阿卡邁科技 (AKAM) 2022 Q3 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, and welcome to the Akamai Technologies Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded.

    美好的一天,歡迎參加 Akamai Technologies 2022 年第三季度收益電話會議。 (操作員說明)請注意今天的活動正在錄製中。

  • I would now like to turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead, sir.

    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,先生。

  • Tom Barth - Head of IR

    Tom Barth - Head of IR

  • Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's Third 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 年第三季度財報電話會議。 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.

    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。

  • 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. The forward-looking statements included in this call represent the company's view on November 8, 2022. Akamai disclaims any obligation to update these statements to reflect new information, future events or circumstances, except as required by law.

    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。本次電話會議中包含的前瞻性陳述代表了公司在 2022 年 11 月 8 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'll 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公認會計原則的財務指標。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。

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Thanks, Tom, and thank you all for joining us today. I'm pleased to report that Akamai delivered strong results in the third quarter despite the ongoing challenges with the global economic environment and the effects of a strong U.S. dollar.

    謝謝,湯姆,謝謝大家今天加入我們。我很高興地報告,儘管全球經濟環境面臨持續挑戰以及美元走強的影響,Akamai 在第三季度仍取得了強勁的業績。

  • Q3 revenue was $882 million, up 3% year-over-year and up 7% in constant currency. This result was driven by the continued strong growth of our security and compute businesses, which collectively grew 23% year-over-year and 28% in constant currency. These 2 business lines accounted for 55% of our overall revenue in the quarter.

    第三季度收入為 8.82 億美元,同比增長 3%,按固定匯率計算增長 7%。這一結果是由我們的安全和計算業務持續強勁增長推動的,這些業務同比增長 23%,按固定匯率計算則增長 28%。這兩條業務線占我們本季度總收入的 55%。

  • Q3 non-GAAP operating margin was 28%. And non-GAAP EPS was $1.26 per diluted share, down 13% year-over-year or down 7% in constant currency. EPS was negatively impacted once again by foreign exchange rates and a higher effective tax rate compared to last year. Free cash flow was very strong at $271 million in Q3, and it amounted to 31% of our revenue.

    第三季度非公認會計準則營業利潤率為 28%。非美國通用會計準則每股攤薄收益為 1.26 美元,同比下降 13% 或按固定匯率計算下降 7%。與去年相比,外匯匯率和更高的有效稅率再次對每股收益產生負面影響。第三季度的自由現金流非常強勁,達到 2.71 億美元,占我們收入的 31%。

  • I'll now say a few words about each of our 3 main lines of business, starting with security. Our Security solutions generated revenue of $380 million in Q3, up 13% year-over-year and up 19% in constant currency. The growth was particularly strong for our enterprise Zero Trust products, which were up 51% year-over-year in constant currency.

    現在,我將就我們的 3 個主要業務領域中的每一個說幾句話,首先是安全性。我們的安全解決方案在第三季度創造了 3.8 億美元的收入,同比增長 13%,按固定匯率計算增長 19%。我們的企業零信任產品的增長尤為強勁,按固定匯率計算,同比增長 51%。

  • Our Guardicore Segmentation solution continued to lead the way with several major customer wins. For example, one of the largest energy companies in the world adopted Guardicore to help protect against SolarWinds types of ransomware attacks. A leading global developer of dietary supplements adopted our Segmentation solution to help meet European regulations and limit cybersecurity risk. And a major South American broadcaster deployed Guardicore to protect their reporting of election results.

    我們的 Guardicore Segmentation 解決方案繼續引領潮流,贏得了幾個主要客戶。例如,世界上最大的能源公司之一採用 Guardicore 來幫助抵禦 SolarWinds 類型的勒索軟件攻擊。一家全球領先的膳食補充劑開發商採用了我們的細分解決方案,以幫助滿足歐洲法規並限製網絡安全風險。一家主要的南美廣播公司部署了 Guardicore 來保護他們對選舉結果的報導。

  • Our market-leading app and API protection products also performed well in Q3, with many wins against the competition. For example, the largest bank in Southeast Asia came to Akamai last quarter after suffering repeated outages by a competitor that had lured them in with low pricing. When the bank faced large fines from regulators for the extended outages, they saw more value in being back on Akamai's platform.

    我們市場領先的應用程序和 API 保護產品在第三季度也表現良好,在競爭中取得了許多勝利。例如,東南亞最大的銀行在遭遇競爭對手以低價吸引他們的反复停電後,於上個季度來到 Akamai。當銀行因長時間停電而面臨監管機構的巨額罰款時,他們看到了重返 Akamai 平台的更多價值。

  • One of the top banks in North America is in the process of bringing all of their traffic back to Akamai after struggling with outages at another competitor who would also lure them in with lower pricing, but couldn't deliver the performance and reliability needed by a major enterprise. After testing our capabilities against competitors, one of the world's largest financial services companies expanded their relationship with us, contracting for 10 of our products and services, including Bot Manager and Page Integrity Manager.

    北美頂級銀行之一正在努力將其所有流量帶回 Akamai,因為另一家競爭對手也會以較低的價格吸引他們,但無法提供所需的性能和可靠性。大企業。在測試我們與競爭對手的能力後,世界上最大的金融服務公司之一擴大了與我們的關係,簽訂了我們的 10 種產品和服務的合同,包括 Bot Manager 和 Page Integrity Manager。

  • A Fortune 100 food processor and commodities trader became a new Akamai customer last quarter after an anonymous threat drove them to seek better DDoS and web app protection than they were getting from a competitor. And in Germany, an online advertising business with one of the country's busiest websites suffered severe account takeover attacks, load problems and reputation damage before coming to Akamai for bot management and app and API protection.

    上個季度,財富 100 強的食品加工商和商品貿易商成為 Akamai 的新客戶,因為匿名威脅促使他們尋求比競爭對手更好的 DDoS 和 Web 應用程序保護。在德國,一家擁有該國最繁忙網站之一的在線廣告業務在來到 Akamai 進行機器人管理以及應用程序和 API 保護之前,遭受了嚴重的帳戶接管攻擊、負載問題和聲譽受損。

  • Given such examples, it's not surprising that Akamai's web app and API protection was named a leader in both Gartner's Magic Quadrant and in Forrester's Wave report last quarter. Our compute product group also performed well in Q3 with revenue of $109 million, up 72% year-over-year and up 77% in constant currency.

    鑑於這些示例,Akamai 的 Web 應用程序和 API 保護在上季度的 Gartner 魔力像限和 Forrester Wave 報告中均被評為領導者也就不足為奇了。我們的計算產品組在第三季度也表現出色,收入為 1.09 億美元,同比增長 72%,按固定匯率計算增長 77%。

  • We're continuing to make good progress on integrating Linode into our edge platform and on adding the capabilities and scale needed to support mission-critical applications for major enterprises. In particular, we've connected all of Linode's 11 existing locations into our private backbone, enabling us to provide lower latency, higher throughput and improved egress economics. We've also expanded the capacity of these facilities and are in the process of adding 13 additional sites, 5 of which are expected to go live in Q1 with 8 more planned for Q2.

    我們在將 Linode 集成到我們的邊緣平台以及增加支持大型企業的關鍵任務應用程序所需的功能和規模方面繼續取得良好進展。特別是,我們已將 Linode 的所有 11 個現有位置連接到我們的私有骨幹網中,使我們能夠提供更低的延遲、更高的吞吐量和更好的出口經濟性。我們還擴大了這些設施的容量,並正在增加 13 個額外站點,其中 5 個預計將在第一季度投入使用,另外 8 個計劃在第二季度投入使用。

  • As we discussed at our Analyst Day in May, we're also developing a lighter-weight deployment model that is suitable for distribution at a broad scale. This will enable us to get compute much closer to end users around the world. We plan to deploy several dozen of these lighter-weight sites next year, at which point we expect to compare well with the hyperscalers in terms of points of presence and proximity to both enterprise data centers and end users.

    正如我們在 5 月的分析師日上所討論的,我們還在開發一種適合大規模分發的輕量級部署模型。這將使我們能夠更接近世界各地的最終用戶進行計算。我們計劃明年部署幾十個這樣的輕量級站點,屆時我們希望在存在點和與企業數據中心和最終用戶的接近度方面與超大規模站點進行比較。

  • Of course, we plan to have all of our compute sites integrated into Akamai's unique edge platform, which has over 4,000 locations for edge computing. As a result, we expect to be able to offer superior performance as well as lower total cost of ownership for enterprise computing needs.

    當然,我們計劃將我們所有的計算站點集成到 Akamai 獨特的邊緣平台中,該平台擁有 4,000 多個邊緣計算位置。因此,我們希望能夠為企業計算需求提供卓越的性能以及更低的總體擁有成本。

  • We've also made significant progress on adding new and improved enterprise capabilities to our compute platform. We launched Database-as-a-Service with managed MySQL in May and managed Postgres in June. We released the next generation of our Kubernetes platform in Q3 to enhance performance and reliability. We expect to launch early versions of an enhanced object storage product as well as next-gen serverless capabilities next quarter. And we expect to become SOC 2 and ISO 27001 compliant this quarter with PCI compliance expected to follow in the first half of 2023.

    我們還在為我們的計算平台添加新的和改進的企業功能方面取得了重大進展。我們在 5 月推出了使用託管 MySQL 的數據庫即服務,並在 6 月推出了託管 Postgres。我們在第三季度發布了下一代 Kubernetes 平台,以提高性能和可靠性。我們預計下個季度將推出增強型對象存儲產品的早期版本以及下一代無服務器功能。我們預計本季度將符合 SOC 2 和 ISO 27001 標準,預計 2023 年上半年將符合 PCI 標準。

  • Although we still have much work to do, we're encouraged by the customer use cases that our compute platform began serving in Q3. One of the world's top development studios for gaming moved their matchmaking service to Akamai to help them with data processing and analysis. A large online legal services platform in India chose Akamai as part of their multi-cloud strategy after they concluded that we could help them optimize their cloud computing budget.

    儘管我們還有很多工作要做,但我們的計算平台在第三季度開始服務的客戶用例讓我們感到鼓舞。世界頂級遊戲開發工作室之一將其配對服務轉移到 Akamai 以幫助他們進行數據處理和分析。印度一家大型在線法律服務平台在得出結論認為我們可以幫助他們優化雲計算預算後,選擇 Akamai 作為其多雲戰略的一部分。

  • And a large media workflow company in Germany is planning to migrate their apps from a hyperscaler to Akamai, calling our new capabilities a great addition, especially with the plans for a high number of distributed sites and the tight integration with Akamai content delivery.

    德國的一家大型媒體工作流公司正計劃將他們的應用程序從超大規模遷移到 Akamai,稱我們的新功能是一個很好的補充,特別是在計劃大量分佈式站點和與 Akamai 內容交付緊密集成的情況下。

  • Over the past few months, I've spoken with many of the world's leading enterprises about our plans for cloud computing. Most tell me that they want more choice in cloud computing, and they often express concern about being locked into contracts with cloud giants that are consuming larger portions of their IT budgets, especially in cases when their cloud vendor is also a direct competitor. Customers also understand the value of leveraging a more widely distributed cloud platform and one that directly connects to Akamai's unique edge platform with over 4,000 points of presence.

    在過去的幾個月裡,我與許多世界領先的企業就我們的雲計算計劃進行了交談。大多數人告訴我,他們希望在雲計算方面有更多選擇,並且他們經常表示擔心被鎖定與消耗其 IT 預算大部分的雲巨頭簽訂合同,尤其是在他們的雲供應商也是直接競爭對手的情況下。客戶還了解利用分佈更廣泛的雲平台以及直接連接到擁有超過 4,000 個接入點的 Akamai 獨特邊緣平台的價值。

  • Turning now to our CDN business. Our delivery products generated revenue of $393 million in Q3, down 15% year-over-year and down 11% in constant currency. These results reflect continued deceleration in traffic growth among our largest customers and the impact of some large renewals that we completed in the first half of the year.

    現在轉向我們的 CDN 業務。我們的交付產品在第三季度創造了 3.93 億美元的收入,同比下降 15%,按固定匯率計算下降 11%。這些結果反映了我們最大客戶的客流量增長持續放緩以及我們在上半年完成的一些大型續訂的影響。

  • As we said at our Analyst Day in May, we've aligned our pricing strategy with the slower traffic growth rates we've experienced this year. In addition to scaling back discounts upon renewal, we're continuing to decline business from a very small number of customers who have extreme traffic peaks compared to their daily usage patterns.

    正如我們在 5 月的分析師日上所說,我們已將定價策略與今年經歷的較慢的流量增長率保持一致。除了在續訂時縮減折扣外,我們還繼續拒絕極少數客戶的業務,這些客戶與日常使用模式相比,他們的流量峰值非常高。

  • While this resulted in less revenue in Q3, it's enabled us to meaningfully lower our delivery network CapEx as we direct cash flow from our delivery business to our compute and security businesses where we have a higher ROI.

