阿卡邁科技 (AKAM) 2023 Q1 法說會逐字稿

Good day, and welcome to the Akamai Technologies First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, today's event is being recorded.

美好的一天，歡迎參加 Akamai Technologies 2023 年第一季度收益電話會議。 （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.

我現在想將會議轉交給投資者關係主管 Tom Barth。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining Akamai's First Quarter 2023 Earnings Call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

謝謝。大家下午好，感謝您參加 Akamai 2023 年第一季度收益電話會議。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 on Form 10-Q. The forward-looking statements included in this call represent the company's view on May 9, 2023, and 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 5 月 9 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 of 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 despite the challenging macroeconomic environment, Akamai delivered strong results in the first quarter, with both revenue and earnings exceeding the high end of our guidance range. Revenue grew to $916 million, and non-GAAP operating margin expanded to 29% in Q1. Non-GAAP earnings per share was $1.40.

謝謝，湯姆，感謝大家今天加入我們。我很高興地報告，儘管宏觀經濟環境充滿挑戰，但 Akamai 在第一季度取得了強勁的業績，收入和收益均超過了我們指導範圍的高端。第一季度收入增至 9.16 億美元，非 GAAP 營業利潤率增至 29%。非 GAAP 每股收益為 1.40 美元。

In what has been a good start to the year for Akamai, we've continued to invest in the key areas that we expect to drive our future growth while also taking actions to improve margins. As Ed will explain in his portion of the call, we remain focused on returning to our operating margin target of at least 30% as we work to accelerate growth.

對於 Akamai 來說，今年開局良好，我們繼續投資於我們期望推動未來增長的關鍵領域，同時還採取行動提高利潤率。正如 Ed 將在他的電話會議中解釋的那樣，在我們努力加速增長的同時，我們仍然專注於恢復至少 30% 的營業利潤率目標。

I'll now say a few words about each of our 3 main product areas, starting with security. For the first time in Akamai's 25-year history, security represented the largest share of Akamai's revenue in Q1. This marks a significant milestone for Akamai since our expansion into security a decade ago. While we take pride in this achievement, we're focused on accelerating our security revenue growth rate from here, both organically and through disciplined M&A. For example, this past week, we closed our acquisition of Neosec, which complements Akamai's market-leading app and API security portfolio by extending our capabilities in the rapidly growing API security market.

我現在將從安全性開始，分別介紹我們的 3 個主要產品領域。在 Akamai 的 25 年曆史中，安全首次在第一季度佔據 Akamai 收入的最大份額。這標誌著 Akamai 自十年前擴展到安全領域以來的一個重要里程碑。雖然我們為這一成就感到自豪，但我們專注於從這裡開始加快我們的安全收入增長率，包括有機地和有紀律的併購。例如，上週，我們完成了對 Neosec 的收購，通過擴展我們在快速增長的 API 安全市場中的能力，補充了 Akamai 市場領先的應用程序和 API 安全產品組合。

Last year we saw a record number of web app and API attacks more than double the number in 2021. The rapid rise in API attacks is becoming a critical challenge for enterprises across all verticals and with IDC and Gartner now projecting the API security market to exceed $1 billion by 2027. The company we acquired, Neosec, is a powerful SaaS security platform that leverages AI-based behavioral analytics, unmatched visibility and threat hunting capabilities to discover APIs, analyze their behavior, identify vulnerabilities and help customers defend against attacks.

去年，我們看到網絡應用程序和 API 攻擊的數量創下歷史新高，是 2021 年的兩倍多。API 攻擊的迅速增加正成為所有垂直行業企業面臨的嚴峻挑戰，IDC 和 Gartner 現在預測 API 安全市場將超過到 2027 年將達到 10 億美元。我們收購的公司 Neosec 是一個強大的 SaaS 安全平台，它利用基於 AI 的行為分析、無與倫比的可見性和威脅搜尋功能來發現 API、分析它們的行為、識別漏洞並幫助客戶抵禦攻擊。

We plan to take Neosec to market immediately while our combined teams work together on product innovation with the majority of its engineers located in Tel Aviv, where we already have a significant security engineering presence we expect Neosec will be an excellent fit with our culture. And like our Guardicore acquisition, we can sell Neosec to customers that don't use our CDM. Speaking of Guardicore our segmentation solution to protect against ransomware continued to achieve strong traction with new customers in Q1, including with one of the largest banking groups in Europe and one of the largest airlines in the U.K.

我們計劃立即將 Neosec 推向市場，同時我們的合併團隊與其位於特拉維夫的大部分工程師一起致力於產品創新，我們在那裡已經擁有重要的安全工程業務，我們預計 Neosec 將非常適合我們的文化。就像我們收購 Guardicore 一樣，我們可以將 Neosec 賣給不使用我們 CDM 的客戶。說到 Guardicore，我們用於防範勒索軟件的細分解決方案在第一季度繼續對新客戶產生強大的吸引力，其中包括歐洲最大的銀行集團之一和英國最大的航空公司之一。

We're also continuing our organic investment in innovative new products to help protect major enterprises. For example, at the RSA Conference 2 weeks ago, our new Brand Protector solution was named 1 of the 20 hottest security products by CRM. Another trade publication, CSO listed both Brand Protector and our new Prolexic Network Cloud Firewall among the most interesting products to see at RSA this year.

我們還在繼續對創新新產品進行有機投資，以幫助保護主要企業。例如，在 2 週前的 RSA 大會上，我們新的 Brand Protector 解決方案被 CRM 評為 20 種最熱門安全產品之一。另一份貿易刊物 CSO 將 Brand Protector 和我們新的 Prolexic Network Cloud Firewall 列為今年 RSA 上最值得關注的產品。

At RSA, we also featured a new managed security service called Akamai Hunt, Akamai Agentless Segmentation and multiple enhancements to our market-leading Bot Management solution. In addition to our investments in new products, we're focused on accelerating security growth by winning new customers and expanding our relationships with existing customers. For example, one of the biggest security threats in the news last quarter was KillNet's coordinated series of DDoS attacks against some of the top medical centers in the U.S. In response, some very prominent health care institutions adopted Akamai's industry-leading solution for DDoS protection. In recognition of the value Akamai provides, the CIO of a world famous clinic e-mailed us afterward, thanking Akamai for enabling him to sleep well at night.

在 RSA，我們還推出了一項名為 Akamai Hunt 的新託管安全服務、Akamai Agentless Segmentation 以及對我們市場領先的 Bot Management 解決方案的多項增強。除了我們對新產品的投資，我們還專注於通過贏得新客戶和擴大與現有客戶的關係來加速安全增長。例如，上個季度新聞中最大的安全威脅之一是 KillNet 針對美國一些頂級醫療中心的協調系列 DDoS 攻擊。作為回應，一些非常著名的醫療機構採用了 Akamai 行業領先的 DDoS 保護解決方案。一家世界著名診所的 CIO 認識到 Akamai 提供的價值後，給我們發了一封電子郵件，感謝 Akamai 讓他晚上睡個好覺。

We're also making good progress on the cloud computing front. Last quarter, we acquired the cloud storage company, Ondat. Storage is a key component of cloud computing -- and we expect that Ondat's technology and considerable expertise will further enhance our enterprise-grade storage solution for Akamai Connected Cloud. Akamai intends to offer the world's most distributed platform placing compute, storage, databases and other cloud services closer to end users and enterprise data centers.

