阿卡邁科技 (AKAM) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Akamai Technologies Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Tom Barth, Head of Investor Relations. Please go ahead.

下午好，歡迎參加 Akamai Technologies 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係主管湯姆·巴斯 (Tom Barth)。請繼續。

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

謝謝你，接線生。大家下午好，感謝您參加 Akamai 的 2023 年第三季財報電話會議。 Akamai 執行長 Tom Leighton 將在今天發表講話；和 Akamai 財務長 Ed McGowan。請注意，今天的評論包含前瞻性陳述，包括有關收入和盈利指導的陳述。這些前瞻性陳述存在風險和不確定性，並涉及許多可能導致實際結果與此類陳述明示或暗示的結果有重大差異的因素。

The factors include any impact from macroeconomic trends, the integration of any acquisitions and any impact from geopolitical developments. Additional information concerning these factors is contained in Akamai's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements included in this call represent the company's view on November 7, 2023. Akamai disclaims any obligation to update these statements to reflect new information, future events or circumstances, except as required by law.

這些因素包括宏觀經濟趨勢的影響、收購的整合以及地緣政治發展的影響。有關這些因素的更多資​​訊包含在 Akamai 向 SEC 提交的文件中，包括我們的 10-K 表年度報告和 10-Q 表季度報告。本次電話會議中包含的前瞻性陳述代表該公司在 2023 年 11 月 7 日的觀點。除法律要求外，Akamai 不承擔更新這些陳述以反映新資訊、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. And with that, I'll turn the call over to Tom.

提醒一下，我們將在今天的電話會議中提及一些非公認會計準則財務指標。 GAAP 和非 GAAP 指標的詳細調整可在 akamai.com 投資者關係部分的財務部分找到。然後，我會將電話轉給湯姆。

Thanks, Tom, and thank you all for joining us today. I'm pleased to report that Akamai delivered excellent results in the third quarter with revenue, operating margin and earnings all exceeding the high end of our guidance range. Revenue grew to $965 million in Q3, up 9% year-over-year. Non-GAAP operating margin was 31%, and non-GAAP earnings per share was $1.63, up 29% year-over-year. Ed will cover the key factors that drove our bottom line performance in his portion of the call. I'll now say a few words about each of our 3 main product areas, starting with security, our largest source of revenue.

謝謝湯姆，也謝謝大家今天加入我們。我很高興地報告，Akamai 在第三季度取得了出色的業績，收入、營業利潤率和收益都超過了我們指導範圍的高端。第三季營收成長至 9.65 億美元，年增 9%。非 GAAP 營運利潤率為 31%，非 GAAP 每股盈餘為 1.63 美元，較去年同期成長 29%。 Ed 將在他的電話會議中介紹推動我們獲利績效的關鍵因素。現在，我將分別介紹我們的 3 個主要產品領域，首先是我們最大的收入來源—安全。

Security revenue grew 20% year-over-year in Q3. The acceleration in security growth was driven in part by especially strong demand for our market-leading Guardicore segmentation solution as enterprises confront the ever-present threats from malware and especially ransomware. CISOs and corporate boards everywhere have seen the recent headlines about devastating ransomware attacks, including at 2 casino hotels in Las Vegas, a major manufacturer of cleaning products in the U.S. and at a multinational provider of systems for smart buildings. One of them reportedly paid $15 million to get ransomware out of their systems. Another is reportedly spending $25 million to deal with the after effects and a third has reported more than $100 million in losses from the attack.

第三季安全收入年增 20%。安全成長的加速部分是由於企業面臨著來自惡意軟體（尤其是勒索軟體）的持續威脅，對我們市場領先的 Guardicore 分段解決方案的特別強勁的需求推動了這一增長。世界各地的首席資訊安全長和公司董事會最近都看到了有關毀滅性勒索軟體攻擊的頭條新聞，其中包括拉斯維加斯的兩家賭場酒店、美國一家主要的清潔產品製造商以及一家智慧建築系統跨國供應商。據報道，其中一人支付了 1500 萬美元，將勒索軟體從其係統中清除。據報道，另一家公司花費了 2500 萬美元來應對此次襲擊的後續影響，三分之一的公司報告稱這起襲擊造成了超過 1 億美元的損失。

Customers who purchased our Segmentation solution last quarter include a major global services provider, one of the world's most recognized entertainment brands and a leading bank in Switzerland that renewed their segmentation protection with a significant upgrade. We also saw strong demand for our market-leading web app firewall solutions in Q3 where we continue to win against competitors who are challenged to provide the levels of reliability and performance required by major enterprises. Customers who switched to Akamai, including a nationwide retail chain in the U.S. and a leading global manufacturer based in India, also told us that our competitors simply can't provide the level of support and professional services that they need and have come to depend on from Akamai.

上季度購買我們的細分解決方案的客戶包括一家主要的全球服務提供商、世界上最受認可的娛樂品牌之一以及瑞士的一家領先銀行，該銀行透過重大升級更新了其細分保護。在第三季度，我們也看到了市場領先的 Web 應用防火牆解決方案的強勁需求，我們繼續克服那些面臨提供大型企業所需的可靠性和性能水平挑戰的競爭對手。改用 Akamai 的客戶（包括美國的一家全國性零售連鎖店和一家位於印度的全球領先製造商）也告訴我們，我們的競爭對手根本無法提供他們所需且依賴的支持和專業服務水平來自阿卡邁。

Customers also value being able to purchase an entire suite of integrated security products from Akamai, a provider who they trust to keep them safe against a wide variety of attacks. For example, we're seeing very strong interest in our new API security solution that we announced last quarter. This new product is in its very early days, but we've already integrated it with our market-leading web app firewall solution to make it even easier for customers to implement.

客戶也看重能夠從 Akamai 購買整套整合安全產品，他們相信 Akamai 能夠確保他們免受各種攻擊。例如，我們看到人們對我們上季宣布的新 API 安全解決方案非常感興趣。這個新產品還處於早期階段，但我們已經將其與我們市場領先的 Web 應用程式防火牆解決方案集成，使客戶更容易實施。

At the Black Hat security conference last quarter, Akamai API Security was named one of the 20 hottest new cybersecurity tools by CRN, a major trade publication for channel resellers. And as with Guardicore, you don't need to be a CDN customer to benefit from this new solution.

在上季的 Black Hat 安全會議上，Akamai API Security 被通路經銷商的主要貿易出版物 CRN 評為 20 個最熱門的新型網路安全工具之一。與 Guardicore 一樣，您無需成為 CDN 客戶即可從此新解決方案中受益。

Turning now to cloud computing. I'm pleased to say that we're on track with our product development, infrastructure deployment and conversations with customers about use cases well suited for the Akamai Connected Cloud. Since our last call, we've gone live with 7 more core compute regions in Amsterdam, Jakarta, Los Angeles, Miami, Milan, Osaka and Sao Paulo. In addition to the 6 that we opened earlier this year and the 11 that we acquired from Linode, this brings our total to 24 core compute regions to serve Akamai Connected Cloud customers. Of course, there are other cloud companies with a few dozen data centers, but Akamai is unique in having these data centers interconnected to the world's most distributed edge platform with more than 4,100 points of presence across 750 cities and 130 countries.

現在轉向雲端運算。我很高興地說，我們的產品開發、基礎設施部署以及與客戶就非常適合 Akamai Connected Cloud 的用例進行對話的工作進展順利。自上次通話以來，我們又在阿姆斯特丹、雅加達、洛杉磯、邁阿密、米蘭、大阪和聖保羅的 7 個核心計算區域上線。除了我們今年稍早開設的 6 個和從 Linode 收購的 11 個之外，我們的核心運算區域總數達到 24 個，為 Akamai Connected Cloud 客戶提供服務。當然，還有其他雲端公司擁有數十個資料中心，但Akamai 的獨特之處在於將這些資料中心與世界上分佈最廣的邊緣平台互連，該平台在750 個城市和130 個國家/地區擁有4,100 多個接入點。

As one trade pub, Blocks & Files recently wrote, Akamai is focusing on a future where scale becomes more about the size of the network versus the size of its data centers, more effectively powering modern applications, we agree. Akamai's massively distributed edge network, 25 years in the making and managed by Akamai's team of experts around the world is a key differentiator in our strategy. We believe that next-generation applications will need next-generation cloud infrastructure, and we intend to chart the course for the 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. As IDC put it in July, Akamai brings the simplicity, affordability and accessibility of its cloud computing services to larger commercial customers on an architecture built for the next decade not the last.