    雖然這導致第三季度的收入減少,但它使我們能夠顯著降低我們的交付網絡資本支出,因為我們將現金流從我們的交付業務引導到我們擁有更高投資回報率的計算和安全業務。

  • As Ed will detail shortly, we're also taking several steps to reduce OpEx, including reducing our real estate footprint and limiting hiring to our most critical areas. Although we're facing the same challenging macroeconomic environment as other companies, I believe that Akamai is on the right path to long-term growth and success with our disciplined management of expenses and strong focus on opportunities for future growth such as cloud computing.

    正如 Ed 稍後將詳細介紹的那樣,我們還採取了幾個步驟來減少運營支出,包括減少我們的房地產足跡和限制招聘到我們最關鍵的領域。儘管與其他公司一樣,我們面臨著同樣具有挑戰性的宏觀經濟環境,但我相信 Akamai 正走在通往長期增長和成功的正確道路上,因為我們對費用進行了嚴格的管理,並高度關注云計算等未來增長的機會。

  • Becoming a force in the enormous cloud computing market won't be easy, but I believe that it's something that Akamai can accomplish. Akamai has a strong track record of continuous innovation and business expansion. Along the way, we've achieved significant milestones that many thought were impossible.

    成為龐大的雲計算市場中的一支力量並非易事,但我相信這是 Akamai 可以完成的事情。 Akamai 在持續創新和業務擴展方面有著良好的記錄。在此過程中,我們取得了許多人認為不可能的重大里程碑。

  • In our first decade, we pioneered the CDN industry. a multibillion dollar market, where we remain the leader by far. In our second decade, we created the industry for app and API protection as a cloud service, our second multibillion dollar market, where we are the leader by a wide margin. Looking ahead, Akamai is on the cusp of another major phase of expansion with our foray into cloud computing.

    在我們的第一個十年,我們開創了 CDN 行業。一個數十億美元的市場,我們仍然是迄今為止的領導者。在我們的第二個十年中,我們創建了作為雲服務的應用程序和 API 保護行業,我們的第二個數十億美元的市場,我們在其中遙遙領先。展望未來,隨著我們進軍雲計算,Akamai 正處於另一個主要擴張階段的風口浪尖。

  • Having already scaled content delivery and cloud security into billion dollar businesses, we now have an opportunity to do it again with cloud computing. In fact, I believe our opportunity in cloud computing is even larger than it's been for delivery and security.

    已經將內容交付和雲安全擴展到數十億美元的業務,我們現在有機會通過雲計算再次做到這一點。事實上,我相信我們在雲計算方面的機會比交付和安全方面的機會更大。

  • Cloud computing is a $100 billion market growing at a very rapid rate. We believe we're in an excellent position to capture a share of this business, particularly from companies that value our market-leading delivery and security solutions and that don't want to be locked in to more expensive options with a cloud giant that competes against them.

    雲計算是一個價值 1000 億美元的市場,正在以非常快的速度增長。我們相信我們處於搶占該業務份額的絕佳位置,特別是來自那些重視我們市場領先的交付和安全解決方案並且不希望與競爭的雲巨頭鎖定更昂貴的選擇的公司反對他們。

  • Akamai is a company that enterprises can trust to be their partner, to scale with their business and to provide the best when it comes to security, reliability and performance. By adding compute to our unique edge platform, we can provide a full suite of cloud services that will help lower our customers' cost to build, run, deliver and secure their applications.

    Akamai 是一家企業可以信賴的公司,它可以成為他們的合作夥伴,與他們的業務一起擴展,並在安全性、可靠性和性能方面提供最好的服務。通過將計算添加到我們獨特的邊緣平台,我們可以提供一整套雲服務,幫助降低客戶構建、運行、交付和保護其應用程序的成本。

  • In summary, my confidence in Akamai's future prospects for growth and success has never been higher. In fact, my confidence in what I see ahead for Akamai has led me to take steps to put in place a 10b5-1 trading plan, not to sell, but to buy $3 million in Akamai stock over the next 6 months. We expect to announce the adoption of my plan in a formal filing later this week.

    總之,我對 Akamai 未來增長和成功前景的信心從未像現在這樣高。事實上,我對 Akamai 未來前景的信心促使我採取措施制定 10b5-1 交易計劃,在未來 6 個月內不是出售,而是購買 300 萬美元的 Akamai 股票。我們預計將在本週晚些時候以正式文件的形式宣布通過我的計劃。

  • Now I'll turn the call over to Ed for more on Q3 and our outlook. Ed?

    現在我將把電話轉給 Ed 以了解更多關於第三季度和我們的前景的信息。埃德?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Thank you, Tom. As Tom mentioned, Akamai delivered a solid quarter in Q3 despite a very challenging macroeconomic environment. Q3 revenue was $882 million, up 3% year-over-year or 7% in constant currency. The stronger U.S. dollar negatively impacted our year-over-year growth rate by approximately 4 points or about $39 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,儘管宏觀經濟環境非常具有挑戰性,但 Akamai 在第三季度實現了穩健的季度業績。第三季度收入為 8.82 億美元,同比增長 3%,或按固定匯率計算增長 7%。美元走強對我們的同比增長率產生了大約 4 個百分點的負面影響,即同比收入約 3900 萬美元,環比增長 1400 萬美元。

  • On a combined basis, our security and compute businesses represented 55% of total revenue, up 23% year-over-year and 28% in constant currency. Security revenue was $380 million and grew 13% year-over-year and 19% in constant currency, led by another strong contribution from Guardicore. Guardicore delivered approximately $14 million of revenue in Q3. Security represented 43% of total revenue in Q3, which is up 4 points from Q3 a year ago.

    綜合來看,我們的安全和計算業務佔總收入的 55%,同比增長 23%,按固定匯率計算增長 28%。安全收入為 3.8 億美元,同比增長 13%,按固定匯率計算增長 19%,這得益於 Guardicore 的另一項強勁貢獻。 Guardicore 在第三季度實現了約 1400 萬美元的收入。安全佔第三季度總收入的 43%,比一年前的第三季度增長 4 個百分點。

  • Compute revenue was $109 million in Q3, up 72% year-over-year and 77% in constant currency. As Tom mentioned, while we are in the early innings of our cloud computing journey, we are very excited about initial feedback from customers and the significant growth opportunity ahead.

    第三季度計算收入為 1.09 億美元,同比增長 72%,按固定匯率計算增長 77%。正如湯姆所說,雖然我們處於雲計算之旅的早期階段,但我們對客戶的初步反饋和未來的重大增長機會感到非常興奮。

  • Delivery revenue was $393 million, down 15% year-over-year and down 11% in constant currency. Sales in our international markets were $421 million and represented 48% of total revenue in Q3, up 1 point from Q2. International revenue was up 2% year-over-year or 12% in constant currency. Finally, revenue from our U.S. market was $461 million, up 3% year-over-year.

    交付收入為 3.93 億美元,同比下降 15%,按固定匯率計算下降 11%。我們在國際市場的銷售額為 4.21 億美元,佔第三季度總收入的 48%,比第二季度增長 1 個百分點。國際收入同比增長 2%,按固定匯率計算增長 12%。最後,我們美國市場的收入為 4.61 億美元,同比增長 3%。

  • Moving now to costs and profitability. Cash gross margin was 75%. GAAP gross margin, which includes both depreciation and stock-based compensation, was 61%. Non-GAAP cash operating expenses were $291 million. Adjusted EBITDA was $368 million, and our adjusted EBITDA margin was 42%. Non-GAAP operating income was $243 million, and our non-GAAP operating margin was 28%. It is worth noting that on a year-over-year basis, our non-GAAP operating margin was negatively impacted by approximately 1 point due to unfavorable foreign exchange rates.

    現在轉向成本和盈利能力。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 61%。非公認會計原則的現金運營費用為 2.91 億美元。調整後的 EBITDA 為 3.68 億美元,我們調整後的 EBITDA 利潤率為 42%。非美國通用會計準則營業收入為 2.43 億美元,我們的非美國通用會計準則營業利潤率為 28%。值得注意的是,由於不利的匯率,我們的非公認會計原則營業利潤率同比受到約 1 個百分點的負面影響。

  • Capital expenditures in Q3, excluding equity compensation and capitalized interest expense, were $111 million. As we mentioned on our Q2 earnings call, our strategy in our delivery business is to be more selective on the peak traffic levels we will take on our network. As a result, delivery network CapEx, excluding Linode, was just under 4% of revenue in Q3.

    第三季度的資本支出(不包括股權補償和資本化利息費用)為 1.11 億美元。正如我們在第二季度財報電話會議中提到的那樣,我們在交付業務中的策略是對我們將在我們的網絡上承擔的峰值流量水平更具選擇性。因此,不包括 Linode 的交付網絡資本支出在第三季度僅佔收入的 4% 以下。

  • GAAP net income for the third quarter was $108 million or $0.68 of earnings per diluted share. Non-GAAP net income was $200 million or $1.26 of earnings per diluted share, down 13% year-over-year and down 7% in constant currency. It's worth noting that on a year-over-year basis, foreign exchange rates negatively impacted our non-GAAP EPS by approximately $0.10 in Q3.

    第三季度的 GAAP 淨收入為 1.08 億美元或每股攤薄收益 0.68 美元。非美國通用會計準則淨收入為 2 億美元或每股攤薄收益 1.26 美元,同比下降 13%,按固定匯率計算下降 7%。值得注意的是,與去年同期相比,第三季度外匯匯率對我們的非公認會計原則每股收益產生了約 0.10 美元的負面影響。

  • Taxes included in our non-GAAP earnings were $41 million based on a Q3 effective tax rate of approximately 17%. This was about 1 point higher than our guidance due to a more unfavorable mix between U.S. and foreign earnings.

    根據大約 17% 的第三季度有效稅率,我們的非公認會計原則收益中包含的稅款為 4100 萬美元。由於美國和外國收入之間的組合更加不利,這比我們的指導高出約 1 個百分點。

  • Now moving to cash and our use of capital. As of September 30, our cash, cash equivalents and marketable securities totaled approximately $1.4 billion. During the third quarter, we spent approximately $163 million to repurchase shares, buying back approximately 1.8 million shares.

    現在轉向現金和我們對資本的使用。截至 9 月 30 日,我們的現金、現金等價物和有價證券總計約 14 億美元。第三季度,我們斥資約 1.63 億美元回購股票,回購約 180 萬股。

  • Our ongoing share repurchase activity has resulted in a net reduction in our non-GAAP fully diluted shares outstanding of approximately 5 million shares or roughly 3% on a year-over-year basis. We ended Q3 with approximately $1.4 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.

    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 500 萬股,同比減少約 3%。在第三季度末,我們目前的回購授權剩餘約 14 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 Q4 outlook and an update to our 2022 guidance, I want to highlight several factors. First, with nearly half of our revenue coming from outside the U.S., the strong U.S. dollar continues to be a significant headwind to our reported results. At current spot rates, our guidance now assumes foreign exchange will have a negative $130 million impact to revenue in 2022 on a year-over-year basis.

    在我提供第四季度展望和對 2022 年指導的更新之前,我想強調幾個因素。首先,由於我們近一半的收入來自美國以外,強勢美元仍然是我們報告業績的重大不利因素。按照目前的即期匯率,我們的指引現在假設外匯對 2022 年的收入同比產生 1.3 億美元的負面影響。

  • As I mentioned previously, the strong dollar also impacts our margins and earnings. We estimate FX will negatively impact our non-GAAP operating margin by approximately 1 point year-over-year and non-GAAP earnings by approximately $0.34 for the full year 2022. Second, we have seen a lengthening in some of our sales cycles. We believe that is -- this primarily reflects the uncertain macroeconomic conditions that our customers are experiencing, and it is visible in many parts of our business.

    正如我之前提到的,強勢美元也會影響我們的利潤率和收益。我們估計 2022 年全年,外匯將對我們的非 GAAP 營業利潤率產生負面影響約 1 個百分點,非 GAAP 收益約 0.34 美元。其次,我們的一些銷售週期有所延長。我們認為,這主要反映了我們的客戶正在經歷的不確定的宏觀經濟狀況,並且在我們業務的許多方面都可以看到。

  • Finally, we continue to closely monitor our costs in light of ongoing inflationary and macroeconomic pressures across the globe. We have made good initial progress on our cost-cutting measures that we mentioned on our last call, which include real estate costs, where we sublease some of our underutilized office space in Q3, and we'll continue to look for additional savings going forward.

    最後,鑑於全球持續的通脹和宏觀經濟壓力,我們將繼續密切監控我們的成本。我們在上次電話會議中提到的削減成本措施方面取得了良好的初步進展,其中包括房地產成本,我們在第三季度轉租了一些未充分利用的辦公空間,我們將繼續尋找未來的額外節省.

