阿卡邁科技 (AKAM) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Akamai Technologies, Inc. Earnings Q4 Fiscal Year 2022 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

下午好，歡迎來到 Akamai Technologies, Inc. 2022 財年第四季度收益電話會議。 （操作員說明）請注意，正在錄製此會議。

I'd now like to turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係主管 Tom Barth。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's Fourth 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，運營商。大家下午好，感謝您參加 Akamai 2022 年第四季度財報電話會議。今天發言的是 Akamai 首席執行官 Tom Leighton；和 Akamai 的首席財務官 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，包括有關收入和盈利指導的陳述。這些前瞻性陳述受風險和不確定因素的影響，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 Form 10-Q. The forward-looking statements included in this call represent the company's view on February 14, 2023. Akamai disclaims any obligation to update these statements to reflect new information, future events or circumstances, except as required by law.

有關這些因素的更多信息包含在 Akamai 提交給美國證券交易委員會的文件中，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公司在 2023 年 2 月 14 日的觀點。除法律要求外，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。

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

提醒一下，我們將在今天的電話會議中提到一些非 GAAP 財務指標。可在 akamai.com 投資者關係部分的財務部分找到 GAAP 和非 GAAP 指標的詳細對賬。

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

就這樣，讓我把電話轉給湯姆。

Thanks, Tom, and thank you all for joining us today. I'm pleased to report that Akamai delivered strong results in the fourth quarter, exceeding the high end of our guidance range on both the top and bottom lines despite ongoing challenges with the global economic environment. Q4 revenue was $928 million, up 6% year-over-year in constant currency. Our revenue growth was driven by continued strong demand for our security products, our fast-growing Compute business and by higher-than-expected delivery traffic. Security and Compute accounted for 55% of our overall revenue in the fourth quarter and grew a combined 22% year-over-year in constant currency.

謝謝，湯姆，感謝大家今天加入我們。我很高興地向大家報告，儘管全球經濟環境持續面臨挑戰，但 Akamai 在第四季度取得了強勁的業績，在最高和最低水平上都超過了我們指導範圍的高端。第四季度收入為 9.28 億美元，按固定匯率計算同比增長 6%。我們的收入增長受到對我們安全產品的持續強勁需求、我們快速增長的計算業務以及高於預期的交付流量的推動。第四季度，安全和計算業務占我們總收入的 55%，按固定匯率計算同比增長 22%。

Non-GAAP operating margin in Q4 was 28%. Q4 non-GAAP EPS was $1.37 per diluted share, down 2% year-over-year in constant currency. For the full year, revenue was $3.62 billion up 8% over 2021 in constant currency. Non-GAAP operating margin was 29%, down from 32% in 2021 and slightly below our goal of 30%. The decline last year was due to the impact of foreign exchange, the challenging macroeconomic environment, the investments we made to grow Guardicore's segmentation product and the rising cost of third-party cloud services.

第四季度的非美國通用會計準則營業利潤率為 28%。第 4 季度非 GAAP 每股攤薄收益為 1.37 美元，按固定匯率計算同比下降 2%。按固定匯率計算，全年收入為 36.2 億美元，比 2021 年增長 8%。非 GAAP 營業利潤率為 29%，低於 2021 年的 32%，略低於我們 30% 的目標。去年的下降是由於外彙的影響、充滿挑戰的宏觀經濟環境、我們為發展 Guardicore 的細分產品所做的投資以及第三方雲服務的成本上升。

As Ed will describe in a few minutes, we're taking several actions to reduce costs and to shift resources to areas with the strongest potential for growth, such as cybersecurity and especially cloud computing. Going forward, we anticipate that our margins will likely remain slightly under 30% in the near term, and our goal is to grow margins back over 30% during the medium to long term. Non-GAAP EPS last year was $5.37, down 1% over 2021 in constant currency. 2022 was another strong year for cash generation at Akamai, with $816 million in free cash flow, representing 23% of revenue.

正如埃德將在幾分鐘後描述的那樣，我們正在採取多項措施來降低成本並將資源轉移到增長潛力最大的領域，例如網絡安全，尤其是雲計算。展望未來，我們預計我們的利潤率在短期內可能會略低於 30%，我們的目標是在中長期內將利潤率增長回 30% 以上。去年非美國通用會計準則每股收益為 5.37 美元，按固定匯率計算比 2021 年下降 1%。 2022 年是 Akamai 產生現金的又一個強勁年份，自由現金流為 8.16 億美元，佔收入的 23%。

Akamai's strong cash generation enables us to make strategic acquisitions while also returning value to shareholders. In 2022, we spent $608 million to buy back 6.4 million shares. Over the last 10 years, we've reduced the number of Akamai shares outstanding by approximately $21 million or 12%.

Akamai 強大的現金生成能力使我們能夠進行戰略收購，同時也為股東回報價值。 2022 年，我們斥資 6.08 億美元回購了 640 萬股股票。在過去 10 年中，我們已將 Akamai 流通股數量減少約 2100 萬美元或 12%。

I'll now say a few words about each of our 3 main lines of business, starting with Security. Our Security products generated revenue of $400 million in Q4 and up 14% year-over-year in constant currency. For the full year, Security revenue reached $1.54 billion and grew 20% over 2021 in constant currency. We saw especially strong growth through our market-leading Guardicore segmentation product with revenue reaching $68 million for the full year.

我現在將從安全開始，分別介紹我們的 3 個主要業務線。我們的安全產品在第四季度創造了 4 億美元的收入，按固定匯率計算同比增長 14%。全年，安全收入達到 15.4 億美元，按固定匯率計算比 2021 年增長 20%。通過市場領先的 Guardicore 細分產品，我們實現了特別強勁的增長，全年收入達到 6800 萬美元。

New segmentation customers in Q4 included one of the largest insurance companies in the U.S., a leading Internet services conglomerate in Japan and one of the largest banks in Scandinavia. Enterprises are choosing our segmentation solution because of its ability to protect against ransomware and data exfiltration attacks and also for the visibility it provides into their internal infrastructure. These are also among the reasons that Akamai was named as the leader in the Forrester New Wave for Micro-Segmentation last year. We also saw large wins for our market-leading application security solutions in Q4, including at one of the U.K.'s largest multinational energy companies, one of the big 3 multinational banks in Singapore and 2 of the largest tech hardware companies in the U.S.

第四季度的新細分客戶包括美國最大的保險公司之一、日本領先的互聯網服務集團和斯堪的納維亞半島最大的銀行之一。企業之所以選擇我們的分段解決方案，是因為它能夠抵禦勒索軟件和數據洩露攻擊，還因為它提供了對其內部基礎設施的可見性。這些也是 Akamai 去年在 Forrester 微分段新浪潮中被評為領導者的原因之一。我們在第四季度還看到了我們市場領先的應用程序安全解決方案的巨大勝利，包括英國最大的跨國能源公司之一、新加坡三大跨國銀行之一和美國最大的兩家科技硬件公司。

Overall, Security accounted for 43% of our revenue last year, up from 39% in 2021. In 2023, we expect Security to become our largest line of business. This represents a significant milestone in our evolution since we pioneered the CDN marketplace 25 years ago. That said, and as the Security business becomes larger and with customers becoming more cost conscious due to the challenging macroeconomic environment, the growth rate of our Security business has slowed, a trend that we anticipate will continue over the coming year.

總體而言，去年安全占我們收入的 43%，高於 2021 年的 39%。到 2023 年，我們預計安全將成為我們最大的業務線。自 25 年前我們開創 CDN 市場以來，這是我們發展過程中的一個重要里程碑。也就是說，隨著安全業務規模的擴大以及客戶因充滿挑戰的宏觀經濟環境而變得更加註重成本，我們安全業務的增長率已經放緩，我們預計這一趨勢將在來年繼續。

As you might expect, we're working hard to realize the full potential of our security business, both in terms of growth and efficiency. For example, we're in the process of moving the Compute components of our security products from third-party cloud providers to our new Akamai connected cloud platform, a transformation that will save us a substantial amount of OpEx over the next several years. We're redeploying resources within security from lower growth areas to high-growth areas such as segmentation. And we're redeploying go-to-market resources to achieve stronger cross-sell and penetration within our existing base.

正如您所料，我們正在努力實現我們安全業務的全部潛力，無論是在增長還是在效率方面。例如，我們正在將我們安全產品的計算組件從第三方雲提供商轉移到我們新的 Akamai 連接雲平台，這一轉變將在未來幾年為我們節省大量的運營支出。我們正在將安全領域的資源從低增長領域重新部署到高增長領域，例如細分領域。我們正在重新部署進入市場的資源，以在我們現有的基地內實現更強大的交叉銷售和滲透。

We're also working more closely with partners to drive better adoption among new customers. And we're continuing to innovate new capabilities, such as our recently released Account Protector and our new Brand Protector solutions to keep our customers safe amidst the rapidly evolving attack landscape.

我們還與合作夥伴更緊密地合作，以推動新客戶更好地採用。我們將繼續創新新功能，例如我們最近發布的 Account Protector 和我們新的 Brand Protector 解決方案，以在快速變化的攻擊環境中確保我們的客戶安全。

While we believe that our security business will continue to generate strong returns for our shareholders, we foresee an even bigger opportunity in cloud computing and its potential to return Akamai to double-digit top line growth over the longer term. Our Compute business performed well in Q4 with revenue of $112 million, up 65% year-over-year in constant currency. For the full year, Compute revenue was $405 million and grew 64% over 2021 in constant currency.

雖然我們相信我們的安全業務將繼續為我們的股東帶來豐厚的回報，但我們預見到雲計算領域的更大機遇及其使 Akamai 在長期內恢復兩位數收入增長的潛力。我們的計算業務在第四季度表現良好，收入為 1.12 億美元，按固定匯率計算同比增長 65%。全年，計算收入為 4.05 億美元，按固定匯率計算比 2021 年增長 64%。

Earlier today, we unveiled Akamai Connected Cloud, our massively distributed platform for cloud computing, security and content delivery. Akamai Connected Cloud links Linode's 11 core data centers with Akamai's 4,100 Edge computing locations. In addition, we're in the process of building out 14 more core enterprise scale data centers with at least 3 expected to come online in the next few months. We believe integrating these core cloud computing data centers with our unique Edge platform will allow us to offer customers better performance, greater scale and lower cost for enterprise workloads.

今天早些時候，我們推出了 Akamai Connected Cloud，這是我們用於雲計算、安全和內容交付的大規模分佈式平台。 Akamai Connected Cloud 將 Linode 的 11 個核心數據中心與 Akamai 的 4,100 個邊緣計算位置連接起來。此外，我們正在建設 14 個以上的核心企業級數據中心，預計至少有 3 個將在未來幾個月內上線。我們相信，將這些核心雲計算數據中心與我們獨特的邊緣平台相結合，將使我們能夠為客戶提供更好的性能、更大的規模和更低的企業工作負載成本。

We also plan to have our new virtual private cloud capability and the first of more than 50 distributed cloud computing sites available in the second half of the year. The distributed sites will enable us to bring cloud computing much closer to end users around the world, which will further enhance the performance benefits of Akamai Connected Cloud.

我們還計劃在今年下半年推出新的虛擬私有云功能和 50 多個分佈式雲計算站點中的第一個。分佈式站點將使我們能夠使雲計算更接近世界各地的最終用戶，這將進一步增強 Akamai Connected Cloud 的性能優勢。

Of course, and as Ed will describe shortly, we'll be incurring substantial CapEx and co-location costs associated with the build-out of our Compute infrastructure over the near term. We're also in the process of recasting approximately 1,000 positions or about 10% of our workforce to spend the majority of their time working on the development, deployment, support and go-to-market efforts associated with Akamai Connected Cloud. Because of the natural synergy and close integration between cloud computing and our existing edge platform, we believe we can accomplish this transformation without adding significant headcount to the business.

當然，正如 Ed 將很快描述的那樣，我們將在短期內承擔與構建我們的計算基礎設施相關的大量資本支出和主機代管成本。我們還在重組大約 1,000 個職位或我們員工隊伍的大約 10%，以將他們的大部分時間用於與 Akamai Connected Cloud 相關的開發、部署、支持和上市工作。由於雲計算與我們現有邊緣平台之間的天然協同作用和緊密集成，我們相信我們可以在不增加大量員工的情況下完成這一轉型。

This shift will also further enhance the efficiency of our delivery business. We're undertaking this ambitious investment in Akamai Connected Cloud because we believe it will create substantial value for shareholders in the medium and long term. We expect to achieve nearly $0.5 billion in revenue from Compute in 2023, and the investment we're making this year should help drive that number substantially higher in 2024 and beyond as we use the new capabilities and capacity to support mission-critical enterprise workloads.

