阿卡邁科技 (AKAM) 2023 Q2 法說會逐字稿

Good day, and welcome to the Akamai Technologies Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded. Now I'd like to turn the call over to Mr. Tom Barth, Head of Investor Relations. Please go ahead, sir.

美好的一天，歡迎參加 Akamai Technologies 2023 年第二季度收益電話會議。 （操作員說明）請注意，該事件正在被記錄。現在我想將電話轉給投資者關係主管湯姆·巴斯先生。請繼續，先生。

Okay. Thank you, everyone, for your patience. I'd like to reintroduce our CEO, Dr. Tom Leighton. Tom?

好的。謝謝大家的耐心等待。我想重新介紹一下我們的首席執行官 Tom Leighton 博士。湯姆？

Thanks, Tom, and thank you all for joining us today. I am very pleased to report that Akamai delivered strong results in the second quarter, with revenue coming in near the high end of our guidance range and earnings exceeding the high end of our guidance range by $0.07. Revenue grew to $936 million in Q2, up 4% year-over-year, both as reported and in constant currency. Non-GAAP operating margin was 29%. And non-GAAP earnings per share was $1.49, up 10% as reported and up 11% in constant currency. As you can see, and as Ed will explain in his portion of the call, our actions to increase profitability are delivering good results.

謝謝湯姆，也感謝大家今天加入我們。我很高興地向大家報告，Akamai 在第二季度取得了強勁的業績，收入接近我們指導範圍的高端，盈利超出我們指導範圍的高端 0.07 美元。第二季度收入增長至 9.36 億美元，按報告收入和按固定匯率計算均同比增長 4%。非 GAAP 運營利潤率為 29%。非 GAAP 每股收益為 1.49 美元，按報告增長 10%，按固定匯率計算增長 11%。正如您所看到的，正如埃德將在電話會議中解釋的那樣，我們提高盈利能力的行動正在帶來良好的結果。

I'll now say a few words about each of our 3 main product areas, starting with security, which is our largest source of revenue. Security revenue grew to $433 million in Q2, up 14% year-over-year, both as reported and in constant currency. The improvement in our security growth rate was driven by multiple products with especially strong growth for our market-leading segmentation solution.

現在我將分別介紹一下我們的 3 個主要產品領域，首先是安全性，這是我們最大的收入來源。第二季度安全收入增長至 4.33 億美元，按報告數據和按固定匯率計算，同比增長 14%。我們的安全增長率的提高是由多種產品推動的，尤其是我們市場領先的細分解決方案的強勁增長。

We entered the segmentation market with our acquisition of Guardicore in Q4 of 2021. We and we're nearing an annualized revenue run rate of $100 million. At this scale, segmentation is having a bigger impact on our overall security growth rate. Customers are adopting our segmentation solution to help defend against ransomware and data exfiltration attacks, which have become more frequent and damaging. For example, last quarter, we signed a 3-year $8 million segmentation deal with one of the world's largest carriers. Large carriers and banks want to protect their consumer data from losses that can damage their brands and trigger large fines from regulators. They also appreciate spending less on legacy firewalls that no longer provide adequate protection.

我們於 2021 年第四季度收購了 Guardicore，進入了細分市場。我們的年收入運行率接近 1 億美元。在這種規模上，細分對我們的整體安全增長率產生了更大的影響。客戶正在採用我們的分段解決方案來幫助防禦勒索軟件和數據洩露攻擊，這些攻擊變得更加頻繁和具有破壞性。例如，上個季度，我們與全球最大的運營商之一簽署了為期 3 年、價值 800 萬美元的細分協議。大型運營商和銀行希望保護其消費者數據免受損失，從而損害其品牌並引發監管機構的巨額罰款。他們還希望減少在不再提供足夠保護的傳統防火牆上的支出。

We also saw strong growth in Q2 for our market-leading web app firewall and bot management solutions, where we continue to fare well against the competition due in part to their challenges with reliability and performance. For example, we recently took business away from a competitor, one of the world's largest [micro blogging] platforms. Outages on their former providers' platform made the customers seek a more reliable partner. So they switched to Akamai for their global expansion plan in Europe and Asia. In an another example, a leading Asian financial institution recently returned to Akamai, also because of reliability challenges with this competitor's platform.

我們市場領先的網絡應用防火牆和機器人管理解決方案在第二季度也出現了強勁增長，我們在競爭對手中繼續表現出色，部分原因在於它們在可靠性和性能方面面臨的挑戰。例如，我們最近從競爭對手那里奪走了全球最大的[微博]平台之一的業務。前提供商平台的中斷促使客戶尋求更可靠的合作夥伴。因此，他們轉而使用 Akamai 來實施其在歐洲和亞洲的全球擴張計劃。另一個例子是，一家領先的亞洲金融機構最近又回到了 Akamai，也是因為該競爭對手的平檯面臨可靠性挑戰。

As we look to the future, we're also excited about our new API security solution that we announced last week, enabled in part by our acquisition of Neosec in May. API security is rapidly emerging as a critical need for major enterprises. That's because as enterprises modernize their infrastructure to create better digital experiences. They're making increasing use of APIs to improve developer agility and end user performance. The problem is that these APIs are often not adequately secured, and they open up new vectors for attack.

展望未來，我們也對上周宣布的新 API 安全解決方案感到興奮，該解決方案部分是通過我們 5 月份收購 Neosec 實現的。 API 安全性正迅速成為大型企業的關鍵需求。這是因為，隨著企業對其基礎設施進行現代化改造，以創造更好的數字體驗。他們越來越多地使用 API 來提高開發人員的敏捷性和最終用戶的性能。問題在於這些 API 通常沒有得到充分的保護，並且它們開闢了新的攻擊媒介。

Our new API security product leverages AI-based analytics and threat hunting capabilities to discover APIs, analyze their behavior, identify vulnerabilities and help customers defend against attacks. Customers who thought they had 1,000 APIs might turn on API security and discover hundreds more they never knew they had with vulnerabilities lurking within legacy infrastructure or new applications. This is why banks are establishing API governance group today, and it helps to explain why IDC and Gartner project that the API security market will surpass $1 billion by 2027. Like our segmentation solution, customers can buy our API security product without being an Akamai CDN customer. These security solutions are CDN agnostic demonstrating how we can go to market as a security provider first.

我們的新 API 安全產品利用基於人工智能的分析和威脅搜尋功能來發現 API、分析其行為、識別漏洞並幫助客戶防禦攻擊。認為自己擁有 1,000 個 API 的客戶可能會打開 API 安全性，並發現數百個他們從未意識到的漏洞潛伏在遺留基礎設施或新應用程序中。這就是銀行今天建立API 治理小組的原因，也有助於解釋為什麼IDC 和Gartner 預計API 安全市場到2027 年將超過10 億美元。與我們的細分解決方案一樣，客戶無需成為Akamai CDN 即可購買我們的API 安全產品顧客。這些安全解決方案與 CDN 無關，展示了我們如何作為安全提供商首先進入市場。

We also continue to make good progress on the cloud computing front. Akamai is taking a fundamentally new approach to cloud computing making it fully distributed with many more points of presence that are available with traditional solutions. By leveraging Akamai's unique platform and capabilities, we believe that we can offer enterprises better latency, better performance, automated scalability and portability and reduce costs, especially for applications that incur high egress fees with the hyperscalers.

我們在雲計算方面也繼續取得良好進展。 Akamai 正在採用一種全新的雲計算方法，使其完全分佈式，並具有傳統解決方案可用的更多接入點。通過利用Akamai 獨特的平台和功能，我們相信我們可以為企業提供更好的延遲、更好的性能、自動化的可擴展性和可移植性，並降低成本，特別是對於超大規模企業產生高出口費用的應用程序。

Since our call with you in May, we've gone live with 3 new cloud computing sites in Washington, D.C., Chicago and Paris, and we plan to open 10 more later this year. These new sites are part of our plan to connect compute, storage, database and other services into the same platform that powers our edge network today, a massively distributed footprint that spans more than 4,100 locations and 130 countries.