  • Reducing our third-party cloud expense in 2023, where we look forward to making significant progress on shifting workloads to Linode. And lowering network CapEx associated with our delivery business, where I noted our continued progress on reducing spend significantly related to traffic delivery.

    在 2023 年減少我們的第三方雲費用,我們期待在將工作負載轉移到 Linode 方面取得重大進展。並降低與我們的交付業務相關的網絡資本支出,我注意到我們在減少與流量交付顯著相關的支出方面取得了持續進展。

  • In addition to these items, as Tom mentioned, we plan to be very disciplined with headcount and focus our investments on higher growth areas like cloud computing and security. In particular, we are closing over 500 open positions and re-tasking many other employees to work on compute. These closures went into effect today.

    除了這些項目,正如 Tom 所提到的,我們計劃對員工人數進行嚴格控制,並將我們的投資重點放在雲計算和安全等更高增長的領域。特別是,我們正在關閉 500 多個空缺職位,並重新安排許多其他員工從事計算工作。這些關閉措施於今天生效。

  • And just a quick reminder about our typical fourth quarter dynamics before I turn to our Q4 guidance. As in prior years, seasonality plays a large role in determining our fourth quarter financial performance. We typically see higher-than-normal traffic for our large media customers and from seasonal online retail activity from our e-commerce customers, which are both difficult to predict, especially during this more challenging macroeconomic environment.

    在我轉向我們的第四季度指導之前,請快速提醒一下我們典型的第四季度動態。與往年一樣,季節性因素在決定我們第四季度的財務業績方面發揮著重要作用。我們通常會看到大型媒體客戶的流量和電子商務客戶的季節性在線零售活動高於正常水平,這兩者都難以預測,尤其是在這個更具挑戰性的宏觀經濟環境中。

  • With that in mind, we are projecting Q4 revenue in the range of $890 million to $915 million or down 2% to up 1% as reported or up 3% to 6% in constant currency over Q4 2021. Foreign exchange fluctuations are expected to have a negative $11 million impact on Q4 revenue compared to Q3 levels and a negative $44 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 74%. This roughly 1 point sequential decline is primarily driven by increased third-party cloud costs and some compute-related data center build-out costs.

    考慮到這一點,我們預計 2021 年第四季度的第四季度收入將在 8.9 億美元至 9.15 億美元之間或按報告的下降 2% 至上升 1% 或按固定匯率計算上升 3% 至 6%。與第三季度的水平相比,第四季度的收入受到了 1100 萬美元的負面影響,同比下降了 4400 萬美元。在這些收入水平上,我們預計現金毛利率約為 74%。這種大約 1 個點的連續下降主要是由於第三方云成本增加和一些與計算相關的數據中心建設成本。

  • Q4 non-GAAP operating expenses are projected to be $298 million to $306 million. We anticipate Q4 EBITDA margins of approximately 40% to 41%. We expect non-GAAP depreciation expense to be between $125 million to $126 million, and we expect non-GAAP operating margin to be approximately 27% for Q4.

    第四季度非公認會計準則運營費用預計為 2.98 億美元至 3.06 億美元。我們預計第四季度 EBITDA 利潤率約為 40% 至 41%。我們預計非 GAAP 折舊費用將在 1.25 億美元至 1.26 億美元之間,我們預計第四季度非 GAAP 營業利潤率約為 27%。

  • Moving on to CapEx. We expect to spend approximately $122 million to $127 million, excluding equity compensation and capitalized interest in the fourth quarter. This represents approximately 14% of projected total revenue. And with the overall revenue and spend configuration I just outlined, we expect Q4 non-GAAP EPS in the range of $1.23 to $1.30. This EPS guidance assumes taxes of $38 million to $40 million based on an estimated quarterly non-GAAP tax rate of approximately 16%. It also reflects a fully diluted share count of approximately 158 million shares.

    轉向資本支出。我們預計第四季度將花費約 1.22 億美元至 1.27 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 14%。根據我剛剛概述的整體收入和支出配置,我們預計第四季度非公認會計原則每股收益在 1.23 美元至 1.30 美元之間。該 EPS 指導假設稅額為 3800 萬美元至 4000 萬美元,基於估計的季度非公認會計原則稅率約為 16%。它還反映了大約 1.58 億股的完全稀釋後的股份數量。

  • And finally, for the full year 2022, we now expect revenue of $3.58 billion to $3.6 billion, which is up 3% to 4% year-over-year as reported or up 7% to 8% in constant currency. We continue to expect security growth of approximately 20% in constant currency for the full year 2022.

    最後,對於 2022 年全年,我們現在預計收入為 35.8 億美元至 36 億美元,同比增長 3% 至 4%,或按固定匯率計算增長 7% 至 8%。我們繼續預計 2022 年全年以固定匯率計算的安全性增長約為 20%。

  • We now estimate non-GAAP operating margin to be approximately 28% and non-GAAP earnings per diluted share of $5.23 to $5.30. And this non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 16.5%, a fully diluted share count of approximately 116 million shares. Finally, full year CapEx is anticipated to be approximately 13% of revenue.

    我們現在估計非美國通用會計準則營業利潤率約為 28%,非美國通用會計準則每股攤薄收益為 5.23 美元至 5.30 美元。該非公認會計準則收益指引基於約 16.5% 的非公認會計準則有效稅率,完全稀釋後的股份數量約為 1.16 億股。最後,全年資本支出預計約為收入的 13%。

  • In closing, we are very pleased with how the business is continuing to perform despite a very challenging macroeconomic backdrop. We are very excited about our future growth opportunities ahead. Thank you. Tom and I would be happy to take your questions. Operator?

    最後,儘管宏觀經濟環境充滿挑戰,但我們對業務的持續表現感到非常滿意。我們對未來的增長機會感到非常興奮。謝謝你。湯姆和我很樂意回答你的問題。操作員?

  • Operator

    Operator

  • Today's first question comes from Keith Weiss at Morgan Stanley.

    今天的第一個問題來自摩根士丹利的 Keith Weiss。

  • Keith Weiss - Equity Analyst

    Keith Weiss - Equity Analyst

  • Excellent. Nice quarter in a difficult environment. On that difficult environment point, I was hoping you could help with a little bit more specificity in terms of where you guys are seeing the macro impacts. It sounds like security is still holding up relatively well. And on the delivery side of the equation, there's some Akamai-specific impacts there. Could you give us some kind of detail in terms of where the risk factors are, sort of where the macro lies on a product and geographic perspective? I think that would be helpful.

    出色的。在困難的環境中的好地方。在那個困難的環境點上,我希望你們能在你們看到宏觀影響的地方提供一些更具體的幫助。聽起來安全性仍然相對較好。在等式的交付方面,那裡有一些 Akamai 特定的影響。您能否詳細說明風險因素在哪裡,宏觀在產品和地理角度上的位置?我認為這會有所幫助。

  • And then I guess on the CapEx side of the equation, you talked a little bit about types of business that you guys are not looking to take onboard on a go-forward basis, the very peaky workloads that perhaps were overly taxed in the system, if you will. Can that lead to a fundamental different kind of CapEx intensity for the business on a go-forward basis? Or is it just too small to make a difference?

    然後我猜在等式的資本支出方面,你們談到了你們不希望在前進的基礎上加入的業務類型,可能在系統中過度徵稅的非常高峰的工作負載,如果你願意的話。這是否會導致業務向前發展的根本性不同類型的資本支出強度?還是它太小而無法產生影響?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Keith, this is Ed. I'll take those. I'll start with the second question first. So from a CapEx perspective, the way to think about it is in the delivery business, we had -- if you go back to our May Analyst Day, we talked about CapEx and delivery being in sort of the high single digits. We've been running in the lower single digits. We're just under 4%. So certainly, in the near term, it will have an impact in the delivery business. As the compute business gets larger, obviously, that's going to be the main driver for CapEx.

    基思,這是埃德。我會拿那些。我先從第二個問題開始。因此,從資本支出的角度來看,考慮它的方式是在交付業務中,我們有 - 如果你回到我們的五月分析師日,我們談到資本支出和交付處於高個位數。我們一直在以較低的個位數運行。我們不到 4%。因此,可以肯定的是,在短期內,它將對交付業務產生影響。隨著計算業務的擴大,顯然,這將成為資本支出的主要驅動力。

  • But certainly, you saw that in Q3, the impact of overall CapEx down at around 13%, and for the year, it's around 13%. So it is less capital-intensive. But as we look at our cloud compute business, obviously, there's going to be some -- Tom talked about building out in more locations. So there'll be some more CapEx associated with that. But we are seeing a pretty healthy decline in our delivery business, which is as anticipated.

    但可以肯定的是,您在第三季度看到,整體資本支出的影響下降了 13% 左右,而今年則下降了 13% 左右。因此,它的資本密集度較低。但是當我們審視我們的雲計算業務時,顯然會有一些——湯姆談到在更多地方進行建設。所以會有更多與此相關的資本支出。但正如預期的那樣,我們的送貨業務出現了相當健康的下滑。

  • On your first question, you asked about the macroeconomic environment where we're seeing some challenges. I mentioned in my prepared remarks that we are seeing some of our sales cycles lengthening, seeing customers pushing off upgrades for certain products and things like that, which is pretty typical. Most companies are doing that. I know we're -- we're doing something similar as we go through our budget cycles. We think it's temporary in nature.

    在您的第一個問題上,您詢問了我們面臨一些挑戰的宏觀經濟環境。我在準備好的評論中提到,我們看到我們的一些銷售週期在延長,看到客戶推遲升級某些產品和類似的東西,這是很典型的。大多數公司都在這樣做。我知道我們正在做類似的事情,因為我們經歷了我們的預算週期。我們認為這是暫時的。

  • Also seeing a little bit of pressure in some of the advertising-related businesses, a little bit of pressure there. And then Europe is something that we're keeping a pretty close eye on, that's about geographically where we're worried. Obviously, with what's going on with energy costs and things like that in Europe, that's something that we're keeping a very close eye on and have been a little bit cautious on our guidance, I would say, in Q4, just relative to seasonality. Just trying to take that into consideration.

    也看到一些與廣告相關的業務有一點壓力,那裡有一點壓力。然後歐洲是我們一直密切關注的事情,這與我們擔心的地理位置有關。顯然,隨著歐洲能源成本和類似情況的發生,這是我們非常密切關注的事情,並且對我們的指導有點謹慎,我想說的是,在第四季度,僅相對於季節性.只是試圖考慮到這一點。

  • Keith Weiss - Equity Analyst

    Keith Weiss - Equity Analyst

  • Got it. And on the energy cost, is that a top line concern in terms of you're worried about your -- what your customers are experiencing? Or is that more of a gross margin concern that you guys are worried that those energy costs can impact your gross margins on a go-forward basis?

    知道了。關於能源成本,就您擔心您的客戶正在經歷的事情而言,這是最重要的問題嗎?還是你們擔心這些能源成本會影響你的毛利率在前進的基礎上更多的是毛利率問題?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes, I'd say it's more on our customers and their customers, so how does the consumer behave. Obviously, retail is a driver of seasonality as is spending for media. So those 2 things could be impacted. And then obviously, with our customers, if you see shutdown in manufacturing and things like that, that's obviously going to have a ripple effect on GDP across Europe. So that's from that perspective.

    是的,我想說這更多地取決於我們的客戶和他們的客戶,所以消費者的行為方式。顯然,零售是季節性的驅動因素,媒體支出也是如此。所以這兩件事可能會受到影響。然後很明顯,對於我們的客戶,如果你看到製造業停工之類的事情,那顯然會對整個歐洲的 GDP 產生連鎖反應。所以從這個角度來說。

  • As far as our risk with energy, we do a pretty good job. The team has done a nice job with our colo negotiations. If you think about our costs, our server costs were pretty insulated from costs there on the bandwidth side that tends to be deflationary. Colo, there is some energy exposure, but the team has done a really good job of trying to lock in longer-term deals. We're not seeing that. It's possible that may start to affect us later into next year. But right now, we've got it pretty well under control.

    就我們的能源風險而言,我們做得很好。團隊在我們的 colo 談判中做得很好。如果您考慮我們的成本,我們的服務器成本與帶寬方面的成本相當隔離,而帶寬方面的成本往往是通貨緊縮的。 Colo,有一些能量暴露,但團隊在嘗試鎖定長期交易方面做得非常好。我們沒有看到這一點。這可能會在明年晚些時候開始影響我們。但是現在,我們已經很好地控制了它。

  • Operator

    Operator

  • And our next question today comes from James Breen at William Blair.

    我們今天的下一個問題來自威廉布萊爾的詹姆斯布林。

  • James Dennis Breen - Communication Services Analyst

    James Dennis Breen - Communication Services Analyst

  • Can you just talk a little bit about the compute business? I recognize it was up a lot year-over-year after you closed Linode. It was up a few million quarter-to-quarter. What do you have to do to accelerate that business? Is it building out more resources? Is it just you're getting some larger customers? And sort of what are the thoughts there on what that could ultimately grow? It seems like with the opportunity, it could grow faster than the security business.

