Axon Enterprise, Inc. (AXON) 2026 Q2 法說會逐字稿

Hello, everyone, and thank you for joining Axon's executive team today for our second-quarter 2026 earnings conference call. Before we get started, I'll note that our remarks today are intended to build upon our most recent shareholder letter and investor materials, which you can find on our Investor website at investor.axon.com.

各位好，感謝大家今天加入 Axon 管理團隊，參與我們 2026 年第二季財報電話會議。在開始之前，我先說明，我們今天的發言旨在延伸我們最新的股東信與投資人資料，您可於 investor.axon.com 的投資人網站上查閱。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our expectations as of today and are not guarantees of future performance. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially as discussed in our SEC filings. We will also discuss certain non-GAAP financial measures. Descriptions and reconciliations of GAAP -- to GAAP are included in our shareholder letter and available on our investor website.

在本次電話會議中，我們將討論業務展望並發表前瞻性陳述。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。我們也將討論若干非 GAAP 財務衡量指標。GAAP 與非 GAAP 之間的說明與調節表已包含於我們的股東信中，並可於投資人網站取得。

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

接著如同往常，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, Erik, and great job to the team. I love those videos. They just get me pumped up. So lucky to get to work here. I'd like to thank all of our analysts and investors who are joining us today. As you can see, we had another record quarter. Again, I was just looking at the numbers, like 39%, wow.

好。謝謝你，Erik，也謝謝團隊的出色表現。我很喜歡這些影片。它們真的讓我熱血沸騰。能在這裡工作真是太幸運了。也要感謝今天與會的所有分析師與投資人。如各位所見，我們又創下了新的季度紀錄。我剛剛在看數字，像是 39%，哇。

Okay. So we had a record quarter, and I could not be more proud of this team. And none of this, none of it happens without our customers. You guys are the foundation, and we can't do any of this without you. This morning, my cyber truck drove me to work. I sat behind the wheel and never touched it. A few years ago, that was a keynote fantasy. Today, it's my commute. And I've stopped noticing. That's how this goes, right? The impossible becomes remarkable, and then it becomes Tuesday.

好。我們創下了紀錄性的季度，我對這個團隊感到無比自豪。而這一切——完全離不開我們的客戶。各位是我們的基石，沒有你們我們做不到任何事。今天早上，我的 Cybertruck 載我去上班。我坐在方向盤後面，卻完全沒有碰它。幾年前，那還只是主題演講裡的幻想。今天，它就是我的通勤日常。而我甚至已經不再特別注意到它。事情就是這樣，對吧？不可能先變得令人驚嘆，然後就變成了星期二的日常。

Two days ago, OpenAI announced an unreleased model had solved 10 open problems in mathematics, problems that the best mathematicians alive have been stuck on for decades, one of them unsolved for at least 27 years. And the compute cost to do all this to do 10 of these unsolved like PhD career-level problems was $2,000 or $200 per problem. So for many years, the critique was that AI, sure, it could remix human work, but it can't create anything new. Well, that critique is finished.

兩天前，OpenAI 宣布一個尚未發布的模型解決了 10 個數學未解難題——這些問題連當今最頂尖的數學家都卡了數十年，其中一題至少 27 年未解。而完成這 10 個未解、相當於博士生涯等級的難題，運算成本是 2,000 美元，也就是每題 200 美元。多年來，外界的批評是：AI 當然可以重混人類的作品，但它無法創造真正新的東西。好，這種批評已經結束了。

A Fields medalist, which is math's highest prize, it's been called the Nobel of Math, said he would have published a comparable result without hesitation. And there are many that said any of these problems might on their own have qualified a human had they solved it for the fields metal. And yet within a day, a model from another lab had reproduced half of the list, meaning it could solve half those problems on its own. So this isn't about one company getting lucky. The whole field just crossed the line at once. The cost of an original breakthrough has just collapsed.

一位菲爾茲獎得主——也就是數學界最高榮譽、被稱為「數學界的諾貝爾獎」——表示他會毫不猶豫地發表同等水準的成果。也有許多人說，這些問題中的任何一題，若由人類解出，單獨就可能足以讓其具備角逐菲爾茲獎的資格。然而在一天之內，另一家實驗室的模型就重現了清單中的一半，意味著它能自行解出其中一半的問題。所以這不是某一家公司走運。整個領域是同時跨過了那條界線。原創性突破的成本剛剛大幅崩跌。

So why does this belong on an Axon earnings call? Well, because an idea on a page is not an outcome on the street. Every one of these models perceives the world largely through strokes on a keyboard. When Axon deploys AI, we perceive the world through the largest connected network of sensors and public safety, millions of eyes and ears already in the field, already running and built for this moment. The intelligence doesn't replace the person, the human making a decision or making the call, but we hand them a clearer picture of what's happening in the seconds that matter most. And then it does the one thing software alone can never do. It acts.

那為什麼這要出現在 Axon 的財報電話會議上？因為紙上的想法，並不等於街頭的結果。這些模型大多是透過鍵盤敲擊來感知世界。當 Axon 部署 AI 時，我們是透過公共安全領域最大、互聯的感測器網路來感知世界——數百萬雙眼睛與耳朵早已在第一線、早已運作，並且正是為了這個時刻而建。智慧不會取代做決策或下判斷的人，但我們能在最關鍵的幾秒鐘內，提供更清晰的現場圖像。然後它還能做到一件單靠軟體永遠做不到的事。它會採取行動。

A TASER device can stop a violent incident without taking a life. Drones and robotics let us send a machine where a person would otherwise have to go. They both do the same thing. They lower the risk for everyone, the officer, the bystander, and the person that the police were sent to stop. Every person is safer. See it, understand it, act on it. This is the chain of events. It's the same chain that drove me to work this morning, right? Software alone can't close it. Hardware alone can't. But in public safety, Axon holds every link in this chain.

TASER 裝置可以在不奪走生命的情況下制止暴力事件。無人機與機器人技術讓我們能派機器前往原本必須由人進入的地方。兩者做的是同一件事。它們降低所有人的風險——員警、旁觀者，以及警方被派去制止的那個人。每個人都更安全。看見它、理解它、據以行動。這就是事件鏈。這也正是今天早上載我上班的那條鏈，對吧？單靠軟體無法把它閉合。單靠硬體也不行。但在公共安全領域，Axon 掌握了這條鏈上的每一個環節。

Now when we changed our name from TASER to Axon, we were very specific about that. And Axon is the nerve fiber that carries the signal from the sensors to the brain and the decision from the brain back out to the body so it can act. We didn't pick a name that just sounded good. We picked a description of what we were building, and we've been busy building it. At the edge, sensors can see what's happening, whether it's body cameras, drones, fixed and in-car cameras, license plate readers, 911 AI assistance. Behind them is the largest customer-controlled data repository in public safety. Then AI and real-time operations can turn these signals into understanding and then the means to act.

當我們把公司名稱從 TASER 改為 Axon 時，我們對此非常明確。Axon 是神經纖維，負責把訊號從感測器傳到大腦，再把大腦的決策傳回身體，讓它能夠行動。我們不是挑了一個只是聽起來好聽的名字。我們選的是對我們正在打造之事的描述，而我們也一直忙著把它建起來。在邊緣端，感測器能看見正在發生的事——不論是隨身攝影機、無人機、固定式與車載攝影機、車牌辨識器、911 AI 輔助。在它們背後，是公共安全領域最大、由客戶掌控的資料儲存庫。接著，AI 與即時作業能把這些訊號轉化為理解，並進一步提供採取行動的手段。

TASER devices, drones, communication, training. At the heart of it, of course, is our mission to protect life. This doesn't just add up, it compounds. Every sensor adds a signal. Every workflow adds context. Every outcome improves the next one.

TASER 裝置、無人機、通訊、訓練。而其核心，當然是我們「保護生命」的使命。這不只是相加，而是會產生複利效應。每一個感測器都會增加一個訊號。每一個工作流程都會增加脈絡。每一次成果都會讓下一次更好。

Brookhaven, Georgia shows you exactly what this looks like when you connect it end to end. Drones on the scene in 53 seconds, coverage across 96% of their city. Burglaries down 45%. Look, no single product on the list produces these numbers. The system does. Data shouldn't sit trapped in a silo waiting for someone to find it. It should move securely through the workflows where it does something, a city's cameras to its 911 center. It's -- to its officers to real-time intelligence. It's evidence to courtroom, a frontline worker in danger to help that arrives in seconds.

喬治亞州的布魯克黑文（Brookhaven）正好展示了當你把端到端連起來時會是什麼樣子。無人機在 53 秒內抵達現場，覆蓋其城市 96% 的範圍。入室竊盜下降 45%。聽著，清單上沒有任何單一產品能單獨產生這些數字。是系統做到的。資料不該被困在孤島裡，等著有人去找到它。它應該在安全的前提下，沿著能產生作用的工作流程流動——從一座城市的攝影機到它的 911 中心。再到——到第一線員警、到即時情報。從證據到法庭，從處於危險中的第一線工作者到在數秒內抵達的支援。

And all of this depends on trust. We've earned that over years of stewarding our customers' data and never treating it as our own. We'll keep deploying this technology responsibly and thoughtfully alongside our customers and their communities with people at the center of every critical decision. In public safety, power without trust isn't an opportunity, it's a liability. I see this coming together everywhere I look.

而這一切都建立在信任之上。多年來，我們以受託管理的方式守護客戶資料，從不把它當作我們自己的資產，因而贏得了信任。我們將持續與客戶及其社區並肩，以負責任且審慎的方式部署這些技術，並在每一項關鍵決策中以人為中心。在公共安全領域，沒有信任的權力不是機會，而是負債。我所見之處，都能看到這一切正在匯聚成形。

A few weeks ago, a customer bought body cameras for municipal employees, not for the police, for building inspectors. A few weeks before that, some of our largest enterprise pilots began putting Axon Body Mini on frontline workers. And during the World Cup, our ecosystem supported agencies across North America through one of the most complex public safety missions in the world.

幾週前，有位客戶為市政員工購買了隨身攝影機，不是給警察，而是給建築稽查人員使用。在那之前的幾週，我們一些最大的企業試點開始讓第一線員工配戴 Axon Body Mini。而在世界盃期間，我們的生態系支援北美各地的機構，完成了全球最複雜的公共安全任務之一。

So where we sit today, the world is being flooded with intelligence. What's scarce is intelligence connected to the real world, trusted by institutions that depend on it and aimed at problems that matter. That's what we've spent 30 years building. There is no company better positioned to benefit from the intelligence explosion than Axon. And through us, our customers and their communities for whom we operationalize this intelligence with physical hardware and thoughtful design and controls to help maximize benefit with appropriate oversight. What an exciting time to be alive and an even better time to be at Axon.

因此，就我們今天所處的位置而言，世界正被智慧洪流淹沒。稀缺的是與真實世界相連、被仰賴它的機構所信任，並且聚焦於重要問題的智慧。這正是我們 30 年來一直在打造的。在這場智慧爆發中，沒有任何公司比 Axon 更具備受益的優勢。而透過我們，我們的客戶及其社區得以受益——我們以實體硬體、周全的設計與控制機制，將這些智慧落地運作，在適當監督下協助將效益最大化。能活在這個時代令人振奮，而在 Axon 的此刻更是再好不過。

And with that, I'd like to turn it over to Josh Isner.