這種轉變也將進一步提高我們交付業務的效率。我們正在對 Akamai Connected Cloud 進行這項雄心勃勃的投資，因為我們相信它將在中長期內為股東創造可觀的價值。我們預計到 2023 年 Compute 的收入將達到近 5 億美元，而我們今年進行的投資應該有助於在 2024 年及以後大幅提高這一數字，因為我們將使用新的功能和容量來支持關鍵任務的企業工作負載。

I think it's worth noting that Akamai is taking a fundamentally different approach to the cloud computing market than providers who base their platforms solely on core data centers. Our strategy is to offer the world's most distributed platform, placing Compute storage, database and other cloud services closer to end users and enterprise data centers. As IDC's VP of Research, Dave McCarthy says, "The cloud's next phase requires a shift in how developers and enterprises think about getting applications and data closer to their customers. It redefines how the industry looks at things like performance, scale, cost and security as workloads are no longer built for one place but are delivered across a wide spectrum of compute and geography." IDC adds that Akamai's innovative rethinking of how this gets done and how it is architecting the Akamai connected cloud puts it in a unique position to usher in an exciting new era for technology and to help enterprises build, deploy and secure distributed applications.

我認為值得注意的是，Akamai 對雲計算市場採取的方法與僅將其平台基於核心數據中心的提供商截然不同。我們的戰略是提供世界上最分佈式的平台，讓計算存儲、數據庫和其他雲服務更靠近最終用戶和企業數據中心。正如 IDC 的研究副總裁 Dave McCarthy 所說，“雲的下一階段需要開發人員和企業轉變對讓應用程序和數據更接近客戶的想法。它重新定義了行業對性能、規模、成本和安全性的看法因為工作負載不再是為一個地方構建的，而是在廣泛的計算和地理範圍內交付的。” IDC 補充說，Akamai 對如何完成這項工作以及如何構建 Akamai 連接雲的創新性反思使其處於一個獨特的位置，可以開創令人興奮的技術新時代，並幫助企業構建、部署和保護分佈式應用程序。

We couldn't agree more. Distributed applications require a distributed architecture. Akamai's leadership position at the edge of the Internet enables us to scale just about everything we touch. We scale content, putting digital experiences closer to users than anyone. We scale cybersecurity keeping threats farther away from business and people. And now we're building on Akamai's 25 years of experience with scaling and securing the Internet for the world's largest enterprises so we can scale cloud computing and provide better performance at lower cost.

我們完全同意。分佈式應用程序需要分佈式架構。 Akamai 在互聯網邊緣的領導地位使我們能夠擴展我們接觸到的幾乎所有內容。我們擴展內容，讓數字體驗比任何人都更貼近用戶。我們擴展網絡安全，使威脅遠離企業和人員。現在，我們正在構建 Akamai 在為全球最大的企業擴展和保護互聯網方面 25 年的經驗，以便我們能夠擴展雲計算並以更低的成本提供更好的性能。

Although we still have much work to do, we're encouraged by the reaction from customers who want to realize the value of our approach. Last quarter, a well-known digital fitness platform brought business to us that they previously did with a major cloud provider. They chose Akamai Connected Cloud because we can optimize their performance and provide better economics.

儘管我們還有很多工作要做，但我們對希望實現我們方法價值的客戶的反應感到鼓舞。上個季度，一家知名的數字健身平台為我們帶來了他們之前與一家大型雲提供商合作的業務。他們選擇 Akamai Connected Cloud 是因為我們可以優化他們的性能並提供更好的經濟效益。

When a gaming company suffered a DDoS attack that took out their Internet relay chat servers, they turn to Akamai Connected Cloud to get back online. After utilizing Connected Cloud for a few weeks, they also migrated their peer-to-peer matchmaking servers to Akamai. This is what they say to other gaming businesses with similar use cases. "our adoption of Akamai's Cloud Computing solution was painless and turnkey. Akamai has a great backbone network and the connective layer between our global servers has been rock solid. With Akamai's extensive global network, we provide a better experience to our gamers by delivering from the Edge and reducing latency. With Akamai, there's no reason to go anywhere else."

當一家遊戲公司遭受 DDoS 攻擊導致他們的互聯網中繼聊天服務器癱瘓時，他們求助於 Akamai Connected Cloud 以恢復在線。在使用 Connected Cloud 數週後，他們還將點對點匹配服務器遷移到了 Akamai。這就是他們對具有類似用例的其他遊戲企業所說的話。 “我們採用 Akamai 的雲計算解決方案是輕鬆且交鑰匙的。Akamai 擁有強大的主幹網絡，我們全球服務器之間的連接層非常穩固。憑藉 Akamai 廣泛的全球網絡，我們通過提供來自邊緣和減少延遲。有了 Akamai，沒有理由去其他任何地方。”

As you can see from this example, there's a strong synergy between our emerging cloud computing business and our delivery and security businesses, especially for customers in the gaming, media and commerce verticals.

從這個例子中可以看出，我們新興的雲計算業務與我們的交付和安全業務之間存在著強大的協同作用，尤其是對於遊戲、媒體和商業垂直領域的客戶。

Turning now to content delivery. Our CDN business generated revenue of $415 million in Q4, down 8% from Q4 and 2021 in constant currency. For the full year, delivery revenue was $1.67 billion, also down 8% year-over-year. Traffic on the network was better than expected in Q4, reaching a new peak record of 261 terabits per second on December 14 as we supported more than 50 customers globally in delivering the World Cup, along with other streaming, gaming and software download businesses.

現在轉向內容交付。我們的 CDN 業務在第四季度創造了 4.15 億美元的收入，按固定匯率計算比第四季度和 2021 年下降 8%。全年交付收入為 16.7 億美元，同比下降 8%。網絡流量在第 4 季度好於預期，在 12 月 14 日達到每秒 261 太比特的新峰值記錄，因為我們支持全球 50 多家客戶提供世界杯以及其他流媒體、遊戲和軟件下載業務。

This World Cup was the first time in Akamai's 25-year history when we delivered more than an exabyte of data for an event. How much is an exabyte? It's 1,000 petabytes. That's 1 billion gigabytes. For the person transcribing this call, that's 1 byte with 18 zeros after it. That's a lot of zeros and a lot of traffic. I doubt if anyone has managed such a feat before. Once again, Akamai finished the year as the CDN market leader by far, as we continue to support the world's leading brands by delivering reliable, secure, high-performing online experiences.

本屆世界杯是 Akamai 25 年曆史上的第一次，我們為一項賽事交付了超過 EB 的數據。一個艾字節是多少？它是 1,000 PB。那是 10 億千兆字節。對於轉錄此呼叫的人來說，這是 1 個字節，後面有 18 個零。那是很多零和很多流量。我懷疑以前是否有人完成過這樣的壯舉。迄今為止，Akamai 再次以 CDN 市場領導者的身份結束了這一年，因為我們通過提供可靠、安全、高性能的在線體驗繼續支持世界領先品牌。

Looking back at 2022, we're pleased that we continue to grow the business and add significant new capabilities in the face of serious global macroeconomic challenges. Today, we're redefining our future with Akamai Connected Cloud to become the world's most distributed cloud platform with leading solutions for delivery, security and cloud computing. With our expanded strategy and business model, we believe that we're on a path to provide even greater value for shareholders and to make Akamai the cloud company that powers and protects life online.

回顧 2022 年，我們很高興面對嚴峻的全球宏觀經濟挑戰，我們將繼續發展業務並增加重要的新能力。今天，我們正在通過 Akamai Connected Cloud 重新定義我們的未來，成為世界上分佈最廣的雲平台，為交付、安全和雲計算提供領先的解決方案。憑藉我們擴展的戰略和業務模式，我們相信我們正在為股東提供更大的價值並使 Akamai 成為支持和保護在線生活的雲公司。

Now I'll turn the call over to Ed for more on our Q4 and full year results and our outlook for 2023. Ed?

現在我會把電話轉給埃德，了解更多關於我們第四季度和全年業績以及我們對 2023 年的展望。埃德？

Thank you, Tom. Today, I plan to provide brief highlights of our strong Q4 results, some color on 2023 and touch on some items to help you with your models and then close with our Q1 and full year 2023 guidance.

謝謝你，湯姆。今天，我計劃簡要介紹我們強勁的第四季度業績、2023 年的一些顏色和一些項目以幫助您建立模型，然後以我們的第一季度和 2023 年全年指導結束。

Starting with Q4 highlights. We were very pleased with our strong Q4 results despite continued difficult macroeconomic conditions. Q4 revenue was $928 million, up 2% year-over-year or 6% in constant currency. We saw very strong growth in both our Compute and Security businesses as well as better-than-expected traffic in our delivery business during the fourth quarter.

從第四季度的亮點開始。儘管宏觀經濟狀況持續困難，但我們對第四季度的強勁業績感到非常滿意。第四季度收入為 9.28 億美元，同比增長 2%，按固定匯率計算增長 6%。第四季度，我們的計算和安全業務增長非常強勁，交付業務的流量也好於預期。

As Tom mentioned, our Compute business was $112 million, growing 61% year-over-year as reported and 65% in constant currency. We continue to be very pleased with the initial feedback from our customers on our future Compute capabilities, and we are very optimistic about capturing a meaningful share of our customers' cloud spend in the years to come.

正如 Tom 提到的，我們的計算業務為 1.12 億美元，報告同比增長 61%，按固定匯率計算增長 65%。我們繼續對客戶對我們未來計算能力的初步反饋感到非常高興，並且我們非常樂觀地認為在未來幾年我們的客戶雲支出中佔有重要份額。

Our Security revenue was $400 million, up 10% year-over-year and up 14% in constant currency. Our delivery revenue was $415 million, which declined 12% year-over-year and 8% in constant currency. Traffic exceeded our expectations during the quarter, led by higher video traffic, stronger-than-expected commerce traffic and record-setting World Cup online viewership.

我們的安全收入為 4 億美元，同比增長 10%，按固定匯率計算增長 14%。我們的送貨收入為 4.15 億美元，同比下降 12%，按固定匯率計算下降 8%。本季度的流量超出了我們的預期，這主要得益於更高的視頻流量、強於預期的商業流量和創紀錄的世界杯在線收視率。

International revenue was $445 million, up 4% year-over-year, or up 12% in constant currency, representing 48% of our total revenue in Q4. Foreign exchange fluctuations had a negative impact on revenue of $2 million on a sequential basis and negative $36 million on a year-over-year basis. Non-GAAP net income was $216 million or $1.37 of earnings per diluted share, down 8% year-over-year and down 2% in constant currency, but $0.07 above the high end of our guidance range.

國際收入為 4.45 億美元，同比增長 4%，按固定匯率計算增長 12%，占我們第四季度總收入的 48%。外匯波動對收入的連續影響為 200 萬美元，同比為負 3600 萬美元。非 GAAP 淨收入為 2.16 億美元或每股攤薄收益 1.37 美元，同比下降 8%，按固定匯率計算下降 2%，但比我們指導範圍的高端高出 0.07 美元。

Moving to our capital allocation strategy. During the fourth quarter, we spent approximately $178 million to buy back approximately 2.1 million shares. For the full year, we spent approximately $608 million to buy back approximately 6.4 million shares. We ended 2022 with approximately $1.2 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. It's worth noting that in addition to offsetting dilution we have reduced shares outstanding by approximately 21.2 million shares or 12% since January 1, 2013.

轉向我們的資本配置策略。在第四季度，我們花費了大約 1.78 億美元回購了大約 210 萬股股票。全年，我們花費了大約 6.08 億美元回購了大約 640 萬股股票。到 2022 年底，我們目前的回購授權剩餘約 12 億美元。我們的意圖是繼續回購股票以抵消隨著時間的推移員工股權計劃的稀釋，並在併購和股票回購中投機取巧。值得注意的是，除了抵消稀釋，自 2013 年 1 月 1 日以來，我們已將已發行股票減少約 2120 萬股或 12%。

Before I move on to guidance, there are several items that I want to highlight to help you with your 2023 models. The first relates to a change in our network server useful lives. As some of you may recall, we announced on our Q4 2018 earnings call that we were required to extend the useful life of our network servers from 4 years to 5 years based on the actual server useful life trends. We carefully monitor the useful lives of all of our capital assets annually. And based on the outcome of our most recent review, we now are extending the useful lives of our servers from 5 years to 6 years. Similar to when we made the change 4 years ago, this extended useful life is a direct result of the continued software and hardware initiatives that we have put in place to manage our global network more efficiently.

