Hello, everyone, and thank you for joining Axon's executive team today. I hope that you've all had a chance to read our Shareholder Letter released after the market closed, which you can find at investor.axon.com. Our prepared remarks today are meant to build upon the information in that letter. During this call, we will discuss our business outlook and make forward-looking statements. Any forward-looking statements made today are pursuant to and within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These comments are based on predictions and 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. We discuss these risks in our SEC filings. Our most up-to-date SEC filings, including our Form 10-K, will be available this week. We will also discuss certain non-GAAP financial measures. A description of each non-GAAP measure and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our Shareholder Letter as well as in the Investor Relations website. Now, turning to our quarterly update. First, we're going to pull up a video that highlights some of the things we're proud of accomplishing over the past year.

What an amazing company. What an amazing group of people. The people I get to work with are employees, my teammates, our customers, working on problems we care about. It's a privilege I get to work here. All right. Welcome to another one of our team members, our investors, and we're here to report our fourth quarter 2024 and year end. We just finished what I believe will be a pivotal year in the history of our company, and we're looking forward to another exciting year in 2025. The most rewarding part of my job is getting to spend time with our customers. And as you can see in the video, we feel like we're on this mission together. Understanding the challenges they face every day is our guiding light, and we have worked tirelessly to become their trusted technology partner. There's so much we can do to make their jobs easier, their lives safer, and their days just a little bit better while helping them protect us. Over the years, we've introduced new tools that have advanced the way our customers operate and how they think about technology. We are at a place where the benefits of adopting newer technologies are so clear, it's almost impossible to imagine what the world would be like if they were never brought forward. We launched TASER 10 about two years ago. It's just one example of a product that is not only driving growth in our business, but it's changing the world. I rarely go a day without one of our customers telling me how this device has changed their world, and we're investing to make it better. We have a lot of work ahead of us to deliver on our moonshot, and I believe we have the roadmap to get us there. I'm in an international market where I just came back from one of the most inspiring days of my career, and I can't wait to share the results that'll unfold over the next 24 months as we move forward towards our moonshot. It's bigger than just the United States and cutting gun-related deaths between police and the public in the US. It is a worldwide phenomenon that's going to happen here. Stay tuned. We're going to have better efficiency, better training, and new ways to apply our technology over the horizon. Our cameras and our sensors are helping our customers capture more moments. Our acquisition, Fusus, helps us connect more sensors and cameras than ever before. There are countless places where the benefits of better transparency and operations with the increased application of connected technology are just undeniable. Our investments and our ability to lean in and have the foresight to invest in the things that led us here that enable connectivity and software behind not just cameras, but all these sensors that are now taking flight into so many new sets of customers where we've never had the chance to engage previously. Our devices are connected by the most powerful purpose-built public safety operating system in the world. We now have more than 1 million users of our software solutions spanning evidence management, real-time operations, productivity, and, yes, artificial intelligence. We understand the interconnection of advanced software and hardware, and we unlock value in solutions that leverage the seamless connectivity to solve problems we care deeply about. This is where we differentiate ourselves for most and with our customers. With this foundation, we see several major tech trends unfolding before our very eyes. Exponential advances in artificial intelligence, increasing connectivity, real-time sensor fusion, and growing applications for drones and robotics to name a few. These aren't just buzzwords to us. These are our passions and we're making them real and real businesses. These product areas were more or less elements of our imagination a few years ago and today they account for nearly half of the overall opportunities in our pipeline. We believe we will be the partner who enables our customers to leverage these tools to make them work, to make their job safer, to make them better and more efficient. I continue to spend my time thinking about the big picture while ensuring that we're on the right path to make giant leaps that challenge our conventional thinking so we can be prepared for and deliver and be the driver of the future for our customers. I've never felt more confident about our position or more just insanely excited and motivated by what we're doing and frankly by the people I get to work with every day. One final note before I pass it on. I would like to provide an update about something near and dear to me. It's been one year since we last updated you on our intent to invest in our headquarters campus. We have a vision for a campus we've put in a lot of work. I personally have put time into that vision, and we hope to keep it based here in Arizona. We love Arizona, and we want to be here. Unfortunately, Arizona has a political and legal environment that is making it challenging for businesses like us to invest here. After several years of working with our various elected administrative officials, developing plans that were responsive to our community, and we received unanimous approvals from the planning commissions and then through a vote of our elected officials, we've had a setback. Unlike states like Florida and Texas, Arizona allows zoning decisions to be subjected to political petitions and, frankly, political gamesmanship. In our case, we faced paid petitioners who collected 93% of the signatures on a pay-for-signature basis with two-thirds of those people coming from outside the State of Arizona from another state who I may have just fraudulently mentioned. If we allow this to stand, this would delay our project by two years and reintroduce the risk of having to start over. Unfortunately, this same phenomenon caused Arizona to lose our NHL Pro Sports team and is placing Axon and other major projects at risk. So like many things, we're digging into fix the problem. I'm working with our elected officials to try to fix this situation and enable Arizona to be an attractive, predictable environment for businesses. If we can fix it, it'll keep us here, and it'll help the state attract other businesses and really grow into the tech center I believe it can be. If we can't fix it, well, then we're going to have to move on. We have several states courting us that don't have the same risk profile. So, we're not going to leave this decision open forever. We will update you again as soon as we have fully vetted our options and come to a final decision. I intend to make that decision together with our board in the coming weeks. So with that, I'll pass it on to a guy again who I'm just excited to work with, who really leads the business, which gives me the time to spend a lot of time with our customers. And Josh is going to give you the details on what our incredible team accomplished in this most recent quarter.