自 5 月份與您通話以來，我們已在華盛頓特區、芝加哥和巴黎啟用了 3 個新的雲計算站點，併計劃在今年晚些時候再開設 10 個。這些新站點是我們計劃的一部分，旨在將計算、存儲、數據庫和其他服務連接到為我們今天的邊緣網絡提供支持的同一平台，該網絡是一個大規模分佈式覆蓋範圍，橫跨130 個國家/地區的4,100 多個地點。

Last month, we also announced a doubling of the capacity of our object storage solution a new premium instances for large commercial workloads that are designed to deliver consistent performance with predictable resource and cost allocation and our plan to launch in beta the Akamai Global load balancer later this quarter. This new integrated service is designed to route traffic request to the optimal data center to minimize latency and ensure no single point of failure.

上個月，我們還宣布將對象存儲解決方案的容量增加一倍，這是一個適用於大型商業工作負載的新高級實例，旨在通過可預測的資源和成本分配提供一致的性能，並且我們計劃稍後推出Akamai 全球負載均衡器測試版本季度。這項新的集成服務旨在將流量請求路由到最佳數據中心，以最大限度地減少延遲並確保無單點故障。

We believe that the Akamai Connected Cloud will be ideally suited for applications that benefit from being closer to end users. For example, in e-commerce, our customers want to tailor their online shopping experience to the individual user. They also want the better performance you get by being closer to the end user. That's because better performance translates into higher conversion rates. In video and gaming, our customers want the game engine closer to the end user to reduce latency. And to tailor experiences based on the user's device type and connectivity.

我們相信，Akamai 互聯雲將非常適合那些因更貼近最終用戶而受益的應用程序。例如，在電子商務中，我們的客戶希望為個人用戶量身定制在線購物體驗。他們還希望通過更接近最終用戶來獲得更好的性能。這是因為更好的性能可以轉化為更高的轉化率。在視頻和遊戲中，我們的客戶希望遊戲引擎更接近最終用戶以減少延遲。並根據用戶的設備類型和連接性定制體驗。

In AI, the basic models will be generated and trained in the core. But the inference engines, which generate alerts and responses to queries will be more efficient to run at the edge, where and when they're needed. And the cyber attackers exploit advances in AI to create more forms of malware and more dangerous bots, more security will be deployed at the edge to intercept attacks before they can reach and swan a customer's data center in the core.

在人工智能中，基本模型將在核心生成和訓練。但生成警報和查詢響應的推理引擎將更高效地在需要的時間和地點在邊緣運行。網絡攻擊者利用人工智能的進步來創建更多形式的惡意軟件和更危險的機器人，將在邊緣部署更多安全措施，以在攻擊到達並影響核心客戶數據中心之前攔截攻擊。

In all these areas, our customers also want the ability to spin up instances to handle flash crowds on demand, something that's very hard to do with competing cloud solutions. In summary, we believe that next-generation applications will need next-generation cloud infrastructure and Akamai is charting the course for this next decade of cloud computing when more of the compute will be done closer to the end user and where we believe our platform will have an important edge over more centralized models.

在所有這些領域，我們的客戶還希望能夠根據需要啟動實例來處理閃存群，這是競爭雲解決方案很難做到的。總之，我們認為下一代應用程序將需要下一代云基礎設施，Akamai 正在為下一個十年的雲計算制定路線，屆時更多的計算將在更接近最終用戶的地方完成，我們相信我們的平台將與更集中的模型相比具有重要優勢。

Turning now to content delivery. I'm pleased to report that we continue to be the market leader, 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. We enjoy a strong synergy between our delivery, security and cloud computing offerings as we power and protect life online. The synergy is both on the top line as long-time delivery customers buy our security and cloud computing 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.

現在轉向內容交付。我很高興地向大家報告，我們將繼續成為市場領導者，提供行業領先的性能和規模，並繼續通過提供可靠、安全和近乎完美的在線體驗來支持世界頂級品牌。當我們為在線生活提供支持和保護時，我們在交付、安全和雲計算產品之間發揮著強大的協同作用。這種協同效應不僅體現在長期交付客戶購買我們的安全和雲計算產品方面，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。

Overall, I'm pleased to see that Akamai performed well in the first half of the year. Despite the macroeconomic challenges, we continue to invest in the key areas that we expect to drive our future growth while also taking actions to improve our profitability.

總體而言，我很高興看到 Akamai 在今年上半年表現良好。儘管面臨宏觀經濟挑戰，我們仍繼續投資於預計推動未來增長的關鍵領域，同時採取行動提高盈利能力。

Now I'll turn the call over to Ed for more on our Q2 results and our outlook for Q3 and the full year. Ed?

現在，我將把電話轉給埃德，了解有關我們第二季度業績以及第三季度和全年展望的更多信息。艾德？

Thank you, Tom. Today, I plan to review our Q2 results and provide some color on Q3, along with our increased full year 2023 guidance. I'm pleased that Q2 was another strong and very profitable quarter. I'll have more to say about our double-digit EPS growth in a moment. First, let's discuss revenue. Total revenue for the second quarter was $936 million, up 4% year-over-year. In the second quarter, security revenue was $433 million, growing 14% year-over-year. As Tom mentioned, Security revenue was driven by strong demand for our WAAP, bot management and segmentation solutions.

謝謝你，湯姆。今天，我計劃回顧第二季度的業績，並提供第三季度的一些信息，以及我們增加的 2023 年全年指導。我很高興第二季度又是一個強勁且利潤豐厚的季度。稍後我將詳細介紹我們兩位數的每股收益增長。首先，我們來討論收入。第二季度總收入為 9.36 億美元，同比增長 4%。第二季度安全收入為4.33億美元，同比增長14%。正如 Tom 提到的，安全收入是由對我們的 WAAP、機器人管理和分段解決方案的強勁需求推動的。

Moving to compute. Revenue was $123 million, growing 16% year-over-year as reported and 17% in constant currency. On a combined basis, our security and compute product lines represented 59% of total revenue growing 14% year-over-year and 15% in constant currency.

轉向計算。收入為 1.23 億美元，同比增長 16%，按固定匯率計算增長 17%。綜合來看，我們的安全和計算產品線佔總收入的 59%，同比增長 14%，按固定匯率計算增長 15%。

Shifting to delivery. Revenue was $380 million, declining 9% year-over-year as reported and 8% in constant currency. International revenue was $456 million, up 7% year-over-year and 8% in constant currency and now represents approximately half of our total revenue. Foreign exchange fluctuations were flat on a sequential basis and negative $6 million on a year-over-year basis.

轉向交付。收入為 3.8 億美元，同比下降 9%，按固定匯率計算下降 8%。國際收入為 4.56 億美元，同比增長 7%，按固定匯率計算增長 8%，目前約占我們總收入的一半。外匯波動環比持平，同比負 600 萬美元。

Moving now to profitability. Non-GAAP net income was $228 million or $1.49 of earnings per diluted share, up 10% year-over-year and up 11% in constant currency. The strong EPS results exceeded the high end of our guidance range by $0.07 and were driven primarily by higher revenues, saving from savings from the head count actions we took earlier in the second quarter and continued progress on our cost savings initiatives. As a reminder, those cost savings initiatives include third-party cloud savings, rationalization of our real estate costs, 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.