在繼續進行指導之前，我想強調幾個項目，以幫助您使用 2023 模型。第一個與我們網絡服務器使用壽命的變化有關。有些人可能還記得，我們在 2018 年第四季度的財報電話會議上宣布，我們需要根據實際服務器使用壽命趨勢將網絡服務器的使用壽命從 4 年延長到 5 年。我們每年都會仔細監控所有資本資產的使用壽命。根據我們最近的審查結果，我們現在將服務器的使用壽命從 5 年延長至 6 年。與我們 4 年前做出改變時類似，使用壽命的延長是我們為更有效地管理全球網絡而採取的持續軟件和硬件計劃的直接結果。

Because we are now using the servers in our network for an average of 6 years, we are required under GAAP accounting to adjust our useful life policy to 6 years beginning in Q1 of 2023. Please keep in mind that this change has no impact on cash flow, but will result in a depreciation benefit of roughly $56 million in 2023 and approximately $31 million in 2024. We have provided a supplemental table in the Investor Relations section of our website that details the impact of this change.

因為我們現在網絡中的服務器平均使用 6 年，根據 GAAP 會計準則，我們需要從 2023 年第一季度開始將我們的使用壽命政策調整為 6 年。請記住，這一變化對現金沒有影響流量，但將在 2023 年產生約 5600 萬美元的折舊收益，在 2024 年產生約 3100 萬美元的折舊收益。我們在我們網站的投資者關係部分提供了一個補充表格，詳細說明了這一變化的影響。

Second, we are expecting non-GAAP gross margins to decline by approximately 2 points in 2023 due to 2 primary items. First, as we build out our new compute locations, we are required to account for our colocation leases under GAAP accounting standard, ASC 842. In order to achieve more favorable unit economics, we often sign longer-term colocation agreements that include certain financial commitments. ASC 842 requires we straight line the cost of those future financial commitments over the life of the agreement. As a result, we expect to record approximately $40 million of noncash colocation costs related to this accounting standard in 2023. The second item impacting gross margin is our third-party cloud costs, as we've mentioned in the past, we expect to migrate the majority of our third-party cloud spend onto our own cloud infrastructure over the next 12 to 18 months. That said, we expect the majority of the migration effort to impact the back half of the year, we expect we will incur just over $100 million of third-party cloud costs and cost of goods sold in 2023. We do, however, expect we will exit the year on a path to significantly lower our third-party cloud costs in 2024.

其次，由於兩個主要項目，我們預計 2023 年非美國通用會計準則毛利率將下降約 2 個百分點。首先，當我們建立新的計算位置時，我們需要根據 GAAP 會計標準 ASC 842 對託管租賃進行會計處理。為了實現更有利的單位經濟效益，我們經常簽署包含某些財務承諾的長期託管協議. ASC 842 要求我們在協議有效期內直線計算這些未來財務承諾的成本。因此，我們預計 2023 年將記錄與該會計準則相關的約 4000 萬美元的非現金託管成本。影響毛利率的第二項是我們的第三方云成本，正如我們過去提到的那樣，我們希望遷移在接下來的 12 到 18 個月內，我們的大部分第三方雲支出將用於我們自己的雲基礎設施。也就是說，我們預計大部分遷移工作將影響今年下半年，我們預計我們將在 2023 年產生超過 1 億美元的第三方云成本和商品銷售成本。但是，我們確實預計我們將在 2024 年顯著降低我們的第三方云成本的道路上結束這一年。

Third, we expect international sales will represent nearly half of our total revenue in 2023 and the currency markets remain incredibly volatile. I will provide more detail on the impact of currency on each quarter's earnings call, but it's important to note that the strengthening or weakening of the U.S. dollar can have a material impact on our reported results and guidance. As a reminder, the currencies that have the largest impact on our business are the euro, the yen and the Great British pound.

第三，我們預計到 2023 年，國際銷售額將占我們總收入的近一半，而且貨幣市場仍然非常動盪。我將在每個季度的財報電話會議上提供更多關於貨幣影響的細節，但重要的是要注意美元的走強或走弱都會對我們報告的結果和指導產生重大影響。提醒一下，對我們業務影響最大的貨幣是歐元、日元和英鎊。

Fourth, I want to remind you of the typical seasonality that we experienced on the top and bottom lines throughout the year. Regarding revenue, the fourth quarter is usually our strongest quarter, and we typically see a step down in Q1 revenue from Q4 levels. Regarding profitability, as a reminder, in Q3, we have the annual company-wide merit increase, and in Q4, we typically see higher sales commission expense.

第四，我想提醒您我們全年在頂線和底線經歷的典型季節性。關於收入，第四季度通常是我們最強勁的季度，我們通常會看到第一季度的收入比第四季度有所下降。關於盈利能力，提醒一下，在第三季度，我們有年度全公司業績增長，而在第四季度，我們通常會看到更高的銷售佣金支出。

And one final thought before we move on to guidance. Tom mentioned that we will be investing in what we believe will be 2 areas of higher growth for the company for years to come, security and compute. While we expect to manage the business below our target operating margin of 30% in 2023, and we expect 2023 to be a higher-than-normal year for CapEx, we will continue to reduce costs and drive efficiency gains in key areas such as third-party cloud savings. We expect to save over $100 million in annual cost as we migrate workloads from the hyperscalers to our own platform over the next 12 to 18 months. Real estate rationalization; as our employees have largely elected to work remotely, we expect to reduce our real estate costs by approximately $20 million in 2023 and achieve further savings in 2024.

在我們繼續進行指導之前，還有一個最後的想法。 Tom 提到我們將投資於我們認為在未來幾年對公司有更高增長的 2 個領域，即安全和計算。雖然我們預計 2023 年的業務運營利潤率將低於我們 30% 的目標，並且我們預計 2023 年的資本支出將高於正常水平，但我們將繼續降低成本並推動關鍵領域的效率提升，例如第三-派對雲儲蓄。我們預計在未來 12 到 18 個月內將工作負載從超大規模器遷移到我們自己的平台時，每年可節省超過 1 億美元的成本。房地產合理化；由於我們的員工大部分都選擇了遠程工作，我們預計到 2023 年我們的房地產成本將減少約 2000 萬美元，並在 2024 年進一步節省開支。

Shifting resources. As Tom mentioned, we'll be incurring substantial CapEx and colocation costs associated with the build-out of our compute infrastructure over the near term. As a result, we are prioritizing certain actions and re-tasking approximately 1,000 positions from other parts of the business to our compute business. In addition, during the fourth quarter, we closed approximately 500 open positions and we will continue to be very prudent with any headcount additions during the year.

轉移資源。正如 Tom 所提到的，我們將在短期內承擔與計算基礎設施建設相關的大量資本支出和託管成本。因此，我們正在優先考慮某些行動，並將業務其他部分的大約 1,000 個職位重新分配給我們的計算業務。此外，在第四季度，我們關閉了大約 500 個未平倉頭寸，我們將繼續非常謹慎地處理年內的任何人員增加。

Finally, we are lowering CapEx related to delivery. We expect to reduce our CapEx related to the delivery business to 4% of revenue in 2023. Now moving on to guidance. Our guidance for 2023 assumes no material changes, good or bad, in the current macroeconomic landscape, which we view as challenging, but navigable. For the first quarter of 2023, we are projecting revenue in the range of million to $900 million to $915 million, were up 0% to 1% as reported or 2% to 3% in constant currency over Q1 2022. Foreign exchange fluctuations are expected to have a positive $13 million impact on Q1 revenue compared to Q4 levels, but a negative $19 million impact year-over-year.

最後，我們正在降低與交付相關的資本支出。我們預計到 2023 年將與交付業務相關的資本支出減少到收入的 4%。現在轉向指導。我們對 2023 年的指導假設當前的宏觀經濟格局沒有發生重大變化，無論好壞，我們認為這具有挑戰性，但可以通航。對於 2023 年第一季度，我們預計收入在 100 萬至 9 億美元至 9.15 億美元之間，與報告相比增長 0% 至 1%，或以固定匯率計算比 2022 年第一季度增長 2% 至 3%。預計外匯波動與第四季度相比，第一季度收入將產生 1300 萬美元的正面影響，但同比將產生 1900 萬美元的負面影響。

At these revenue levels, we expect cash gross margins of approximately 73%.

在這些收入水平下，我們預計現金毛利率約為 73%。

Q1 non-GAAP operating expenses are projected to be $299 million to $303 million. We anticipate Q1 EBITDA margins of approximately 39% to 40%. We expect non-GAAP depreciation expense to be between $109 million to $111 million and we expect non-GAAP operating margin of approximately 27% to 28% for Q1. And with the overall revenue and spend configuration I just outlined, we expect Q1 non-GAAP EPS in the range of $1.30 to $1.34. This EPS guidance assumes taxes of $43 million to $44 million based on an estimated quarterly non-GAAP tax rate of approximately 17.5%. It also reflects a fully diluted share count of approximately 157 million shares.

第一季度非 GAAP 運營費用預計為 2.99 億美元至 3.03 億美元。我們預計第一季度 EBITDA 利潤率約為 39% 至 40%。我們預計非 GAAP 折舊費用在 1.09 億美元至 1.11 億美元之間，我們預計第一季度的非 GAAP 營業利潤率約為 27% 至 28%。根據我剛剛概述的總體收入和支出配置，我們預計第一季度非 GAAP 每股收益在 1.30 美元至 1.34 美元之間。根據估計的季度非 GAAP 稅率約為 17.5%，本 EPS 指南假設稅收為 4300 萬至 4400 萬美元。它還反映了約 1.57 億股的完全攤薄股份數。

Moving on to CapEx. We expect to spend approximately $220 million to $228 million, excluding equity compensation and capitalized interest in the first quarter. This represents approximately 24% to 25% of anticipated total revenue.

轉向資本支出。我們預計第一季度支出約 2.2 億美元至 2.28 億美元，不包括股權補償和資本化利息。這約佔預期總收入的 24% 至 25%。

Looking ahead to the full year, we expect revenue of $3.7 billion to $3.78 billion, which is up 2% to 4% year-over-year, both in as reported and in constant currency. We expect Security revenue growth to be in the low double digits for the full year 2023. We are estimating non-GAAP operating margin of approximately 27% to 28% and full year CapEx is expected to be approximately 21% of total revenue.

展望全年，我們預計收入將達到 37 億美元至 37.8 億美元，按報告和固定匯率計算，同比增長 2% 至 4%。我們預計 2023 年全年安全收入增長將處於低兩位數。我們估計非 GAAP 營業利潤率約為 27% 至 28%，全年資本支出預計約為總收入的 21%。

We expect our CapEx to be roughly broken down as follows: approximately 4% of revenue for our delivery business, approximately 9% of revenue for our compute business, of which roughly $100 million of that will be for internal workloads moving in-house and the remainder for future revenue growth. Approximately 7% of revenue per capitalized software and the remaining about 1% for IT and facility-related spend.

我們預計我們的資本支出將大致細分如下：我們的交付業務收入的大約 4%，我們計算業務收入的大約 9%，其中大約 1 億美元將用於內部移動的內部工作負載和剩餘部分用於未來的收入增長。每個資本化軟件約佔收入的 7%，其餘約 1% 用於 IT 和設施相關支出。

We expect non-GAAP earnings per diluted share of $5.40 to $5.60. And this non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 17.5% and a fully diluted share count of approximately 157 million shares.

我們預計非 GAAP 每股攤薄收益為 5.40 美元至 5.60 美元。此非 GAAP 收益指引基於約 17.5% 的非 GAAP 有效稅率和約 1.57 億股的完全稀釋股數。

In closing, we are very pleased with the strong finish to 2022, and we are excited about our growth prospects in both security and cloud computing.

最後，我們對 2022 年的強勁表現感到非常高興，我們對我們在安全和雲計算方面的增長前景感到興奮。

Now Tom and I would be happy to take your questions. Operator?