我們在雲計算方面也取得了良好進展。上個季度，我們收購了雲存儲公司 Ondat。存儲是雲計算的關鍵組成部分——我們預計 Ondat 的技術和豐富的專業知識將進一步增強我們為 Akamai Connected Cloud 提供的企業級存儲解決方案。 Akamai 打算提供世界上最分佈式的平台，使計算、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。

As a result, we believe that Akamai will be able to offer customers better performance, more points of presence and lower cost for many mission-critical enterprise workloads. That's the fundamental difference in our approach compared to other providers. We already have partners working with Akamai to run globally distributed databases with very low latency for synchronization. We have partners utilizing our cloud platform to provide customers with real-time visibility into telemetry from their end users around the world.

因此，我們相信 Akamai 將能夠為客戶提供更好的性能、更多的接入點並降低許多關鍵任務企業工作負載的成本。與其他提供商相比，這是我們方法的根本區別。我們已經有合作夥伴與 Akamai 合作，以極低的同步延遲運行全球分佈式數據庫。我們的合作夥伴利用我們的雲平台為客戶提供來自全球最終用戶的遙測實時可見性。

We're working with customers in e-commerce, travel, hospitality, Software-as-a-Service, media and entertainment to improve their ability to personalize experiences monetize content, accelerate data processing, facilitate collaboration, simplify management, improve performance and reduce costs, in some cases, by large amounts. And we're having early discussions about potentially leveraging Akamai Connected Cloud for AI inference engines. Each of these use cases plays to Akamai's advantage in terms of numbers of POPs, global reach performance and cost.

我們正在與電子商務、旅遊、酒店、軟件即服務、媒體和娛樂領域的客戶合作，以提高他們的能力，以提供個性化體驗、通過內容獲利、加速數據處理、促進協作、簡化管理、提高績效並降低成本成本，在某些情況下，數額巨大。我們正在就可能將 Akamai Connected Cloud 用於 AI 推理引擎進行早期討論。這些用例中的每一個都在 POP 數量、全球覆蓋性能和成本方面發揮了 Akamai 的優勢。

Another advantage that we hear repeatedly from customers, including those I met with last month at the NAB conference is that they trust us. They value the years of highly reliable service that we provided in delivery and security, and they trust us not to use their data to compete with them.

我們從客戶（包括我上個月在 NAB 會議上遇到的客戶）那裡反复聽到的另一個優勢是他們信任我們。他們重視我們多年來在交付和安全方面提供的高度可靠的服務，並且相信我們不會使用他們的數據與他們競爭。

I'll now say a few words about our delivery business. which experienced an encouraging uptick in traffic growth late in Q1. Akamai continues to be the market leader in delivery, providing industry-leading performance and scale as we continue to support the world's top brands by delivering reliable, secure and near flawless online experiences. And we continue to see a strong synergy between our delivery business and our security and compute offerings, especially for customers in the gaming, media and commerce verticals. The synergy is both on the top line as long-time delivery customers buy our security and compute products and also on the bottom line as we realize the cost benefits of using a single infrastructure to provide security and compute services as well as delivery.

我現在要談談我們的送貨業務。第一季度末的流量增長令人鼓舞。 Akamai 繼續成為交付領域的市場領導者，提供行業領先的性能和規模，因為我們通過提供可靠、安全和近乎完美的在線體驗繼續支持世界頂級品牌。我們繼續看到我們的交付業務與我們的安全和計算產品之間的強大協同作用，特別是對於遊戲、媒體和商業垂直領域的客戶。由於長期交付的客戶購買我們的安全和計算產品，這種協同作用既體現在頂線，也體現在我們意識到使用單一基礎設施提供安全和計算服務以及交付的成本優勢時的底線。

We plan to pass some of the cost savings on to our customers. which is especially valuable for customers who are paying exorbitant egress fees to the hyperscalers to access or move their data. The synergy of having a single cloud platform will also help us in our ongoing effort to improve profitability. Not only can we leverage existing infrastructure, but we can also leverage existing talent as we shift resources and focus from delivery to compute.

我們計劃將節省的部分成本轉嫁給我們的客戶。這對於為訪問或移動數據而向超大規模用戶支付過高的出口費用的客戶來說尤其有價值。擁有單一云平台的協同作用也將幫助我們不斷努力提高盈利能力。我們不僅可以利用現有基礎設施，還可以利用現有人才，因為我們將資源和重點從交付轉移到計算。

As Ed will explain shortly, we are very focused on managing costs and deploying resources where they generate the best long-term returns. As one part of this effort, we plan to reduce our worldwide workforce by a little less than 3% this quarter. This was a difficult decision, but it was necessary for us to prioritize investments in the areas with the greatest potential for future growth as we strive to deliver greater value for shareholders. I'd like to take this opportunity to thank all of our employees for their hard work on behalf of our customers and shareholders.

正如埃德將很快解釋的那樣，我們非常注重管理成本和部署資源，以產生最佳的長期回報。作為這項工作的一部分，我們計劃在本季度將全球員工人數減少略低於 3%。這是一個艱難的決定，但在我們努力為股東創造更大價值的過程中，我們有必要優先投資於未來增長潛力最大的領域。我想藉此機會代表我們的客戶和股東感謝我們所有員工的辛勤工作。

From our developers and engineers who build and operate the services that power and protect life online, to our sales, services and marketing teams who do such a great job helping our customers in this challenging environment, and our back office and administrative support teams who help make Akamai be such a great place to work. It really is a privilege for me to be able to work with such an outstanding group of people as we make life better for billions of people, billions of times a day.

從構建和運營為在線生活提供動力和保護的服務的開發人員和工程師，到我們的銷售、服務和營銷團隊，他們在這個充滿挑戰的環境中出色地幫助我們的客戶，以及我們的後台和行政支持團隊，他們幫助讓 Akamai 成為如此出色的工作場所。能夠與如此傑出的一群人一起工作對我來說真的是一種榮幸，因為我們讓數十億人每天數十億次的生活更美好。

While this is a time of substantial macroeconomic uncertainty, I believe that it is also a time of great future opportunity for Akamai as we bring new security and compute capabilities to market and as we deploy Akamai Connected Cloud. As you may know, I continue to be a personal buyer of Akamai stock under the 10b5-1 plan that I filed last year. And I'm pleased to let you know that Akamai repurchased 4.6 million shares of Akamai stock in Q1 for a total of $349 million.

雖然這是一個宏觀經濟充滿不確定性的時期，但我相信這也是 Akamai 未來充滿機遇的時期，因為我們將新的安全和計算功能推向市場，並部署了 Akamai Connected Cloud。正如您所知，根據我去年提交的 10b5-1 計劃，我仍然是 Akamai 股票的個人買家。我很高興地告訴您，Akamai 在第一季度以總計 3.49 億美元的價格回購了 460 萬股 Akamai 股票。

Now I'll turn the call over to Ed for more on our Q1 results and our outlook for Q2 and the full year. Ed?

現在我將把電話轉給 Ed，了解更多關於我們第一季度的結果以及我們對第二季度和全年的展望。埃德？

Thank you, Tom. Today, I plan to review our Q1 results and provide some color on Q2 and our updated full year 2023 guidance where we increased our expectations for revenue, non-GAAP operating margin and non-GAAP EPS while decreasing our planned CapEx spend for the year. We were very pleased with our strong Q1 results in light of the continued difficult macroeconomic landscape.

謝謝你，湯姆。今天，我計劃回顧我們的第一季度業績，並提供一些關於第二季度的顏色和我們更新的 2023 年全年指導意見，我們提高了對收入、非 GAAP 營業利潤率和非 GAAP 每股收益的預期，同時減少了我們今年計劃的資本支出。鑑於宏觀經濟形勢持續困難，我們對第一季度的強勁業績感到非常滿意。

Total revenue for the first quarter was $916 million, up 1% year-over-year and 4% in constant currency. Security revenue was $406 million and is now our largest business representing 44% of total revenue. In the first quarter, Security revenue grew 6% year-over-year and 9% in constant currency. As a reminder, last year, we had roughly $7 million of upfront license revenue in Q1. If you normalize for this onetime impact, the security growth rate would have been approximately 11% in constant currency. Finally, I was also pleased to see we had a very strong bookings quarter in securities, specifically with our Guardicore segmentation and WAAP solutions.