現在轉向盈利。非 GAAP 淨利潤為 2.28 億美元，即稀釋後每股收益 1.49 美元，同比增長 10%，按固定匯率計算增長 11%。強勁的每股收益結果超出了我們指導範圍的上限0.07 美元，這主要是由於收入增加、我們在第二季度早些時候採取的人員統計行動所節省的成本以及成本節約計劃的持續進展所推動的。提醒一下，這些成本節約舉措包括第三方雲節約、我們的房地產成本合理化、折舊費用和與我們的交付業務相關的較低資本支出相關的其他運營成本、與供應商的嚴格支出以及更嚴格的差旅和費用政策管理。

With respect to third-party cloud spend, I'm pleased to report that for as long as we attract this expense, Q2 was the first quarter where total third-party cloud spend declined year-over-year. While the decline was relatively modest, it reflects disciplined vendor management as well as the beginning of savings related to the migration of our workloads onto our own cloud platform. This migration effort to move away from third-party clouds is in the early stages, and we are seeing promising signs. For example, our bot management solution is now running production workloads for hundreds of customers on our own cloud computing platform. As a reminder, we anticipate that the amount of savings we will be able to achieve will start to ramp through the end of 2023 and into 2024 as we bring online the needed capacity and features.

關於第三方雲支出，我很高興地報告，只要我們吸引了這筆支出，第二季度就是第三方雲支出總額同比下降的第一個季度。雖然下降幅度相對較小，但這反映出嚴格的供應商管理以及與我們的工作負載遷移到我們自己的雲平台相關的節省的開始。這種擺脫第三方雲的遷移工作還處於早期階段，我們看到了有希望的跡象。例如，我們的機器人管理解決方案現在正在我們自己的雲計算平台上為數百個客戶運行生產工作負載。提醒一下，我們預計，隨著我們將所需的容量和功能上線，我們能夠實現的節省量將在 2023 年底和 2024 年開始增加。

Moving to margins. Our cash gross margin was 73%. Adjusted EBITDA margin was 41%, and our non-GAAP operating margin was 29%, slightly ahead of our guidance.

轉向邊緣。我們的現金毛利率為 73%。調整後 EBITDA 利潤率為 41%，我們的非 GAAP 營業利潤率為 29%，略高於我們的指導。

Moving now to cash and our use of capital. As of June 30, our cash, cash equivalents and marketable securities totaled approximately $1 billion. During the second quarter, we spent roughly $137 million to repurchase approximately 1.6 million shares. We now have about $700 million remaining in our previously announced share buyback authorization. Our approach to capital allocation remains the same to opportunistically buy 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 6 月 30 日，我們的現金、現金等價物和有價證券總計約 10 億美元。第二季度，我們花費了大約 1.37 億美元回購了大約 160 萬股股票。目前，我們之前宣布的股票回購授權還剩約 7 億美元。我們的資本配置方法保持不變，即機會性地回購股票，以抵消員工股權計劃隨時間的稀釋，同時保持足夠的資本以在戰略併購出現時進行部署。

Finally, I'm pleased to announce that Akamai has obtained investment-grade credit ratings from Moody's and S&P. These ratings are part of a broader financial policy to further reinforce our business and financial strength, not only with investors but also with customers, vendors and other parties that we engage with from a commercial perspective. The credit rating also broadens our financial toolkit, allowing us to evaluate all available financing instruments to determine what's best suited for our financial goals.

最後，我很高興地宣布 Akamai 已獲得穆迪和標準普爾的投資級信用評級。這些評級是更廣泛的財務政策的一部分，旨在進一步增強我們的業務和財務實力，不僅是與投資者，而且是與客戶、供應商和我們從商業角度打交道的其他各方。信用評級還拓寬了我們的金融工具包，使我們能夠評估所有可用的融資工具，以確定最適合我們財務目標的工具。

Finally, as a reminder, Akamai currently has 2 convertible debt instruments outstanding, $1.15 billion due in May 2025 and $1.15 billion due in September 2027. Before I provide our Q3 and full year 2023 guidance, I want to touch on some housekeeping items. First, our annual merit-based wage increases became effective July 1. This will result in an additional net operating costs of approximately $12 million per quarter.

最後，提醒一下，Akamai 目前有2 種未償還的可轉換債務工具，其中11.5 億美元將於2025 年5 月到期，11.5 億美元將於2027 年9 月到期。在提供第三季度和2023年全年指導之前，我想先談談一些內務事項。首先，我們的年度績效加薪於 7 月 1 日生效。這將導致每季度增加約 1200 萬美元的淨運營成本。

Second, in late July, the IRS released a notice that granted temporary relief for determining eligibility of foreign tax credits. This will result in a lower-than-expected non-GAAP effective tax rate in Q3 and for the full year. And finally, the guidance I will provide assumes no change, good or bad to the current macroeconomic environment.

其次，7月下旬，美國國稅局發布了一項通知，對確定外國稅收抵免資格給予臨時減免。這將導致第三季度和全年的非公認會計原則有效稅率低於預期。最後，我將提供的指導假設當前宏觀經濟環境沒有變化，無論好壞。

So those factors in mind, I'll turn to our Q3 guidance. We are now projecting revenue in the range of $937 million to $952 million or up 6% to 8% as reported and 5% to 7% in constant currency over Q3 2022.

因此，考慮到這些因素，我將轉向我們的第三季度指導。我們目前預計 2022 年第三季度的收入將在 9.37 億美元至 9.52 億美元之間，或按報告增長 6% 至 8%，按固定匯率計算增長 5% 至 7%。

The current spot, rates foreign exchange fluctuations are expected to have a positive $1 million impact on Q3 revenue compared to Q2 levels and a positive $10 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 74%. Q3 non-GAAP operating expenses are projected to be $297 million to $302 million. We expect Q3 EBITDA margin of approximately 42%. We expect non-GAAP depreciation expense to be between $121 million to $123 million, and we expect non-GAAP operating margin of approximately 29% for Q3.

與第二季度的水平相比，當前即期匯率波動預計將對第三季度的收入產生 100 萬美元的積極影響，同比產生 1000 萬美元的積極影響。在這些收入水平上，我們預計現金毛利率約為 74%。第三季度非 GAAP 運營支出預計為 2.97 億美元至 3.02 億美元。我們預計第三季度 EBITDA 利潤率約為 42%。我們預計非 GAAP 折舊費用將在 1.21 億美元至 1.23 億美元之間，我們預計第三季度非 GAAP 運營利潤率約為 29%。

Moving on to CapEx. We expect to spend approximately $162 million to $170 million, excluding equity compensation and capitalized interest in the third quarter. This represents approximately 17% to 18% of our projected total revenue for the third quarter. Based on our expectations for revenue and costs, we expect Q3 non-GAAP EPS to be $1.48 to $1.52. The CPS guidance assumes taxes of $42 million to $45 million based on an estimated quarterly non-GAAP tax rate of approximately 16%. It also reflects a fully diluted share count of approximately 155 million shares.

轉向資本支出。我們預計第三季度的支出約為 1.62 億至 1.7 億美元，不包括股權補償和資本化利息。這約占我們第三季度預計總收入的 17% 至 18%。根據我們對收入和成本的預期，我們預計第三季度非 GAAP 每股收益為 1.48 美元至 1.52 美元。根據大約 16% 的估計季度非 GAAP 稅率，CPS 指南假設稅費為 4200 萬至 4500 萬美元。它還反映了約 1.55 億股的完全稀釋後股票數量。

Looking ahead to the full year, we have increased revenue to a range of $3.765 million to $3.795 billion, which is up 4% to 5% year-over-year as reported as in constant currency. At current spot rates, our guidance assumes foreign exchange will have a negative $4 million impact to revenue in 2023 on a year-over-year basis. We are also raising our security revenue growth expectations to 12% to 14% 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，我們的收入已增至 376.5 萬美元至 37.95 億美元，按固定匯率計算，同比增長 4% 至 5%。按照目前的即期匯率，我們的指導假設外匯將對 2023 年的收入產生同比 400 萬美元的負面影響。我們還將 2023 年全年安全收入增長預期提高至 12% 至 14%，並繼續預計 2023 年計算收入將達到約 5 億美元。

And despite a significant year of investments, we are estimating non-GAAP operating margin of approximately 29%. With all that in mind, we have raised our estimated non-GAAP earnings per diluted share to a range of $5.87 to $5.95. Our non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 17% and a fully diluted share count of approximately 155 million shares. Finally, our full year CapEx is expected to be approximately 19% of total revenue.