接下來，我想把時間交給 Josh Isner。

Thanks a lot, Rick, and good afternoon, everybody. As Rick said, we can't do any of this without our customers. Every day, our focus is on delighting them because when we do that well, everything else follows. We also can't do any of this without our team. They have embraced our mission and are working hard every day to deliver outsized societal outcomes. And there have been many of those in the last few months, including on the biggest stage in sports.

非常感謝你，Rick，各位下午好。如 Rick 所說，沒有客戶，我們什麼都做不了。每天，我們的重點都是讓客戶感到滿意，因為當我們把這件事做好，其他一切就會水到渠成。同樣地，沒有我們的團隊，我們也做不到。他們擁抱我們的使命，每天努力工作，以帶來超出預期的社會成果。而在過去幾個月裡，這樣的成果很多，其中也包括在體育界最大的舞台上。

I am so proud of the Dedrone team for their work to support the World Cup. This was one of the most complex and comprehensive installments we've ever worked on. The expectations were clear, simultaneous delivery and activation across 11 US host cities, more than 50 additional sites and surrounding areas, international deployments, multiple agencies with very little margin for error. The team executed with incredible precision and I believe this deployment further established Axon as the technology leader in public safety.

我為 Dedrone 團隊支援世界盃的工作感到無比自豪。這是我們做過最複雜、最全面的部署之一。期望非常明確：在美國 11 個主辦城市、另外超過 50 個場址及其周邊地區同步交付並啟用，還包含國際部署，涉及多個機構，幾乎沒有容錯空間。團隊以令人驚嘆的精準度完成執行，我相信這次部署進一步確立了 Axon 在公共安全領域的技術領導地位。

Dedrone is delivering tremendous growth and the opportunity continues to expand across state and local public safety, international, federal, enterprise and corrections. It is also one of the areas where we're investing in most aggressively, and the team is earning that investment. This is a business that was still in its infancy just a year ago and is quickly becoming one of our largest product lines surpassing $100 million in quarterly revenue.

Dedrone 正帶來驚人的成長，而機會也持續擴大，涵蓋州與地方公共安全、國際市場、聯邦、企業以及矯正機構。這也是我們最積極加大投資的領域之一，而團隊也用成果證明這些投資是值得的。這項業務在一年前仍處於萌芽階段，如今正迅速成為我們最大的產品線之一，單季營收已突破 1 億美元。

Next, I want to give a shout out to our international team. International bookings came in at roughly 3 times the prior year in Q2, driven by several large deals. What's especially exciting is some of our international customers are adopting our newest offerings right alongside our core products. In fact, they may be even moving faster than some of our US customers, three of our top five AI Era Plan deals in the quarter came from international customers. We're also seeing international markets fuel expansion in TASER. In Q2, we won a TASER 10 deal in the Middle East comparable in scale to our largest current US state and local deployment and another in Europe comparable to a top five US agency deployment. These are massive opportunities showing up more and more, and we're just starting to scratch the surface.

接下來，我想特別表揚我們的國際團隊。第二季國際訂單金額約為去年同期的 3 倍，主要由數筆大型交易帶動。尤其令人振奮的是，我們的一些國際客戶在採用核心產品的同時，也同步導入我們最新的產品。事實上，他們的推進速度甚至可能比部分美國客戶更快——本季前五大 AI Era Plan 交易中，有三筆來自國際客戶。我們也看到國際市場推動 TASER 的擴張。在第二季，我們在中東拿下一筆 TASER 10 交易，其規模可與我們目前美國州與地方最大部署相當；另在歐洲也拿下一筆交易，規模可比擬美國前五大機構之一的部署。這些龐大機會正愈來愈常出現，而我們才剛開始觸及其表面。

State and local public safety and corrections continues to show strength as well. We signed not one, but 2 9-figure agreements with major cities in the quarter. One of those was our largest ever individual TASER order. We also signed two 8-figure agreements with major state corrections customers and another ground breaker, our first full scope Axon 911 customer. This customer will deploy a combined Prepared and Carbyne solution to power the call to closure vision we laid out when we announced these acquisitions, committing to that future just months before both deals closed.

州與地方公共安全以及矯正機構的需求也持續展現韌性。本季我們與主要城市簽下不只一筆，而是兩筆 9 位數金額的合約。其中一筆是我們史上最大的一筆單一 TASER 訂單。我們也與主要州級矯正機構客戶簽下兩筆 8 位數金額的合約，並且再創里程碑——我們的第一位全範圍 Axon 911 客戶。該客戶將部署整合的 Prepared 與 Carbyne 解決方案，以實現我們在宣布這些收購時所提出的「從來電到結案」願景，並在兩筆交易完成交割前數個月就承諾投入這個未來。

And lastly, in the US, we continue to see more and more customers who bet on other vendors coming to Axon for body camera pain relief. We expect body camera shipments to be up 20% to 30% sequentially in Q3 and 15% to 20% quarter-over-quarter. The success across markets led to our TASER volume being the highest in a quarter to date. We've now booked more TASER 10 units than we booked over the lifetime of TASER 7 with a ton of pipeline still in front of us. That may sound crazy for a product category that has been around for three decades. Well, it's real, and it speaks to how much opportunity remains.

最後，在美國，我們持續看到愈來愈多原本押注其他供應商的客戶，為了解決隨身攝影機的痛點而轉向 Axon。我們預期第三季隨身攝影機出貨量將較前一季成長 20% 至 30%，並較去年同期成長 15% 至 20%。各市場的成功也帶動本季 TASER 出貨量創下單季新高。我們目前已預訂的 TASER 10 單位數，已超過 TASER 7 全產品生命週期的預訂總量，而且前方仍有大量商機管線。對於一個已存在三十年的產品類別而言，這聽起來或許很瘋狂。但這是真實發生的，也說明仍有非常大的成長空間。

Next, enterprise. We've been talking about this moment for a long time. The point when those early conversations and pilot programs begin converting into meaningful enterprise deployments. That moment is here. Enterprise bookings were also up about 3 times from a year ago, and the volume of opportunities continues to grow. And last but not least, I'm excited to see our federal business showing a lot of promise. We are engaged in opportunities across the federal civilian space, and the team is executing with intensity as we approach the end of the fiscal year.

接下來談企業市場。我們談這個時刻已經很久了。也就是那些早期對話與試點計畫開始轉化為具規模、具意義的企業部署的時點。那個時刻已經到來。企業訂單也較一年前成長約 3 倍，而且機會量仍在持續增加。最後但同樣重要的是，我很高興看到我們的聯邦業務展現出很大的潛力。我們正參與聯邦民用領域的多項機會，隨著財政年度接近尾聲，團隊正以高度強度執行推進。

Federal was part of the story with Dedrone in the World Cup, and we also closed a major deployment of Axon Assistant with a federal agency on our body cameras because they are using them as body cameras. And just yesterday, we were named one of the participants in the $1.5 billion DHS program for counter-UAS. I am looking forward to talking more and more about our progress in the federal space.

在世界盃的 Dedrone 專案中，聯邦也是故事的一部分；此外，我們也與某聯邦機構完成 Axon Assistant 的重大部署，部署在我們的隨身攝影機上，因為他們正將其作為隨身攝影機使用。而就在昨天，我們被列為國土安全部（DHS）總額 15 億美元反制無人機（counter-UAS）計畫的參與者之一。我期待未來能更頻繁地分享我們在聯邦領域的進展。

As far as bookings go, every indicator I'm watching looks as good as it ever has. Q2 gross bookings were up 20%. That's on top of nearly 50% bookings growth in Q2 last year. On a five year normalized basis, which adjusts for contract duration, bookings were up even more, over 30%. That matters because some of our newer markets like international and enterprise signed deals in the one to five year range compared to some of the 10 year agreements we sometimes sign with state and local customers. Normalizing for duration gives us a clearer view of the underlying demand across markets. And as I review the pipeline, I see a clear line of sight to finishing the year with 30 -- in the 30% range of normalized bookings.

就訂單表現而言，我所關注的每一項指標都和以往任何時候一樣強勁。第二季總訂單金額成長 20%。而這是在去年第二季訂單成長近 50% 的高基期之上。以五年期的常態化口徑（會針對合約年限進行調整）來看，訂單成長更高，超過 30%。這很重要，因為我們一些較新的市場（如國際與企業）簽署的合約多落在 1 到 5 年期，相較之下，我們有時與州與地方客戶簽的是 10 年期合約。將年限常態化後，能讓我們更清楚看見各市場的底層需求。而當我檢視商機管線時，我清楚看到我們有把握在年底將常態化訂單成長維持在 30% 左右的區間。

And before I hand it over, I want to spend a minute on how we're operating internally because this kind of execution doesn't happen by accident. A little over a year ago, we began flattening the organization to empower people closest to the work, reducing layers of friction and moving faster. We paired that organizational change with disciplined investment in AI tools for our teams. We didn't rush to deploy every tool or ask people to use AI for the sake of using AI. We rolled it out deliberately, and we focused on where it can make our people more effective. That has evolved in the regular hackathons and recognition for teams finding new ways to move faster and spend more time on the work that matters.

在我把時間交出去之前，我想花一分鐘談談我們內部如何運作，因為這種執行力不是偶然發生的。大約一年前，我們開始扁平化組織，賦權給最貼近工作的人，減少摩擦層級並加快速度。我們也將這項組織調整，與對團隊 AI 工具的紀律性投資相結合。我們沒有急著部署每一種工具，也沒有要求大家為了用 AI 而用 AI。我們是有計畫地逐步推行，並聚焦在能讓同仁更有效率的地方。這也在定期的黑客松與對團隊的表揚中持續演進，鼓勵大家找到新的方法加速推進，並把更多時間投入在真正重要的工作上。

We're seeing that operation model -- our operating model pay off in execution. I believe that discipline is a big part of why we've continued to raise our own expectations while navigating supply chain disruptions, higher component costs and tariffs, all while scaling to meet demand and never missing a beat for our customers. It is coming together nicely. The team is earning. The mission is fueling them. Our customers can see it, and we are investing in Axon, and they are investing in Axon as their trusted technology partner. We are a next play organization, and we are stacking next plays like never before.

我們看到這套營運模式——我們的營運模型——在執行上正在發揮成效。我相信，這份紀律是我們在因應供應鏈中斷、零組件成本上升與關稅的同時，仍能持續提高自身期望的重要原因；同時我們也在擴大規模以滿足需求，並且對客戶始終穩定如常、從未失誤。一切正順利整合到位。團隊正在交出成果。使命感正在驅動他們。我們的客戶看得見這一點；我們在投資 Axon，而他們也把 Axon 視為值得信賴的科技夥伴並持續投資 Axon。我們是一個「下一步」的組織，我們正在以前所未有的速度堆疊下一步行動。

With that, I'll turn it over to you, Brittany.

接下來我把時間交給你，Brittany。

Thanks, Josh. We continue to see the power of the Axon Ecosystem. We're not just one product, but a system that all works together, getting better all the time to solve real problems for our customers. From before a call comes in to during an incident to closing a case, the sensor, software and data work together. This is what you're seeing in our results. Revenue was $904 million, up 35% year-over-year, marking our tenth consecutive quarter of growth above 30%, and the demand remains broad-based.