Thanks a lot, Rick. I appreciate the kind words. Good afternoon, everybody. As Rick mentioned, our customers remain at the center of our universe. I believe that mindset is what has afforded us the results that we have the privilege of reporting to you today. I'd like to share a few updates that recap the year and then some thoughts about where we're headed next. First, we just closed the year with revenue in excess of $2 billion. That's nearly double the revenue we reported only two years ago, and it marks our third consecutive year of growing over 30%. This growth is a testament to our ability to deliver products that drive clear value for our customers and our team's ability to connect our customers with the right solutions. It takes an entire team to deliver results like these, and everyone at Axon continues to rally behind Rick's visionary leadership. Second, we booked over $5 billion in business last year with about half of that closing in Q4, and there was strength across the board. Eight quarters in, TASER 10 orders continue to outpace TASER 7 by 2x, and we continue to see encouraging demand from our emerging market customers. To that end, seven of our top 10 TASER 10 orders to date come from outside US state and local law enforcement, including customers in international, federal, and corrections. We also had our highest ever officer safety plan bookings in Q4, nearly booking more seats in the quarter than the prior three quarters combined. And we continue to see strong adoption of our premium plans within that mix along with adoption of our emerging products. Draft One continues to garner strong interest, and we are able to close our first ten AI Era Plan deals in Q4. We're extremely pleased with this outcome given the fact that the plan launched at IACP in late October. New product pipeline generally takes three to six months to materialize, and we view that accelerated adoption of this plan as a positive indicator of the things to come. We updated our TAM. And as Rick mentioned, we believe our investments around AI, real-time operations, and drones and robotics roughly doubles our overall opportunity set. We're seeing early signs in our product bookings to support that outlook. Third, I want to talk about two growing customer groups that I'm particularly excited about right now, International and Enterprise. Our international bookings grew nearly 50% sequentially in Q4, and that's on top of 40% sequential growth that we saw in Q3. In enterprise, our bookings roughly tripled year-over-year. I'm happy to report that in Q4, our enterprise team booked the largest deal in company history with a global logistics provider. Congrats to Mike Shore, Billy Corbett, and the dozens of Axon employees who supported this deal. This development continues to give us confidence that given the large TAM and growing product market fit, the enterprise segment represents one of Axon's largest opportunities into the future along with federal and international. As we expand and grow, these three customer groups account for over $100 billion of opportunity. Turning to what's next. We have a lot of runway ahead. We ended the year with total future contracted bookings of over $10 billion and our pipeline is the healthiest it has ever been even in comparison to this time last year. We expect another record bookings year in 2025 with line of sight into several years of exciting growth ahead. Our team is focused on executing on the many opportunities in front of us, and we are putting in the work to achieve our goals and deliver on our mission of protecting life. I know I say this a lot, but we run our team with a next play mindset. What excites me most about our results is what they signal for the years ahead. That's why I love the beginning of the year. While it affords the opportunity for others to hypothesize and speculate on varying expectations, that's the same energy that fuels us to win more often in more places and deliver bigger and bigger societal outcomes. And that's exactly what we plan to do in 2025 and beyond.