現在湯姆和我很樂意回答你的問題。操作員？

(Operator Instructions) Our first question will come from James Fish with Piper Sandler.

（操作員說明）我們的第一個問題將來自 James Fish 和 Piper Sandler。

I appreciate all those details on the moving part, Ed, I know there's a lot there. I actually want to dive into the security business here. Tom, you had mentioned thinking about go-to-market investments and looking to prioritize on how to better address the market. Are you guys changing at all how you're approaching the market, especially on the network security side with Zero Trust as it seems to be a little bit of a disconnect? And Ed, is it possible we can actually get an update on what that access control Zero Trust kind of business finished at for 2022?

我很欣賞移動部分的所有這些細節，Ed，我知道那裡有很多。我實際上想深入了解這裡的安全業務。湯姆，您提到過考慮進入市場的投資，並希望優先考慮如何更好地應對市場。你們是否正在改變進入市場的方式，尤其是在零信任的網絡安全方面，因為它似乎有點脫節？ Ed，我們是否有可能真正了解訪問控制零信任類型的業務在 2022 年完成的情況？

Yes. No. Good question. And we are increasing the allocation of our go-to-market investments around the enterprise side and Zero Trust. We have specialist teams there really focused on Guardicore and now the other enterprise products as we integrate them in with the Guardicore solution. And we've had a lot of success with that team, as you can see from the really good growth in the Guardicore product. And so we're doubling down there. And over the course of this year, you'll see, I think, more cross-sell with our Enterprise Application Access product in Guardicore and ETP.

是的。不，問得好。我們正在增加圍繞企業端和零信任的上市投資分配。我們的專家團隊真正專注於 Guardicore，現在我們將其他企業產品與 Guardicore 解決方案集成在一起。從 Guardicore 產品的真正良好增長中可以看出，我們與該團隊取得了很大的成功。所以我們在那裡加倍努力。在今年的過程中，我認為，您會看到更多與我們在 Guardicore 和 ETP 中的企業應用程序訪問產品的交叉銷售。

And then I'll turn the other question over to Ed.

然後我將把另一個問題交給埃德。

Jim. Yes. So what I'd say about Zero Trust is we ended the year on a run rate of about $200 million in Zero Trust. And we had a very strong finish to Guardicore. In Guardicore, we'd expect this year to be on a run rate of $100 million. So a very, very strong finish to the year with Guardicore.

吉姆。是的。因此，關於零信任，我要說的是，我們在今年年底的零信任運行率約為 2 億美元。我們對瓜迪科雷的終結非常出色。在 Guardicore，我們預計今年的運行率將達到 1 億美元。因此，Guardicore 為這一年畫上了一個非常非常強勁的句號。

Helpful. And just a follow-up on the compute side. A big question we've been getting is whether the compute business could get traction really outside the media vertical? Or is that really going to be the focus in terms of gaming and streaming kind of storage and compute on the back end? And kind of what's the confidence level that you're not going to see an erosion in that more traditional windows that's SMB based?

有幫助。只是計算方面的後續行動。我們遇到的一個大問題是，計算業務是否真的能在垂直媒體之外獲得牽引力？或者這真的會成為遊戲和流媒體存儲和後端計算方面的焦點嗎？在基於 SMB 的更傳統的窗口中，您不會看到侵蝕的信心水平是多少？

I think media is the big first set of adopters. In fact, as you know, one of the world's largest, if not the largest social media company, is already using it. And I think that's because media really is concerned about performance. And so we're doing things like transcoding, much closer to the end user. And that's a key thesis of our architecture and our approach to compute is to be much more distributed with the compute, have containers and VMs much closer to the end users. Gaming, another example, what that makes a lot of sense. Things like leaderboards, manage groups of users as they play the game, you need low latency, there's a lot of back and forth with the clients and you want that to be close to the end user.

我認為媒體是第一批採用者。事實上，如您所知，即使不是最大的社交媒體公司，世界上最大的公司之一也已經在使用它。我認為那是因為媒體真的很關心性能。所以我們正在做轉碼之類的事情，更接近最終用戶。這是我們架構的一個關鍵論點，我們的計算方法是通過計算更加分佈式，讓容器和虛擬機更接近最終用戶。遊戲，另一個例子，這很有意義。諸如排行榜之類的東西，在玩遊戲時管理用戶組，你需要低延遲，與客戶有很多來回，你希望它接近最終用戶。

That said, this is not limited to media. Commerce is also very sensitive to performance, and we've already signed up commerce companies. And commerce companies, of course, especially with these macroeconomic challenges, very sensitive to cost. And so we're in a position where we can give them, I think, with Akamai Connected Cloud, better performance at a more competitive price point. So I think you'll see penetration in the commerce vertical as well. And of course, Akamai is really close to the big companies in media and commerce. I have the opportunity to talk to the most senior executives in many of these companies, and they're very interested in what we can do for them. And they've been asking us to do this. And I think they're excited about the potential for Akamai Connected Cloud.

也就是說，這不僅限於媒體。商業對業績也很敏感，我們已經簽約了商業公司。當然，商業公司，尤其是面對這些宏觀經濟挑戰，對成本非常敏感。因此，我認為我們可以通過 Akamai Connected Cloud 以更具競爭力的價格為他們提供更好的性能。所以我認為你也會看到商業垂直領域的滲透。當然，Akamai 與媒體和商業領域的大公司關係密切。我有機會與其中許多公司的最高級管理人員交談，他們對我們能為他們做些什麼非常感興趣。他們一直要求我們這樣做。我認為他們對 Akamai Connected Cloud 的潛力感到興奮。

I think down the road, take a little bit longer, the financial vertical is another vertical that's very strong for Akamai because of our work in security and our market-leading products there. There, we have a little bit more work to do on the certifications. The bar is a little bit higher for financial institutions, but I think that would follow media and commerce in terms of adoption of Akamai Connected Cloud.

我認為在未來，需要更長的時間，金融垂直領域是另一個對 Akamai 來說非常強大的垂直領域，因為我們在安全方面的工作和我們在該領域的市場領先產品。在那裡，我們在認證方面還有一些工作要做。金融機構的門檻稍高一些，但我認為在採用 Akamai Connected Cloud 方面，媒體和商業會緊隨其後。

Our next question will come from James Breen with William Blair.

我們的下一個問題將來自 James Breen 和 William Blair。

Can you just talk a little bit about sort of the internal decision-making around shifting resources to the security and cloud side and maybe a little bit on the delivery side of market share to some extent, giving up some market share within that business for the benefit of the overall profitability in the long term?

您能否談談關於將資源轉移到安全和雲方面的內部決策，以及在某種程度上可能在市場份額的交付方面，放棄該業務中的一些市場份額從長遠來看對整體盈利能力有何好處？

Well, yes, I think it makes good sense to be shifting resources towards the higher growth areas, both security but especially in cloud computing. I think we'll see a lot stronger return on the investment. We still have the market-leading delivery business. We haven't lost share to the best of my knowledge.

嗯，是的，我認為將資源轉移到更高增長的領域是很有意義的，包括安全領域，尤其是在雲計算領域。我認為我們會看到更強勁的投資回報。我們仍然擁有市場領先的送貨業務。據我所知，我們並沒有失去份額。

We have turned away some -- a small amount of the business that's very spiky. And that doesn't make as much sense for us to take that business as the price point isn't right today. And that's because traffic growth rates are lower than they used to be. So you have to spend money to build out for the spike. And if your traffic growth rates are lower, it takes longer to fill that capacity on a daily basis.

我們已經拒絕了一些 - 少量非常尖銳的業務。這對我們來說沒有多大意義，因為今天的價格點不合適。那是因為流量增長率低於過去。因此，您必須花錢來構建峰值。如果您的流量增長率較低，則每天需要更長的時間來填充該容量。

With delivery, your cost is associated with your peak and your revenue more associated with the daily usage or total aggregate usage. And so we have, as we've talked about, turned down some deals there just because the ROI doesn't make us much sense in this environment. And we get a lot better ROI from investing in compute and I think, obviously, security.

對於交付，您的成本與峰值相關，而您的收入則與每日使用量或總使用量相關。因此，正如我們所討論的那樣，我們拒絕了那裡的一些交易，只是因為投資回報率在這種環境下對我們沒有多大意義。我們通過投資計算獲得了更好的投資回報率，我認為，顯然是安全性。

And then within security, we're reallocating investment decisions there to focus more resources on the fastest-growing security products. So I think it just makes good sense. And for now with compute, it's something our customers are really asking us to do. And even in this challenging macroeconomic environment, it's something that I think the timing may be even a little bit better there because of that.

然後在安全領域，我們正在重新分配投資決策，將更多資源集中在增長最快的安全產品上。所以我認為這很有意義。就目前而言，在計算方面，這是我們的客戶真正要求我們做的事情。即使在這個充滿挑戰的宏觀經濟環境中，我認為時機可能會更好一些。

Our next question will come from Keith Weiss with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Keith Weiss。

Excellent. A couple of questions, I have a ton of questions, but I'll try to limit it to 2 or 3. On the cloud computing side of the equation, the word of the year amongst investors has been optimization, and we've heard it from AWS, you've heard it from Azure. I'm really interested to hear how that impacted Linode given kind of being a lower cost provider in the marketplace, you guys -- did you see optimization of people trying to sort of reduce the amount of consumption on your platform? Are you guys like more of a net beneficiary because of people are ultimately seeking just kind of lower cost overall?

出色的。有幾個問題，我有很多問題，但我會盡量限制在 2 或 3 個。在等式的雲計算方面，投資者的年度關鍵詞是優化，我們聽說過它來自 AWS，您已經從 Azure 聽說過它。我真的很想听聽這對 Linode 有何影響，因為你們是市場上成本較低的供應商，你們有沒有看到人們試圖通過優化來減少你們平台上的消費量？你們是不是更像是一個淨受益者，因為人們最終只是在尋求整體上更低的成本？

And then also on cloud, I don't know, did you guys mention what the contribution was from Linode this quarter? I believe you guys have been given the kind of inorganic contribution over the past couple of quarters? And then I have 1 for Ed on the margin side of the equation.

然後在雲上，我不知道，你們有沒有提到本季度 Linode 的貢獻是什麼？我相信你們在過去幾個季度中得到了那種無機貢獻？然後我在等式的邊際有 1 代表 Ed。

All right. I'll take the first part of that and let Ed take the second part. I think Linode is a much smaller company and really sort of a different market than the giant cloud companies that are maybe referring to optimization. So I didn't see -- we don't see a big impact on Linode. Now what we're doing is making Linode so it can be used by the big enterprises for mission-critical applications. And that, in part, is building out scale. It's making it be more distributed, available in more cities, integrating it with the Akamai platform and our Edge regions and increasing the functionality. So a lot of work taking place on the Linode platform so we can sell it at a much higher scale to major enterprises.

好的。我負責第一部分，讓 Ed 負責第二部分。我認為 Linode 是一家小得多的公司，與可能指的是優化的大型雲公司相比，它確實是一個不同的市場。所以我沒有看到 - 我們沒有看到對 Linode 的重大影響。現在我們正在做的是製作 Linode，以便大型企業可以將其用於關鍵任務應用程序。這在一定程度上正在擴大規模。它使其更加分散，在更多城市可用，將其與 Akamai 平台和我們的邊緣區域集成並增加功能。所以很多工作都在 Linode 平台上進行，這樣我們就可以更大規模地向大型企業出售它。

And we're in the stage now with early adopters there. And I think as we get towards the end of this year, we'll be in a position to take on a lot more business there. And I think the value proposition is that we would have better performance will be more distributed, closer to end users at a more competitive price point. And I think in this environment, yes, pricing matters, especially if you look at -- as we talked about, big media, big commerce, they care, and they are spending a lot in the cloud today.

我們現在正處於早期採用者的階段。我認為，到今年年底，我們將能夠在那裡開展更多業務。而且我認為價值主張是，我們將擁有更好的性能，將更加分散，以更具競爭力的價格更接近最終用戶。而且我認為在這種環境下，是的，定價很重要，特別是如果你看看 - 正如我們所說的那樣，大媒體，大商業，他們關心，他們今天在雲中花費很多。

So I think that's the phenomenon you'll see take effect as we're in a position to take on more large-scale business for large enterprises. And then Ed, you can take the second part of that question.