    你能談談計算業務嗎?我認識到在您關閉 Linode 後,它的年復一年增加了很多。季度環比增長了數百萬。你必須做些什麼來加速這項業務?它是在建立更多的資源嗎?只是您獲得了一些更大的客戶嗎?對最終會發展的東西有什麼想法?似乎有了這個機會,它可能會比安全業務增長得更快。

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes. Great question. The compute business, even before Linode, was on a pretty strong trajectory of growth. And with Linode, that accelerates it a lot. As you look to the future, the big growth comes when we're tapping into the core cloud compute market, a market that's over $100 billion today and growing rapidly. And that's something that we're working really hard on now to -- so we can exploit that next year. And that involves increasing scale, having a lot more core compute regions and then introducing the lighter-weight distributed computing regions.

    是的。好問題。甚至在 Linode 之前,計算業務就處於相當強勁的增長軌道上。有了 Linode,這大大加快了速度。展望未來,當我們進入核心雲計算市場時,巨大的增長就會到來,這個市場如今已超過 1000 億美元,並且增長迅速。這是我們現在非常努力的事情——所以我們可以在明年利用它。這涉及擴大規模,擁有更多的核心計算區域,然後引入更輕量級的分佈式計算區域。

  • So that we'll be in a position to offer at least as good or better performance integration into the Akamai platform, which has great delivery, great security and, of course, edge computing at a lower total cost of ownership. And for a lot of our customers, especially you think of the media vertical and the commerce vertical, they spend a lot more on compute than they do with delivery and security. Moreover, they compete pretty heavily with the hyperscalers.

    因此,我們將能夠在 Akamai 平台中提供至少一樣好的或更好的性能集成,該平台具有出色的交付能力、出色的安全性,當然還有邊緣計算,並且總擁有成本更低。對於我們的很多客戶,尤其是媒體垂直和商業垂直,他們在計算上的花費比在交付和安全上的花費要多得多。此外,他們與超大規模企業競爭相當激烈。

  • So the big growth for us, what we're really going after over the next several years is in that core cloud compute market, mission-critical applications for major enterprises because that's a very big potential market for us. And that's what will drive our -- the major growth in compute, and ultimately, I think the company going forward.

    因此,對我們來說,未來幾年我們真正追求的巨大增長是核心雲計算市場,主要企業的關鍵任務應用程序,因為這對我們來說是一個非常大的潛在市場。這就是推動我們的 - 計算的主要增長,最終,我認為公司會向前發展。

  • Operator

    Operator

  • And our next question today comes from James Fish at Piper Sandler.

    我們今天的下一個問題來自 Piper Sandler 的 James Fish。

  • James Edward Fish - VP & Senior Research Analyst

    James Edward Fish - VP & Senior Research Analyst

  • I appreciate the questions. Obviously, I agree with you on deceleration in traffic overall, especially on the media side. But what makes you guys confident that you aren't losing traffic share of some of the media customers, especially as you're purposely not doing some of these large events, for example, or kind of the gaming peak traffic? And any sense to how much that's kind of impacting the media business this quarter in this year overall that we should kind of normalize as we start to think about for next year?

    我很欣賞這些問題。顯然,我同意你對整體流量減速的看法,尤其是在媒體方面。但是,是什麼讓你們確信自己不會失去一些媒體客戶的流量份額,尤其是當你故意不參加這些大型活動或遊戲高峰流量時?在我們開始考慮明年的問題時,我們應該在今年這個季度整體上對媒體業務產生多大的影響,這有什麼意義嗎?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Jim, this is Ed. Good question. So actually with traffic, we are starting to see a little bit of a recovery in September. It continued a bit in October as well. But in general, it is, as we talked about, a much lower year relative to what we typically see.

    吉姆,這是埃德。好問題。所以實際上在流量方面,我們在 9 月開始看到一點點復甦。它在 10 月也持續了一段時間。但總的來說,正如我們所說,與我們通常看到的相比,這一年要低得多。

  • As far as the specific customers, you're talking about only a handful of big customers that can drive this kind of peak. And these particular customers all have multi-CDN. So in this particular case, we did lose a couple of million dollars. It's not significant in terms of the impact on the year. But as you can see, it saved us about, call it, 4 points on CapEx. So it's pretty meaningful from an overall economic standpoint.

    至於具體的客戶,你說的只有少數大客戶可以推動這種高峰。這些特定客戶都擁有多 CDN。所以在這種特殊情況下,我們確實損失了幾百萬美元。就對當年的影響而言,這並不顯著。但正如您所見,它為我們節省了大約 4 分的資本支出。因此,從整體經濟角度來看,這非常有意義。

  • Now that said, we still -- these still are big -- very big customers of ours. They've just sort of flattened out the peak a bit. So as their daily average traffic is not growing as quickly, the economics just don't work for us anymore. So we just -- they're still good customers of ours, but just decided we weren't going to allow them to peak as much as they did in the past. It just makes sense for us. But it's not an overly material number. A few million dollars is the way to think about it.

    話雖如此,我們仍然 - 這些仍然是我們的大客戶。他們只是稍微拉平了峰值。因此,由於他們的每日平均流量增長不那麼快,經濟對我們來說不再適用。所以我們只是 - 他們仍然是我們的好客戶,但只是決定我們不會讓他們像過去那樣達到頂峰。這對我們來說很有意義。但這並不是一個過於重要的數字。幾百萬美元是考慮它的方式。

  • James Edward Fish - VP & Senior Research Analyst

    James Edward Fish - VP & Senior Research Analyst

  • That's helpful. I appreciate that. Maybe following up a little bit on Keith's prior question around more specifically on the security growth, which slowed to about 15% when I normalize everything. What makes you guys confident that we're going to see an acceleration of this business back to that 20% all-in constant currency growth rate over the next couple of years? And is the impact today being more felt on the new business side, given kind of your comments along elongating sales cycles? Or is it you're seeing a slowdown in existing customers' expansion as well?

    這很有幫助。我很感激。也許對 Keith 之前的問題進行一些更具體的關於安全性增長的問題,當我將所有內容標準化時,安全性增長放緩至 15% 左右。是什麼讓你們相信我們將看到這項業務在未來幾年內加速回到 20% 的全面固定貨幣增長率?鑑於您對延長銷售週期的評論,今天的影響是否更多地體現在新業務方面?或者您是否也看到現有客戶的擴張放緩?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes. Good question. The 20% goal, of course, includes M&A, and we're about to do the year-over-year lapping on Guardicore, which is a very successful acquisition. And we haven't announced any other acquisitions in security to sort of fill that gap. In terms of increasing the security growth rate over time, obviously, the global economic conditions are important there.

    是的。好問題。當然,20% 的目標包括併購,我們即將對 Guardicore 進行逐年對比,這是一次非常成功的收購。而且我們還沒有宣布任何其他安全收購來填補這一空白。就隨著時間的推移提高安全增長率而言,顯然,全球經濟狀況在那裡很重要。

  • Also, we've got several of the newer products that are growing very rapidly. Aside from Guardicore, bot management doing extremely well. The new Account Protector solution doing very well. Page integrity management, which will be, I think, really important for companies that want to be PCI compliant beginning in 2025, and they're already working towards that.

    此外,我們還有一些增長非常迅速的新產品。除了 Guardicore,機器人管理做得非常好。新的 Account Protector 解決方案做得很好。頁面完整性管理,我認為,對於希望從 2025 年開始符合 PCI 的公司來說,這將非常重要,而且他們已經在努力實現這一目標。

  • Those areas are doing very well in terms of growth, but they're still small enough in revenue that they can't swing the whole number as much. The vast majority of our security revenue today is in the app and the API protection area. And the large majority of that is in our web app firewall, where we're the market leader by far and continuing to grow that faster than the market and our competitors there.

    這些領域在增長方面做得非常好,但它們的收入仍然足夠小,以至於它們不能像整個數字那樣擺動。我們今天的絕大多數安全收入都來自應用程序和 API 保護領域。其中大部分是在我們的網絡應用程序防火牆中,到目前為止,我們是市場領導者,並且繼續以比市場和我們的競爭對手更快的速度增長。

  • But that market is -- as a whole, is slower growing. So what we'll need to see is better economic environment, continued growth in the rapidly growing products that are -- as they get bigger, their rapid growth can drive security as a whole, and ultimately, M&A, which is a key part of the 20% goal.

    但這個市場——作為一個整體,增長緩慢。因此,我們需要看到更好的經濟環境,快速增長的產品的持續增長——隨著它們的規模越來越大,它們的快速增長可以推動整個安全,最終,併購是關鍵部分20%的目標。

  • Operator

    Operator

  • And ladies and gentlemen, our next question today comes from Frank Louthan at Raymond James.

    女士們先生們,我們今天的下一個問題來自 Raymond James 的 Frank Louthan。

  • Frank Garrett Louthan - MD of Equity Research

    Frank Garrett Louthan - MD of Equity Research

  • Great. With the sales cycle more elongated, can you give us a little more detail there? Is that across the board? Is it concentrated in any verticals? And give us a little bit more color on what's driving that. Is it more economic? Or is there anything to do with the mix with Linode and compute that's sort of making the suite of services take a little longer for folks to make a decision?

    偉大的。隨著銷售週期的拉長,您能告訴我們更多細節嗎?這是全面的嗎?它是否集中在任何垂直領域?並給我們更多關於驅動它的顏色。是不是更經濟?或者與 Linode 和計算的混合有什麼關係,這會使得服務套件需要更長的時間讓人們做出決定?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Frank, good question. So actually, I'll start with Linode. Actually, Linode in an environment like this, given what Tom talked about, we will be able to provide comparable services at a much better set of economics and actually think is an opportunity for us. So I would expect that as we go into next year, that should be a tailwind for us.

    弗蘭克,好問題。所以實際上,我將從 Linode 開始。實際上,鑑於 Tom 所說的,在這樣的環境中,Linode 將能夠以更好的經濟條件提供可比較的服務,並且實際上認為這對我們來說是一個機會。所以我預計,當我們進入明年時,這對我們來說應該是順風。

  • On the headwind side, we are seeing across the board, certainly from a geographic perspective, that sales cycles are elongating. We've seen some deals push. Probably the easiest place to identify it is in Guardicore. Guardicore, as Tom mentioned, is still doing really well, but we have a dedicated sales team. So it's a little bit easier to track those deals as they're going through the pipeline. Those deals also sometimes tend to be a little bit larger. So it's a little bit easier to follow that.

    在逆風方面,我們全面看到,當然從地理角度來看,銷售週期正在延長。我們已經看到一些交易推動。可能最容易識別它的地方是 Guardicore。正如湯姆所說,Guardicore 仍然做得很好,但我們有一個專門的銷售團隊。因此,在這些交易通過管道時跟踪它們會更容易一些。這些交易有時也往往會更大一些。因此,遵循這一點要容易一些。

  • With our business, given it's a SaaS business and we've got recurring revenue contracts are constantly going through and renewing contracts, what you're seeing is some customers that are talking about, say, adding Page Integrity Manager or a Bot Manager or Account Protector, just pushing that off into the future as they go through their budget cycle.

    對於我們的業務,鑑於它是一項 SaaS 業務,並且我們的經常性收入合同不斷通過和續簽合同,您看到的是一些客戶正在談論,例如,添加頁面完整性管理器或機器人管理器或帳戶保護者,只是在他們完成預算週期時將其推遲到未來。

  • So we're not seeing as much on the renewal side from an upgrade perspective. So a little bit of slowness there. And then from the new customer acquisition perspective, I think pretty much every tech company you talk to these days is seeing it a little bit harder to attract new customers. So it's a little bit of a combination of everything as we've just been impacted by this economic impact here.

    因此,從升級的角度來看,我們在更新方面並沒有看到太多。所以那裡有點慢。然後從新客戶獲取的角度來看,我認為現在你與之交談的每一家科技公司都認為吸引新客戶有點困難。因此,這是所有方面的一點點組合,因為我們剛剛受到了這裡的經濟影響。

  • Operator

    Operator

  • And our next question today comes from Fatima Boolani with Citigroup.

    我們今天的下一個問題來自花旗集團的 Fatima Boolani。

  • Unidentified Analyst

    Unidentified Analyst

  • This is [Mark] on for Fatima. So just maybe a follow-up in regards to the September and October recovery on the delivery side you're starting to see. Can you maybe give a sense of which end market cohort is really driving that momentum? And then when you're going to negotiating tables in regards to pricing and other contract terms, can you also give us a sense of how that has been developing?

    這是法蒂瑪的[Mark]。因此,也許只是關於您開始看到的交付方面的 9 月和 10 月復甦的後續行動。您能否大致了解哪個終端市場群體真正推動了這種勢頭?然後,當您要就定價和其他合同條款進行談判時,您能否也讓我們了解一下它是如何發展的?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Sure. Yes. So in terms of the traffic sort of getting a little bit healthier, I would say, coming out of the summer months, media is probably the vertical that it's most obvious in. So we're starting to see that across video, a little bit in gaming. Gaming is still overall very, very weak compared to what it's been in the future, but a little bit of an uptick here in the gaming vertical over the last couple of months. And then your other question, can you just remind me again? I forget.