Thank you, Josh. As Rick and Josh mentioned, it's wonderful to come back to you with another great quarter and to report results that exceeded our expectations once again. Q4 revenue of $575 million increased 34% year-over-year for our 12th consecutive quarter of over 25% revenue growth. I'm particularly excited that we saw double-digit year-over-year growth in all of our business areas, with TASER up 37%, Sensors up 18%, and Software & Services up 41%. Our software remains a driver of our overall growth and contributed 40% of our total revenue in Q4. ARR increased to $1 billion up 37% year-over-year, and net revenue retention remains strong at 123%, reinforcing the visibility and predictability in our business. Adjusted gross margin was 63.2% and has been very stable across the year at an overall company level. Adjusted EBITDA margin was 24.6%, and we continue to invest in our business to ensure we are positioned to grow with new customers and markets while driving innovation in our technology. On a full year basis, we delivered over 33% top line growth, driven by continuing to deliver more to our customers with strong product performance across the board. We also delivered strong bookings, taking our total future bookings above $10 billion and providing support for years to come. We made significant strides in profitability, expanding adjusted EBITDA margins almost 400 basis points this year. As a result, we achieved a 25% adjusted EBITDA margin for the full year, a milestone we initially set for 2025. With this result, we reached both our three-year revenue and adjusted EBITDA margin targets a full year ahead of schedule. As we exit the year, our product teams are working on new technology that will support our growth outlook for many years ahead. We are quite excited about our newer product areas and continue to invest in R&D to support our growth. We are entering the New Year in the strongest and cleanest inventory position we've been in for the last three years. We did all that with strong free cash flow generation above 60%. We continue to drive strong customer satisfaction, which is our North Star. It's humbling to think about where we are, and I thank our teams across the company for the work they put in during this incredibly busy and exciting year. Now I'll turn to our 2025 guidance. We expect 2025 revenue in a range of $2.55 billion to $2.65 billion or approximately 25% annual growth at the midpoint. This would mark our seventh consecutive year of 25% or greater annual growth. Similar to past years, we looked at the strong execution across all segments, momentum in future contracted bookings, and our pipeline entering the year to develop this guidance. We expect 2025 adjusted EBITDA in a range of $640 million to $670 million representing approximately 25% margins. We believe this margin level puts us at the right balance to invest in the future growth opportunities we see while still delivering strong profitability and cash flow. As a management team, we are focused on delivering year-after-year over the long-term. That requires continued innovation, product risk-taking, and investment, and we're lucky to have Rick who is such a visionary in this space. I hope you can tell we're excited about the opportunities in front of us. It is this type of product innovation that has allowed us to deliver our consistent impressive top line growth numbers. Beyond R&D, we're also investing in our sales functions to support new customers and market opportunities as well as continuing to scale the business. For some context, we are now at four years of hitting 50, well above the Rule of 40. We're pleased our guidance implies another year of hitting that type of number. We also expect CapEx in the range of $140 million to $180 million, up year-over-year on a dollar basis, but only up two points as a percent of revenue. This is driven both by more TASER 10 capacity to keep up with our continued strong demand as well as investment in both R&D and manufacturing for our many exciting new product areas. We're proud of all we accomplished in 2024 and are looking forward to another dynamic and innovative 2025 that delivers for our customers and our shareholders.