所以我認為這就是你會看到的現象，因為我們能夠為大型企業開展更大規模的業務。然後 Ed，你可以回答這個問題的第二部分。

Yes, sure. So Linode, it will get more difficult to break up sort of merging in with everything, but it was about $34 million, a little over $34 million. We did see a slight increase in the growth rate as the year went on, and we haven't seen any change in the consumption around optimization, meaning folks are using less of the cloud at this point.

是的，當然。所以 Linode，拆分和合併一切會變得更加困難，但它大約是 3400 萬美元，略高於 3400 萬美元。隨著時間的推移，我們確實看到增長率略有上升，並且我們沒有看到圍繞優化的消費有任何變化，這意味著人們在這一點上使用的雲正在減少。

Perfect. Perfect. And then on the expense side of the equation. I just want to make sure I understanding this correctly. It sounds like you're slowing down or pausing hiring and I'm assuming you close those positions that could be hired into them, but you just like tick it off the job board, if you will, and then repositioning employees rather than any like restructuring or headcount reduction. So should the way that we should be thinking about it is you're aiming towards relatively flat headcount in 2023?

完美的。完美的。然後在等式的費用方面。我只是想確保我正確理解這一點。聽起來你正在放慢或暫停招聘，我假設你關閉了那些可以聘用的職位，但你只是喜歡在工作板上打勾，如果你願意的話，然後重新定位員工而不是任何類似的重組或裁員。那麼我們應該考慮的方式是您的目標是在 2023 年實現相對平穩的員工人數嗎？

Yes, Keith. So the way to think it will probably go up a little bit. It won't be up as much as it's been up certainly last year. But I mean, you're thinking about it in the right way. And one of the things that we're fortunate enough to do is if you think about what we would -- the typical company would do if you didn't have the skill sets and how it should have to do a layoff, that's expensive and then you have to go hire new talent. We're fortunate enough in the areas that Tom talked about, whether it's development or build out of the network, the sales functions that we can shift those resources over.

是的，基思。所以思路大概會往上一點。它肯定不會像去年那樣上漲。但我的意思是，你正在以正確的方式思考它。我們有幸做的一件事是，如果你想想我們會做什麼——如果你沒有技能組合，典型的公司會做什麼，以及它應該如何裁員，那是昂貴的，而且那麼你必須去僱傭新的人才。我們很幸運，在湯姆談到的領域，無論是開發還是建立網絡，我們都可以將這些資源轉移到銷售職能上。

So if you think about the cost to build out what we're doing, would cause somebody else a significant amount of money, but we're able to shift those resources. And as far as the new headcount going forward, we're going to be pretty judicious with where we're hiring, but it's going to be primarily in the areas of cloud and security and maybe a few on the go-to-market side.

因此，如果您考慮構建我們正在做的事情的成本，會給其他人帶來大量資金，但我們能夠轉移這些資源。就未來的新員工人數而言，我們將非常審慎地招聘人員，但主要是在雲和安全領域，可能還有一些在上市方面.

Got it. And the shift take place both in terms of development as well as go-to-market? Or is it more so like the development resources are being shifted?

知道了。這種轉變既發生在開發方面，也發生在上市方面？或者更像是開發資源正在轉移？

There's a lot of resources being shifted within our platform and delivery organizations. Think of the hundreds of people that are managing our network deployment that build out our 4,100 regions today and the tremendous scale we have, and they are now heavily focused on building out compute resources. Think of the people that manage the operations the automatic deployment of software, the failover, the load balancing, the resiliency, they are heavily focused on incorporating those capabilities for compute, building on top of the Linode framework. So I would say the large majority of the resources are of that nature that we're re-tasking.

我們的平台和交付組織內部有很多資源正在轉移。想一想管理我們今天構建 4,100 個區域的網絡部署的數百人以及我們擁有的巨大規模，他們現在非常專注於構建計算資源。想一想管理軟件自動部署、故障轉移、負載平衡、彈性等操作的人員，他們非常專注於整合這些計算功能，構建在 Linode 框架之上。所以我想說大部分資源都屬於我們正在重新分配的那種性質。

Our next question will come from Tim Horan with Oppenheimer.

我們的下一個問題將來自奧本海默的蒂姆霍蘭。

Also on the cloud, can you talk a little bit about your improvement in price and performance versus the comments. Can you give us some metrics there? And then can you talk a little bit about what type of cloud you're building out for? I know, Tom, in the past, you were a little skeptical that we could do kind of Gaming-as-a-Service over cloud infrastructure. Is that changing? And you could optimize your cloud for AI or blockchain or more networking or very, very low latency? Just any color there? And then lastly, have you contemplated maybe partnering with some of the larger cloud providers with AI really starting to take off? Can you be a partner to a few of them or one of them that would really accelerate things?

同樣在雲上，你能談談你在價格和性能方面相對於評論的改進嗎？你能給我們一些指標嗎？然後你能談談你正在構建什麼類型的雲嗎？我知道，湯姆，過去，您對我們能否在雲基礎設施上提供某種遊戲即服務持懷疑態度。這在改變嗎？您可以針對 AI 或區塊鍊或更多網絡或非常非常低的延遲優化您的雲？那裡只有任何顏色？最後，您是否考慮過與一些大型雲提供商合作，讓 AI 真正開始騰飛？你能成為其中一些人的合作夥伴，或者成為真正能加速發展的其中之一嗎？

Yes, good questions. We'll be the most distributed cloud services provider. And of course, we start with 4,100 pops for Function as a Service, JavaScript at the edge. And we're building out the core cloud capabilities. And then this notion of the -- of a more distributed containers closer to the edge, VMs closer to the edge. Now that will give you better performance for things where you want to be close to the end user because it will be closer to more end users will be in some cases, countries where you don't have a presence from the hyperscalers.

是的，好問題。我們將成為分佈最廣的雲服務提供商。當然，我們從 4,100 個函數即服務 JavaScript 開始。我們正在構建核心雲功能。然後這個概念——更分佈式的容器更接近邊緣，虛擬機更接近邊緣。現在，這將為您想要接近最終用戶的事物提供更好的性能，因為在某些情況下，它會更接近更多的最終用戶，在您沒有超大規模應用程序的國家/地區。

And our pricing will be less already. You can look at the list pricing and see that it's less than what the hyperscalers charge. And we're -- because we're integrating it with our backbone and with our Edge platform, that gives us great economics on the delivery, taking the data in and out of storage or compute and getting it to end users. We're in a position to do that at a lower cost and to give consumers a better price point.

而且我們的定價已經更低了。您可以查看清單定價，發現它低於超大規模應用程序收取的費用。而且我們 - 因為我們將它與我們的主乾和我們的邊緣平台集成，這為我們提供了巨大的交付經濟，將數據進出存儲或計算並將其提供給最終用戶。我們能夠以更低的成本做到這一點，並為消費者提供更好的價格點。

Yes, this works not for all gaming functions, but for a lot of the things you want to do with gaming. It's a great use case, streaming, obviously, transcoding, APIs, chatting APIs, people communicating during a sporting event. That's all -- is very relevant to having a more distributed model. AI, I think elementary stuff you can put in a container or VM, yes, that makes perfect sense. If you want to have the monolithic storage associated with that, that's more cloud, core cloud compute, I would say.

是的，這並不適用於所有遊戲功能，但適用於您想通過遊戲完成的許多事情。這是一個很好的用例，流媒體，顯然，轉碼，API，聊天 API，人們在體育賽事中進行交流。這就是全部 - 與擁有更分佈式的模型非常相關。 AI，我認為你可以將基本的東西放在容器或 VM 中，是的，這非常有意義。如果你想擁有與之相關的整體存儲，那就是更多的雲，核心雲計算，我會說。

I think in terms of partnering, Yes, we have a lot of customers that obviously use Akamai services today as well as the cloud giants. In fact, the cloud giants themselves, a couple of them are very large Akamai customers. And so they also use their own services. So I think it's an ecosystem where, yes, I think there'll be customers that would use us and use the hyperscalers depending on the application and what they're looking to do. And we very much believe in a multi-cloud approach.

我認為在合作方面，是的，我們有很多客戶今天顯然使用 Akamai 服務以及雲巨頭。事實上，雲巨頭本身，其中有幾個是 Akamai 的大客戶。所以他們也使用自己的服務。所以我認為這是一個生態系統，是的，我認為會有客戶使用我們並根據應用程序和他們想要做的事情使用超大規模。我們非常相信多雲方法。

Our next question will come from Mark Murphy with JPMorgan.

我們的下一個問題將來自摩根大通的馬克墨菲。

Is it possible to ballpark the revenue contribution that was driven by this huge scale of the World Cup so that we could then remove that from our models for the next 3 years and then, I guess, presumably included back in year 4?

是否有可能預估由如此大規模的世界杯帶來的收入貢獻，以便我們可以在接下來的 3 年中將其從我們的模型中移除，然後，我想，大概在第 4 年將其包括在內？

Yes. Mark, it's Ed. There's about $5 million, roughly.

是的。馬克，是埃德。大概有500萬美元。

Okay. Got it. And then as a follow-up, just to clarify, during Q4, were you able to capture some of the business that Amazon is losing either due to the lower pricing structure that you have for Linode or because you have this advantage of broader points of presence? I guess I'm just interested in -- it sounds like from what you're describing, that potential is there. I'm just wondering if there was a material benefit or tailwind from that in Q4?

好的。知道了。然後作為後續行動，只是為了澄清一下，在第四季度期間，你是否能夠抓住亞馬遜正在失去的一些業務，要么是因為你對 Linode 的定價結構較低，要么是因為你擁有更廣泛的優勢在場？我想我只是感興趣——從你的描述來看，這種潛力是存在的。我只是想知道第四季度是否有物質利益或順風？

Not in compute in Q4. Obviously, we compete very successfully in delivery and security with the hyperscalers. We're the market leader there. Now in compute, they are the market leaders by far. And so nothing that we would do in compute is going to make any difference to them. I mean we're looking to get to a 1% market share in a market that's $100 billion to $200 billion a year. So it will take us a while in compute before I think a hyperscaler would even really, really notice. And of course, a 1% or 2% market share means a lot to us in compute, that's several billion dollars, means less obviously, to folks at the scale of those guys.

不在第四季度的計算中。顯然，我們在交付和安全方面與超大規模企業競爭非常成功。我們是那裡的市場領導者。現在在計算領域，他們是迄今為止的市場領導者。因此，我們在計算方面所做的任何事情都不會對他們產生任何影響。我的意思是，我們希望在一個每年 1000 億至 2000 億美元的市場中獲得 1% 的市場份額。因此，在我認為超大規模計算器甚至真的、真的注意到之前，我們需要花一些時間在計算上。當然，1% 或 2% 的市場份額對我們在計算領域意義重大，即數十億美元，對那些規模如此之大的人來說意義不大。

Our next question will come from Rishi Jaluria with RBC.

我們的下一個問題將來自 RBC 的 Rishi Jaluria。

Wonderful. I've got 2. First, I wanted to start on the compute side of the equation. I appreciate all the color around CapEx. And please forgive me if my math is shoddy over here. But if I just do a rough back of the envelope numbers, right, with 9% of total revenue being CapEx, specifically for the compute business. And then I strip out $100 million of nonrecurring. That's still telling me that CapEx -- Compute CapEx this year in 2023 is going to be 45% of Compute revenue, which, again, it's a growing business and everything. Number one, am I directionally thinking about this? And maybe number -- piece number 2 to that is, how should we be thinking about steady state CapEx for the compute business once we get through maybe the next year, 1.5 years? And then I've got a follow-up.

精彩的。我有 2 個。首先，我想從等式的計算端開始。我欣賞資本支出周圍的所有顏色。如果我的數學不好，請原諒我。但是，如果我粗略地估算一下信封數字，對，總收入的 9% 是資本支出，專門用於計算業務。然後我剝離了 1 億美元的非經常性支出。這仍然告訴我，資本支出——2023 年今年的計算資本支出將佔計算收入的 45%，這又是一個不斷增長的業務和一切。第一，我是在定向思考這個問題嗎？也許數字 - 第 2 部分是，一旦我們可能在明年，1.5 年，我們應該如何考慮計算業務的穩態資本支出？然後我有一個後續行動。

Yes, sure. So you're doing the math right. So the way to think about the $100 million, that will enable us for our internal use that will enable us to save lot more than $100 million. So think of it -- you think about it right in terms of as a onetime sort of burst of a charge. Obviously, if we continue to use our own compute capabilities over time down the road, will be adding a little bit from time to time there. But you're thinking about that correctly.