儘管這一年的投資意義重大，但我們預計非 GAAP 營業利潤率約為 29%。考慮到所有這些，我們將非 GAAP 攤薄每股收益預估上調至 5.87 美元至 5.95 美元。我們的非 GAAP 盈利指引基於約 17% 的非 GAAP 有效稅率和約 1.55 億股的完全稀釋股數。最後，我們全年資本支出預計約為總收入的 19%。

In closing, we are very pleased with our financial achievements for the first half of the year and our ability to increase our overall revenue, security revenue and non-GAAP EPS guidance for the full year. We believe that Akamai is a special class of businesses that have the ability and discipline to invest in future revenue growth while continuing to be extremely profitable and generate significant cash flows.

最後，我們對上半年的財務成就以及增加全年整體收入、安全收入和非公認會計原則每股收益指導的能力感到非常滿意。我們相信 Akamai 是一類特殊的企業，有能力和紀律投資於未來的收入增長，同時繼續保持極高的盈利能力並產生大量現金流。

With that, we now look forward to your questions. Operator?

現在，我們期待您的提問。操作員？

Thank you. I'll begin the question-and-answer session. (Operator Instructions) First question will be from James Fish, Piper Sandler.

謝謝。我將開始問答環節。 （操作員說明）第一個問題將由 James Fish、Piper Sandler 提出。

Congrats on the quarter and the security [reexce]. In speaking of security, how should we think about the bookings heading into Q3 for this segment or the bookings related to us? And really, the crux of my question is -- just trying to understand the sustainability here and understanding we're raising by 2 points for the full year. Just kind of give some color around the confidence for the year is really what I'm asking.

祝賀本季度和安全性 [reexce]。說到安全性，我們應該如何看待該細分市場進入第三季度的預訂或與我們相關的預訂？事實上，我問題的關鍵是——只是想了解這裡的可持續性，並了解我們將全年提高 2 個百分點。我真正想要的只是為今年的信心提供一些色彩。

Jim, thanks for the question. This is Ed. I'll take that one. So I would say we had 2 back-to-back very strong quarters of bookings. So that was very encouraging. And we also saw strength and if I look at my sequential growth quarter-over-quarter, we actually saw all 3 major product lines accelerate. So we saw growth in API protection, segmentation was very strong. Guardicore was extremely strong in the quarter. And even the infrastructure business still has some hangover effect from the KillNet attacks we saw earlier on. So all those product lines grew sequentially quarter-over-quarter.

吉姆，謝謝你的提問。這是艾德。我會接受那個。所以我想說我們連續兩個季度的預訂量非常強勁。所以這是非常令人鼓舞的。我們還看到了實力，如果我看一下季度環比的連續增長，我們實際上看到所有 3 個主要產品線都在加速。所以我們看到 API 保護的增長，細分非常強勁。 Guardicore 在本季度的表現非常強勁。甚至基礎設施業務仍然受到我們之前看到的 KillNet 攻擊的影響。因此，所有這些產品線均按季度環比增長。

In terms of the customer penetration, if I go back to Q4 and look at where we are now, we saw about a 2.5% increase in customers buying a security product up to about 75.5%. So we're seeing great penetration in the installed base. Just one other sound by, we now have about 700 customers who are buying 4 or more products in security. So we're seeing really good strength with new customer additions, bookings across all product lines. And then just another thing on segmentation. When we're seeing renewals with segmentation, we're seeing those renew very favorably and generally with expansion orders included.

就客戶滲透率而言，如果我回到第四季度看看我們現在的情況，我們會看到購買安全產品的客戶增加了約 2.5%，達到約 75.5%。因此，我們看到了安裝基礎上的巨大滲透。再聽一聽，我們現在有大約 700 名客戶正在購買 4 種或更多的安全產品。因此，我們看到新客戶的增加和所有產品線的預訂都非常強勁。然後是關於細分的另一件事。當我們看到細分的續訂時，我們看到這些續訂非常有利，並且通常包括擴展訂單。

Helpful. And then, Tom, maybe for you on the compute side. How are you guys looking to invest behind the GPU as a service side of Linode. Is this something your customers, particularly your large media customers are looking to deploy with you? Or do you see that as more reserve for the hyperscalers and so you're going to be more focused on that AI inference opportunity.

有幫助。然後，湯姆，也許對你來說是計算方面的。你們打算如何投資 GPU 作為 Linode 的服務端。這是您的客戶，特別是您的大型媒體客戶希望與您一起部署的東西嗎？或者您是否認為這是對超大規模企業的更多儲備，因此您將更加關注人工智能推理機會。

Yes. We do support GPUs today. It's not our primary focus and that's just a financial decision. I would say gaming is more where you'd see that with our big media customers doing video and media workflow, CPUs are just fine. And much more economical and attractive there. In terms of AI, I think over time, probably that migrates -- at least in terms of the inference engines, migrates to CPU as well. And I think that, over time, as we talked about, probably something you want to be doing at the edge. But we're fully capable of supporting GPUs. We do that some today, really based on demand from our customer base and financials.

是的。我們現在確實支持 GPU。這不是我們的主要關注點，這只是一個財務決定。我想說的是，遊戲更適合我們的大型媒體客戶進行視頻和媒體工作流程，CPU 就可以了。而且那裡更經濟、更有吸引力。就人工智能而言，我認為隨著時間的推移，可能會遷移——至少在推理引擎方面，也會遷移到 CPU。我認為，隨著時間的推移，正如我們所討論的，你可能會想在邊緣做一些事情。但我們完全有能力支持 GPU。我們今天確實根據客戶群和財務狀況的需求做了一些工作。

Next question will be from Keith Weiss, Morgan Stanley.

下一個問題將由摩根士丹利的 Keith Weiss 提出。

I wanted to follow up on the security question in the security business. We got a reacceleration this quarter. And I just want to understand like some of the drivers behind that, whether you're seeing a better spend environment. It sounded like the bookings were pretty solid. Is it sort of sales execution? Were you seeing sort of like newer offerings like Guardicore sort of reach material scale to drive that sort of dollar growth on a year-over-year basis. I was wondering if you could sort of unpack the strength in security and what it could portend for future quarters.

我想跟進安全業務中的安全問題。本季度我們再次加速。我只是想像背後的一些驅動因素一樣了解您是否看到了更好的消費環境。聽起來預訂量相當可觀。這是一種銷售執行嗎？您是否看到像 Guardicore 這樣的新產品達到了實質性規模，以推動美元同比增長。我想知道您是否可以分析一下安全方面的優勢以及它對未來幾個季度的預示。

Yes. Ed talked to that some. Let me just give some additional color there. It's still a challenging spend environment in general. So that -- I wouldn't say that's changed a lot. We are getting strong sales execution. And security is really important. And as we've talked about before, in this environment, financial institutions, they just can't afford to have a glitch. And this is where our reliability really helps and stands out against the competition. They can't afford to get hacked. And again, we stand out there because we have the market-leading solutions for Web App Firewall and for bot management.

是的。埃德談過一些。讓我在這裡添加一些額外的顏色。總體而言，這仍然是一個充滿挑戰的支出環境。所以——我不會說這改變了很多。我們正在獲得強大的銷售執行力。安全確實很重要。正如我們之前談到的，在這種環境下，金融機構無法承受出現故障的後果。這就是我們的可靠性真正有幫助並在競爭中脫穎而出的地方。他們承受不起被黑客攻擊的後果。我們再次脫穎而出，因為我們擁有市場領先的 Web App Firewall 和機器人管理解決方案。

And with Guardicore, really seeing strong growth, as Ed talked about, and I think what we're seeing in the marketplace is, there's good tailwinds there. Particularly now, you have Gen AI and already the tools are out there, the variance of that to produce more malignant bots to morph malware so it's harder to detect. You can train the bots pretty easily to get around a lot of the firewall defenses. And so -- I think what you're going to see is even more penetration of the traditional defenses. And at that point, what you really need is Guardicore to identify when you are penetrated and where and to proactively block the spread.