謝謝，Josh。我們持續看到 Axon 生態系的力量。我們不只是單一產品，而是一個彼此協同運作的系統，並且不斷變得更好，以解決客戶的真實問題。從接獲報案之前、事件處置期間到結案，感測器、軟體與資料會共同運作。這正反映在我們的業績結果中。營收為 9.04 億美元，年增 35%，這是我們連續第十個季度成長超過 30%，且需求仍呈現廣泛分布。

Software & Services revenue increased 36% year-over-year to $398 million. Axon Evidence remains the backbone of our software business and the secure data foundation powering the vision Rick described. Increasingly, our newer software offerings are also meaningful contributors. More than one-third of our software revenue now comes from offerings beyond our core evidence platform, consisting of real-time operations, which includes Fusus, productivity applications, including records, the AI Era Plan, counter-drone software and Axon 911.

軟體與服務營收年增 36% 至 3.98 億美元。Axon Evidence 仍是我們軟體業務的骨幹，也是支撐 Rick 所描述願景的安全資料基礎。同時，我們較新的軟體產品也日益成為重要貢獻來源。目前我們超過三分之一的軟體營收來自核心證據平台以外的產品，包含即時作業（含 Fusus）、生產力應用（含紀錄系統）、AI Era Plan、反無人機軟體以及 Axon 911。

Together, that part of our software business grew roughly 70% year-over-year with the AI Era Plan as a true standout, growing almost 700%. And these businesses are still in early innings. That breadth is supporting strong expansion within our customer base. Net revenue retention reached 126% and annual recurring revenue increased 39% to $1.6 billion. Our software fed by sensors and enhanced by data is a core pillar for our customers' workflows. We're enhancing these with AI and the numbers continue to show that this is sticky and growing.

合計而言，這部分軟體業務年增約 70%，其中 AI Era Plan 表現特別突出，成長接近 700%。而這些業務仍處於早期階段。這樣的廣度正在支撐我們在既有客戶群中的強勁擴張。淨營收留存率達到 126%，年度經常性收入（ARR）年增 39% 至 16 億美元。由感測器驅動、並由資料強化的軟體，是客戶工作流程的核心支柱。我們正以 AI 強化這些能力，而數據持續顯示其黏著度高且仍在成長。

On the devices side, Connected Devices revenue grew 35% to $507 million, primarily driven by Dedrone, counter-drone, TASER 10 and Axon Body 4. Platform Solutions revenue grew 123% to $150 million with Dedrone driving much of that performance. Counter-drone was a new category for Axon added at the end of 2024, and it has quickly become a consistent contributor to our results, validating our acquisition strategy alongside our organic product development. We continue to see strong demand across customer markets and expect the business to continue to scale. TASER 10 remained a standout in the quarter, as Josh highlighted.

在裝置端，連網裝置營收成長 35% 至 5.07 億美元，主要由 Dedrone、反無人機、TASER 10 與 Axon Body 4 帶動。平台解決方案營收成長 123% 至 1.50 億美元，其中 Dedrone 貢獻了大部分表現。反無人機是 Axon 在 2024 年底新增的品類，並迅速成為我們業績的穩定貢獻者，驗證了我們的併購策略與內生產品開發並行的方向。我們持續看到各客戶市場的強勁需求，並預期該業務將持續擴大規模。如 Josh 所強調，TASER 10 在本季仍是亮點。

Turning to margins. Adjusted gross margin was 62.9%, up 130 basis points sequentially. This increase in gross margin was primarily driven by tariff refunds, partially offset by increased mix from newer product offerings, which are still scaling. Adjusted EBITDA was $242 million or a 26.8% margin. Operating cash flow improved to $20 million from an outflow of $92 million in the prior year. This resulted in a free cash flow outflow of $1 million and reflected continued efforts around free cash flow conversion while still making substantial inventory investments to support customer demand and reduce supply chain risk as we scale.

接著談毛利率。調整後毛利率為 62.9%，較前一季提升 130 個基點。毛利率提升主要來自關稅退稅，部分被仍在擴張中的新產品組合占比提高所抵銷。調整後 EBITDA 為 2.42 億美元，或 26.8% 的利潤率。營運現金流改善至 2,000 萬美元，去年同期為流出 9,200 萬美元。因此自由現金流為流出 100 萬美元；這反映我們在持續推動自由現金流轉換的同時，仍進行大量庫存投資，以支援客戶需求並在擴張過程中降低供應鏈風險。

We continue to have line of sight to strong free cash flow generation consistent with our Q1 guidance of $450 million for the full year with strong seasonality expected in the fourth quarter. As we've noted before, we also expect long-term free cash flow conversion to improve from these levels, but need to get through this period of inventory investment, which we expect to moderate after this year. Future contracted bookings grew more than 40% year-over-year to $15.1 billion, reflecting the broad-based momentum we're seeing across products and end markets. As Josh mentioned, we continue to feel very good about the momentum we're seeing in the second half of the year. We're raising our full year revenue guidance to a range of 32% to 34%, 200 basis points above our prior range of 30% to 32%.

我們仍清楚可見強勁的自由現金流產生能力，符合我們在 Q1 對全年 4.5 億美元的指引，且預期第四季將呈現明顯季節性、表現最強。如先前所述，我們也預期長期自由現金流轉換率將較目前水準改善，但需要先度過這段庫存投資期；我們預期在今年之後將趨於緩和。未來合約訂單（Future contracted bookings）年增超過 40% 至 151 億美元，反映我們在各產品與終端市場看到的廣泛動能。如 Josh 所提到，我們對下半年所見的動能仍感到非常樂觀。我們將全年營收指引上調至 32% 至 34% 的區間，較先前 30% 至 32% 的區間提高 200 個基點。

Based on the strong demand pipeline and results in the first half, we expect seasonality similar to last year, where Q4 is our strongest quarter, both in terms of revenue and year-over-year growth. We continue to expect full year adjusted EBITDA margin of approximately 25.5%. We received a refund in Q2 for tariffs, but we are also facing increasing component costs for the year, especially on memory, which leaves our full year guidance unchanged. We expect Q3 adjusted EBITDA margin to reflect the impact of those memory costs with no benefit from tariff refunds before we scale margins back in Q4 to these levels to hit our full year target.

基於強勁的需求管線與上半年表現，我們預期季節性與去年相近，第四季將是我們最強的一季，無論就營收或年增率而言皆是如此。我們仍預期全年調整後 EBITDA 利潤率約為 25.5%。我們在 Q2 收到關稅退稅，但全年也面臨零組件成本上升，尤其是記憶體成本，因此全年指引維持不變。我們預期 Q3 的調整後 EBITDA 利潤率將反映記憶體成本的影響，且在沒有關稅退稅挹注的情況下，待 Q4 再把利潤率拉回至上述水準，以達成全年目標。

We are also thrilled with the performance of our counter-drone segment. But as we scale this and other new businesses rapidly, we are absorbing the mix impact. Over time, these are well worth the investment on the bottom line as well as the top. While there are a lot of moving pieces in our business, we continue to deliver for our customers, our shareholders and our employees and are very proud of our results this quarter. As you think about a Rule of 45, we delivered above 60 and are looking forward to continuing to drive a strong second half of the year.

我們也對反無人機業務部門的表現感到非常振奮。但在我們快速擴張該業務與其他新業務的同時，也正在承受產品組合影響。長期來看，這些投資無論對營收端或獲利端都非常值得。儘管我們的業務有許多變動因素，我們仍持續為客戶、股東與員工交付成果，並對本季表現深感自豪。若以「45 法則」（Rule of 45）來看，我們交出了超過 60 的表現，並期待在下半年持續推動強勁成長。

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

接下來我們進入提問。

Thanks, team. (Event Instructions) Meta Marshall, Morgan Stanley.

謝謝各位團隊成員。(活動說明) Morgan Stanley 的 Meta Marshall。

Congrats on the quarter. I guess, Rick, I wanted to ask, just as customers gain comfort with AI, where are your customers asking you to innovate around? And are there any areas where you're still finding any resistance from customers?

恭喜本季表現。我想問一下，Rick，隨著客戶對 AI 的接受度提高，客戶目前希望你們在哪些方向進行創新？另外，有沒有任何領域你們仍然看到客戶存在抗拒？

Sure. Change is always hard. And we -- this is a very risk-averse customer base when it comes to tech. So I would say, actually, some of the new areas we're being asked a lot about are around privacy, data security. I'm sure you all have seen the de-Flock movement, which is -- has some broader anti-surveillance sort of momentum.

當然。改變一向不容易。而我們——就科技而言——面對的是一個非常風險趨避的客戶群。所以我會說，實際上，我們被大量詢問的一些新領域，集中在隱私、資料安全等議題。我相信各位也都看過「de-Flock」運動——它帶有更廣泛的反監控動能。

Now for me, this feels a bit familiar, like when TASERs first came out, there was a massive backlash. I view this as sort of the birthing process almost of a new -- any new real technology in public safety is going to go through an adjustment period. And I would say the critics aren't all wrong. There have been some mistakes, things that could have been handled better in terms of data privacy and security and a couple of high-profile uses where police, employees were abusing their access to license plate reader data to do things like track an ex.

對我而言，這感覺有點熟悉，就像 TASER 剛推出時曾引發巨大反彈。我把這視為一種新事物的「誕生過程」：任何新的公共安全技術都會經歷一段調整期。而我也會說，批評者並非全然沒有道理。在資料隱私與安全方面確實出現過一些失誤，有些事情本可以處理得更好；也有幾起高知名度的案例中，警方或員工濫用其對車牌辨識器資料的存取權，例如用來追蹤前任。

But those are exactly the sorts of things where I think our approach to data privacy, where we have a critic-based system where we bring in critical thinkers that are going to challenge us early. I think we're about to post a new episode of the Boldly Go podcast with a couple of folks off of our EEAC, our Equity and Ethics Advisory Council. And I think that's become a real superpower. Like our customers, when we talk about trust, it's not just hand-wavy. It's -- we've hit a point where our trust with our customers is an incredibly valuable and fragile asset. If we break that trust, it would be very damaging to the overall business. And if we protect and cherish and continue to earn that trust, it makes our business more durable.

但這些正是我認為我們在資料隱私上的做法最能發揮作用的地方：我們採用一個以批判者為基礎的系統，邀請會在早期就挑戰我們的批判性思考者加入。我想我們即將發布《Boldly Go》Podcast 的新一集，來賓是我們 EEAC（公平與倫理諮詢委員會）中的幾位成員。而我認為這已經成為一項真正的超能力。就像我們的客戶一樣，當我們談到信任時，這不是空泛的說法。而是——我們已經到了這樣的階段：我們與客戶之間的信任是一項極其珍貴且脆弱的資產。如果我們破壞了這份信任，將會對整體業務造成非常嚴重的傷害。而如果我們保護、珍惜並持續贏得這份信任，就能讓我們的業務更具韌性、更可長可久。

So I would say we're seeing a significant number of agencies want to come over to Axon and convert from existing license plate readers to us, specifically because of the controls and privacy work that we've done around the space. And for example, one of the things we're doing is we'll be building AI tools to watch for anomalous search behavior so that we're watching out for potentially abusive patterns and people have access to the data. So I would say, in general, there are still -- there are places where there's concerns about AI, and we just have to be thoughtful and understand those concerns and say, look, this is a tool to amplify human ability, not to replace human judgment.