第一季度總收入為 9.16 億美元，同比增長 1%，按固定匯率計算增長 4%。安全收入為 4.06 億美元，現在是我們最大的業務，佔總收入的 44%。第一季度，安全收入同比增長 6%，按固定匯率計算增長 9%。提醒一下，去年第一季度我們的預付許可收入約為 700 萬美元。如果針對這種一次性影響進行標準化，則按固定匯率計算，安全增長率約為 11%。最後，我也很高興看到我們在證券方面的預訂季度非常強勁，特別是我們的 Guardicore 細分和 WAAP 解決方案。

Moving on to Compute. Revenue was $116 million, growing 49% year-over-year as reported and 51% in constant currency. On a combined basis, our security and compute product lines represented 57% of total revenue, growing 13% year-over-year and 16% in constant currency.

繼續計算。收入為 1.16 億美元，同比增長 49%，按固定匯率計算增長 51%。綜合來看，我們的安全和計算產品線佔總收入的 57%，同比增長 13%，按固定匯率計算增長 16%。

Now on to Delivery. Revenue was $394 million, which declined 11% year-over-year and 9% in constant currency. Delivery continues to provide strategic value in its customer base and generate strong cash flows. I'm optimistic about improving traffic volumes over the past 2 months and to a lesser extent, the slightly better pricing dynamics we've recently seen in the market.

現在開始交貨。收入為 3.94 億美元，同比下降 11%，按固定匯率計算下降 9%。交付繼續為其客戶群提供戰略價值並產生強勁的現金流。我對過去 2 個月交通量的改善持樂觀態度，在較小程度上，我們最近在市場上看到的定價動態略有改善。

International revenue was $442 million, up 5% year-year and 9% in constant currency, representing 48% of total revenue in Q1. Foreign exchange fluctuations had a positive impact on revenue of $11 million on a sequential basis and a negative $21 million impact on a year-over-year basis. Non-GAAP net income was $218 million or $1.40 of earnings per diluted share, up 1% year-over-year and 4% in constant currency and $0.06 above the high end of our guidance range.

國際收入為 4.42 億美元，同比增長 5%，按固定匯率計算增長 9%，佔第一季度總收入的 48%。外匯波動環比對收入產生了 1100 萬美元的積極影響，同比產生了 2100 萬美元的負面影響。非 GAAP 淨收入為 2.18 億美元或每股攤薄收益 1.40 美元，同比增長 1%，按固定匯率計算增長 4%，比我們指導範圍的上限高出 0.06 美元。

Turning now to margins. Our non-GAAP operating margin in Q1 was 29%. This was slightly above our plan, primarily due to higher-than-expected revenue and continued focus on operational efficiencies. During the first quarter, we recorded a $45 million restructuring charge, primarily related to severance costs, along with facility-related charges as we continue to reduce our real estate footprint.

現在轉向利潤率。我們第一季度的非美國通用會計準則營業利潤率為 29%。這略高於我們的計劃，主要是由於收入高於預期以及對運營效率的持續關注。在第一季度，我們記錄了 4500 萬美元的重組費用，主要與遣散費以及我們繼續減少房地產足蹟的設施相關費用有關。

The impact of these charges has been incorporated into our second quarter and full year 2023 guidance. In addition to these specific actions, we also continue to be very focused on cost savings initiatives I described last quarter, which include third-party cloud savings, continued real estate rationalization, depreciation expense and other operating costs associated with lower CapEx related to our delivery business. disciplined spending with vendors and tighter travel and expense policy management. I'm pleased with our progress on these initiatives, which helped drive improvements to our margins in Q1 compared to our expectations coming into the year.

這些費用的影響已納入我們的第二季度和 2023 年全年指引。除了這些具體行動之外，我們還繼續非常關注我上個季度描述的成本節約舉措，其中包括第三方雲節省、持續的房地產合理化、折舊費用以及與交付相關的較低資本支出相關的其他運營成本商業。與供應商有紀律的支出和更嚴格的差旅和費用政策管理。我對我們在這些舉措上取得的進展感到滿意，與我們對今年的預期相比，這有助於推動我們第一季度的利潤率有所提高。

Moving now to cash and our use of capital. As of March 31, our cash, cash equivalents and marketable securities totaled approximately $1.1 billion. During the first quarter, we have spent approximately $349 million to repurchase approximately 4.6 million shares. We now have just under $850 million remaining on our previously announced buyback authorization. In addition to being aggressive with our buyback program, we have made 2 acquisitions since our last earnings call that will help drive revenue growth with Ondat in the first quarter and Neosec in the second quarter. We believe this demonstrates our continued balanced approach to capital allocation, opportunistically buying back shares to offset dilution from employee equity programs over time while maintaining sufficient capital to deploy when strategic M&A presents itself.

現在轉向現金和我們對資本的使用。截至 3 月 31 日，我們的現金、現金等價物和有價證券總額約為 11 億美元。第一季度，我們花費了大約 3.49 億美元回購了大約 460 萬股股票。我們之前宣布的回購授權現在只剩下不到 8.5 億美元。除了積極實施回購計劃外，自上次財報電話會議以來，我們還進行了兩次收購，這將有助於推動第一季度 Ondat 和第二季度 Neosec 的收入增長。我們認為，這表明我們持續採用平衡的資本配置方法，機會主義地回購股票以抵消隨著時間的推移員工股權計劃的稀釋，同時在戰略併購出現時保持足夠的資本部署。

Before I provide our Q2 and full year 2023 guidance, I want to touch on some housekeeping items. Regarding our 2 acquisitions, while neither was material to revenue, both are expected to be dilutive to non-GAAP EPS in 2023, with Ondat dilutive by $0.02 to $0.04 and Neosec dilutive by $0.04 to $0.06. Finally, as you build out your models, I'd like to remind you our annual merit-based wage increases become effective in Q3. From a seasonality perspective, Q4 is typically our strongest financial performance quarter and the guidance I will provide assumes no change, good or bad to the current macroeconomic environment.

在我提供我們的第二季度和 2023 年全年指導之前，我想談談一些內務管理項目。關於我們的 2 次收購，雖然兩者都對收入沒有重大影響，但預計都將在 2023 年稀釋非 GAAP 每股收益，其中 Ondat 稀釋 0.02 美元至 0.04 美元，Neosec 稀釋 0.04 美元至 0.06 美元。最後，在您構建模型時，我想提醒您，我們的年度績效工資增長將在第三季度生效。從季節性的角度來看，第四季度通常是我們最強勁的財務業績季度，我將提供的指導假設當前的宏觀經濟環境沒有變化，無論好壞。

So with those factors in mind, turning to our Q2 guidance. We are now projecting revenue in the range of $923 million to $937 million, up 2% to 4% as reported and 3% to 4% in constant currency over Q2 2022. At current spot rates, foreign exchange fluctuations are expected to have a positive $2 million impact on Q2 revenue compared to Q1 levels and a negative $3 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 73%.

