阿卡邁科技 (AKAM) 2022 Q2 法說會逐字稿

Good day, and welcome to the Akamai Technologies Second Quarter 2022 Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Akamai Technologies 2022 年第二季度電話會議。 （操作員說明）請注意正在記錄此事件。我現在想將會議轉交給投資者關係主管湯姆·巴特（Tom Barth）。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's Second Quarter 2022 Earnings Call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

謝謝你，接線員。大家下午好，感謝您參加 Akamai 的 2022 年第二季度財報電話會議。 Akamai 首席執行官 Tom Leighton 今天將發表講話；和 Akamai 首席財務官 Ed McGowan。

Please note that today's comments include forward-looking statements, including statements regarding revenue and earnings guidance. These forward-looking statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements. The factors include any impact from macroeconomic trends, the integration of any acquisitions and any impact from geopolitical developments. Additional information concerning these factors is contained in Akamai's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q.

請注意，今天的評論包括前瞻性陳述，包括有關收入和收益指導的陳述。這些前瞻性陳述受到風險和不確定性的影響，並涉及許多可能導致實際結果與此類陳述明示或暗示的結果存在重大差異的因素。這些因素包括宏觀經濟趨勢的任何影響、任何收購的整合以及地緣政治發展的任何影響。有關這些因素的其他信息包含在 Akamai 提交給 SEC 的文件中，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。

The forward-looking statements included in this call represent Akamai's view on August 9, 2022. Akamai disclaims any obligation to update these statements to reflect new information, future events or circumstances, except as required by law.

本次電話會議中包含的前瞻性陳述代表 Akamai 在 2022 年 8 月 9 日的觀點。Akamai 不承擔任何更新這些陳述以反映新信息、未來事件或情況的義務，除非法律要求。

As a reminder, we will be referring to some non-GAAP financial metrics during today's call. A detailed reconciliation of GAAP and non-GAAP metrics can be found under the financial portion of the Investor Relations section of akamai.com.

提醒一下，我們將在今天的電話會議中提及一些非 GAAP 財務指標。可以在 akamai.com 的“投資者關係”部分的財務部分找到 GAAP 和非 GAAP 指標的詳細核對。

And with that, let me turn the call over to Tom.

有了這個，讓我把電話轉給湯姆。

Thanks, Tom, and thank you all for joining us today. I'm pleased to report that Akamai delivered strong results in the second quarter despite the ongoing challenges with the global economic environment and slower Internet traffic growth. Q2 revenue was $903 million, up 6% year-over-year and up 9% in constant currency. This result was driven by the continued rapid growth of our Security and Compute businesses, which when taken together, were up 30% in constant currency. These 2 business lines now account for 54% of our overall revenue.

謝謝，湯姆，謝謝大家今天加入我們。我很高興地報告，儘管全球經濟環境和互聯網流量增長放緩帶來持續挑戰，但 Akamai 在第二季度取得了強勁的業績。第二季度收入為 9.03 億美元，同比增長 6%，按固定匯率計算增長 9%。這一結果是由我們的安全和計算業務的持續快速增長推動的，這些業務加起來按固定匯率計算增長了 30%。這兩條業務線現在占我們總收入的 54%。

Q2 non-GAAP operating margin was 29%. Q2 non-GAAP EPS was $1.35 per diluted share, down 5% year-over-year, but up 0.5% in constant currency. As Ed will discuss later, EPS was negatively impacted by foreign exchange rates and a higher effective tax rate compared to last year. Free cash flow was very strong at $223 million in Q2 and it accounted for 25% of revenue.

第二季度非公認會計原則營業利潤率為 29%。第二季度非公認會計原則每股收益為每股攤薄收益 1.35 美元，同比下降 5%，但按固定匯率計算增長 0.5%。正如 Ed 稍後將討論的，與去年相比，EPS 受到外匯匯率和更高有效稅率的負面影響。第二季度的自由現金流非常強勁，達到 2.23 億美元，佔收入的 25%。

We've been leveraging our financial strength to make substantial investments in enterprise security and cloud computing. We've also used some of this cash to buy back additional stock. In the first half of the year, we spent $268 million to repurchase 2.6 million shares. This puts us on track to go beyond what's needed to offset dilution from employee equity programs this year.

我們一直在利用我們的財務實力對企業安全和雲計算進行大量投資。我們還用其中的一些現金回購了額外的股票。上半年，我們斥資2.68億美元回購了260萬股。這使我們有望超越今年抵消員工股權計劃的稀釋所需要的。

I'll now say a few words about each of our 3 main lines of business: Security, Compute and Delivery, starting with Security. Our Security Solutions generated revenue of $381 million in Q2, up 17% year-over-year and up 21% in constant currency. Growth in security was driven primarily by our app and API security portfolio, which includes our market-leading web app firewall, Bot Manager, Account Protector and Page Integrity Manager solutions.

現在，我將對我們的 3 個主要業務線中的每一個說幾句話：安全性、計算和交付，從安全性開始。我們的安全解決方案在第二季度創造了 3.81 億美元的收入，同比增長 17%，按固定匯率計算增長 21%。安全性的增長主要由我們的應用程序和 API 安全產品組合推動，其中包括我們市場領先的 Web 應用程序防火牆、機器人管理器、帳戶保護器和頁面完整性管理器解決方案。

Our Zero Trust enterprise security portfolio, led by Guardicore, also performed well in Q2, with numerous significant customer wins. A leading global provider of financial data concerned about ransomware, added Guardicore segmentation solution to the 7 security products they already buy from Akamai. A major insurance company in France became a new customer for Akamai when they adopted our Guardicore solution to help meet European financial regulations. The sale, led by one of our carrier partners, is indicative of the excitement we're seeing for our Zero Trust solutions among our partners.

我們由 Guardicore 領導的零信任企業安全產品組合在第二季度也表現出色，贏得了眾多重要客戶。一家關注勒索軟件的全球領先金融數據提供商在他們已經從 Akamai 購買的 7 種安全產品中添加了 Guardicore 分段解決方案。法國的一家大型保險公司採用我們的 Guardicore 解決方案來幫助滿足歐洲金融法規，成為 Akamai 的新客戶。此次銷售由我們的一位運營商合作夥伴牽頭，表明我們對我們的合作夥伴中的零信任解決方案感到興奮。

In Australia's largest telecom provider, Telstra, expanded their business with us by adding our Secure Web Gateway solution to their portfolio of Akamai products. They told us, "As part of Telstra's journey in delivering fit-for-purpose solutions, Akamai has been a key industry partner with network-based anti-phishing malware protection and content filtering. Telstra blocks millions of threats every single day, and Akamai is a key partner in that protection."

在澳大利亞最大的電信提供商 Telstra 中，通過將我們的 Secure Web Gateway 解決方案添加到其 Akamai 產品組合中，擴大了與我們的業務。他們告訴我們：“作為 Telstra 提供適合用途的解決方案的一部分，Akamai 一直是基於網絡的反網絡釣魚惡意軟件保護和內容過濾的重要行業合作夥伴。Telstra 每天阻止數百萬個威脅，Akamai是該保護的關鍵合作夥伴。”

Overall, our Zero Trust solutions delivered $43 million of revenue in Q2, up 59% year-over-year in constant currency. This is an area where we're making -- continuing to make major investments and where we anticipate significant future growth.

總體而言，我們的零信任解決方案在第二季度實現了 4300 萬美元的收入，按固定匯率計算，同比增長 59%。這是我們正在做的一個領域——繼續進行重大投資，我們預計未來會有顯著增長。

Turning now to Compute. I'm very pleased to report that the revenue for our Compute product group was $106 million in Q2, up 74% year-over-year and up 78% in constant currency. As a reminder, the Compute product group includes Linode and Akamai solutions for Edge computing, storage cloud optimization and Edge applications.

現在轉向計算。我很高興地報告，我們的計算產品組在第二季度的收入為 1.06 億美元，同比增長 74%，按固定匯率計算增長 78%。提醒一下，計算產品組包括用於邊緣計算、存儲雲優化和邊緣應用程序的 Linode 和 Akamai 解決方案。

A common theme that I heard when I met with executives from around the world in Q2 was their growing concern about being locked into contracts with cloud giants that are consuming large and rapidly increasing shares of their IT budgets. They want more choice in compute and are open to alternative clouds like Linode as a more efficient way to build, run and secure their applications. As a result, many large enterprises have begun testing the Linode platform, including a major U.S. airline, one of the world's top gaming companies and a global provider of weather data.

當我在第二季度與來自世界各地的高管會面時，我聽到的一個共同主題是，他們越來越擔心與正在消耗大量且快速增長的 IT 預算份額的雲巨頭簽訂合同。他們希望在計算方面有更多選擇，並對 Linode 等替代云開放，作為構建、運行和保護其應用程序的更有效方式。因此，許多大型企業已經開始測試 Linode 平台，包括美國一家主要航空公司、世界頂級遊戲公司之一和全球天氣數據提供商。

Major media companies, in particular, expressed significant concerns with their growing use of the giant clouds. Not only are the cost high, in part because of the fees from moving data from cloud storage to a CDN for delivery, but they're also concerned about their increasing reliance on a direct competitor. As an example, I'm very pleased to announce that we recently signed a contract with one of the world's largest media companies to run a critical new workload on Linode. The service is live today, and we anticipate that it will generate millions of dollars of annual revenue as their usage grows over time.

尤其是大型媒體公司，對他們越來越多地使用巨型雲表示了極大的擔憂。不僅成本高，部分原因在於將數據從雲存儲移動到 CDN 以進行交付的費用，而且他們還擔心自己越來越依賴直接競爭對手。例如，我很高興地宣布，我們最近與世界上最大的媒體公司之一簽署了一份合同，在 Linode 上運行一個關鍵的新工作負載。該服務現已上線，我們預計隨著時間的推移，其使用量的增長將產生數百萬美元的年收入。

This is just the tip of the iceberg when it comes to our potential for future revenue growth in Compute. Cloud computing is a fast-growing, multi-hundred billion dollar market. And as we scale Linode to be enterprise grade with pops and hundreds of locations around the world, we should be in an excellent position to capture a share of this market, particularly from companies that value our industry-leading security and delivery solutions and that don't want to be locked in to more expensive options with a cloud giant that competes against them.