正如 Ed 所說，Guardicore 確實看到了強勁的增長，我認為我們在市場上看到的是，那裡有良好的推動力。特別是現在，你有了 Gen AI 並且工具已經存在，其差異可以產生更多惡意機器人來改變惡意軟件，因此更難以檢測。您可以很容易地訓練機器人來繞過許多防火牆防禦。因此，我認為您將看到傳統防禦措施的更多滲透。到那時，您真正需要的是 Guardicore 確定您何時被滲透、在何處被滲透，並主動阻止傳播。

So I think you're going to see more demand for segmentation is really the critical defense going forward. So strong -- as Ed talked about, strong execution and performance across all 3 pillars. And then you look to the future, API security is going to be, I think, a very important market for us. Very early days but I think really critical. So it's really pleasing to see the momentum that we've been building in the first half of the year with security and that can, I think, help drive us forward.

因此，我認為您會看到更多的細分需求，這確實是未來的關鍵防禦。如此強大——正如埃德所說，所有三個支柱都有強大的執行力和表現。展望未來，我認為 API 安全對我們來說將是一個非常重要的市場。雖然還很早，但我認為非常關鍵。因此，很高興看到我們在今年上半年在安全方面建立的勢頭，我認為這可以幫助推動我們前進。

I appreciate the thoughts, Tom. And just as a follow-up, sort of toggling to the delivery business. I just want to get an update, and you guys have talked about this before, but I just want to get an update on sort of the operating principles and the operating philosophy around the delivery business with respect to sort of managing for sort of revenue share versus harvesting for profit to fund investments in the compute business given the ambitious road map you have there? What sort of the right way we think that you guys are going to strike that balance between those 2 objectives?

我很欣賞你的想法，湯姆。作為後續行動，有點轉向送貨業務。我只是想了解最新情況，你們之前已經討論過這一點，但我只是想了解有關配送業務的運營原則和運營理念的最新信息，以及收入分成的管理考慮到您在那裡制定的雄心勃勃的路線圖，還是通過收穫利潤來為計算業務的投資提供資金？我們認為你們將採取什麼樣的正確方式在這兩個目標之間取得平衡？

Yes. It really comes down to price and profitability. And as we've talked about, we have turned down business that is very spiky, and we don't get, what we think, paid enough to do it. And so we've left that to others to take. And meanwhile, growing the highly profitable delivery business, the core business there. And I think we are starting to see some positive signs there. Traffic growth is not where it was before the pandemic, but getting better. We're seeing some acceleration there, which is good. Price declines, I'd say, softening a little bit here. And so I'm optimistic that over the next 1 to 2 years, we should see more of a stabilization of that business. So still price pressure, but I'm pleased with the progress we're making there and strong cash generation.

是的。這實際上取決於價格和盈利能力。正如我們所討論的，我們拒絕了非常棘手的業務，而且我們認為，我們沒有得到足夠的報酬來做這件事。因此，我們將其留給其他人來處理。與此同時，發展高利潤的配送業務，這是那裡的核心業務。我認為我們開始看到一些積極的跡象。流量增長不再是大流行之前的水平，而是有所改善。我們看到那裡有一些加速，這是好的。我想說的是，價格有所下降，略有軟化。因此，我樂觀地認為，在未來一到兩年內，我們應該會看到該業務更加穩定。價格壓力仍然存在，但我對我們在這方面取得的進展和強勁的現金生成感到滿意。

Next question will be from Ray McDonough of Guggenheim Securities.

下一個問題將由古根海姆證券公司的雷·麥克唐納提出。

Tom, maybe just to stay on the security side of things. Last quarter, you mentioned actions you were taking on the go-to-market side in security. And you mentioned execution as part of the driver of security reacceleration. But I'm wondering if you could provide more color on the sort of go-to-market changes that might be working here. And we've been hearing that Akamai has been more successful in engaging traditional security resellers recently. Has that helped drive an acceleration of growth here at all? Or is that still too early and maybe a contributor into the future?

湯姆，也許只是為了保持安全。上個季度，您提到了在安全領域進入市場方面採取的行動。您提到執行是安全重新加速驅動因素的一部分。但我想知道您是否可以提供更多關於可能在這裡發揮作用的上市變化的信息。我們聽說 Akamai 最近在吸引傳統安全經銷商方面更加成功。這是否有助於推動這裡的增長加速？或者這還為時過早，也許對未來有貢獻？

Our partners are very important for security sales. In fact, some of our products are partner only, for example, segmentation. And very pleased to just recently announced a partnership with WWT, that will be bundling in our solutions for segmentation and API security. And that kind of partnership is obviously very helpful for us in driving a lot of the improved execution. We also have dedicated resources for some of the newer and more advanced security services like segmentation. And I think that helps with sales. And we're seeing customers -- new customers to Akamai, which is great, and also upselling our solutions into the existing base. And as Ed noted, now 700 customers buying 4 different security solutions. .

我們的合作夥伴對於安全銷售非常重要。事實上，我們的一些產品僅供合作夥伴使用，例如細分。非常高興最近宣布與 WWT 建立合作夥伴關係，該合作夥伴關係將捆綁在我們的分段和 API 安全解決方案中。這種夥伴關係顯然對我們推動執行力的提高非常有幫助。我們還為一些更新、更先進的安全服務（例如分段）提供專用資源。我認為這有助於銷售。我們看到了客戶——Akamai 的新客戶，這很棒，並且我們的解決方案也升級到了現有基礎。正如 Ed 指出的，現在有 700 名客戶購買 4 種不同的安全解決方案。 。

And Ed, do you want to add anything to that?

艾德，你想補充什麼嗎？

No, I think you covered it. We've made a lot of the investments already. So there's not a big investment needed in the sales overlay functions. Very happy with that. As a matter of fact, lot of the new customer acquisition is coming from Guardicore. And they're actually getting penetration in some verticals that aren't traditionally strong. Like this quarter, we saw some wins in education, state and local government, manufacturing and pharmaceutical, places that typically are a very big web properties that are typical CDN customers. So I think we're seeing really good execution across all the parts of security, direct sales, the overlay teams in the channel.

不，我想你已經涵蓋了。我們已經進行了大量投資。因此，銷售疊加功能不需要大量投資。對此非常滿意。事實上，許多新客戶的獲取都來自 Guardicore。他們實際上正在滲透到一些傳統上並不強大的垂直領域。與本季度一樣，我們在教育、州和地方政府、製造和製藥領域看到了一些勝利，這些領域通常是非常大的網絡資產，也是典型的 CDN 客戶。因此，我認為我們在安全、直銷、渠道覆蓋團隊的所有部分都看到了非常好的執行力。

Great. That makes sense. Maybe as a follow-up, Ed, I know Guardicore and some of your other businesses, there could be some upfront license deals that could contribute in any given quarter. Was there anything to call out from an upfront license recognition in the quarter in security, in particular, that might not be repeatable that we should just know about? And is there any renewals that might be coming up in the back half of the year that we should be aware of?

偉大的。這就說得通了。也許作為後續行動，Ed，我知道 Guardicore 和您的一些其他業務，可能會有一些前期許可交易可以在任何特定季度做出貢獻。本季度在安全方面的預先許可認可中是否有什麼值得我們注意的地方，特別是那些可能不可重複的、我們應該知道的事情？下半年是否有任何我們應該注意的更新？

Yes. So nothing material this quarter, a couple of million bucks, but nothing material. It's over a couple of points, I call it out, so nothing there to call out. One thing I will say, though, with the licensing we do with Guardicore in particular. It's term licenses, so it's generally 2 to 3 years typically. And those license deals were new and one of the comments I made earlier is that we are seeing very strong renewals. So when those license deals come up, we are seeing renewals typically with expansion orders, which is really encouraging. So you have somebody who's renewing and then adding on more protection across their internal infrastructure. But nothing to call out this quarter.