正如一家貿易酒吧 Blocks & Files 最近所寫，我們同意，Akamai 著眼於未來，規模將更多地取決於網路的規模而不是資料中心的規模，從而更有效地為現代應用程式提供支援。 Akamai 的大規模分散式邊緣網路經過 25 年的精心打造，並由 Akamai 遍布全球的專家團隊進行管理，這是我們策略中的關鍵差異化因素。我們相信下一代應用程式將需要下一代雲端基礎設施，我們打算為雲端運算的下一個十年規劃路線。當更多的計算將在更接近最終用戶的地方完成時，我們相信我們的平台將比更集中的模型具有重要優勢。正如 IDC 在 7 月所說，Akamai 在面向未來十年而非過去十年構建的架構上，為大型商業客戶帶來了簡單性、經濟性和可訪問性的雲端運算服務。

The Akamai Connected Cloud will put containers and VMs closer to end users and bring enterprise workloads to locations around the world that are otherwise difficult for organizations to reach. Customers are responding to Akamai's unique offering, and we've already gained cloud computing business across multiple verticals in every major geography, including a European streaming media company, a digital advertising company in Japan, a large financial institution in Indonesia, an e-commerce platform in Korea, major carriers in EMEA and Central America and a television network in South America.

Akamai 連接雲端將使容器和虛擬機器更接近最終用戶，並將企業工作負載帶到世界各地組織難以到達的位置。客戶對Akamai 的獨特產品做出了回應，我們已經在每個主要地區的多個垂直領域獲得了雲端運算業務，包括一家歐洲串流媒體公司、一家日本數位廣告公司、一家印尼大型金融機構、一家電子商務公司韓國的平台、歐洲、中東和非洲和中美洲的主要營運商以及南美洲的電視網路。

In addition to direct sales, we're seeing good traction in our cloud computing partner ecosystem where we're acquiring new customers by selling with cloud service providers and managed service providers. We've also partnered successfully with independent software vendors and SaaS and PaaS providers. In fact, we recently signed one of the world's best-known SaaS providers and our second largest cloud computing deal since we acquired Linode. Turning now to content delivery. I'm pleased to report that we saw an acceleration of traffic growth in Q3. In addition, we acquired enterprise customer contracts from StackPath and Lumen Technologies following their decisions to exit the CDN market.

除了直接銷售之外，我們還看到雲端運算合作夥伴生態系統的良好吸引力，我們透過與雲端服務供應商和主機服務供應商進行銷售來獲取新客戶。我們也與獨立軟體供應商以及 SaaS 和 PaaS 供應商成功合作。事實上，我們最近簽署了全球最知名的 SaaS 供應商之一，以及自收購 Linode 以來我們的第二大雲端運算交易。現在轉向內容交付。我很高興地報告，我們看到第三季的流量成長加速。此外，在 StackPath 和 Lumen Technologies 決定退出 CDN 市場後，我們從他們那裡獲得了企業客戶合約。

As Ed will talk about shortly, the financial terms of the acquisitions were very attractive for Akamai shareholders. In addition to the delivery business that we acquired, we're planning to introduce these customers to our full portfolio of security and cloud computing solutions to help them power and protect their businesses online. In summary, we are very pleased by our performance in Q3. Our expanded security portfolio is deepening our relationships with customers. Our cloud computing plans are executing on schedule, and we continue to invest in Akamai's future growth while also enhancing our profitability. Now I'll turn the call over to Ed for more on our Q3 results and our outlook for Q4 and the full year. Ed?

正如 Ed 稍後將談到的，收購的財務條款對 Akamai 股東非常有吸引力。除了我們收購的交付業務之外，我們還計劃向這些客戶介紹我們完整的安全和雲端運算解決方案組合，以幫助他們增強和保護他們的線上業務。總而言之，我們對第三季的表現非常滿意。我們擴展的安全產品組合正在加深我們與客戶的關係。我們的雲端運算計劃正在按計劃執行，我們將繼續投資於 Akamai 的未來成長，同時提高我們的獲利能力。現在我將把電話轉給艾德，以了解更多有關我們第三季業績以及第四季和全年展望的資訊。艾德？

Thank you, Tom. As Tom mentioned, Akamai delivered a strong and very profitable quarter in Q3. In my remarks today, I'll cover our Q3 results and then provide some perspective on Q4 and share some details on our recent customer contract acquisitions and closed with our increased full year 2023 guidance. First, let's discuss revenue. Total revenue for the third quarter was $965 million, up 9% year-over-year as reported and in constant currency. In the third quarter, Security revenue was $456 million, growing 20% year-over-year as reported and 19% in constant currency. Security revenue growth was primarily driven by continued strength in our Segmentation product, which is now over $100 million on an annualized run rate basis and up 97% year-over-year.

謝謝你，湯姆。正如 Tom 所提到的，Akamai 在第三季度實現了強勁且非常盈利的季度。在今天的演講中，我將介紹我們第三季的業績，然後提供對第四季度的一些看法，並分享我們最近客戶合約收購的一些細節，並以我們增加的 2023 年全年指導結束。首先，我們來討論收入。以固定匯率計算，第三季總營收為 9.65 億美元，年增 9%。第三季度，安全收入為 4.56 億美元，年增 20%，以固定匯率計算成長 19%。安全收入的成長主要是由我們的細分產品的持續強勁推動的，按年化運行率計算，該產品目前已超過 1 億美元，同比增長 97%。

I'll note that during the quarter, we had approximately $6 million of onetime Segmentation license revenue. Adjusting for that onetime license revenue, total Security growth for the third quarter would have been 18% year-over-year as reported and 17% in constant currency. And Segmentation revenue growth would have been approximately 62% year-over-year and 60% in constant currency. In addition to strength in segmentation, we also saw very strong growth in our flagship web application firewall or WAF product family. This growth was primarily driven by stronger-than-expected adoption of new security bundles offered to new and existing customers that we introduced this year.

我要指出的是，在本季度，我們的一次性細分許可證收入約為 600 萬美元。調整一次性許可證收入後，第三季的安全總成長將年增 18%（以固定匯率計算），較去年同期成長 17%。細分市場收入年增約 62%，以固定匯率計算為 60%。除了細分領域的實力外，我們還看到我們的旗艦 Web 應用程式防火牆或 WAF 產品系列出現了非常強勁的成長。這一增長主要是由於我們今年向新客戶和現有客戶提供的新安全捆綁包的採用強於預期。

The new security bundles include additional security entitlements such as more security policies, additional security configurations and more advanced rate control policies. Many existing customers are seeing greater value in these new bundles and as a result, are spending more with us. Moving to compute. Revenue was $130 million, growing 19% year-over-year as reported and in constant currency.

新的安全性捆綁包包括額外的安全性權利，例如更多的安全性原則、額外的安全性配置和更進階的速率控制策略。許多現有客戶看到了這些新捆綁包的更大價值，因此在我們這裡花費更多。轉向計算。以固定匯率計算，營收為 1.3 億美元，年增 19%。

On a combined basis, our securities and compute business product lines represented 61% of total revenue growing 20% year-over-year and 19% in constant currency. Shifting to delivery. Revenue was $379 million, declining 4% year-over-year as reported and in constant currency. It's worth noting that delivery was aided by approximately $4 million in revenue from the selected CDN customer contracts we acquired from StackPath. International revenue was $467 million, up 11% year-over-year and up 9% in constant currency. Foreign exchange fluctuations had a negative impact on revenue of $3 million on a sequential basis and a positive $7 million benefit on a year-over-year basis.

綜合來看，我們的證券和計算業務產品線佔總營收的 61%，年增 20%，以固定匯率計算成長 19%。轉向交付。以固定匯率計算，營收為 3.79 億美元，年減 4%。值得注意的是，交付得益於我們從 StackPath 獲得的選定 CDN 客戶合約中約 400 萬美元的收入。國際營收為 4.67 億美元，年增 11%，以固定匯率計算成長 9%。匯率波動對收入產生了 300 萬美元的環比負面影響，並與去年同期相比產生了 700 萬美元的正面收益。

Moving now to company profitability. Non-GAAP net income was $251 million or $1.63 of earnings per diluted share, up 29% year-over-year and up 28% in constant currency. These especially strong EPS results exceeded the high end of our guidance range by $0.11. They were driven primarily by higher revenues and continued progress on the cost savings initiatives we outlined over the last few quarters.