當談到我們在計算領域未來收入增長的潛力時，這只是冰山一角。雲計算是一個快速增長、價值數千億美元的市場。隨著我們將 Linode 擴展到擁有全球數百個地點的企業級，我們應該處於搶占這個市場份額的絕佳位置，特別是來自那些重視我們行業領先的安全和交付解決方案並且不不想被與他們競爭的雲巨頭鎖定在更昂貴的選擇上。

Our Delivery products generated revenue of $417 million in Q2, down 11% year-over-year and down 8% in constant currency. These results were clearly impacted by a continued deceleration in traffic growth among our largest media customers and by the lower unit pricing we provided as part of their recent contract renewals.

我們的交付產品在第二季度創造了 4.17 億美元的收入，同比下降 11%，按固定匯率計算下降 8%。這些結果顯然受到我們最大媒體客戶流量增長持續放緩以及我們作為他們最近續約合同的一部分提供的較低單位價格的影響。

It's important to note that Akamai remains the market leader in delivery by far. Moreover, customer churn in the first half of this year remained at record lows, and lost annual revenue from churned accounts in Q2 was even less than in Q1.

值得注意的是，到目前為止，Akamai 仍然是交付領域的市場領導者。此外，今年上半年客戶流失率仍處於歷史低位，第二季度流失客戶的年收入損失甚至低於第一季度。

We also saw some notable delivery customers move business to our platform in Q2 after trying out competing solutions. No matter which competitor they've been working with, they chose Akamai because of our superior performance and reliability.

在嘗試了競爭解決方案後，我們還看到一些著名的交付客戶在第二季度將業務轉移到我們的平台。無論他們與哪個競爭對手合作，他們都選擇了 Akamai，因為我們具有卓越的性能和可靠性。

Like many companies, we're managing through a time of substantial economic headwinds and uncertainty with escalating inflation, the strengthening U.S. dollar, growing concerns about a global recession, escalating geopolitical tensions and conflicts, and a slowing of Internet traffic growth as the world tries to return to normal in the midst of a pandemic. As Ed will talk about shortly, I think it's prudent to assume that these headwinds will dampen our growth rates and profitability over the next several quarters, particularly in our Delivery business, which is being impacted by the challenges that many major media companies have recently reported.

與許多公司一樣，我們正在經歷一個經濟逆風和不確定性不斷升級、美元走強、對全球經濟衰退的擔憂日益加劇、地緣政治緊張局勢和衝突升級以及互聯網流量增長放緩的時期。在大流行中恢復正常。正如 Ed 不久將談到的，我認為謹慎的做法是假設這些不利因素將抑制我們未來幾個季度的增長率和盈利能力，特別是在我們的交付業務中，該業務受到許多主要媒體公司最近報導的挑戰的影響.

Given the enormous market opportunity in front of us, we will continue to focus our investment on Zero Trust enterprise security led by Guardicore, and cloud computing, led by Linode. These investments, combined with the economic headwinds I just mentioned, will likely result in our operating margin remaining below 30% in the near term. We expect our margins to improve over time as our Security and Compute businesses continue to grow and account for a larger share of total revenue.

鑑於擺在我們面前的巨大市場機會，我們將繼續將投資重點放在以 Guardicore 為首的零信任企業安全和以 Linode 為首的雲計算上。這些投資，加上我剛才提到的經濟逆風，可能會導致我們的營業利潤率在短期內保持在 30% 以下。隨著我們的安全和計算業務繼續增長並佔總收入的更大份額，我們預計我們的利潤率會隨著時間的推移而提高。

In addition, we're embarking on several major initiatives to reduce cost and improve operational efficiency that should help return our margins to 30% or better in the medium to longer term. As Ed will discuss further, these initiatives include leveraging Linode to significantly reduce our cloud spend with hyperscalers, slowing the capital expenditures for our delivery platform and optimizing our real estate footprint.

此外，我們正在採取幾項重大舉措來降低成本和提高運營效率，這將有助於在中長期內將我們的利潤率恢復到 30% 或更高。正如 Ed 將進一步討論的那樣，這些舉措包括利用 Linode 顯著減少我們與超大規模企業的雲支出、減緩我們交付平台的資本支出以及優化我們的房地產足跡。

While these are challenging times to be sure, I believe that Akamai is on the right track for long-term growth and success and that we're well positioned because of our unique global-edge platform, our market-leading security and delivery solutions, our new compute capabilities which provide great performance at an affordable cost, our premier enterprise customer base and our strong financial position and profitable business model.

雖然現在是充滿挑戰的時代，但我相信 Akamai 正走在長期增長和成功的正確軌道上，並且由於我們獨特的全球邊緣平台、市場領先的安全和交付解決方案，我們處於有利地位，我們新的計算能力以可承受的成本提供出色的性能，我們的主要企業客戶群以及我們強大的財務狀況和盈利的商業模式。

Now I'll turn the call over to Ed for more on Q2 and our outlook going forward. Ed?

現在我將把電話轉給 Ed 以了解更多關於第二季度和我們未來展望的信息。埃德?

Thank you, Tom. As Tom mentioned, Akamai delivered another solid quarter in Q2. Q2 revenue was $903 million, up 6% year-over-year or 9% in constant currency. Revenue was in line with our guidance and was led by our Security and Compute businesses. As we mentioned on our last call, we expected significant foreign exchange headwinds to impact our revenue in Q2. The much stronger U.S. dollar negatively impacted our year-over-year growth rate by 3 points or approximately $29 million of revenue year-over-year and $14 million on a sequential basis.

謝謝你，湯姆。正如 Tom 所提到的，Akamai 在第二季度實現了又一個穩健的季度。第二季度收入為 9.03 億美元，同比增長 6%，或按固定匯率計算增長 9%。收入符合我們的指導方針，並由我們的安全和計算業務引領。正如我們在上次電話會議中提到的，我們預計重大的外匯逆風會影響我們第二季度的收入。美元走強對我們的同比增長率產生了 3 個百分點的負面影響，即同比收入約為 2900 萬美元，環比收入為 1400 萬美元。

On a combined basis, our Security and Compute businesses represented 54% of total revenue, growing 26% year-over-year and 30% in constant currency. Security revenue was $381 million and grew 17% year-over-year and 21% in constant currency, with continued strength from our Zero Trust business led by Guardicore. Guardicore delivered approximately $14 million of revenue in Q2. Security represented 42% of total revenue in Q2, which is up 4 points from Q2 a year ago.

綜合來看，我們的安全和計算業務佔總收入的 54%，同比增長 26%，按固定匯率計算增長 30%。安全收入為 3.81 億美元，同比增長 17%，按固定匯率計算增長 21%，由 Guardicore 領導的零信任業務持續強勁。 Guardicore 在第二季度實現了約 1400 萬美元的收入。安全性佔第二季度總收入的 42%，比一年前的第二季度增長了 4 個百分點。

Compute revenue was $106 million in Q2, growing 74% year-over-year and 78% in constant currency. Linode contributed revenue of approximately $32 million in the second quarter. Delivery revenue was $417 million, down 11% year-over-year and 8% in constant currency. It's worth noting that while traffic on our network continued to grow, the rate of that traffic growth declined sequentially in Q2.

第二季度計算收入為 1.06 億美元，同比增長 74%，按固定匯率計算增長 78%。 Linode 在第二季度貢獻了大約 3200 萬美元的收入。交付收入為 4.17 億美元，同比下降 11%，按固定匯率計算下降 8%。值得注意的是，雖然我們網絡上的流量繼續增長，但流量增長率在第二季度環比下降。

As Tom mentioned, we believe that the current macroeconomic environment has had the greatest impact on customers in our media vertical, most notably in advertising and gaming. These challenges are most apparent in our delivery results.

正如湯姆所說，我們認為當前的宏觀經濟環境對我們媒體垂直領域的客戶影響最大，尤其是在廣告和遊戲領域。這些挑戰在我們的交付結果中最為明顯。

Also, as we talked about at our Analyst Day in May, we started to align our pricing strategy with the new traffic growth rates we have seen on our network over the last 2 quarters. In addition to scaling back discounts provided upon renewal, we decided to turn away some business from a very small number of customers who have extreme traffic peaks compared to their daily usage patterns. While this will result in slightly less revenue, it will enable us to significantly lower our network CapEx as we focus on cash flow from our Delivery business to help accelerate our investments in faster-growing areas like Compute and Security.

此外，正如我們在 5 月的分析師日所談到的，我們開始將定價策略與過去兩個季度在我們的網絡上看到的新流量增長率保持一致。除了縮減續訂時提供的折扣外，我們還決定拒絕與日常使用模式相比具有極端流量峰值的極少數客戶的一些業務。雖然這將導致收入略有減少，但它將使我們能夠顯著降低我們的網絡資本支出，因為我們專注於來自我們的交付業務的現金流，以幫助加速我們對計算和安全等增長更快的領域的投資。

Sales in our international markets represented 47% of total revenue in Q2, unchanged from Q1. International revenue grew 6% year-over-year or 13% in constant currency. Finally, revenue from our U.S. market was $477 million and grew 6% year-over-year.

我們國際市場的銷售額佔第二季度總收入的 47%，與第一季度持平。國際收入同比增長 6%，按固定匯率計算增長 13%。最後，我們美國市場的收入為 4.77 億美元，同比增長 6%。

Going now to costs and profitability. Cash gross margin was 75%. GAAP gross margin, which includes both depreciation and stock-based compensation, was 62%. Non-GAAP cash operating expenses were $292 million. Adjusted EBITDA was $388 million and our adjusted EBITDA margin was 43%. Non-GAAP operating income was $262 million, and non-GAAP operating margin was 29%. It is worth noting that our non-GAAP operating margin was negatively impacted by approximately 1 point due to unfavorable foreign exchange.

現在談談成本和盈利能力。現金毛利率為75%。包括折舊和股票補償在內的美國通用會計準則毛利率為 62%。非公認會計原則的現金運營費用為 2.92 億美元。調整後的 EBITDA 為 3.88 億美元，我們調整後的 EBITDA 利潤率為 43%。非美國通用會計準則營業收入為 2.62 億美元，非美國通用會計準則營業利潤率為 29%。值得注意的是，由於不利的外匯，我們的非公認會計原則營業利潤率受到了大約 1 個百分點的負面影響。

Capital expenditures in Q2, excluding equity compensation and capitalized interest expense, were $104 million. This was much better than we expected, partly due to some Linode specific CapEx that pushed from Q2 into Q3 as well as some savings from our strategy of being more selective on certain types of customer traffic. These savings were most apparent in our network CapEx, excluding Linode, which was only about 3% of revenue.