是的。所以這個季度沒有什麼實質性的東西，幾百萬美元，但沒什麼實質性的。我指出，這已經超過了幾個點，所以沒有什麼可指出的。不過，我要說的一件事是，特別是我們與 Guardicore 進行的許可。它是期限許可證，因此通常為 2 到 3 年。這些許可協議是新的，我之前發表的評論之一是我們看到了非常強勁的續約。因此，當這些許可交易出現時，我們通常會看到擴展訂單的續訂，這確實令人鼓舞。因此，有人正在更新並在其內部基礎設施中添加更多保護。但本季度沒有什麼值得稱道的。

Next question will be from Frank Louthan, Raymond James.

下一個問題將由 Frank Louthan、Raymond James 提出。

On the delivery business, can you talk to us about any impact you think you might see from the writers' strike. Do you think is that factoring any of that in the decline? And then just comment on the sort of the sequential change in the business there. What's sort of the outlook there for the rest of the year?

關於外賣業務，您能和我們談談您認為作家罷工可能帶來的影響嗎？您認為這是否是導致下降的因素之一？然後只評論那裡業務的連續變化。今年剩餘時間的前景如何？

Frank, this is Ed. From writers strike, I wouldn't anticipate any major impacts from that, certainly not hearing anything from our customers there. Obviously, that potentially impact new releases, which you could take a couple of years to get out. But not seeing anything there.

弗蘭克，這是艾德。對於作家罷工，我預計不會產生任何重大影響，當然也不會從那裡的客戶那裡聽到任何消息。顯然，這可能會影響新版本，您可能需要幾年時間才能發布。但那裡什麼也沒看到。

And in terms of the second part of the question, what are some of the fundamentals and what we're seeing. As Tom talked about, we are seeing traffic growth rates improve. It's going up a couple of points a quarter. Pricing is still a bit challenging in some of the old web performance verticals in commerce and a little bit in travel as well. But we are seeing with the larger customers big media, traditional media customers, pricing starting to abate a bit there still pricing declines were not nearly as steep.

就問題的第二部分而言，一些基本原理是什麼以及我們所看到的是什麼。正如湯姆所說，我們看到流量增長率有所提高。每季度上漲幾個點。在商業和旅遊領域的一些舊的網絡性能垂直領域，定價仍然有點困難。但我們看到，對於較大的客戶、大媒體、傳統媒體客戶來說，定價開始略有下降，但價格下降幅度仍然沒有那麼大。

So I think its profit continues to improve and we obviously have Q4 coming up in a few months, will be in Q4, and that always tends to be a generally strong quarter for the Internet as kids go back to school and new gaming consoles are sold and connected devices and all that stuff, and it also tends to be pretty popular with new TV series and sports and whatnot that -- we're optimistic that traffic should continue to improve. And as Tom talked about, hopefully, we get this business back to stable in the next year or so.

因此，我認為它的利潤繼續改善，顯然幾個月後我們將迎來第四季度，隨著孩子們重返校園和新遊戲機的銷售，第四季度往往是互聯網普遍強勁的季度連接設備和所有這些東西，而且它在新電視劇和體育賽事等方面也很受歡迎——我們樂觀地認為流量應該會繼續改善。正如湯姆所說，希望我們的業務能夠在明年左右恢復穩定。

Great. Are you seeing any more vendor consolidation like we saw earlier this year with some of the larger media companies?

偉大的。您是否看到更多的供應商整合，就像我們今年早些時候看到的一些大型媒體公司那樣？

There's one -- probably real notable one that went from 5 vendors down to 2, and we were a leading provider there and did pick up some additional shares. So we were the ones who won there, but nothing really notable this quarter. That happened, I think, at the end of last quarter.

有一個——可能是真正值得注意的一個，從 5 家供應商減少到 2 家，我們是那裡的領先供應商，並且確實獲得了一些額外的股份。所以我們是在那裡獲勝的人，但本季度沒有什麼真正值得注意的。我認為這發生在上季度末。

Next question will be from Mark Murphy , JPMorgan.

下一個問題將由摩根大通的馬克·墨菲提出。

This is (inaudible) on for Mark Murphy. Start off, you mentioned earlier that you expect to see stabilization in the delivery market over the next couple of years. Can you just describe what trends you're seeing that kind of leads you to think that?

這是（聽不清）馬克·墨菲的發言。首先，您之前提到您預計未來幾年配送市場將趨於穩定。您能否描述一下您所看到的哪些趨勢導致您產生這樣的想法？

Sure, I'll take this Tom, if you want to add something. So I think it's really -- in the delivery business, it comes down to pricing and traffic growth rates. Now we're starting to see traffic growth rates improve and also comps become a little bit easier. The other thing is we talked about moving away from some of the peak year business, what that will do is improve the profitability. So the delivery business to us is a really strategic asset for us, right? It enables us to get really great economics, which will help our cloud business, delivery is a function of cloud in a lot of ways.

當然，如果你想補充一些東西，我會接受這個湯姆。所以我認為，在快遞業務中，這實際上取決於定價和流量增長率。現在我們開始看到流量增長率有所提高，而且競爭也變得更加容易了。另一件事是我們談到放棄一些高峰年的業務，這樣做會提高盈利能力。因此，送貨業務對我們來說確實是一項戰略資產，對嗎？它使我們能夠獲得真正巨大的經濟效益，這將有助於我們的雲業務，交付在很多方面都是雲的功能。

Also for our security business, it enables us to get the reach and the scale and the data for security. So it's obviously a very strategic business. But in terms of like the stabilization, I would say we're seeing pricing moderate, especially with the larger customers, which is a good sign, traffic improving a bit, and that continues, we should be back to hopefully a stable plus or minus a couple of points would be great.

對於我們的安全業務來說，它也使我們能夠獲得安全的覆蓋範圍、規模和數據。所以這顯然是一項非常具有戰略意義的業務。但就穩定而言，我想說我們看到定價適中，特別是對於較大的客戶，這是一個好兆頭，流量有所改善，而且這種情況持續下去，我們應該會回到穩定的正負值幾點就很好了。

But I think one thing that the macroeconomic environment is causing a little bit of churn, if you will, or challenges in some of the traditional web verticals like commerce. So that's going to have to work itself out as well. So let may take a year or so for that to work its way out. But I think as we see traffic growth and pricing stabilize a bit more, we should be in pretty good shape.

但我認為，宏觀經濟環境正在造成一些波動（如果你願意的話），或者對商業等一些傳統網絡垂直行業造成挑戰。所以這也必須自行解決。因此，我們可能需要一年左右的時間才能解決這個問題。但我認為，隨著我們看到流量增長和價格更加穩定，我們應該處於良好的狀態。

Yes. And the only thing I would add is that in this environment with higher interest rates and money is harder to get, there's a little less enthusiasm for investment in the lots of CDNs out there that are losing money. And as Ed noted, Akamai is a unique position that we generate a lot of cash from our delivery business. We're the market leader, we do it better than anybody. And the smaller companies that were, okay, losing money before, well, that's not so easy to do now. And so I think that does help maybe the overall environment a little bit, and we'll see how that plays out over the next year or 2.

是的。我唯一要補充的是，在這種利率較高且資金更難獲得的環境下，人們對大量虧損的 CDN 的投資熱情有所下降。正如 Ed 指出的那樣，Akamai 的地位獨特，我們可以從交付業務中獲得大量現金。我們是市場領導者，我們比任何人都做得更好。而那些以前虧損的小公司，現在就不太容易做到了。所以我認為這確實對整體環境有一點幫助，我們將在未來一兩年看看效果如何。

That's very insightful. And then with regards to Guardicore, it seems like you guys are having a bit of momentum on that front. Any changes in the competitive landscape when rates, anything along those lines? .

