Axon Enterprise, Inc. (AXON) 2026 Q1 法說會逐字稿

(audio in progress) -- today.

（音訊進行中）——今天。

Before we get started, I'll note that our (technical difficulty) -- upon our most recent Shareholder Letter and investor materials, which you can find at investor.axon.com.

在我們開始之前，我先說明一下，我們的（技術問題）——關於我們最新的《股東信》與投資人資料，您可在 investor.axon.com 找到。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, as discussed in our SEC filings.

在本次電話會議中，我們將討論我們的業務展望並作出前瞻性陳述。這些評論係基於我們截至今日的預期，並不保證未來表現。所有前瞻性陳述均受風險與不確定性影響，可能導致實際結果與預期存在重大差異，相關內容已於我們向 SEC 提交的文件中說明。

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.

我們也將討論若干非 GAAP 財務衡量指標。其說明以及與 GAAP 的調節表已包含於我們的《股東信》中，並可於我們的投資人網站取得。

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

現在，一如往常，在把時間交給 Rick 之前，我們先播放一段簡短影片作為開場。我們把它播出來。

(video playing)

（影片播放中）

All right. Thank you, everyone, for joining us for our first-quarter 2026 earnings call.

好的。感謝各位參加我們 2026 年第一季財報電話會議。

I'm really pleased with how the year has started. I'm even more excited about where we're going.

我對今年的開局非常滿意。我對我們將前往的方向更是感到興奮。

I always say Axon Week is one of my favorite events of the year. Every year, it somehow gets better.

我常說 Axon Week 是我一年中最喜歡的活動之一。每一年都不知怎地變得更好。

What we shared with customers this April felt fundamentally different. It's no longer just about our new products. After decades of partnership, it's about how we've earned our customers' trust at a moment when it matters most. I'm more convinced than ever that we're building something the world genuinely needs.

我們今年四月與客戶分享的內容，感覺在本質上有所不同。不再只是關於我們的新產品。在數十年的合作之後，這關乎我們如何在最關鍵的時刻贏得客戶的信任。我比以往任何時候都更確信，我們正在打造一個世界真正需要的事物。

I spend my time thinking about how we can make an impact; how we can do more, faster. Today, I think we passed the inflection point. We are entering what I believe will be a generational leap in both the pace of innovation we can achieve and the speed of customer adoption we will see.

我把時間花在思考我們如何產生影響；如何更快做得更多。今天，我認為我們已經跨越了拐點。我們正進入我相信將是世代級的躍升——不僅是我們能達成的創新速度，也包括我們將看到的客戶採用速度。

There are two things I'm looking at to drive my conviction:

有兩件事讓我更加篤定：

First, technology is no longer evolving linearly or, even, exponentially. It's evolving across multiple dimensions at once: a hyper-exponential. The result is a compounding effect, where more data, more tools, and more connections multiply what's possible.

第一，科技不再是線性演進，甚至也不只是指數式演進。它正在同時跨越多個維度演進：超指數式。其結果是複利效應——更多資料、更多工具與更多連結，會倍增可實現的可能性。

Our ecosystem is built for exactly this moment. We've created secure end-to-end operational workflows across products, customers, and verticals. We made the decision over a decade ago to invest in tightly integrated solutions across hardware and software, creating an ecosystem that allows customers to scale and grow as fast this technology is moving.

我們的生態系正是為了這個時刻而打造。我們已在產品、客戶與垂直領域之間，建立安全的端到端營運工作流程。十多年前我們就決定投資於硬體與軟體的緊密整合解決方案，打造一個生態系，讓客戶能以與科技演進同樣快的速度擴展與成長。

Our software is better because of our hardware. Our hardware enables software features that wouldn't be possible without capable, connected sensors at the edge. No single tool or even a collection of individual tools can deliver the same value as this unified system.

我們的軟體因為硬體而更好。我們的硬體讓軟體功能成為可能——若沒有邊緣端具備能力且可連線的感測器，這些功能就無法實現。沒有任何單一工具，甚至一組彼此獨立的工具集合，能提供與這套統一系統相同的價值。

As technology advances, the difference isn't incremental. It's transformative.

隨著科技進步，差異不再只是漸進式。而是具備變革性。

The simplest way to think about it is this: Outcomes now depend on the fusion of sensors available and connected in real time, with an increasingly intelligent AI backbone. Across AI, real-time operations, drones, and connected devices, were moving beyond product adoption and towards system adoption, a system that operates faster, safer, and with more awareness.

最簡單的理解方式是：成果如今取決於可用且即時連線的感測器融合，再加上一個愈來愈智慧的 AI 骨幹。在 AI、即時作業、無人機與連網裝置等領域，我們正從產品採用走向系統採用——一個運作更快、更安全、且具備更高態勢感知的系統。

Axon Vision, Guardian, and Assistant are early examples of what this phase looks like; always on, always available; and more and more intelligent.

Axon Vision、Guardian 與 Assistant 是這個階段樣貌的早期例子；永遠開啟、隨時可用；而且愈來愈智慧。

Axon Vision enables teams to understand what's happening in time so they can respond with the best and most informed resources. Axon Guardian monitors, alongside officers, and can call for help before they can. Axon Assistant has already surpassed 1 million uses and will soon be available wherever officers work. Over time, our Axon Gravity initiative will bring in more data that could be harnessed to make even more possible.

Axon Vision 讓團隊能及時理解正在發生的事情，從而以最佳且最具資訊依據的資源做出回應。Axon Guardian 與員警並肩監測，甚至能在他們之前呼叫支援。Axon Assistant 的使用次數已超過 100 萬次，且很快將在員警工作的任何地方提供。隨著時間推進，我們的 Axon Gravity 計畫將引入更多資料，這些資料可被運用以實現更多可能。

Our position as the leading repository of data for our customers will continue to broaden to be the leading unleasher. Importantly, every capability we add now makes every other capability more valuable.

我們作為客戶首要資料儲存庫的地位，將持續擴大，並進一步成為首要的「釋放者」。重要的是，我們現在新增的每一項能力，都會讓其他每一項能力更有價值。

Data flowing through Axon 911 becomes more powerful, when connected to first-responder drones or body cameras. Insights from Vision become more impactful, when integrated into real-time operation centers. Draft One improves with every report and every sensor. The value of each will continue to get stronger.

當流經 Axon 911 的資料與第一線應變無人機或隨身攝影機連結時，就會變得更強大。當 Vision 的洞見整合進即時作戰／營運中心時，影響力就更大。Draft One 會隨著每一份報告與每一個感測器而持續改進。各項價值都將持續增強。

My second observation is just as important: Adoption is now accelerating akin to innovation and expanding in scope.

我的第二個觀察同樣重要：採用速度如今正如同創新一樣加速，且範圍也在擴大。

In the past, new technologies were adopted gradually. Today, demand is immediate. Customers want these tools now. They want more of them. They are ready.

過去，新技術是逐步被採用的。今天，需求是即刻的。客戶現在就想要這些工具。他們想要更多。他們已經準備好了。

Just yesterday, I hosted a collection of chiefs in San Francisco. Two years ago, when I inquired the room who used AI, it was almost zero. Today, it's 100% -- are using AI tools in their personal lives, daily. But they know those tools can't be used on government data.

就在昨天，我在舊金山接待了一群警政首長。兩年前，當我問現場有誰在使用 AI 時，幾乎是零。今天是 100%——他們在個人生活中每天都在使用 AI 工具。但他們也知道，那些工具不能用在政府資料上。

That's why we added the Axon Chatbot into a system so they have a (inaudible) -- secured, accredited AI they can use at work. It's just one of many features we're bringing to them.

因此我們把 Axon Chatbot 加入到一個系統中，讓他們能在工作中使用（聽不清）——安全、通過認證的 AI。這只是我們帶給他們的眾多功能之一。

This isn't limited to law enforcement. Fusus, Dedrone, Axon 911, License Plate Readers, Vehicle Intelligence are being deployed across the entire cities and countries. Now, enterprises are seeing similar needs.

這不僅限於執法領域。Fusus、Dedrone、Axon 911、車牌辨識器、車輛智慧等，正在整個城市與國家範圍內部署。如今，企業也看到了類似的需求。

The environments may differ but the requirements and the needs are the same: safety, efficiency, and trust in a fast-moving world.

環境或許不同，但要求與需求是一樣的：在快速變動的世界中，安全、效率與信任。

Everything we do is built on trust. Our customers move faster than anyone else to adopt AI because they trust how we build it: carefully, deliberately, with the hard conversations happening upfront, not after the fact. That's what makes our technology more durable, more trusting, more widely adopted. That trust is what burns us the privilege to keep pushing forward.

我們所做的一切都建立在信任之上。我們的客戶比任何人都更快採用 AI，因為他們信任我們打造它的方式：謹慎、審慎，艱難的對話在一開始就先談清楚，而不是事後才補救。這使得我們的技術更具持久性、更值得信賴、也更被廣泛採用。這份信任讓我們有幸能持續向前推進。

Three decades of building, millions of sensors, millions of users, trillions of data points flowing through one connected network; every camera, every device, every line of code, it's all been leading here, to this moment: the AI break-out. No one in public safety is positioned like we are: positioned to change the world, positioned to create extraordinary value for our shareholders, our customers, and society itself.

三十年的打造、數百萬個感測器、數百萬名使用者、數兆個資料點在同一個連結網路中流動；每一台攝影機、每一個裝置、每一行程式碼，都一路引領我們來到此刻：AI 的突破時刻。在公共安全領域，沒有人像我們一樣具備這樣的定位：有能力改變世界，有能力為股東、客戶與整個社會創造非凡價值。

I'm incredibly proud of what this team has built. As I look at all this coming together, I'm just even more excited about what comes next.

我為這個團隊所打造的一切感到無比自豪。當我看到這一切正在匯聚成形，我對接下來的發展更是興奮。

With that, I'll turn it over to Josh.

接下來，我把時間交給 Josh。

Thanks a lot, Rick. Good afternoon, everybody.

非常感謝，Rick。各位下午好。

I'm proud to report that we're off to another incredible start here at Axon.

我很自豪地報告，Axon 再次迎來了令人驚豔的開局。

As Rick mentioned, we welcomed 3,000 people to Axon Week in April. We quickly learned what customers are excited about; what's gaining traction; and, ultimately, where our pipeline goes from here.

如 Rick 所提到的，我們在四月的 Axon Week 迎來了 3,000 位與會者。我們很快就了解客戶對哪些內容感到興奮；哪些正在獲得動能；以及最終，我們的銷售管線接下來將走向何方。

The reception from agencies, enterprises, and international partners was unlike anything I've seen before. Frankly, it's reflective of the growth we are seeing, every day.

來自政府機關、企業與國際合作夥伴的反應，是我前所未見的。坦白說，這反映了我們每天所看到的成長。

Our flywheel is spinning. We are delighting customers with market-leading products, pairing that with customer obsession.

我們的飛輪正在加速運轉。我們以市場領先的產品讓客戶滿意，並搭配對客戶的極致投入。

We are earning the right to do more. We wear that as a badge of honor and a badge of responsibility.

我們正在贏得做得更多的資格。我們將其視為一枚榮譽徽章，也是一枚責任徽章。

That expanding opportunity set is already showing up in our results. We entered 2026 with tremendous momentum, coming off a massive Q4. The team came out of the gates even faster than we did last year.

這個不斷擴大的機會集合，已經反映在我們的成果之中。在經歷了極為強勁的第四季之後，我們帶著巨大的動能進入 2026 年。團隊起跑的速度甚至比去年更快。

Q1 was our strongest-ever first quarter across revenue, bookings, and new products. It was a record in markets: US public safety, international, and enterprise, each setting first-quarter bookings records.

第一季在營收、訂單（bookings）與新產品方面，都是我們史上最強的第一季。各市場也創下紀錄：美國公共安全、國際與企業市場，皆創下第一季訂單紀錄。

The core is off to a great start, with sustained TASER growth rates. The breadth of overall demand is compelling. It tells us that the growth we are seeing is not isolated to one product, one geography, or one customer segment.

核心業務開局良好，TASER 維持穩健的成長率。整體需求的廣度令人振奮。這告訴我們，我們所看到的成長並非只集中在單一產品、單一地區或單一客戶族群。

Across the business, we are tracking indicators, like customer engagement, pipeline quality, adoption of new products, and continued strength in the core. Those indicators support another year of 30%-plus revenue growth.

在整個業務中，我們持續追蹤各項指標，例如客戶參與度、管線品質、新產品採用情況，以及核心業務的持續強勁。這些指標支持我們再迎來一年 30% 以上的營收成長。

A major driver of that momentum is the continued adoption of the AI Era Plan. AI bookings were up 140% versus Q1 last year. We are seeing AI move from early interest to a standard part of how large agencies think about their future technology stack.

推動這股動能的一大因素，是 AI Era Plan 的持續採用。AI 訂單較去年第一季成長 140%。我們看到 AI 正從早期興趣，轉變為大型機關思考其未來技術堆疊時的標準組成。

In fact, nearly all large domestic law enforcement agencies are now including AI in their purchases. This is a powerful signal that customers are treating AI as a core capability for improving productivity, accelerating workflows, and giving officers time back.

事實上，幾乎所有大型國內執法機關如今都在採購中納入 AI。這是一個強烈訊號，顯示客戶正將 AI 視為提升生產力、加速工作流程並讓員警釋出時間的核心能力。

We expect the rapid adoption to continue, as we deliver more AI-enabled capabilities into the platform, including Axon 911, Axon Vision, Axon Gravity, and an expanded Axon Assistant functionality.

