍內，同比增長率也與此相近。現在突然之間，他們的成長速度逐年加快，去年達到了高峰，希望我們今年能超越去年。

But when you look at that type of growth and you factor in what like all those guaranteed dollars already mean for us as they come in, certainly, it gives us more confidence that revenue will continue to be exciting in its growth rate. And at the end of the day, even five-year normalized bookings were accelerating nicely year-over-year. And so again, even when you zero in, it gives us more and more confidence that these bookings are going to continue to translate into growing revenue. And so that's probably the number one consideration.

但是，當你考慮到這種成長模式，以及所有這些有保障的收入對我們來說意味著什麼時，我們當然更有信心，收入的成長速度將繼續令人振奮。最終，即使是五年平均預訂量也逐年穩定成長。所以，即使你仔細觀察，也會越來越有信心，這些預訂將繼續轉化為不斷增長的收入。所以這可能是首要考慮因素。

Certainly, we see the pipeline and some of these larger deals take longer to close. And so we're talking about deals now that are going to hit next year in some of these markets. And so I think it's a combination of a few things. But ultimately, one of the things we think we do very, very well early every year is establish what the floor looks like. And then as things start to become more and more true throughout the year, we can update that guidance as we go. So that's a little bit of commentary about how we look at the growth rate.

當然，我們看到項目儲備充足，但其中一些較大的交易需要更長時間才能完成。所以我們現在討論的是一些將在明年在部分市場生效的交易。所以我認為這是多種因素共同作用的結果。但歸根結底，我們認為每年年初我們做得非常好的一件事就是確定地板的形狀。然後，隨著一年中情況變得越來越接近事實，我們可以隨時更新該指導方針。以上是我們對如何看待成長率的一些看法。

I would echo that. I would -- Jeremy, just mechanically, if you look at it, we've got our future contracted bookings, and we talk about how 20% to 25% of that will convert in the following year. So if you think about how we did guidance, last year based on our future contracted bookings number. We're actually taking a very, very similar approach to our future contracted bookings number this year and how much we think bakes into it. We just have a bigger future contracted bookings number. So you have more that is naturally carrying over into the next year.

我同意。傑里米，從技術層面來說，如果你看一下，我們已經簽訂了未來的預訂合同，我們討論的是其中 20% 到 25% 的訂單將在第二年轉化為實際訂單。所以，如果你回顧我們去年是如何根據未來合約預訂量來制定業績指引的。實際上，我們對今年的未來合約預訂數量以及我們認為其中包含的因素採取了非常非常相似的方法。我們未來的合約預訂數量更多。因此，自然而然地，會有更多內容延續到下一年。

And then the delta between that future contracted bookings number and our guidance is based on the pipeline and what we think we can go get. And there, to your point, we just continue to see these underlying metrics like our NRR and the potential ARPU and what customers can do because we have so many more products and so many more markets, you can imagine that, that gives us comfort in hitting that relatively larger number with our pipeline each year. And you can actually roll that all the way forward to 2028 and sort of keep a consistent math philosophy.

然後，未來已簽訂合約的預訂數量與我們的預期之間的差距，取決於銷售管道以及我們認為能夠獲得的訂單量。正如您所說，我們一直在關注這些基礎指標，例如我們的淨收入 (NRR) 和潛在的每用戶平均收入 (ARPU)，以及客戶能夠做什麼，因為我們有更多的產品和更多的市場，您可以想像，這讓我們有信心每年透過我們的銷售管道實現相對更大的目標。而且你完全可以把這個預測延續到 2028 年，並保持一致的數學理念。

Thank you. We'll kick it to Rick to close this out.

謝謝。接下來交給瑞克來總結。

All right. Hell of a year, as Josh would say, next play. Again, just really pumped to be part of this team, getting to work on these problems and have supportive shareholders, especially as we enter this does feel like this year is different. Just the world is changing really fast. And for years, I keep putting up pictures of Charles Darwin quote that it's the adaptable that survive. And I think that's really the incumbent. Can we be as adaptable as the company we are today as we were when we were smaller. And only time will answer that, but we're sure focused on it.

好的。正如喬許會說的那樣，真是糟糕的一年，下一場比賽見。再次強調，我真的非常興奮能成為這個團隊的一員，能夠著手解決這些問題，並且有股東們的支持，尤其是在我們進入今年這個感覺與往年不同的年份之際。世界變化太快了。多年來，我一直張貼查爾斯·達爾文的名言圖片，他說，適者生存。我認為這才是真正的現任者。我們能否像公司規模較小時一樣，維持如今的適應能力？只有時間才能解答這個問題，但我們一定會關注這個問題。

So thanks, everybody. Stay safe, and we'll see you maybe at Axon Week, where we may have a few announcements.

謝謝大家。注意安全，我們或許會在 Axon Week 上見到你，屆時我們可能會發布一些公告。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。