這是非常有見地的。至於 Guardicore，你們似乎在這方面有一些動力。當利率發生變化時，競爭格局是否會發生變化？ 。

Yes, it's gotten more favorable for us. Our lead over the competition has widened as we've made a lot of investments in Guardicore to improve its capabilities. And so now we're recognized by the analyst community as the market leader by a wide margin. And that's very good timing because that capability is an increasing need with major institutions. So I think the competitive environment has become more favorable for us because of the work we've done to make it a great product.

是的，它對我們變得更加有利。由於我們對 Guardicore 進行了大量投資以提高其能力，因此我們在競爭中的領先優勢已經擴大。因此，現在我們被分析師界廣泛認可為市場領導者。這是一個非常好的時機，因為主要機構對這種能力的需求日益增長。因此，我認為，由於我們為使其成為一款出色的產品所做的工作，競爭環境變得對我們更加有利。

Next question will be coming from Rishi Jaluria of RBC.

下一個問題將由加拿大皇家銀行 (RBC) 的 Rishi Jaluria 提出。

Nice to see the security reacceleration this quarter. I had a 2-part question I wanted to ask about the compute business. First, can you talk a little bit about how some of your product investment in terms of getting Linode to be enterprise scale and to be truly competitive with the likes of either AWS and Azure to grab features and functionality like Kubernetes, for example, how those efforts are going? And maybe what learnings you've had as you've been migrating your own cloud spend onto that platform.

很高興看到本季度安全性重新加速。我有一個關於計算業務的問題，分為兩部分。首先，您能否談談您的一些產品投資如何使 Linode 達到企業規模並與 AWS 和 Azure 等產品真正競爭，以獲取 Kubernetes 等特性和功能，例如，這些產品如何投資努力進展如何？也許您在將自己的雲支出遷移到該平台時學到了什麼。

And the second part, and Tom, you kind of hinted a little bit at this earlier, right? But let me look at what the hyperscale cloud vendors are saying, they are seeing a big uptick in demand right now as a result of generative AI workloads. And how do you think about your ability to capture some of those generative AI workloads as companies are thinking increasingly about adopting their generative AI strategy? And maybe are there additional investments you need to make in Linode to be able to capture some sort of some share of it.

第二部分，湯姆，你早些時候暗示過這一點，對吧？但讓我看看超大規模雲供應商是怎麼說的，由於生成式人工智能工作負載，他們現在看到需求大幅上升。隨著公司越來越多地考慮採用其生成式人工智能策略，您如何看待自己捕獲部分生成式人工智能工作負載的能力？也許您需要在 Linode 上進行額外的投資才能獲得某種份額。

Yes. Great questions. And we are making really good progress with Linode Kubernetes. And really, it's about scale, and we talked about that. The build-out will be up to a couple of dozen core locations by the end of the year with a ton more capacity than we had before. Object storage and the new architecture there, much more capacity and capability. The certifications, we now have PCI compliance for our use, so we can run bot manager on it with market-leading bot management solution.

是的。很好的問題。我們在 Linode Kubernetes 方面取得了非常好的進展。事實上，這與規模有關，我們也討論過這一點。到今年年底，我們將擴建多達幾十個核心地點，容量比之前多出一噸。對象存儲和新架構提供了更多的容量和功能。通過認證，我們現在可以使用 PCI 合規性，因此我們可以使用市場領先的機器人管理解決方案在其上運行機器人管理器。

We have 300 customers now using that solution on Akamai Connected Cloud instead of a third-party cloud. And that does take advantage of deep learning technology. So already, we have those capabilities to support that on Akamai's Cloud. I think overall, with the time line, the way we think about it, by the end of this year, we should be in a position to start taking on more serious bookings or bookings with large customers for really important applications. We have a couple already using it and then start generating more revenue next year from major applications.

我們現在有 300 名客戶在 Akamai Connected Cloud 而不是第三方雲上使用該解決方案。這確實利用了深度學習技術。因此，我們已經擁有在 Akamai 雲上提供支持的功能。我認為總體而言，根據時間線和我們的思考方式，到今年年底，我們應該能夠開始接受更認真的預訂或針對真正重要的應用向大客戶進行預訂。我們已經有幾個人在使用它，然後明年開始從主要應用程序中產生更多收入。

Now in terms of competing with the hyperscalers, we're not going to be fully competitive for every application and we don't have to be. It's a $200 billion a year market, growing at 15%. And we are targeting a subset of that market, primarily initially vertical media and gaming, followed by commerce after that, where -- in particular applications where performance matters. So the application is being used in some way by end users or business partners, where you maybe want to have that application running closer, so it has better performance. where scalability -- rapid scalability matters and cost, especially for the applications that involve moving data around or have a lot of hits. And you see that in media, gaming and commerce. So that's really what we're targeting, which is a pretty reasonable subset of the $200 billion.

現在，在與超大規模企業的競爭方面，我們不會而且也不必在每個應用程序上都具有充分的競爭力。這是一個每年 2000 億美元的市場，並且以 15% 的速度增長。我們的目標是該市場的一個子集，最初主要是垂直媒體和遊戲，然後是商業，特別是性能很重要的應用程序。因此，最終用戶或業務合作夥伴正在以某種方式使用該應用程序，您可能希望該應用程序運行得更近，以便它具有更好的性能。可擴展性——快速的可擴展性很重要，但成本也很高，特別是對於涉及移動數據或有大量點擊的應用程序。你可以在媒體、遊戲和商業中看到這一點。所以這確實是我們的目標，它是 2000 億美元中相當合理的一個子集。

Now within that subset, if you're an enterprise that uses a lot of the third-party apps that are available as managed services on the existing platforms. Probably it's harder to migrate, and that's not where we'd go first. Fortunately, if you look at media workflow and the areas where we're targeting, often that's not the case. And it's easier for us to manage the porting. Now you don't just flip a switch, so it's not that easy, unfortunately. And we've learned that.

現在，在該子集中，如果您是一家使用大量第三方應用程序的企業，這些應用程序可作為現有平台上的託管服務使用。遷移可能會更困難，這不是我們首先要考慮的地方。幸運的是，如果你看看媒體工作流程和我們的目標領域，通常情況並非如此。而且我們更容易管理移植。現在你不只是按下一個開關，所以不幸的是，這並不那麼容易。我們已經了解到這一點。

But at Akamai, pretty much all of our applications are in the process of migrating from third-party cloud onto our compute platform. And so it does take some effort, but it is eminently doable, and we're going to save a lot by doing that. And we're not the biggest company out there. Our big media customers spend, well, hundreds and hundreds of millions of dollars a year in the cloud with often case, their primary competitor. And so I think we're in a position that we can now help them based on our experience, migrate a bunch of those applications to Akamai. Good for us, good for them.

但在 Akamai，幾乎所有應用程序都處於從第三方雲遷移到我們的計算平台的過程中。因此，這確實需要一些努力，但它是非常可行的，而且我們將通過這樣做節省很多。而且我們不是最大的公司。我們的大型媒體客戶每年在雲上花費數億美元，而他們的主要競爭對手往往是他們的主要競爭對手。因此，我認為我們現在可以根據我們的經驗幫助他們，將大量此類應用程序遷移到 Akamai。對我們有好處，對他們也有好處。

Next question will be from Rudy Kessinger, D.A. Davidson.

下一個問題將由地方檢察官魯迪·凱辛格提出。戴維森。

Just -- I know a lot of questions have been asked on security. Can you share the Guardicore growth rate? What kind of growth are you seeing in that business?

只是——我知道人們對安全提出了很多問題。您能分享一下 Guardicore 的增長率嗎？您認為該業務有什麼樣的增長？

Rudy, this is Ed. About 60% year-over-year. And as Tom talked about, we should be at a $100 million run rate very, very soon. I would be surprised if we don't get there next quarter.