現在轉向公司獲利能力。非 GAAP 淨利潤為 2.51 億美元，即稀釋後每股收益 1.63 美元，較去年同期成長 29%，以固定匯率計算成長 28%。這些特別強勁的每股盈餘結果超出了我們指導範圍的上限 0.11 美元。它們主要是由收入增加以及我們在過去幾季概述的成本節約計劃的持續進展所推動的。

As an example, we continue to reduce our third-party cloud spend by migrating internal workloads to our Connected Cloud platform. In Q3, our third-party cloud spend declined 26% year-over-year. Moving to margins. Our cash gross margin was 73%. Included in our Q3 cost of goods sold was approximately $5 million of transition services agreement or TSA costs paid to StackPath. With customer contract acquisitions, TSA payments are used to cover the seller's customer-related network and support costs during the migration period. I'll provide further detail on expected TSA costs going forward in the guidance section in a few moments.

例如，我們透過將內部工作負載遷移到我們的互聯雲端平台來繼續減少第三方雲端支出。第三季度，我們的第三方雲端支出較去年同期下降 26%。轉向邊緣。我們的現金毛利率為 73%。第三季的銷售成本包括約 500 萬美元的過渡服務協議或支付給 StackPath 的 TSA 成本。透過客戶合約獲取，TSA 付款用於支付遷移期間賣方的客戶相關網路和支援成本。我稍後將在指南部分提供有關預期 TSA 成本的更多詳細資訊。

Adjusted EBITDA margin was 43%, and our non-GAAP operating margin was 31%, 2 points ahead of our guidance, driven by our revenue outperformance and continued focus on driving down costs across the business. Moving now to cash and our use of capital. As of September 30, our cash, cash equivalents and marketable securities totaled approximately $2.1 billion, which includes the proceeds from the convertible debt raise we did during the quarter.

調整後的 EBITDA 利潤率為 43%，非 GAAP 營業利潤率為 31%，比我們的指引高出 2 個百分點，這得益於我們的收入表現出色以及持續致力於降低整個業務的成本。現在轉向現金和我們對資本的使用。截至 9 月 30 日，我們的現金、現金等價物和有價證券總計約 21 億美元，其中包括我們在本季度進行的可轉換債務籌集的收益。

As a reminder, in August, we issued $1.265 billion of senior unsecured convertible debt that will mature on February 15, 2029. The notes will bear interest at a rate of 1.125% per year payable semiannually. Finally, the net proceeds of approximately $1 billion from this offering have been invested in highly liquid marketable securities. These securities yield approximately 5.25% on a weighted average basis with maturities close to May 2025. And as we intend to use these proceeds to pay off approximately $1.15 billion of convertible notes that mature in May 2025. For the third quarter, we spent roughly $113 million to repurchase approximately 1.1 million shares. We now have roughly $600 million remaining on our previously announced share buyback authorization.

提醒一下，我們在 8 月發行了 12.65 億美元的優先無擔保可轉換債券，將於 2029 年 2 月 15 日到期。這些票據的年利率為 1.125%，每半年支付一次。最後，本次發行約 10 億美元的淨收益已投資於高流動性的有價證券。這些證券的加權平均收益率約為5.25%，到期日接近2025 年5 月。我們打算用這些收益來償還2025 年5 月到期的約11.5 億美元可轉換票據。第三季度，我們花費了約113 美元億股回購約110萬股。我們先前宣布的股票回購授權目前還剩約 6 億美元。

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. Before I cover Q4 guidance, I want to provide a quick reminder about our typical fourth quarter dynamics and add some color to our 2 recent transactions with StackPath and Lumen. As in prior year, seasonality plays a significant role in determining our financial performance for the fourth quarter. Typically, we see higher-than-normal traffic from large media customers and may pick up in seasonal online retail activity from our e-commerce customers.

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策略併購出現時進行部署。在介紹第四季指引之前，我想快速提醒我們第四季的典型動態，並為我們最近與 StackPath 和 Lumen 的 2 筆交易增添一些色彩。與去年一樣，季節性在決定我們第四季的財務表現方面發揮著重要作用。通常情況下，我們會看到來自大型媒體客戶的流量高於正常水平，電子商務客戶的季節性線上零售活動可能會增加。

Both of these traffic patterns are difficult to predict. Q4 also tends to have higher operating expenses than in Q3, driven by higher sales commissions due to accelerator payments for sales reps who overachieved their annual quotas. As it relates to the transactions with StackPath and Lumen, first, both transactions were acquisitions of selected CDN customer contracts, including over 200 net new customers to Akamai. We did not acquire any other assets or liabilities of either company.

這兩種流量模式都很難預測。第四季的營運費用也往往比第三季更高，這是由於超額完成年度配額的銷售代表獲得的加速付款導致銷售佣金增加。由於涉及與 StackPath 和 Lumen 的交易，首先，這兩筆交易都是對選定 CDN 客戶合約的收購，其中包括 Akamai 的 200 多個淨新客戶。我們沒有收購任何一家公司的任何其他資產或負債。

Second, we expect the 2 transactions combined will add approximately $17 million to $20 million of revenue in Q4. Third, we expect to record approximately $13 million to $14 million of StackPath and Lumen TSA costs in Q4. These costs will be recorded in our cost of goods sold and will have a negative impact of approximately 1 percentage point on gross margin, adjusted EBITDA margin and non-GAAP operating margin.

其次，我們預計這兩項交易合計將為第四季增加約 1,700 萬至 2,000 萬美元的收入。第三，我們預計第四季 StackPath 和 Lumen TSA 成本將達到約 1,300 萬至 1,400 萬美元。這些成本將記錄在我們的銷售成本中，並對毛利率、調整後 EBITDA 利潤率和非 GAAP 營業利潤率產生約 1 個百分點的負面影響。

Combined, the StackPath and Lumen TSAs will negatively impact our Q4 EPS by approximately $0.06 to $0.07. We do not expect to incur any material TSA costs in 2024. And finally, our expectations for these customer acquisitions remain the same as we disclosed previously for the full year 2024. As a reminder, we expect the customer contracts acquired from StackPath to add approximately $20 million of revenue in 2024 and to be accretive to non-GAAP earnings per share by $0.03 to $0.05. And we expect the customer contracts acquired from Lumen to add approximately $40 million to $50 million of revenue in 2024 and to be $0.08 to $0.12 accretive to non-GAAP EPS.

StackPath 和 Lumen TSA 合計將對我們第四季每股收益產生約 0.06 美元至 0.07 美元的負面影響。我們預計 2024 年不會產生任何重大 TSA 成本。最後，我們對這些客戶獲取的預期與我們先前揭露的 2024 年全年相同。需要提醒的是，我們預計從 StackPath 取得的客戶合約將增加約2024 年營收為2,000 萬美元，非GAAP 每股盈餘將增加0.03 至0.05 美元。我們預計從 Lumen 獲得的客戶合約將在 2024 年增加約 4,000 萬至 5,000 萬美元的收入，並使非 GAAP 每股收益增加 0.08 至 0.12 美元。

With all that in mind, we are now projecting fourth quarter revenue in the range of $985 million to $1.005 billion or up 6% to 8% as reported and in constant currency over Q4 2022. At current spot rates, foreign exchange fluctuations are expected to have a negative $8 million impact on Q4 revenue compared to Q3 levels and a positive $2 million impact year-over-year. Taking into account the impact of the StackPath and Lumen TSAs, for the fourth quarter, we expect cash gross margins of approximately 72%. Q4 non-GAAP operating expenses are projected to be $305 million to $311 million. We expect Q4 adjusted EBITDA margin of approximately 41%. We expect non-GAAP depreciation expense to be between $123 million to $125 million, and we expect a non-GAAP operating margin of approximately 29% for Q4.

考慮到所有這些，我們現在預計 2022 年第四季第四季營收將在 9.85 億美元至 10.05 億美元之間，按固定匯率計算，預計將比 2022 年第四季度增長 6% 至 8%。與第三季的水平相比，對第四季營收產生了800 萬美元的負面影響，與去年同期相比，產生了200 萬美元的正面影響。考慮到 StackPath 和 Lumen TSA 的影響，我們預計第四季度現金毛利率約為 72%。第四季非 GAAP 營運支出預計為 3.05 億至 3.11 億美元。我們預計第四季度調整後 EBITDA 利潤率約為 41%。我們預計非 GAAP 折舊費用將在 1.23 億美元至 1.25 億美元之間，並且我們預計第四季度的非 GAAP 營業利潤率約為 29%。

Moving on to CapEx. We expect to spend approximately $143 million to $153 million, excluding equity compensation and capitalized interest in the fourth quarter. This represents approximately 15% of our projected total revenue for the fourth quarter. Additionally, our CapEx guidance includes the integration requirements to support the traffic for both CDN customer contract acquisitions. Based on our expectations for revenue and costs, we expect Q4 non-GAAP EPS to be $1.57 to $1.62. The CPS guidance assumes taxes of $50 million to $52 million based on an estimated quarterly non-GAAP tax rate of approximately 17%.