所以我會說，我們看到相當多的機構希望轉向 Axon，並從既有的車牌辨識器（LPR）供應商轉換到我們這裡，特別是因為我們在這個領域所做的控制機制與隱私相關工作。例如，我們正在做的一件事是建立 AI 工具，用來監測異常的搜尋行為，以便我們能留意可能的濫用模式，以及哪些人正在存取資料。因此我會說，整體而言，仍然——有些地方對 AI 仍有疑慮，而我們必須審慎以對、理解這些疑慮並說明：看，這是一個用來放大人類能力的工具，而不是用來取代人類判斷。

And then maybe just to just add, I think you asked about where the demand is. I think there's sort of three broad themes that are always present. Number one, and this is anything that helps them get response faster, effective correct response faster and many of the things you see us talking about anchor on that. Number two, is anything that helps save officer time to get them more time back to do their jobs in community. And number three, is anything that drives officer and community safety directly. And so again, across all of our lines of business, across all of our categories and all the investments you see us do in AI, almost all of them line up directly on those three broad categories.

然後也許再補充一下，我想你問的是需求在哪裡。我認為大致上一直存在三個廣泛主題。第一，任何能幫助他們更快反應——更快做出有效且正確反應的東西，而你看到我們談論的許多事情都圍繞著這一點。第二，任何能節省員警時間、把時間還給他們，讓他們能在社區中更有時間去做本職工作的東西。第三，任何能直接提升員警與社區安全的東西。因此再次強調，橫跨我們所有業務線、所有類別，以及你看到我們在 AI 上的所有投資，幾乎都直接對應到這三大類。

Mike Ng, Goldman Sachs.

Mike Ng，高盛。

I just have two as well. First, just on the momentum that you're seeing in Dedrone, counter-drone, maybe you could just talk a little bit about other use cases that you're seeing beyond World Cup. I think it's natural for some people to think that you guys saw some outsized demand because of the event. What are some of the other private infrastructure, other use case demands that you're seeing on a go-forward basis to give you confidence around that greater than $100 million quarterly revenue run rate?

我也有兩個問題。第一，關於你們在 Dedrone（反無人機）方面看到的動能，能否談談除了世界盃之外，你們還看到哪些其他使用情境？我想有些人自然會認為你們因為這個活動而看到異常強勁的需求。往後來看，還有哪些其他民間基礎設施或其他使用情境的需求，能讓你們對於超過 1 億美元的季度營收運行率（run rate）更有信心？

And then second, just as a housekeeping item. On professional services within Software & Services, historically, we've thought of that as something that is tied very closely to fleet. I would imagine there are much broader use cases for professional services now. So just wondering if you could talk about what drives that.

第二個是比較偏行政性的問題。在「軟體與服務」中的專業服務（professional services）方面，過去我們一直認為它與車隊（fleet）高度綁定。我想像現在專業服務應該有更廣泛的使用情境。所以想請你談談，究竟是什麼在驅動這一塊。

Let me take the first one, and then I'll let the team take the second one. So look, counter-drone, there's this war going on in the Middle East and the one in Russia, where like you look at what the Ukrainians have been able to do to these Wildberries warehouses now, they're just decimating that. The Iranians are threatening to go after American infrastructure and data centers. But these aren't confined to just tools of war, right? You can have -- our customers get it.

我先回答第一個，第二個我再讓團隊來回答。你看，反無人機這塊——中東有一場戰爭，俄羅斯那邊也有一場；你看看烏克蘭人現在對那些 Wildberries 倉庫能做到什麼，他們正在把它們徹底摧毀。伊朗人也在威脅要攻擊美國的基礎設施與資料中心。但這些並不僅僅侷限於戰爭工具，對吧？你可以——我們的客戶都理解這點。

I think the World Cup is certainly an accelerant, but every data center understands, especially with now some of the rising controversy around data centers that any disgruntled person with a 3D printer, access to his drone in the Internet could build something that could cause real problems. I think people -- anyone who's prone to gun violence could be prone to drone violence.

我認為世界盃當然是一個催化因素，但每一家資料中心都明白，尤其是在資料中心相關爭議升溫的當下，任何一個心懷不滿的人，只要有 3D 印表機、能取得無人機並連上網路，就可能做出會造成嚴重問題的東西。我認為——任何傾向於槍枝暴力的人，也可能傾向於無人機暴力。

And so I think -- and it's not just us saying that, right? I think our customers broadly, even in enterprise, like we have deployments at CEO's houses as part of their security protocol. We're seeing it at data centers and corporate campuses. It's at the World Cup now, but I think it's going to be every Friday night football game in 5 or 10 years. So I think the World Cup was certainly a surge, but it's part of just a normalizing acceptance that there's a three dimensional aspect to safety that we need to be able to police.

所以我認為——而且這不只是我們在說，對吧？我想我們的客戶普遍如此，即使在企業端——我們在 CEO 的住家也有部署，作為其安全防護流程的一部分。我們在資料中心與企業園區也看到了部署。現在是在世界盃，但我認為在 5 到 10 年後，可能每個週五晚上的美式足球賽都會需要。所以我認為世界盃確實帶來一波需求，但它也是一種逐漸常態化的接受：安全有三維的面向，而我們需要有能力去執法與管理。

So I'll add a little bit to that. Michael, thanks for the question. So ultimately, one of the more exciting things about our Dedrone business is, yes, federal is a piece of it for sure, but we're seeing far more opportunity internationally. And so I would not necessarily tie any -- much of our Dedrone revenue to one specific event. Those trailers, for example, that we sent to the World Cup are already being repurposed by the customer for other use cases. And so we certainly expect the Dedrone demand to endure.

我再補充一點。Michael，謝謝你的問題。最終，我們 Dedrone 業務更令人興奮的一點是：沒錯，聯邦政府是其中一部分，但我們看到更多的機會其實在國際市場。因此我不會把——我們 Dedrone 的營收很大一部分——與某一個特定活動綁在一起。例如，我們送到世界盃的那些拖車式設備，客戶已經在重新調度，用於其他使用情境。因此我們確實預期 Dedrone 的需求會持續。

Now it's important to recognize that these are large revenue shipments of hardware. So quarter-to-quarter, they can swing a little. But when you add it all up, I don't think it will look like the World Cup was an outlier. And on top of that, as Rick said, right now, it's really enterprise, federal and international as drone mitigation becomes legalized for state and local, again, we view that as another potential surge in demand here. So we're feeling really, really good about Dedrone beyond the World Cup.

當然也要認清，這些是硬體的大額營收出貨。所以按季度來看，可能會有一些波動。但把所有因素加總起來看，我不認為世界盃會看起來像是一個異常值。此外，如 Rick 所說，現在主要是企業端、聯邦端與國際端；而當無人機緩解/反制（drone mitigation）在州與地方層級逐步合法化時，我們也把那視為另一個可能的需求激增。所以我們對於世界盃之後的 Dedrone 仍然感到非常、非常有信心。

Now second, on the professional services, we view this as an enabler to customer happiness, but also customer -- the usage of our products. So a couple of years ago, professional services meant show up and deploy body cams or TASERs or integrate to a record system and so forth. Now professional services are showing up and starting to build things on site for customers using our AI tools. And so very much like some other companies in some other markets, we really view the opportunity here to start to delight our customers with more and more on-site that could be rapidly built and custom deployed, just as Rick talked about at Axon Week around Axon Gravity. So professional services will certainly be a strategic enabler to more usage and more purchases of products.

第二個，關於專業服務，我們把它視為提升客戶滿意度的推動器，同時也能提升客戶——對我們產品的使用。幾年前，專業服務的意思是到現場部署隨身攝影機、TASER，或是與案件/紀錄系統做整合等等。現在的專業服務則是到現場，開始使用我們的 AI 工具為客戶建置一些東西。因此很像其他市場中的一些公司，我們非常看好這裡的機會：透過越來越多的現場建置，快速開發並客製化部署，來持續讓客戶驚喜——就像 Rick 在 Axon Week 談到 Axon Gravity 時所說的。所以專業服務無疑會成為推動更多使用、以及更多產品採購的策略性助力。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

I really appreciate the additional disclosure on your five year annualized deals. One thing I would like to understand a little bit better is when we commented about the nine figure deals that you signed with the municipal police, some of these are likely longer-term deals. Can you help us understand, first, like how much you've really expanded with these customers versus prior deals? And what this potentially looks like as you broaden your engagement with the entire customer base?

我非常感謝你們對五年期年化合約（annualized deals）的額外揭露。我想更深入了解的一點是：當我們提到你們與市政警察簽下的九位數合約時，其中一些很可能是較長期的合約。你能否先幫我們理解：相較於先前的合約，你們在這些客戶身上實際擴張了多少？以及當你們把合作範圍擴大到整體客戶基礎時，這可能會呈現出什麼樣的樣貌？

Sure thing. I think it's following a trend that we expect to see in a lot of places, right? It's what we've talked about with this idea that we sell products, we delight the customer and then we earn the right to sell more. And ultimately, I think that's what's happened in those couple of large deals. And they are meaningful deployments or expanded deployments of our products. It's not simply a renewal. And so oftentimes, there's more hardware and a lot more software in those deals.

當然可以。我認為這是在跟隨一個我們預期會在很多地方看到的趨勢，對吧？這也就是我們一直在談的那個概念：我們先銷售產品、讓客戶感到滿意，然後我們就贏得再賣更多的權利。而最終，我認為那幾筆大型交易就是這樣發生的。而且它們是我們產品的具規模的部署或擴大部署。不只是單純的續約。因此，這些交易裡往往會有更多硬體，以及更多得多的軟體。

And I think it's something we can start to see internationally here and there as well, potentially this year. And ultimately, like our bookings, I feel equally good about them as I did at this time and on this call last year. We're very excited to see how we got out of the gate in the first half of the year. I was just at our Sales Summit all week in Scottsdale here and talking to our state and local team. And the attitude is we're expecting a really massive second half of the year, especially just like last year, a little more weighted towards Q4, but certainly plenty of room for growth. And when you add it up, we'll be in the 30% range again for bookings. And so we've got it all in front of us, and now it's time to go do the work.

我也認為，今年我們可能也會開始在國際市場零星地看到這樣的情況。而且最終，就像我們的訂單（bookings）一樣，我對它們的感覺跟去年此時、在這通電話會議上時一樣好。我們非常興奮看到今年上半年一開始的表現。我整週都在斯科茨代爾（Scottsdale）參加我們的銷售高峰會，並與我們的州與地方團隊交流。大家的態度是：我們預期今年下半年會非常強勁，尤其像去年一樣，會更偏重在第四季，但當然仍有很大的成長空間。把這些加總起來，我們的訂單成長率會再次落在約 30% 的區間。所以一切都擺在我們面前，現在就是去把工作做好的時候了。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Josh, great to hear about the full scope Prepared-Carbyne deal that you signed. That seems a little bit counter kind of how you guys set up the go-to-market there in terms of, I think, landing more with the prepared use case of getting -- bringing some AI capability and then shifting to Carbyne later, which is more of a larger lift and shift of larger systems and databases. Are you seeing maybe an early trend that that's now changing and people are going to go whole kit and caboodle from the outset? And then kind of follow-on to that, what -- if and when they do that full scope deal, what's the uplift look like, generally speaking, if a customer already has some flavor of maybe an OSP type of bundle?