第二季度的資本支出（不包括股權補償和資本化利息支出）為 1.04 億美元。這比我們預期的要好得多，部分原因是一些 Linode 特定的資本支出從第二季度推到了第三季度，以及我們對某些類型的客戶流量更具選擇性的策略節省了一些資金。這些節省在我們的網絡資本支出中最為明顯，不包括僅佔收入 3% 的 Linode。

GAAP net income for the second quarter was $120 million or $0.74 of earnings per diluted share. Non-GAAP net income was $216 million or $1.35 of earnings per diluted share, down 5% year-over-year and up 1/2 of 1% in constant currency. It's worth noting that foreign exchange negatively impacted our non-GAAP EPS by approximately $0.07. Taxes included in our non-GAAP earnings were $42 million based on a Q2 effective tax rate of approximately 16%. This was about 1.5 points higher than last year.

第二季度的 GAAP 淨收入為 1.2 億美元或每股攤薄收益 0.74 美元。非美國通用會計準則淨收入為 2.16 億美元或每股攤薄收益 1.35 美元，同比下降 5%，按固定匯率計算增長 1% 的 1/2。值得注意的是，外匯對我們的非公認會計原則每股收益產生了約 0.07 美元的負面影響。根據大約 16% 的第二季度有效稅率，我們的非公認會計原則收益中包含的稅款為 4200 萬美元。這比去年高出約1.5個百分點。

Moving now to cash and our use of capital. As of June 30, our cash, cash equivalents and marketable securities totaled approximately $1.3 billion. During the second quarter, we spent approximately $165 million to repurchase shares, buying back approximately 1.6 million shares. Our ongoing share repurchase activity has resulted in a net reduction in our non-GAAP fully diluted shares outstanding of approximately 4 million shares or roughly 2% on a year-over-year basis.

現在轉向現金和我們對資本的使用。截至 6 月 30 日，我們的現金、現金等價物和有價證券總計約 13 億美元。在第二季度，我們花費了大約 1.65 億美元回購股票，回購了大約 160 萬股。我們正在進行的股票回購活動導致我們的非公認會計原則完全稀釋的流通股淨減少約 400 萬股，同比減少約 2%。

We ended Q2 with approximately $1.5 billion remaining on our current repurchase authorization. Our intention is to continue to buy back shares to offset dilution from employee equity programs over time and to be opportunistic in both M&A and share repurchases.

在第二季度結束時，我們目前的回購授權剩餘約 15 億美元。我們的意圖是繼續回購股票以抵消員工股權計劃隨著時間的推移而造成的稀釋，並在併購和股票回購中保持機會主義。

Before I provide our Q3 outlook and an update to our 2022 guidance, I want to highlight several factors. First, with nearly 50% of our revenue coming from outside the U.S., foreign exchange continues to be a significant headwind to our reported results. At current spot rates, our guidance now assumes foreign exchange will have a negative $114 million impact to revenue in 2022 on a year-over-year basis.

在我提供第三季度展望和對 2022 年指導的更新之前，我想強調幾個因素。首先，由於我們近 50% 的收入來自美國以外，因此外匯仍然是我們報告業績的重大阻力。按照目前的即期匯率，我們的指引現在假設外匯將對 2022 年的收入同比產生 1.14 億美元的負影響。

As I mentioned previously, foreign exchange also impacts our margins and earnings. We estimate FX will negatively impact non-GAAP operating margin by approximately 1 point year-over-year and non-GAAP earnings by approximately $0.31 for the full year 2022.

正如我之前提到的，外匯也會影響我們的利潤率和收益。我們估計，外匯將對 2022 年全年的非 GAAP 營業利潤率產生負面影響，同比下降約 1 個百分點，對非 GAAP 收益產生約 0.31 美元的負面影響。

Second, we are incrementally more cautious on the outlook for traffic growth in Q3 and Q4. Based on our year-to-date trend, plus what we are hearing from other large Internet companies, we are anticipating a slower than usual traffic growth rate for the remainder of 2022. Third, as a result of the expected slower traffic growth rate and our updating pricing strategy that we noted earlier, we anticipate CapEx to be significantly below our previous outlook.

其次，我們對第三季度和第四季度的流量增長前景越來越謹慎。根據我們年初至今的趨勢，以及我們從其他大型互聯網公司那裡聽到的消息，我們預計 2022 年剩餘時間的流量增長率將低於往常。第三，由於預期的流量增長率放緩和我們之前提到的更新定價策略，我們預計資本支出將大大低於我們之前的展望。

Finally, as Tom mentioned, we expect the more challenging macroeconomic environment to dampen our revenue growth and margins in the near term. When combined with the impact of renewing 8 of our top 10 customers in the first half of the year, we expect Delivery revenue to decline at a slightly higher rate on a year-over-year basis for the next 2 quarters. As a result of these factors, we also expect margins to decline over the near term as well.

最後，正如湯姆所說，我們預計更具挑戰性的宏觀經濟環境將在短期內抑制我們的收入增長和利潤率。結合上半年續約前 10 位客戶中的 8 位的影響，我們預計未來 2 個季度的交付收入將同比略有下降。由於這些因素，我們還預計短期內利潤率也會下降。

We believe strongly in the long-term opportunities in front of us, especially in Security and Compute, and therefore, planned to continue to invest to exploit the market opportunity in these areas. That said, as Tom highlighted, we are embarking on several major initiatives to reduce costs and improve operational efficiency. Potential savings for each of these areas is in the tens of millions of dollars.

我們堅信擺在我們面前的長期機會，特別是在安全和計算方面，因此計劃繼續投資以利用這些領域的市場機會。也就是說，正如湯姆所強調的那樣，我們正在著手採取幾項重大舉措來降低成本和提高運營效率。這些領域中的每一個都可能節省數千萬美元。

Specifically, we are planning to do the following 3 things. First, significantly reduce our cloud spend with hyperscalers as we migrate internal Akamai workloads to Linode. Second, realized savings from our strategy of being more selective on certain types of customer traffic, which we expect will result in both lower capital expenditures and depreciation expense. And third, optimize our real estate footprint as the hybrid work experience becomes more permanent.

具體來說，我們計劃做以下三件事。首先，在我們將內部 Akamai 工作負載遷移到 Linode 時，顯著減少我們在超大規模計算方面的雲支出。其次，通過我們對某些類型的客戶流量更具選擇性的策略實現了節省，我們預計這將降低資本支出和折舊費用。第三，隨著混合工作體驗變得更加持久，優化我們的房地產足跡。

Now turning to our Q3 guidance. We are projecting revenue in the range of $868 million to $883 million or up 1% to 3% as reported or 5% to 7% in constant currency over Q3 2021. Foreign exchange fluctuations are expected to have a negative $11 million impact on Q3 revenue compared to Q2 levels and a negative $36 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 74%. In the short term, our gross margin is negatively impacted by our continued investment in Guardicore and the Linode-related headcount as well as higher third-party cloud costs.

現在轉向我們的第三季度指導。我們預計 2021 年第三季度的收入在 8.68 億美元至 8.83 億美元之間，或按報告增長 1% 至 3% 或按固定匯率計算增長 5% 至 7%。預計外匯波動將對第三季度收入產生 1100 萬美元的負面影響與第二季度的水平相比，同比下降了 3600 萬美元。在這些收入水平上，我們預計現金毛利率約為 74%。在短期內，我們對 Guardicore 的持續投資和與 Linode 相關的員工人數以及更高的第三方云成本對我們的毛利率產生了負面影響。

However, we are confident that this is a short-term impact only. We expect our gross margin to expand to the high 70% long-term target model as we see continued strong growth from both Guardicore and Linode as we reduce our third-party cloud costs over time.

但是，我們相信這只是短期影響。我們預計我們的毛利率將擴大到 70% 的長期目標模型，因為我們看到 Guardicore 和 Linode 持續強勁增長，因為我們隨著時間的推移降低了第三方云成本。

Q3 non-GAAP operating expenses are projected to be $283 million to $291 million. We anticipate Q3 EBITDA margins of approximately 41%. We expect non-GAAP depreciation expense to be between $125 million to $128 million, and we expect non-GAAP operating margin to be approximately 27% for Q3.

第三季度非 GAAP 運營費用預計為 2.83 億美元至 2.91 億美元。我們預計第三季度 EBITDA 利潤率約為 41%。我們預計非 GAAP 折舊費用將在 1.25 億美元至 1.28 億美元之間，我們預計第三季度非 GAAP 營業利潤率約為 27%。

As mentioned previously, the near-term decline in operating margin is due to slower traffic and revenue growth, our annual merit-based wage increase, which become effective July 1, the negative impact from foreign exchange, investments associated with Guardicore and Linode and increased third-party cloud costs. As our Security and Compute business continue to grow and we reap the benefits of the cost savings actions I described earlier, we are confident that our operating margins will return to 30% and then grow from there.

如前所述，營業利潤率的近期下降是由於流量和收入增長放緩、我們於 7 月 1 日生效的年度績效工資增長、外彙的負面影響、與 Guardicore 和 Linode 相關的投資以及增加第三方云成本。隨著我們的安全和計算業務繼續增長，我們從我之前描述的成本節約行動中獲益，我們有信心我們的營業利潤率將恢復到 30%，然後從那裡增長。

Moving on to CapEx. We expect to spend approximately $109 million to $119 million, excluding equity compensation and capitalized interest in the third quarter. This represents approximately 13% of projected total revenue. And with the overall revenue and spend configuration I just outlined, we expect Q3 non-GAAP EPS in the range of $1.21 to $1.26. This EPS guidance assumes taxes of $37 million to $38 million based on an estimated quarterly non-GAAP effective tax rate of approximately 16%. It also reflects a fully diluted share count of approximately 160 million shares.

轉向資本支出。我們預計第三季度將花費約 1.09 億美元至 1.19 億美元，不包括股權補償和資本化利息。這約佔預計總收入的 13%。根據我剛剛概述的整體收入和支出配置，我們預計第三季度非公認會計原則每股收益在 1.21 美元至 1.26 美元之間。該每股收益指引假設稅額為 3700 萬美元至 3800 萬美元，基於估計的季度非公認會計原則有效稅率約為 16%。它還反映了大約 1.6 億股的完全稀釋後的股份數量。

Looking ahead to the full year, we now expect revenue of $3.57 billion to $3.61 billion, which is up 3% to 4% year-over-year as reported or up 6% to 8% in constant currency. We continue to expect Security growth of approximately 20% in constant currency for the full year 2022. We now estimate non-GAAP operating margins to be approximately 28% to 29% and non-GAAP earnings per diluted share of $5.19 to $5.37. And this non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 16% and a fully diluted share count of approximately 160 million shares. Finally, full year CapEx is anticipated to be approximately 12% to 13% of revenue.