    當然。是的。因此,就流量變得更健康而言,我想說,從夏季開始,媒體可能是最明顯的垂直領域。所以我們開始在視頻中看到這一點在遊戲中。與未來相比,遊戲總體上仍然非常非常弱,但在過去幾個月中,遊戲垂直市場略有上升。然後你的另一個問題,你能再提醒我一次嗎?我忘了。

  • Unidentified Analyst

    Unidentified Analyst

  • Sorry, just in terms of pricing and other contract terms as you guys go to the negotiation table.

    抱歉,就價格和其他合同條款而言,你們去談判桌。

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. So one of the things we talked about is, obviously, like in the media division in particular, media verticals in particular, as we see traffic levels decline or not grow as quickly, I should say, we typically would give a discount commensurate with what you see in the traffic growth rate.

    是的。因此,我們談到的一件事顯然是,特別是在媒體部門,特別是媒體垂直行業,因為我們看到流量水平下降或增長不那麼快,我應該說,我們通常會給予與什麼相稱的折扣你看到的流量增長率。

  • So obviously, as traffic growth rates are not growing as quickly, we are lowering our discounts that we're providing to our customers, and we're starting to see that make its way through the system. It will take a while for it to really impact the growth as we go through our renewal cycles, but I am seeing that the pricing declines are certainly moderating a bit.

    很明顯,由於流量增長速度沒有那麼快,我們正在降低我們提供給客戶的折扣,我們開始看到它通過系統。隨著我們的更新周期,它需要一段時間才能真正影響增長,但我看到價格下降肯定會有所緩和。

  • Unidentified Analyst

    Unidentified Analyst

  • Okay. Got it. And then maybe just a follow-on, on the lighter-weight development. Any sense of how the customers -- are there any #1 customers in the beta testing phase? And also, I guess, where -- what are sort of the milestones we should look out there -- look out for there?

    好的。知道了。然後可能只是輕量級開發的後續產品。對客戶有什麼感覺——在 beta 測試階段是否有排名第一的客戶?而且,我想,我們應該在哪裡尋找什麼樣的里程碑?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • I didn't catch the question. Can you repeat the question, please?

    我沒聽懂這個問題。請你再重複一遍這個問題好嗎?

  • Unidentified Analyst

    Unidentified Analyst

  • Sorry, just in terms of the lighter-weight deployment on, I guess, the cloud side? Yes.

    抱歉,就我猜是雲端的輕量級部署而言?是的。

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes. And what's the question about the lighter-weight deployment?

    是的。輕量級部署的問題是什麼?

  • Unidentified Analyst

    Unidentified Analyst

  • Yes. Just in terms of, are there any customers currently in the beta phase or testing out the product and how has that feedback been? And then are there any milestones we should look out for?

    是的。就目前而言,是否有任何客戶處於測試階段或正在測試產品,反饋如何?然後有什麼里程碑是我們應該注意的嗎?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Good. Okay. So there are customers on the platform today and a key reason that they are using Linode and plan to grow their use of Linode is because of these deployments. And the advantage of the lighter-weight deployments is we can get into markets, into regions where it's hard to build out a massive core compute data center so that we're going to have before -- next year more than double by having over a couple of dozen of the core compute data centers, but several dozen more of these lighter-weight distributed locations, where you can do the compute.

    好的。好的。因此,今天平台上有客戶,他們使用 Linode 併計劃增加對 Linode 的使用的一個關鍵原因是這些部署。輕量級部署的優勢在於,我們可以進入市場,進入難以建立大規模核心計算數據中心的地區,這樣我們將擁有以前的數據中心——明年通過超過幾十個核心計算數據中心,但還有幾十個這樣的輕量級分佈式位置,您可以在其中進行計算。

  • You wouldn't have huge monolithic storage there, but you don't need that. That can be in the core regions. And that is a key consideration to some of our larger customers that are working with Linode today, doing proofs-of-concept, so in some cases, already running mission-critical applications. Because those lighter weight regions being closer to enterprise data centers in many parts of the world and to end users gives you better performance.

    你不會在那裡擁有巨大的單體存儲,但你不需要它。那可以在核心區域。這是我們今天與 Linode 合作的一些大客戶的一個關鍵考慮因素,他們進行概念驗證,因此在某些情況下,已經在運行關鍵任務應用程序。因為那些更靠近世界許多地方的企業數據中心和最終用戶的重量較輕的區域可以為您提供更好的性能。

  • And I think that will put Akamai in a great position to have equal or better performance than the hyperscalers. Of course, we have already our edge deployment with 4,000 locations, which also supports edge computing on top of delivery. And for a total -- lower total cost of ownership. So yes, the lightweight distributed regions are important for a lot of our customers and prospects with among the major enterprises on Linode.

    而且我認為這將使 Akamai 處於與超大規模服務器相同或更好的性能的有利位置。當然,我們已經有 4,000 個位置的邊緣部署,它還支持在交付之上進行邊緣計算。總體而言 - 降低了總擁有成本。所以,是的,輕量級分佈式區域對於我們在 Linode 上的主要企業中的許多客戶和潛在客戶來說非常重要。

  • Operator

    Operator

  • And our next question today comes from Michael Elias at Cowen and Company.

    我們今天的下一個問題來自 Cowen and Company 的 Michael Elias。

  • Michael Elias - Research Associate

    Michael Elias - Research Associate

  • The first one, you mentioned it a bit ago relating to your long-term guidance and M&A on the security front. Just a question around how would you describe the pipeline of opportunities for M&A in the security market? And as part of that, maybe any capabilities which are top of mind as you think about adding to the platform?

    第一個,您剛才提到它與您在安全方面的長期指導和併購有關。只是一個關於您如何描述證券市場併購機會的問題?作為其中的一部分,當您考慮添加到平台時,可能有什麼功能是您最關心的?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes, we have a large pipeline, and we generally do. We're constantly looking for appropriate acquisitions. As Ed said, we're very disciplined buyers, though. And the market as a whole is still highly priced. I think the realities of what's going on in the global economy haven't fully set in yet. That may take another year. And so because we're very careful buyers, we're being very selective there.

    是的,我們有一個很大的管道,我們通常這樣做。我們一直在尋找合適的收購。正如 Ed 所說,我們是非常有紀律的買家。而且整個市場的價格仍然很高。我認為全球經濟正在發生的事情的現實還沒有完全確定。這可能還需要一年時間。所以因為我們是非常謹慎的買家,所以我們在那裡非常挑剔。

  • I think there's a variety of capabilities that would be interesting as tech tuck-ins. And occasionally, we'll make an acquisition with a product adjacency. I think Guardicore has been a fabulous acquisition. They're the market leaders now in segmentation, making Akamai the market leader there. And I think that's the most important defense an enterprise can have.

    我認為有多種功能作為技術插件會很有趣。有時,我們會進行與產品鄰接的收購。我認為 Guardicore 是一次了不起的收購。他們現在是細分市場的領導者,使 Akamai 成為那裡的市場領導者。我認為這是企業可以擁有的最重要的防禦。

  • You can buy every company's Zero Trust offer, and malware is still getting into enterprises. And the real key is to identify it quickly and proactively block it from spreading. And that's how you limit the damage caused by ransomware and data exfiltration attacks. And that's what Guardicore does. And so I think very important strategic product with enterprise security and Zero Trust. But over time, I think there'll be other capabilities that we'll be interested in, in terms of broadening the portfolio.

    您可以購買每家公司的零信任產品,惡意軟件仍在進入企業。而真正的關鍵是快速識別並主動阻止其傳播。這就是您限制勒索軟件和數據洩露攻擊造成的損害的方式。這就是Guardicore所做的。所以我認為具有企業安全和零信任的非常重要的戰略產品。但隨著時間的推移,我認為在擴大產品組合方面,我們還會感興趣的其他功能。

  • Michael Elias - Research Associate

    Michael Elias - Research Associate

  • Got it. Now just a philosophical question for you, Tom. Over the years, you've taken steps to continue to grow the business and expand Akamai into new verticals. But the stock really hasn't responded in the way that I think you would have liked, just given some of your prior comments. My question for you is, as you think about executing the long-term vision for Akamai, do you believe being a public company is the right setting for you to achieve that long-term vision?

    知道了。現在對你來說只是一個哲學問題,湯姆。多年來,您已採取措施繼續發展業務並將 Akamai 擴展到新的垂直領域。但這隻股票確實沒有以我認為你會喜歡的方式做出回應,只是給出了你之前的一些評論。我的問題是,當您考慮執行 Akamai 的長期願景時,您認為成為一家上市公司是您實現該長期願景的正確環境嗎?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes, sure. I think it's great being a public company. And yes, I do think the stock is undervalued where we are today in this market. And that's why I'm going to buy more shares. It's -- and over time, the stock has grown. And I think there's excellent prospects for future growth as we continue to grow Akamai.

    是的,當然。我認為成為一家上市公司很棒。是的,我確實認為股票在這個市場上被低估了。這就是為什麼我要購買更多股票的原因。這是 - 隨著時間的推移,股票已經增長。我認為隨著我們繼續發展 Akamai,未來的增長前景非常好。

  • And I'm really excited about what we can do in the compute landscape. That's an enormous market. You just look at Akamai, next year, probably security will be our biggest product line. That's a big step forward, given that we started as a CDN company. And I think if you look 3 to 5 years down the road, well, maybe in that time frame, compute could be our largest product line.

    我對我們在計算領域可以做的事情感到非常興奮。這是一個巨大的市場。你看看 Akamai,明年,可能安全性將是我們最大的產品線。鑑於我們最初是一家 CDN 公司,這是向前邁出的一大步。而且我認為,如果您展望未來 3 到 5 年,那麼,也許在那個時間範圍內,計算可能是我們最大的產品線。

  • So I think there's lots of opportunity for continued growth. We're very disciplined when it comes to cost, and that means there's a lot of opportunity for bottom line growth in earnings per share. We've continued to buy back our equity to reduce the number of shares outstanding. So I think there's a great value proposition for public Akamai shareholders.

    所以我認為有很多持續增長的機會。我們在成本方面非常自律,這意味著每股收益的底線增長有很多機會。我們繼續回購我們的股權以減少流通股的數量。因此,我認為對於 Akamai 的公開股東來說,這是一個巨大的價值主張。

  • Operator

    Operator

  • And our next question today comes from Tim Horan with Oppenheimer.

    今天我們的下一個問題來自蒂姆霍蘭和奧本海默。

  • Timothy Kelly Horan - MD & Senior Analyst

    Timothy Kelly Horan - MD & Senior Analyst

  • I hate to harp on it, but the sales slowdown, can you just give us a little more color maybe when you started to see it? Is it continuing? Maybe what the lag is in terms of sales and revenue showing up? Just I'm trying to get a sense of what next year's revenue growth could be. I guess, at a high level, are we looking at 2 or 3 more quarters of flat from what we know now? Or at a high level, can growth be better next year than this year at this point?

    我討厭豎琴,但銷售放緩,你能不能給我們多一點顏色,也許當你開始看到它?是否繼續?也許在銷售和收入方面的滯後是什麼?只是我想了解明年的收入增長可能是多少。我想,在較高的水平上,我們是否會看到比我們現在所知道的多 2 個或 3 個季度的公寓?或者在高水平上,明年的增長能比今年更好嗎?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Jim, let me take a stab at that. So I would say we started to see it really in this quarter and continue -- sorry, this quarter, meaning Q3, sorry, we're reporting Q3, continuing here in Q4. Hard to say how long this economic slowdown lasts. Now keep in mind, most of our business is under contract.

    吉姆,讓我試一試。所以我想說我們在本季度開始真正看到它並繼續 - 對不起,本季度,意思是第三季度,對不起,我們報告第三季度,在第四季度繼續。很難說這種經濟放緩會持續多久。現在請記住,我們的大部分業務都在簽訂合同。

  • The impact of the new signings doesn't have an overly material impact on the business, especially in any one given quarter. Obviously, over a prolonged period of time, it can slow growth down a bit. I think the bigger thing to think about as you build your models is the impact that foreign exchange has had. I've been trying to call it out as we go. Obviously, the dollar has gotten stronger throughout the year.

    新簽約的影響不會對業務產生過於重大的影響,尤其是在任何一個特定季度。顯然,在很長一段時間內,它可以稍微減緩增長。我認為在構建模型時要考慮的更重要的事情是外匯所產生的影響。我們走的時候我一直在試著把它說出來。顯然,美元全年都在走強。

  • So when you think about from an as-reported perspective, that's going to be a pretty big headwind. If you annualized at a point we went back all the way to the beginning of the year, you're talking a couple of hundred million dollars of revenue or $0.40 of EPS, a couple of points of operating margin.