因此，考慮到這些因素，轉向我們的第二季度指導。我們現在預計收入在 9.23 億美元至 9.37 億美元之間，報告的收入比 2022 年第二季度增長 2% 至 4%，按固定匯率計算增長 3% 至 4%。按照當前的即期匯率，外匯波動預計將產生積極影響與第一季度相比，第二季度收入受到 200 萬美元的影響，同比下降 300 萬美元。在這些收入水平下，我們預計現金毛利率約為 73%。

Q2 non-GAAP operating expenses are projected to be $300 million to $305 million. We expect Q2 EBITDA margins of approximately 41%. We expect non-GAAP depreciation expense to be between $116 million to $118 million and we expect non-GAAP operating margin of approximately 28.5% for Q2. Moving on to CapEx. We expect to spend approximately $195 million to $202 million, excluding equity compensation and capitalized interest in the second quarter. This represents approximately 21% to 22% of our projected total revenue.

第二季度非 GAAP 運營費用預計為 3 億至 3.05 億美元。我們預計第二季度 EBITDA 利潤率約為 41%。我們預計非 GAAP 折舊費用在 1.16 億美元至 1.18 億美元之間，我們預計第二季度的非 GAAP 營業利潤率約為 28.5%。轉向資本支出。我們預計第二季度支出約 1.95 億美元至 2.02 億美元，不包括股權補償和資本化利息。這約占我們預計總收入的 21% 至 22%。

Based on our expectations for revenue and costs, we expect Q2 non-GAAP EPS in the range of $1.38 to $1.42. This EPS guidance assumes taxes of $45 million to $47 million based on an estimated quarterly non-GAAP tax rate of approximately 17.5% to 18%. It also reflects a fully diluted share count of approximately 153 million shares.

根據我們對收入和成本的預期，我們預計第二季度非 GAAP 每股收益在 1.38 美元至 1.42 美元之間。根據估計的季度非 GAAP 稅率約為 17.5% 至 18%，本 EPS 指南假設稅收為 4500 萬至 4700 萬美元。它還反映了約 1.53 億股的完全攤薄股份數。

Looking ahead to the full year, we now expect revenue of $3.740 billion to $3.785 billion, which is up 3% to 5% year-over-year as reported and in constant currency. At current spot rates, our guidance assumes foreign exchange fluctuations will have a positive $3 million impact on revenue in 2023 on a year-over-year basis. We continue to expect Security revenue growth to be in the low double digits for the full year 2023, and we continue to expect to achieve approximately $0.5 billion in revenue from compute in 2023.

展望全年，我們現在預計收入為 37.4 億美元至 37.85 億美元，按固定匯率計算，同比增長 3% 至 5%。按照當前的即期匯率，我們的指導假設外匯波動將對 2023 年的收入產生 300 萬美元的同比正面影響。我們繼續預計 2023 年全年安全收入增長將保持在兩位數的低水平，我們繼續預計 2023 年計算收入將達到約 5 億美元。

We are estimating non-GAAP operating margin of approximately 28% to 29%, and we now estimate non-GAAP earnings per diluted share of $5.69 to $5.84. Our non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 17.5% to 18% and a fully diluted share count of approximately 153 million shares.

我們估計非 GAAP 營業利潤率約為 28% 至 29%，我們現在估計非 GAAP 攤薄後每股收益為 5.69 美元至 5.84 美元。我們的非 GAAP 收益指引基於約 17.5% 至 18% 的非 GAAP 有效稅率和約 1.53 億股的完全稀釋股數。

Finally, our updated full year CapEx is expected to be approximately 18.5% to 19% of total revenue. This CapEx is lower than our original expectations outlined last quarter due to strong pricing negotiations, resulting in better-than-anticipated server pricing, along with improved efficiencies, integrating Linode with Akamai's existing supply chain earlier than expected.

最後，我們更新後的全年資本支出預計約為總收入的 18.5% 至 19%。由於強有力的定價談判，導致服務器定價好於預期以及效率提高，使 Linode 與 Akamai 現有供應鏈的整合比預期更早，該資本支出低於我們上個季度的最初預期。

In closing, we are very pleased with the strong start to 2023, and we look forward to your questions. Operator?

最後，我們對 2023 年的強勁開局感到非常高興，我們期待您的提問。操作員？

(Operator Instructions) Today's first question comes from Keith Weiss with Morgan Stanley.

（操作員說明）今天的第一個問題來自摩根士丹利的 Keith Weiss。

Excellent. Nice quarter. Maybe one top line, and one bottom line question. On the top line side of the equation, you talked to strong bookings performance in the quarter, particularly with Guardicore. Is that a broader security kind of commentary? And maybe part of what's kind of sustains kind of your confidence in the double-digit growth throughout the year, perhaps maybe even sort of -- do we see some acceleration on a go-forward basis based upon that booking. So one is kind of like a perspective on real time what's going on in Security?

出色的。不錯的季度。也許一個頂線問題和一個底線問題。在最重要的方面，您談到了本季度強勁的預訂表現，尤其是 Guardicore。這是更廣泛的安全評論嗎？也許某種程度上維持了您對全年兩位數增長的信心，甚至可能是——我們是否看到基於該預訂的前進基礎上的一些加速。所以有點像對安全中發生的實時情況的看法？

And then on the better operating margins on a go-forward basis. Can you give us some sense of where the headcount reductions are coming from in that 3% headcount reduction? And when we think about the better margins that you guys are projecting, how much of that comes from this recent round of headcount reductions, how much is just better OpEx controls that you guys exhibited thus far in the year?

然後在前進的基礎上獲得更好的營業利潤率。您能否告訴我們 3% 的裁員從何而來？當我們考慮你們預測的更好的利潤率時，其中有多少來自最近一輪裁員，你們今年迄今為止展示的更好的 OpEx 控制有多少？

Great. I'll take a first pass on these and then turn it over to Ed, and he'll get into more of the details. Yes, we saw strong bookings in security across the board. It is a challenging environment out there, for sure, especially with commits on larger deals. On the other hand, we do see a little bit of a silver lining, especially in the financial vertical, which is large for us. With everything that's going on in the banking sector, there is more concern than ever around security and reliability.

偉大的。我將首先通過這些，然後將其交給 Ed，他將了解更多細節。是的，我們看到了全面的安全預訂。當然，這是一個充滿挑戰的環境，尤其是在承諾進行更大的交易時。另一方面，我們確實看到了一線希望，尤其是在金融垂直領域，這對我們來說意義重大。隨著銀行業發生的一切，人們比以往任何時候都更加關注安全性和可靠性。

And I think the last thing a major financial institution wants to see is some kind of problem now. An outage or some kind of half be successful. And I think that helps us. Akamai is widely recognized as the best when it comes to reliability and in terms of security. And so I think that is also helping us, especially vis-a-vis the competition. We're also pretty excited about Neosec, A lot of very positive conversations early on with customers on top of Guardicore and of course, the whole suite of security products.

我認為大型金融機構最不想看到的就是現在出現某種問題。中斷或某種一半成功。我認為這對我們有幫助。在可靠性和安全性方面，Akamai 被公認為最佳。所以我認為這也對我們有幫助，尤其是在競爭方面。我們也對 Neosec 感到非常興奮，早期與客戶就 Guardicore 以及整個安全產品套件進行了很多非常積極的對話。

In terms of margins, the focus of the reduction in force, on the go-to-market side, it was really in the management layers and so that we can actually get more feet on the street in services, we can get more people helping customers, particularly in the areas of expertise with security and compute. And in some cases, in geographies that we feel are untapped and that we can get more leverage. And with -- I think probably I'll turn it over to Ed now in terms of how this shapes up with all the other things we're doing to improve operational efficiency, Ed?