是的，當然。所以你算對了。因此，考慮 1 億美元的方式將使我們能夠在內部使用，這將使我們能夠節省超過 1 億美元。所以想一想 - 你認為它是一次性的充電爆發。顯然，如果我們隨著時間的推移繼續使用我們自己的計算能力，我們會不時地增加一點。但是您正在正確考慮這一點。

In terms of what does the steady state look like? We talked at the Analyst Day about how you can approximate sort of future growth percentage with what you would spend. So for example, if we're at $1 billion, and we're spending 30% in CapEx, our growth rate would be probably around 30%. It's not quite dollar for dollar, but sort of a rough approximation. So think of us spending roughly $100 million this year on internal use, another, say, call it, $225 million to $250 million depending on where you are on your models. That enables you to get that type of revenue scale potentially. Obviously, it's going to have to play out in the market a little bit more if we get a little bit less. That's a pretty decent rule of thumb.

就穩態而言是什麼樣的？我們在分析師日談到瞭如何用你的支出來估算未來的增長百分比。因此，例如，如果我們的規模為 10 億美元，並且我們在資本支出上花費了 30%，那麼我們的增長率可能會在 30% 左右。這不是一美元換一美元，而是一種粗略的近似值。所以想想我們今年在內部使用上花費了大約 1 億美元，另一個，比如說，2.25 億美元到 2.5 億美元，這取決於你在模型上的位置。這使您有可能獲得那種類型的收入規模。顯然，如果我們得到的少一點，它就必須在市場上發揮更多的作用。這是一個相當不錯的經驗法則。

And then obviously, as we're growing out these locations, we're pretty ambitious in terms of the core locations that we're putting online, also distributed locations are putting online. We're going to be investing ahead of revenue. So I would expect for the next 1.5 years or 2 years to have elevated CapEx related to the compute business, and we'll start to scale into it.

然後很明顯，隨著我們不斷發展這些地點，我們在將核心地點放到網上以及分佈式地點放到網上方面雄心勃勃。我們將在收入之前進行投資。因此，我預計在接下來的 1.5 年或 2 年內，與計算業務相關的資本支出會增加，我們將開始擴大規模。

Okay. Got it. That's helpful. And then just maybe going back to the security business. Going past this year, longer term, what needs to happen to see security overall reaccelerate to growth rate that you'd be happy with? Is that primarily going to be driven by a continued Guardicore mix shift? Is that going to be more on the Zero Trust portfolio ex Guardicore? Maybe walk us through kind of what needs to happen to get security up to kind of an organic growth rate that you'd be happy with?

好的。知道了。這很有幫助。然後可能會回到安全業務。今年過去了，從長遠來看，需要發生什麼才能看到安全整體重新加速到您滿意的增長率？這主要是由持續的 Guardicore 混合轉變驅動的嗎？這會更多地出現在 Guardicore 的零信任投資組合中嗎？也許帶我們了解需要發生什麼才能使安全達到您滿意的有機增長率？

Yes. No, I think you characterized it well, and it is more the mix shift to the newer products for us that are growing at a rapid rate, but are still relatively small. We've got a substantial return from Bot Manager now. That's a great example, starting to really help. Next is Guardicore, which, as Ed mentioned, we want to -- as we exit should '23, should be at over $100 million run rate. And once you start getting to that size and it's rapidly growing, it starts making a difference for the big security number. And of course, as that number gets bigger, it obviously gets more challenging to maintain the higher growth rates.

是的。不，我認為你描述得很好，更多的是我們正在快速增長但仍然相對較小的新產品的組合轉變。我們現在已經從 Bot Manager 獲得了可觀的回報。這是一個很好的例子，開始真正有所幫助。接下來是 Guardicore，正如 Ed 所提到的，我們希望——當我們在 23 年退出時，它的運行率應該超過 1 億美元。一旦你開始達到那個規模並且它正在迅速增長，它就會開始對大安全數字產生影響。當然，隨著這個數字越來越大，保持較高的增長率顯然變得更具挑戰性。

We're continuing to invest in new capabilities there. Account Protector is off to a very good start, really excited about that. but it will take time to do that. And we're continuing to look for potential acquisitions that can help jump start growth. I don't think anything huge. It gets you the return right away, but areas that we think are really important that we can become market leaders in like we've done for application firewall, bot management, for segmentation and that over then a period of years can drive significant growth for us.

我們將繼續在那裡投資新的能力。 Account Protector 有了一個很好的開端，對此真的很興奮。但這需要時間。我們正在繼續尋找可以幫助快速啟動增長的潛在收購。我不認為有什麼大不了的。它可以立即為您帶來回報，但我們認為真正重要的領域是我們可以成為市場領導者，就像我們在應用程序防火牆、機器人管理、細分領域所做的那樣，並且在接下來的幾年中可以推動顯著增長我們。

Next question will come from Amit Daryanani with Evercore.

下一個問題將來自 Evercore 的 Amit Daryanani。

Two questions for me as well. I guess the first one, when we think about 2% to 4% kind of top line growth in '23 in constant currency, I think you talked about Security growing double digits. Is there a way to think about how do you think growth stacks up on the compute and delivery side as well for the year?

我也有兩個問題。我想第一個，當我們考慮 23 年以不變貨幣計算的 2% 到 4% 的收入增長時，我想你談到了安全增長兩位數。有沒有一種方法可以考慮您如何看待今年計算和交付方面的增長？

Yes, sure. So well, we didn't give specific guidance for either Delivery or Compute. Tom did talk about us achieving $0.5 billion or so in Compute revenue. So depending on where you put your models, you decided $0.5 billion for Compute, you just solve for the Delivery. I think if you were to be on the higher end of the business, Delivery might do a little bit better as we saw in Q4, potentially get Security going. If the macroeconomic conditions improve and then obviously, really just a timing issue in terms of when we can start moving major workloads on Compute.

是的，當然。好吧，我們沒有為 Delivery 或 Compute 提供具體指導。 Tom 確實談到我們實現了 5 億美元左右的計算收入。因此，根據你放置模型的位置，你決定 5 億美元用於計算，你只需解決交付問題。我認為，如果你處於業務的高端，交付可能會像我們在第四季度看到的那樣做得更好一些，可能會推動安全性的發展。如果宏觀經濟狀況有所改善，那麼很明顯，就我們何時可以開始將主要工作負載轉移到 Compute 而言，這真的只是一個時間問題。

Got it. And then as we think about sort of the path from, let's just say, 27.5% operating margins that you'll be at in '23, towards this 30% kind of target you folks have had in the -- you have now actually, what do you think takes to achieve that target? Is there a revenue number that you need to get there or a mix or the cost reduction? If you could just maybe provide a bit of a bridge on how do you get from 27.5% to 30% EBIT margins, that would be really helpful.

知道了。然後，當我們考慮從 23 年的 27.5% 的營業利潤率，到你們已經達到的 30% 的目標時——實際上，你們現在已經實現了，您認為實現該目標需要什麼？是否有您需要達到的收入數字或混合或降低成本？如果您能就如何將息稅前利潤率從 27.5% 提高到 30% 提供一些橋樑，那將非常有幫助。

Yes. So it's a little bit of everything, right? But I think as we laid out about 5 or 6 different things that we're doing, probably the biggest near-term item would be the third-party cloud costs. So as we migrate that to our own cloud, we're going to save about $100 million or so. Think about that as some of that will happen this year, a lot more of it in '24 and then by '25, we should have almost the majority of our internal cloud or third-party cloud on our internal system. So that's 2 to 3 points right there.

是的。所以它是一切的一點點，對吧？但我認為，當我們列出我們正在做的大約 5 或 6 件不同的事情時，最大的近期項目可能是第三方云成本。因此，當我們將其遷移到我們自己的雲時，我們將節省大約 1 億美元左右。考慮一下，因為其中一些將在今年發生，更多發生在 24 年，然後到 25 年，我們應該在內部系統上擁有幾乎大部分內部雲或第三方雲。所以那裡有 2 到 3 分。

Colocation, I talked a bit about the audit of the ASC 842 in lease accounting. We have a little bit more of a burden that we have to take at the beginning of some of these longer-term agreements. But also, we're spending on colocation that we haven't quite scaled into yet. So there's your question about revenue. As revenue scales, you'll get scale with your margins.

託管，我談到了租賃會計中 ASC 842 的審計。在這些長期協議中的一些開始時，我們必須承擔更多的負擔。而且，我們還在尚未完全擴展的主機託管上投入資金。所以你有關於收入的問題。隨著收入規模的擴大，您的利潤率也會隨之擴大。

And then just through some of the depreciation savings that we're getting on delivery and the real estate savings. We're spending, call it, before this year around $100 million in real estate, we're going to save about $20 million this year. Probably room to get maybe another $20 million or $30 million out of that as well. So it's really a combination of getting the Compute revenue to scale into our investments in mostly our colocation facilities and third-party cloud savings, those are probably the 2 biggest areas for margin expansion.

然後只是通過我們在交付時獲得的一些折舊儲蓄和房地產儲蓄。我們在今年之前花費了大約 1 億美元的房地產，今年我們將節省大約 2000 萬美元。可能還有從中獲得另外 2000 萬或 3000 萬美元的空間。因此，這實際上是將計算收入擴展到我們在託管設施和第三方雲節省方面的投資的組合，這可能是利潤率擴張的兩個最大領域。

Perfect. It sounds like most of the ramp to margin is going to be driven by self-help levers versus revenue tailwinds. I mean, it seems like the SKU might be a bit more on self-help. Is that a fair way to characterize it?

完美的。聽起來大部分利潤率的增長將由自助槓桿而不是收入順風推動。我的意思是，似乎 SKU 可能更偏向於自助。這是描述它的公平方法嗎？

Yes. I mean I think that's -- when you look at the size of those numbers, certainly, I mean, obviously, revenue cures all your rails, right? We've got a pretty scalable model. So if we see acceleration in revenue, especially on the compute side, you're going to see a pretty good flow-through. But yes, there's a lot in our control here. And I think we're doing the responsible things as far as hiring goes, shifting resources, focusing on reducing our real estate costs and really focusing on driving down that third-party cloud cost, which is really taken a pretty big chunk out of our gross margin.

是的。我的意思是，我認為那是——當你查看這些數字的大小時，當然，我的意思是，很明顯，收入可以解決所有問題，對吧？我們有一個非常可擴展的模型。因此，如果我們看到收入加速增長，尤其是在計算方面，您將看到相當不錯的流量。但是，是的，我們可以控制很多事情。而且我認為，就招聘、轉移資源、專注於降低我們的房地產成本以及真正專注於降低第三方云成本而言，我們正在做負責任的事情，這確實佔了我們的很大一部分毛利率。

Our next question will come from Fatima Boolani with Citi.

我們的下一個問題將來自花旗的 Fatima Boolani。

Two for me. On the delivery segment, the last couple of years for you have been maybe a little bit more erratic just by way of lapping some of the benefits from the pandemic, some of the dynamics you saw in the gaming area where trends are moderating. So at a high level for you, when we think about the underlying cadence from a volume perspective, what are you assuming that's maybe different, the same, better or worse versus the trends you saw this year? And I'm considering the renewal cohort what you've mentioned around holding to on pricing. So any sort of color commentary you can give us for the delivery segment in terms of traffic trends and then pricing trends under the hood? And then I have a follow-up, please.

兩個給我。在交付領域，過去幾年你可能有點不穩定，只是通過利用大流行帶來的一些好處，你在趨勢正在緩和的遊戲領域看到的一些動態。因此，對您來說，從更高的層面來看，當我們從數量的角度考慮潛在的節奏時，您假設這與您今年看到的趨勢可能不同、相同、更好或更差？我正在考慮你提到的關於堅持定價的更新隊列。那麼，您可以就流量趨勢和定價趨勢向我們提供有關交付部分的任何顏色評論嗎？然後我有一個後續行動，請。

Yes, sure. Great question. So let me see if I can pick that all at once here. So in terms of the major renewals, we don't have nearly as many major renewals as we had last year. So that's going to be one thing that works in our favor. We are not anticipating in our guidance any significant increase in traffic in terms of levels of growth that we saw last year. We're anticipating a slight increase, but nothing significant.