我們預期這種快速採用將持續，因為我們會把更多 AI 賦能的能力交付到平台中，包括 Axon 911、Axon Vision、Axon Gravity，以及擴充的 Axon Assistant 功能。

We are determined to become the AI company in public safety. We are well on our way.

我們決心成為公共安全領域的 AI 公司。我們正穩步朝此目標前進。

But the AI Era Plan is not the only thing driving explosive growth. Dedrone, our counter-drone business, is scaling beyond our most aggressive assumptions. Bookings are up 500%, year over year. We are continuing to see rising demand.

但推動爆發式成長的不只有 AI Era Plan。Dedrone——我們的反無人機業務——其擴張速度超出我們最積極的假設。訂單年增 500%。我們持續看到需求上升。

Dedrone is now on a similar trajectory as the AI Era Plan. It's relevant to every market we sell into. Rick saw this opportunity years ago. As it is coming into fruition, we are well positioned to serve our growing and diversified customer base with this product line.

Dedrone 現在正走在與 AI Era Plan 類似的軌跡上。它與我們所銷售的每一個市場都相關。Rick 早在數年前就看到了這個機會。隨著機會逐步開花結果，我們已做好準備，透過這條產品線服務日益成長且更加多元的客戶群。

For example, Dedrone protected the 2026 Super Bowl, as well as last week's Kentucky Derby. We are proud to support the American World Cup sites, as well as several other large-scale events throughout the year.

例如，Dedrone 為 2026 年超級盃以及上週的肯塔基賽馬（Kentucky Derby）提供防護。我們很自豪能支援美國世界盃（World Cup）各比賽場地，以及全年多場其他大型活動。

Dedrone is also featured in some of our largest international opportunities of the year. This allows for expansion into other product categories. We are seeing that play out in real time.

Dedrone 也出現在我們今年一些最大的國際機會案中。這使我們得以擴展到其他產品類別。我們正即時看到這一切正在發生。

We have laid the infrastructure to sell globally over the last several years. Now, Dedrone has established itself as a further accelerant to our growth.

過去幾年，我們已建立起全球銷售的基礎設施。如今，Dedrone 已成為進一步加速我們成長的推進器。

Finally, it is no secret that physical AI infrastructure is going to be a source of record spending in the years to come. Our enterprise team is in conversations with many of the largest infrastructure providers to protect their ever-growing portfolio of sites and data centers.

最後，眾所周知，實體 AI 基礎設施將在未來幾年成為創紀錄支出的來源。我們的企業團隊正與許多最大的基礎設施供應商洽談，以保護其不斷擴大的場址與資料中心組合。

Speaking of enterprise, we have exciting news to announce on this front, as well. After a 50% year-over-year Q1, in April, our team closed a $40 million opportunity with one of the largest telecom providers in the world; the deployment centers around Fusus, which continues to garner interest and drive growth in this segment, along with Axon Body Mini and Axon Outpost.

談到企業市場，我們在這方面也有令人振奮的消息要宣布。在第一季年增 50% 之後，我們團隊於四月與全球最大電信業者之一完成一筆 4,000 萬美元的機會案；該部署以 Fusus 為核心。Fusus 持續獲得關注並帶動此細分市場成長，同時也包括 Axon Body Mini 與 Axon Outpost。

We will also be launching Axon Vision directly into enterprise. By recognizing abnormalities as they occur, this product will add immediate value to any security operation. At the same time, Assistant in Draft One are becoming enterprise-ready.

我們也將把 Axon Vision 直接推向企業市場。透過在異常發生時即時辨識，這項產品將為任何安防作業立即帶來價值。同時，Draft One 中的 Assistant 也正變得更符合企業使用需求。

We're showing up as a true technology leader in this space, with the advantage of already knowing how to deploy at a large scale, securely.

我們正以真正的科技領導者之姿出現在這個領域，並具備一項優勢：我們已經知道如何以大規模且安全的方式進行部署。

Something very special is happening at Axon, right now. Our core investment in both products and markets are paying off, just as our acquisitions are hitting the steepest part of their respective curves.

Axon 現在正在發生非常特別的事情。我們在產品與市場上的核心投資正在開花結果，而我們的併購案也正進入各自曲線中最陡峭的成長階段。

We acquired Fusus two years ago and Dedrone approximately 18 months ago, as of Q1. We have now booked over 1.5 times the combined purchase price of those two companies. We see a similarly disruptive opportunity in Axon 911, as we integrate Carbyne and Prepared.

我們在兩年前收購了 Fusus，並在約 18 個月前（截至第一季）收購了 Dedrone。目前我們已取得的訂單金額，已超過這兩家公司合計收購價的 1.5 倍。隨著我們整合 Carbyne 與 Prepared，我們也在 Axon 911 上看到類似的顛覆性機會。

We are proving our momentum is sustained. Because we expect a lot more growth, I have sponsored a significant investment in core product inventory. We are fortunate that our TASER CEW life cycles are 10 to 15 years and our body cameras continue to sell for five-plus years. Thus, we have minimal obsolescence risk, as compared to most hardware.

我們正在證明，我們的動能是可持續的。由於我們預期還會有更多成長，我主導並支持對核心產品庫存進行一項重大投資。我們很幸運，TASER CEW 的產品生命週期為 10 到 15 年，而我們的隨身攝影機也能持續銷售超過 5 年。因此，相較於多數硬體，我們的淘汰風險極低。

Given the expanding geopolitical risks, the competition for key components, and the growing demand of our products worldwide, we are investing in inventory with durability in mind. We never want inventory to be the reason we cannot maximize our growth and impact.

鑑於地緣政治風險擴大、關鍵零組件競爭加劇，以及我們產品在全球需求成長，我們以耐久性為考量來投資庫存。我們絕不希望庫存成為我們無法將成長與影響力最大化的原因。

After all, our customers do the most important jobs in the world and they rely on more and more of Axon products. We will not let them down.

畢竟，我們的客戶從事的是世界上最重要的工作，而且他們愈來愈依賴 Axon 的產品。我們不會讓他們失望。

Thanks, everyone. Over to you, Brittany.

謝謝各位。接下來交給你，Brittany。

Thanks, Josh.

謝謝你，Josh。

Well set on what an exciting opportunity we continue to see in front of us. Rick has consistently provided a compelling vision. We are seeing the results of that come through in our numbers.

你很好地闡述了我們持續看到的、擺在眼前的令人振奮的機會。Rick 一直以來都提出極具吸引力的願景。我們也在數字上看到這個願景所帶來的成果。

Revenue of $807 million was up 34% year over year and marks our ninth consecutive quarter of growth above 30%.

營收 8.07 億美元，年增 34%，並創下我們連續第九個季度維持 30% 以上成長。

Software and services increased 35% year-over-year to $355 million. While all of our software products continue to grow, AI was a standout, with AI product revenue growing more than 700%, year over year. This is on a small revenue base but is delivering on the strong bookings from last year and will continue to scale.

軟體與服務營收年增 35% 至 3.55 億美元。在我們所有軟體產品持續成長之際，AI 表現尤其突出，AI 產品營收年增超過 700%。這是建立在較小的營收基礎上，但正反映去年強勁的訂單表現，並將持續擴大規模。

Our AI products are also continuously improving, including with the launch of new features at Axon Week, which we highlighted in the Shareholder Letter. The value proposition is clearly resonating and adds another leg to our consistent software growth.

我們的 AI 產品也在持續改進，包括在 Axon Week 推出新功能；我們已在致股東信中加以重點說明。其價值主張顯然正引起共鳴，並為我們一貫穩健的軟體成長再增添一項動能。

This growth supports strong net revenue retention, which was 125% in the quarter and strong in ARR, which grew 35% year over year to $1.5 billion.

這項成長支撐了強勁的淨營收留存率，本季為 125%；同時也帶動 ARR 表現強勁，ARR 年增 35% 至 15 億美元。

Connected Devices revenue grew 33% to $453 million. This was a particularly strong Q1 for Connected Devices. TASER 10 and Body 4 remain durable drivers of growth. Platform solutions, which includes our counter-drone hardware, grew 95%, year over year.

Connected Devices（連網裝置）營收成長 33% 至 4.53 億美元。這對 Connected Devices 而言是特別強勁的第一季。TASER 10 與 Body 4 仍是持續且穩健的成長驅動因素。平台解決方案（包含我們的反無人機硬體）年增 95%。

In total, across hardware and software, Dedrone revenue was up over 300%, year over year. The need for counter-drone capabilities is becoming increasingly obvious and critical. We're proud to have a leading solution in the space.

整體而言，涵蓋硬體與軟體，Dedrone 營收年增超過 300%。對反無人機能力的需求正變得愈來愈明顯且關鍵。我們很自豪能在此領域提供領先的解決方案。

As Josh mentioned, we expect this strength to continue. Counter-drone is another major leg supporting our growth.

如 Josh 所提到的，我們預期這股強勢將會延續。反無人機是支撐我們成長的另一個重要支柱。

In addition to strength across our products, we are seeing strength across end markets. International revenue was up over 100% year over year, as we delivered on the bookings momentum we highlighted last year It represented 20% of our revenue for the quarter.

除了產品面全面強勁之外，我們也看到終端市場同樣強勁。國際營收年增超過 100%，因為我們延續並兌現了去年強調的訂單動能；本季國際營收占我們總營收的 20%。

Future contracted bookings was up 44% year over year to $14.3 billion, reflecting this broad-based momentum.

未來合約訂單（Future contracted bookings）年增 44% 至 143 億美元，反映出這種廣泛的動能。

Given these trends, our strong Q1 results, and the momentum we are seeing in our pipeline, we're well positioned to deliver on our top-line expectations and are raising our revenue guidance for the year to a range of 30% to 32% growth.

基於這些趨勢、我們強勁的第一季成果，以及我們在管線中看到的動能，我們具備良好條件達成營收端的預期，並將全年營收指引上調至成長 30% 至 32% 的區間。

We still expect to deliver 25.5% adjusted EBITDA margins for the year, consistent with our prior guidance. This improves upon the 25% adjusted EBITDA margin we delivered in Q1, with operating leverage expected in the second half of the year, allowing us to hit that annual target.

我們仍預期全年可達成 25.5% 的調整後 EBITDA 利潤率，與先前指引一致。這將優於我們第一季達成的 25% 調整後 EBITDA 利潤率；預期下半年將出現營運槓桿，讓我們能達成全年目標。

Incorporated in this guidance is continued tariffs; inflationary component costs, inclusive of memory; and product mix shift from continued platform solutions growth, as well as software and services.

此指引已納入持續的關稅、通膨性的零組件成本（包含記憶體），以及因平台解決方案持續成長、軟體與服務而帶來的產品組合轉移。

As we scale the business, we are also focusing on our free cash flow conversion from adjusted EBITDA. Josh talked about the continued investments we're making in inventory this year, which you can see in Q1.

隨著我們擴大業務規模，我們也聚焦於調整後 EBITDA 轉換為自由現金流的效率。Josh 談到我們今年持續在庫存上的投資，你們在第一季也看得到。

These investments will position us well to deliver on demand through the rest of this year. Even with these investments, we expect free cash flow conversion to improve meaningfully and expect to deliver approximately $450 million of free cash flow full year in 2026.

這些投資將使我們能更好地滿足今年其餘時間的需求。即便有這些投資，我們仍預期自由現金流轉換率將顯著改善，並預期在 2026 全年可產生約 4.5 億美元的自由現金流。

On stock-based compensation, we expect full-year expense of approximately $590 million to $620 million.

關於以股票為基礎的薪酬，我們預期全年費用約為 5.9 億至 6.2 億美元。

As a reminder, a portion of our stock-based compensation expense is tied to our performance plans and will only be realized if we hit the share price and operational milestones laid out as part of our XSP program.

提醒一下，我們的部分以股票為基礎的薪酬費用與績效計畫掛鉤，只有在我們達成 XSP 計畫所設定的股價與營運里程碑時才會實現。

This program is long term in nature and doesn't scale linearly with growth because of how we account for the probability of the tranches. The expected expense from this plan is down from last year.

此計畫屬於長期性質，且由於我們在會計上會評估各分期（tranches）達成機率，因此其規模不會隨成長線性增加。此計畫的預期費用較去年下降。

The other portion of stock-based compensation is run-rate RSU grants, which are important to hire and retain the best talent. Inclusive of both of these programs, we are committed to average annual dilution less than 2.5%.

以股票為基礎的薪酬的另一部分是常態性的 RSU 授予，這對於招募並留任頂尖人才很重要。包含這兩項計畫在內，我們承諾平均年度稀釋率低於 2.5%。

As the impact from our performance plans normalize, stock-based compensation dollars should remain roughly flat over the next few years; meaning, it will decline as a percentage of revenue with our continued growth.

隨著績效計畫的影響趨於正常化，未來幾年以股票為基礎的薪酬金額應會大致持平；也就是說，隨著我們持續成長，其占營收比重將下降。

We talk about hitting [55] on the Rule of 40. Yet again, we delivered in excess of that goal this quarter. We're very happy with the results, especially in what is typically a seasonally softer quarter, pointing to the underlying momentum we continue to see in the business.

我們談到要在「40 法則」上達到 [55]。本季我們再次交出超越該目標的表現。我們對結果非常滿意，尤其是在通常屬於季節性較疲弱的一季，這也顯示我們在業務上持續看到的內在動能。

We're focused on growing and scaling for many years to come, supported by our great customers, diversifying end markets, and broad product portfolio. We're excited to deliver another great quarter.