在利潤率方面，在進入市場方面，裁員的重點實際上是在管理層，這樣我們實際上可以在服務方面走得更遠，我們可以得到更多人的幫助客戶，特別是在安全和計算專業領域。在某些情況下，在我們認為尚未開發的地區，我們可以獲得更多影響力。並且 - 我想我現在可能會把它交給 Ed，看看它如何與我們為提高運營效率所做的所有其他事情相結合，Ed？

Keith. So we talked about taking a restructuring charge. About half of that was severance related so that the headcount savings and then the other half was -- or roughly half was related to real estate. In terms of thinking about the headcount savings, our payroll is a little over $1 billion. We reduced a little less than 3%. So on an annualized basis, think of that as kind of in the $40 million range, give or take. We'll get about 3/4 of the benefit of that this year.

基思。所以我們談到了承擔重組費用。其中大約一半與遣散費有關，因此節省了員工人數，然後另一半 - 或者大約一半與房地產有關。就節省員工人數而言，我們的工資總額略高於 10 億美元。我們減少了不到 3%。因此，按年化計算，將其視為在 4000 萬美元範圍內，給予或接受。今年我們將獲得大約 3/4 的收益。

In terms of the real estate, we probably saved about 25% to 30% of our current spend. More to go there. I expect we can reduce that probably by a similar amount next year. The big savings to come is going to be in third-party cloud. We did see a reduction this quarter, which was nice. We reduced our spend as we start to optimize and start to move some things over. But that's a big one. That's about $100 million in total spend or a little bit more, and we'll start to see that benefit next year, a little bit more this year, but mostly into next year and into 2025.

在房地產方面，我們可能節省了當前支出的 25% 到 30%。更多去那裡。我預計我們明年可能會減少類似的數量。未來的大筆節省將來自第三方雲。本季度我們確實看到了減少，這很好。當我們開始優化並開始轉移一些東西時，我們減少了支出。但這是一個大問題。這大約是 1 億美元的總支出或更多一點，我們將在明年開始看到這種收益，今年會更多一些，但主要是到明年和 2025 年。

Team is doing a great job with vendor management, including being able to engineer out certain functions that we may be using a third party for. So I would say it's a combination of things, but just to sort of put it in perspective, that headcount savings is, call it, roughly a little over 1 point of margin on an annualized basis. That also gives you giving you that sort of kind of run rate payroll number will give you the math necessary to build your models to factor in that annual increase that we give every year in the third quarter.

團隊在供應商管理方面做得很好，包括能夠設計出我們可能使用第三方的某些功能。所以我會說它是多種因素的結合，但只是從某種角度來看，員工人數的節省，按年率計算，大約略高於 1 個百分點的利潤率。這也為您提供了那種運行率工資單數字，將為您提供構建模型所需的數學知識，以考慮我們每年在第三季度給出的年度增長。

Also, and if we talk about -- in terms of the reductions, obviously, we're directing a lot of resources that were on the delivery side of the house into compute. And that, in many cases, is the same person changing what they're doing, but also in this reduction that we're taking, you'll see that effect as well.

此外，如果我們談論 - 就減少而言，顯然，我們正在將房屋交付方面的大量資源用於計算。而且，在許多情況下，是同一個人改變了他們正在做的事情，而且在我們正在採取的這種減少中，你也會看到這種效果。

Got it. And just to be clear, the lower CapEx intensity, it sounds like that's more efficient sourcing, not any change in the scope of build-out that you guys are expecting for the cloud side of the business?

知道了。需要明確的是，資本支出強度較低，這聽起來像是更有效的採購，而不是你們期望雲業務方面的擴建範圍發生任何變化？

Yes. So the way to think about that, Keith, is 2 things. One, we were able to benefit pretty significantly actually with the pricing reductions in the server pricing. My understanding is that's somewhat of an industry phenomenon, but also just given our buying power, a big chunk of that decline in CapEx was related to that. The other thing that I find pretty exciting is we envisioned when we sort of built the models that we'll be able to integrate with our supply chain to be really tight with our demand and build, meaning not having to overbuild for demand.

是的。因此，基思，思考這個問題的方法是兩件事。第一，我們實際上能夠通過服務器定價的降低而受益匪淺。我的理解是，這在某種程度上是一種行業現象，但考慮到我們的購買力，資本支出下降的很大一部分與此有關。另一件我覺得非常令人興奮的事情是，我們設想當我們構建模型時，我們將能夠與我們的供應鏈集成，以真正滿足我們的需求和構建，這意味著不必為需求過度構建。

We've been able to knock down the time that it takes for us to deploy. So the initial builds that we're building out will be a little bit smaller than we originally anticipated because we expected a longer lead time with our supply chain. So now that we've been able to shrink that down we can tighten that up a bit. So those are really the main factors, a little bit of push in terms of a couple of sites that can push into '24, but those 2 factors are pretty significant, and we're very happy that we're able to deliver that this quickly.

我們已經能夠縮短部署所需的時間。因此，我們正在構建的初始構建將比我們最初預期的要小一些，因為我們預計我們的供應鏈會有更長的交貨時間。所以現在我們已經能夠縮小它，我們可以稍微收緊它。因此，這些確實是主要因素，就可以進入 24 世紀的幾個站點而言，有一些推動，但這兩個因素非常重要，我們很高興能夠實現這一點迅速地。

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

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

Wanting to build off of Keith a little bit here. Now that you rolled out your objectives for 2023 here, how are you thinking about not just the CapEx intensity for this year as you're starting to kind of get the savings greater than you expected. Is this the right way to think about the next year's capital spending? And I think, Tom, you actually had alluded to getting into that long-term 30%. Is there an update on the time frame there?

想在這裡建立一點基思。既然您在這裡推出了 2023 年的目標，您如何考慮今年的資本支出強度，因為您開始獲得比預期更大的節省。這是考慮明年資本支出的正確方法嗎？而且我認為，湯姆，你實際上已經提到進入那個長期的 30%。那裡有時間框架的更新嗎？

Yes. Let me take a first pass at this. This year is when we're doing the initial build-out for compute and obviously very substantial. And future years will depend on how fast we sell the capacity that we're building out now. And so if we're able to sell that quickly, then there would be more CapEx spend next year. if it takes us longer to fill that capacity, then you would see CapEx be much less next year. So it really depends on how rapidly we get uptake on the initial build-out that we're doing.

是的。讓我先介紹一下。今年是我們對計算進行初步擴建的時候，而且顯然非常重要。未來幾年將取決於我們出售我們現在正在建設的產能的速度。因此，如果我們能夠快速銷售，那麼明年會有更多的資本支出。如果我們需要更長的時間來填補這個產能，那麼你會看到明年的資本支出會少得多。所以這真的取決於我們對我們正在做的初始建設的接受速度。

And on the 30%, we're not issuing a specific time line there. But obviously, we're having, I think, really good success in our efficiency and we're taking actions to improve margins. And so we'd like to get back to 30% and beyond just as quickly as we can, subject to making the investments for future growth. And I'm very optimistic about our ability to do that. Ed, was there -- something you'd like to add there?

對於 30%，我們不會在那裡發布具體的時間表。但顯然，我認為我們在效率方面取得了非常好的成功，我們正在採取行動提高利潤率。因此，我們希望盡快恢復到 30% 及以上，前提是要為未來的增長進行投資。我對我們做到這一點的能力非常樂觀。 Ed，有沒有——您想在那裡添加一些東西？

No, I think that covered it, Tom.

不，我認為這已經涵蓋了它，湯姆。

Great. And just a follow-up on the security side as well. It sounds like you guys are pointing to this being the kind of trough in growth. But as you think about network security offerings, in particular, including the Zero Trust overall portfolio not just Guardicore, how do you feel about your go-to-market -- how your go-to-market is aligned with selling these types of solutions that tend to go through indirect sources that really are [RSPs] that you guys have historically been lined up with?