展望全年，我們現在預計收入為 35.7 億美元至 36.1 億美元，同比增長 3% 至 4%，或按固定匯率計算增長 6% 至 8%。我們繼續預計 2022 年全年的固定貨幣安全增長率約為 20%。我們現在估計非 GAAP 營業利潤率約為 28% 至 29%，非 GAAP 每股攤薄收益為 5.19 美元至 5.37 美元。該非公認會計準則收益指引基於約 16% 的非公認會計準則有效稅率和約 1.6 億股的完全稀釋股本。最後，全年資本支出預計約為收入的 12% 至 13%。

In closing, while the macroeconomic backdrop has become more uncertain, we believe that we are in the right markets with differentiated products that remain highly valued by our customers. Thank you. Tom and I would be happy to take your questions. Operator?

最後，雖然宏觀經濟背景變得更加不確定，但我們相信我們處於正確的市場，其差異化產品仍然受到客戶的高度重視。謝謝你。湯姆和我很樂意回答你的問題。操作員？

(Operator Instructions) The first question is from James Breen of William Blair.

（操作員說明）第一個問題來自 William Blair 的 James Breen。

Can you just talk about, obviously, the revenue guidance for the third quarter is lower than where consensus by about $10 million? Can you talk about the trade-off between margins and going after some of this delivery traffic in general because it's -- the EBITDA margins are about the same, but obviously, the growth is slowing at the top line.

你能否談談，很明顯，第三季度的收入指引比共識低約 1000 萬美元？您能否談談利潤率之間的權衡以及總體上追求一些交付流量，因為它是 - EBITDA 利潤率大致相同，但顯然，收入增長正在放緩。

Jim, this is Ed. So in terms of the guide, there's really 2 pieces to it. The first one is obviously FX has gotten incrementally worse. That's probably about half of the delta. The rest of it is the slower traffic that we talked about. I think your question was specific to the trade-off that we're making. The first immediate impact that you get on that trade-off from taking less of that peak traffic as you save on CapEx. So that will make its way through the P&L through lower depreciation and obviously immediately through cash flow.

吉姆，這是埃德。所以就指南而言，它真的有兩部分。第一個顯然是外匯變得越來越糟。這可能是三角洲的一半左右。剩下的就是我們談到的較慢的流量。我認為您的問題是針對我們正在進行的權衡的。在節省資本支出的同時，減少峰值流量，您獲得的第一個直接影響是。因此，這將通過較低的折舊和顯然立即通過現金流來通過損益表。

And so the decision that we've made is obviously, as we talked about in May, as traffic levels have come down, the discounts that we offer upon renewal are lower. And in some cases, we've seen a small handful of customers that have the traffic. Their peaks are still growing at pretty significant rates, but their day-to-day traffic is not. So there's a formula that we go through in a trade-off that we made that I think makes a lot of sense for us, especially as I look at the types of returns we can get from the faster-growing areas like security and compute.

因此，正如我們在 5 月份談到的那樣，我們做出的決定顯然是，隨著流量水平的下降，我們在續訂時提供的折扣更低。在某些情況下，我們已經看到少數擁有流量的客戶。他們的高峰仍在以相當大的速度增長，但他們的日常流量卻沒有。因此，我們在權衡取捨中經歷了一個公式，我認為這對我們來說很有意義，特別是當我研究我們可以從安全和計算等快速增長的領域獲得的回報類型時。

So the shift in general just to a more -- a little bit more of an asset-light business and focusing on some of these other areas?

因此，總體而言，這種轉變只是向更多——更多一點的輕資產業務，並專注於其他一些領域？

Yes. I mean, I would say, obviously, compute can be, I wouldn't call it an asset-heavy business, but it does have a fair bit of CapEx. We talked about our CapEx for Linode being about 2% of revenue in total. And obviously, it's going to be a little bit front-end loaded. We actually took the advantage to try to spend a little bit more for Linode. Based on some of the conversations we're having, we're starting to see some good demand. And obviously, Tom talked about signing a pretty significant customer in the quarter.

是的。我的意思是，我會說，顯然，計算可以，我不會稱其為重資產業務，但它確實有相當多的資本支出。我們談到 Linode 的資本支出約佔總收入的 2%。顯然，它會有點前端加載。我們實際上利用這個優勢嘗試為 Linode 多花一點錢。根據我們正在進行的一些對話，我們開始看到一些良好的需求。顯然，湯姆談到在本季度簽下一個非常重要的客戶。

So what we're doing though, on the Akamai, of course, I call it the legacy Akamai delivery business is we are being a bit more selective in reducing CapEx. I made a comment that our network CapEx excluding Linode was 3%. That's typically around, call it, 8% to 10%, at least where it's been running over the last couple of years. So I think it's just a question of being more selective with certain types of traffic. It's really a handful of customers that have that type of traffic pattern. It's generally event-driven. And what we're seeing is it's just a better return to shift some of that investment in other places.

所以我們在 Akamai 上所做的，當然，我稱其為傳統的 Akamai 交付業務，我們在減少資本支出方面更具選擇性。我評論說我們的網絡資本支出不包括 Linode 是 3%。這通常在 8% 到 10% 左右，至少在過去幾年中一直在運行。所以我認為這只是對某些類型的流量更具選擇性的問題。真正擁有這種流量模式的客戶很少。它通常是事件驅動的。我們看到的是，將部分投資轉移到其他地方只是一個更好的回報。

Great. And then just maybe just one for Tom. On Linode, can you just talk about some of the success you're having sort of selling that product into your existing customer base?

偉大的。然後可能只是給湯姆一個。在 Linode 上，你能談談你在向現有客戶群銷售該產品方面取得的一些成功嗎？

Yes. Obviously, very early days. We've got a lot of work ahead of us with Linode, as we've talked about. But it's great to land our first very large customer, putting a critical app. Actually, it's for transcoding, user content onto the Linode platform. As I mentioned, that's just that app alone as it scales is worth several million dollars a year of revenue for us. And tip of the iceberg, this is a customer that spends many hundreds of millions of dollars a year on cloud computing. And that's just 1 customer. So a lot of good opportunity ahead, and we're making good progress on our road map for Linode.

是的。顯然，很早的時候。正如我們所談到的，我們在 Linode 方面還有很多工作要做。但是很高興能找到我們的第一個非常大的客戶，推出一個關鍵的應用程序。實際上，它是為了將用戶內容轉碼到 Linode 平台上。正如我所提到的，這僅僅是那個應用程序，因為它的規模每年為我們帶來數百萬美元的收入。冰山一角，這是一個每年在雲計算上花費數億美元的客戶。那隻是1個客戶。所以前面有很多好機會，我們在 Linode 的路線圖上取得了良好的進展。

The next question is from James Fish of Piper Sandler.

下一個問題來自 Piper Sandler 的 James Fish。

We've seen some security vendors report here and Security is going through kind of actually still a strong environment despite the macro. And when I look at your normalized rate of about 17%, it's a bit lighter than what we saw in Q1 in the last couple of years really. What's going on, especially on the core WAF and DDoS and in Bot management in terms of the sizing and growth against some of the newer solutions like EAA and PIM here? And is there a way to think about if you guys are seeing any higher net churn overall or how to balance net new business versus the expansion that you're seeing with your existing customers and security?

我們在這裡看到了一些安全供應商的報告，儘管存在宏觀環境，但安全性實際上仍然是一個強大的環境。當我查看您約 17% 的標準化率時，它實際上比我們在過去幾年第一季度看到的要輕一些。發生了什麼事，尤其是在核心 WAF 和 DDoS 以及 Bot 管理方面，在規模和增長方面與 EAA 和 PIM 等一些較新的解決方案相比？有沒有辦法考慮你們是否看到整體淨流失率更高，或者如何平衡淨新業務與現有客戶和安全性的擴張？

I'll start with that and then maybe Ed will add some comments. Security is very strong. We have the market-leading WAF by far. In fact, you look at their most recent Magic Quadrants and analyst ratings, and we've widened the gap with competition. Bot Manager also the market leader by far. Now we have Account Protector built on top, growing very well. EAA is small today, good opportunity for growth, particularly coming on the following Guardicore.

我將從這個開始，然後也許 Ed 會添加一些評論。安全性非常強。到目前為止，我們擁有市場領先的 WAF。事實上，你看看他們最近的魔力像限和分析師評級，我們已經擴大了與競爭的差距。 Bot Manager 也是迄今為止的市場領導者。現在我們在上面構建了 Account Protector，發展得非常好。今天的 EAA 很小，是一個很好的增長機會，尤其是接下來的 Guardicore。

Guardicore, very exciting. You think about the enterprise security landscape, and our segmentation, I think, has been something that historically was overlooked mainly because it wasn't done very well. But I think as you look to the future, it's probably the most important thing an enterprise can do. You could buy everybody's security products today, a company could buy everything. And now we're still going to find a way in somewhere.

Guardicore，非常令人興奮。你想想企業安全領域，我認為我們的細分在歷史上一直被忽視，主要是因為它做得不太好。但我認為，展望未來，這可能是企業能做的最重要的事情。今天你可以買每個人的安全產品，一家公司可以買一切。現在我們仍然要在某個地方找到方法。

And the real key is to identify when the malware has gotten inside, where it is and block it from spreading. And that's why Guardicore is the best defense against malware and ransomware, and they have the best solution as rated by analysts, and we see really good traction there, but still on relatively small numbers. Page Integrity Manager, a relatively new product but a very bright future. Again, it's new, so it's still small today, but that's going to allow companies to satisfy the new PCI requirement, something that's hard for a company to do on their own.

真正的關鍵是識別惡意軟件何時進入內部，它在哪裡，並阻止它傳播。這就是為什麼 Guardicore 是針對惡意軟件和勒索軟件的最佳防御手段，並且他們擁有分析師評定的最佳解決方案，我們看到那裡的牽引力非常好，但數量仍然相對較少。 Page Integrity Manager，一個相對較新的產品，但前景非常光明。再說一次，它是新的，所以今天它仍然很小，但這將使公司能夠滿足新的 PCI 要求，而這對公司來說是很難做到的。

The new requirements say that a company has to have safeguards against malware that gets into the digital supply chain and winds up on their users' browser. And that's just very hard for any enterprise to do. But when Akamai is delivering that content, we can place our scripts on the page to make sure that the user experience is safe and to make sure that if the user has ingested malware somewhere in the supply chain that we can identify and block it so the user is not compromised. So I think when you look at our security product portfolio really doing very well, and we're in early days with some of the most exciting products that have a lot of future runway.