轉向資本支出。我們預計第四季的支出約為 1.43 億至 1.53 億美元，不包括股權補償和資本化利息。這約占我們第四季預計總收入的 15%。此外，我們的資本支出指南包括支援 CDN 客戶合約採購流量的整合要求。根據我們對收入和成本的預期，我們預計第四季度非 GAAP 每股收益為 1.57 美元至 1.62 美元。根據大約 17% 的季度非 GAAP 稅率，CPS 指南假設稅費為 5,000 萬至 5,200 萬美元。

It also reflects a fully diluted share count of approximately 155 million shares. Looking ahead to the full year, we have increased revenue to a range of $3.802 billion to $3.822 billion, which is up 5% to 6% year-over-year as reported and 6% in constant currency. At current spot rates, our guidance assumes foreign exchange will have a negative $18 million impact on revenue in 2023 on a year-over-year basis. We are raising our security revenue growth expectations to approximately 15% for the full year 2023, and we continue to expect to achieve approximately $0.5 billion in revenue from compute in 2023.

它還反映了約 1.55 億股的完全稀釋後股票數量。展望全年，我們的營收已增至 38.02 億美元至 38.22 億美元，年增 5% 至 6%，以固定匯率計算成長 6%。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 1800 萬美元的負面影響。我們將 2023 年全年安全收入成長預期提高至約 15%，並繼續預計 2023 年計算收入將達到約 5 億美元。

And despite a year of significant investment, 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 $6.08 to $6.13. 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 19% of total revenue. In closing, we are very pleased with how the business is performing in 2023 as we continue to invest for revenue growth, and improve our profitability.

儘管這一年進行了大量投資，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 6.08 美元至 6.13 美元。我們的非 GAAP 獲利指引是基於約 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將佔總收入的 19%。最後，我們對 2023 年的業務表現感到非常滿意，我們將繼續投資以實現收入成長並提高獲利能力。

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

現在，我們期待您的提問。操作員？

(Operator Instructions) The first question is from James Fish of Piper Sandler.

（操作員說明）第一個問題來自 Piper Sandler 的 James Fish。

Guys, really nice quarter there. Understanding you're selling Guardicore into the installed base primarily. But what are you seeing with selling outside of the installed base with security and compute and specifically within security. Is there a way to think about that drag along effect or how the Guardicore enterprise sales team are really dragging along the rest of the security or even compute portfolios into any net new customer wins. Really, the crux of the question is how is the sales process going outside of the CDN installed base?

夥計們，那裡真的很不錯。了解您主要將 Guardicore 銷售給現有客戶群。但是，在安全性和計算方面，尤其是在安全性方面，在已安裝基礎之外進行銷售時，您會看到什麼？有沒有辦法考慮這種拖累效應，或者 Guardicore 企業銷售團隊如何真正將其餘的安全甚至計算產品組合拖入任何淨新客戶獲勝中。事實上，問題的關鍵在於 CDN 安裝基礎之外的銷售流程如何？

Jim, this is Ed. I'll start. Tom, you can jump in if there's anything you want to add. So actually, it's interesting, you started off by saying Guardicore is mostly to the installed base. Actually, we've done a really nice job of selling to new customers. One of the things that came over as part of the Guardicore acquisition is a pretty robust channel and pretty much every deal is done through the channel. As a matter of fact, I think we could do a better job of selling as the installed base and probably come up with some new incentives to incentivize the sales force to do that. So there's a ton of room in the installed base because most of the growth in Guardicore has come from outside the installed base.

吉姆，這是艾德。我開始吧。湯姆，如果您想補充什麼，可以加入。實際上，這很有趣，您一開始就說 Guardicore 主要面向安裝基礎。事實上，我們在向新客戶銷售方面做得非常好。 Guardicore 收購帶來的好處之一是建立了一個相當強大的管道，幾乎每筆交易都是透過該管道完成的。事實上，我認為我們可以在安裝基礎上做得更好，並且可能會提出一些新的激勵措施來激勵銷售人員這樣做。因此，安裝基礎中有大量空間，因為 Guardicore 的大部分成長來自安裝基礎之外。

Yes. And I would just add to that, that there is good drag along with Guardicore and, for example, Enterprise Application Access, one is considered North-South, the other East West, both are really important in terms of keeping malware out and identifying when it gets in and really blocking the spread. So it's good that way, too.

是的。我想補充一點，Guardicore 和企業應用程式存取（例如企業應用程式存取）有很好的拖累，一個被認為是南北向，另一個被認為是東西向，兩者對於阻止惡意軟體和識別何時進行都非常重要。它進入並真正阻止了傳播。所以這樣也很好。

And just a follow-up, Tom, you had actually started to allude to it a little bit. But as we think about those Lumen and StackPath contracts, I guess how much wallet share do you have in aggregate of these new customers? Or what's the overall opportunity for those specific customers beyond just that CDN revenue that you bought?

湯姆，我想跟進一下，你實際上已經開始提到這一點了。但當我們考慮那些 Lumen 和 StackPath 合約時，我猜你在這些新客戶中總共擁有多少錢包份額？或者，除了您購買的 CDN 收入之外，這些特定客戶的整體機會是什麼？

Yes. Well, obviously, there's a CDN revenue, which is what transfers. But we're going to be looking to sell our security and compute solutions into those 200-plus new customers. And I think there's some good opportunity there.

是的。嗯，顯然，有 CDN 收入，這就是轉移的內容。但我們將尋求向這 200 多個新客戶銷售我們的安全和運算解決方案。我認為那裡有一些很好的機會。

The next question is from Fatima Boolani of Citi.

下一個問題來自花旗銀行的法蒂瑪·布爾尼。

Tom, maybe I'll start with you. I want to have a broader conversation with regards to some of these contracts that you've been acquiring, it's setting up to be a little bit of a pattern. So look, you've been doing delivery for the better part of 2 decades here. So I wanted to get your kind of longitudinal perspective on what you're seeing in the marketplace and the market backdrop that's sort of pointing more and more towards consolidation in the deliveries there.

湯姆，也許我會從你開始。我想就你們已經獲得的一些合約進行更廣泛的對話，它正在形成一種模式。瞧，您在這​​裡從事配送工作已經有 20 年的時間了。因此，我想了解您對市場中所看到的情況以及市場背景的縱向看法，這越來越表明那裡的交付越來越趨向於整合。

And then ultimately, I wanted to get your perspective on how you think this is going to impact some of the pricing dynamics and ultimately, your pricing power in the delivery space. And then I have a follow-up for Ed, if I may.

最後，我想了解您對這將如何影響某些定價動態以及最終您在交付領域的定價能力的看法。如果可以的話，我會給艾德做一個後續報道。

Yes, I wouldn't call it a pattern. It's been a long time, really since we've acquired a competitor or a competitor contracts. This is a situation where 2 of the many CDNs out there decided to discontinue their operations, and they wanted -- now they're still remaining as companies, obviously, and they wanted to have their customers have the best possible experience as they exited the CDN space. And so they approached Akamai as the leader by far in CDN and made very compelling financial terms for the transaction.

是的，我不會稱之為模式。自從我們獲得競爭對手或競爭對手的合約以來，已經有很長一段時間了。在這種情況下，眾多 CDN 中的 2 家決定停止運營，他們希望——現在他們仍然以公司形式存在，顯然，他們希望讓客戶在退出 CDN 時獲得盡可能最佳的體驗。 CDN 空間。因此，他們與迄今為止 CDN 領域的領導者 Akamai 進行了接洽，並為交易制定了非常有吸引力的財務條款。

So it makes a lot of sense for our shareholders that we take on these customers. And also, it's a good opportunity as we mentioned, to sell them security and compute. So really good for shareholders. It's not something that we're actively doing trying to go buy other CDNs. But every once in a while, there is an opportunity that is compelling for shareholders. I don't see any fundamental change in the marketplace. The hyperscalers and a dozen -- 2 dozen other companies are selling delivery services.

因此，我們接受這些客戶對我們的股東來說很有意義。而且，正如我們所提到的，這是向他們出售安全性和運算能力的好機會。這對股東來說確實有好處。我們並沒有積極嘗試購買其他 CDN。但每隔一段時間，就會出現對股東有吸引力的機會。我沒有看到市場有任何根本性變化。超大規模企業和十幾家其他公司正在銷售送貨服務。

So I don't think there'll be any fundamental change there or change with pricing. Separately from this, of course, you know that we talked about Akamai as being more conservative with pricing, as we talked about, we're not taking some of the spiky traffic, if the pricing doesn't make sense because we've been focusing more on the capital deployment into our compute offering, which we see enormous potential future growth for.