Thanks, and congrats on the very strong results and guidance. I wanted to start with, I figured, a topical question and just get a sense for what portion of your total revenues are coming from federal contracts, with the US government, whether or not some of the things that are happening in terms of hiring freezes, you expect to have any potential change in the timeline of deployments or anything you might be able to share on that to provide us a little bit better sense. We've certainly got a lot of questions around the potential risk around this area.

Yes. I really appreciate it, Jeremy. Thanks. A couple thoughts on this one. Number one, I certainly don't think, in terms of Axon's case in our future, there's any real cause for concern about what's happening with the funding cuts and DOGE and so forth. Actually, I think there's a world where we could come out of this with more opportunity as they start to look at, hey, where are federal law enforcement getting their bang for their buck in technology. And I think they point back to Axon. And I think we'll have the opportunity to continue to support the federal government across both federal civilian and DOD, hopefully, in bigger ways in DOD moving forward. And we're excited to compete for more business there. So, I personally think there's more opportunity than risk right now for us in the federal space.

Got it. Let me maybe take this one. So, yes, I mean, Dedrone has sold a lot of stuff in Ukraine, but the far bigger picture is what happened in Ukraine has put drones on everybody's roadmap. Every military in the world is thinking about how do you detect these small drones that traditional military systems are not designed to detect, how do you defend against them? We acquired the world leader in drone detection. We acquired at least one of the world leaders in indoor tactical drones with Skydio. We've partnered with the leading US maker of long-range autonomous AI-driven drones, in the moment where basically DJI is largely being made illegal in the United States. So we think we are in an amazing position for drones and robotics. It's an area we're investing heavily. We're currently either the leader or partnered with the leader in the key market segments. And when you think about things like patrolling borders, protecting stadiums, and I mean, Ukraine has shown what anybody could do with a drone you can buy for less than $500 and everybody in the world is thinking about how to defend against those, and we think we are, if not the best positioned, among the best positioned, for helping our customers globally solve that problem. So from a human perspective, I certainly hope that all the violence we're seeing in the world comes to an end, but in a way that is persistent and sort of long-term puts these issues to rest. And we look forward to playing a role in helping use technology to protect people from killer drones. We're not going to get into the lethal drone business ourselves, but we're going to absolutely be a leader in helping defend against those kinds of threats and then using drones to be able to go out, act more intelligently, save lives, and stop threats without using lethal force. And we think those opportunities have all gotten bigger, just given the quick evolution of the space that's been caused by what's been happening in the Middle East and in Ukraine.

And, Rick, I might just add one more thing there, which is just to the first part of your question, Jeremy, just to address any ambiguity. None of our forward-looking guidance assumes any incremental revenue from Ukraine.

Great. Thanks and congrats on the quarter. Maybe to start with, great traction on kind of noting the 100,000 incident reports kind of already completed kind of with the AI tools. Just what are you seeing in terms of kind of AI adoption either into what type of bundles they're opting for or just kind of pipeline there. And then maybe as a second question, noted kind of the large enterprise win just what was kind of the entry point there? Was it Fusus? Was it kind of body cameras? Just any contact there would be helpful. Thanks.

Let me take the first part, and I'll have Josh talk about the second part. So in terms of AI like, without a doubt, these are the fastest growing adoption products we've ever had, and it's not by a small margin. So we're seeing these products these services really resonate with our customers, and they're, it's unbelievable the AI Era Plan that we are closing deals within eight or nine weeks of launch. That's like, I don't think we've ever seen things move that fast. Maybe a little bit with like with a TASER, but that's where like somebody had an existing TASER line item. We introduced a new TASER and they like went from TASER 7 to TASER 10. So, yes, that has happened but a new product category going from zero to deals in that shorter time frame is super encouraging.