新要求規定，公司必須採取保護措施，防止惡意軟件進入數字供應鏈並最終進入用戶的瀏覽器。這對任何企業來說都很難做到。但是，當 Akamai 交付該內容時，我們可以將我們的腳本放置在頁面上，以確保用戶體驗是安全的，並確保如果用戶在供應鏈的某個地方攝入了惡意軟件，我們可以識別並阻止它，以便用戶不受影響。所以我認為，當你看到我們的安全產品組合確實做得非常好時，我們正處於早期階段，其中一些最令人興奮的產品有很多未來的跑道。

Got it. And maybe for Ed, on the delivery side, Ed, you alluded to a handful of customers that you guys essentially don't really want to deal with going forward just in terms of the type of traffic that you're delivering for them versus obviously the peaks versus the average. Taking a step back, what are you seeing in terms of this new pricing strategy versus kind of the churn as well as how to think about this removal of customers on the second half guide and if it really impacts the Security business going forward?

知道了。也許對於 Ed，在交付方面，Ed，你提到了一些客戶，你們基本上不想處理未來的問題，只是就你為他們提供的流量類型而言，而不是顯然峰值與平均值。退後一步，您對這種新的定價策略與流失的類型有何看法，以及如何考慮在下半年指南中移除客戶，以及它是否真的影響未來的安全業務？

Yes. Great question, Jim. So let me just clarify that we're not doing business with these customers, just kind of taking a step back, like I say, it's a handful of customers. And typically, what you look at is these are multi-CDN customers that use many different vendors and tend to have big peaks for events. And the way you look at those customers is, there's a certain amount of day-to-day traffic you get, a certain price point that you're willing to sell at and there's a certain peak to average ratio that you're looking at.

是的。好問題，吉姆。所以讓我澄清一下，我們沒有與這些客戶做生意，只是退後一步，就像我說的那樣，這是少數客戶。通常，您看到的是這些多 CDN 客戶，他們使用許多不同的供應商，並且往往會出現活動高峰。您看待這些客戶的方式是，您獲得一定數量的日常流量，您願意出售的特定價格點以及您正在查看的特定峰值與平均比率.

So as we go and renew some of these customers, we're being a lot more disciplined in terms of the -- taking a different approach as far as the level of discount that we're willing to provide. So therefore, the customer has to make a decision about still using us, but how are they going to handle those peaks? then going to straighten them out over a longer period of time, try to find additional peak in the market, et cetera. So they're still very big customers of ours, but we are pushing back a bit in terms of how much peak we're willing to take on the network.

因此，當我們去更新其中一些客戶時，我們會更加自律——就我們願意提供的折扣水平採取不同的方法。因此，客戶必須決定是否仍然使用我們，但他們將如何處理這些高峰？然後在更長的時間內將它們理順，嘗試在市場中找到額外的高峰，等等。所以他們仍然是我們的大客戶，但我們在網絡上願意承擔多少高峰方面有所推遲。

And as a result, we may lose a little bit of that day-to-day traffic, but we're still a significant vendor. As far as the impact on security and other products, we have not seen any impact on that. We're not losing these customers. They're not leaving the platform. It's just -- we are holding the line a bit more on price, and we may lose a little bit of the delivery as a result. But we're also losing a lot of that big peak and that ratio is getting more in line with what makes more economic sense.

因此，我們可能會損失一些日常流量，但我們仍然是重要的供應商。至於對安全和其他產品的影響，我們還沒有看到任何影響。我們不會失去這些客戶。他們不會離開平台。只是——我們在價格上稍微堅持了一點，結果我們可能會損失一點交貨。但我們也失去了很多那個高峰，這個比率越來越符合更符合經濟意義的因素。

The next question is from Rishi Jaluria of RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

Wonderful. Maybe first, I want to touch on Security. So you've obviously been talking a lot about the Delivery business. But we've seen a pretty decent decel in Security this quarter relative to last quarter, even looking on a constant currency basis. And look, on a constant currency basis, you saw only less than $6 million added sequentially from Q1 to Q2. And what should be a pretty strong security spending environment, at least based on what others in the space are saying. Can you maybe just help us understand what's going on in the security business and just how we should be thinking about that going forward? And then I have a follow-up.

精彩的。也許首先，我想談談安全性。所以你顯然一直在談論交付業務。但我們已經看到本季度的安全性相對於上一季度出現了相當不錯的下降，即使是在固定貨幣基礎上看也是如此。並且看，在不變的貨幣基礎上，你看到從第一季度到第二季度僅增加了不到 600 萬美元。什麼應該是一個非常強大的安全支出環境，至少基於該領域其他人的說法。您能否幫助我們了解安全業務中正在發生的事情以及我們應該如何考慮未來的發展？然後我有一個跟進。

Yes, Rishi, sure. So I'll take that. Keep in mind, if you remember last quarter, we talked about Guardicore revenue having about $7 million of onetime license revenue, which was a pull forward of about 1% or so of growth into that quarter. So that impacted it as well. We are -- one other thing to keep in mind, too, if you recall, with our (inaudible) business during 2020 and 2021, we had a pretty strong uptick from the educational vertical.

是的，Rishi，當然。所以我會接受的。請記住，如果您還記得上個季度，我們談到 Guardicore 的收入有大約 700 萬美元的一次性許可收入，這是該季度增長約 1% 左右的拉動。所以這也影響了它。如果您還記得，我們還需要記住另一件事，在 2020 年和 2021 年期間，我們的（聽不清）業務從教育垂直領域獲得了相當強勁的增長。

And there, that was when kids were working from -- sorry, working from home, doing school from home. And there was some government funding that was enabling folks to be able to work or go to school remotely and that funding has gone away. So we've seen a little bit of a decline there. I think it's a combination of those 2 factors that led to a little bit lighter of a sort of a sequential growth quarter-over-quarter.

在那裡，那是孩子們工作的時候——對不起，在家工作，在家上學。還有一些政府資金使人們能夠遠程工作或上學，而這些資金已經消失了。所以我們看到那裡有一點下降。我認為這是這兩個因素的結合，導致環比環比增長略微放緩。

But some of the other things that we're seeing underlying our business, we're seeing very strong demand in Bot Manager. Account Protector is a newer version of that product or an add-on. That's going pretty well, but it's still pretty early days. It takes a while for that to -- good to add to growth. But those are some factors that you need to consider as you think about the slowdown in the growth there.

但我們看到的其他一些在我們的業務基礎上的東西，我們看到對 Bot Manager 的需求非常強勁。 Account Protector 是該產品或附加組件的更新版本。進展順利，但仍處於早期階段。這需要一段時間才能 - 很好地增加增長。但是，當您考慮那裡的增長放緩時，您需要考慮這些因素。

Got it. That's really helpful. And then just maybe I want to be explicit about macro in the guidance. When we think about your guidance, you talked about all the moving pieces between customers and turning (inaudible) piece of the business and all that kind of stuff. But I want to be explicit, what are you assuming in terms of the macro environment? Are you assuming it kind of stays as it is today? Or are you seeing some sort of macro degradation? And maybe to really round that out, right?

知道了。這真的很有幫助。然後也許我想在指南中明確說明宏。當我們考慮您的指導時，您談到了客戶之間的所有移動部分以及業務的轉變（聽不清）部分以及所有類似的東西。但我想明確一點，你在宏觀環境方面有什麼假設？您是否假設它會保持今天的狀態？或者您是否看到某種宏觀退化？也許真的要解決這個問題，對吧？

If I think about your last true recession that you are around for, right, '08,'09, even though traffic continued to grow at a nice rate during those years. Pricing compression led to a pretty big decel, I know this is obviously a very different business than it was 15 years ago. But maybe I just want to understand your macro assumptions and maybe tied into the macro assumptions, what you're assuming for the pricing environment. Again, consistent with what you're seeing, worse, better? Any color there would be helpful.

如果我想想你最近一次真正的經濟衰退，那就是 08 年，09 年，儘管那些年流量繼續以不錯的速度增長。定價壓縮導致了相當大的減速，我知道這顯然是一個與 15 年前截然不同的業務。但也許我只是想了解您的宏觀假設，並且可能與宏觀假設相關聯，即您對定價環境的假設。再次，與您所看到的一致，更糟，更好？那裡的任何顏色都會有幫助。

Sure. Yes. So let's see, I'll start with pricing. So one of the things -- the biggest area where you see pricing impact the business is on delivery. We don't see the typical price declines that you would expect to see in the Security business. The business just doesn't work that way. And I don't anticipate that being a significant problem for us. Obviously, we're anticipating that traffic is not going to recover to growth rates like we've seen in the past. We said that in our prepared remarks.

當然。是的。讓我們看看，我將從定價開始。因此，其中一件事 - 您看到定價影響業務的最大領域是交付。我們沒有看到您期望在安全業務中看到的典型價格下跌。生意不是這樣運作的。而且我不認為這對我們來說是一個重大問題。顯然，我們預計流量不會像我們過去看到的那樣恢復到增長率。我們在準備好的評論中說過。

So kind of a muted -- more muted Q4 than we typically see. Q4 tends to be a strong quarter for us. We anticipate that the macroeconomic environment is not going to get any better. One of the areas that I'm keeping a close eye on is Europe. We're seeing a lot of challenges in Europe, seeing energy prices, for example, are really, really high over in Europe. We're coming into the winter session. So you could see potentially less graphic related to people cutting subscriptions or doing things like that, less shopping online. So that's one of the things that I'm concerned about.

如此低調——比我們通常看到的第四季度更加低調。第四季度對我們來說往往是一個強勁的季度。我們預計宏觀經濟環境不會好轉。我密切關注的領域之一是歐洲。我們在歐洲看到了很多挑戰，例如，看到歐洲的能源價格真的非常高。我們即將進入冬季課程。因此，您可能會看到與減少訂閱或做類似事情的人相關的圖形可能更少，更少的在線購物。所以這是我擔心的事情之一。

And then also the recession and the impact that it could have on our customers potentially delaying buying decisions and things like that. But obviously, we're producing a tremendous amount of cash. The business is in great shape. It's much more well diversified than in the past. So I think we'll weather the storm pretty well. But I do think, as Tom and I both mentioned in our prepared remarks that it is going to dampen our revenue growth a bit here and also our margins for a short period of time.

然後是經濟衰退以及它可能對我們的客戶產生的影響，可能會延遲購買決策和類似的事情。但顯然，我們正在生產大量現金。業務狀況良好。它比過去更加多樣化。所以我認為我們會很好地度過這場風暴。但我確實認為，正如湯姆和我在準備好的評論中提到的那樣，這將在短時間內抑制我們的收入增長以及我們的利潤率。

The next question is from Keith Weiss of Morgan Stanley.