所以我認為不會有任何根本性的變化或定價的變化。當然，除此之外，您知道我們談到 Akamai 在定價方面更加保守，正如我們所談到的，如果定價沒有意義，我們不會接受一些尖峰流量，因為我們一直在更多地關注我們的計算產品的資本部署，我們看到了未來巨大的成長潛力。

Ed, I was hoping I could parse out some of your prepared remarks with respect to the third-party cloud spend that you're effectively in-sourcing. I believe a couple of quarters ago, you may have ballpark that figure at about $100 million. So please correct me if that recollection is correct. And also just wanted to get a sense of how far down the path you are in this in-sourcing of third-party cloud spend on your Connected Cloud platform.

Ed，我希望我能解析一下您準備好的有關您有效內包的第三方雲端支出的評論。我相信幾個季度前，這個數字可能約為 1 億美元。所以如果我的記憶是正確的，請糾正我。而且也只是想了解您在互聯雲端平台上的第三方雲端支出內包方面進展到了何種程度。

Yes, sure. That's a great recollection. Fatima, you're correct. That's about $100 million -- actually north of $100 million. So we are still in the earlier innings of the journey. However, we've made a lot of progress, and the team is doing a great job. So we expect to see that the savings continue to ramp. I'm very happy to say that we're slightly ahead of where we expected to be, and we have a lot of confidence that we'll be able to drive the type of savings that we expect to throughout next year.

是的，當然。這是一個很棒的回憶。法蒂瑪，你是對的。這大約是 1 億美元——實際上超過 1 億美元。所以我們仍處於旅程的早期階段。然而，我們已經取得了很大的進步，團隊也做得很好。因此，我們預計節省的資金將繼續增加。我很高興地說，我們稍微領先於我們的預期，我們非常有信心在明年實現預期的節省。

The next question is from Madeline Brooks of Bank of America.

下一個問題來自美國銀行的馬德琳·布魯克斯。

Just wanted to dive into security a bit and see, are the trends differing between international and domestic in terms of what products are doing better versus not? And then one follow-up question after that.

只是想深入研究安全性，看看國際和國內的趨勢在哪些產品表現較好與哪些產品表現不佳方面是否有所不同？之後還有一個後續問題。

I don't think there's a fundamental difference. The attacks are global in nature, and the same attacks we see here domestically, we see in pretty much all of the major geos. And yes, you do see a little bit more attacks where there's hotspots, wars taking place or political tensions, there'll be more attacks, but the nature of the attacks is similar.

我認為沒有根本性的區別。這些攻擊本質上是全球性的，我們在國內看到的同樣的攻擊，我們幾乎在所有主要地區都看到了。是的，你確實會看到在熱點地區、發生戰爭或政治緊張局勢的地方發生更多的攻擊，將會有更多的攻擊，但攻擊的性質是相似的。

You got a denial of service attacks, you got ransomware, you've got application layer attacks, more recently, API attacks, and that happens everywhere because there's no reason it should be in one geography versus another.

你遇到了拒絕服務攻擊，你遇到了勒索軟體，你遇到了應用程式層攻擊，最近還有 API 攻擊，這種情況隨處可見，因為沒有理由在一個地區與另一個地區發生這種情況。

And then for the Connected Cloud and just the compute segment as well, you guys talked about a lot of really nice international deals, but also just wanted to get a pulse on what's happening domestically and appetite for the products here?

然後，對於互聯雲端以及運算領域，你們談論了很多非常好的國際交易，但也只是想了解國內正在發生的事情以及對這裡產品的興趣？

Again, I think that is universal as well. We'll have special advantages in locations where the hyperscalers aren't. But that kind of compute capability can be accessed by customers anywhere. Big U.S. companies care a lot about being able to give really good performance for their users all around the world. So again, I think that's -- there's not a fundamental difference between the U.S. or other regions. We have gotten off to a really good start, and I would say, APJ, but it's across the board. We're deep in conversations with major enterprises across all the major geos.

再說一次，我認為這也是普遍的。我們將在超大規模企業不存在的地方擁有特殊優勢。但這種運算能力可以被任何地方的客戶存取。美國大公司非常關心能否為世界各地的用戶提供真正良好的效能。再說一次，我認為美國或其他地區之間沒有根本區別。我們已經有了一個非常好的開始，我想說，APJ，但這是全面的。我們與所有主要地區的主要企業進行深入對話。

Next question is from Ray McDonough of Guggenheim Securities.

下一個問題來自古根漢證券公司的雷麥克唐納。

Ed, I appreciate the color on the additional bundles of security and the additional services you added to those bundles. And then in our conversations, we did pick up a decent price uplift when those services are added. So can you help us understand what sort of pricing uplift, if any, there might be there? And what the penetration rate is in your installed base currently of those services and what the opportunity is going forward?

Ed，我很欣賞附加安全捆綁包的顏色以及您添加到這些捆綁包中的附加服務。然後在我們的談話中，當添加這些服務時，我們確實獲得了可觀的價格上漲。那麼您能否幫助我們了解可能會出現什麼樣的價格上漲（如果有）？目前這些服務在您的安裝基礎中的滲透率是多少？未來的機會是什麼？

Yes. So I'll start and then Tom if there's anything you want to add. So this is a pretty targeted program that we identified customers in selected verticals, primarily in commerce, manufacturing, health care, pharma, financial services, what we traditionally call sort of our legacy web customers. And as we have talked about included a lot more services and functionality into the bundles. And upon renewal, we're able to upsell. And we're about -- this is probably 2,000 to 3,000 customers that fit into this sort of targeted group. We're probably about halfway through in terms of the customers that come up for renewal.

是的。那我先開始，如果您還有什麼要補充的話，湯姆也可以。因此，這是一個非常有針對性的計劃，我們確定了選定垂直行業的客戶，主要是商業、製造、醫療保健、製藥、金融服務，我們傳統上稱之為傳統網路客戶。正如我們所討論的，捆綁包中包含了更多的服務和功能。續訂後，我們可以追加銷售。我們大約有 2,000 到 3,000 名客戶屬於此類目標群體。就續訂的客戶而言，我們可能已經完成了一半。

If you remember, our customer -- average customer contract length is about 18 months. So this probably runs about 18 months to 2 years kind of a program, but we're very happy with what we're seeing with the average uplift in the average sale price.

如果您還記得，我們​​的客戶—平均客戶合約長度約為 18 個月。因此，這個計劃可能會運行大約 18 個月到 2 年，但我們對平均銷售價格的平均上漲感到非常滿意。

And then maybe if I could, just on compute. Now that the majority of those core data centers are online. Can you talk about how much of the contracted space you filled out and what sort of utilization you're hoping to achieve as you enter 2024? I know you're not going to provide any sort of guidance here, but any sort of guidepost in terms of the actual capacity that will be online in '24 and what the compute pipeline looks like heading into next year to fill that capacity, it would be helpful just to understand kind of the capital needs of that business as we think about '24.

然後也許如果可以的話，就在計算上。現在大多數核心資料中心都已在線上。您能否談談您已填寫了多少合約空間以及您希望在進入 2024 年時實現什麼樣的利用率？我知道您不會在這裡提供任何類型的指導，但會提供有關 24 年上線的實際容量以及明年填充該容量的計算管道的情況的任何類型的指南，它當我們考慮“24”時，了解該企業的資本需求將很有幫助。

Yes. In terms of the capital, we've pretty much now done the major buildout. And of course, we're big consumers of that ourselves as we move our own applications in-house to Akamai Connected Cloud. And we've also got plenty of room to take on major enterprise business. So I don't think you'll see a lot of CapEx associated with the big core data centers until we start generating a lot more revenue from that. And then we would build out further. There'll probably be another couple that we do.

是的。就資本而言，我們現在幾乎已經完成了主要建設。當然，當我們將自己的應用程式內部遷移到 Akamai Connected Cloud 時，我們自己也是該技術的大消費者。我們還有足夠的空間來承擔主要的企業業務。因此，我認為在我們開始從中產生更多收入之前，您不會看到與大型核心資料中心相關的大量資本支出。然後我們會進一步擴建。我們可能還會有另一對。

What you will see is a relatively smaller amount of CapEx as we do build out into our existing edge POPs. And our goal is to start equipping them with compute so that you can run containers, VMs, Kubernetes and many more cities around the world. And so that -- and more cities than you can do that with, for example, the hyperscalers. And so that will be taking place over the course of the next year, but it's not a large amount of CapEx, so much smaller than what you saw this year.