是的，當然。很好的問題。所以讓我看看我是否可以在這裡一次選擇所有內容。因此，就重大續約而言，我們的重大續約幾乎沒有去年那麼多。所以這將是對我們有利的一件事。我們在我們的指南中預計，就我們去年看到的增長水平而言，流量不會有任何顯著增加。我們預計會略有增加，但並不顯著。

We're anticipating that and we're starting to see that price declines are moderating a bit. They're not nearly as steep as they've been in the past. And then we will continue our posture in terms of being a little bit more selective with some of the spiky traffic. Once we start seeing volumes get back to the historical Internet growth rates and beyond, then maybe that posture may change, but that's the way we're going to play it for now.

我們預料到這一點，我們開始看到價格下跌有所放緩。它們不像過去那樣陡峭。然後我們將繼續我們的姿態，對一些尖峰流量更有選擇性。一旦我們開始看到流量回到歷史互聯網增長率甚至更高，那麼這種態勢可能會改變，但這就是我們現在要玩的方式。

I appreciate that. And just the delineation between your U.S. business and the international business, anything you can point to by way of geographical differences in procurement? Is there more sensitivity on budgets in the U.S. versus international? Any characterization there because international continues to be a stronghold for you versus some of the -- maybe some of the malaise on the U.S. side, but would love to get a little bit more granular on what's continuing to drive that strength and if some of that budgetary pressure that you alluded to on the security side is maybe showing up more pronouncedly in U.S. versus international? That's it for me.

我很感激。以及您的美國業務和國際業務之間的界限，您可以通過採購中的地域差異指出什麼？與國際相比，美國對預算的敏感性更高嗎？那裡的任何特徵，因為國際仍然是你的據點，而不是一些 - 可能是美國方面的一些不適，但希望更詳細地了解繼續推動這種力量的因素，如果其中一些你提到的安全方面的預算壓力可能在美國和國際上表現得更明顯？對我來說就是這樣。

Sure. Yes, I would say just kind of general macro across all regions. I'd say new customer acquisition is more challenging in an environment like this. And I think you hear a lot of companies talk about that. We're seeing that as well. In terms of geographic, obviously, the European economy is struggling a bit more than we are in the U.S., slightly higher inflation, et cetera. So I expect that area to be a bit more weaker than what I'm seeing in the U.S. Asia is still been pretty strong. Latin America has been pretty strong. U.S. has been kind of holding firm here. But I would expect the European business, in particular, is to be the most impacted by the macroeconomic factors.

當然。是的，我想說的是所有地區的一般宏觀。我想說在這樣的環境中獲得新客戶更具挑戰性。我想你聽到很多公司都在談論這個。我們也看到了這一點。顯然，就地域而言，歐洲經濟比我們在美國掙扎得更多，通貨膨脹率略高，等等。所以我預計該地區會比我在美國看到的要弱一些。亞洲仍然非常強勁。拉丁美洲一直很強大。美國在這裡一直保持堅定。但我預計歐洲企業尤其受宏觀經濟因素的影響最大。

Our next question will come from Frank Louthan with Raymond James.

我們的下一個問題將來自 Frank Louthan 和 Raymond James。

So with the significant number of POPs that you have already, what is it about the cloud platform that you need to expand these sites? What is about the location and the capabilities that they bring for expanding the compute platform that you generally have? And then you touched on a possibility for M&A. What do you consider significant? And what are the -- what size M&A do you think you might be looking at if you do any in the next 12 months?

因此，對於您已經擁有的大量 POP，擴展這些站點所需的雲平台是什麼？他們為擴展您通常擁有的計算平台帶來的位置和功能如何？然後你談到了併購的可能性。你認為重要的是什麼？如果您在未來 12 個月內進行任何併購，您認為您可能會考慮什麼規模的併購？

Yes. So on the Akamai Connected Cloud architecture, we already have 4,100 Edge regions. And these regions do delivery and security. They're the first line of defense. They also do what we call edge computing, which is Function as a Service, JavaScript at the edge. Now in the core, where the node had 11 data centers, and we're going to more than double that, you have very large-scale storage object and block storage. You've got VM as a Service, Container as a Service, Kubernetes, core cloud compute.

是的。因此，在 Akamai Connected Cloud 架構上，我們已經擁有 4,100 個邊緣區域。這些地區負責送貨和安保。他們是第一道防線。他們還做我們所說的邊緣計算，即功能即服務，邊緣的 JavaScript。現在在核心，節點有 11 個數據中心，我們將增加一倍以上，你有非常大規模的存儲對象和塊存儲。你有虛擬機即服務、容器即服務、Kubernetes、核心雲計算。

Now we're adding also an intermediate layer, we call those sort of the distributed compute layer. And this would have not the monolithic storage, but you'd have Containers as a Service. Kubernetes, VMs as a Service, so you could do compute there. And so what you do and where you want to do it, depends on the application, things that are a lot of back and forth with the end user that are lighter weight, that could be handled in JavaScript. You want to be doing that in the 4,100 Edge regions, something like transcoding, you're doing some data processing, you got an app in a container, but performance matters, you want to be close to the end user or say a gaming application, that you'll want to do in our distributed Edge platform.

現在我們還添加了一個中間層，我們稱之為分佈式計算層。這不會有整體存儲，但你會有容器即服務。 Kubernetes，虛擬機即服務，所以你可以在那裡進行計算。因此，你做什麼以及你想在哪裡做取決於應用程序，與最終用戶來回進行的很多事情都是輕量級的，可以用 JavaScript 處理。你想在 4,100 個邊緣區域做這件事，比如轉碼，你正在做一些數據處理，你在容器中有一個應用程序，但性能很重要，你想接近最終用戶或者說遊戲應用程序，你會想在我們的分佈式邊緣平台上做。

And the reason we have that is there's a lot of cities and places in the world that don't have a giant cloud data center there. And they can't really take advantage of the cloud for applications that have -- where the proximity to the user is important, and so that's something that we want to be able to provide. So there's 3 sort of levels here of compute and you want to be actually using generally all 3 for a major company, but the specific application dictates where you want to be doing it and what combination that you want to use.

我們之所以這樣做，是因為世界上有很多城市和地方沒有巨大的雲數據中心。而且他們不能真正利用雲的應用程序——在這些應用程序中，與用戶的接近度很重要，所以這是我們希望能夠提供的東西。因此，這裡有 3 種計算級別，您希望為一家大公司實際使用所有 3 種級別，但具體的應用程序決定了您想要在哪裡進行計算以及您想要使用什麼組合。

Okay. (inaudible) potential for M&A and thoughts on what you would consider significant versus more tuck-in?

好的。 （聽不清）併購的潛力以及您認為重要的還是更多的想法？

Yes, good. So I think tuck-ins are a team that has the beginnings of a product or technology that we can scale on behalf of our customers. We've done a lot of acquisitions like that. More substantial would be something like Guardicore that had, at that time, the #2 product in the marketplace, and we've invested around that. They're now #1, which is great to see, and a more significant cost associated with that. And they had a developed product already. Go back farther, Prolexic is another example of that where they had a developed product, the already at $40 million, $50 million in ARR.

對很好。所以我認為 tuck-ins 是一個團隊，我們可以代表我們的客戶擴展產品或技術。我們已經完成了很多這樣的收購。更重要的是像 Guardicore 這樣的產品，當時它在市場上排名第二，我們已經圍繞它進行了投資。他們現在排名第一，很高興看到，並且與之相關的成本更高。他們已經有了開發的產品。再往前看，Prolexic 是他們開發產品的另一個例子，ARR 已經達到 4000 萬美元、5000 萬美元。

And those are -- we do occasionally, and we're always looking. But we do those occasionally. But more you'll see the tech tuck-ins and then we develop from there.

這些是——我們偶爾會這樣做，而且我們一直在尋找。但我們偶爾會這樣做。但更多的是你會看到技術融入，然後我們從那裡發展。

Our next question will come from Rudy Kessinger with D.A. Davidson.

我們的下一個問題將來自 D.A. 的 Rudy Kessinger。戴維森。

I guess I'm curious, how did the macro trend in the quarter just with deals lengthening? And how many deals did you see push, I guess, relative to Q3? And the guide assumes no positive or negative change in the macro. Just why make that assumption, why not be a bit more conservative, maybe assuming it gets a little worse?

我想我很好奇，在交易延長的情況下，本季度的宏觀趨勢如何？我猜，相對於第三季度，你看到了多少交易？該指南假設宏觀經濟沒有正面或負面的變化。只是為什麼要做出這樣的假設，為什麼不更保守一點，也許假設情況會變得更糟？

Yes. So this is Ed. So in terms of the biggest impact on the quarter, I would say coming in, we're expecting potentially a weak commerce season. We actually saw a pretty decent commerce season. We saw a decent video traffic. We saw obviously, we talked about the World Cup being better than our expectations. I would say gaming was noticeably weak. We didn't see as much activities you typically see in Q4.

是的。所以這是埃德。因此，就對本季度的最大影響而言，我想說的是，我們預計可能會有一個疲軟的商業季節。我們實際上看到了一個相當不錯的商業季節。我們看到了不錯的視頻流量。我們很明顯地看到，我們談論的世界杯比我們的預期要好。我會說遊戲明顯較弱。我們沒有看到您通常在第四季度看到的那麼多活動。

And then from the sales side, a couple of deals pushed a few large Guardicore deals we track that push and then also new customer acquisitions are slower than we'd like to see. Those are really the big things. Then as far as the macroeconomic conditions, it's tough when you sit in the seat to try to play economist. And with us, obviously, [Exceda] is probably the biggest impact on us more than anything, given we've got longer-term contracts.

然後從銷售方面來看，幾筆交易推動了我們跟踪的幾筆大型 Guardicore 交易，然後新客戶的收購也比我們希望看到的要慢。這些才是真正的大事。然後就宏觀經濟狀況而言，坐在座位上嘗試扮演經濟學家是很困難的。顯然，考慮到我們有長期合同，[Exceda] 對我們的影響可能比什麼都大。

But it's hard to say that, look, things can change and get dramatically worse. I'm just expecting what I see right now in front of us in terms of the macroeconomic environment is challenging, but I think we can navigate it pretty well. So that's what we based our guidance on. If things change, we'll obviously update the guidance. But I was just trying to -- a lot of times people asked me what was -- what we were thinking as you put your guidance that are you expecting things to get dramatically worse? In this case, no. Do I expect things to be dramatically better? No. It's kind of roughly (inaudible) things do change, we'll obviously update you as we get more information.

但很難說，看，事情會發生變化並變得更糟。我只是期待我現在在宏觀經濟環境方面看到的是具有挑戰性的，但我認為我們可以很好地駕馭它。這就是我們指導的基礎。如果情況發生變化，我們顯然會更新指南。但我只是想——很多時候人們問我——當你提出你的指導意見時我們在想什麼，你是否期望事情變得更糟？在這種情況下，不。我期望事情會好得多嗎？不。這有點（聽不清）事情確實發生了變化，我們顯然會在獲得更多信息時更新您。

Yes. Okay. That's fair. And then at a higher level, I mean, obviously, it sounds like Compute has kind of slotted into growth priority one, if you will, kind of ahead of Security. And just at the high level, I'm curious what really is giving you conviction to invest so much in Compute. Is it the early customers that you've signed? Is it just conversations? Is it the pipeline growth you've seen over the last few quarters since you made the acquisition. What's giving you so much conviction to make such a large investment go on and on Compute?

是的。好的。這還算公平。然後在更高的層次上，我的意思是，很明顯，這聽起來像是 Compute 已經進入了增長優先級，如果你願意的話，有點領先於安全。只是在高層次上，我很好奇是什麼讓你有信心在 Compute 上投入如此多的資金。籤的是早期客戶嗎？只是對話嗎？自您進行收購以來，這是您在過去幾個季度看到的管道增長嗎？是什麼讓您如此堅定地在 Compute 上進行如此大的投資？

Well, it's all of the above plus the compelling logic of the situation. As I mentioned, I do have the opportunity to meet with the senior most executives at a lot of the world's largest companies, especially you think media, commerce, gaming and so forth. And there is a lot of interest there in our ability to help them. They're in a situation where they're spending a ton on third-party cloud. It's growing rapidly. Many of them describe it as being out of control. and it's even hard to know how big it will get.