Josh，很高興聽到你們簽下了 Prepared-Carbyne 這筆涵蓋完整範圍的交易。這看起來有點違背你們在那邊的 go-to-market（市場進入）策略設定：我記得你們原本是先以 Prepared 的使用情境切入——導入一些 AI 能力——然後再轉向 Carbyne；而 Carbyne 通常是更大規模的替換與移轉，涉及更大型的系統與資料庫。你們是否看到一個早期趨勢：這種模式正在改變，客戶從一開始就會選擇「全套一次到位」？另外延伸問一下：如果、以及當他們做這種全範圍交易時，若客戶原本已經有某種 OSP 類型的套裝方案，一般而言升級帶來的增量（uplift）大概會是什麼樣子？

Sure thing. So the one thing that's becoming apparent to us is customers are actively looking for alternatives in 911. And we're excited that we're in exactly the right place here to help them by virtue of the Prepared and Carbyne acquisitions. One of the things we did early on to your question, Trevor, is when we acquired Carbyne, we actually integrated them into Prepared, not into Axon. So now this apparatus is Axon 911. And so now we are seeing a little more combination in certain places of the desire to do both of these at once.

當然可以。我們越來越清楚的一點是：客戶正在積極尋找 911 領域的替代方案。我們很興奮，因為藉由收購 Prepared 與 Carbyne，我們正好處在能夠協助他們的最佳位置。針對你的問題，Trevor，我們早期做的一件事是：在收購 Carbyne 之後，我們其實是把他們整合進 Prepared，而不是整合進 Axon。所以現在這個體系就是 Axon 911。因此，我們現在確實在某些地方看到，客戶更傾向於同時把這兩項一起導入的組合需求。

But that's kind of the beauty of it, right? Like some customers are going to be ready for that. But a lot of customers are going to buy one or the other upfront with a clear intention of moving away from their current vendors. And so I am wildly bullish on the 911 space and our ability to win there. The APCO Conference was this week and our Prepared team was telling us how much momentum they're picking up and how universally they're hearing that more alternatives and competition in that market is welcome. And so we're excited to compete.

但這正是它的美妙之處，對吧？有些客戶會準備好這樣做。但也有很多客戶會先買其中一個，並且明確打算逐步離開他們目前的供應商。所以我對 911 這個市場以及我們在那裡的勝出能力極度看好。本週是 APCO 大會，我們的 Prepared 團隊告訴我們，他們正在累積非常強的動能，而且他們普遍聽到市場認為：在那個市場裡有更多替代方案與競爭是受歡迎的。所以我們很期待去競爭。

Joe Cardoso, JPMorgan.

Joe Cardoso，摩根大通（JPMorgan）。

Maybe I wanted to touch on the body camera shipments commentary that you made in terms of sequential growth going into 3Q. I guess first question is more so any way you can kind of contextualize the growth that you're seeing from there and maybe bifurcating it between Axon Body Mini and maybe Axon Body 4.

我想先談一下你提到的隨身攝影機出貨評論，也就是第三季（3Q）相較前一季的成長。我想第一個問題是：你是否能幫我們把你們看到的成長做一些脈絡化說明，並且大致拆分一下是來自 Axon Body Mini 還是 Axon Body 4？

And then as a second part to that question, just curious how you're thinking about the Axon Body Mini rollout, now that it's at GA. I think your expectations around adoption, at least in terms of some of the early conversations was maybe more measured and like thinking about it as more of a tranche deployment, but at least some of the early data points that you guys had in your prepared comments as well as in the presentation material, it does seem like things could be moving a bit faster and more widespread. So just curious if that's a fair read and how we should be thinking about that and if there's any limitations we should keep in mind?

第二個部分是：想請教你們現在怎麼看 Axon Body Mini 的推廣（rollout），因為它已經進入 GA（正式上市）。我記得你們先前對採用速度的預期——至少從一些早期對話來看——可能比較保守，並且把它視為分批（tranche）部署；但從你們在 Prepared 的評論以及簡報資料中的一些早期數據點來看，似乎進展可能更快、也更廣泛。所以想確認這樣的解讀是否合理、我們應該如何看待，以及是否有任何限制因素需要留意？

Yes. Thanks, Joe, and thanks for hosting us at your conference a couple of months ago here. Ultimately, on the body cameras, I wouldn't consider AI -- or I'm sorry, AB Mini as a big driver of that guidance that I mentioned for next quarter. I think there's some in there, but the real story there is we are winning in public safety commonly across all of our markets. I think there's a few different flavors of those deals. There's renewals in there. There's expansions in there.

是的。謝謝你，Joe，也謝謝你幾個月前在你們的會議上接待我們。最終，關於隨身攝影機，我不會把 AI——呃抱歉，是 AB Mini——視為我剛才提到的下季指引的主要驅動因素。裡面確實有一些，但真正的故事是：我們在公共安全領域、在我們所有市場中都普遍在贏單。我認為這些交易有幾種不同型態。其中有續約。也有擴充。

Like I said in the prepared remarks, there's also winbacks in there where more and more customers that made a different decision upfront are migrating to Axon. And so I think it's every bit as much of a commentary around US state and local as it is enterprise. And then, of course, international is also showing some real signs of life. And then as it's been reported publicly, we've got some exciting federal opportunities in the body camera space as well. So I think hitting on all cylinders and certainly very pleased that this late in the product life cycle that we continue to see so much demand from so many different places, but I don't want that to be mistaken for a lack of demand in US state and local. It's certainly there.

就像我在事先準備的發言中提到的，裡面也有「贏回」（winbacks）：越來越多一開始做了不同選擇的客戶正在轉向 Axon。所以我認為，這既是在評論美國州與地方市場，也同樣是在評論企業市場。當然，國際市場也開始展現一些真正的活力跡象。另外，如同公開報導所述，我們在隨身攝影機領域也有一些令人振奮的聯邦機會。所以我認為我們是全面發力；而且在產品生命週期已經走到這麼後期的情況下，我們仍然能從這麼多不同來源看到強勁需求，這點讓我們非常滿意。但我不希望這被誤解為美國州與地方市場需求不足。那裡的需求確實存在。

And then last thing I'll say is on the quarter-to-quarter shipments. Just remember that the body camera shipments are a function of our bookings, right? So in Q1, we tend to have seasonally the lightest quarter in bookings of the year. And thus, when we ship those, since a lot of the deals come in late in the quarter, we ship them in Q2, that's a reflection of Q1 bookings. And so as we go through the year, you should certainly expect those body camera shipments to pick up. And I think if I were betting, I'd say it'd be closer to 30% sequentially next quarter versus this quarter. But we are giving the range of 20% to 30%.

最後我想補充的是關於季度之間的出貨。請記得，隨身攝影機的出貨是我們訂單（bookings）的函數，對吧？第一季通常是全年訂單最淡的季度，具有季節性。因此，當我們出貨時，由於很多交易是在季度末才簽進來，我們會在第二季出貨，這反映的是第一季的訂單。所以隨著一年進行，你們應該會預期隨身攝影機出貨會逐步增加。如果要我下注，我會說下季相較本季的季增幅會更接近 30%，而不是本季的水準。但我們給的區間是 20% 到 30%。

Got it. And then maybe just the second part on Axon Mini there.

了解。那再回到 Axon Mini 的第二個部分。

Sure. On Axon Mini, it's driving a lot of interest. We've kicked off -- I was just talking to our Head of Enterprise yesterday. We've kicked off a number of trials with the AB Mini that are starting to gain momentum and we're kind of brands you've heard of in the market and brands you might see if you visit their stores. So there'll be that growing trend. But it does take time, right? And ultimately, we got to do one thing, put one foot in front of the other for a while, succeed very well in the trials then capture our first orders.

當然。關於 Axon Mini，它正在帶動很大的興趣。我們已經啟動——我昨天才跟我們的企業業務負責人（Head of Enterprise）聊到——我們已經啟動了多個 AB Mini 的試用（trial），而且正在開始累積動能；對象是一些你在市場上聽過的品牌，也可能是你去他們門市時會看到的品牌。

And then just like in public safety early on, that second cycle of expansion is where we see the highest volume. So right now, it's about seeding the market in a number of different large enterprises with maybe even hundreds of body cameras per deployment, even though some will certainly be in the thousands and then building from there just as more interest is coming online with Fusus and Outpost and Evidence.com in general with a number of these enterprise customers.

接著就像公共安全領域早期一樣，第二個擴張週期是我們看到量體最高的階段。所以目前，我們是在多家不同的大型企業中播種市場，每次部署可能就有數百台隨身攝影機，雖然有些部署肯定會達到數千台，然後再從那裡往上擴張；同時，隨著 Fusus、Outpost 以及整體 Evidence.com 在這些企業客戶中的興趣持續上線並升溫。

Keith Housum, Northcoast.

Keith Housum，Northcoast。

In terms of the Outpost and Lightpost now being out there for several months now, perhaps you guys can touch base on a little bit what you're seeing in terms of adoption. Obviously, we saw some takeaways that you had in the quarter. Perhaps just talk about success there and the lineup that you guys have.

就 Outpost 和 Lightpost 目前已在市場上推出幾個月而言，或許你們可以談談你們看到的採用情況。顯然，我們在本季也看到你們的一些重點收穫。也請談談那邊的進展與你們的產品陣容。

Yes. So we -- so Keith, in the first half of 2025, I believe our Outpost, Lightpost bookings were somewhere around single-digit millions. From 2H last year through 1H of this year, so a full rolling 12 months, we're right around $100 million of bookings already in Outpost and Lightpost. So that business is certainly growing. We're very proud of how we've built these products, as Rick said, keeping privacy and information security and auditing and all the accountability features around how this data is used. We're very proud of what we've built there, and we think that is a major tailwind to adoption of these products as customers are looking for an alternative to what they've been using historically, and they're seeing a very responsibly built product that protects everybody with Outpost and Lightpost.

是的。所以——Keith，在 2025 年上半年，我相信我們的 Outpost、Lightpost 訂單金額大約落在個位數百萬美元。從去年下半年到今年上半年，也就是完整滾動 12 個月，我們在 Outpost 和 Lightpost 的訂單金額已經接近 1 億美元。所以這項業務確實在成長。我們對這些產品的打造非常自豪，正如 Rick 所說，我們把隱私、資訊安全、稽核，以及圍繞資料使用的所有問責功能都納入設計。我們對所打造的成果非常自豪，也認為這會成為推動這些產品採用的一大順風，因為客戶正在尋找過去歷史上使用方案的替代選項，而他們看到的是一個以非常負責任方式打造、能透過 Outpost 與 Lightpost 保護所有人的產品。

Andrew Sherman, TD Cowen.

Andrew Sherman，TD Cowen。

Josh, great to hear the international commentary, especially the three big AI deals. Were you surprised by the early action there? What is really turning the light bulb on for them with some of the newer products, including AI? And are there more of these in the second half pipeline?

Josh，很高興聽到你對國際市場的評論，尤其是那三筆大型 AI 交易。你對那邊的早期進展感到意外嗎？究竟是什麼讓他們對一些較新的產品（包含 AI）突然「開竅」？而且下半年管線裡還有更多這類案子嗎？

Yes. The second half pipeline is full with a lot of exciting international opportunities, no question about that. In terms of what they're seeing internationally in the AI Era Plan, I'd probably point to a couple of things. Number one, we've enabled Draft One in more markets now. And so that is picking up a lot of steam. And that does take some work because reporting is different in every country. So there's some work to do to bring countries online, but that work has happened and continues to happen.