您將看到的是相對較小的資本支出，因為我們確實建立了現有的邊緣 POP。我們的目標是開始為它們配備運算能力，以便您可以運行容器、虛擬機器、Kubernetes 以及世界各地的更多城市。因此，更多的城市可以透過超大規模企業等方式做到這一點。因此，這將在明年發生，但這並不是大量的資本支出，比你今年看到的要小得多。

And then going from there, it will depend on how fast the revenue grows. So it will be a good new story if we're back next year saying that, okay, great. We filled that up, and now we're going to be building out some more. So it's a much better situation than we were in this year where there was a lot of build out getting ready and no revenue yet.

然後，這將取決於收入成長的速度。因此，如果我們明年回來說，好吧，太好了，這將是一個很好的新故事。我們已經填滿了，現在我們要建造更多。因此，現在的情況比今年好得多，今年有很多建設準備就緒，但還沒有收入。

The next question is from Frank Louthan from Raymond James.

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

Can you give us some color on sort of the nature of the compute deals that you're getting now versus maybe 6 to 12 months ago? And then what have you learned by putting some of your own enterprise-level workloads on the compute platform that you've maybe been able to utilize as you sell to customers? And how has that process benefited the product?

您能否向我們介紹一下您現在獲得的計算交易與 6 到 12 個月前相比的性質？那麼，透過將自己的一些企業級工作負載放在您向客戶銷售時可能能夠使用的運算平台上，您學到了什麼？這個過程對產品有何好處？

Yes. Good question. I would say you start going back 6-plus months ago, where there really wasn't a lot of compute deals at that time because the Linode infrastructure really wasn't ready for it. There was some early experimentation. Now we're in a position where we really can take on mission-critical applications from big enterprises.

是的。好問題。我想說的是，你可以追溯到 6 個多月前，當時確實沒有很多計算交易，因為 Linode 基礎設施確實還沒有做好準備。有一些早期的實驗。現在，我們確實可以承擔大企業的關鍵任務應用程式。

We're starting to do that. Some are starting to grow very nicely. In terms of the learnings, we've learned a lot. I would say on the good news side, we're saving a lot of money, and we're going to help our customers save a lot of money. We're also seeing really good performance and better in many cases than we can get with the hyperscalers.

我們正開始這樣做。有些開始長得很好。在學習方面，我們學到了很多。我想說的是，從好消息來看，我們節省了很多錢，我們將幫助我們的客戶節省很多錢。我們還看到了非常好的性能，並且在許多情況下比超大規模的性能更好。

And as we go forward, we'll get -- we, of course, have better scalability in terms of faster scalability, and for Akamai, that's really important because we have a lot of customers that have flash crowds, peak events and so forth. Hard to predict how big they'll be. And with our deployed platform, we're really good at that, of course, with security and with delivery.

隨著我們前進，我們會得到——當然，我們在更快的可擴展性方面擁有更好的可擴展性，對於 Akamai 來說，這非常重要，因為我們有很多客戶擁有閃存人群、高峰活動等。很難預測它們會有多大。當然，透過我們部署的平台，我們在安全性和交付方面確實非常擅長。

And now we're applying those capabilities to compute, so that we can spin up more compute instances in a faster, more responsive way. So we're very happy consumers of our own cloud. Now on the other side, we've learned that it's not just flip a switch. And that you just don't flip a switch and suddenly you're off the hyperscaler and you're on to Akamai.

現在，我們正在將這些功能應用於計算，以便我們能夠以更快、更靈敏的方式啟動更多計算實例。因此，我們非常高興地使用我們自己的雲端。現在，在另一邊，我們了解到這不僅僅是按一下開關那麼簡單。您只需不按一下開關，就會突然脫離超大規模伺服器並轉向 Akamai。

And of course, that's true when you move from any cloud environment into another one, it does take some effort to do it, but it is well, well, worth it. And we're -- so a great reference that we can now help our customers and our partners. We're working with many partners in cloud so that they can take their customers and get them on to Akamai Connected Cloud.

當然，當您從任何雲端環境遷移到另一個雲端環境時，確實需要付出一些努力，但這是非常非常值得的。我們是一個很好的參考，我們現在可以幫助我們的客戶和合作夥伴。我們正在與許多雲端合作夥伴合作，以便他們能夠將客戶帶入 Akamai Connected Cloud。

Next question is from Tim Horan of Oppenheimer.

下一個問題來自奧本海默的蒂姆·霍蘭。

Staying on that point, can you maybe just talk about the backlog and customer interest at this point? Just any update, it sounds like it's going well. Also, where are you kind of all the value-added services and tools, and I just -- maybe just a complete cloud portfolio at this point?

停留在這一點上，您能否談談此時的積壓和客戶興趣？只是任何更新，聽起來進展順利。另外，所有加值服務和工具在哪裡，而我只是——也許現在只是一個完整的雲端產品組合？

And then lastly, could you just remind us what the margins of this business will look like longer term? And I guess we do get asked a lot like why can't you sell this cheaper than the cloud providers, I guess, at the end of the day? And will that impact your margins?

最後，您能否提醒我們該業務的長期利潤率是多少？我想我們確實被問了很多，例如為什麼你不能以比雲端供應商更便宜的價格出售這個產品，我想，最終？這會影響你的利潤嗎？

Okay. A lot of components there. I'll start with some of them and then probably Ed will fill in with some. Yes, we're in a lot of really good conversations, as you can imagine, because the world's major media companies, gaming companies, commerce companies, all use Akamai. They have for many, many years. They trust us for scale, reliability, performance. They trust us with security.

好的。那裡有很多組件。我將從其中的一些開始，然後艾德可能會補充一些。是的，您可以想像，我們正在進行許多非常好的對話，因為世界上主要的媒體公司、遊戲公司、商業公司都使用 Akamai。他們已經很多很多年了。他們信任我們的規模、可靠性和性能。他們相信我們的安全。

They trust us not to compete with them. And as they see what we're building in terms of compute, they like the idea of getting better performance, more distributed compute capabilities. And some of those folks really like the idea of a much lower price point. And as an extra benefit, especially if you're in media or commerce, it's getting to be a bigger problem that they're cutting such giant checks to their leading competitor and sharing all the crown jewels of their data with their leading competitor. So they're taking the Akamai solution with great interest, I would say.

他們相信我們不會與他們競爭。當他們看到我們在計算方面建立的內容時，他們喜歡獲得更好的效能、更分散式的運算能力的想法。其中一些人真的很喜歡價格低得多的想法。作為額外的好處，尤其是在媒體或商業領域，他們向主要競爭對手開出如此巨額支票，並與主要競爭對手共享所有重要數據，這將成為一個更大的問題。所以我想說，他們對 Akamai 解決方案非常感興趣。

Now in terms of being cheaper, Akamai has been for a long time, the world's most distributed platform. We run one of the world's largest backbones, we have worked for many, many years to be incredibly efficient in terms of moving data around and doing the delivery, and that gives us a real advantage of being able to do this now for compute in a very cost-effective way.

現在就價格便宜而言，Akamai 長期以來一直是世界上分佈最廣的平台。我們經營著世界上最大的骨幹網路之一，我們已經工作了很多很多年，在行動數據和交付方面非常高效，這給了我們一個真正的優勢，能夠在一個計算環境中做到這一點。非常划算的方式。

Now that said, I am sure that the hyperscalers pay a little bit less for their hardware than we do, probably not a lot less, maybe a little less. But when it comes to everything else, I think Akamai is in an excellent position. And what we're seeing in the marketplace is that they'll get their best offer from the hyperscalers, and we can be a lot lower than that and be very profitable at doing it.

話雖如此，我確信超大規模企業為其硬體支付的費用比我們少一點，可能不會少很多，也許會少一點。但就其他方面而言，我認為 Akamai 處於有利地位。我們在市場上看到的是，他們將從超大規模提供者那裡得到最好的報價，而我們的報價可以比這個低很多，並且這樣做可以非常有利可圖。

And the good news, I think, for Akamai is that here you've got a $100-plus billion market growing at 20% a year. And we're a tiny guy there compared to the hyperscalers. So we can operate at a level that is not threatening to them in any way. They got to worry about each other. And there's plenty of room for us to take on a lot of revenue at lower price points and very good margins for Akamai.

我認為，對於 Akamai 來說，好消息是這裡有一個價值 100 多億美元的市場，並且以每年 20% 的速度成長。與超大規模企業相比，我們只是個小人物。因此，我們可以在不會對他們構成任何威脅的層面上開展行動。他們不得不互相擔心。我們有足夠的空間以較低的價格獲得大量收入，並為 Akamai 帶來非常豐厚的利潤。

Now in terms of the marketplace, that's an area, obviously, with the hyperscalers are way ahead. Some of those folks, every application ever made is available now in the marketplace as a managed service, we are growing our marketplace. We are growing the tools that are available on Akamai Connected Cloud. And the first applications that we're targeting are applications that are more easily able to be cloud agnostic, that are not locked in, that aren't using 20 other applications in the marketplace.