偉大的。並且只是安全方面的後續行動。聽起來你們都在指出這是增長的低谷。但是，當您考慮網絡安全產品時，特別是包括零信任整體產品組合而不僅僅是 Guardicore，您如何看待您的上市 - 您的上市如何與銷售這些類型的解決方案保持一致往往通過間接來源，這些來源真的是 [RSP]，你們一直以來都與之保持一致？

Yes, I do think we should see improvement in security growth from here. And particularly now that we're adding API security into the mix, I think the channel is really important for us and it's something we're putting a lot of effort into it, especially on the enterprise security side. For example, Guardicore is all through the channel, very successful partnerships, and it's something we'll be focused on with API security as well.

是的，我確實認為我們應該從這裡看到安全增長的改善。特別是現在我們正在將 API 安全性添加到組合中，我認為該渠道對我們來說非常重要，我們正在為此付出很多努力，尤其是在企業安全方面。例如，Guardicore 通過渠道，非常成功的合作夥伴關係，這也是我們將關注的 API 安全性。

And our next question today comes from Jonathan Ho with William Blair.

我們今天的下一個問題來自 Jonathan Ho 和 William Blair。

I just wanted to understand a little bit better about maybe your confidence level around the macro environment, what you're seeing out there? And why you're not potentially taking a more conservative stance. I think you said that your expected macro to remain consistent.

我只是想更好地了解您對宏觀環境的信心水平，您在那裡看到了什麼？以及為什麼您可能不會採取更保守的立場。我想你說過你期望的宏保持一致。

Well, I think our guidance does reflect our -- the current situation and our view, we're not assuming that the macro environment will improve. And so I do think we are taking a reasonably conservative view going forward. We are very happy with the strong start to the year on several fronts as we talked about. Ed, would you like to say a little bit more about that?

好吧，我認為我們的指導確實反映了我們的 - 當前情況和我們的觀點，我們並不假設宏觀環境會改善。所以我確實認為我們對未來持相當保守的看法。正如我們所談到的，我們對今年在幾個方面的強勁開局感到非常高興。艾德，你想多說一點嗎？

Yes, sure. I mean in terms of some of the negatives that you're seeing, obviously, sales cycles are a little bit longer. We are seeing difficulty with adding new customers with the exception of Guardicore. Tom alluded to the fact that Guardicore brought a pretty good channel organization with them, and we're seeing pretty good new logo acquisition there. So that's probably the exception to that rule. We're seeing some pricing pressure from some verticals, we are seeing, I mentioned, better pricing environment for some of the higher media delivery business.

是的，當然。我的意思是，就您所看到的一些負面因素而言，銷售週期顯然要長一些。除 Guardicore 外，我們很難增加新客戶。湯姆提到了一個事實，即 Guardicore 帶來了一個非常好的渠道組織，我們在那裡看到了非常好的新徽標收購。所以這可能是該規則的例外。我們看到一些垂直行業的定價壓力，我提到，我們看到一些更高媒體交付業務的定價環境更好。

Inflation obviously causes some challenges. We've seen some bankruptcies in the retail space and a couple in the financial services. None that's overly material. And as I said, we're not anticipating things to get worse. If things did get worse, potentially we'd see a little bit more of that. On the Pro side, we are seeing lower turnover of employees, faster time to hire, which isn't much of a surprise. With rates going up and we have cash interest rates are better for us from a reinvestment perspective, the dollar is slightly weaker. That may -- as the dollar gets weaker, that helps our benefits.

通貨膨脹顯然會帶來一些挑戰。我們已經看到零售領域的一些破產和金融服務領域的一些破產。沒有一個是過於物質的。正如我所說，我們並沒有預料到事情會變得更糟。如果事情確實變得更糟，我們可能會看到更多。在專業方面，我們看到員工流失率降低，招聘時間加快，這並不令人意外。隨著利率上升，從再投資的角度來看，現金利率對我們來說更好，美元略微走軟。這可能——隨著美元走軟，這有助於我們的利益。

And then also just from the vendor side, just continued focus on pushing vendors for better pricing and things like that. So it's a mixed environment, obviously, a challenging environment. I think we're navigating through it pretty well. And we've built in what we thought we could achieve based on what we see today.

然後也只是從供應商方面，繼續專注於推動供應商獲得更好的定價和類似的東西。所以這是一個混合環境，顯然是一個充滿挑戰的環境。我認為我們正在順利通過它。我們已經根據今天的所見建立了我們認為可以實現的目標。

On the silver lining side, as we get our compute offering, prepared to take on major mission-critical enterprise workloads, there is the potential that because we can do it less expensively, particularly for applications involving large amounts of data and delivery of data that, that could be a net benefit for us competitively in a time when companies are looking to cut costs. And is something a lot of our customers have told us, particularly customers with large volumes of data that they need to cut the cloud expense.

在一線希望的一面，當我們獲得我們的計算產品，準備好承擔主要的關鍵任務企業工作負載時，有可能因為我們可以以更低的成本做到這一點，特別是對於涉及大量數據和數據交付的應用程序，在公司尋求削減成本的時候，這可能會給我們帶來競爭優勢。這是我們的很多客戶告訴我們的事情，特別是擁有大量數據的客戶，他們需要削減雲費用。

And I think we'll be in a position to help them do that. And as I mentioned earlier, at a time like this when there's a lot of concern in the financial sector, Akamai's reliability and security, it really becomes paramount. And that's helpful to help mitigate the impacts of a difficult macroeconomic environment.

我認為我們將能夠幫助他們做到這一點。正如我之前提到的，在這樣一個金融領域備受關注的時刻，Akamai 的可靠性和安全性真的變得至關重要。這有助於減輕艱難的宏觀經濟環境的影響。

Excellent. And then just as a quick follow-up. In terms of the delivery business, I think you talked about some favorable trends around the traffic side. Can you talk about what you're seeing in terms of those improvements and maybe the sustainability of that as we think about, again, the delivery traffic?

出色的。然後作為快速跟進。在送貨業務方面，我想你談到了交通方面的一些有利趨勢。您能否談談您在這些改進方面看到的情況，以及我們再次考慮交付流量時的可持續性？

Yes. About March, really of last year is when we really saw traffic growth take a hit, part because of the economy as a whole, part because of the war in Ukraine, and now we're lapping that. And so when you look at the year-over-year rates, indeed, they did start improving in March. And so we're optimistic about that and hope to see that be more sustainable just because you have a more reasonable compare. Ed, do you want to add more color on that?

是的。大約在去年 3 月，我們真正看到交通量增長受到打擊，部分原因是整體經濟，部分原因是烏克蘭戰爭，現在我們正在應對。因此，當您查看同比利率時，確實，它們確實在 3 月份開始改善。所以我們對此持樂觀態度，並希望看到它更具可持續性，因為你有一個更合理的比較。 Ed，你想在上面添加更多顏色嗎？

Yes. The only thing I would add, I did touch a little bit on just slightly better pricing environment, which makes sense given the volumes. They're still not back to pre-pandemic levels, better than what we saw last year. Also, we've seen in some accounts, some larger accounts, some vendor consolidation, and we've been a benefactor of that, which makes sense. Some customers will have 4 or 5 CDNs that can get to be pretty expensive.

是的。我唯一要補充的是，我確實略微提到了稍微好一點的定價環境，考慮到數量，這是有道理的。他們仍然沒有回到大流行前的水平，比我們去年看到的要好。此外，我們在一些賬戶、一些較大的賬戶、一些供應商整合中看到過，我們一直是這方面的捐助者，這是有道理的。一些客戶將擁有 4 或 5 個 CDN，這可能會變得非常昂貴。

Sometimes they build up teams. They have technology they use for load balancing and things like that. So as they consolidate vendors. And a lot of us have volume-based tiered pricing, so you can take advantage of lower unit economics as you consolidate to 1 or 2 vendors. So that's been a positive trend for us. It's another reason why we've seen a little bit of an uptick in traffic.