    因此,當您從報告的角度考慮時,這將是一個很大的逆風。如果你在我們一直追溯到年初的某個時間點進行年化計算,你說的是幾億美元的收入或 0.40 美元的每股收益,幾個點的營業利潤率。

  • But that's a much bigger issue in terms of growth. And given our strong growth internationally, FX, assuming the dollar continues to get stronger, is something that I'd be more concerned about from a growth perspective. But we'll give you an update on guidance next year when we have our Q1 call -- or excuse me, our Q4 earnings call in Q1. So I'm not going to provide any guidance right now, but hopefully that gives you enough color to think about it.

    但就增長而言,這是一個更大的問題。鑑於我們在國際上的強勁增長,假設美元繼續走強,從增長的角度來看,我會更關心外匯。但是,當我們在第一季度召開電話會議時,我們將在明年向您提供有關指導的最新信息——或者對不起,我們在第一季度的第四季度財報電話會議。所以我現在不打算提供任何指導,但希望這能給你足夠的色彩來思考它。

  • Timothy Kelly Horan - MD & Senior Analyst

    Timothy Kelly Horan - MD & Senior Analyst

  • On FX, some of your largest competitors, particularly in cloud, but even on the kind of CDN security space, people had a bundling kind of charge in dollars pretty regularly. And some of your other smaller, one in main competitors in Linode has raised prices quite a bit here lately. Have you thought about maybe switching over the pricing in dollars? Or do you do much of that? And have you taken any pricing steps to increase prices?

    在 FX 上,你的一些最大的競爭對手,尤其是在雲計算領域,但即使在 CDN 安全領域,人們也經常以美元計費。最近,您在 Linode 的其他一些較小的、主要競爭對手中的一些已經提高了相當多的價格。您是否考慮過以美元計價?還是你做的很多?您是否採取了任何定價措施來提高價格?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. So we tend to price most of our -- not all of our international business is in the local currency, most of it is, though. So you can see that's why we have such a big impact. Generally speaking, it's hard to switch with a customer who has been paying in one currency and then switching to another one.

    是的。因此,我們傾向於為我們的大部分業務定價——並非我們所有的國際業務都以當地貨幣計價,但大部分都是。所以你可以看到這就是我們產生如此大影響的原因。一般而言,很難與一直以一種貨幣付款然後切換到另一種貨幣的客戶進行轉換。

  • Then you also -- the -- in terms of price increases, too, that's not something that we're considering at this point. Obviously, it's kind of a risky thing to do, when you see companies raise prices. Part of the reason we're actively looking to move our cloud spend is for the reason that we're seeing the suppliers in that area either increase price or not give any commensurate declines with volume increases.

    然後你也 - 就價格上漲而言,這也不是我們目前正在考慮的事情。顯然,當您看到公司提高價格時,這樣做是有風險的。我們積極尋求轉移我們的雲支出的部分原因是我們看到該領域的供應商要么提高價格,要么沒有隨著數量的增加而出現任何相應的下降。

  • So I think the long-term strategy of introducing price increases can come back and backfire on you. So we're not planning on -- we're not going to be making any changes in terms of changing customers out from paying in local currency to dollars.

    所以我認為引入價格上漲的長期策略可能會反過來對你產生反作用。所以我們沒有計劃 - 我們不會在將客戶從當地貨幣支付改為美元支付方面做出任何改變。

  • Timothy Kelly Horan - MD & Senior Analyst

    Timothy Kelly Horan - MD & Senior Analyst

  • In the U.K., you're 20% below your peers in the last 9 months of price reduction effectively. But my last question is, Linode, is your OpEx and CapEx run rate enough to transition Linode and grow Linode?

    在英國,在過去 9 個月的有效降價中,您的價格比同行低 20%。但我的最後一個問題是,Linode,您的 OpEx 和 CapEx 運行率是否足以過渡 Linode 並發展 Linode?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. So if you think about where the investments are going to be, and that's where we're primarily investing our headcount is in Linode and also in security. And Tom also mentioned that we'll be moving some of the people that have skills that are transferable. If you think about building out, scaling up a CDN, there's a lot of transferable skills. So we'll be able to move some folks that have talent into that group as well.

    是的。因此,如果您考慮投資將在哪裡,那是我們主要投資的地方,我們的員工人數在 Linode 和安全方面。湯姆還提到,我們將調動一些具有可轉移技能的人。如果您考慮構建、擴展 CDN,則有很多可轉移的技能。因此,我們也可以將一些有才華的人轉移到該組中。

  • So that won't put any pressure on the bottom line, but we will be spending some money and continuing to grow because we think the opportunity is significant. And then on a CapEx perspective, we will be building out to take in the consideration, moving our own workloads as well as the future demand, and we'll give you an update on that at the next call.

    所以這不會對底線造成任何壓力,但我們將花費一些錢並繼續增長,因為我們認為機會很重要。然後從資本支出的角度來看,我們將建立考慮,移動我們自己的工作負載以及未來的需求,我們將在下一次電話會議上向您提供最新信息。

  • Operator

    Operator

  • And the next question comes from Amit Daryanani with Evercore.

    下一個問題來自 Evercore 的 Amit Daryanani。

  • Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

    Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

  • I have 2 as well. I guess maybe on the first one, if you could just talk about the edge business, the Linode asset. And I guess, maybe the question I struggled with a fair bit is, can you grow this business on the cloud infrastructure side without sacrificing operating margins over the next several years? Or is that growth in Linode on the edge side going to come at lower margins inherently?

    我也有2個。我想也許是第一個,如果你能談談邊緣業務,Linode 資產。而且我想,也許我一直在苦苦掙扎的問題是,您能否在未來幾年不犧牲運營利潤的情況下在雲基礎設施方面發展這項業務?或者邊緣端 Linode 的增長是否會固有地以較低的利潤率出現?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. So good question. I think we bring some pretty interesting synergy. I just mentioned on the last question how we've got a lot of skill sets in-house that can do, say, network build-outs, for example. We don't have to build out a separate team to do network build-outs. We've got engineering talent in-house.

    是的。這麼好的問題。我認為我們帶來了一些非常有趣的協同作用。我剛剛在最後一個問題上提到了我們如何在內部擁有很多技能組合,例如可以進行網絡建設。我們不必建立一個單獨的團隊來進行網絡建設。我們內部有工程人才。

  • We also have a big enterprise sales force in place that Tom talked earlier in one of the earlier questions about the spending of some of our larger verticals and the relationships we have with those customers who are spending probably 10 to 15x more on cloud computing than they are on CDN. So there's a significant synergy that you get there.

    我們還擁有一支龐大的企業銷售隊伍,Tom 在之前的一個問題中談到了我們一些較大的垂直行業的支出以及我們與那些在雲計算上的支出可能比他們多 10 到 15 倍的客戶的關係。在 CDN 上。因此,您可以實現顯著的協同作用。

  • And then also with our network infrastructure that we have built out, Tom talked about connecting our backbone to the existing Linode centers. That drives a significant cost benefit. So I think that actually, we could have very attractive operating margins, similar to what I showed on the IR Day. We get pretty good operating leverage, just like we did with the security business. So long term, our goal is to get back to 30% or higher in operating margin. And I think as we scale that business, we should be able to do it.

    然後還有我們已經建立的網絡基礎設施,Tom 談到了將我們的骨幹網連接到現有的 Linode 中心。這帶來了顯著的成本效益。所以我認為實際上,我們可以擁有非常有吸引力的營業利潤率,類似於我在 IR Day 上展示的那樣。我們獲得了相當不錯的運營槓桿,就像我們在安全業務中所做的那樣。從長遠來看,我們的目標是讓營業利潤率恢復到 30% 或更高。我認為,隨著我們擴大業務規模,我們應該能夠做到。

  • Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

    Amit Jawaharlaz Daryanani - Senior MD & Fundamental Research Analyst

  • Got it. And then, I guess, maybe I'd just stick to that theme around Linode. Are there certain use cases that make Linode more attractive more so the top 3 cloud providers that are out there? I guess I'd just love to understand, when you folks walk into a customer pitch, what are the reasons want to use Linode versus some of the peers that might provide a cloud solution at least cheaper? Maybe that would be really helpful. Like what are the 2, 3 reasons that you think stands out?

    知道了。然後,我想,也許我會堅持圍繞 Linode 的主題。是否有某些用例使 Linode 更具吸引力,因此排名前三的雲提供商?我想我很想了解,當你們走進客戶推介時,與一些可能提供至少更便宜的雲解決方案的同行相比,想要使用 Linode 的原因是什麼?也許這真的很有幫助。比如您認為突出的 2、3 個原因是什麼?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes. Let me answer that question in the context of where we'll be next year. Because as you know, we're doing a lot of the build-out now. We're doing -- adding a lot of the functionality now. But if you look at where we'll be this time next year, I think, first, our footprint will be better than that of the hyperscalers. We'll be closer to a lot more enterprise data centers' end users.

    是的。讓我在明年的情況下回答這個問題。因為如您所知,我們現在正在進行大量的擴建工作。我們正在做——現在添加很多功能。但如果你看看我們明年這個時候會在哪裡,我認為,首先,我們的足跡將比超大規模的要好。我們將更接近更多企業數據中心的最終用戶。

  • So that means better performance. I think we'll be hooked in now then to the Akamai platform with 4,000 POPs to do delivery, to do the outer layer of security, to do edge computing. So that's a big advantage. As Ed noted, that also lowers our costs substantially for egress. And so lower total cost of ownership is another, I think, very attractive feature that Akamai would have.

    所以這意味著更好的性能。我想我們現在會迷上擁有 4,000 個 POP 的 Akamai 平台來進行交付、進行外層安全性、進行邊緣計算。所以這是一個很大的優勢。正如 Ed 所說,這也大大降低了我們的出口成本。因此,我認為,較低的總擁有成本是 Akamai 擁有的另一個非常有吸引力的功能。

  • Akamai is known for scalability, for reliability in addition. And there's been some pretty well-publicized issues with some of the hyperscalers in terms of reliability, extended issues. And I think that's an area where we can be very competitive. Really the only area where we wouldn't be as competitive as in the large number of third-party apps in the ecosystem that are available as managed services on the hyperscalers. And that's a key way that you get vendor lock-in.

    Akamai 以可擴展性和可靠性著稱。就可靠性和擴展問題而言,一些超大規模公司存在一些廣為人知的問題。我認為這是我們可以非常有競爭力的領域。真的是唯一一個我們不會像生態系統中的大量第三方應用程序那樣具有競爭力的領域,這些應用程序可作為超大規模服務器上的託管服務使用。這是鎖定供應商的關鍵方式。

  • And so customers that want -- enterprises that want to have that, fine, okay? But if you don't want lock-in and you do want better performance at a lower cost, I think Akamai will be very competitive. And also, it's good to keep in mind just relative scale. Those hyperscalers are giant companies. If we can go get 1%, 2% market share in a multi-hundred billion dollar business, that will be very meaningful for us. And I think we're in a position that we can go do that.

    所以想要的客戶——想要擁有它的企業,好吧,好嗎?但是,如果您不希望鎖定並且確實希望以更低的成本獲得更好的性能,我認為 Akamai 將非常具有競爭力。而且,最好記住相對規模。那些超大規模的公司是大公司。如果我們能夠在數千億美元的業務中獲得 1%、2% 的市場份額,那對我們來說將是非常有意義的。我認為我們可以做到這一點。

  • One other issue is that in the sectors where we're very strong like media and commerce, those companies, they compete heavily with at least some of the hyperscalers. And with the cost of the hyperscalers rising, that's becoming more of an issue for those companies.

    另一個問題是,在我們非常強大的領域,比如媒體和商業,那些公司,他們至少與一些超大規模企業展開了激烈的競爭。隨著超大規模企業成本的上升,這對這些公司來說變得越來越重要。

  • You're paying a large bill to a company that's buying out the media rights from underneath you. And that's sort of tough for some of them to take. So I think that also gives us a competitive advantage. We don't compete with our customers. We will help them grow with their business and be good partners to them and they can trust us.

    您正在向一家從您下方購買媒體版權的公司支付巨額賬單。這對他們中的一些人來說有點難以接受。所以我認為這也給了我們競爭優勢。我們不與客戶競爭。我們將幫助他們與他們的業務一起成長,並成為他們的好夥伴,他們可以信任我們。

  • Operator

    Operator

  • And our next question today comes from Mark Murphy at JPMorgan.

    我們今天的下一個問題來自摩根大通的馬克·墨菲。

  • Sonak Kolar - Research Analyst

    Sonak Kolar - Research Analyst

  • Sonak Kolar here on for Mark Murphy. Tom, can you get a bit deeper on the new pricing strategy, particularly around delivery? Have you noted any incremental changes in customer retention or churn levels as a result of some of these pricing adjustments, specifically around some of the inflationary environment pressures driving price sensitivity in the market?