我們專注於在未來多年持續成長與擴張，並由優秀的客戶、日益多元的終端市場，以及廣泛的產品組合所支撐。我們很期待再交出一個出色的季度。

With that, I will turn it over for questions.

接下來，我把時間交給大家提問。

Thanks, everyone. All right.

謝謝各位。好。

Today, at first, we have Will Power at Baird.

今天首先是 Baird 的 Will Power。

Okay. Great. Thanks, everybody. Yeah. Congratulations on another really strong start to the year.

好的。太好了。謝謝大家。是的。恭喜你們今年又有一個非常強勁的開局。

Probably, for Rick, Josh, Jeff -- whoever wants to take it -- just coming out of Axon Week, a lot of focus on some of the new AI capabilities: Axon Vision, Guardian, Form One, et cetera. It would be great just to get a sense for where you saw the highest levels of customer engagement and interest; and how that might fold into the pipeline build for the year, as you think about the broader AI portfolio.

這題可能給 Rick、Josh、Jeff——任何想回答的人都可以——剛從 Axon Week 結束，大家很關注一些新的 AI 能力：Axon Vision、Guardian、Form One 等等。想請你們分享一下，你們看到客戶參與度與興趣最高的是哪些部分；以及當你們思考更廣泛的 AI 產品組合時，這些可能如何融入今年的管線建置。

And then, I have a question for Brittany, too.

另外，我也有一題要問 Brittany。

Yeah. Let me start with that one.

好的。我先從這題開始。

I would say, look, the keynote ran a bit long because we had so many things to talk about. And then, frankly, across so many different personas in the audience, we had leaders from healthcare, we had leaders from enterprise, we had prosecutors, police chiefs, TASER instructors.

我會說，你看，主題演講時間有點拉長，因為我們有太多事情要談。而且坦白說，現場觀眾涵蓋了非常多不同角色：有醫療照護領域的領導者、有企業端的領導者、有檢察官、警察局長、TASER 教官。

Part of what I really wanted to do was to just share the breadth of everything becoming possible in every role with AI that can impact anybody who's touching this information; and then, wrap it up at the end, like, hey, this is like more than you can really wrap your head around and we simplify it all with this AI Era Plan.

我真正想做的一部分，是分享 AI 讓每個角色在各自工作中都能實現的廣度——任何接觸這些資訊的人都可能受到影響；最後再收束：嘿，這其實多到你很難完全消化，而我們用這個 AI Era Plan 把一切都簡化了。

The feedback I got pretty overwhelmingly from customers was that that really hit home. There's a sense of, like, my God, the world is moving fast. It's like, almost disorienting. But we know we have to keep up.

我從客戶那邊得到的回饋幾乎是一面倒地表示這點很有共鳴。大家有種感覺：天啊，世界變得好快。幾乎讓人有點暈頭轉向。但我們知道必須跟上。

The general sense was, look, you guys have always -- you brought us TASERS, when we didn't think we needed it. You brought us body cameras, when nobody wanted to wear them. Like, thanks for making this something where we have a partner that we feel like you guys can help us make sense of all this because it's head-spinning.

整體感受是：你們一直以來都是——你們把 TASER 帶給我們，當時我們還不覺得需要。你們把隨身攝影機帶給我們，當時沒有人想戴。所以，謝謝你們讓這件事變成：我們有一個合作夥伴，我們相信你們能幫我們理解並梳理這一切，因為真的讓人眼花撩亂。

And so, really, just each of those features are targeting different personas; like, Brief One is really focused much more on an investigator or a command staff or a prosecutor compared to Form One, the new feature that enables them to use their digital -- to fill out any form, not just ours but any web-based form.

因此，這些功能其實各自鎖定不同角色；例如 Brief One 更聚焦在偵查人員、指揮幕僚或檢察官；相較之下，Form One 這個新功能讓他們可以用數位方式——去填寫任何表單，不只是我們的表單，而是任何網頁式表單。

And so, for me, it was pretty evenly distributed. This was the first year I felt that, the entire vibe, nobody was saying like, I don't know if this AI thing is for real. Like, everybody is like, wow, it's, like, it's everywhere and help us figure this out.

所以對我而言，客戶興趣分布相當平均。這是我第一次感覺到整體氛圍是：沒有人在說「我不知道 AI 這件事到底是不是真的」。大家都在說：哇，這就像無所不在，請幫我們弄清楚。

I don't know if John, Josh, or Jeff, you want to add anything.

我不知道 John、Josh 或 Jeff 你們是否想補充。

Yeah. I'll just add one quick thought, which is, I think, in times of uncertainty, this is where the 17, 18, 20 years in the cloud and software space; and wearable space really pays off -- is, like, customers trust us to bring market-leading products to market in responsible ways.

是的。我只補充一個很快的想法：我認為在不確定的時期，這正是我們在雲端與軟體領域、以及穿戴式領域累積 17、18、20 年經驗真正發揮價值的地方——客戶信任我們，能以負責任的方式把市場領先的產品推向市場。

I'm really proud of Jeff and our team, as to how fast we've been able to release new features into our AI Era Plan. I think that's incumbent upon us to continue to delight customers.

我為 Jeff 和我們團隊感到非常自豪，因為我們能夠以如此快的速度，將新功能釋出並納入我們的 AI 時代方案。我認為我們有責任持續讓客戶感到驚喜與滿意。

Look, we're, like -- Kentucky Derby was last week; the Belmont is in a few weeks. We look at ourselves like Secretariat at the Belmont. We want to be accelerating ahead of everybody in AI.

你看，我們——肯塔基賽馬節上週才剛結束；貝蒙特錦標賽再過幾週就要到了。我們看待自己就像貝蒙特賽的「秘書處」（Secretariat）。我們希望在 AI 領域加速領先所有人。

The sheer volume of new useful tools we are sending out to our customers -- like our customers had -- we do the shock-tank idea where they come up with new ideas.

我們正在向客戶推出大量全新且實用的工具——就像我們的客戶曾經——我們做了那種「創意震撼槽」（shock-tank）的概念，讓他們提出新點子。

We're building one and our goal is to release that to every customer who came to Axon Week in the next couple of months, just to show we can go from idea to execution to output in a very condensed period of time now.

我們正在打造其中一個，我們的目標是在接下來幾個月內，把它釋出給每一位參加 Axon Week 的客戶，只是為了展示我們現在可以在非常短的時間內，從想法到執行再到產出。

We think that's going to be a massive tailwind for our customers, our investors, and our company.

我們認為這將為我們的客戶、投資人以及公司帶來巨大的順風。

Okay. If I can -- I appreciate that. Great perspective.

好的。如果我可以——我很感謝。觀點很棒。

Brittany, some of the questions I've gotten early here are a bit on the free cash flow side. I know you addressed it on the inventory piece and inventory commentary.

Brittany，我這邊一開始收到的一些問題，主要是關於自由現金流。我知道你已經針對庫存部分以及庫存的說明做了回應。

Is there any way to share -- as you think about the higher or the inventory investment, how much of that relates to higher memory cost and inflationary pressure versus just trying to meet customer demand?

在分享上是否有任何方式——當你思考較高的（或庫存）投資時，其中有多少是與更高的記憶體成本與通膨壓力相關， versus 只是為了滿足客戶需求？

And then, anything you can share the CapEx change, which I think came down a little bit.

另外，關於資本支出（CapEx）的變動，你能分享些什麼嗎？我認為它稍微下降了一點。

Just putting all that together, you get comfortable with the free cash flow conversion targets, given the moving pieces here.

把這些因素綜合起來看，在這些變動因素之下，你們對自由現金流轉換目標是否仍感到有把握？

Yeah. No. Thank you for asking.

是的。不。謝謝你提出這個問題。

As we look at inventory, of course, memory is included in that overall number. But this is really about inventory investments to make sure we have supply across all of our products and have the ability to scale to meet demand, as we look forward into the next year.

我們看庫存時，當然，記憶體也包含在整體數字裡。但這其實主要是庫存投資，確保我們在所有產品上都有供應，並且在展望明年時，有能力擴大規模以滿足需求。

I would view it as including memory and making sure that we're in a good place on memory but not, at all, solely driven by memory. We would be doing this with or without memory, just to make sure that we are in a good supply-chain position.

我會把它視為包含記憶體、並確保我們在記憶體方面處於良好狀態，但絕不是完全由記憶體所驅動。即使沒有記憶體這個因素，我們也會這麼做，只是為了確保我們在供應鏈上處於良好位置。

If you look at Q1, Q1 is, generally, our seasonally softest quarter, from a free cash flow standpoint. We have bonus payments. We have commission payments. We have one of our two semi-annual interest payments in Q1. Even with all of that, without the inventory investments, we would have been positive, from a free cash flow standpoint, in Q1.

如果你看第一季，第一季通常從自由現金流的角度來看，是我們季節性最疲弱的一季。我們有獎金支付。我們有佣金支付。我們一年兩次的利息支付，其中一次也在第一季。即便有這些因素，如果沒有庫存投資，第一季從自由現金流角度來看，我們本來會是正的。

As we look at the next three quarters of the year, we're very comfortable that, with the inventory investments we have in mind; with everything we can do around working capital and the fact that we would not have some of those Q1 events reoccurring that we can get to that target for the year.

展望接下來三個季度，我們非常有信心：以我們規劃的庫存投資、我們在營運資金上能做的一切，以及第一季那些事件不會再重複發生的情況下，我們可以達成全年目標。

From a CapEx standpoint, as we go into the year, we tend to have a lot of projects; a lot of things on our plate. And then, as we get into the year and we see what we're actually executing on, we can refine that CapEx forecast.

就資本支出而言，進入年度之初，我們通常有很多專案、很多事情在進行中。然後隨著年度推進、我們看到實際在執行哪些項目，就能進一步精煉 CapEx 的預測。

And so that's really all you're seeing there, as we're just refining tightening up that CapEx forecast for the year.

所以你看到的其實就是這個——我們只是把今年的 CapEx 預測再精煉、收緊。

Next, we have Andrew Sherman at TD Cowen.

接下來是 TD Cowen 的 Andrew Sherman。

Congrats on the quarter.

恭喜這一季的表現。

Josh, the AI Era Plan bookings, up 140%; revenue, up, I think, 700%. That was a lot higher than I thought. Interesting comment on all large agencies, including that now. Maybe just expand on that.

Josh，AI 時代方案的訂單（bookings）成長 140%；營收成長，我想大概是 700%。這比我預期高很多。你提到所有大型機構現在都包含在內，這點很有意思。也許可以再延伸說明一下。

Are we hitting a tipping point now, where the bundle has been out for a while so you're seeing more viral type of adoption? Are you seeing that in the pipeline?

我們現在是否正到達一個臨界點：因為這個組合方案推出一段時間了，所以你看到更像病毒式的採用擴散？你在銷售管線中也看到這種情況嗎？

Thanks, Andrew.

謝謝你，Andrew。

Glad we could beat your expectations on how many of these things we're going to sell in Q1 here. It's been a great start to year.

很高興我們在第一季能賣出這些方案的數量超出你的預期。今年開局非常好。

I think, like, these deals take a long time to come into fruition, right? Like, we're talking $50 million to $200 million deals with some of these large, major cities. As a result, sometimes, like, it takes 8 to 12 months to get these things across the goal line.

我認為，這類交易需要很長時間才能開花結果，對吧？像我們談的，是一些大型主要城市的 5,000 萬到 2 億美元的交易。因此，有時候要花 8 到 12 個月才能把這些案子推過終點線。

We announced the AI Era Plan at the very, very end of 2024. Last year was a great start. We had said we had booked $750 million on it. But we certainly expect that number to keep rising. Like, there's more and more belief in what we're doing. There's more and more engagement.

我們是在 2024 年底、非常非常接近年底時宣布 AI 時代方案。去年是個很好的開始。我們曾說過在這上面已簽下 7.5 億美元的訂單。但我們當然預期這個數字會持續上升。因為大家對我們正在做的事情越來越有信心。參與度也越來越高。

There's more and more engagement across the features and the bundle itself, which are driving a better view of the ROI that we're offering and so just today, a major city in the Mid-Atlantic region, went in front of their city council and had a $150 million deal approved that included the AI Era Plan.

在各項功能以及整個組合方案上，參與度都在提升，這讓客戶更能看見我們所提供的投資報酬率（ROI）。因此就在今天，大西洋中部地區的一個主要城市，在市議會前通過了一筆 1.5 億美元的交易，其中包含 AI 時代方案。

And so we're seeing this all over. We're very excited about it. We know that responsibility comes with it. Like I said, we have to keep iterating and making sure that we're delighting our customers with this feature set.

所以我們在各地都看到這樣的情況。我們非常興奮。我們也知道這伴隨著責任。就像我說的，我們必須持續迭代，並確保用這套功能組合持續讓客戶感到驚喜與滿意。

But I certainly have a lot of confidence in our team to be able to do that.

但我對我們團隊能做到這點非常有信心。

Excellent. Thanks. One more for you, Josh.

很好。謝謝。我還有一個問題要問你，Josh。

The enterprise telco deal in April, very impressive. That's your second big deal in enterprise focused on Fusus.

四月的企業級電信交易非常令人印象深刻。那是你們第二筆聚焦企業、以 Fusus 為核心的大型交易。

Talk about the use case in this example; what problems he Fusus solve for them? Are there more of these in the pipeline?

談談這個案例的使用情境；Fusus 為他們解決了哪些問題？銷售管線中還有更多這類案子嗎？

Sure thing. I think about our enterprise business in really three buckets: Fusus; Dedrone; and then, the ABW or the Axon Body Mini.