現在就市場而言，顯然，超大規模企業遙遙領先。其中一些人，曾經製作的每個應用程式現在都可以作為託管服務在市場上使用，我們正在擴大我們的市場。我們正在開發 Akamai Connected Cloud 上提供的工具。我們的第一個目標應用程式是那些更容易與雲端無關的應用程序，這些應用程式沒有被鎖定，並且不使用市場上的其他 20 個應用程式。

And so that's much easier to port onto Akamai Connected Cloud. And so there are some applications that won't be able to port in the near term. But we don't need all those applications. All we need is to get going as a tiny share of that market. And we've identified just, for example, in the media vertical alone, there's a lot of applications that are amenable to moving to our platform.

因此，移植到 Akamai Connected Cloud 上要容易得多。因此，有些應用程式短期內無法移植。但我們不需要所有這些應用程式。我們所需要的只是在這個市場中佔據一小部分份額。例如，我們已經確定，僅在媒體垂直領域，就有很多應用程式適合遷移到我們的平台。

And of course, a lot of our partners in our marketplace to begin with our media-related companies, for that reason because they're also threatened by the hyperscalers, and they're very excited about having media applications beyond Akamai. Ed, do you want to add anything there?

當然，我們市場上的許多合作夥伴都是從媒體相關公司開始的，因為他們也受到超大規模提供者的威脅，而且他們對擁有 Akamai 以外的媒體應用程式感到非常興奮。艾德，你想在那裡增加什麼嗎？

Yes. Just a couple of things. Yes, Tom talked a little bit about the leverage we have with the backbone, but we also have a lot of other leverage in the company with our go-to-market, where the focus is going to be initially with our installed base. As Tom talked about in media to start is a tremendous amount. We pretty much work with every major brands. There's a lot of leverage from that perspective.

是的。只是幾件事。是的，湯姆談到了我們對骨幹網路的影響力，但我們在公司的上市過程中也有很多其他影響力，其中的重點最初是我們的安裝基礎。正如湯姆在媒體上所說，啟動的數量是巨大的。我們幾乎與每個主要品牌都有合作。從這個角度來看，有很多槓桿作用。

Also the people that build and deployed the network are the same people who are building and deploying our CDN network. And we're getting leverage with our colocation vendors and things like that. So we -- I've seen some pretty large proposals go out that get us margins that are pretty similar to company margins, in terms of gross margins that are somewhere between security and delivery and operating margins that potentially could be even greater as we get scaled to the bottom line.

此外，建置和部署網路的人員也是建置和部署我們的 CDN 網路的人員。我們正在利用我們的託管供應商和類似的東西。因此，我看到一些相當大的提案提出，這些提案使我們的利潤率與公司利潤率非常相似，就毛利率而言，介於安全和交付之間，而營業利潤率可能會更高，因為我們得到了縮放到底線。

So there's an enormous amount of margins. If you think of the math that we're doing with how much we're saving, the amount of capital that we're deploying and the cost, we're going to be saving a tremendous amount of money on moving our own applications, and we'll be able to offer some of that to our customers as well.

因此，存在著巨大的利潤空間。如果你考慮我們正在節省多少、我們正在部署的資本量和成本，我們將在遷移我們自己的應用程式時節省大量資金，我們也將能夠為我們的客戶提供其中一些服務。

The next question is from Alex Henderson of Needham & Company.

下一個問題來自 Needham & Company 的 Alex Henderson。

Great. I'm rather astounded that we haven't heard the word AI so far in this conference call, is just I don't think we have. So can you talk a little bit about the impact of AI in terms of your opportunity to bring it to compute? Is it something that you think you can bring to the edge piece? Or to run on your security -- CDN edge and alternatively, is it a risk, in the sense that inference AI is going to be distributed, but a lot of the compute process might be more centralized in that context, diminish the willingness of people to move applications to your compute. So how do I think about the inference AI opportunity and the risk of customers being more challenged just in moving?

偉大的。令我感到相當驚訝的是，到目前為止，我們在這次電話會議中還沒有聽到人工智慧這個詞，只是我認為我們沒有聽過。那麼您能否談談人工智慧對您將其應用到運算領域的影響？你認為你可以把它帶到邊緣嗎？或者在你的安全性上運行——CDN邊緣，或者，從推理人工智慧將是分散式的意義上來說，這是否存在風險，但在這種情況下，許多計算過程可能更加集中，從而降低了人們的意願將應用程式移至您的電腦上。那麼，我如何看待推理人工智慧的機會以及客戶在行動過程中面臨更多挑戰的風險？

Okay. Great question. In fact, there's a lot of components to this one, too. At a high level, there's a lot of potential opportunity, I would say. But let me step back just a minute. Akamai has been using AI and machine learning in our products for a long, long time. Obviously, useful for anomaly detection, bot detection when an entity is accessing their bank account with the right credentials. Is it the right person or not, detecting that malware has infected an application inside an enterprise lots of ways that we've been using AI and machine learning.

好的。很好的問題。事實上，這個也有很多組件。我想說，在高水準上，有很多潛在的機會。但讓我退後一步。 Akamai 長期以來一直在我們的產品中使用人工智慧和機器學習。顯然，當實體使用正確的憑證存取其銀行帳戶時，這對於異常檢測和機器人檢測很有用。我們使用人工智慧和機器學習的多種方式來檢測惡意軟體是否感染了企業內部的應用程序，這是否是正確的人選。

Now with GenAI, I think it helps some, but it really helps the attacker. It's much easier now to morph malware into a lot of different forms, makes it harder to detect. Our teams have created some very nasty bots very quickly using GenAI. And I think we're already seeing more penetration as a result of GenAI. That's one area where really it is being actively used today.

現在有了 GenAI，我認為它對某些人有幫助，但它確實對攻擊者有幫助。現在，將惡意軟體轉變為多種不同形式變得更加容易，這使得檢測變得更加困難。我們的團隊使用 GenAI 很快就創建了一些非常討厭的機器人。我認為我們已經看到 GenAI 帶來了更大的滲透率。這是當今它真正被積極使用的領域之一。

Now on that side of the house, the implications are, there's more risk in terms of cybersecurity for enterprises. They're going to get penetrated more. And so you really have to double down on your defense and depth. I think it makes products like Guardicore Segmentation even more critical because you're going to get penetrated, the key is to identify it quickly and proactively block the spread.

現在，在房子的這一邊，其含義是，企業的網路安全方面存在更多風險。他們將會被更多地滲透。所以你真的必須加倍加強你的防守和深度。我認為這使得像 Guardicore Segmentation 這樣的產品變得更加重要，因為你會被滲透，關鍵是快速識別它並主動阻止傳播。

And that -- I think when you look at our growth rate there, very, very hot with the market-leading solution. Now you also asked about, what about compute and the impact of GenAI there. I do think over time, it will suck up a lot more compute. And that's good for vendors selling compute, like Akamai sells compute. And you're right, there's a difference between the generation of the model, which is -- if they're large models, very heavy, and that will be done in core compute and storage data centers.

我認為，當你看看我們的成長率時，你會發現市場領先的解決方案非常非常熱門。現在您也問到，計算方面以及 GenAI 的影響如何。我確實認為隨著時間的推移，它會消耗更多的計算量。這對銷售計算的供應商來說是件好事，例如 Akamai 銷售計算。你是對的，模型的生成之間存在差異，如果它們是大型模型，則非常重，並且這將在核心計算和儲存資料中心中完成。

Inference engines can run at the edge and will make sense to run at the edge for many applications. And we already have several partners that are porting their AI models on to Akamai for inference engines. And so -- and I expect that they will be selling that in our marketplace to other companies. And so in fact, we're already in a sense using AI as we port our internal applications onto Akamai Connected Cloud. So I think you will see over time, a lot of revenue generated there because of all the uses that I think will come about through AI.

推理引擎可以在邊緣運行，並且對於許多應用程式來說，在邊緣運行是有意義的。我們已經有幾個合作夥伴將他們的 AI 模型移植到 Akamai 上以用於推理引擎。因此，我預計他們會在我們的市場上將其出售給其他公司。事實上，當我們將內部應用程式移植到 Akamai Connected Cloud 上時，我們在某種意義上已經在使用 AI。因此，我認為隨著時間的推移，你會看到大量收入產生，因為我認為所有用途都將透過人工智慧實現。

Now you ask about risk I think you will need -- you do the model generation in the big data centers. That's not a risk for Akamai because we've got 2 dozen of those today. So that's -- it's just it'll be done in a different place. It won't be done at the edge. But inference engines, yes, a lot of that work will be done at the edge, and we're in a great place there because other companies don't have an edge, anything like Akamai.