有時他們會組建團隊。他們擁有用於負載平衡和類似功能的技術。因此，當他們整合供應商時。我們中的很多人都有基於數量的分層定價，因此當您整合到 1 或 2 個供應商時，您可以利用較低的單位經濟效益。所以這對我們來說是一個積極的趨勢。這是我們看到流量略有上升的另一個原因。

And our next question comes from Frank Louthan with Raymond James.

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

This is Rob on for Frank. So who do you run into in the marketplace now for compute specifically? And how would you guys evaluate the outlook for that business in particular going forward? And what's driving that outlook primarily?

這是弗蘭克的羅布。那麼，您現在在市場上遇到誰專門從事計算？你們如何評估該業務的前景，尤其是未來的前景？是什麼主要推動了這種前景？

Yes, the hyperscalers and also do-it-yourselves. And I think the outlook for us is positive. We're not trying to take 30% market share. It's a $100 billion, $200 billion market. But we do think we can be very competitive for certain kinds of applications, particularly in the verticals where we do a lot of business, the media vertical, entertainment obviously, video, gaming, commerce. And that's because those customers, they know us, they like us. They use us for the delivery and security. And I think we're in a position to offer them a very compelling capability in terms of better performance and a lower price point.

是的，超大規模者和自己動手。我認為我們的前景是積極的。我們並不想佔據 30% 的市場份額。這是一個 1000 億美元、2000 億美元的市場。但我們確實認為我們在某些類型的應用程序上可以非常有競爭力，特別是在我們開展大量業務的垂直領域，媒體垂直領域，顯然是娛樂、視頻、遊戲、商業。那是因為那些客戶，他們了解我們，他們喜歡我們。他們使用我們進行交付和安全。而且我認為我們能夠在更好的性能和更低的價格點方面為他們提供非常引人注目的功能。

So we'll see. But so far, I think we're very pleased with what we've been hearing from customers, making good progress, getting our Connected Cloud platform built out, upgrading Linode to really take on large-scale mission-critical enterprise workloads.

所以我們拭目以待。但到目前為止，我認為我們對我們從客戶那裡聽到的消息感到非常滿意，取得了良好的進展，建立了我們的互聯雲平台，升級了 Linode 以真正承擔大規模的關鍵任務企業工作負載。

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。

Just want to double click maybe on security. You said Guardicore $7 million of license revenue Q1 last year. Was there any license revenue for Guardicore this Q1 this year?

只想雙擊安全性。你說 Guardicore 去年第一季度的許可收入為 700 萬美元。今年第一季度 Guardicore 有任何許可收入嗎？

Yes. No, nothing material. No.

是的。不，沒什麼實質性的。不。

Yes. Okay. Got it. And then maybe just a follow-up on delivery, certainly stronger revenue performance than we expected. Is there -- I guess, was there anything in the quarter you talked about maybe some customers consolidating from 4 or 5 vendors, maybe to 3. Anything in particular in the quarter that would give you hope that delivery maybe you could potentially turn that back to a, I don't know, say, a flat or maybe only a 3%, 5% decline in business as opposed to a 10%-ish decline in business as we've seen over the last few quarters?

是的。好的。知道了。然後可能只是跟進交付，收入表現肯定比我們預期的要好。有沒有——我想，你在這個季度有沒有談過什麼，也許一些客戶從 4 或 5 個供應商整合到 3 個供應商。這個季度有什麼特別的東西會給你帶來交付的希望，也許你可能會扭轉這種局面到一個，我不知道，比方說，持平或可能只有 3%、5% 的業務下降，而不是我們在過去幾個季度看到的 10% 左右的業務下降？

Yes. That's obviously continued traffic growth. I think if we get back to kind of pre-pandemic levels, that's certainly going to help. We've done a pretty good job on pricing, especially with the larger customers in the old web verticals, especially commerce, we're still seeing some pricing pressure there. So really it's a combination. But I'd say the stronger traffic growth is going to be the main thing.

是的。這顯然是持續的流量增長。我認為，如果我們回到大流行前的水平，那肯定會有所幫助。我們在定價方面做得很好，特別是對於舊網絡垂直領域的大客戶，尤其是商業，我們仍然看到那裡存在一些定價壓力。所以它真的是一個組合。但我想說更強勁的流量增長將是主要的事情。

As we get into Q2 and Q3, we've got slightly easier compare you recall last year, we had significant renewals in our top 10. We have renewals all the time, but that was an unusual year for that. So the double-digit declines, I wouldn't expect that certainly next quarter or the quarter after that. And then Q4 is always the toughest quarter to call, but things will get -- should get a little bit better from a year-over-year compare standpoint. But in terms of getting to sort of flat or even plus or minus a point, you're going to need to see stronger traffic growth than what we're seeing now.

當我們進入第二季度和第三季度時，與你記得的去年相比，我們稍微容易一些，我們在前 10 名中有重大續約。我們一直有續約，但那是不尋常的一年。所以兩位數的下降，我預計下個季度或之後的季度肯定不會出現。然後第四季度總是最難預測的季度，但事情會變得——從同比比較的角度來看應該會好一點。但就持平甚至加減一分而言，您需要看到比我們現在看到的更強勁的流量增長。

And our next question today comes from Ray McDonough with Guggenheim.

我們今天的下一個問題來自古根海姆的 Ray McDonough。

Tom, maybe first for you. Another question around security go-to-market. I know you touched on the focus on the channel. But you did mention you were also redeploying go-to-market resources within the security group as well. Can you talk more specifically to the changes made in that organization? And is there any early results to point to from those changes that give you confidence that you will be able to reaccelerate growth here in the rest of 2023?

湯姆，也許是你的第一個。另一個關於安全上市的問題。我知道您談到了頻道的焦點。但你確實提到你也在安全小組內重新部署上市資源。你能更具體地談談那個組織所做的改變嗎？這些變化是否有任何早期結果可以讓您相信您將能夠在 2023 年剩餘時間裡重新加速增長？

Well, we're just taking the actions as we speak. So nothing to see directly from that yet. I would say they're in 3 areas. One is less investment in management and more in, say, feet on the street. The next would be more focused on security and compute and getting the right expertise in front of the customer, and that would be in presales and also in services. And then the third is a shift in resources to some of the, I would say, undertapped geographies, where we think there's the potential for a lot of growth. So I think all 3 are very helpful.

好吧，我們只是在說話時採取行動。所以還沒有什麼可以直接看到的。我會說他們在 3 個區域。一是減少對管理的投資，更多地投入到實地考察中。下一個將更側重於安全和計算，並在客戶面前獲得正確的專業知識，這將在售前和服務中進行。然後第三個是將資源轉移到一些，我想說，開發不足的地區，我們認為這些地區有很大的增長潛力。所以我認為所有 3 個都非常有幫助。

And then, of course, channels, particularly for our enterprise security solutions, where that's, I think, a much -- a better way of doing it. for our established web app firewall, we do have a significant channel's presence but also a significant direct presence. And we expect to start seeing the benefits here towards the end of the year. as we hire the new resources in these areas.