當然。我把我們的企業業務大致分成三個類別：Fusus；Dedrone；以及 ABW 或 Axon Body Mini。

And so, with Fusus, all of these businesses have dozens of thousands; hundreds of thousands; and, in some cases, millions of video streams around the world. As they brought those online, a lot of times, they've siloed across different systems. They don't have a really unified user experience.

以 Fusus 來說，這些企業在全球有數萬、數十萬，甚至在某些情況下有數百萬路的影像串流。當他們把這些串流上線時，很多時候會分散在不同系統中、各自為政。他們沒有真正統一的使用者體驗。

We're able to come in with Fusus; and bring everything in together in one place; and be able to connect it with public safety at the customer's option in terms of the protocols there.

我們能透過 Fusus 介入；把所有內容整合到同一個地方；並且依客戶的選擇，按照相關協定把它與公共安全系統連結起來。

And so that's been very valuable. It certainly has -- as camera infrastructure has grown across all cities and businesses, that's been a certain tailwind for Fusus adoption.

因此這非常有價值。而且確實——隨著各城市與企業的攝影機基礎設施持續擴張，這也成為推動 Fusus 採用的一股順風。

But we're seeing similar interest in Dedrone, right now, as I said, protecting data centers, high-value warehouses, headquarters, other physical infrastructure.

但我們目前也看到對 Dedrone 有類似的興趣；如我所說，用於保護資料中心、高價值倉庫、總部以及其他實體基礎設施。

And then, of course, the Axon Body Mini start shipping -- production units start shipping in July. And so, as we get through beta there, we're seeing a lot of momentum; a couple of major, major customers growing their deployments already of ABW -- I keep -- ABW is Axon Body workforce, which is the first version of that product.

接著，當然，Axon Body Mini 開始出貨——量產機種將於 7 月開始出貨。因此，隨著我們在那邊完成 beta 測試，我們看到很強的動能；已經有幾個非常、非常重要的客戶在擴大 ABW 的部署——我一直——ABW 是 Axon Body Workforce，也就是該產品的第一個版本。

And so we're seeing it really start to happen in enterprise. It's exciting. But it's also really exciting to see it continue to happen in public safety and to see international grow explosively, as well. A lot to be looking forward to this year.

所以我們看到它真的開始在企業端發生。這很令人振奮。但同樣令人振奮的是，看到它在公共安全領域持續發生，並且國際市場也同樣呈現爆發式成長。今年有很多值得期待的事情。

Up next, we have Jim Fish, at Piper Sandler.

接下來是 Piper Sandler 的 Jim Fish。

Nice quarter.

這一季表現不錯。

Look, multiple large events are coming up here. You just highlighted a few at -- this past weekend. Hopefully, (inaudible). But just how is this impacting bookings and pipeline? Really, how much of the drone uptick and outsized performance is being tied to these events and, really, the crux of it all guys?

你看，接下來有多個大型活動要登場。你剛剛也提到幾個——就在上個週末。希望，(聽不清)。但這對訂單（bookings）與銷售管線（pipeline）有什麼影響？實際上，無人機業務的上升與超預期表現，有多少是與這些活動相關聯的？這整件事的核心到底是什麼？

I was just trying to understand, like, is this event-driven or is it sustainable demand?

我只是想理解，這是活動驅動的，還是可持續的需求？

I would think of this as infrastructure. Like, certainly, events are nice moments in time where we can show off the product. They're not super large deployments. They're, like, ephemeral in nature.

我會把它視為基礎設施。當然，活動是很好的時間點，讓我們展示產品。但它們不是非常大型的部署。本質上比較短暫、一次性。

But what it does do is it gives the host city and federal law enforcement a view into what's happening. Like, federal law enforcement was very complementary to us about our Dedrone installation at the Super Bowl. That drove interest in that segment.

但它確實能讓主辦城市與聯邦執法單位看見正在發生什麼。例如，聯邦執法單位對我們在超級盃的 Dedrone 部署給予高度肯定。這也帶動了該細分市場的興趣。

And so think of these (inaudible) -- great, like, opportunities to show what we can do. But it's really about translating that into permanent infrastructure in these cities and businesses is -- and that's where the real long-term value lies. That's happening.

所以把這些（聽不清）——視為很棒的機會，讓我們展示我們能做什麼。但真正關鍵在於把它轉化為這些城市與企業的永久性基礎設施——這才是長期價值所在。而這正在發生。

Like, Dedrone is -- we're very bullish about the acquisition; and what it would mean for our business and what it would mean for our ability to protect lives. All of those expectations have been shattered.

像 Dedrone——我們對這項收購非常看好；不論是對我們業務的意義，或是對我們保護生命能力的意義。所有這些預期都被大幅超越了。

The demand for this product is, in terms of hardware, about as fast as I've ever seen adoption of a hardware product that we've made.

就硬體而言，這個產品的需求成長速度，幾乎是我見過我們推出的硬體產品中採用速度最快的。

So very, very exciting. A lot of work to do to continue to build out the ecosystem there. But, certainly, a lot to get us very optimistic about being a leading counter-drone provider.

所以非常、非常令人振奮。要持續把那個生態系建起來，還有很多工作要做。但確實有很多理由讓我們對成為領先的反無人機供應商感到非常樂觀。

I would just add, even if you look at some of the legislation, like the Safer Skies initiative that's coming through, it is really enabling counter-drone technology to be sustainable. That is a multi-year program.

我再補充一點，即使你看看一些立法，例如正在推進的 Safer Skies 倡議，它確實讓反無人機技術具備可持續性。那是一個多年期的計畫。

To Josh's point, the events are great. But I would not view Dedrone as being successful only because of those events. This is a real trend and a real change in the trajectory; and the need for adoption of counter-drone. We are seeing that.

呼應 Josh 的觀點，活動很棒。但我不會把 Dedrone 的成功視為只因為那些活動。這是一個真正的趨勢，也是發展軌跡的真正改變；對反無人機的採用需求正在上升。我們確實看到了。

I would say, right now, we're more limited by our actual ability to and get the product out the door than we are by opportunity out there.

我會說，就目前而言，限制我們的更多是實際產能與把產品交付出貨的能力，而不是外部的機會。

Yes. It's really -- these things are all a catalyst for a shift in mindset to viewing counter-drone as an essential infrastructure capability for cities; for enterprises; for all of these things. It triggers the notion of them viewing it as a sacrosanct thing they have to add to their portfolio.

是的。這些事情本質上都是一個催化劑，促使思維轉變：把反無人機視為城市、企業以及各種場景的必要基礎設施能力。它會觸發他們把這視為一個神聖不可或缺、必須納入其產品/能力組合的項目。

I appreciate all the details there, guys.

感謝各位提供這麼多細節。

Brittany, not just to belabor the point but what's your purchase commitments at this point -- is, if I look at your inventory today -- and I understand the investment you're making -- it's about half of your product costs for the year.

Brittany，不是要一直強調同一點，但你目前的採購承諾（purchase commitments）到什麼程度——如果我看你今天的庫存——而且我理解你正在做的投資——大約相當於你今年產品成本的一半。

What's giving you enough confidence here that we have the inventory availability to meet the demand for the year?

是什麼讓你有足夠信心，確保我們有足夠的庫存可用性來滿足今年的需求？

Yeah. Look, I think part of the thesis behind this investment, as you can see how quickly we're growing and how quickly we're ramping all of our hardware -- and so we want to make sure that we have the ability to hit that demand. That is part of the investment behind it.

是的。你看，我認為這項投資背後的部分論點在於：你可以看到我們成長得多快，以及我們所有硬體拉升（ramp）得多快——所以我們想確保有能力滿足那樣的需求。這就是這項投資的一部分原因。

We work really closely with all of our suppliers. We have mission-critical hardware. This hardware is -- it is not a nice-to-have, it is a must-have for our customers.

我們與所有供應商都非常密切合作。我們有任務關鍵（mission-critical）的硬體。這些硬體——對客戶而言不是「有也不錯」，而是「必須要有」。

And so, as we look at our investments and we look at the year, we're really making sure that we work with our suppliers to get in what we need to get in to give them those long-term forecasts because we have products that last for a long time.

因此，當我們檢視投資並展望全年時，我們會確保與供應商合作，把我們需要的料件備進來，並提供他們長期的需求預測，因為我們的產品使用壽命很長。

We have a lot of stability in our demand and our need. I would just say it's really, really close collaboration with our partners and our supply chain.

我們的需求與所需量有很高的穩定性。我想說，關鍵就是與合作夥伴及供應鏈非常、非常緊密的協作。

Can I just add to that, just so there's no confusion? We have been investing in inventory for quite a while. We entered the year -- one of the reasons that we haven't had much impact from the memory costs, in terms of our guidance, is because of our inventory philosophy.

我可以再補充一下，避免有任何誤解嗎？我們投資庫存已經有一段時間了。我們在年初進入今年——我們之所以在指引上幾乎沒有受到記憶體成本影響，其中一個原因就是我們的庫存策略。

We had a lot of inventory for this year coming into the year. Thus, we were able to be a little more patient and are still able to be a little more patient to ride this wave out on the memory costs.

我們在進入今年時，就已經為今年準備了大量庫存。因此，我們得以更有耐心，而且現在仍能更有耐心，去度過這波記憶體成本的波動。

Really, we're looking toward next year at this point and how we can best position ourselves well across our core products so that international -- like large, large international -- orders are not taking away from our ability to ship to US customers and not putting a ceiling on our revenue growth.

實際上，我們此刻更著眼於明年，以及如何在核心產品上把自己定位得更好，讓國際——例如非常、非常大型的國際訂單——不會排擠我們對美國客戶的出貨能力，也不會對我們的營收成長形成上限。

Certainly, geopolitical risk, going into next year. We've got our eye on that. We certainly don't want anything that happens in the world to have an impact on our ability to support our customers.

當然，進入明年會有地緣政治風險。我們正在密切關注。我們當然不希望世界上發生的任何事情影響我們支援客戶的能力。

And so we're looking at this as a sustained inventory investment to get up to certain levels, where we think we can support the growth and hedge some of the risk.

因此，我們把這視為一項持續性的庫存投資，把庫存提升到某些水位，我們認為那樣可以支援成長並對沖部分風險。

But, like Brittany said in her remarks, that is already contemplated in our free cash flow guidance for the year.

不過，如 Brittany 在她的發言中所說，這些都已經反映在我們今年的自由現金流指引之中。

Next, we have Jonathan Ho, at William Blair.

接下來是 William Blair 的 Jonathan Ho。

Congratulations on the excellent quarter.

恭喜你們交出非常出色的一季。

Can you maybe talk a little bit about your AI cross-sell cadence, particularly for customers that are maybe in the middle of, like, the existing long-term contracts? Are most waiting until their contracts expire? Is there a way for you to restructure these mid-flow, particularly for those contracts that are in place?

你們能否談談 AI 交叉銷售（cross-sell）的節奏，特別是對於可能正處於既有長期合約中段的客戶？大多數客戶會等到合約到期才採用嗎？你們是否有辦法在合約進行中重新調整條款，特別是針對那些已經在執行中的合約？

Any color would be helpful there.

如果能提供一些補充說明會很有幫助。

Sure thing, Jonathan. A lot of that is -- that happens very naturally. Even before the AI Era Plan, that was happening relatively naturally because we do release new products every single year. We released some on Axon Week. We'll have more exciting things to talk about at [ICP]. Those are often catalysts to rewrite contracts.

當然可以，Jonathan。其中很多——這其實是很自然就會發生的。即使在 AI 時代計畫之前，這也相對自然地在發生，因為我們每一年都會推出新產品。我們在 Axon Week 發表了一些。我們在[ICP] 還會有更多令人興奮的內容可以分享。這些往往會成為重寫合約的催化劑。

Customers see something they like and says, okay, if I'm going to buy this, we might as well put everything together and create a new contract that contemplates all of this. Between camera upgrades, new products, urgency around AI, these are all catalysts for those conversations.

客戶看到喜歡的東西就會說，好，如果我要買這個，那我們不如把所有東西整合在一起，做一份把這些都納入考量的新合約。不論是相機升級、新產品、對 AI 的急迫性，這些都是促成這些對話的催化劑。

And so we do rewrite these contracts as we go, according to new product availability. It has been a great driver of bookings growth.

因此我們會隨著新產品的供應情況一路重寫這些合約。這一直是推動訂單（bookings）成長的一個很重要的動力。

Got it. And then, just as a follow-up: You've referenced multiple times the strength in international growth. I just wanted to better understand the drivers here. It seems like you've initially landed with many of the national police forces.

了解。接著追問一下：你們多次提到國際成長的強勁。我想更清楚了解背後的驅動因素。看起來你們一開始是先切入了許多國家級警察機關。

Are you seeing this strength come from [filter-down]? Or is this new national police forces?

你們看到的強勁成長是來自[filter-down] 嗎？還是來自新的國家級警察機關？

Any color would definitely be helpful.

如果能提供一些補充說明肯定會很有幫助。

Sure thing. It's a good question. It's not one individual thing. But I think it's a combination of having a far better team and go-to-market operation.

當然可以。這是個好問題。不是單一因素。但我認為是更強的團隊與市場進入（go-to-market）運作的綜合結果。

That's not only our own internal team. But that's partners -- technology partners -- and system integrators and distributors. We've really figured out the right way to go to market in some of these different nations around the world. That's been certainly some wind at our back.

