Axon业务现状与市场拓展

We have a lot going on at Axon right now, with our core business, including tasers, body cams, and digital evidence management, really gaining momentum. Axon公司目前正经历蓬勃发展，我们的核心业务，包括泰瑟枪 (Taser: 一种非致命性电击武器)、执法记录仪 (Body Cam: 警察或其他执法人员佩戴的微型摄像机) 和数字证据管理 (Digital Evidence Management: 对执法过程中收集的数字证据进行存储、管理和分析的系统)，都取得了显著的进展。

We manage about 40 times as much data as the Netflix library in the cloud for our police customers. 我们为警务客户在云端管理的数据量，大约是Netflix内容库的40倍。

And so that business has really grown nicely, and now as we look for other markets, we're starting to get really excited about our enterprise market (Enterprise Market: 针对企业客户而非公共部门或个人消费者的市场). 这项业务增长良好，现在我们正在寻找其他市场，并对我们的企业市场感到非常兴奋。

And you mentioned we launched the Axon Body Mini, which is supposed to be used in retail, nursing, and other non-public safety environments. 您提到我们推出了Axon Body Mini，这款产品旨在用于零售、护理和其他非公共安全领域。

And then on top of that, we continue to plug in strategic acquisitions with newer, younger, more talented teams that might not have hit that steepest part of their growth trajectory yet but are well on their way to it. 此外，我们还不断进行战略收购 (Strategic Acquisitions: 公司为实现特定战略目标而进行的并购活动)，吸纳那些可能尚未达到增长最快阶段，但已在快速发展轨道上的更年轻、更有才华的团队。

We think that's a great formula for us and our customers. 我们认为这对我们和我们的客户来说是一个很好的模式。

股票表现与增长驱动因素

And when I look at your stock's performance, you've really taken off in the last few years. How is that being attained? Like, in terms of growth, are you buying or expanding, or what areas are really driving that when again I look at your stock going pretty much parabolic since early 2023?

当我看到贵公司的股票表现时，它在过去几年中确实一飞冲天。这是如何实现的？就增长而言，你们是通过收购还是扩张？或者说，当我又一次看到贵公司股票自2023年初以来几乎呈抛物线式上涨时，哪些领域是真正的驱动力？

Can I just say 339 is the PE, the current PE on the stock, and a forward-looking PE of 104. 我想说的是，目前的市盈率是339，预期市盈率是104。

Well, I just want to say that it's up 600%, more than 500% in the last three years. Like, this is a big run. So, there's obviously something going on, or at least the Street or investors are excited about something. 嗯，我只想说，它在过去三年里上涨了600%，超过500%。这是一次巨大的上涨。所以，显然有什么事情正在发生，或者至少华尔街或投资者对某些事情感到兴奋。

Yeah, I think ultimately we do a few things really, really well. 是的，我认为归根结底，我们在几个方面做得非常出色。

We grow revenue profitably. So there we're talking about seven years of 25% plus revenue growth. The last three have been over 30%. 我们实现了盈利的收入增长。我们已经连续七年实现了25%以上的营收增长，过去三年更是超过了30%。

We relentlessly invest in the customer experience. So, we continue to bring new products to our customers that they're really enjoying using, and that of course is a good formula. 我们不懈地投资于客户体验 (Customer Experience: 客户在与公司互动过程中所感受到的整体体验)。因此，我们不断为客户带来他们真正喜欢使用的新产品，这当然是一个成功的模式。

And then last point is we save lives. Like, we're a mission-driven company (Mission-Driven Company: 以实现特定使命或社会目标为核心驱动力的公司), and having a real impact in society today with our tools to help public safety (Public Safety: 维护社会秩序、保护公民生命财产安全的公共服务). 最后一点是，我们拯救生命。我们是一家使命驱动型公司，通过我们的工具帮助公共安全，对当今社会产生了真正的影响。

So, when you combine all those things, there just aren't a lot of companies like that in the public markets today, and we're really, really proud that we've supported our customers to the level where we're seeing it grow in our financial results. 因此，当你把所有这些因素结合起来看，当今的公开市场上并没有太多这样的公司。我们非常自豪能够支持我们的客户，达到在财务业绩中看到增长的水平。

内部人士抛售与投资者信心

And I want to talk more about your customers and this body workforce mini in just a moment because I'd read something about how maybe retailers might be making use of it as well as they deal with theft and situations at their outlets. But I got to ask you about, you know, we were just talking about the stock, it is down a lot since early August. It hit a record back then. Your CEO sold about $7 million shares last week. Your CFO sold about $3.6 million at the end of last month, some to a much smaller amount in mid-September. Your CPO and CTO sold nearly $6 million in mid-August. And you sold nearly $12 million worth of shares in mid-August, about 11 days after earnings in August. Insiders selling, you know, where I'm going to go. It's often something we will single out as not a great sign. Should the investing public be concerned?