Awesome. And on the second part of that question on enterprise, I think the really exciting news is, there are multiple entry points into some of these large opportunities. I think Fusus is certainly relevant. Body cameras are certainly relevant. Dedrone is relevant. Drones are relevant. Obviously, Evidence.com. I think there's, we're starting to see, like I said, just better and better product market fit to address this group of customers. And really the most encouraging thing of that is it's still along the lines of our mission and use cases that we really want to support and that they lead to better, safer outcomes in these enterprise environments. And so it really is exciting. I believe this is going to be a major, major part of our business, maybe even the biggest part of our business long-term and I think we're on the right track there for sure.

All right. Thanks for taking my questions. Just wanted to hit on the news with the Flock Safety partnership. Maybe what happens in terms of the technology licensing for Fleet 3 ALPR technology now that the partnership is maybe ended? And then how are you thinking about more broadly your relationship with the company moving forward and your strategy around fixed LPR?

Yes. Thanks a lot, Josh. Look, a lot's been made of this obviously in the last week, and frankly, I think it's somewhat overblown. We did exit a partnership with Flock. However, I think both sides have an interest in getting back to that partnership. We proposed new terms. I think what we're asking for is just a more fair flow of information into Fusus just like we support into FlockOS and to Flock's Credit. They've been receptive to our feedback there, and we hope to be able to resume it. And so I'm not going to speculate on what happens if that doesn't come into fruition. And of course, we'd have to look at how we support those customer use cases. But right now, our focus is just on making sure that we can arrive at a new partnership that really, in the end, benefits our customer and the use of their own data. Yes. Thanks for the question. So on some of these customers in federal, as you probably saw in the news, one of the first executive orders addressed body cameras for federal law enforcement. And, yet, our customers are still wearing our body cameras. They're seeing a lot of great outcomes as a result of wearing them. And we do believe these programs will continue to expand into federal. So again, I don't think the world has changed much, if at all, for us in the federal space. I think that's the benefit and reward for having products that drive true outcomes in the field, and I think our customers see that and we get a lot of support from them on this. So we're proud of the partnership and certainly think it's going to be a bright future there.

When we first introduced body cameras in law enforcement, many officers were reluctant to use them. A statewide union leader famously mentioned that no police officer wants to wear a body camera until they’ve tried it for 30 days; after that, they wouldn't want to go on patrol without one. They understand that in today’s environment, it protects them from unsubstantiated allegations. This holds true for our federal clients as well, with whom I frequently meet. Initially, there was some political advocacy that prompted agencies to adopt the cameras, but once they start using them, the same trend emerges. Regardless of the federal agency, employees recognize that their roles expose them to not only physical hazards but also the danger of false accusations. Having video evidence that demonstrates their professionalism provides reassurance and enables them to perform their duties with confidence, knowing they won't be unjustly criticized.

Understood. Thank you, guys.

And by the way, the other thing I'll add is these new tools like Draft One, customers absolutely love it. I mean cops are over the moon about this, the idea that, God, I don't have to spend four hours a shift doing reports. I'm like cutting that in half. And I was just demonstrating our new real-time translator. I'm outside of the US right now. Like we did a demo in Icelandic yesterday. And the guy said, we think there's no way it was going to work and his jaw hit the floor before we did Arabic, Norwegian and a couple of other not exactly in the set of like the most heavily used languages in the world. We think the real-time translator is going to be another real hit. So the body camera is evolving and our customers are seeing it. It's not just a recording that can help me. It's now the edge of the AI Internet on my chest. I've got a real-time AI assistant that will help me translate, that will help me write my reports, that will help me look up things I need to know, and help me ask policy questions. I don't have to call a lawyer at 2 A.M. in the morning about how to deal with some obscure legal situation. I can just immediately cross-reference my reports and all those capabilities are included in the new Era Plan, which is why we saw it go from zero to revenue so quickly.