這不只是我們內部團隊。也包括合作夥伴——技術合作夥伴——以及系統整合商與經銷商。我們確實摸索出在全球不同國家正確的市場進入方式。這無疑也成為我們的助力。

And then, we parlay that into better product market fit. There's demand for Fusus. There's demand for Records. There's certainly a lot of demand for Dedrone. That's driving a lot of conversations into other product categories. And so that's certainly a big part of it, as well.

接著，我們把這轉化為更好的產品市場契合度。市場對 Fusus 有需求。對 Records 也有需求。對 Dedrone 的需求當然也非常大。這帶動了許多延伸到其他產品類別的對話。所以這也是其中很大的一部分。

Ultimately, I just think we're showing up as more of a global company at this point. It's not one person in a very large country showing up, trying to sell TASERs for the first time. We're showing up like a technology vendor that can help across a number of different product lines.

歸根結底，我認為我們現在更像一家全球性公司在運作。不再是某個人在一個很大的國家裡出現，第一次嘗試賣 TASER。我們是以一個科技供應商的姿態出現，能在多條產品線上提供協助。

That land-and-expand strategy is starting to really work, like it did in the US. The consistency of our results now is showing now, where last year was our first year over $1 billion in bookings. This year, we have a very, very strong pipeline and certainly hope to grow well beyond that.

這種「先落地、再擴張」（land-and-expand）的策略開始真正奏效，就像在美國一樣。我們現在的成果一致性也顯現出來：去年是我們訂單（bookings）首次超過 10 億美元的一年。今年我們有非常、非常強的管線（pipeline），也希望能在此基礎上大幅成長。

We're certainly confident, as we've ever been, in the international business. I think that's attributed to Cameron, our Chief Revenue Officer -- he's done a really nice job rebuilding a lot of that function; as well as a lot of folks on the ground doing really good work, every single day.

我們對國際業務的信心，和以往任何時候一樣強。我認為這要歸功於我們的首席營收長 Cameron——他在重建這個職能方面做得非常出色；以及許多在地同仁每天都在做非常好的工作。

Yeah. I would add - and I just got back to two-week, two-and-a-half-week overseas trip. We are seeing some of the smaller countries looking at going all-in, on a national basis, which is a new dynamic. I think that's really quite helpful., especially within some of these different blocks where, maybe, there's historically not been as much comfort with the cloud.

是的。我補充一下——我剛結束一趟為期兩週到兩週半的海外行程回來。我們看到一些較小的國家正在考慮以國家層級全面導入（all-in），這是一個新的動態。我認為這非常有幫助，尤其是在某些不同的區塊中，可能過去對雲端的接受度沒有那麼高。

Seeing some of these smaller countries go all-in gives us proof points. I had one of my first, like, 90-minute sessions with a Prime Minister where this is rising up to like that level, where they're looking at this going, wow, we could leapfrog and become one of the most advanced place-agencies on earth because we could just deploy everything with Axon, which is a -- it's been a pretty solid dynamic to feel that shift happening.

看到一些較小的國家全面導入，能為我們提供成功案例（proof points）。我第一次有一場大概 90 分鐘、與一位總理的會談，這件事已經上升到那個層級；他們看著這件事會覺得，哇，我們可以跳躍式發展，成為地球上最先進的執法機關之一，因為我們可以用 Axon 把所有東西都部署起來——感受到這種轉變正在發生，是一個相當扎實的動態。

I think, as these smaller countries do it, it will give us the ability to earn our way up into the larger -- as with everything, the really mega forces move much more slowly. That's true. Like, these big national forces compared to maybe some of the smaller ones, we're finding a bit more nimble.

我認為，當這些較小的國家這麼做時，會讓我們有能力逐步打進更大的市場——一如既往，那些超大型的部隊推進速度會慢得多。沒錯。像這些大型國家級部隊，相較於一些較小的部隊，我們發現後者更靈活一些。

It's, again, pointing the ground by having -- like, for example, in the EU -- some people leading the way really going all-in on cloud.

這同樣是透過在地深耕——例如在歐盟——由一些人帶頭真正全面擁抱雲端。

The last thing I'll say there, really fast: similar to the enterprise discussion that Josh said before, in a lot of these other countries, they've spent a tremendous amount on massive networks of CCTV cameras. And so that's another place where Fusus is a catalyzing part of the equation, right?

最後我很快再補充一點：類似 Josh 先前提到的企業端討論，在許多其他國家，他們已經在龐大的 CCTV 攝影機網路上投入了巨額資金。因此這也是 Fusus 在整個方程式中扮演催化角色的另一個地方，對吧？

It's not just our body cameras and just (inaudible) -- like Fusus is a socket to let them get more value out of the investments they've already made in these other cameras. That just makes the overall ecosystem story from Axon easier to reach the tipping point of their interest.

不只是我們的隨身攝影機以及（聽不清）——像 Fusus 就是一個介面（socket），讓他們能從既有在其他攝影機上的投資中取得更多價值。這讓 Axon 的整體生態系故事更容易達到他們興趣的臨界點。

It's a great catalyst.

這是一個很棒的催化劑。

Next, we have Keith Housum, at Northcoast.

接下來是 Northcoast 的 Keith Housum。

Great. Obviously, a very solid quarter for you guys.

很好。顯然你們這一季表現非常穩健。

Brittany, if there's anything to pick out from an investor standpoint, it might be in the Software and Services standpoint. Software and Services tends to be very lumpy. I think what we saw here, sequentially, probably a little bit lower for us (inaudible) -- so we were expecting.

Brittany，從投資人的角度來看，如果要挑一個重點，可能會在軟體與服務這一塊。軟體與服務的表現通常波動很大。我想我們這次看到的，按季來看，可能對我們而言稍微低了一點（聽不清）——比我們原先預期的。

Perhaps, walk us through some of the puts-and-takes about Software and Services for the quarter; and how we should be thinking about that.

或許請你帶我們梳理一下本季軟體與服務的各項拉抬與抵銷因素（puts-and-takes）；以及我們應該如何看待這件事。

Sure. Happy to. I would say this is pretty typical for our seasonality in Q1. And so you saw a similar dynamic in Q1 of 2025. We just tend to have a slightly smaller software step in Q1.

當然。很樂意。我會說這相當符合我們第一季的季節性特徵。所以你在 2025 年第一季也看到類似的動態。我們第一季的軟體增量通常會稍微小一些。

If you want to look at our ARR, though, that's usually where it shows up first. We had absolutely phenomenal ARR growth this quarter.

不過如果你想看我們的 ARR，通常會先在那裡反映出來。我們本季的 ARR 成長非常亮眼。

And so, really, I'd look at '25 and say it comes through first in the ARR growth; and then, you could expect you'll start to see that in the software step for next quarter.

所以更深入來看，我會看 2025 年並說：它會先反映在 ARR 成長上；接著你可以預期，下一季開始會在軟體增量上看到。

I would dive a little deeper on the picking and look at it as pretty typical seasonality, with very nice strength continuing in our software business. You just see that picking up in ARR first.

我會再更深入一點，把它視為相當典型的季節性，同時我們的軟體業務仍持續展現很不錯的強勁動能。只是你會先在 ARR 看到這個動能的提升。

Okay. Appreciate it. Josh, if I could ask you a follow-up to the enterprise question before -- maybe I missed this. Was this a telecom retailer?

好的。感謝。Josh，如果可以的話，我想追問一下你剛才提到的企業端問題——也許我漏聽了。這是一家電信零售商嗎？

Because I understand Fusus, Axon Body Mini -- not only the retailer but, also, is this an auction process? Or was this you guys going to them? Perhaps, a background behind the adoption by those customers.

因為我了解 Fusus、Axon Body Mini——不只是零售端而已，而且這是透過拍賣流程嗎？還是你們主動去找他們的？也許可以分享一下這些客戶採用背後的背景。

Sure thing. Keith, I've said on the call a couple of times, historically, I'm generally a little more uncomfortable about sharing names of enterprise partners because, sometimes, they're competitive with our other customers and, sometimes, there are other dynamics where it doesn't necessarily serve us to be front and center with other brands versus just supporting them behind the scenes and talking about the customer in more general terms.

當然可以。Keith，我在電話會議上提過幾次，從過往來看，我通常比較不願意分享企業合作夥伴的名稱，因為有時候他們會與我們的其他客戶存在競爭關係；有時候也有其他動態，使得我們不一定適合把其他品牌放在台前，而是更適合在幕後支持他們，並以更概括的方式談論客戶。

And so this is -- when you think of telecom providers, this is 1 of the first 3 or 4 that's going to enter your brain. I would say that.

所以這個——當你想到電信業者時，這會是你腦中第一批 3 到 4 家之一。我會這麼說。

And then, the use case is across retail locations; other company -- physical assets; certainly, any video stream, essentially, that's in their ecosystem of one of their cameras, that's now being managed and integrated into Fusus.

然後，使用情境涵蓋零售據點；以及其他公司的——實體資產；當然，基本上任何在他們生態系中、來自其某一台攝影機的影像串流，現在都被納入 Fusus 進行管理與整合。

And so this is really about having complete situational awareness across all of their physical assets.

所以這其實是為了在他們所有實體資產上，建立完整的態勢感知。

Up next, we have Brenden Rogers, at Wolfe.

接下來是 Wolfe 的 Brenden Rogers。

I wanted to ask a quick one on AI. Like, coming out of Axon, there was, like, a ton of innovation; a ton of new products. How do you guys think about, like, pricing to value, as you furiously add these new products into the bundle, like, over the course of the year?

我想快速問一個關於 AI 的問題。像是從 Axon 的角度來看，創新非常多；新產品也非常多。當你們在一年之中快速把這些新產品加進套裝方案時，你們如何思考「按價值定價」（pricing to value）？

I think, traditionally, like, a pricing cycle would happen and you guys would revise the pricing in, like, Q4, Q1. But just given, like -- even in the Shareholder Letter, you guys are talking about Axon Vision being [GA] in Q4. We just heard about that in Axon Week. You guys probably would not have a chance to update pricing.

我想傳統上，定價週期會發生，然後你們會在像是 Q4、Q1 去調整定價。但考量到——甚至在股東信裡，你們提到 Axon Vision 會在 Q4 [GA]（正式上市）。我們才剛在 Axon Week 聽到這件事。你們可能沒有機會更新定價。

Like, how do you guys think about that?

你們怎麼看這件事？

Sure. Great question. Look, I think, as always, we want our price to be commensurate with the value we're creating in our bundles. You can certainly compare the sum of the parts of all the individual features versus the bundled price. Generally, we want those things to tie out.

當然。問得很好。你看，我想一如既往，我們希望價格能與我們在套裝方案中創造的價值相匹配。你當然可以把所有單一功能的各個部分加總，去對比套裝價格。一般而言，我們希望兩者能對得上。

The more features we add, you should expect that to be reflected in the price, as we revise it each year. There is an annual escalator in the contracts to account for the fact that each year will represent more value and functionality in the plan.

我們加入的功能越多，你應該預期在我們每年調整價格時，價格會反映這些新增內容。合約中有年度調升機制（annual escalator），用來反映每一年方案都會帶來更多價值與功能。

And so, generally speaking, it serves customers well to get in early. The longer you wait, the more the sum of the parts adds up. But, no matter what, we're going to make sure that the customer feels like there is a, like, hit-your-forehead simple ROI on what we're providing, relative to the cost.

所以一般來說，越早加入對客戶越有利。你等得越久，各個部分加總起來就越多。但無論如何，我們都會確保客戶能感受到：相對於成本，我們提供的內容有一個「一拍腦門就懂」的簡單 ROI。

This is where the Era Plan is just really loved by customers; this idea that, hey, this is moving so fast. Like, we can't even predict with certainty what we're going to be building next year. They'll avoid having to constantly going back to procurement cycles. That would just be exhausting.

這也是為什麼 Era Plan 真的很受客戶喜愛；因為大家都覺得，嘿，這變化太快了。像是，我們甚至無法百分之百確定明年會打造什麼。他們就能避免必須不斷回到採購流程。那會非常耗人。

They really love this idea that, you know what, Axon Vision is new. You didn't know about it, when you signed your contract. Frankly, maybe, we didn't either. But you're going to get it, if you're on that plan.

他們真的很喜歡這個概念：你知道嗎，Axon Vision 是新的。你在簽合約時並不知道它。坦白說，也許我們當時也不知道。但只要你在那個方案上，你就會得到它。

I would say, we're really careful on pricing to make sure that we are delivering more value to our customers before we take prices up. That's a pretty strongly held belief of ours -- is that it's tied to value.

我會說，我們在定價上非常謹慎，會先確保在調漲價格之前，我們已經為客戶交付更多價值。這是我們非常堅持的一個信念——價格必須與價值連動。

And so I think what you're seeing is we are putting more value in the AI Era Plan, which is great because, then, it means our customers will see that value.

所以我想你看到的是，我們正在把更多價值放進 AI Era Plan，這很好，因為這代表我們的客戶會看到那個價值。

When we do get to our annual pricing discussions, we will look at the value we're delivering, relative to the price.

當我們進入年度定價討論時，我們會檢視我們交付的價值，相對於價格的關係。

Got it. And then, just one more on the memory side: Any chance you guys can quantify the impacts in terms of margins? I'm assuming it's probably not big enough to reprice or maybe that's the wrong assumption.

了解。另外再問一個關於記憶體的問題：你們能否量化對毛利的影響？我猜可能還不到需要重新定價的程度，或許這個假設不對。

Any (multiple speakers) --?

有（多位講者）——？

It's the right assumption.

你的假設是對的。

Yeah. It's not big enough for us to break it out for all of you guys. If you think about it, the products that we have memory going into the most are our camera products, They're clearly important for us. But they are only a part of our overall portfolio.