是的。下半年管線充滿許多令人振奮的國際機會，毫無疑問。至於他們在國際市場對 AI Era Plan 看到的價值，我大概會指出幾點。第一，我們已在更多市場啟用 Draft One。因此它正在快速累積動能。而這確實需要一些工作，因為每個國家的報告格式都不同。所以需要做一些工作把各國上線，但這些工作已經完成並且仍在持續進行。

The second one is the translator. Whenever people are speaking two different languages, the real-time translator via the Axon Assistant is the thing that's driving a lot of the interest there as well. So was I surprised? I mean, our international team, it's just incredible to see the amount of progress we're making there, the quality of the team, the work ethic, the delivery, just everything that it takes to build an exciting business internationally. And so not a lot surprises me about our sales teams these days. They're pretty effective.

第二個是翻譯器。只要人們在使用兩種不同語言，透過 Axon Assistant 的即時翻譯就是推動那邊大量興趣的關鍵之一。所以我有感到意外嗎？我的意思是，我們的國際團隊——看到我們在那裡取得的進展幅度、團隊素質、工作倫理、交付能力，以及打造一個令人振奮的國際業務所需的一切，真的令人驚嘆。所以這些日子我們的銷售團隊其實不太讓我意外。他們相當有效率。

Brenden Rogers, Wolfe.

Brenden Rogers，Wolfe。

In the past, you've talked about longer sales cycles for AI and the OSP bundles with the bigger price tags on those. Are those cycles shortening now that the products have been in the market for longer periods of time, customers might be more familiar, more used to AI? Or are you kind of noticing these conversations are still taking a long time and maybe that's driving some of the more budget flush conversations?

過去你們談過 AI 與 OSP 組合方案因為單價較高而有較長的銷售週期。現在產品在市場上時間更久了、客戶可能更熟悉也更習慣 AI，這些週期有縮短嗎？還是你們觀察到這些對話仍然需要很長時間，而這也許正推動一些更偏向預算充裕的討論？

In terms of timing, I don't know that there's a material difference because ultimately, even like when we're selling TASERs just stand-alone 15 years ago, you still have to go through a government process to buy something. And so I would say, if anything, yes, certainly, there's more acceptance of the products upfront, but it's maybe a little offset by just the sheer size of some of these deals. And when you're up at these levels of contract value, you do have to go through several approvals and a lot of contract negotiation and so forth.

就時程而言，我不確定是否有實質差異，因為最終即便像我們 15 年前單獨賣 TASER，你仍然得走政府採購流程才能買到東西。所以我會說，如果有的話，確實產品在一開始就更被接受，但這可能被某些交易的龐大規模所部分抵消。而當合約價值到達這些等級時，你確實必須經過多重核准、以及大量的合約談判等等。

So I think one way to look at it is, clearly, the team had a fantastic Q4 last year, and they got out of the gate fast. And while delivering the results you've seen in the first half, they've rebuilt the pipeline for the second half. And so a lot of the work we've done in the first half, you'll see come through clearly in Q4 this year with another massive bookings quarter and even some buildup to that in Q3. So I'd say everything -- generally within a year, but still got to go through the process and do all the right things, and our team has become very, very good at that.

所以我認為一種看法是，顯然團隊去年第四季表現非常出色，而且一開年就快速起跑。在交付你們上半年看到的成果同時，他們也為下半年重建了管線。因此，我們上半年做的許多工作，你會在今年第四季清楚看到成果，會有另一個非常龐大的訂單季度，第三季也會有一些鋪墊。所以我會說一切——通常在一年內，但仍然必須走完流程、把所有該做的事情做好，而我們的團隊在這方面已經變得非常、非常擅長。

Jim Fish, Piper Sandler.

Jim Fish，Piper Sandler。

Maybe just on Dedrone, nice to see the greater than $100 million. Clearly, a lot of momentum around counter-drone just generally. First, is there a way to think about how much of the DHS contract you guys are looking at? And secondly, more for Rick, probably, how are you thinking about the strategy here between moving beyond Dedrone and into other mitigation and prevention strategies with that counter-drone business?

或許談一下 Dedrone，很高興看到超過 1 億美元。顯然整體反無人機領域動能很強。第一，有沒有一種方式可以思考你們預期能拿到多少 DHS 合約的份額？第二個問題可能更適合 Rick：你如何看待這裡的策略——在反無人機業務上，如何從 Dedrone 往外延伸，進入其他的緩解與預防策略？

So on the $1.5 billion DHS contract, it's still a little unclear how much of that will be captured, but I think the important thing there is out of 55 or 60 applicants for that contract, a handful were selected, including us. And I think that very much legitimizes the offering. And so this DHS endeavor, that's not the only way money is going to be spent on counter-drones. So I would look at it like certainly, we'll capture a portion of it, but it also enables more and more sales across federal, but equally so across state and local and international as well.

關於 15 億美元的 DHS 合約，目前仍不太清楚最終能取得多少，但我認為重點在於：在該合約的 55 或 60 家申請者中，只有少數被選中，其中包括我們。我認為這非常能使我們的方案獲得正當性與認可。而且這個 DHS 專案並不是反無人機資金投入的唯一途徑。所以我會這樣看：我們當然會取得其中一部分，但它也會促成在聯邦層級更多的銷售，同樣也會在州與地方政府以及國際市場帶來更多銷售。

Got it. Okay. And then for me, in terms of -- this is a very fluid space. It is moving quickly. Today, we live in a world where state and local are just getting the ability to begin to do mitigation. So things like jamming or hacking in and taking control of the drone. Obviously, with more advanced drones that are either AI-driven or being flown with a fiber optic cable, jamming and cyber takeover is not going to work. And so you're going to need various types of physical ways to stop the drone. And so we've got ongoing partnerships and discussions with teams in Ukraine and in other countries on what types of interceptor drones you may use or other interception methods, everything from nets to lasers and different ways to mitigate those drones.

了解。好的。然後就我而言，關於——這是一個非常動態的領域。它變化很快。今天，我們所處的世界是州與地方政府才剛開始具備進行緩解（mitigation）的能力。例如干擾（jamming）或駭入並接管無人機。顯然，面對更先進的無人機——不論是 AI 驅動或以光纖線纜操控飛行——干擾與網路接管都不會奏效。因此你會需要各種實體方式來阻止無人機。所以我們正與烏克蘭及其他國家的團隊進行持續的合作與討論，探討可使用哪些攔截無人機或其他攔截方法，從網具到雷射，以及各種不同的方式來緩解這些無人機威脅。

And we view our footprint with Dedrone is to be the best connector, meaning that we partner with the best-in-class across a variety of different vendors that we create the best overall user experience and that we're able to move at the speed at which the drone and counter-drone space is moving. We don't think anyone hardware vendor is going to be able to keep up and win. So having a great partner strategy and our own world-class first party on some of the sensors and key elements of the ecosystem is the winning play.

我們認為 Dedrone 的定位是成為最好的連接者，也就是與各類供應商中的最佳同級（best-in-class）夥伴合作，打造最佳的整體使用者體驗，並且能以無人機與反無人機領域變化的速度前進。我們不認為任何單一硬體供應商能夠跟上並勝出。因此，擁有出色的夥伴策略，以及在部分感測器與生態系關鍵要素上具備我們自家的世界級第一方能力，才是致勝之道。

And frankly, it's why I've been to Ukraine a couple of times in the past year. I was planning to go to the Defense Tech Valley Conference next month. That's been canceled. Since they ran out of interceptors, the threat of Russian ballistic missiles is much greater. In fact, they just hit. One of my friends that senior executive in one of the companies we invested in Ukraine was at a conference in Kyiv, where they got hit, luckily none of his people were killed, but it's pretty scary.

坦白說，這也是為什麼我在過去一年裡去過烏克蘭好幾次。我原本計畫下個月要去參加國防科技谷（Defense Tech Valley）會議。但那已經取消了。因為他們的攔截彈用完了，俄羅斯彈道飛彈的威脅大幅升高。事實上，他們剛剛就遭到攻擊。我們在烏克蘭投資的一家公司裡，有位朋友是資深主管，他當時在基輔的一場會議上，會場遭到攻擊；幸運的是他的人都沒有喪生，但真的非常可怕。

So I may be sharing that -- if we have any listeners here in power to help us get more interceptors to Ukraine, that would be super helpful. But I've personally been very engaged there because I think it's important that we, a, help them win; and b, that's where the next technologies are likely going to come out of. And especially when you're talking about commercial price points as opposed to traditional like US military price points.

所以我也想藉此分享——如果我們的聽眾裡有人握有權力、能幫忙讓烏克蘭獲得更多攔截彈，那會非常有幫助。但我個人之所以深度投入那邊，是因為我認為我們，a，要幫他們贏；b，下一波技術很可能會從那裡誕生。尤其是當你談的是商業化的價格帶，而不是傳統那種美軍的價格帶。

And so I think I was joking at one of my recent customer summits, I bet for a police chief it was not on their bingo card, they're going to have to run a small Air Force. But they're going to. They're going to have to have ways to intercept these small drones. And now it's going to be different. You typically don't want big things going boom over American cities and detonating, but deploying nets or things with parachutes, and we're doing some interesting work with our friends at Skydio on how we could use the DFR capabilities that they've built and start marrying in other sorts of things. So just, I'd say, expect experimentation and innovation and continued evolution.

所以我想我在最近一次客戶高峰會上還開玩笑說，我敢打賭，對一位警察局長而言，他們的「賓果卡」上絕對沒寫著：他們得運作一支小型空軍。但他們會的。他們必須要有方法去攔截這些小型無人機。而且現在做法會不一樣。你通常不希望在美國城市上空有大型東西爆炸、引爆；但可以部署網具或帶降落傘的裝置。我們也正和 Skydio 的朋友做一些有趣的工作，研究如何運用他們打造的 DFR 能力，並開始結合其他類型的手段。所以我想說，請期待更多的試驗、創新，以及持續的演進。

Yes. And I think just to wrap that back to your strategy question, it's really like three simple things that goes with everything else that we do. Number one is, our software experience and our sensor fusion engine that ties for any given combination of hardware you want from any combination of vendors, we're going to deliver the best possible detection and defeat results, given any combination of hardware with our software and sensor fusion.

是的。我想把它拉回到你剛才的策略問題，基本上就是三個簡單的重點，並且貫穿我們做的所有事情。第一，我們的軟體體驗與感測器融合引擎，能把你想要的任何硬體組合——來自任何供應商的任何組合——串在一起；在既定的硬體組合下，透過我們的軟體與感測器融合，我們會提供最佳的偵測與反制成果。

Number two, as Rick said, we're going to be the best in the world, meaning the fastest, the most flexible and the highest quality at integrating the sort of dizzying array of new vendors on both the sensor and the effector side that are going to keep coming out.

第二，如 Rick 所說，我們要做到全球最佳——也就是整合速度最快、彈性最高、品質最好——能把感測端與效應器端（effector side）那一大堆令人眼花撩亂、持續湧現的新供應商整合進來。

And number three, just like with everything else, you'll see us choose which pieces of the hardware side we think are the most important for us to be first-party leaders on while partnering very liberally across all of the others.