    Sonak Kolar 在這里為馬克墨菲。湯姆,您能否更深入地了解新的定價策略,尤其是在交付方面?您是否注意到由於其中一些定價調整,特別是圍繞推動市場價格敏感度的一些通脹環境壓力,客戶保留或流失水平的任何增量變化?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. This is Ed. No, we haven't seen anything notable. Like if anything, we're actually starting, like I said, to see some bit of a moderation in the pricing declines. So we haven't seen anything on the churn side.

    是的。這是埃德。不,我們沒有看到任何值得注意的東西。就像我說的那樣,我們實際上開始看到價格下降有所緩和。所以我們沒有看到客戶流失方面的任何事情。

  • Sonak Kolar - Research Analyst

    Sonak Kolar - Research Analyst

  • Got it. That's very helpful. And then a quick follow-up. Would you say some of the macro pressures that you've called out have intensified in Q3 relative to Q2? Or has it remained fairly in line with some of the pressures that you called out during the last earnings call?

    知道了。這很有幫助。然後快速跟進。您是否會說您所說的一些宏觀壓力在第三季度相對於第二季度有所加劇?或者它是否與您在上次財報電話會議上提出的一些壓力保持一致?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes, I'd say it's intensified a bit in Q3.

    是的,我會說它在第三季度有所加強。

  • Operator

    Operator

  • And our next question today comes from Rudy Kessinger with D.A. Davidson.

    我們今天的下一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

  • Rudy Grayson Kessinger - Senior VP & Senior Research Analyst

    Rudy Grayson Kessinger - Senior VP & Senior Research Analyst

  • I don't want to belabor the point on security growth. But again, when we exclude Guardicore and look at it at constant currency, it looks like organic has come down about 5 points from Q1 to Q3. And so if you were to look at it, could you maybe break out like what's been the impact in your assessment from the macro and -- versus just maybe some of the larger products maturing and growing slower that's led to that roughly 5-point deceleration in the last couple of quarters?

    我不想在安全性增長上強調這一點。但同樣,當我們排除 Guardicore 並以不變貨幣來看它時,看起來有機從第一季度到第三季度下降了大約 5 個百分點。因此,如果您要查看它,您是否可能會像宏觀評估對您的評估產生的影響一樣爆發,並且-也許只是一些較大的產品成熟且增長緩慢導致大約 5 個百分點的減速在最後幾個季度?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes, I'd say it's a tough one to really figure out what the impact is on the macro. I'd say that's probably -- maybe that's a point or 2. But I think it's really the issue of what Tom talked about, where if you look at the biggest product, we're the market leader in web app firewalls growing faster than the market, but that market isn't growing as fast as some of the other markets that we're in, and it's just not at scale yet.

    是的,我想說要真正弄清楚這對宏觀有什麼影響是一件很難的事。我想說這可能是——也許是一兩點。但我認為這真的是湯姆所說的問題,如果你看看最大的產品,我們是網絡應用防火牆的市場領導者,增長速度比市場,但該市場的增長速度不如我們所處的其他一些市場那麼快,而且還沒有達到規模。

  • So I'd say that's the bigger issue, except those newer products are growing faster at the scale that we're at, just isn't offsetting the slower growth in those -- in the bigger products.

    所以我想說這是更大的問題,除了那些新產品在我們所處的規模上增長更快,只是沒有抵消那些 - 在更大的產品中增長放緩。

  • Rudy Grayson Kessinger - Senior VP & Senior Research Analyst

    Rudy Grayson Kessinger - Senior VP & Senior Research Analyst

  • Okay. And then on Linode, I don't know if you gave it. Could you share how much revenue Linode did in the quarter? And then last quarter, given the commentary today about the increase in cost of the hyperscalers, last quarter, you talked about moving your hyperscaler spend over to Linode internally. Have you started that process yet? And if not, when do you plan to do so?

    好的。然後在 Linode 上,我不知道你是否給了它。你能分享一下 Linode 在本季度的收入嗎?然後上個季度,鑑於今天關於超大規模器成本增加的評論,上個季度,您談到將超大規模器支出轉移到內部的 Linode。你開始這個過程了嗎?如果沒有,你打算什麼時候這樣做?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes, I'll take the first one.

    是的,我會選擇第一個。

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Go ahead, Ed. You take the first part and I'll...

    來吧,埃德。你拿第一部分,我會...

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • I'll do -- mine is pretty simple. So Linode added about $33 million this quarter. Tom, why don't you talk about the movement?

    我會做 - 我的很簡單。因此,Linode 本季度增加了約 3300 萬美元。湯姆,你為什麼不談談運動?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • Yes. So that's well -- the migration of our cloud spend to Linode is well underway. We've already done some. The lion's share of that work or the migration will take place, I would say, over Q1 to Q3 next year. And by the end of next year, we ought to have the vast, vast majority migrated.

    是的。這很好——我們的雲支出向 Linode 的遷移正在進行中。我們已經做了一些。我想說,這項工作或遷移的最大份額將在明年的第一季度到第三季度進行。到明年年底,我們應該讓絕大多數人遷移。

  • Operator

    Operator

  • And ladies and gentlemen, our next question today comes from Tom Blakey with Truist Securities.

    女士們先生們,我們今天的下一個問題來自 Truist Securities 的 Tom Blakey。

  • Thomas Blakey

    Thomas Blakey

  • I think it's been touched on a couple of times by my peers here. Just wanted to get -- go back to that. Some sort of normalized CapEx level, from my estimation, we're clearly overspending on Linode as a percentage of Linode revenue, anyway, right, if you do the percentage of total revenue. And you've made great strides in terms of lowering the CapEx from a delivery perspective down to this kind of 3% to 4% range.

    我想這裡的同齡人已經提到過幾次了。只是想得到 - 回到那個。根據我的估計,某種標準化的資本支出水平,無論如何,如果你計算總收入的百分比,我們顯然在 Linode 上超支佔 Linode 收入的百分比。從交付的角度來看,您在將資本支出降低到這種 3% 到 4% 的範圍方面取得了長足的進步。

  • But as things kind of normalize, Tom, when you look out, and we're at [60-plus], maybe 2/3 of revenue coming from compute security, CapEx is nil. You're just riding the rails of what already exists. What does the CapEx kind of bridge or normalized structure of this company look like a few years from now?

    但是隨著事情逐漸正常化,湯姆,當你注意時,我們處於 [60 多歲],可能 2/3 的收入來自計算安全,資本支出為零。你只是騎在已經存在的軌道上。幾年後,這家公司的資本支出類橋樑或標準化結構會是什麼樣子?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. So I'll take a stab at that. Tom, if you want to add anything, feel free to jump in. So obviously, with the -- what we're talking about here, where Linode was primarily focused on small, medium business, and we're moving towards the enterprise workloads, you're talking about much larger workloads. Even with our own spend and what we're moving, Tom talked about on the last call, we had that we're spending roughly $100 million, that's growing pretty fast.

    是的。所以我會嘗試一下。湯姆,如果您想添加任何內容,請隨時加入。顯然,我們在這裡談論的是,Linode 主要專注於中小型企業,我們正在轉向企業工作負載,您說的是更大的工作負載。即使我們自己的支出和我們正在移動的東西,湯姆在最後一次電話會議上談到,我們已經花費了大約 1 億美元,而且增長非常快。

  • That's a much bigger scale than what Linode was doing. So looking at CapEx as a percentage of existing Linode business isn't the right metric to look at, at this point. But think of it as we're in the build phase. So you can see CapEx is starting to creep up a bit as we're building out, as we see better visibility into demand and also as we start to build out our plans to migrate the workloads that we do have on the hyperscalers on to us.

    這比 Linode 所做的規模要大得多。因此,在這一點上,將資本支出視為現有 Linode 業務的百分比並不是正確的衡量標準。但是請考慮一下,因為我們正處於構建階段。因此,您可以看到隨著我們的建設,資本支出開始略有上升,因為我們看到了對需求的更好可見性,而且隨著我們開始製定計劃,將我們在超大規模計算機上的工作負載遷移到我們身上.

  • So you're going to see a bit of a disjoint. So if you're looking at that as a metric, it doesn't send the right signal. I'd say look at that as more of a bullish signal in terms of how we feel about our customer -- pending customer demand and also how we think we'll be very successful in being able to migrate those workloads. So for the next, say, several quarters, you're going to see more CapEx going into Linode and then the revenue and the cost savings will follow.

    所以你會看到有點脫節。因此,如果您將其視為一個指標,它不會發出正確的信號。我想說的是,就我們對客戶的感覺而言,這更像是一個看漲信號——待定的客戶需求以及我們認為我們將如何能夠非常成功地遷移這些工作負載。因此,在接下來的幾個季度中,您將看到更多的資本支出進入 Linode,然後收入和成本節約將隨之而來。

  • But then if we get -- it really depends on the growth, right? So as you're growing revenue at significant rates, and so you're doubling revenue, you're going to obviously have a higher percentage of CapEx. But then at some point, it will normalize out to approximate what the future revenue growth would be. And so, let's say, for example, we get to 20% growth as a run rate in the long term, your CapEx will probably be somewhere in that range.

    但是,如果我們得到 - 這真的取決於增長,對吧?因此,隨著您的收入以顯著的速度增長,並且您的收入翻了一番,您顯然將擁有更高比例的資本支出。但到了某個時候,它會正常化,以近似未來的收入增長。因此,舉例來說,我們的長期增長率為 20%,您的資本支出可能會在該範圍內。

  • Thomas Blakey

    Thomas Blakey

  • I'm sorry, I didn't understand the last comment of 20% growth in Linode, the CapEx was...

    對不起,我不明白 Linode 增長 20% 的最後評論,資本支出是......

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • No, no, no. So I was using that as an example. What I was saying is we'll give you detailed guidance on what we're going to do next year, but we're in a building phase now where Tom talked about getting into many new centers we're building out for our own demand and also what we're hearing from our customers. So what I was saying is if you're looking at CapEx as a percentage of Linode, it's not the right way to be thinking about it because we're going after a much different business, right? We're going after big enterprise workloads.

    不不不。所以我以它為例。我的意思是,我們將為您提供關於明年我們將要做什麼的詳細指導,但我們現在正處於建設階段,湯姆談到進入我們正在建設的許多新中心以滿足我們自己的需求以及我們從客戶那裡聽到的信息。所以我的意思是,如果您將資本支出視為 Linode 的百分比,這不是正確的思考方式,因為我們正在追求一個完全不同的業務,對吧?我們正在處理大型企業工作負載。

  • So there's a build phase where you have to build out ahead of the demand. And then you'll start to see the revenue come our way. And as you get to scale, like many years out when you get to scale, you can start thinking about as a proxy that roughly speaking, your CapEx would approximate what your future demand is. So if you, say, have a long-term run rate of 20% or 30%, your CapEx will be somewhere in that range. But in the near term, it'll be higher than...

    所以有一個構建階段,您必須在需求之前進行構建。然後你會開始看到我們的收入。當你擴大規模時,就像多年後擴大規模一樣,你可以開始考慮作為一個代理,粗略地說,你的資本支出將近似於你未來的需求。因此,如果您的長期運行率為 20% 或 30%,那麼您的資本支出將在該範圍內。但在短期內,它會高於...

  • Thomas Blakey

    Thomas Blakey

  • That's exactly what I was asking. I understand, obviously, you're overspending today. And that comment was just a structural comment for the question on what CapEx would be as a total percentage of revenue, total revenue in the -- again, when you're at scale for Linode? Will it be structurally lower or higher than delivery?

    這正是我要問的。我明白,很明顯,你今天超支了。該評論只是對資本支出佔收入總百分比的問題的結構性評論,總收入 - 再次,當你在 Linode 的規模上?它會在結構上低於還是高於交付?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • We'll know when we get there. There'll probably be -- certainly higher than what we're seeing in delivery now, but it is a more capital-intensive business by nature.

    我們到了那裡就知道了。可能會 - 肯定比我們現在在交付中看到的要高,但它本質上是一項資本密集型業務。

  • Thomas Blakey

    Thomas Blakey

  • It's a more capital-intensive business with compute, okay.

    這是一個更資本密集型的計算業務,好吧。

  • Operator

    Operator

  • And our next question today comes from Will Power at Baird.

    我們今天的下一個問題來自 Baird 的 Will Power。

  • Charles Joseph Erlikh - Senior Research Associate

    Charles Joseph Erlikh - Senior Research Associate

  • This is Charlie Erlikh on for Will. I just wanted to ask a 2-parter on the comment that you guys are going to basically take some resources from delivery and put them into security and compute headcount-wise and hiring-wise. So the first part is, how do you feel about competition for talent in the security business and the compute business maybe relative to a few months ago? Kind of what does that hiring environment look like in those 2 businesses?

