Axon Enterprise, Inc. (NASDAQ:AXON) TD Cowen’s 53rd Annual Technology, Media & Telecom Conference May 28, 2025 9:40 AM ET Company Participants Josh Isner - President Conference Call Participants Andrew Sherman - TD Cowen Andrew Sherman Okay. We're on. Thank you, everyone, for joining. Thank you, the President of Axon, Josh Isner, here. Thanks for joining us. And just a quick reminder, we value [II and Extel], so we appreciate your vote if we've earned it. But with that, Josh, it's been a long run for you at ...

Core Insights - NB Private Equity Partners (NBPE) reported a total NAV return of 1.5% for the year ending December 31, 2024, with net assets of $1.3 billion and a NAV per share of $27.53 [4][6] - The private investment portfolio increased in value by 6.9% on a constant currency basis, although gains were partially offset by foreign exchange fluctuations and public holdings [4][6] - The company generated $179 million in proceeds from realisations during 2024, representing 14% of the portfolio's opening fair value [4][6] Financial Performance - The NAV TR for NBPE was 1.5% for 2024, while the MSCI World TR was significantly higher at 19.2% [3] - Over the past three years, NBPE's NAV TR decreased by 4.0%, while the share price TR declined by 1.1% [3] - The company paid dividends of $0.94 per share during 2024 [6] Portfolio Overview - The underlying portfolio reported a weighted average revenue growth of 8.0% and EBITDA growth of 13.1% for the last twelve months [7] - As of March 31, 2025, the NAV per share was $27.17, with a year-to-date NAV increase of 0.4% [12][8] - The portfolio is well-diversified, with 94% in private direct investments and 6% in public securities as of March 31, 2025 [13] Liquidity and Investment Strategy - NBPE ended 2024 with $283 million in available liquidity, including $73 million in cash and liquid investments, and a $210 million credit line [5][10] - The company has repurchased approximately 624,000 shares for $12.3 million at a weighted average discount of 29%, resulting in NAV accretion of approximately $0.10 per share [11] Geographic and Sector Allocation - The portfolio is primarily focused on North America (77%) and Europe (22%), with only 1% in Asia and the rest of the world [15] - Sector allocation includes 23% in Tech, Media & Telecom, 21% in Consumer/E-commerce, and 18% in Industrials/Industrial Technology [15][16]