第三，就像我們做其他事情一樣，你會看到我們會選擇硬體端中哪些部分對我們最重要、值得由我們以第一方（first-party）身分成為領導者；同時在其他所有部分上，會非常開放地與夥伴合作。

Will Power, Baird.

Will Power，Baird。

Congratulations on the broad-based product traction. I got a number of investor questions on this. This is where I want to focus my question. The five year normalized bookings metric, why now? It sounds like perhaps it's tied to expectation for ramping international growth, enterprise and you're just trying to get the right duration there. But anything else you're signaling that we should take away from that? And I guess just for context, are there any historical kind of comparisons you could provide just to help us kind of frame it up?

恭喜你們在多個產品面向都取得了廣泛的市場動能。我收到不少投資人對此的提問。這也是我想聚焦的問題。「五年期標準化訂單（normalized bookings）」這個指標，為什麼現在提出？聽起來可能是和你們預期國際成長、企業端放量有關，想要用更合適的期間來衡量。但除此之外，還有沒有你們想傳達、我們應該解讀出的訊號？另外作為背景，你們是否能提供任何歷史上的比較，幫助我們更好地建立框架？

Sure thing, Will. Great questions. Number one, on the historicals, I think in our first earnings call of the year, we had cited the fact that five year bookings were also in the 30% range last year. So similar range to the 10-year bookings of the total bookings of last year. In terms of this year, as I mentioned, 30% -- over 30% year-over-year in five year bookings. The reason you hit on it a little bit, there's really two elements of it. One is, for example, in enterprise, we're seeing it's much more common to do three year deals. And so ultimately, figuring out how all these contract durations normalize, I think, is important as the business looks different and different as we win in different markets.

當然可以，Will。問題很好。第一，關於歷史數據，我想在今年第一場財報電話會議上，我們曾提到去年五年期訂單也在 30% 左右的區間。所以它和去年總訂單中的十年期訂單所呈現的區間相近。至於今年，如我提到的，五年期訂單年增 30% 以上。你其實已經點到原因了，主要有兩個面向。其一，例如在企業端，我們看到三年期合約變得更常見。因此，隨著我們在不同市場取勝、業務樣貌持續改變，釐清並標準化各種合約期間的影響，我認為很重要。

The second one, which is equally important, is that some of these international deals that we're seeing and working on are so big in size that they represent such a big swing in years 6 through 10 that it doesn't give a clear picture of what the bookings look like anymore year-to-year. And so if some of these deals approach $0.5 billion or more that we're looking at in 10-year value, you can imagine that quarter-to-quarter, some of these swings will be pretty interesting. And so normalizing them down to the same common denominator just gives us a way better look at what the future looks like.

第二點同樣重要：我們正在看到並推進的一些國際合約規模非常大，以至於在第 6 年到第 10 年的金額擺動幅度很大，讓逐年比較的訂單表現不再那麼清晰。因此，如果我們正在看的某些案子，其十年期價值接近 5 億美元或更高，你可以想像，季度之間的波動會相當「有趣」。所以把它們標準化到同一個共同基準，能讓我們更清楚地看見未來的樣貌。

And as I've said many times on the calls, part of what gives us so much confidence in revenue growth in the out years is the idea that we look at bookings to inform those. And again, looking at five year bookings as a common denominator gives us, I think, a lot more context when we talk about out years of revenue growth.

而且我在電話會議上說過很多次，我們之所以對未來幾年的營收成長很有信心，其中一部分原因是我們會用訂單（bookings）來作為判斷依據。同樣地，以五年期訂單作為共同基準，我認為能在我們談論未來年度的營收成長時，提供更多脈絡。

Well, I think, just to add, the other piece is we've gotten a lot of questions about how is duration impacting our bookings. And so this is a way for us to try and help normalize that for people so that, that duration question comes out. I do think we can still say that our future contracted bookings for the whole year will grow faster than that 30% that we gave for the five year normalized bookings. So there's really strong numbers on both metrics. We just wanted to start providing this to be really helpful.

我再補充一點：我們收到很多問題在問，合約期間長短到底如何影響我們的訂單。所以這是我們嘗試幫大家把它標準化的一種方式，讓「期間」這個問題可以被剔除出來。我也認為我們仍然可以說，全年未來已簽約訂單（future contracted bookings）的成長會快於我們給出的五年期標準化訂單 30% 的增幅。所以兩個指標的數字都很強。我們只是希望開始提供這個資訊，讓大家更容易理解。

David Paige, RBC.

David Paige，RBC。

A lot of good color on the call already. I just want to add one on the body cameras. I think you had mentioned some of the growth was due to winning back customers. So I was curious to know what exactly is driving that? Is that they just like the Axon camera better? Or is it the connected ecosystem? Or is it the trust credibility that you had built up? Any extra color would be helpful.

這通電話會議已經提供了很多很好的補充資訊。我想再加問一題關於隨身攝影機（body cameras）。我記得你提到部分成長來自於贏回客戶。所以我想了解，究竟是什麼在驅動這件事？是因為他們就是更喜歡 Axon 的攝影機？還是因為連結式生態系？或是你們建立起來的信任與可信度？任何額外的說明都會很有幫助。

Sure thing. I think it's quite simple in some ways where customers were told one thing or expected one thing. And through their usage of the products, they weren't getting what they expected or what they were sold. And we're seeing customers cancel contracts early with other providers to come over to Axon. It's happened very publicly in a couple of cases this year. And we're very proud of the fact that even the first time, if we're not successful, that we remain in open lines of communication with these customers, we're trying to support them however we can and often some of our best and most loyal customers had chosen a different vendor upfront initially.

當然可以。我覺得某種程度上很簡單：客戶被告知或期待的是一件事。但在實際使用產品後，他們沒有得到原本期待的、或當初被銷售承諾的結果。我們看到有客戶提前取消與其他供應商的合約，轉而選擇 Axon。今年有幾個案例甚至相當公開。我們也很自豪的是，即便第一次我們沒有成功拿下客戶，我們仍然與這些客戶保持開放的溝通管道，盡可能提供支援；而且我們一些最好的、最忠誠的客戶，最初其實是先選了別的供應商。

And so we continue to invest heavily in these products. And the experience is really showing when you -- even basic things like does the battery last the full shift, for example. That's a really important thing to our customers. And as they see that play out, they have questions about that. And again, we do the basic things, the fundamentals very, very well. But when you pair that with a lot of value-added functionality on top, whether it's AI Era Plan Draft One or the real-time translator or just the Evidence.com workflows that share from the police department to the prosecutor through the court system.

因此我們持續在這些產品上大力投資。而且當你看到實際使用體驗時，確實很明顯——即使是像電池是否能撐完整個班次這種基本問題。這對我們的客戶來說非常重要。當他們看到這些情況在實務中發生時，就會對此提出疑問。而且再一次，我們把基本功、把根本的事情做得非常、非常好。但當你再把許多加值功能疊加上去，不論是 AI Era Plan Draft One、即時翻譯器，或是 Evidence.com 的工作流程，能讓資料從警局一路共享到檢察官並穿越整個法院體系。

A lot of that, really, for a first-time body camera buyer, a lot of that doesn't come out until you start using it and understanding how it works and what's going well and what's not. And our customers are very, very pleased with how we do those things, and they're telling their peers, everybody is on the same team in public safety, which works really well for us because the network effects matter a lot. And we're seeing those play out. So really proud of our teams for continuing to keep their heads down and working hard and not take anything for granted and continuing to win a lot in public safety.

其中很多內容，對於第一次購買隨身攝影機的買家而言，往往要到你開始使用、理解它如何運作、哪些做得好、哪些做得不夠好之後，才會真正體會出來。而我們的客戶對我們把這些事情做好的方式非常、非常滿意，他們也在告訴同業；在公共安全領域大家都是同一個團隊，這對我們非常有利，因為網路效應非常重要。而我們正看到這些效應正在發揮。所以我真的為我們的團隊感到自豪，他們持續埋頭苦幹、不把任何事視為理所當然，並且在公共安全領域持續贏得許多案子。

Jeremy Hamblin, Craig-Hallum.

Jeremy Hamblin，Craig-Hallum。

Congratulations on the results. So I wanted to ask a question that kind of builds on something that Michael asked earlier, which is the evolution of your business. And as we look at Platform Solutions, which has really exploded as a reportable segment, I mean, it's kind of blown by personal sensors here, like awfully quickly. And obviously, there could be some things in the near term that are maybe perceived as shorter-term opportunities. It sounds like you have a lot of confidence that it's going to continue to build, particularly on the international market.

恭喜這次的業績表現。我想問一個問題，算是延伸 Michael 先前問到的內容，也就是你們業務的演進。當我們看 Platform Solutions，它作為可報導的部門確實大幅成長，我是說，它在這裡很快就超過了個人感測器（personal sensors）。而且顯然，短期內可能有一些事情會被視為偏短期的機會。聽起來你們對它會持續成長很有信心，特別是在國際市場。

But as we look at how this business evolves and you have your 2028 targets, can you give us a sense for -- like do you expect Platform Solutions to really be bigger than your TASER segment by the time we get to 2028, and you're hitting $6 billion in revenues? Is that the type of growth that you're kind of expecting? Or how can you help us kind of think about how your business model is going to evolve over the next couple of years?

但當我們看這項業務如何演進、以及你們的 2028 年目標時，你能否讓我們了解一下——例如你是否預期到 2028 年、當你們達到 60 億美元營收時，Platform Solutions 真的會比你們的 TASER 部門更大？這是你們所預期的那種成長型態嗎？或者你能如何幫助我們思考，未來幾年你們的商業模式將如何演變？

So let's like -- Brittany can weigh in, but maybe I'll start. Jeremy, I think ultimately, that's not really the way I look at our business in terms of operating day-to-day. It's more about the idea that we're seeing growth across U.S. state and local in all products. We're seeing growth in international in all products. We're seeing the same thing in federal and enterprise. And when you add up just using bookings as an example, last year, I think we're clear, we booked over $7 billion and you normalize that and you kind of understand the trend line you're on. And then this year, we have our understanding of what that will look like.

那我們先——Brittany 也可以補充，但我先開始。Jeremy，我想最終就日常營運而言，我其實不是用那種方式來看我們的業務。更重要的是，我們看到在美國州與地方政府端，所有產品都在成長。我們看到在國際市場，所有產品也都在成長。在聯邦與企業端也是同樣的情況。如果以訂單（bookings）為例，把它們加總起來，去年我想我們很清楚，我們簽下超過 70 億美元的訂單；你把它常態化並理解你所處的趨勢線。而今年，我們也對它會呈現什麼樣貌有我們的判斷。

And so that's informing the revenue growth far more than any strong feeling about, is it going to be mainly Platform? Is it going to be mainly TASER? These things are sold in concert with each other. And so we look at it much more as, hey, what's the sum of the parts in terms of bookings, understanding that hardware and software in different quarters will look a little different. And when you add it all up, we feel very confident in that guidance.