    這是查理Erlikh為威爾。我只是想問一個 2-parter 的評論,你們基本上將從交付中獲取一些資源,並將它們投入到安全和計算員工人數和招聘方面。所以第一部分是,相對於幾個月前,您對安全業務和計算業務的人才競爭有何看法?這兩家企業的招聘環境是什麼樣的?

  • And then part 2 on the delivery side, how should we interpret that comment as far as trying to turn around that delivery business and just sort of what should we expect from that business as far as trends going forward?

    然後是關於交付方面的第 2 部分,就試圖扭轉交付業務而言,我們應該如何解釋該評論,以及就未來趨勢而言,我們對該業務的期望是什麼?

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • I'll take the first question. It's still a competitive market for hiring. We've been very pleased to see our attrition rates take a major drop over the last quarter. We had stayed at low attrition rates through COVID, well better than market, ticked up a little bit in the first half of the year, but now again down to, over the last 3 months, very low attrition.

    我會回答第一個問題。它仍然是一個競爭激烈的招聘市場。我們很高興看到我們的離職率在上個季度大幅下降。通過 COVID,我們一直保持在低流失率,遠好於市場,在今年上半年略有上升,但現在再次下降到過去 3 個月的非常低的流失率。

  • We have very successful recruiting. Akamai is considered to be a great place to work as measured by the various studies that are done and also employee satisfaction surveys that we do. So people really like working at Akamai. We have really great employees, very smart. We set a high bar for who we recruit.

    我們的招聘非常成功。根據已完成的各種研究以及我們所做的員工滿意度調查,Akamai 被認為是一個理想的工作場所。所以人們真的很喜歡在 Akamai 工作。我們有非常優秀的員工,非常聰明。我們為招聘人員設定了很高的標準。

  • And of course, everybody wants to hire those people. And pretty much everybody wants to hire Akamai employees. But our retention rates are good. I would say our success in hiring is good, but it's a competitive market out there. And Ed, do you want to talk about the delivery business?

    當然,每個人都想僱用這些人。幾乎每個人都想僱用 Akamai 員工。但是我們的保留率很好。我想說我們在招聘方面的成功是好的,但這是一個競爭激烈的市場。 Ed,你想談談快遞業務嗎?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes, sure. So the way to think about the delivery business, I'll call on 4 factors in terms of thinking about, as you called it, a turnaround. Obviously, one is renewal. So we went through a very heavy phase of renewals. So we're not going to have that next year. We'll always have some renewals, but it's very unusual to see 8 of your top 10 customers renewing at the same time.

    是的,當然。因此,考慮交付業務的方式,我將在考慮(正如您所說的)轉變方面提出四個因素。顯然,一個是更新。所以我們經歷了一個非常繁重的更新階段。所以我們明年不會有這個。我們總會有一些續訂,但您的前 10 名客戶中有 8 位同時續訂是非常不尋常的。

  • Number two is pricing. So we're -- as we talked about several times on the call, we are moderating the discounts that we provide on pricing. And then the third thing is traffic. Traffic, we're starting to see some encouraging signs, albeit early, that the Internet has been growing at 30% a year for many, many years. This year is a sub-30% year, but it's reasonable to think that we should start to get back to more traditional growth rates.

    第二是定價。所以我們 - 正如我們在電話會議上多次談到的那樣,我們正在緩和我們提供的定價折扣。第三件事是交通。流量,我們開始看到一些令人鼓舞的跡象,儘管很早,互聯網多年來一直以每年 30% 的速度增長。今年是低於 30% 的一年,但有理由認為我們應該開始恢復到更傳統的增長率。

  • And then the fourth thing I would say is I think we get a tailwind in our delivery business from being in the compute space. We actually do see some customers that are on hyperscalers get to a certain size that they -- even though they offer their own CDNs, come to us for better performance. So as we add customers, get into new verticals, et cetera, we do have the opportunity to just grow the delivery business by being a proxy of being in the compute business.

    然後我要說的第四件事是,我認為我們的交付業務從計算空間中獲得了順風。實際上,我們確實看到一些超大規模的客戶達到了一定的規模,即使他們提供自己的 CDN,也會來找我們以獲得更好的性能。因此,當我們增加客戶、進入新的垂直領域等時,我們確實有機會通過成為計算業務的代理來發展交付業務。

  • Operator

    Operator

  • And our final question today comes from Alex Henderson at Needham & Company.

    我們今天的最後一個問題來自 Needham & Company 的 Alex Henderson。

  • Alexander Henderson - Senior Analyst

    Alexander Henderson - Senior Analyst

  • Sliding in before the final. Nice. So I wanted to go back to the commentary that you've made about the outlook for the upcoming quarter, particularly in the security space. If I adjust the numbers for the contribution from the acquisition of Guardicore, I'm getting an as-reported growth rate of around 9%. And I'm wondering, given your commentary about more difficult conditions and a little larger currency translation year-over-year in the fourth quarter, whether in fact you're expecting the security business to slow to that level in your guidance?

    在決賽前滑入。好的。因此,我想回到您對即將到來的季度前景所做的評論,特別是在安全領域。如果我調整收購 Guardicore 的貢獻的數字,我得到的增長率約為 9%。而且我想知道,鑑於您對第四季度更困難的條件和與去年同期相比匯率有所增加的評論,您是否實際上預計安全業務會放緩到您的指導中的那個水平?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. Alex, this is Ed here. I'll give that one a try. Obviously, we don't break out specific guidance for individual products like that in the quarter. But right now, the FX impact, as you quoted an as-reported number, is about 6%. So as-reported was 13%, constant currency was 19%. So if you assume that, you're getting to about -- if you're using 9%, you get to about 15%.

    是的。亞歷克斯,這裡是埃德。我會試一試。顯然,我們不會在本季度針對此類單個產品提供具體指導。但是現在,正如您引用的報告數字那樣,外匯影響約為 6%。因此,報告為 13%,固定匯率為 19%。因此,如果您假設,您將達到大約 - 如果您使用 9%,您將達到大約 15%。

  • Since we're lapping, in constant currency that is -- since you're lapping the Guardicore acquisition at this point, and we just came off a 15% organic growth rate, if you back up the contribution from Guardicore in Q3, that's probably a reasonable number.

    由於我們正在研究,以固定貨幣計算,因為您此時正在研究對 Guardicore 的收購,而且我們剛剛實現了 15% 的有機增長率,如果您支持 Guardicore 在第三季度的貢獻,那可能是一個合理的數字。

  • If you're solving for what we gave you in terms of 20% constant currency, somewhere in that 14% to 16% constant currency. Obviously, I can't predict where FX is going to be. But if you just kind of keep it what it was this quarter, that's -- you're doing roughly the right math.

    如果你正在解決我們給你的 20% 不變貨幣,那麼在 14% 到 16% 不變貨幣的某個地方。顯然,我無法預測 FX 會在哪裡。但是,如果您只是保持本季度的狀態,那就是-您所做的數學大致正確。

  • Alexander Henderson - Senior Analyst

    Alexander Henderson - Senior Analyst

  • So a similar kind of question. If I take the Linode comments, it looks like that actually accelerated from about a 15% baseline growth rate to around 20%, making the adjustment for the Linode acquisition. On an as-reported basis, that's actually pretty good, considering the currency. Can you talk a little bit about the geographic play between -- in the Linode business and how much currency would have impacted that side of it?

    所以類似的問題。如果我接受 Linode 的評論,看起來這實際上從大約 15% 的基線增長率加速到了 20% 左右,從而對 Linode 的收購進行了調整。在報告的基礎上,考慮到貨幣,這實際上相當不錯。你能談談 Linode 業務之間的地理分佈以及有多少貨幣會影響它的那一面嗎?

  • And then again, as we look into the baseline growth rate, it does seem like it's accelerating. Can you talk a little bit about whether that's a function of the investments you're making in marketing and like? Or whether that's something that's sustainable in the guide?

    再說一次,當我們研究基線增長率時,它似乎確實在加速。你能談談這是否是你在營銷等方面的投資的一個功能嗎?或者這是否是指南中可持續的東西?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Sure. So I'll start with the currency with Linode. So not -- they -- when we acquired Linode, most if not all of their revenue was in U.S. dollars. So they were not billing in local currency. So there's not as much currency headwinds associated with the Linode portion of the business. Obviously, with the non-Linode compute business, we have the normal dynamics in our business.

    當然。所以我將從 Linode 的貨幣開始。所以不是 - 他們 - 當我們收購 Linode 時,他們的大部分(如果不是全部)收入都是美元。所以他們沒有以當地貨幣計費。因此,與業務的 Linode 部分相關的貨幣逆風沒有那麼多。顯然,對於非 Linode 計算業務,我們的業務具有正常的動態。

  • On the investments in terms of marketing, et cetera, I think we can maintain the current levels, and I'm not expecting a significant increase in marketing spend next year. We are increasing it a bit, but nothing significant. From a sales perspective, we are adding some sales folks, some specialists, especially on the technical side, to help our sales force, but it's not going to be a significant investment there.

    關於營銷等方面的投資,我認為我們可以維持目前的水平,我預計明年營銷支出不會顯著增加。我們正在增加一點,但沒有什麼意義。從銷售的角度來看,我們正在增加一些銷售人員,一些專家,特別是在技術方面,以幫助我們的銷售隊伍,但這不會是一項重大投資。

  • We believe our sales force can be trained, and we're also changing our comp plans to have an added incentive for compute. So all of that, I think, can fit into sort of a normal run rate expense level that we've been sort of operating, and I don't see any major investments in that part of the business.

    我們相信我們的銷售人員可以接受培訓,我們也在改變我們的薪酬計劃,以增加對計算的激勵。因此,我認為,所有這些都可以適應我們一直在運營的正常運行費用水平,而且我認為這部分業務沒有任何重大投資。

  • Alexander Henderson - Senior Analyst

    Alexander Henderson - Senior Analyst

  • If I could slide in one last one, since I'm the last guy here. As the mix shifts here, how do you expect the mix shift between the segments to start impacting the overall margins?

    如果我可以滑入最後一個,因為我是這裡的最後一個人。隨著這裡的混合變化,您如何期望細分市場之間的混合變化開始影響整體利潤率?

  • Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

    Edward J. McGowan - Executive VP, CFO, Treasurer & Principal Financial Officer

  • Yes. So obviously, if you go back to the IR Day slides, and there was a question earlier about the leverage that we get on the compute business, as the faster-growing parts of the business security and compute become a bigger part of the business, we should get some operating leverage. It won't happen right away, but over time. Then obviously, there's the dynamic that we talked about with some accelerated CapEx ahead of revenue. So that's another thing to keep in mind.

    是的。很明顯,如果你回到 IR Day 幻燈片,之前有一個問題是關於我們在計算業務上獲得的影響力,因為業務安全和計算中增長較快的部分成為業務中更大的部分,我們應該得到一些經營槓桿。它不會立即發生,但隨著時間的推移。然後很明顯,我們談到了一些在收入之前加速資本支出的動態。所以這是另一件事要記住。

  • The other thing you notice -- I talked a bit about having a bit of a pressure on the gross margin line. That also, I would say, is more of a temporary thing. We will be reducing the gross margin line as we move our third-party costs over, but also with some of the build-out costs, including some of our colocation agreements, network build costs, a little bit that's front-loaded.

    你注意到的另一件事——我談到了對毛利率線有一點壓力。我想說,這也只是暫時的。隨著我們轉移第三方成本,我們將降低毛利率線,但也會降低一些擴建成本,包括我們的一些託管協議、網絡建設成本,還有一點是預先加載的。

  • So as revenue scales, we should start to see some scale in the gross margin line as well. So as Tom talked about, security should be our biggest product line. It's got higher gross margins, higher operating margin. So we should start to see that flow through as the mix changes to those 2 product lines over time.

    因此,隨著收入規模的擴大,我們也應該開始在毛利率線上看到一些規模。所以正如湯姆所說,安全應該是我們最大的產品線。它的毛利率更高,營業利潤率更高。因此,隨著時間的推移,這兩條產品線的組合發生變化,我們應該開始看到這種流動。

  • F. Thomson Leighton - Co-Founder, CEO & Director

    F. Thomson Leighton - Co-Founder, CEO & Director

  • And thank you, everyone. In closing, we will be presenting at a number of investor conferences and presenting at events, road shows and other things throughout the rest of the fourth quarter. Details of these can be found in the Investor Relations section of akamai.com. So thank you for joining us. And all of us here at Akamai wish continued good health to you and yours, and have a nice evening.

    謝謝大家。最後,我們將在第四季度剩餘時間內出席一系列投資者會議,並出席活動、路演和其他活動。詳情可在 akamai.com 的投資者關係部分找到。所以感謝您加入我們。 Akamai 的所有人都希望您和您的家人身體健康,並祝您度過一個愉快的夜晚。

  • Operator

    Operator

  • Thank you, sir. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

    謝謝你,先生。今天的電話會議到此結束。我們感謝大家出席今天的演講。您現在可以斷開線路,度過美好的一天。