And I think one of the things you continually hear in the industry right now is a lot of theory and not a lot of practice and application with the power of these new AI tools and what we are all about is the applied practice directly in service of real problems for our real customers, and that's what they love about what we're building.

Hey, good afternoon. Thanks for the question. I just have two, one on bookings and one on cloud. First, just on bookings, it's a two-parter. You guys had bookings of over $5 billion this year. I think this is at least the third year of bookings growing $1 billion year-on-year. So when you look at your pipeline going into 2025 in your base case or in your bull case like are you assuming bookings grow $1 billion again to $6 billion? Any thoughts, qualitative or quantitative would be helpful.

Sure thing. Like I said, Mike, in my prepared remarks, the pipeline is extremely healthy right now, even healthier as relative to where it was at this time last year. And look our goal is that our bookings growth rate looks similar to our revenue growth rate and that just at the back of the napkin, it kind of pencils out to, hey, we can just keep this high growth rate going well into the future. So it's not necessarily about growing $1 billion every year or less or more it's more about, hey, can we have our bookings growth rate somewhat mirror our revenue growth rate and if we do that every year, the business will be very, very healthy for a long time.

Hey, I'll take that one. I think it's very much what we talk about from a seasonality standpoint as we go through the year, which is that our step-up from a software standpoint often lags how we're doing on bookings by a quarter. Now, it's not always perfect, right, because there's timing inside of the quarter. But as you think about it, our strongest bookings quarters tend to be Q3 and Q4 and then Q1 is our seasonally softest and it does, it goes through the year that way. And so if this step is lagging by a quarter, what you see typically is Q4 and Q1 have the bigger step-up from a software standpoint. I think you're just seeing the strength in the software business come through. We're seeing more user adoption and we're seeing more products, more software products get sold into those users. Dedrone is not material to our business, but they do have some software revenue. And so you are seeing a small bit of Dedrone come into the software step for the first time this quarter.

Hi. Good afternoon and let me echo my congratulations as well on the strong quarter. With your international bookings, can you talk a little bit about the strength here? And maybe what's changed in the decision to expand sort of the TAM?

Yes. I think a lot of what you're seeing in the total addressable market is that we refresh it every two years. We did a minor update when we acquired Fusus and Dedrone, but that was more of a temporary measure. So when we revisited our total addressable market this year, we looked ahead for the next two years. One significant change from two years ago is the increase in the number of products we offer. This applies to the international market as well. Now we have many more products to sell internationally, such as Fusus, Dedrone, and AI. You're seeing that growth reflected. We're also gaining traction outside of some of our Commonwealth markets, which boosts our confidence in the higher international total addressable market.

Yes. And I'd just add, Jonathan, on the international bookings piece. I think it's just a story about execution. I think we have plenty of product market fit to be very successful internationally. I think the team has been somewhat of a transformative year for our international business in terms of the team, bringing on Cameron Brooks as our CRO out in Europe, and he's made a couple of key hires in Europe and our Latin America and Canada function is going very, very well under Vishal Dhir. And we just we've got more of the team in place that's just executing on a higher level. And so we're pretty bullish on international moving into the future here, as Brittany was saying. I think now as we're landing in more places, there's going to be the opportunity to expand with more and more products.