然後，當然是渠道，特別是對於我們的企業安全解決方案，我認為這是一種更好的方式。對於我們已建立的 Web 應用程序防火牆，我們確實有重要的渠道存在，但也有重要的直接存在。我們預計將在今年年底開始看到這裡的好處。當我們在這些領域僱用新資源時。

That makes sense. And then maybe just a follow-up for you on Linode. I believe you've kind of outlined an expansion of 14 core data centers by the end of the year and 50 distributed sites, I believe. Is that still the case? And maybe just following up on one of your comments earlier, can you talk about how much smaller the compute footprints are this year, if it's a magnitude of size? And how comfortable you feel in terms of the lead times to add capacity if the macro environment or demand turns more quickly than you expect?

這就說得通了。然後可能只是你在 Linode 上的後續行動。我相信你已經概述了到今年年底 14 個核心數據中心和 50 個分佈式站點的擴展，我相信。現在還是這樣嗎？也許只是跟進您之前的一條評論，您能否談談今年的計算足跡要小多少，如果規模很大的話？如果宏觀環境或需求的變化比您預期的要快，您對增加產能的提前期感覺如何？

Yes. Why don't I start with the last part first. So in terms of the timing, I think we've got it down to probably 60 to 90 days, I think we can add capacity pretty quickly. We're building up -- working with our suppliers. We've had long-term relationships, structuring deals with them to be able to very quickly get our hands on equipment and building up some inventory and that sort of thing. So we feel pretty good about that.

是的。為什麼我不先從最後一部分開始。因此，就時間而言，我認為我們已經將時間縮短到 60 到 90 天，我認為我們可以很快增加容量。我們正在建立 - 與我們的供應商合作。我們有長期的合作關係，與他們達成交易，以便能夠非常快速地獲得設備並建立一些庫存等等。所以我們對此感覺很好。

So I think -- and also these sales cycles are not immediate, right? So there's usually a trial period and that sort of thing, starting the conversations now. So it's not like CDNs where you can shift overnight, just move traffic within a day or 2. So we will have good lead times there. In terms of the actual size, I just say they're small, I don't have a specific number to throw out. We're on track to deliver all of our core sites. There's a couple coming online in Q2 and a bunch coming online in Q3, no change there.

所以我認為——而且這些銷售週期不是即時的，對吧？所以通常會有一段試用期之類的事情，現在就開始對話。所以它不像 CDN，你可以在一夜之間轉移，只需在一兩天內轉移流量。所以我們在那裡會有很好的交貨時間。就實際尺寸而言，我只是說它們很小，我沒有具體的數字可以拋出。我們正在按計劃交付我們所有的核心網站。第二季度有幾個上線，第三季度有幾個上線，沒有變化。

As far as the distributed sites, we will be building out a bunch of those. I don't have an updated figure for you. Some of them may push. Those are much smaller in terms of CapEx. So that really doesn't have a major impact on CapEx. Each one of those sites are relatively small, so it's not going to have a material impact. But in terms of what we're seeing with the supply chain, we feel pretty good. We've done a lot of work, great -- hats off to the team. They've done a fantastic job working with our suppliers to be able to really tighten things up, and you can see that in the updated guidance.

至於分佈式站點，我們將構建其中的一堆。我沒有給你更新的數字。他們中的一些人可能會推動。就資本支出而言，這些要小得多。所以這真的不會對資本支出產生重大影響。這些站點中的每一個都相對較小，因此不會產生實質性影響。但就我們在供應鏈中看到的情況而言，我們感覺非常好。我們做了很多工作，很棒——向團隊致敬。他們在與我們的供應商合作方面做得非常出色，能夠真正收緊事情，您可以在更新的指南中看到這一點。

Our next question today comes from Amit Daryanani with Evercore.

我們今天的下一個問題來自 Evercore 的 Amit Daryanani。

This is [Lauren] on for Amit. So just to kind of double-click into buybacks and how you guys are thinking about the second half of the year after a fairly aggressive first quarter? That would be great.

這是阿米特的 [勞倫]。因此，只需雙擊回購，以及你們如何看待在相當激進的第一季度之後的下半年？那太好了。

Yes. Our policy and strategy really hasn't changed. And that includes -- there's times when we do buy back more shares that are needed to offset dilution from employee equity programs. And those are opportunistic. And in Q1, we felt there was a substantial opportunity to buy back more than the usual allotment. And of course, we have a programmatic buyback that buys back more when the stock price is lower and buys back less when the stock price is higher. And so when the stock goes lower, the programmatic or automatic buying also increases. And as you know, the stock price was lower through a lot of Q1.

是的。我們的政策和戰略確實沒有改變。這包括——有時我們確實會回購更多股票，以抵消員工股權計劃的稀釋。這些都是機會主義的。在第一季度，我們覺得有很大的機會回購比平時更多的配額。當然，我們有一個程序化回購，當股價較低時回購更多，當股價較高時回購較少。因此，當股票走低時，程序化或自動購買也會增加。如您所知，第一季度的大部分時間股價都較低。

So there's really no fundamental change in strategy. Prior to this year, over the last 10 years, we've bought back an extra 1% a year over and above the equity program dilution offset. Obviously, Q1 was more than that. So there's not a specific change in strategy that would say we're going to buy back what we did in Q1 every quarter. So no change in strategy.

所以戰略上真的沒有根本性的改變。今年之前，在過去的 10 年裡，我們每年在股權計劃稀釋抵消的基礎上額外回購 1%。顯然，Q1 不止於此。因此，沒有具體的戰略變化可以說我們將每個季度回購我們在第一季度所做的事情。所以策略沒有改變。

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。

This is Cameron Toler on for Mark Murphy. Congrats on the quarter. Maybe just on compute. I think in the past, you've mentioned that Linode hasn't faced the same optimization headwinds that the hyperscalers have. Curious if anything's changed on that front?

這是馬克墨菲的卡梅倫托勒。祝賀這個季度。也許只是在計算上。我想在過去，你提到過 Linode 沒有面臨與超大規模應用程序相同的優化逆風。好奇這方面是否有任何變化？

Sorry, as in faced what headwinds?

抱歉，面對什麼逆風？

Sorry, the same optimization headwinds that the hyperscalers have been calling out the last few quarters?

抱歉，超大規模用戶在過去幾個季度一直在呼喚同樣的優化逆風？

Yes, I think Linode is really in a very traditional -- Linode in a very different market. and much more affordable and really not servicing the major enterprises. Major enterprises, at least the customers that we talk to are very worried about the rapidly growing cloud costs. And that's something that I think we're in a position to help them with as we get our infrastructure built out and get it ready to take on mission-critical workloads.

是的，我認為 Linode 確實處於一個非常傳統的市場中——Linode 在一個非常不同的市場中。而且更實惠，而且實際上不為大型企業提供服務。主要企業，至少我們與之交談的客戶非常擔心快速增長的云成本。這就是我認為我們能夠幫助他們的事情，因為我們建立了我們的基礎設施並準備好承擔關鍵任務的工作負載。

Thank you. And ladies and gentlemen, we have no further questions at this time.

謝謝。女士們，先生們，我們現在沒有其他問題了。

Okay. Well, thank you, operator, and thank you, everyone. In closing, we will be presenting at several investor conferences and road shows throughout the rest of the second quarter. Details of these can be found in the Investor Relations section of akamai.com. Thank you for joining us, and all of us here at Akamai wish continued good health to you and yours. Have a nice evening.

好的。嗯，謝謝接線員，謝謝大家。最後，我們將在第二季度餘下的時間裡參加幾次投資者會議和路演。這些詳細信息可以在 akamai.com 的投資者關係部分找到。感謝您加入我們，Akamai 的所有人都希望您和您的家人身體健康。祝你今晚愉快。

Thank you. Ladies and gentlemen, this concludes today's conference call, and we thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。女士們，先生們，今天的電話會議到此結束，我們感謝大家參加今天的演講。您現在可以斷開線路，度過美好的一天。