下一個問題來自摩根士丹利的 Keith Weiss。

This is Josh Baer on for Keith. I wanted to ask about Linode. Are these enterprises that are testing out the platform? Are they considering Linode as primary cloud vendor? And I guess assuming it's a multi-cloud strategy approach, what are some use cases that enterprises are testing with Linode? What types of workloads or products do you expect to be popular with enterprises?

這是基思的喬什·貝爾。我想問一下Linode。這些企業是在測試平台嗎？他們是否將 Linode 視為主要的雲供應商？我猜假設這是一種多雲戰略方法，企業正在使用 Linode 測試哪些用例？您預計哪些類型的工作負載或產品會受到企業的歡迎？

Well, really, any kind of cloud compute application is suitable for Linode. Obviously, we support containers as a service, VM as a service. So anything you do in the cloud you could do on the Linode. I think the use cases initially and how the customers are viewing it as trying it out with some new applications, and in the one case of the media company we talked about, it's a critical application. They're running their new transcoding app for user-generated content on us. It's about as critical as it gets. And as I mentioned, that may become worth millions of dollars as it scales up, but this is a company that's spending many hundreds of millions of dollars in the cloud.

嗯，真的，任何類型的雲計算應用程序都適合 Linode。顯然，我們支持容器即服務，虛擬機即服務。因此，您在雲中所做的任何事情都可以在 Linode 上進行。我認為最初的用例以及客戶如何將其視為嘗試使用一些新應用程序，在我們談到的媒體公司的一個案例中，它是一個關鍵應用程序。他們正在為我們的用戶生成內容運行新的轉碼應用程序。這幾乎是至關重要的。正如我所提到的，隨著規模的擴大，它可能價值數百萬美元，但這是一家在雲計算上花費數億美元的公司。

So it's not a situation where we think you're just going to switch all that on to Akamai right away. But it is a business that I think we can really grow and that we're in an excellent position to tap into a very large cloud computing market. That market is a couple of hundred billion dollars growing at a very rapid clip. And Akamai is a trusted partner for many major enterprises that are looking for some diversification, that want a reliable partner, has great performance which we do with our distributor platform, knows how to handle scale and at an affordable price point, which we're in an excellent position to provide. So I'm really optimistic about the future of our Compute business.

因此，我們認為您不會立即將所有這些都切換到 Akamai。但我認為這是一項我們可以真正發展的業務，並且我們處於進入一個非常大的雲計算市場的絕佳位置。這個市場以非常快的速度增長了數千億美元。 Akamai 是許多尋求多元化的大型企業值得信賴的合作夥伴，他們想要一個可靠的合作夥伴，在我們的分銷商平台上表現出色，知道如何以可承受的價格處理規模，我們是在一個很好的位置提供。所以我對我們計算業務的未來非常樂觀。

Great. And it sounds like a lot of the focus is on the hyperscalers and the enterprise opportunity. Just also wanted to ask if you're seeing any changes in the competitive landscape around some of the other alternative cloud providers serving SMB just in regard to any pricing changes or any other moving pieces in the market.

偉大的。聽起來很多重點都放在超大規模和企業機會上。只是還想問一下，您是否看到圍繞其他一些為 SMB 服務的替代云提供商的競爭格局發生了任何變化，就任何定價變化或市場上的任何其他移動部分而言。

Well, as you know, one of our competitors there raised pricing. And I would say, so far, there's not a big change in the competitive landscape in the SMB market. We do intend to offer other services such as security to that customer base. But I think the real focus for us is bringing -- upscaling Linode to make it really enterprise -- major enterprise grade and scaling it out and making it be much more distributed, which will obviously improve performance.

好吧，如您所知，我們的競爭對手之一提高了價格。我想說，到目前為止，中小企業市場的競爭格局沒有太大變化。我們確實打算為該客戶群提供其他服務，例如安全性。但我認為我們真正的重點是帶來——升級 Linode 使其真正成為企業級——主要的企業級並將其擴展並使其更加分佈式，這顯然會提高性能。

And going after the large enterprises, many of our customers spend 10 or more times as much with the major clouds than they do with us for delivery and security. And so that's a great opportunity for Akamai to be able to now provide them with compute as well, so that they can build their apps on Akamai, run them obviously deliver and secure them on Akamai. Really an incredible opportunity.

在大型企業之後，我們的許多客戶在主要雲上的花費是他們在交付和安全方面花費的 10 倍或更多。因此，這對 Akamai 來說是一個很好的機會，現在他們也可以為他們提供計算能力，這樣他們就可以在 Akamai 上構建他們的應用程序，在 Akamai 上運行這些應用程序並確保它們的安全。真是一個難得的機會。

The next question is from Frank Louthan of Raymond James.

下一個問題來自 Raymond James 的 Frank Louthan。

Can you just be a little bit more clear, some of the -- you mentioned the media companies and the issues with some of the traffic slowing down. Do you think this is more of a near-term issue or seasonal? And then how long do you think before some of that traffic begins to come back a bit?

你能說得更清楚一些嗎？你提到了媒體公司和一些流量放緩的問題。您認為這更像是一個短期問題還是季節性問題？然後你認為在一些流量開始恢復之前需要多長時間？

Yes. As we mentioned, there's a variety of factors that are impacting the media companies and hence traffic. You've sort of got a year -- I mean we still got COVID, but this is more like a non-COVID year lapping a COVID year. And so people are out and about more, and so there's less traffic growth due to that. You've got impacts of what, in some places is a recession.

是的。正如我們所提到的，有多種因素會影響媒體公司，從而影響流量。你有一年的時間——我的意思是我們仍然有 COVID，但這更像是一個非 COVID 年，一個 COVID 年。因此，人們外出的次數更多，因此流量增長較少。在某些地方，您受到經濟衰退的影響。

And you've seen some of the media companies report that they've got their own challenges with usage. And so that tends to reduce traffic. Obviously, we've got foreign exchange headwinds, which impacts the revenue we get from media companies overseas. And so all of that is impacting traffic in the media business for Akamai. I don't see those as being permanent. And we do expect over the long term that the traffic returns to more normal growth rates and that the revenue for the Delivery business stabilizes. May take a little while, several quarters at this point, but I don't think it's a long-term phenomenon.

你已經看到一些媒體公司報告說他們在使用方面遇到了自己的挑戰。因此，這往往會減少流量。顯然，我們遇到了外匯逆風，這影響了我們從海外媒體公司獲得的收入。因此，所有這些都在影響 Akamai 媒體業務的流量。我不認為這些是永久性的。從長遠來看，我們確實預計流量將恢復到更正常的增長率，並且交付業務的收入會穩定下來。在這一點上可能需要一段時間，幾個季度，但我認為這不是一個長期現象。

Okay. Great. And can you quantify how much CapEx you might be saving annually from sort of the pushing out some of the higher volume folks?

好的。偉大的。你能量化一下你每年可以節省多少資本支出嗎？

Yes. So probably the best way to think about that, if you remember, coming into the year, we were sort of guiding that 15% to 16% range. We said, Linode will be a couple of points. We're now down to 12% to 13%. So that's somewhere in the 3% to 4% range is probably a good number to be working with. I also gave the data point out that our network-only sort of legacy Akamai Delivery business or Akamai network CapEx is around 3% where typically it had run around 8%.

是的。因此，如果您還記得的話，這可能是考慮這一點的最佳方式，進入這一年，我們在某種程度上指導了 15% 到 16% 的範圍。我們說過，Linode 將是幾個點。我們現在下降到 12% 到 13%。所以這在 3% 到 4% 的範圍內可能是一個很好的數字。我還提供了數據，指出我們的純網絡類型的傳統 Akamai 交付業務或 Akamai 網絡資本支出約為 3%，而通常運行在 8% 左右。

Now we'll, obviously, you still have to invest in the network, and we expect traffic to grow, et cetera. But I think we can remain in a lower than sort of long-term trend model here for a while. Obviously, if we see significant increase in traffic, we'll obviously have better delivery results and deal with it at the time. But kind of looking out over the next several quarters and into next year, I'd expect to see the CapEx levels at sort of levels you're seeing here.

現在，顯然，您仍然需要對網絡進行投資，我們預計流量會增長，等等。但我認為我們可以在一段時間內保持低於長期趨勢模型。顯然，如果我們看到流量顯著增加，我們顯然會有更好的交付結果並在當時處理它。但是在接下來的幾個季度和明年，我預計資本支出水平會達到你在這裡看到的水平。

Next question is from Fatima Boolani of Citi.

下一個問題來自花旗的 Fatima Boolani。

Ed, this was for you, just with respect to a lot of the detailed commentary on your expectation of the delivery franchise for the second half. So a number of moving pieces here. But what I want to focus on is maybe doubling back to some of your comments from the last earnings call with respect to the observations around gaming, traffic slowing down.

Ed，這是給你的，只是關於你對下半年交付特許經營權的期望的許多詳細評論。所以這裡有很多動人的作品。但我想關注的可能是你在上次財報電話會議上關於遊戲、流量放緩的觀察的一些評論。

So I am inferring up the bulk of the pain that you're talking about from a delivery standpoint is purely coming from the OTT side, but I'd love to kind of get a confirmation and maybe get more of an in-depth under the hooded view of where you're seeing the most, I guess, elasticity or volatility from a traffic type standpoint? And how you're thinking about those trends in maybe a more granular fashion in the back half, especially on the back of the renewals that are now behind you?

因此，我推斷您從交付的角度談論的大部分痛苦純粹來自 OTT 方面，但我很想得到確認，也許可以更深入地了解從流量類型的角度來看，我猜你看到最多的地方是彈性還是波動？以及你如何以一種更細化的方式思考後半部分的這些趨勢，尤其是在你現在落後的續約背後？

Yes, good question. So let me just try to answer it this way. Obviously, our largest source of traffic is video traffic. And we are seeing video traffic, the growth rate of that is slower than we had expected. Still growing but slower than we expected. Probably the more noticeable areas would be gaming, software and then advertising-related, so some of the portal, news portals, et cetera, that sort of stuff that are impacted by advertising that's the area.

是的，好問題。所以讓我試著這樣回答。顯然，我們最大的流量來源是視頻流量。我們看到視頻流量的增長速度比我們預期的要慢。仍在增長，但比我們預期的要慢。可能更引人注目的領域是遊戲、軟件，然後是與廣告相關的領域，所以一些門戶網站、新聞門戶網站等等，那些受廣告影響的東西就是該領域。

But if you have a slowdown in video, it's such a significant portion of traffic that can tend to be the biggest driver. Now will that recover? What we typically see in Q4 is we do see somewhat of a device cycle where you see new devices coming online, oftentimes you see new content that comes on in Q4. There's back-to-school. There is the start of the fall sports season that we typically see a big increase in traffic. What we're looking at this year is we're being more cautious.