Yes. I mean, I think it just sort of builds for us, it's all about like where do the workflows matter that will enable our customers to do the things they need to do in their jobs. So I think a lot of it right now is like, okay, take this transcript, run it through, and create a report for me or like, hey, take this and translate it. I think Agentic AI allows you to start to do things like, hey, go search across this giant data set and help me solve like some problem that currently have teams of people working on. And we think we're in a unique position given our customer trust, given that we're housing so much of their data for them and managing their sensors that we'll kind of keep going down the list of their problems. And then for us, there's also a risk-reward trade-off. Like we intentionally started with report writing, rather than, for example, facial recognition, where there's various privacy and related concerns where report writing, like, hey, we can ensure there's human oversight. If the AI gets it wrong like it's actually not a catastrophic failure. You've always got the underlying evidence. We can put in speed bumps to make the officer to do it. I mean we are starting to look at more uses of AI that will help with some more core law enforcement functions. We're going to do it in a way that we will always be proud of that respects and balances privacy, and we want to build the world of Gene Roddenberry, not George Orwell. And these Agentic workflows will just allow us to start handling higher levels of complexity. But for us, it starts with, I go out, I meet with customers, I hear what their problems are and then I get to come back to the company looking like a genius all these great ideas like a bee carrying pollen back to the hive. And then Jeff's got to make sense of it all, segment it, work with our thousand plus engineers and product people to take these great customer ideas and put them together. And then Josh and Brittany are going to like then staff and execute the business to run it and I get to go out on the road again. So the team worked well together. And I just, I love my job getting to go just sort of imagine talk to customers about their problems and try to match it on, okay, what tech is going to work in it. To be honest, Jeff really holds me accountable. A lot of our conversations, Jeff uses the word actually a lot. I'm about like, okay, Rick, like this is great stuff. What can actually work right now in a way that customers will actually use it. It won't disappoint them and it's not going to be bugging. And so Agentic work goes, we're going to approach it kind of the same way, okay, where are we at? And what will work well for our customers, and it's a lot of it's just getting the sequencing down.

Great. Thanks, Eric. Good to be on the call. Congrats on the quarter. Brittany, one for you on the revenue growth guide of 25%, very strong. Maybe just walk us through your assumptions embedded there for NRR. Any color on the AI Era contribution, the sustainability of the strong 123% NRR. And any change to your guidance philosophy versus the past couple of years.

Yes, thank you. So as I talked about, no actual change in our guidance philosophy, what we do is we've got our future contracted bookings. We know approximately how much of that will convert in the next year. So we know how much of a go-get we have. And then we can look at our pipeline and see how our pipeline stacks up and how we feel about that go-get. So that's pretty much how we do it, and that's how we continue to do it this year. In terms of assumptions going forward I mean and we have really low churn, our NRR has really only continued to be very stable to positive. So no major changes in assumption going forward. You got it. We are still outpacing our supply with our demand, so still in a great place, we are investing next year to try and bring more supply online. So we'll see where demand goes. I think we imagine that sometime next year, we've got that supply-demand imbalance. But what you're really seeing right now is we are basically selling as much T10 as we can make, and so we've got to keep investing behind our capacity.

Great. Andrew, thanks a lot. We're particularly excited about T10 just because of what it means for our mission and moonshot as well. The more customers deploying it. We are seeing videos of better and better outcomes in the field. And I think that's kind of continuing through a network effect across the entire market. And so we're very exciting excited about what the future holds for TASER 10 and I don't think there's any slowdown inside here. It's our highest demand CEW ever, and I think that will continue.

Yes, I just met with some new European customers who have not had T10 for very long, and two of them told me they've already averted at least one shooting, saved at least a life in the early few months of them deploying in the field. And these are countries, obviously, that don't have the frequency of shootings that we do in the US. So it was pretty significant to hear that from them.

All of our products work so well together. And as an ecosystem, there are payers here and there that are doubly so peanut butter and chocolate and drive each other forward. And so with T10 the story with VR is such a great one because T10 is not only so transformational in its capability, but it is new and different in a way that really motivates the sale and adoption of our VR training that goes along with it. And it's the catalyst for getting the best possible outcomes with T10 and a similar story for like DFR and robotics with Fusus and RTCC. So you see all these pairings that go so well together combined with the leverage of them adopting more and more of our whole ecosystem.