好吧，就是以上所有內容加上令人信服的情況邏輯。正如我提到的，我確實有機會會見許多世界上最大公司的最高級管理人員，尤其是媒體、商業、遊戲等公司。那裡對我們幫助他們的能力很感興趣。他們處於在第三方雲上花費大量資金的情況。它正在迅速增長。他們中的許多人將其描述為失控。甚至很難知道它會變得有多大。

In some cases, they're spending this with a competitor. And on top of it, they've got major company initiatives to cut cost because of the challenging global economic conditions. And so when we can offer them a service with at least as good, better performance, at a lower price point, that's very attractive.

在某些情況下，他們將這筆錢花在了競爭對手身上。最重要的是，由於充滿挑戰的全球經濟形勢，他們採取了重大的公司舉措來削減成本。因此，當我們能夠以更低的價格為他們提供至少同樣出色、性能更好的服務時，那將非常有吸引力。

Now on top of it, these companies, they know us well. They already trust us with scale and performance and security because we provide the vast majority of their delivery and security. So we are a very logical choice. It's not like we're just somebody coming along here saying, "Hey, we got a cloud service." It's not like that at all. We've got a lot of credibility with these companies and they are pretty clear that they think this could be very attractive for them.

現在最重要的是，這些公司非常了解我們。他們已經在規模、性能和安全方面信任我們，因為我們提供了他們的絕大部分交付和安全。所以我們是一個非常合乎邏輯的選擇。這不像我們只是有人來這裡說，“嘿，我們有云服務。”根本不是那樣的。我們在這些公司中享有很高的信譽，他們很清楚他們認為這對他們來說非常有吸引力。

In fact, I think one of the analysts on this call did a survey of 50 of our larger customers and found the same thing. The same thing was reported to them. So we see that our customers need that and would like to shift business to us, but we want to get ready for that and help them. And that means building out the capacity, building out the new distributed architecture and getting the functionality to the level that they're going to be comfortable putting mission-critical applications at very large scale on our platform.

事實上，我認為這次電話會議的一位分析師對我們的 50 名大客戶進行了調查，發現了同樣的事情。向他們報告了同樣的事情。所以我們看到我們的客戶需要它，並希望將業務轉移給我們，但我們希望為此做好準備並幫助他們。這意味著構建容量，構建新的分佈式架構並將功能提升到他們將能夠輕鬆地將任務關鍵型應用程序大規模放置在我們平台上的水平。

And of course, Akamai will be one of the first examples of that. We're going to place our services that are used by pretty much all the major enterprises, a lot of the major enterprises out there for, for example, security, onto our platform. And that will be another great proof point that Akamai Connected Cloud is really going to work for them.

當然，Akamai 將是最早的例子之一。我們將把幾乎所有主要企業都在使用的服務放在我們的平台上，許多主要企業都在使用我們的服務，例如安全性。這將是另一個很好的證據，證明 Akamai Connected Cloud 真的會為他們工作。

Our next question will come from Ray McDonough with Guggenheim.

我們的下一個問題將來自古根海姆的 Ray McDonough。

Tom, maybe just to ask the M&A question in a slightly different way. As we think about the strategic plan going forward, do you feel the organization has enough operational capacity to continue to expand Linode right now and do another acquisition in security at this point to help you reaccelerate growth? And is 20% long-term growth including acquisitions in the security business, something you're still targeting after this year?

湯姆，也許只是以稍微不同的方式提出併購問題。當我們考慮未來的戰略計劃時，您是否認為該組織有足夠的運營能力來繼續擴大 Linode，並在此時進行另一項安全收購以幫助您重新加速增長？包括安全業務收購在內的 20% 的長期增長是否是您今年之後的目標？

Yes, good question. First, the work on Linode, which is extensive, is use different teams, by and large, than our security technology group. And so yes, we're in a position that we can continue that work and also do security acquisitions. There's -- I don't think there's any challenge there. Now we have, as we talked about, re-task a lot of the positions, either people or positions, from our platform and delivery organizations to the compute effort. So there is a lot of effort there, and that will be increasing throughout the year. Now in terms of the 20%, what we're talking about is we're guiding this year into the low double digits and then we'll see where we are.

是的，好問題。首先，Linode 上的工作範圍廣泛，大體上使用的團隊與我們的安全技術團隊不同。所以是的，我們可以繼續這項工作並進行安全收購。有 - 我認為那裡沒有任何挑戰。正如我們所說，現在我們已經重新分配了很多職位，無論是人員還是職位，從我們的平台和交付組織到計算工作。所以那裡有很多努力，而且全年都會增加。現在就 20% 而言，我們正在談論的是我們將今年引導到較低的兩位數，然後我們會看到我們在哪裡。

Obviously, we'd like to be growing faster than that, but there are very challenging conditions out there, as we've talked about, and we'll have to see. So we'll update that guidance as we -- maybe we get to an Investor Day or get into next year. But right now, we're just guiding for this year in Security in the low double digits.

顯然，我們希望比這更快地增長，但正如我們已經談到的那樣，那裡的條件非常具有挑戰性，我們必須拭目以待。因此，我們將更新該指南，因為我們可能會進入投資者日或進入明年。但現在，我們只是為今年的安全性提供了低兩位數的指導。

Great. And one more, if I could. The work we've done on Linode does suggest your customer base is interested in leveraging Linode. And when I think about sort of the lead times for capacity additions in the data center space that you've already leased, how long are the lead times to fill that data center space? And at what point would you expect it at least to get to a somewhat full utilization of just the space that you've already contracted for?

偉大的。還有一個，如果可以的話。我們在 Linode 上所做的工作確實表明您的客戶群對利用 Linode 感興趣。當我考慮在您已經租用的數據中心空間中增加容量的交付週期時，填充該數據中心空間的交付週期是多長？您希望它至少在什麼時候能夠充分利用您已經承包的空間？

Yes. So good question. There's the contracting, there's the build-out, there's getting it all turned on. And the way you want to think of it is we would be doing the core data center build-out. The focus of that is in the first half, and we'll have a lot of that done then, and we should finish that early in the second half or get substantially more than we have today.

是的。好問題。有承包，有擴建，有全部開啟。您想的方式是我們將進行核心數據中心擴建。重點在上半場，那時我們將完成很多工作，我們應該在下半場儘早完成，或者比今天取得更多成就。

And then late in the second half, taking on the distributed architecture, we should have a bunch of those regions turned on live later in the year. And at that point -- and also, at the same time, getting the certifications in place, virtual private cloud, other capabilities that the big enterprises need so that when we get to the later part of the year, we're in a position that we can take on this business, and it will just happen all at once.

然後在下半年晚些時候，採用分佈式架構，我們應該在今年晚些時候啟用這些區域中的一些。在那個時候——同時，獲得認證、虛擬私有云和大企業需要的其他能力，這樣當我們到了今年下半年時，我們就可以我們可以接手這項業務，而且它會一下子發生。

A major enterprise will try it, use some applications and then some of the big ones, you port some of the traffic over. And so I think the major feeling of it and use of it really comes more in '24, not so much this year. We expect, as we talked about this year to do about $0.5 billion in Compute. But the real growth, I think, and the monetization of what we're building out now comes in '24 and '25. And also for our own use. This year, we're in the process of porting our own applications, as Ed talked about, we're going to save some this year, but really the big savings for us comes in '24. So that's the way I think to think about it.

一家大企業會嘗試，使用一些應用程序，然後是一些大的應用程序，你把一些流量移植過來。因此，我認為它的主要感覺和使用真正更多地出現在 24 年，而不是今年。正如我們所討論的，我們預計今年將在 Compute 領域投入約 5 億美元。但我認為，真正的增長以及我們正在構建的內容的貨幣化出現在 24 和 25 年。也供我們自己使用。今年，我們正在移植我們自己的應用程序，正如 Ed 所說，今年我們將節省一些，但真正為我們節省的大筆資金來自 24 年。所以我就是這麼想的。

Well, it is Valentine's Day. So we're in a little bit over but operator, why don't we take 1 more question? I know there's probably a few more, but let's just take 1 more and we'll end the call.

嗯，今天是情人節。所以我們有點結束了，但是接線員，我們為什麼不再回答 1 個問題呢？我知道可能還有幾個，但我們再拿 1 個，我們就結束通話。

Okay. Our last question will come from Michael Elias with Cowen & Company.

好的。我們的最後一個問題將來自 Cowen & Company 的 Michael Elias。

Just 2 questions for you. The first is you talked about some Guardicore deals slipping. And last quarter, there was commentary around elongating sales cycles. Just wondering if you could give us some color on how sales cycles have evolved for not only Guardicore but the broader portfolio? And then my second question for you is maybe to phrase it a different or frame it a different way is, is there a rule of thumb that we should use to think about the correlation between incremental revenue and incremental megawatts of data center capacity that you need, i.e., to support an incremental $100 million in Compute revenue, you would need x amount of megawatts?

只問你2個問題。首先是你談到了一些 Guardicore 交易下滑。上個季度，有關於延長銷售週期的評論。只是想知道您能否給我們一些關於銷售週期如何演變的顏色，不僅是 Guardicore，還有更廣泛的產品組合？然後我要問你的第二個問題可能是用不同的措辭或用不同的方式來表達它，我們是否應該使用經驗法則來考慮增量收入與您需要的數據中心容量增量兆瓦之間的相關性，即，要支持增加 1 億美元的計算收入，您需要 x 兆瓦的功率？

All right. I'll try. The second one is going to be a little bit more challenging and maybe I'll come back with a metric on that one. I don't have exact metric down to the megawatt, but I'm sure somewhere in the business, I can find somebody who does. But I've sort of used sort of a rule of thumb, $1 of CapEx is $1 of revenue roughly speaking, that may change a bit, but sort of a good rule of thumb.

好的。我會盡力。第二個會更具挑戰性，也許我會帶著那個指標回來。我沒有精確到兆瓦的精確指標，但我確信在業務的某個地方，我可以找到這樣做的人。但我有點使用了某種經驗法則，粗略地說，資本支出的 1 美元相當於收入的 1 美元，這可能會有所改變，但這是一個很好的經驗法則。

In terms of sales cycles, the good news with the deals slipping is they're not going away. This is typically a big purchase that you make, especially with Guardicore that it could be something where the decision-maker is just pushing it off a quarter or 2. And it's not that the deals are losing. It just becomes a longer sales cycle and a fight for budget.

就銷售週期而言，交易下滑的好消息是它們不會消失。這通常是您進行的大筆採購，尤其是對於 Guardicore，決策者可能只是將其推遲一兩個季度。並不是說交易正在失敗。它只會變成更長的銷售週期和預算之爭。

In terms of just overall sales cycles, like I said, the biggest impact is new customers, right? It's a lot easier with your existing customers, you're going through renewal cycles, you're having upgrade conversations and things like that, getting new customers to open up a new buying pattern is challenging. I do think one thing that will work in our advantage in all of this, though, is as we talk about compute and the need to find a cheaper alternative go multi-cloud. I think that's going to work in our favor.

就整體銷售週期而言，就像我說的，最大的影響是新客戶，對吧？與現有客戶相處要容易得多，你正在經歷續訂週期，正在進行升級對話等等，讓新客戶開闢新的購買模式具有挑戰性。不過，我確實認為在所有這些方面對我們有利的一件事是，當我們談論計算以及尋找更便宜的多雲替代方案的需求時。我認為這對我們有利。

So I think if one thing this -- all the negatives that come with the macroeconomic backdrop that we have. I think that's one positive that will work in our favor, and we are starting to see our pipeline grow pretty dramatically in that area. And as Tom talked about, we should start to see deals close towards the back half of the year and then really set ourselves up for '23-'24.

所以我認為，如果有一件事——我們所擁有的宏觀經濟背景帶來的所有負面影響。我認為這是一個對我們有利的積極因素，我們開始看到我們的管道在該領域大幅增長。正如湯姆所說，我們應該開始看到接近今年下半年的交易，然後真正為'23-'24做好準備。

Okay. Well, thank you, Michael. Thank you, everyone. And in closing, we'll be presenting at several investor conferences and events throughout the rest of the first quarter. Details of these can be found in the Investor Relations section at akamai.com. We want to thank all of you for joining us, and we wish you a very good health and good health to your family. So have a nice evening. Take care.

好的。嗯，謝謝你，邁克爾。謝謝大家。最後，我們將在第一季度餘下的時間裡出席幾次投資者會議和活動。這些詳細信息可以在 akamai.com 的投資者關係部分找到。我們要感謝你們所有人加入我們，祝你們身體健康，家人身體健康。祝你有個愉快的夜晚。小心。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。