但是，如果您的視頻速度變慢，那麼它在流量中的很大一部分可能會成為最大的驅動力。現在會恢復嗎？我們通常在第四季度看到的是，我們確實看到了某種設備週期，您會看到新設備上線，通常您會看到第四季度出現的新內容。有返校了秋季運動季開始時，我們通常會看到交通量大幅增加。今年我們正在關注的是我們更加謹慎。

We're still expecting it to increase like we see in Q4, but just not at the levels that we've seen in the past just based on the trends that we're seeing in the market today, what we're hearing from other companies, what we're getting from our customers. But that's probably the best way to think about it.

我們仍然預計它會像我們在第四季度看到的那樣增加，但只是根據我們今天在市場上看到的趨勢，我們從其他人那裡聽到的情況，不會達到我們過去看到的水平公司，我們從客戶那裡得到什麼。但這可能是最好的思考方式。

I appreciate that. And just really quickly, on the macro commentary that you shared especially with some of the key observations in Europe. I'm curious about any concerns or observations with respect to sales cycle elongation, deal decision -- delays in deal decision and deal making from a procurement standpoint, anything tangible that you can share with us just with respect to those dynamics, just as the broader economy sort of softened.

我很感激。很快，關於你分享的宏觀評論，特別是歐洲的一些關鍵觀察。我很好奇關於銷售週期延長、交易決策的任何擔憂或觀察——從採購的角度來看，交易決策和交易的延遲，任何你可以與我們分享的關於這些動態的有形的東西，就像更廣泛的經濟有點軟化。

It's a good question. I'd say it's still kind of early days, but that's certainly something that we're looking at. Security tends to be one of the places that you wouldn't delay a purchase, especially if you're under an attack. If you're not under attack, sometimes you might elongate that a little bit. But we haven't seen anything yet that's worth calling out in terms of elongating the sales cycles.

這是個好問題。我想說這還處於早期階段，但這肯定是我們正在考慮的事情。安全往往是您不會延遲購買的地方之一，尤其是在您受到攻擊時。如果你沒有受到攻擊，有時你可能會拉長一點。但在延長銷售週期方面，我們還沒有看到任何值得一提的東西。

I think I'm more concerned with what happens going into the winter, and there's talk of cutting back use of natural gas and the impact on GDP, that obviously would have an impact on not just Akamai, but on many, many companies. So that's something you look out for. And then also just as you get into a situation like that, keeping a close eye on receivables and making sure that you not -- your customers are in good financial health. So far, no issues there, but that's again something that we'd be looking out for.

我認為我更關心進入冬季會發生什麼，並且有人談到減少天然氣的使用以及對 GDP 的影響，這顯然不僅會影響 Akamai，還會影響許多公司。所以這是你要注意的事情。然後，當您遇到這種情況時，請密切關注應收賬款並確保您不會 - 您的客戶財務狀況良好。到目前為止，沒有任何問題，但這又是我們要尋找的東西。

The next question is from Tim Horan of Oppenheimer.

下一個問題來自奧本海默的蒂姆霍蘭。

Questions on Linode. How much can you save enterprises do you think on their compute bill with Linode? Secondly, is this a good run rate for the Compute segment or maybe any color on what the growth rates you're kind of looking for there?

關於 Linode 的問題。您認為使用 Linode 可以為企業節省多少計算費用？其次，這對於計算部門來說是一個很好的運行率，還是你在那裡尋找的增長率的任何顏色？

Yes, the savings can be substantial. The list pricing that we offer for Linode is substantially less than when you see the hyperscalers offering, that's public information. And for major enterprises, obviously, you can have some discount to that. And the really good news is that we believe we can do this at substantial margins. So as we grow the business, actually, they'll improve our margins overall. And Ed, do you want to take the second part of that?

是的，可以節省大量資金。我們為 Linode 提供的定價遠低於您看到的超大規模產品提供的價格，這是公開信息。而對於大企業來說，顯然可以有一些折扣。真正的好消息是，我們相信我們可以以可觀的利潤做到這一點。因此，隨著我們業務的發展，實際上，他們會提高我們的整體利潤率。 Ed，你想看第二部分嗎？

Yes. So in terms of the run rate and the growth expectations, yes, I mean, I think in terms of the near-term run rate, that's probably a reasonable place to peg it. What Tom and Adam talked about in May at our Analyst Day is we're making some substantial upgrades to the capabilities that Linode has, that doesn't happen overnight. So really, we will start to see -- the big enterprise growth will be into '23 and the back half of '23 '24, et cetera.

是的。因此，就運行率和增長預期而言，是的，我的意思是，我認為就近期運行率而言，這可能是一個合理的掛鉤位置。 Tom 和 Adam 在 5 月的分析師日上談到的是，我們正在對 Linode 的功能進行一些重大升級，這不會在一夜之間發生。所以真的，我們將開始看到 - 大企業的增長將進入'23'和'23'24的後半部分，等等。

But we do expect pretty substantial growth here, obviously, grew 74-plus percent in Compute, but a good place to put it for now, but it will take some time to build out the capacity as well as the added features. We're going, as Tom said, at a pretty good pace here, but that's when you really start to see the exciting growth is once all that capability is up and available.

但我們確實預計這裡會有相當大的增長，顯然，計算增長了 74% 以上，但現在是一個很好的地方，但需要一些時間來建立容量和增加的功能。正如湯姆所說，我們正在以相當不錯的速度前進，但是當你真正開始看到令人興奮的增長時，一旦所有的能力都建立起來並可用。

The next question is from Rudy Kessinger of D.A. Davidson.

下一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

Great. So for the balance of the year, you're taking the revenue guide down by $55 million. You said FX headwinds for the year now at $114 million versus $100 million previously. So ex that FX headwind, you're taking it down by $41 million. I'm curious if you could kind of bucket it out that $41 million reduction between lower traffic growth outlook or macro challenges versus maybe some of the revenue you're losing from potentially taking less traffic from some of those customers with high peaks or other areas where you're reducing the guide.

偉大的。因此，對於今年的餘額，您將收入指南減少了 5500 萬美元。您說今年的外匯逆風為 1.14 億美元，而之前為 1 億美元。因此，排除外匯逆風，您將減少 4100 萬美元。我很好奇您是否可以將降低流量增長前景或宏觀挑戰之間的 4100 萬美元與您可能因可能從高峰或其他地區的一些客戶那裡減少流量而損失的一些收入相提並論你在哪裡減少指南。

Yes. I'd say the majority of it comes from the slower traffic. That's going to be the biggest component of it. The impact for some of the traffic we're turning away isn't all that significant, but does contribute to it. I don't have an exact percentage for you, but that's not a significant part of it. And then the macroeconomic would be the remainder. So if you were to stack rank it would be slower traffic macroeconomic and then the impact from turning away some of the traffic that we talked about in terms of the peaky traffic.

是的。我想說大部分來自較慢的交通。這將是其中最大的組成部分。我們拒絕的一些流量的影響並不是那麼顯著，但確實有所貢獻。我沒有給你一個確切的百分比，但這不是其中的重要部分。然後宏觀經濟將是其餘部分。因此，如果您要堆疊排名，那麼宏觀經濟上的流量會變慢，然後是拒絕我們談到的高峰流量方面的一些流量的影響。

Okay. And then on Linode, I guess I'm curious, like what is your total internal spend with the hyperscales currently? What percent do you think you could move to Linode over time? And what's the kind of expected cost savings you think you can get from that?

好的。然後在 Linode 上，我想我很好奇，比如你目前在超大規模上的內部總支出是多少？您認為隨著時間的推移您可以遷移到 Linode 的百分比是多少？您認為可以從中獲得什麼樣的預期成本節約？

Yes, we're spending about $100 million a year annually now with the cloud companies. And over the next year or 2, ultimately, we would migrate pretty much -- most all of that on to Linode. And substantial savings. So that's why it's one of our several initiatives we're taking to improve margins. Also, it's great to be using our own services, and it will help us as we do the work with Linode to make it enterprise-ready, to be using it across the spectrum of applications at Akamai. We're very much like our customers and looking for ways to save on cost and get great performance out of our cloud compute platform.

是的，我們現在每年在雲公司上花費大約 1 億美元。最終，在接下來的一兩年裡，我們幾乎會遷移——大部分都遷移到 Linode。並節省大量資金。這就是為什麼它是我們為提高利潤率而採取的多項舉措之一。此外，使用我們自己的服務也很棒，這將有助於我們與 Linode 合作，使其為企業做好準備，以便在 Akamai 的各種應用程序中使用它。我們非常像我們的客戶，正在尋找節省成本並從我們的雲計算平台獲得出色性能的方法。

The next question is from Jeff Van Rhee of Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Jeff Van Rhee。

Just a couple for me. I think on the Security side, I just want to clarify, I know you said you're comfortable at 24% revenue growth. To be clear, as reported or constant currency and then just kind of the puts and takes of being able to sustain that 20% in the outyear, given kind of the deceleration we're seeing right now?

對我來說只是一對。我想在安全方面，我只是想澄清一下，我知道你說過你對 24% 的收入增長感到滿意。需要明確的是，作為報告的或不變的貨幣，然後考慮到我們現在看到的減速，是否能夠在一年內維持這 20% 的看跌期權？

Sure. I'll take the first part, Tom, you can take the second part in terms of the future. That's in constant currency. And just remember, Jeff, that the Guardicore acquisition anniversary is in the fourth quarter.

當然。我會選擇第一部分，湯姆，就未來而言，你可以選擇第二部分。那是不變的貨幣。傑夫，請記住，Guardicore 收購週年紀念日是在第四季度。

Yes. And in terms of the longer range, obviously, we're seeing very good growth in our flagship products, Web App Firewall and Bot Manager. They're the largest contribution of revenue. Really good growth, but on smaller numbers, obviously, for Zero Trust enterprise computing. In the longer time frame, I think that's what drives a lot of the growth in security. The infrastructure category growing more slowly today, also on a moderate size number. But I think in the long term, you see the enterprise Zero Trust security group grow, led by Guardicore as the market leader in stopping ransomware. .