對。影響不大到我們需要把它單獨拆出來跟各位說明。如果你這樣想，我們使用記憶體最多的產品是攝影機產品；它們對我們當然很重要。但它們只是我們整體產品組合的一部分。

You can imagine that the 1 basis points impact to gross margin is not meaningful enough to break it out.

你可以想像，對毛利率只有 1 個基點的影響，並不具備足夠重要性到需要拆出來說。

Now, it's certainly something we're looking at. It's certainly one of the many puts-and-takes going into our gross margin for the year.

當然，這確實是我們正在關注的事情。這也確實是今年毛利率眾多拉鋸因素（puts-and-takes）之一。

It is all contemplated, as we think about our guidance. But I wouldn't over-index on it.

在我們思考財測指引時，這些都已納入考量。但我不會過度聚焦在這件事上。

Up next, Meta Marshall, at Morgan Stanley.

接下來是 Morgan Stanley 的 Meta Marshall。

Maybe a couple of questions for me.

我這邊可能有幾個問題。

Noted, still, very early days of Carbyne and Prepared but just what you're seeing in terms of how you're looking at that market opportunity?

我知道 Carbyne 和 Prepared 還在非常早期階段，但你們目前看到的情況是什麼？以及你們如何看待那個市場機會？

And then, maybe just second, on federal, obviously, some shutdowns at various points this year. I know it's not a major business for you but just how you're seeing the deal environment on the federal side?

然後第二個可能是關於聯邦市場：今年不同時間點顯然有一些停擺（shutdown）。我知道這不是你們的主要業務，但你們怎麼看聯邦端的成交環境（deal environment）？

Sure. On 911, I think I would say I have a lot of confidence that we will be contending for market leadership in this space in the next few years. I believe we have the most talented team in the market. I believe we have the most talented leadership, all the way down to the folks building the products and selling the products.

好的。關於 911，我想我會說，我非常有信心在未來幾年，我們會在這個領域競逐市場領導地位。我相信我們擁有市場上最有才華的團隊。我相信我們擁有最有才華的領導層，一直到打造產品與銷售產品的同仁。

I think the value proposition is very, very strong there. It reminds me when we first got into cloud 15 years ago and the options were all on-premise. It's like, hey, this is the next generation. There's a lot of benefit to doing it this way.

我認為那裡的價值主張非常、非常強。這讓我想起 15 年前我們剛進入雲端時，當時選項都還是地端部署（on-premise）。就像是，嘿，這是下一代。用這種方式做有很多好處。

Our customers are now seeing that, after being entrenched in very, very outdated technology. And so, ultimately, there's a lot that goes into it. But I really am pleased with the early progress here.

我們的客戶在長期深陷於非常、非常過時的技術之後，現在也看到了這一點。所以最終，這裡面有很多因素。但我對目前的早期進展真的很滿意。

As a reminder, we really think Prepared is out there capturing logos with their over-the-top feature sets; and then, Carbyne is the capable fast follow for call-handling, when the time is right for the customer.

提醒一下，我們確實認為 Prepared 正在憑藉其超強的功能組合在外面拿下新客戶標誌（logos）；而 Carbyne 則是在客戶時機成熟時，作為通話處理（call-handling）方面有能力的快速跟進者（fast follow）。

One of the things I think we're seeing that we're particularly excited about is Carbyne has got a large international brand and a lot of momentum there, as well. Certainly not limited to the US, in Carbyne's case.

我認為我們正在看到、而且特別讓我們感到興奮的一點是，Carbyne 也擁有很大的國際品牌影響力，並且在那裡同樣累積了很強的動能。當然，在 Carbyne 的案例中，這絕不僅限於美國。

And so, yeah, we're feeling good about it. Still early innings. We've got a lot of work to do to keep building.

所以，是的，我們對此感覺很好。仍然還在早期階段。我們還有很多工作要做，持續建設、持續擴張。

But we've already signed some of the largest jurisdictions in the country on Prepared in the last three or six months here. We expect that to continue.

但在過去三到六個月裡，我們已經在 Prepared 上簽下了全國一些最大的司法管轄區。我們預期這個趨勢會持續。

Feeling really good about what 911 is going to look like for the year to come.

對於未來一年 911 會呈現什麼樣貌，我們感覺非常好。

Yeah. I would tell you, my natural inclination, I'm highly biased towards building things ourselves. But, when we met both Amir and his team at Carbyne; and Michael Chime and his team at prepared, we're like, wow, these are great teams.

是的。我可以跟你說，我的天性傾向是——我非常偏好自己打造產品。但是，當我們見到 Carbyne 的 Amir 和他的團隊，以及 Prepared 的 Michael Chime 和他的團隊時，我們心想：哇，這些都是很棒的團隊。

It takes time to go build great teams. They've built great products. Customer feedback has been just phenomenal.

建立一支優秀的團隊需要時間。他們打造了很棒的產品。客戶回饋非常、非常出色。

I was just with them recently at some customer events. I can tell you, we're getting glowing customer feedback.

我最近才在一些客戶活動上和他們在一起。我可以告訴你，我們收到的是滿滿的好評。

It's also fun for me. As an entrepreneur who is getting a little further in my career, the energy these younger entrepreneurs are bringing into the organization is great. It's, like, just a fresh wave of energy into the whole company. It's been great.

這對我來說也很有趣。作為一位在職涯走得更遠一些的創業者，這些更年輕的創業者為組織帶來的能量非常棒。就像是一股全新的能量浪潮注入整家公司。真的很棒。

(multiple speakers) -- go ahead, Jeff. I was just going to answer the federal question after.

（多位講者）——你先說吧，Jeff。我只是想在後面回答一下聯邦的問題。

Yeah. I was going to say really, really quick: It's yet another example of how the whole is greater than the sum of the parts, right?

是的。我想很快補充一句：這又是一個「整體大於部分之和」的例子，對吧？

The enthusiasm that we're seeing customers have for how quickly we brought the data from Prepared and 911 alerts directly into Fusus and then, also, bringing that directly into Skydio as part of DFR, those things together, make shorter response times happen.

我們看到客戶對於我們把 Prepared 的資料與 911 警示如此快速地直接整合進 Fusus，然後也把它直接帶進 Skydio、作為 DFR 的一部分，感到非常振奮；這些東西結合在一起，就能讓回應時間縮短。

That is a perfect example of the flywheel that Rick was referring to before.

這正是 Rick 先前提到的飛輪效應的完美例子。

And then, Meta, on federal, renewed momentum there. Last year, we've rebuilt a large portion of the team, including our leadership.

接著談聯邦業務，Meta 那邊的動能也重新回來了。去年我們重建了團隊很大一部分，包括領導層。

Claudia Davidson has come in from Palantir; and is a fantastic fit at the company; and is someone that I think is going to be a long-ball hitter here for a long time. She's done a nice job rebuilding the momentum.

Claudia Davidson 從 Palantir 加入；她非常適合這家公司；而且我認為她會在這裡長期扮演「長打型」的關鍵角色。她在重建動能方面做得很好。

We're seeing renewed interest in body cameras and TASERS in federal law enforcement. We're seeing a lot of interest in Dedrone.

我們看到聯邦執法單位對隨身攝影機與 TASER 的興趣再度升溫。我們也看到市場對 Dedrone 有很高的興趣。

And then, of course, on the DOW side, we're also seeing some Dedrone applicability there.

當然，在 DOW 那邊，我們也看到 Dedrone 在那裡的一些適用性。

Really, the federal business is trending very much in the right direction. With a few things going our way, it could be a banner year in fed. But, again, we've got to do the work, still.

整體而言，聯邦業務的走勢非常明顯是在往正確方向前進。如果有幾件事順利發展，聯邦業務今年可能會是表現非常亮眼的一年。但同樣地，我們還是得把工作做好。

Up next, we have Joe Cardoso, at JP Morgan.

接下來是 JP Morgan 的 Joe Cardoso。

Maybe you can just touch on -- I wanted to circle back with -- on the Fusus conversation; and maybe, more specifically, the level of attach that you guys are seeing with some of the opportunities here, particularly as it relates to Outpost.

你能不能稍微談一下——我想回到剛才關於 Fusus 的討論；更具體來說，你們在一些機會上看到的「附加搭售（attach）」程度如何，特別是與 Outpost 相關的部分。

You mentioned it with the telecom win. But curious how much more pervasive that dynamic is playing out? What's exactly driving customers to adopt the hardware side of things?

你提到那個電信客戶的得標案。但我想了解這種情況在其他案子中有多普遍？到底是什麼在驅動客戶去採用硬體端的方案？

Like, the crux of the question really comes down to: Are you actually seeing folks rip and replace hardware to essentially install Outpost? What's the driving force behind that?

問題的核心其實在於：你們是否真的看到客戶把既有硬體「拆掉換新」（rip and replace），以便安裝 Outpost？背後的驅動力是什麼？

And then, I have a follow-up.

然後我還有一個追問。

Sure thing. We absolutely are. There's two or three driving forces behind it.

當然。我們確實有看到。背後大概有兩到三個驅動因素。

Number 1 is the product is performing exceptionally well in the field. Relative to incumbents in the space, our product is outperforming them in terms of lane coverage, plate reads, performance in bad weather. All the things that our customers would expect from an Axon product, this product is doing.

第一，產品在現場的表現非常出色。相較於這個領域的既有廠商，我們的產品在車道覆蓋、車牌辨識讀取、惡劣天候下的表現等方面都更勝一籌。客戶對 Axon 產品所期待的所有特性，這個產品都做到了。

It's cheaper. That's certainly helping in the context of competing against incumbents.

它更便宜。在與既有廠商競爭的情境下，這點當然很有幫助。

And then, I'd say the third one is the idea that, again, it's a new sensor in this broader ecosystem. You can run AI on it at the edge. You have immediate utility from the plate reads. It fits in this broader play with Axon Vision and so forth.

第三，我會說是因為它再次成為這個更大生態系中的一個新感測器。你可以在邊緣端對它跑 AI。車牌讀取能立刻帶來效用。它也能融入 Axon Vision 等更大的布局。

A reminder on Outpost is it's got two cameras in it. One is for plate reads and the other one is just for CCTV streaming. And so we think this is, again, physical infrastructure that's going to lead to more and more utility, safer outcomes, more AI adoption.

提醒一下，Outpost 裡面有兩個鏡頭。一個用於車牌讀取，另一個則用於一般的 CCTV 串流。所以我們認為，這同樣是一種實體基礎設施，將帶來越來越多的效用、更安全的結果，以及更多 AI 的採用。

Ultimately, it's one of those where -- again, like the trust in Axon, the belief from our customers that we do things the right way, from data privacy, from making sure the community had a voice and product development, all these things combined into what looks like another transformative hardware program here.

最終，這也是那種——再次強調，客戶對 Axon 的信任、相信我們以正確方式做事，從資料隱私、確保社區在產品開發中有發聲權等，這些因素加總起來，讓它看起來像是另一個具變革性的硬體計畫。

Yes. If I can add in, if you go search, the Mayor of Denver did a great video tweet where he's talking about -- they moved from a competing system to Axon, largely because of the data privacy, data ownership -- we really structured this in a way where we've -- it's not just talk, right?

是的。如果我可以補充，你去搜尋一下，丹佛市長有一支很棒的影片推文，他在裡面談到——他們從一個競爭系統轉到 Axon，很大原因是資料隱私、資料所有權——我們確實把這套架構設計得很到位，這不只是說說而已，對吧？

When we think about building products rigorously in a way we're going to be proud of, we do that both so our insides match our outside. Employees want to be authentic and know that we're doing things in a way that they're going to be proud of but it stands up to scrutiny.

當我們思考以嚴謹的方式打造產品、並且讓我們引以為傲時，我們這麼做也是為了讓內在與外在一致。員工希望真誠，並且知道我們做事的方式會讓他們感到自豪，而且經得起檢視。

Ultimately, that pays off when customers are like, oh, wow, we didn't realize our license plate REITs were being shared with a federal agency. That's, frankly, not popular with our constituents in this area. We don't want that happening, certainly, without our knowledge.

最終，當客戶發現：喔，哇，我們之前沒意識到我們的車牌辨識（LPR）資料竟然被分享給某個聯邦機構。坦白說，這在我們這個地區的選民之間並不受歡迎。我們當然不希望在不知情的情況下發生這種事。

When we come in, we say, look, here's how the system works. It's your data. We don't have any (inaudible) interest to it. We certainly enable you to share with anybody you want to share to but in ways that are very explicit and well understood. It's you making the decision so you're never getting surprised.

當我們進場時，我們會說，你看，系統是這樣運作的。資料是你的。我們對它沒有任何（聽不清）權益。我們當然會讓你能夠把資料分享給你想分享的任何對象，但會以非常明確、且大家都充分理解的方式進行。由你來做決定，所以你永遠不會被突襲。

Those things pay off pretty big, when controversies --one of the things you'll hear from the customers (inaudible) -- we're actually positioned with them is, like, we can help you get your job done and stay out of the headlines. That's important to them.

當爭議出現時，這些事情會帶來很大的回報——你會聽到客戶（聽不清）——我們實際上與他們的定位是：我們可以幫你把工作做好，同時避免登上新聞頭條。這對他們很重要。

I'm just going to add that one of the fun things about talking about Prepared and Carbyne and Outpost is that these are all things that are not called out in our revenue commentary because they're still immaterial to our revenue in this quarter.

我再補充一點，談到 Prepared、Carbyne 和 Outpost 的一個有趣之處在於，這些項目在我們的營收評論中都沒有特別點名，因為就本季而言，它們對我們的營收仍屬於不具重大性。

We did 34% growth without any of these. These are amazing drivers to support our long-term growth in our future.