因此，這對營收成長的指引影響遠大於任何「會不會主要來自 Platform？」或「會不會主要來自 TASER？」這種強烈的單一判斷。這些產品是搭配一起銷售的。所以我們更傾向從「各部分加總」的角度來看訂單，並理解硬體與軟體在不同季度的表現會略有不同。而把所有因素加總後，我們對這份指引非常有信心。

Yes. I would like to jump in here, too. Like this question, what we have built and what we are building, the thing is the interconnectedness of it all and that these individual capabilities may be more valuable or less valuable to another customer, but like how is it that we make all these things leverage each other in a way that just creates outsized value. And what I think is a little different. I think if you think of this as a business, you might be like, well, what's our objective in terms of where we want to grow and like do we want to have more Platform or more TASER?

是的。我也想在這裡補充一下。就這個問題而言，我們已經建立、以及正在建立的核心，是整體的互聯互通；這些單一能力對不同客戶可能更有價值或較沒那麼有價值，但重點在於我們如何讓所有這些能力彼此槓桿、相互加乘，從而創造超額價值。而我認為有一點比較不同。如果你把這當成一門生意來看，你可能會想：那我們的目標是什麼？我們想在哪裡成長？我們是想要更多 Platform 還是更多 TASER？

And I think the way we approach this, it is a bit more mission-oriented and that might sound a little cheesy, but it's like what are the problems that matter to our customers and which of these things solve those problems. And that's -- like we want to double down on the most valuable customers to -- customer problems to solve because that's what they're going to pay us for. We put a lot more focus there versus like trying to engineer like where do we want to grow to make more or less margin or more or less hardware or software. And so it -- again, this might sound a little like too self-congratulatory that we're very customer-driven, but we really -- we have found when we solve things that matter to our customers, we can figure out how to get paid for that in ways that build a sustainable business.

而我認為我們的做法更偏向使命導向，這聽起來可能有點老套，但重點是：哪些問題對我們的客戶最重要？而這些東西中哪些能解決那些問題？而且——我們希望在最有價值的客戶問題上加倍投入，去解決它們，因為那是客戶願意付費給我們的地方。相較之下，我們不會把重點放在試圖「設計」我們要往哪裡成長，以便取得更多或更少的毛利、更多或更少的硬體或軟體。所以——再一次，這可能聽起來有點像自我誇耀，說我們非常以客戶為中心，但我們確實發現：當我們解決客戶真正重視的事情時，我們就能找到讓客戶付費的方式，並以此建立可持續的事業。

And so I personally don't spend much time at all trying to engineer financial returns around our ecosystem. I spend my time talking to customers and when they're working with Jeff, on how we translate where the emerging needs are. And sometimes we learn things that are like a lot more valuable than we thought they might have been, and we doubled down on those. And it's really just being responsive to the customer environment to grow revenue overall.

因此，就我個人而言，我幾乎不花時間去圍繞我們的生態系來「設計」財務報酬。我把時間花在與客戶對話，以及在他們與 Jeff 合作時，思考我們如何把新興需求轉化落地。有時候我們會學到一些事情，其價值遠比我們原先想像的更高，於是我們就加倍投入。而這其實就是對客戶環境保持敏捷回應，以推動整體營收成長。

Go ahead, Brittany.

Brittany，你來。

Well, you can jump in on the product. I'll just round out on the numbers when you're ready.

好，你可以從產品面補充。我會在你準備好時，把數字面的部分做個收尾。

I was just going to say, again, in the sort of old -- maybe old jargon at this point, but it literally is a network effect on both inside each individual agency and then across agencies inside one of these market segments like state and local and then across market segments like the public-private partnerships. And so when you think about what it means to have network affected product categories, that is quite literally what the Axon Ecosystem is.

我只是想再說一次，用比較舊——也許到現在算是舊術語了——但它確實是在每個單一機構內部、以及在各機構之間（例如州與地方這類市場區隔內），再到跨市場區隔（例如公私合作夥伴關係）之間，都存在的網路效應。所以當你思考什麼叫做具有網路效應的產品類別時，那字面上就是 Axon 生態系的樣子。

I mean, I think as you look at our 2028 guide, we have a lot of ways to get there. And obviously, Platform Solutions is performing incredibly well, and we have a lot of enthusiasm behind that. I certainly would not discount what our TASER business can continue to do as we look ahead to 2028. And then -- and to Rick's point that it's all connected, I would also think about the software pieces that get connected to all of these hardware businesses.

我的意思是，當你看我們的 2028 年指引，我們有很多條路可以達成。而且很明顯，Platform Solutions 的表現非常出色，我們對此也非常振奮。但當我們展望到 2028 年時，我絕對不會低估我們的 TASER 業務仍能持續做到的事情。另外——也呼應 Rick 的觀點，一切都是連結在一起的；我也會把那些能與所有這些硬體業務相連結的軟體部分一起納入思考。

What you're seeing a lot in Platform Solutions right now is you're seeing a lot of big upfront hardware sales, and we're going to be building the software business on the back of that, and that will be a long tailwind behind that. The body camera business obviously already has everything attached to it and has a huge DEMS business that really goes along hand-in-hand with it. So I wouldn't separate those. But certainly, as you think about tailwinds, building out that counter-drone software business and some of those other software product lines are also big tailwinds. And so as we get to 2028, I think you can think about everything growing into the future.

你現在在 Platform Solutions 看到的很多情況，是大量前期的大型硬體銷售，而我們會在此基礎上建立軟體業務，這將帶來長期的順風（long tailwind）。隨身攝影機業務顯然已經把所有東西都綁在一起，並且有一個非常龐大的 DEMS 業務與之相輔相成。所以我不會把那些拆開來看。但當然，談到順風因素，擴展反無人機（counter-drone）軟體業務以及其他一些軟體產品線，也都是很大的順風。因此，當我們走向 2028 年時，你可以把所有事情都視為在未來持續成長。

Also, I just -- one clarification for everyone on the five year normalized bookings. In case it wasn't clear, we don't take shorter bookings and gross them up to five years. So these are really all of our shorter bookings plus anything longer than five years normalized down to five years. So just to prevent any conspiracy theories there.

另外，我想——就五年期標準化訂單金額再跟大家澄清一點。如果先前不夠清楚，我們不會把較短期的訂單按比例放大到五年。所以這些數字其實是我們所有較短期的訂單，加上任何超過五年的訂單再標準化縮減到五年。只是為了避免出現任何陰謀論。

Great. And just a quick follow-up there on the last point. And you've seen your ARR growth kind of reaccelerate here in '26. And I just want to understand in terms of kind of key driver there, is that really just more AI Era adoption plans and just gravitating a higher portion of your kind of embedded customers into that? And is that going to likely continue to see this higher growth rate continue into 2027, 2028 and beyond?

很好。就最後一點再快速追問一下。你們在'26年的ARR成長看起來有點重新加速。我想了解一下主要驅動因素，是不是主要就是更多AI Era採用方案，並且讓你們既有客戶中更高比例轉向採用它？而這樣較高的成長率是否很可能會延續到2027、2028以及更長期？

I mean, it's certainly part of that, right? We highlighted that about a-third of our software business this quarter was coming from outside of DEMS, and that a-third of the business is growing at 70%. So that is not just AI. AI, we called that at almost 700%. So yes, I think you can expect that, that will continue to have outsized growth, but it's not just AI. It's our records business, it's our 911 business. It's the software tied to counter-drone and drones. So what you're really fundamentally seeing is all of these software businesses that we've been investing behind and incubating, they're really starting to contribute to that software growth number.

我的意思是，這當然是其中一部分，對吧？我們提到本季我們約三分之一的軟體業務來自DEMS以外，而這三分之一的業務成長率是70%。所以那不只是AI。AI我們提到接近700%。所以是的，我認為你可以預期它會持續呈現超額成長，但不僅僅是AI。還包括我們的紀錄（records）業務、我們的911業務。也包括與反無人機與無人機相關的軟體。所以你真正看到的核心是：我們一直在投入並孵化的這些軟體業務，現在真的開始對軟體成長數字做出貢獻。

And they're going to continue to do that because even though they're starting to contribute nicely, they're still relatively small and have a lot of room to grow, and a lot of room to continue getting attached into our customers. It's also why you're seeing our NRR number sort of nicely continue to tick up over time. We're up at 126% this quarter. It's because we're attaching more of those products in.

而且它們會持續這麼做，因為即使它們開始有不錯的貢獻，但規模仍相對小，還有很大的成長空間，也有很大的空間可以持續附加到我們的客戶之中。這也是為什麼你看到我們的NRR指標隨時間推移持續穩健上升。本季我們來到126%。因為我們把更多這些產品綁進去了。

Yes. And that's super cool, Brittany, by the way, we used to be stuck at like 119% NRR for a very long time. See it up as high as 126%. It feels awesome.

是的。順帶一提，Brittany，這真的很酷——我們以前NRR長期卡在大概119%。看到它高到126%。感覺太棒了。

Keep coming up with cool things.

繼續想出很酷的東西。

All right. Well, that was our last question. So Rick, you can close this out.

好。那是我們最後一個問題。所以Rick，你可以做結語了。

Awesome. Okay. Look, I pinch myself every day. I get to do this job with these people and these customers working on these problems. It is a privilege. And I'm deeply thankful to you, our shareholders, who make that possible. And of course, the analysts who help our shareholders understand our business, which has grown immensely in its complexity from the simple book and ship business we were 20 years ago to this amazing ecosystem, hardware, software, cloud and now AI services business. And we're in the midst of another major transformation. It's going to be exciting.

太棒了。好。各位，我每天都覺得像在掐自己一樣。我能和這些同事、這些客戶一起做這份工作、一起解決這些問題。這是一種榮幸。我也由衷感謝你們——我們的股東——讓這一切成為可能。當然也要感謝分析師們，協助我們的股東理解我們的業務；我們的業務複雜度已大幅提升，從20年前單純的「接單出貨」模式，走到如今這個令人驚嘆的生態系：硬體、軟體、雲端，現在還有AI服務業務。而我們正處於另一場重大轉型之中。這會很令人興奮。

I can't even tell you what kind of business we're going to be in the next 10 years because the world is changing so fast. But the people I work with give me hope that we will solve the problems faster than any of our competitors, and we'll continue to make this moment -- just an epic moment for our company to leverage this change. And with that, we'll see you all in November. If you get a chance to come to the IACP --

我甚至無法告訴你，未來10年我們會處於什麼樣的業務型態，因為世界變化太快了。但與我共事的人讓我有信心：我們會比任何競爭對手更快解決問題，並且會持續把這個時刻——變成我們公司善用這波變革的史詩級時刻。那麼，我們11月再見。如果你有機會來IACP——

Erik, are we doing something at IACP in October?

Erik，我們10月在IACP會做些什麼嗎？

Yes.

會。

We have -- yes, we have some cool new stuff, in particular, some new ways to tell the story that differentiates us uniquely that I think you'll find very interesting. So come see us in Orlando, and I look forward to telling you about the next phase of the Axon story.

我們有——是的，我們有一些很酷的新東西，特別是一些新的敘事方式，能以獨特的方式講出我們的差異化，我想你會覺得很有意思。所以來奧蘭多看我們吧，我也期待跟你分享Axon故事的下一個階段。

And some new product, Rick, at IACP as well.

而且Rick，IACP也會有一些新產品。

Shoot me an e-mail if you want to join our booth. All right. Thank you, everyone.

如果你想加入我們的攤位，寄封電子郵件給我。好。謝謝大家。

Thanks a lot.

非常感謝。