是的。就長期而言，顯然，我們看到我們的旗艦產品 Web App Firewall 和 Bot Manager 的增長非常好。它們是收入的最大貢獻。對於零信任企業計算而言，增長非常好，但顯然數量較少。在更長的時間範圍內，我認為這是推動安全性增長的原因。如今，基礎設施類別的增長速度較慢，數量也適中。但我認為，從長遠來看，你會看到企業零信任安全團隊成長，由 Guardicore 領導，成為阻止勒索軟件的市場領導者。 .

So I guess as a bucket, no clear sort of things you would call out that should drive acceleration or deceleration, maybe a different way to look at it.

所以我想作為一個桶，沒有什麼明確的東西會導致加速或減速，也許是另一種看待它的方式。

Well, there's the 3 categories we have today. The biggest is app in API security, very strong growth. I think we get continued strong growth there. A lot of innovation going on with Account Protector, Page Integrity Manager we talked about being really important for PCI compliance. We have a new audience hijacking prevention capability that looks really cool.

好吧，我們今天有 3 個類別。最大的是應用程序在 API 安全方面，增長非常強勁。我認為我們在那裡獲得了持續的強勁增長。我們談到了 Account Protector、Page Integrity Manager 的許多創新對於 PCI 合規性非常重要。我們有一個新的觀眾劫持預防功能，看起來真的很酷。

Infrastructure is moderate size today, and that's not growing as fast. That's your DDoS protection and your D&S defenses. And then the really high-growth area, Zero Trust enterprise security led by Guardicore, but it's the smallest of the 3. And so you sort of have 3 different comps with a little bit different dynamic in each.

今天的基礎設施規模適中，而且增長速度沒有那麼快。這就是您的 DDoS 保護和 D&S 防禦。然後是真正高增長的領域，由 Guardicore 領導的零信任企業安全，但它是 3 個中最小的。所以你有 3 個不同的組合，每個組合都有一點不同的動態。

Okay. And one last, if I could, on delivery. Obviously, you're making some changes around the peaking traffic. What about pricing disciplines just in traffic in general? I think you had commented last quarter you were taking a much more sort of across-the-board conservative approach to pricing. Just pricing outside that peaking, how has your approach changed this quarter and likely to change the rest of year?

好的。最後一個，如果可以的話，在交貨時。顯然，您正在圍繞峰值流量進行一些更改。一般而言，僅在流量方面的定價規則呢？我認為您在上個季度曾評論說，您對定價採取了一種更為全面的保守方法。只是在那個峰值之外定價，您的方法在本季度發生了哪些變化，並且可能會在今年餘下時間發生變化？

Yes. So we've been instituting that now for the last several months. And as Tom talked about, we have not seen a lot of churn. We've been fairly successful in the renewals that we've had. We are still offering discounts to customers who have traffic growth. It's just not at the same levels that we've done historically.

是的。因此，在過去的幾個月裡，我們一直在實施。正如湯姆所說，我們沒有看到很多流失。我們在續訂方面相當成功。我們仍然為流量增長的客戶提供折扣。這與我們在歷史上所做的水平不同。

The next question is from Will Power of Baird.

下一個問題來自貝爾德的意志力。

It's Charlie Erlikh on for Will. Just one question for me on the pricing and contract renegotiations kind of building on your response. Any big contracts coming up for renewal that we should be aware of in the second half? And then for the 8 that you mentioned you had in the first half, any more color on just the tone and the overall discussions like pricing compression, you mentioned a little bit, but just the health of the customers you're talking to and just any more color on that would be great.

威爾是查理·埃利赫。關於定價和合同重新談判的問題，我只問了一個問題，這種談判是基於您的回复。下半年我們應該注意哪些要續籤的大合同？然後對於你在上半場提到的 8 個問題，只是色調和整體討論（如定價壓縮）上的任何顏色，你提到了一點，但只是你正在與之交談的客戶的健康狀況，只是再多點顏色就好了。

Yes, sure. So there's no big ones coming up in the second half. Like I said, if we ever have a big clump in the -- we'll call it out for it. I think it's just helpful to provide commentary and get you guys aware of what's happening. In terms of the dynamics outside of pushing back a little bit on sort of the peak to average, which is part of the normal discussion that we have, I would say we're kind of came in line with what we had expected. We did try to apply our strategy of being a bit more disciplined.

是的，當然。所以下半場沒有什麼大的。就像我說的那樣，如果我們有一個大塊 - 我們會為此大聲疾呼。我認為提供評論並讓你們了解正在發生的事情很有幫助。就除了將峰值推後一點之外的動態而言，這是我們正常討論的一部分，我想說我們有點符合我們的預期。我們確實嘗試應用我們更加自律的策略。

I don't know if that's the right word, but more attuned to what's going on with volumes and having conversations with customers about expected volume growth, et cetera. So pleased with where we landed. And obviously, renewing large customers and this -- and the delivery segment is never a fun thing. But kind of came out as expected. And then your other question was on -- just remind me again?

我不知道這是否是正確的詞，但更適應交易量的情況以及與客戶就預期的交易量增長等進行對話。對我們降落的地方感到非常滿意。顯然，更新大客戶和這個 - 交付部分從來都不是一件有趣的事情。但有點像預期的那樣出來了。然後你的另一個問題是——再提醒我一次？

I think you actually hit all the questions, yes, just the overall tone of the conversations. But yes, I think you answered it pretty well.

我認為您實際上解決了所有問題，是的，只是對話的整體基調。但是，是的，我認為你回答得很好。

Yes. So overall, I mean the customers are still in great shape. There are some very large brands and still very healthy. We added services to most of them. So not only are we just dealing with delivery, but we're also adding on additional capabilities as well.

是的。所以總的來說，我的意思是客戶的狀態仍然很好。有一些非常大的品牌，仍然非常健康。我們為其中的大多數添加了服務。因此，我們不僅只處理交付，而且還增加了額外的功能。

The next question is from Alex Henderson of Needham.

下一個問題來自 Needham 的 Alex Henderson。

So given both Guardicore and Linode have not been in the full for over a year, I was wondering if you could look at them from the perspective of apples-to-apples, if they had been in the fold for the entire year, what their internal growth rates look like so that we have some gauge of the rate of growth at those 2 acquisitions.

因此，鑑於 Guardicore 和 Linode 都已經一年多沒有全面上市了，我想知道你是否可以從蘋果到蘋果的角度來看待它們，如果它們一整年都在折疊，它們是什麼？內部增長率看起來像這樣，我們可以對這兩次收購的增長率進行一些衡量。

Yes, it's a good question, Alex. I'll take this one, Tom. So Linode, so Linode will end up being in for most of the year. But just prior to acquisition, we had said in our commentary, they're growing around 15%. Obviously, we'll accelerate that as we start to add enterprise customers. So I'd expect that to increase. With Guardicore, if you remember our first call, we're taking our guidance up quite a bit, but if you look at where our kind of internal -- where our run rate is now, we're looking at over $60 million. That would be almost a doubling of where they were when we acquired them even slightly higher than that.

是的，這是一個很好的問題，亞歷克斯。我要這個，湯姆。所以 Linode，所以 Linode 最終會在一年中的大部分時間裡出現。但就在收購之前，我們在評論中說過，它們的增長率約為 15%。顯然，隨著我們開始添加企業客戶，我們將加快這一進程。所以我預計會增加。有了 Guardicore，如果你還記得我們的第一次電話會議，我們會大幅提高指導水平，但如果你看看我們的內部運營情況——我們現在的運行率，我們會看到超過 6000 萬美元。這幾乎是我們收購它們時的兩倍，甚至比這略高。

So Guardicore growing extremely fast, I would say, sort of if it was a standalone on its own would be more than a double. And Linode, we just picked it up and its starting to add that functionality and expect to accelerate that growth rate, but they were about 15% prior to acquisition.

因此，Guardicore 的增長速度非常快，我想說，如果它本身是一個獨立的，那將超過兩倍。而 Linode，我們剛剛選擇了它，它開始添加該功能並期望加快該增長率，但在收購之前它們約為 15%。

There was a comment earlier in the call that adjusting for acquisitions, the underlying growth rate was 17%. Would you confirm that, that's an accurate calculus?

電話會議早些時候有評論稱，調整收購後，基本增長率為 17%。你能確認一下，這是一個準確的微積分嗎？

Yes. That's about the right math. 21% constant currency. Guardicore was about $14 million. So that's roughly 4%. So that's about right.

是的。那是關於正確的數學。 21% 不變貨幣。 Guardicore 大約是 1400 萬美元。所以這大約是4%。所以這是正確的。

Perfect. And then just looking at the international markets, how are you handling the FX swings that are going on? In terms of pricing, are you offsetting and look the effective price reduction that implies in dollars, if you're in local currency and where you're not in local currency, are you pricing down to lower the burden? How are you handling the customer pressures around that?

完美的。然後看看國際市場，你如何處理正在發生的外匯波動？在定價方面，您是否正在抵消並查看以美元表示的有效降價，如果您使用當地貨幣並且您不是當地貨幣，您是否會降低價格以減輕負擔？你是如何處理這方面的客戶壓力的？

Yes. So most of the customers outside the U.S. are paying us in local currency. So they're billed in local currency. There are several that are not certain countries, for example, will be in U.S. dollar. So far, it has not been a big issue with our customers pushing back. We do some hedging on balance sheet, but not from an operational perspective, not cash flow hedging. And then in terms of pricing, we do take that into consideration as we're going through with customers that are outside the U.S. And also just in general, depending on where their traffic is, that also comes into effect. If we're delivering in countries that are more expensive, we take that into effect as well.

是的。因此，美國以外的大多數客戶都以當地貨幣向我們付款。所以他們以當地貨幣計費。有幾個不是某些國家，例如，將使用美元。到目前為止，我們的客戶反擊並不是什麼大問題。我們在資產負債表上做一些對沖，但不是從運營角度，不是從現金流對沖。然後在定價方面，我們確實考慮到了這一點，因為我們正在處理美國以外的客戶。而且總的來說，根據他們的流量在哪裡，這也會生效。如果我們在更昂貴的國家/地區交付，我們也會將其付諸實施。

Okay. Thank you, Alex, and thank you, everyone. So in closing, we will be presenting at a number of investor conferences and events throughout the rest of the third quarter. Details of these can be found in the Investor Relations section of akamai.com. Thank you for joining us, and all of us here at Akamai wish continued good health to you and yours. Have a nice evening.

好的。謝謝你，亞歷克斯，謝謝大家。因此，最後，我們將在第三季度剩餘時間內出席一些投資者會議和活動。詳情可在 akamai.com 的投資者關係部分找到。感謝您加入我們，Akamai 的所有人都希望您和您的家人身體健康。祝你今晚愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。