即使沒有任何這些項目，我們仍達成了 34% 的成長。這些都是支持我們未來長期成長的絕佳驅動因素。

I appreciate the color, guys. And then, maybe just as my follow-up here and on the drone opportunity -- and maybe this one is more geared towards you, Brittany.

各位提供的補充資訊很有幫助。接著，作為我的追問，關於無人機的機會——這題可能更適合請 Brittany 回答。

Obviously, nice growth this quarter. There appears to be a building pipeline here; a strong pipeline building. But just given its infancy, I'm sure it's weighing on the device margins here.

顯然，本季成長不錯。看起來這裡正在建立一個管線；而且是很強的管線在形成。但考量到它仍在起步階段，我相信這會對裝置毛利率造成一些壓力。

Maybe, can you help us frame where this business sits today within the margin structure versus maybe what's your ambitions at scale? What level of scale would you need to achieve that?

你能否協助我們理解，這項業務目前在整體毛利結構中的位置，相較於你們在規模化後的目標？需要達到什麼樣的規模水準才能做到？

Yeah. No. It's a great question. You're absolutely right. We've called out before that our Platform Solutions business is the lowest of our three hardware businesses inside of Connected devices. Certainly, the Dedrone hardware is a portion of that.

是的。沒錯。這是個很好的問題。你說得完全正確。我們之前提過，在 Connected Devices 之下的三個硬體業務中，Platform Solutions 的毛利率是最低的。Dedrone 的硬體當然是其中的一部分。

I do think there's room for us to continue to improve that margin, as we scale. I don't have an exact level for you. But that is something where it is small today; and as we scale and as we get repeatability and as we get larger numbers that we can go leverage, we would, of course, expect it to improve, over time.

我確實認為，隨著規模擴大，我們仍有空間持續改善該毛利率。我沒有一個精確的門檻數字可以提供。但這項業務目前規模還小；隨著我們擴張、提升可複製性、以及取得更大的出貨量以發揮槓桿效益，我們當然預期毛利率會隨時間改善。

I would also make a reminder that there's also a nice software component to our Dedrone business. And so that spreads out more years. We get more of the hardware upfront. But there is a great software component to Dedrone that shows up inside of our software business.

我也想提醒一下，Dedrone 業務還包含不錯的軟體組成。因此它會分散在更多年度期間。硬體收入較多是在前期認列。但 Dedrone 也有很強的軟體組成，會反映在我們的軟體業務之中。

Our software-only gross margins, if you include the services piece, continue to be above 80%. We're still really happy with the contribution of Dedrone.

我們純軟體的毛利率（若包含服務部分）仍持續高於 80%。我們對 Dedrone 的貢獻仍然非常滿意。

But, certainly, with the type of growth we're seeing, we will take a little bit of movement quarter to quarter in our Connected Devices gross margin in return for that.

但當然，以我們目前看到的成長速度來看，我們會接受 Connected Devices 毛利率在季度之間出現一些波動，作為換取這種成長的代價。

Next, we have Trevor Walsh, at Citizens.

下一位是 Citizens 的 Trevor Walsh。

Josh and/or Jeff, maybe for you guys. I also wanted to ask about Dedrone but maybe in a different way.

Josh 和/或 Jeff，這題可能請你們回答。我也想問 Dedrone，但角度可能不太一樣。

The commentary you had around the strength and the momentum there seems very event-driven, (inaudible) infrastructure (inaudible) -- counter drone. But we've thought of Dedrone, as well, as more of the aerospace management and how it can relate to DFR opportunities.

你們對其強勁表現與動能的評論，看起來非常事件驅動，（聽不清）基礎設施（聽不清）——反無人機。但我們也一直把 Dedrone 視為更偏向空域管理，以及它如何與 DFR 機會相關。

Is it really being driven by that counter-drone piece? Or is that DFR element still present? How is that going?

它真的是由反無人機那一塊在驅動嗎？還是 DFR 的元素仍然存在？目前進展如何？

I'm trying to just -- like, can you think of it as two separate buckets? Or they really need to be together is maybe the question.

我想釐清的是——你們會把它視為兩個獨立的桶（兩條路徑）嗎？還是它們其實必須綁在一起？大概是這個問題。

No. I think it's two -- two advantages to deploying Dedrone. I actually think, right now, it's far more predicated on the counter-drone than it is on DFR. That's more of a reflection on who's buying it now.

不。我認為部署 Dedrone 有兩個——兩個優勢。我其實認為，就目前而言，它更多是由反無人機所驅動，而不是 DFR。這更多反映的是現在的買方是誰。

US state and local is buying it. But international, enterprise, and federal, I'd say, are buying it as much or more. In those three markets, it's far more for counter-drone.

美國州與地方政府在買。但我會說，國際市場、企業與聯邦政府買得一樣多甚至更多。在這三個市場中，購買動機更偏向反無人機。

And so, as DFR becomes more -- continues to proliferate, certainly, there'll be a lot of utility with Dedrone. There's opportunity to make it much more tightly ingrained with Fusus so you see everything on one map.

因此，隨著 DFR 變得更——並持續普及，Dedrone 當然會有很大的效用。也有機會讓它與 Fusus 更緊密整合，讓你在同一張地圖上看到所有資訊。

It's just a very clean user experience in that way. But the counter-drone functionality is what is driving the Dedrone interest upfront.

在這方面使用者體驗會非常順暢。但目前推動 Dedrone 初期需求的，是反無人機功能。

Just to (multiple speakers) -- the technology piece is shared. That thesis is still 100% right.

補充一下（多位講者）——技術層面是共用的。那個論點仍然 100% 正確。

But what you're just seeing is, as DFR is also explosively growing super, duper fast, there's just a mixture of, like, where they're relying on the onboard autonomy versus where they're relying on the Dedrone tech to do it. It's just a mix and situational.

但你現在看到的是，隨著 DFR 也以非常、非常快的速度爆發式成長，大家在某些情境下更依賴機載自主能力，而在另一些情境下更依賴 Dedrone 的技術來完成。這只是組合與情境差異。

You have all of these things growing super fast. Right now, at this moment, I totally agree with Josh, right, the majority of the Dedrone growth is on the counter side but the tech thesis is the same. It goes -- fits hand in glove with the overall DFR hypergrowth, as well.

你會看到這些事情都在非常快速地成長。就此刻而言，我完全同意 Josh 的看法，Dedrone 的成長大多來自反制那一側，但技術論點是一樣的。它也——與整體 DFR 的高速成長是相輔相成、密切契合的。

Makes sense. Maybe just based on your answer, as a quick follow-up for Brittany, just given what your colleagues just said, are you currently or in the future going to be able to maybe differentiate between what revenue is more DFR-related for Dedrone versus counter -- do you have that level of visibility?

了解。基於你們的回答，快速追問 Brittany：考量你同事剛才所說，你們目前或未來是否能夠區分 Dedrone 的營收中，哪些更與 DFR 相關、哪些是反制——你們有那樣的可視性嗎？

Could we maybe expect something to give us some -- just (inaudible) -- as to how that's all flowing in which direction, if you will, for that line of business?

我們是否可以期待你們提供一些——（聽不清）——讓我們了解這條業務線的收入流向、也就是各自往哪個方向流動？

I think you might expect us to give bread crumbs and continue to give color on the call. I think we're a pretty long way from like further breaking out Platform Solutions as a segment.

我想你可以期待我們提供一些線索，並在電話會議上持續補充說明。我認為我們距離把 Platform Solutions 進一步拆分為一個獨立報告分部，還有相當長的一段路。

But. as we always do on some of these segments, we will, of course, try and give you color. as we see developments going places.

但是，如同我們一貫在某些業務區塊所做的，當我們看到發展有所進展時，當然會盡力提供更多背景與說明。

Next, we have Jeremy Hamblin, at Craig-Hallum.

下一位是 Craig-Hallum 的 Jeremy Hamblin。

Thanks. Congrats on the strong results.

謝謝。恭喜你們交出強勁的成績。

I want to start with your annual recurring revenue. An uptick in the year-over-year growth rate on that. From a sequential and total dollar amount, the fastest growth that you've ever had.

我想先從你們的年度經常性收入（ARR）談起。其年增成長率有所上升。從季增與總金額來看，這是你們有史以來最快的成長。

Just in terms of quantifying how or what's driving that, is the portion of growth, is that more being driven by user growth? Or is that being driven by more adoption of AI Era Plan and really getting higher monthly user pricing as a result of adoption of more premium plans?

就量化而言，想請教是什麼在驅動：這部分成長更多是由使用者數成長帶動？還是更多來自 AI Era Plan 的採用，並因採用更高階方案而帶來更高的每月每用戶定價？

It's really both, honestly. We continue to see nice growth in our user counts and our user adoption and you're seeing AI come in. There's really no one driver. I would say you're seeing a business hit on all, cylinders. You're seeing the AI Plan really kick in on top.

老實說，兩者都有。我們持續看到使用者數與使用者採用率的良好成長，同時你也看到 AI 的導入。並沒有單一驅動因素。我會說你看到的是業務各方面都在全速運轉。你也看到 AI 方案在上層真正開始發揮作用。

You're seeing the benefit in ARR -- of our big bookings quarter -- in Q4. You're starting to see that show up. And then, we're continuing to have NRR of 125%. That's been very consistent.

你也看到 ARR 受益於我們在第四季的大型訂單（bookings）季度——現在開始反映出來。此外，我們的 NRR 仍維持在 125%。這一直都非常穩定。

But you're seeing those existing customers come back in and trade up and buy more. As I said earlier, strength across the board but you're seeing it in ARR first.

但你會看到那些既有客戶回流，進行升級交易並購買更多。如我先前所說，各方面都很強勁，但你會先在 ARR 上看到。

And then, just a follow-up here on the commentary around drone and your international business: You saw huge growth internationally; the best in quite some time. 20% of your total business here.

接著，針對你對無人機以及國際業務的評論再追問一下：你們的國際業務出現了大幅成長；是相當長一段時間以來最好的表現。占你們總業務的 20%。

What portion of that is being driven by Dedrone? Is that something that -- the international portion -- because of that and because of what's going on geopolitically, is that something where we should be expecting international is going to be just a bigger portion of the total, here, for the foreseeable future?

其中有多少是由 Dedrone 推動的？也就是說——國際部分——因為這個以及地緣政治的情勢，我們是否應該預期在可預見的未來，國際業務會在總體中占比更大？

Yeah. It's a great question, Jeremy. I think the challenge we always have in predicting that one is just a question of how fast the US is going to keep growing.

是的。Jeremy，這是個很好的問題。我認為我們在預測這點時一直面臨的挑戰，就是美國市場會持續以多快的速度成長。

Every time international grows fast, we also have a great quarter from US. And so the mix doesn't change all that much.

每當國際成長很快時，我們在美國也同樣有很棒的一季。因此組合占比並不會改變太多。

But I would say, if we isolated international, it's a little bit of both. We have some markets last year where we opened up on cloud. And then, the conversations have really quickly advanced to following fast with Dedrone in large ways.

但我會說，如果把國際單獨拿出來看，兩者都有一些影響。去年我們在一些市場開放了雲端服務。接著，相關對話很快就推進到大規模、快速地導入 Dedrone。

And then, there's the inverse of that, where we've had some large Dedrone deals. Now, we've built some equity with those customers. We're talking about how else we can help.

反過來也有另一種情況：我們拿下了一些大型 Dedrone 交易。現在我們已經在這些客戶中建立了一些口碑與信任。我們正在討論還能如何提供協助。

And so, on a revenue basis, Dedrone does factor in a little more because there's a lot of hardware versus some of our services that are more bookings-oriented that hit revenue, over time.

因此，以營收的角度來看，Dedrone 的占比會稍微更高一些，因為它包含大量硬體；相較之下，我們有些服務更偏向以訂單（bookings）為主，營收會隨時間逐步認列。

You might see international revenue still be lumpy from quarter to quarter. But, as we zoom out on the year, I'm sure Dedrone will be a driver of increased international revenue.

你可能仍會看到國際營收在季度之間呈現不均衡的波動。但如果把視角拉長到全年，我很確定 Dedrone 會成為推動國際營收增加的動力。

I'd say that's a pretty safe bet.

我想這是相當穩妥的判斷。

(multiple speakers) --

(多位發言者) --

It's going to move around. As Josh said, it's lumpy. It's quarter to quarter. But we are seeing fundamentally more strength in international. And so I would expect you'll continue to see it be a big topic for us in some of the momentum.

它會有些起伏。如 Josh 所說，它是不均衡的。是按季度波動的。但我們確實看到國際市場在基本面上更強勁。因此我預期你會持續看到它成為我們動能討論中的一個重要主題。

We've had two quarters in a row now up at that 20% level. It's really contributing nicely to business.

我們已經連續兩季維持在 20% 的水準。它對業務的貢獻相當不錯。

We would love to try to get everyone in here, knowing that we're coming up above the hour here. Maybe if everyone could pick their favorite question for the next few -- we'll start with Mike Ng, at Goldman Sachs.

我們希望盡量讓每位都能提問，因為我們快超過一小時了。也許接下來幾題大家可以挑自己最想問的問題——我們先從高盛的 Mike Ng 開始。

Great. Thank you for the question.

好的。謝謝讓我提問。

I think implied bookings in the quarter were up roughly 75%, year over year. I certainly appreciate it's the smallest seasonally -- bookings -- seasonally, the smallest booking quarter of the year.