我稍后想更多地谈谈您的客户以及这款“执法记录仪迷你版”，因为我读到一些关于零售商如何利用它来应对门店盗窃和相关情况的信息。但我必须问您，我们刚才谈到股票，自8月初以来它下跌了很多，当时它创下了记录。您的首席执行官上周出售了约700万美元的股票。您的首席财务官上个月底出售了约360万美元，9月中旬还有一小部分。您的首席产品官和首席技术官8月中旬出售了近600万美元。而您自己在8月中旬，也就是8月财报公布大约11天后，出售了价值近1200万美元的股票。内部人士抛售，您知道我要说什么。这通常被我们认为是负面信号。投资公众是否应该感到担忧？

Not at all. And if you look at our stock over the last five years, a lot of us have sold on the way up, you know, it's our primary means of compensation. 完全不用。如果你看看我们公司过去五年的股价，我们很多人都在上涨过程中进行了出售，你知道，这是我们主要的薪酬方式。

But we continue to have a lot invested in the company, and I'd chalk that up to just life needs and so forth, as opposed to not feeling confidence in the company, because we are extremely, extremely confident in what we're going to do both for our customers and for our investors. 但我们仍然在公司投入了大量资金，我将这些出售归因于生活需求等等，而不是对公司缺乏信心，因为我们对我们将为客户和投资者所做的一切都非常、非常有信心。

All right, I just wanted to put that out there. Hey, I want to go back to this body workforce mini. My understanding, it's kind of the size and weight of an AirPods Pro case. Comes equipped with new communication AI and HD video features. And I saw a story, I think it was Business Insider, that talked about some retailers, including Walmart, have been testing out the use of some police-style body cameras at some locations. They're looking to improve worker safety. Tell us about the retail usage and if you're seeing interest in demand.

好的，我只是想把这一点提出来。我想回到这款“执法记录仪迷你版”。据我了解，它的大小和重量与AirPods Pro充电盒差不多。它配备了新的通信人工智能 (AI: Artificial Intelligence: 模拟人类智能的计算机科学领域) 和高清视频功能。我看到一篇报道，我认为是《商业内幕》，其中提到包括沃尔玛在内的一些零售商，正在一些门店测试使用警用执法记录仪。他们希望提高员工安全。请告诉我们零售业的使用情况，以及您是否看到了兴趣和需求。

Axon Body Mini在零售业的应用与市场潜力

Sure, absolutely. When you ask retail workers, "Is violent crime in the workspace on the rise?" seven of 10 of them will say absolutely yes. 当然，绝对有。当你问零售业员工：“工作场所的暴力犯罪是否在增加？”十个人中有七个会给出肯定的答案。

And we see that combined with shrinkage (Shrinkage: 零售业中因盗窃、损坏、管理不善等原因造成的库存损失) in retail, meaning the amount of inventory being written down and lost, going from 1% to 3%. 我们看到这种情况与零售业的损耗（指库存报废和损失的数量）结合在一起，损耗率从1%上升到3%。

And we think body cameras are a big part of the solution here. So just like in public safety, when a retail worker is wearing body cameras, there's mutual accountability (Mutual Accountability: 双方互相承担责任) on both ends of the lens to make sure that issues or conflicts don't get escalated further. 我们认为执法记录仪是解决方案的重要组成部分。因此，就像在公共安全领域一样，当零售员工佩戴执法记录仪时，镜头两端都会有相互问责，以确保问题或冲突不会进一步升级。

So you see a drop in abuse of workers, you see a drop in shrinkage, and when we can provide outcomes like that to retailers, they're certainly willing to pay for that because it does drive a really good ROI (Return on Investment: 投资回报率) on their end. 因此，你会看到对员工的辱骂减少，损耗下降，当我们能为零售商提供这样的成果时，他们当然愿意为此买单，因为它确实能为他们带来非常好的投资回报率。

And that's what we're seeing. You mentioned the Walmart opportunity there. We're seeing that across several large retailers both in the US and Canada, and we think that is a really, really exciting and growing space for our company that will participate in for a long time. 这就是我们所看到的。您提到了沃尔玛的机会。我们看到美国和加拿大的一些大型零售商都在采用这种方式，我们认为这对我们公司来说是一个非常非常令人兴奋且不断增长的市场，我们将长期参与其中。

How do you quantify that as an addressable market (Addressable Market: 公司能够通过其产品或服务有效争取到的潜在客户群体)? And also, are you expecting every Walmart employee to wear one, or would it just be a handful that would be interacting with customers, say at an exit?

您如何将这量化为一个可寻址市场？另外，您是否期望沃尔玛的每位员工都佩戴一个，还是只有少数与顾客互动（例如在出口处）的员工佩戴？

You know, I think over time, no matter who the retailer is, we do believe there's a space on the uniform for every retail worker on the floor to be wearing them. 你知道，我认为随着时间的推移，无论零售商是谁，我们都相信每个在一线工作的零售员工的制服上都有佩戴执法记录仪的空间。

Now, I don't know that you'd be putting these on folks that are maybe in more desk jobs, but certainly in terms of the retailers themselves, we believe 100% of retail workers will see a value in wearing these. 现在，我不知道您是否会把这些设备给那些可能从事更多案头工作的人员佩戴，但就零售商本身而言，我们相信100%的零售员工都会看到佩戴这些设备的价值。

And so, very, very excited. In terms of the TAM (Total Addressable Market: 某个产品或服务在特定市场中的总潜在收入), I always say the way to think about this is there's a million cops in public safety in the US, and we've built a $60 billion business in that space. 所以，我们非常非常兴奋。关于总可寻址市场，我总是说这样来思考：美国公共安全领域有一百万名警察，我们在这个领域建立了一个600亿美元的业务。

Walmart alone has 2.4 million retail workers relative to a million cops. And that's just one brand, of course, a very large one, but one brand. 仅沃尔玛一家就有240万零售员工，而警察只有一百万。这还只是一个品牌，当然是一个非常大的品牌，但仅仅是一个品牌。

And so, the TAM is significantly larger. And just like we did in public safety, we're investing a lot, putting a lot behind making all of these retailers more successful and saving them some money. So very excited about what the space holds. 因此，总可寻址市场要大得多。就像我们在公共安全领域所做的那样，我们投入了大量资金，大力支持让所有这些零售商取得更大成功并为他们节省资金。所以我们对这个市场所蕴含的潜力感到非常兴奋。