Great. Thanks. I guess I got a couple. Well, I guess first, Rick, I'm sure the Lone Star State would love to have you. Maybe first question for Josh or Rick whoever want to take it. Look, it sounds like really strong early success with the AI Era Plan. I think you noted 10 deals in Q4. I just want to understand the confidence and stability there as you move forward because it's a big lift in OSP pricing, right? I mean, going from 350 at the high end of 550. What's the conviction confidence, visibility and agencies have enough budget to be able to adopt this at a rapid pace from here.

Yes. It's interesting. Well, it's a great question, and it's nice to see you again. What I would say about the AI Era Plan and about our AI products in general is they are driving such an ROI that can be measured in staffing and officer time that our customers are saving money as a result of deploying this for $200 a person like you could just do the math on Draft One alone. And essentially what it is allowing you to do, if you're a police chief, is have 20% more capacity day-to-day of your police officers. And this is an environment where police departments are still very understaffed. They've got dozens, in a lot of cases, hundreds of open roles that are unfilled. And so when they can allocate some of those dollars over to these tools that might mitigate the need to have more officers at the department to begin with, that's highly valued. And so we're very, very encouraged and it's mostly because we know what type of financial outcomes some of these AI products are driving for our customers.

Yes. Let me jump in on that. I met with a large customer in a relatively new segment for us, so it's not state local law enforcement. Big agency, and meeting I spent a day with the customer going through their operations, learning how things work. It was a lot of fun for me. And there is a new AI service we could do that would literally offload more than half of what their entire staff spends their time doing, that they hate doing, that's administrative in nature. It's got a lot of the similar characteristics to Draft One to where its customers like, oh my god. This would be game changing for my budget. It would free up my people to do like more training, and I wouldn't need as many people so I could grow a little slower. And my morale would go up dramatically. And so that's when I came back to Jeff, and we're like, okay. Let's put a team on how to figure out how to do this. And with the new AI tools, like, it's going to be very doable. And so, again, that's just another example where AI is allowing us to rapidly bring the promise of AI tech doing sort of repetitive jobs. And because our customers one of the things that's sort of great is it's not like they're firing people or this is taking people's jobs. It's taking the crappy, low-value, time-consuming, bureaucratic suck of their job away. And that's like a win-win, and they're just excited. But, yes, I get to go do stuff I enjoy doing that gets me excited to go to work. And then for the chief, it's like, yes, I'm getting more out of my people. So, it's paying for itself.

Good afternoon here. Thanks. I appreciate it, guys. In terms of the enterprise opportunity, obviously, it sounds like we're having a lot of traction here. Brittany, maybe can you talk about the pricing there? I know it's still nascent, but in the public safety space, you guys have that nice metric that you guys provided investors over the past several years. How do you think about pricing for the enterprise market? Is it in a similar vein or is there different pricing schemes that you're going through?

I mean I wouldn't say it's in a similar vein. I wouldn't think about it as being materially different. Obviously, there are some nuances to the enterprise market, of course, but they're still buying DEMS licenses, they're thinking about Fusus, they're thinking about body cameras. So there's certainly nuances, but nothing large, I would call out for you on being highly different at this point. We've tried to stay really flexible in our supply chain. Obviously, at this time, we've been dealing with tariffs of some kind for a number of years. And so we really have found that just being flexible and diversified is key. Now it's hard to exactly predict what is going to happen going forward. So without certainty on what the tariffs are going to be, it's hard to give a perfect answer. But based on what the talk is at least right now in terms of some of the proposed tariffs, there is nothing that I see that would really impact our guidance in any way. We think we're pretty well baked in what is knowable today.

Awesome. All right. Well, obviously, we're delighted. You've delivered another great year. Team's just doing a great job. I am insanely motivated by our customer feedback. One of the things I'd mentioned is I think ultimately TASER has the opportunity to become a primary weapon system and that could drive growth in the international markets even more than in the US where they will carry a gun and a TASER frequently on every officer. And my confidence in that future is growing. So here's to a great 2025. We look forward to seeing you all on our next earnings call and thanks for being part of the team.