我認為本季隱含的訂單（bookings）約年增 75%。我當然理解，從季節性來看——訂單——這一季通常是全年訂單最小的一季。

But I was just wondering what that tells you about the momentum for full-year bookings growth. Could we expect full -year bookings growth growing in line with revenue growth?

但我想請教，這對你們全年訂單成長動能意味著什麼？我們是否可以預期全年訂單成長會與營收成長大致一致？

I would say so, yeah. Yeah, Michael.

我會說是的。是的，Michael。

Directionally, I think that's how we look at it, as well. The back of the napkin is, if bookings grow at the same rate of revenue, then we can assume the revenue growth rate continues way out into the future. And so there's a lot of opportunity out there.

方向上，我們也是這樣看。用最粗略的估算來說，如果訂單的成長率與營收相同，那我們就可以假設營收成長率在未來很長一段時間都能延續。因此外面還有很多機會。

We see a relatively similar pipeline ratio to what we saw last year versus the goals, which gives us confidence that bookings are continuing to grow.

我們看到的管線比率，與去年相對於目標時的水準相當接近，這讓我們對訂單持續成長更有信心。

As you know, quarter to quarter, they can change a little. Back half is very weighted, especially Q4, with the growing size of these deals. But, yeah, we're bullish on bookings, like we always are; and feeling really good about where we started the year.

如你所知，季度之間可能會有些變化。下半年權重很高，尤其是第四季，因為這些交易的規模在變大。但，是的，我們對訂單仍然一如既往地樂觀；而且對今年的開局感覺非常好。

Next, we'll go to Andrew Spinola, UBS.

接下來我們請 UBS 的 Andrew Spinola。

Are you still with us? Maybe we lost Andrew.

你還在線上嗎？也許我們和 Andrew 斷線了。

Okay, David Paige, at RBC.

好的，那請 RBC 的 David Paige。

Maybe just a quick one, again, on the drone. It looks like you have a quote here in the deck that says over 400 unauthorized drone detection by Dedrone.

再快速問一題，還是關於無人機。我看到你們簡報裡有一句引述說 Dedrone 偵測到超過 400 起未經授權的無人機。

I'm curious, when you actually go to market and sell the drone offering, what are people looking to protect against? Like, what's their main use case?

我很好奇，當你們實際推向市場銷售無人機方案時，客戶主要想防護的是什麼？例如，他們的主要使用情境是什麼？

Sure thing. I think it starts with just situational awareness. I'd say my guess is a lot of those 400 were people who just didn't know what they were doing and irresponsibly flying a drone but not necessarily like nefarious predatory drones.

當然。我認為首先是態勢感知（situational awareness）。我猜那 400 起裡面有很多是人們其實不知道自己在做什麼、不負責任地飛無人機，但不一定是惡意、具掠奪性的無人機。

I think the first step is just having a basic understanding of what's going on in your aerospace, day to day. As some of these US state and local laws start to change that and allow for mitigation, I think you'll see customers follow with jamming capabilities, net.

我認為第一步就是對你們空域每天發生什麼事有基本的理解。隨著美國一些州與地方的法律開始改變並允許進行反制（mitigation），我想你會看到客戶接著導入干擾（jamming）能力、攔截網等。

Interceptor is probably a little bit of a toss-up just -- that feels like making things explode in the sky will be a lot more highly regulated. But, at least, those first couple, I think, are more likely to start to happen faster.

至於攔截器（Interceptor）可能就比較難說——因為把東西在空中炸掉這種做法，感覺會受到更嚴格的監管。但至少前面那幾項，我認為更可能更快開始發生。

And so it's a case of one thing building to the next. Customers are seeing a lot of value in that. They're able to locate the pilots as a result of understanding what drone it is and where the pilot is out in the wild so they can go send the drone home and meet the pilot there.

所以這是一個由一項能力逐步建立到下一項能力的過程。客戶在其中看到了很大的價值。他們能夠透過了解是哪一架無人機、以及操作者在野外的位置來定位飛手，然後把無人機送回去，並在那裡與飛手碰面。

Yeah. Again, this is a new and growing segment. Technology is changing fast. Our job is to stay ahead of that curve.

是的。再說一次，這是一個新興且正在成長的領域。技術變化很快。我們的工作就是要走在曲線之前。

Jeff is doing a fantastic job, with this team doing that. Plenty of problems to still go out and sell in counter-drone. That will be a continued place of focus and momentum for us.

Jeff 和他的團隊在這方面做得非常出色。反無人機領域仍有很多問題需要去解決、也有很多可以去銷售的機會。這會是我們持續聚焦與推進動能的方向。

Up next, Jordan Lyonnais, at Bank of America.

接下來是美國銀行的 Jordan Lyonnais。

On Dedrone, how you guys are going to market for it? How is it different than your other products? Is it customers coming to you? Selling through distributors?

關於 Dedrone，你們打算如何推向市場？它和你們其他產品有何不同？是客戶主動找上門嗎？還是透過經銷商銷售？

And then, for the defense and international side, how much more do you think we could see this accelerate, if Fusus gets FedRAMP status?

另外，在國防與國際業務方面，如果 Fusus 取得 FedRAMP 資格，你認為我們可能會看到加速到什麼程度？

Thanks, Jordan. On the counter-drone go-to-market, I think it varies a little by market. US state and local, we very much sell direct. And so it's in our packaging there. You could buy it as a standalone, as well.

謝謝，Jordan。關於反無人機的市場推進（go-to-market），我認為會因市場而略有不同。在美國州與地方政府市場，我們主要是直接銷售。因此它會被納入我們那邊的產品組合與方案包裝中。你也可以單獨購買。

But I think the real, like, take-away on Dedrone, outside of it's just pure momentum and revenue growth and bookings growth and all that, is the idea that this product is truly opening up opportunity across all four of our customer segments.

但我認為，關於 Dedrone 真正的重點收穫，撇開它純粹的動能、營收成長、訂單成長以及所有這些之外，是這個產品確實正在為我們四個客戶細分市場全面打開機會。

Even more so than TASER, more so than body cameras, like, this product solves a need in all four customer segments that's urgent. And so our job is to not only win those deals and delight customers out of the gate.

甚至比 TASER、更勝於隨身攝影機；這個產品在我們四個客戶細分市場都解決了一個迫切的需求。因此，我們的工作不僅是拿下那些案子，並在一開始就讓客戶感到滿意。

But that land-and-expand play that is the hallmark of our execution as a go-to-market apparatus, like, we've got to do that well in Dedrone across all four markets. You'll see the tailwinds of that in our other product sales.

而且，那種「先落地、再擴張」（land-and-expand）的打法，是我們作為市場進入（go-to-market）執行機器的標誌；我們必須在 Dedrone 上、跨四個市場把它做好。你會在我們其他產品的銷售中看到由此帶來的順風。

Really, really excited about not only the growth but the doors that are opening as a result of the interest in that one product.

我對於不僅是成長本身、以及因為對那一項產品的興趣而打開的各種大門，都感到非常、非常興奮。

And then, Fusus, FedRAMP certainly opens up opportunity in the federal government. I'm not sure that -- if I were stack ranking the products, I'd still say there's interest across the board; and, certainly, in our core business and core products, as well as Dedrone and DFR and others.

接著是 Fusus，FedRAMP 當然會在聯邦政府端打開機會。我不確定——如果要把產品做排序，我仍會說各產品普遍都有興趣；而且，當然也包括我們的核心業務與核心產品，以及 Dedrone、DFR 等等。

But Fusus is in that bucket. It will certainly help, especially across some of these ecosystem deployments, where you're adding to an evidence.com environment with is these Fusus streams.

但 Fusus 也在那個範疇之內。它肯定會有幫助，特別是在某些生態系部署中，當你在 evidence.com 的環境裡加入這些 Fusus 串流時。

We'll take our final question today from Alex Latimore, at Northland.

我們今天的最後一個問題來自 Northland 的 Alex Latimore。

I was curious what your acquisition interest look like for the year? I saw that you had a $10 million investment in Buntar Aerospace. Maybe it's -- the acquisition is a drone manufacturer.

我想了解你們今年對併購的興趣大概是什麼樣子？我看到你們對 Buntar Aerospace 有一筆 1,000 萬美元的投資。也許——併購的對象是一家無人機製造商。

Anything there would be great.

任何相關資訊都很棒。

We're, heads-down, working on integrating and maximizing the potential of all the acquisitions we've made over the last couple of years. There's been a bunch of them.

我們正埋頭專注在整合並最大化過去幾年所做所有併購的潛力。那幾年我們做了不少。

I think, Alex, this is a year where -- of course, we'll be opportunistic. Of course, we'll continue to invest in other companies that we think could be great partners or future acquisition targets.

我想，Alex，今年我們——當然會把握機會。當然也會持續投資我們認為可能成為很棒合作夥伴或未來併購標的的其他公司。

But, really, for this year, it's about going into execution mode; integrating the acquisitions we've made very, very well; and putting up more results, like we're seeing out of Dedrone, Fusus, in our 911 business, right now.

但就今年而言，重點其實是進入執行模式；把我們已完成的併購整合得非常、非常好；並交出更多成果，就像我們現在在 Dedrone、Fusus，以及我們的 911 業務所看到的那樣。

Alex, I would just note that that was an investment, though. I would expect -- like, we have been, historically. We will continue to make investments in places that we think are interesting in the ecosystem.

Alex，我只想補充，那是一筆投資。我預期——就像我們過去一貫如此。我們會持續在我們認為生態系中有趣的地方進行投資。

I differentiate that pretty dramatically from us making acquisitions, where we have to bring the companies and the teams on and integrate them and all of that.

我會把這件事與我們進行併購明確區分開來；併購意味著我們必須把公司與團隊納入、整合，以及所有相關工作。

We'll continue to make investments consistently, as we go.

我們會一如既往地持續進行投資。

That one, in particular, Buntar, they are in Ukraine. They're one of the leading reconnaissance drone makers. They're one of several companies we invested in to help build our footprint and our relationship across the Ukrainian drone and counter-drone space because that's where the fastest level of innovation is happening.

那一筆投資特別是 Buntar，他們在烏克蘭。他們是領先的偵察無人機製造商之一。他們也是我們投資的數家公司之一，目的是協助我們在烏克蘭的無人機與反無人機領域建立版圖與關係，因為那裡正發生最快速的創新。

Our Dedrone is one of the key systems there. I would look at that one more as a key market partnership than, like, any near-term acquisition.

我們的 Dedrone 是那裡的關鍵系統之一。我會把那一筆投資更多視為一個關鍵市場合作夥伴關係，而不是任何短期內的併購。

Lord knows what could happen way down the road. But I would say, in Ukraine, right now, their hands are pretty busy. They're not looking to get acquired.

天知道很久以後會發生什麼。但我會說，在烏克蘭，他們現在手上事情非常多。他們並不在尋求被併購。

But we do think it's important for us to put some investments in the market to build those relationships and for us to be able to learn together with them and have people that can help us grow our footprint in Ukraine.

但我們確實認為，對我們而言在市場上投入一些資金以建立這些關係很重要；也讓我們能與他們一起學習，並有一些人能協助我們在烏克蘭擴大版圖。

And then, long term, we could also be a great sales channel for some of the technology coming out of Ukraine. When the war is over, we think there's going to be a lot of go-to-market opportunities, where we might be able to bring that tech into other markets.

此外，長期來看，我們也可能成為烏克蘭技術走向市場的一個很棒的銷售通路。當戰爭結束後，我們認為會出現許多市場進入（go-to-market）的機會，我們或許能把那些技術帶到其他市場。

Thank you.

謝謝。

Thanks, Alex. Rick, we'll let you close this out.

謝謝你，Alex。Rick，我們請你做結語。

Awesome. Well, it's been a wild year, geopolitically.

太棒了。嗯，從地緣政治角度來看，這一年相當動盪。

The optimist in me hopes that the universe is clearing its throat. We're going to get back after the pandemic and the wars that have happened to maybe a little bit more stability in the world.

我內心的樂觀派希望，宇宙正在清清喉嚨。在疫情與已發生的戰爭之後，我們將回到一個也許更穩定一些的世界。

I'm proud of the role that we're playing in helping to mitigate some of those threats to help -- to reduce the effects of violence in society -- that the times is feeling more polarized and unstable than ever, at least, maybe it feels that way.

我為我們所扮演的角色感到自豪——協助緩解其中一些威脅、幫助——降低社會暴力的影響——在這個時代似乎比以往任何時候都更兩極化、更不穩定，至少感覺是如此。

I'm really proud of our team's ability to continue to execute and to continue to build out the team with great people and great technology. It continues to be a real privilege for me to get to work with awesome people on problems that really matter; doing things that are fundamentally moving the ball down the field.

我也非常以我們團隊能持續執行、並持續以優秀的人才與卓越的技術擴充團隊為傲。對我而言，能與一群很棒的人一起處理真正重要的問題，是一種莫大的榮幸；做的事情確實在根本上推動進展。

We never look to be second or third in the category. We like to create new categories. Our new capabilities have never existed.

我們從不把自己定位為類別中的第二或第三。我們喜歡創造新的類別。我們的新能力是前所未有的。

Stay tuned over the next year. You're going to see -- in addition to the great stuff we've been doing, we have whole new categories coming. That's what keeps us really invigorating and exciting.

請持續關注接下來一年。你將會看到——除了我們一直在做的那些很棒的事情之外，我們還會推出全新的類別。這正是讓我們保持活力與興奮的原因。

Great to see you, all. We'll see you on next quarter's call.

很高興見到各位。我們下個季度的電話會議再見。

Thank you.

謝謝。