魯迪，這是艾德。同比增長約60%。正如 Tom 所說，我們的運行速度應該很快就會達到 1 億美元。如果我們下個季度無法實現這一目標，我會感到驚訝。

Great. That is very impressive. As it relates to compute, 17% year-over-year constant currency that's fully organic figure this quarter as you've lapped that acquisition. The guide implies depending how you model the sequential is maybe 1 to 2 points of acceleration by year-end. I guess just how is the pipeline building for Linode as you get some of these sites online? And when should we expect to see more material growth acceleration? Just what are your growth aspirations there in terms of maybe 2024?

偉大的。這是非常令人印象深刻的。就計算而言，固定匯率同比增長 17%，這在本季度是完全有機的數字，因為您已經完成了這次收購。該指南暗示，根據您的建模方式，到年底，序列可能會加速 1 到 2 個點。我猜當您將其中一些網站上線時，Linode 的管道建設情況如何？我們什麼時候應該看到更多的物質增長加速？到 2024 年，您對那裡的增長有何期望？

Yes. So when you talk about Linode, almost all of the revenue there is in their traditional business, developers, small, medium enterprises, low-ARPU customers. That business was a little over $100 million a year when we bought it, growing in the teens. And it's growing a little bit faster now, but it's not -- that's not the game changer. And why we bought Linode was to be able to use it as the base to create a service for major enterprises with mission-critical applications, very high ARPU accounts. .

是的。所以當你談論Linode時，幾乎所有的收入都來自他們的傳統業務、開發者、中小型企業、低ARPU客戶。當我們買下那家公司時，它的年銷售額略高於 1 億美元，並以十幾歲的速度增長。現在它的增長速度有點快了，但事實並非如此——這並不是遊戲規則的改變者。我們購買 Linode 的原因是能夠以它為基礎，為擁有關鍵任務應用程序、ARPU 賬戶非常高的大型企業創建服務。 。

And today, the revenue there, we have actually signed up a few important cases, customers. And so we do have revenue there now, but it's small in the millions of dollars. And so -- but that's where the growth comes from. And that's -- we're trying to get 1% of the $200 billion market. So over a period of time to go from a few million to a couple of billions. We don't have a time frame on that yet, but we are trying to do that as quickly as we can. But that's where the real growth comes from, and it starts from a very small portion of our roughly $0.5 billion compute business today.

今天，那裡的收入，我們實際上簽了幾個重要的案例，客戶。所以我們現在確實有收入，但只有數百萬美元。所以——但這就是增長的來源。那就是——我們正在努力獲得 2000 億美元市場的 1%。所以一段時間內從幾百萬到幾十億。我們還沒有具體的時間表，但我們正在努力盡快做到這一點。但這才是真正的增長所在，而且它是從我們今天約 5 億美元的計算業務中的一小部分開始的。

Operators, this is Tom Barth and it's time for one more question.

接線員，我是湯姆·巴特 (Tom Barth)，現在該再問一個問題了。

Thank you. Our last question will be from Amit Daryanani of Evercore.

謝謝。我們的最後一個問題將來自 Evercore 的 Amit Daryanani。

I guess maybe to start on the security side, can you just touch about -- as you see the acceleration that's happening there, is that skewing more from new customers or expansion of existing customers -- just any color there would be helpful. And then was there any licensing revenues that helped you with Guardicore in June?

我想也許要從安全方面開始，您能否談談 - 正如您所看到的那樣，那裡正在發生的加速，是新客戶或現有客戶的擴展更多地傾斜 - 任何顏色都會有幫助。那麼 6 月份是否有任何許可收入對您的 Guardicore 有所幫助？

Amit, this is Ed. So as I talked about earlier, there was really no material license revenue in the quarter. And as I said, I'd call it anything, it's a couple of points of growth or anything like that. So nothing to report there. In terms of the new customers and existing we are seeing, as I talked about, a pretty good expansion in the existing installed base, both with just pure penetration rates up a couple of points in the last 2 quarters to -- as I look at customers buying multiple products. I mentioned earlier, we have over 700 customers now buying 4 products.

阿米特，這是艾德。正如我之前談到的，該季度實際上沒有實質性的許可收入。正如我所說，我可以將其稱為任何名稱，它是幾個增長點或類似的名稱。所以沒有什麼可報告的。正如我所談到的，就新客戶和現有客戶而言，我們看到現有安裝基礎有了相當好的擴張，在過去兩個季度中，兩者的純滲透率都上升了幾個百分點——正如我所看到的客戶購買多種產品。我之前提到，我們現在有 700 多名客戶購買 4 種產品。

So the majority of the revenue growth is coming from the installed base buying more, but I'm very encouraged with the new logo acquisition, especially with what we're seeing in Guardicore. Very encouraging to see them be able to attract new customers in verticals that were typically not very strong. So again, mostly from the installed base in terms of buying more products, which is great, but it's very encouraging on the new logo acquisition as well.

因此，大部分收入增長來自於安裝量的增加，但我對新徽標的收購感到非常鼓舞，尤其是我們在 Guardicore 中看到的情況。看到他們能夠在通常不太強大的垂直領域吸引新客戶，非常令人鼓舞。再說一遍，主要來自購買更多產品的安裝基礎，這很好，但對於新徽標的獲取也非常令人鼓舞。

Got it. And then if I can just follow up on one thing. I think you talked about full year operating margins being around 29%. That's about what you have in the first half of the year as well. But that would imply that sales will accelerate in H2 versus H1 from a dollar basis, but operating margins don't go up. So maybe I'm missing this, but what's the offset? Is it the merit increases? Or is there other offsets to consider in terms of why aren't we seeing better operating leverage in the back half of the year?

知道了。然後我是否可以跟進一件事。我想您談到全年營業利潤率約為 29%。這也是今年上半年的情況。但這意味著，以美元計算，下半年的銷售額將比上半年有所增長，但營業利潤率不會上升。所以也許我錯過了這個，但是偏移量是多少？是功德增加嗎？或者是否有其他抵消措施需要考慮，以解釋為什麼我們在今年下半年沒有看到更好的運營槓桿？

Yes. So 2 things there, one is the merit increases you called out. But also the depreciation picks up quite a bit because of the CapEx in the first half of the year. So those are really the 2 main drivers. But I'm pretty pleased with what we've been able to accomplish on the margin front, making huge investments in the business and acquisition, the big investments we're making in compute and to be able to deliver 29% operating margin for the year is pretty impressive and then to deliver -- be able to raise EPS guidance. Very pleased with the team. I think everybody has pitched and done a great job. So happy with that and pleased to see us able to maintain the 29% margin despite the fact that there's increased depreciation and merit increases.

是的。所以有兩件事，一是你召喚的功德增加。但由於上半年的資本支出，折舊也大幅增加。所以這些確實是兩個主要驅動因素。但我對我們在利潤方面取得的成就感到非常滿意，在業務和收購方面進行了大量投資，在計算方面進行了大量投資，並能夠為該公司提供 29% 的運營利潤率。今年是相當令人印象深刻的一年，然後能夠提高每股收益指引。對團隊非常滿意。我認為每個人都做了出色的工作。對此我們感到非常高興，並且很高興看到我們能夠保持 29% 的利潤率，儘管事實上折舊和績效增加了。

Thank you Amit and thank you everyone. In closing, we will be presenting at several investor conferences and road shows throughout the rest of the third quarter. Details of these can be found on the Investor Relations section at akamai.com. Thank you for joining us, and all of us here at Akamai wish you and yours a wonderful rest of the summer. Have a nice evening.

謝謝阿米特，也謝謝大家。最後，我們將在第三季度剩餘時間內在幾次投資者會議和路演中進行展示。有關詳細信息，請參閱 akamai.com 的投資者關係部分。感謝您加入我們，Akamai 的所有人祝您和您的家人度過一個愉快的夏天。祝你今晚愉快。

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。