現在你問我認為你需要的風險——你在大數據中心進行模型生成。對 Akamai 來說這不是一個風險，因為我們今天已經有 2 打這樣的風險了。所以，這只是在不同的地方完成。它不會在邊緣完成。但是推理引擎，是的，很多工作將在邊緣完成，我們在這方面處於一個很好的位置，因為其他公司沒有邊緣，例如 Akamai。

The next question is from Abdullah Khan of Evercore.

下一個問題來自 Evercore 的 Abdullah Khan。

This is Abdullah speaking for Amit Daryanani. And I just wanted to ask from you broadly on the enterprise spend environment. And I know we've previously, we've noted elongating sales cycles. And I was just generally curious whether there's any change there. And if you had to characterize it, is an Enterprise IT spend incrementally worse or better or about the same versus, let's say, 90 days ago?

我是阿布杜拉，代表阿米特·達裡亞納尼發言。我只是想廣泛詢問您有關企業支出環境的問題。我知道我們之前已經注意到銷售週期的延長。我只是很好奇那裡是否有任何變化。如果您必須對其進行描述，那麼與 90 天前相比，企業 IT 支出是逐漸變差還是變好，還是大致相同？

Yes, good question. I would say, I think there's a lot of companies that are being cautious. We have seen a slight uptick in bankruptcies as you typically would see in cycle like this. But we're not seeing a significant impact, certainly in our security business. If anything, we've seen better-than-expected results there.

是的，好問題。我想說，我認為有很多公司都持謹慎態度。我們看到破產數量略有上升，就像在這樣的周期中通常會看到的那樣。但我們沒有看到重大影響，尤其是在我們的安全業務方面。如果有什麼不同的話，那就是我們在那裡看到了好於預期的結果。

So I think security is not as impacted, at least at the moment. Obviously, there's a lot of speculation out there that we're heading towards a recession and things can change pretty quickly. But so far, we fared very well. And also, if you think about our messaging around compute. One of the biggest challenges a lot of companies have is the runaway cost of compute, and we offer a very compelling option for people to look to save money and increase their performance by moving to us. So I think that will play into our favor in an environment like this.

所以我認為安全並沒有受到太大影響，至少目前是這樣。顯然，有許多猜測認為我們正在走向衰退，而且情況可能會很快改變。但到目前為止，我們表現得很好。另外，如果您考慮一下我們圍繞計算傳遞的信息。許多公司面臨的最大挑戰之一是計算成本失控，我們為人們提供了一個非常有吸引力的選擇，讓他們透過轉向我們來節省金錢並提高績效。所以我認為在這樣的環境下這將對我們有利。

Next question is from Mark Murphy of JPMorgan.

下一個問題來自摩根大通的馬克墨菲。

Ed, how noticeable or how sudden is the increase that you're seeing in the sophistication of all these malware and ransomware attacks. Part of why I was asking is we noticed that you're launching some scrubbing centers in Canada. And I'm wondering if that's driving CapEx a little higher to help make sure that you're able to address all these attacks. And then I have a quick follow-up.

Ed，您所看到的所有這些惡意軟體和勒索軟體攻擊的複雜程度的增加是多麼明顯或多麼突然。我問這個問題的部分原因是我們注意到你們正在加拿大開設一些擦洗中心。我想知道這是否會推高資本支出，以幫助確保您能夠應對所有這些攻擊。然後我會進行快速跟進。

Yes. Let me just start on the product side, and then Ed will pick up your questions. So ransomware isn't related to scrubbing centers. Scrubbing centers are just restricting the flow of packets and screening out or scrubbing out the packets that are trying to flood any particular resource. And that's nothing really per se to do with malware and ransomware to filter that out, you need application layer defenses, where the scrubbing centers are routing layer defenses. And putting the scrubbing centers in Canada, and we're actually putting scrubbing centers in many more cities around the world and greatly increasing our capacity so that with local customers there, we can do the scrubbing for them locally.

是的。讓我從產品方面開始，然後 Ed 會回答你們的問題。因此勒索軟體與清理中心無關。清理中心只是限制資料包的流量，並篩選或清理掉試圖淹沒任何特定資源的資料包。這本身與過濾掉惡意軟體和勒索軟體無關，您需要應用程式層防禦，其中清理中心是路由層防禦。將擦洗中心設在加拿大，實際上，我們正​​在世界各地更多的城市建立擦洗中心，並大大提高我們的容量，以便對於當地客戶，我們可以在當地為他們進行擦洗。

And that gives them better performance while we're giving them the defense against the volumetric attacks. For ransomware, you need Guardicore; for malware, you need app and API security. And those are different products where they're done at our edge network in the 4,000 POPs, edge POPs we have around the world. And then Ed, do you want to pick up the other part of that?

這為他們提供了更好的性能，同時我們為他們提供了針對容量攻擊的防禦。對於勒索軟體，您需要 Guardicore；對於惡意軟體，您需要應用程式和 API 安全性。這些是不同的產品，它們是在我們遍布全球的 4,000 個 POP、邊緣 POP 的邊緣網路中完成的。然後艾德，你想接另一個部分嗎？

Yes, sure. Usually, the -- as Tom mentioned, the building of the scrubbing center generally will follow where we see significant demand from customers. And one of the other reasons security is up a bit this year as we have seen an increase in some of these volumetric attacks in the health care sector, a little bit in the financial sector as well. So this is a pretty ordinary course for us.

是的，當然。通常，正如湯姆所提到的，洗滌中心的建設通常會遵循我們看到客戶大量需求的地方。今年安全性提高的另一個原因是，我們看到醫療保健領域的一些容量攻擊增加，金融領域也有一點增加。所以這對我們來說是一個非常普通的課程。

So in terms of like the CapEx needs or builds going forward, I'd say this is just ordinary course. There's really nothing unusual to call out there, but we have seen a bit of a pickup in -- DDoS, in particular, tends to be a bit more episodic as you see big headline grabbing attacks. We do tend to see a pickup in business. And oftentimes, that will include a scrubbing center bill. But they're pretty well informed with where we're seeing increased demand.

因此，就未來的資本支出需求或建設而言，我想說這只是普通的過程。確實沒有什麼不尋常的地方，但我們看到了一些回升——尤其是 DDoS，當您看到引人注目的大型攻擊時，它往往會更加偶發。我們確實傾向於看到業務回升。通常，這將包括洗滌中心的帳單。但他們非常了解我們在哪裡看到需求增加。

Okay. Understood. And then, Ed, just as a follow-up, did you mention what was the total consideration paid for the acquired contracts from StackPath and Lumen. And I'm wondering, I believe those are expected to contribute something like $60 million to $70 million next year in aggregate. Is that -- are you taking -- like are you assuming a similar ongoing run rate that those contracts had with the prior providers and extrapolating that into next year? Or are you contemplating into that any kind of expansion, contraction, right, or pricing that up or pricing that lower?

好的。明白了。然後，Ed，作為後續行動，您是否提到從 StackPath 和 Lumen 收購合約所支付的總代價是多少？我想知道，我相信明年這些資金預計將總共貢獻 6,000 萬至 7,000 萬美元。您是否認為，您是否假設這些合約與先前的供應商的持續運作率類似，並將其推斷到明年？或者您正在考慮任何形式的擴張、收縮，或者定價更高或更低？

Sure. Let me start -- I'll take it in different pieces here. So in terms of anticipating any upsell or anything like that with the 200-plus customers. I haven't factored anything in for that. So that would be upside to the extent that we can do that. Remember, we purchased selected contracts. So there are certain contracts that we did not take. There's, for example, adult content and some of the small medium business customer contracts we didn't take, so that's not included. So if you're looking at other numbers that you may have heard about these companies are private, I'd just caution anybody with private company numbers, they're not always accurate.

當然。讓我開始——我將在這裡分成不同的部分。因此，就預期與 200 多名客戶的追加銷售或類似情況而言。我沒有為此考慮任何因素。因此，只要我們能夠做到這一點，這將是有利的。請記住，我們購買了選定的合約。所以有些合約我們沒有簽訂。例如，有成人內容和一些我們沒有簽訂的中小型企業客戶合同，因此不包括在內。因此，如果您正在查看其他數字，您可能聽說過這些公司是私人公司，我只是警告任何擁有私人公司數字的人，它們並不總是準確的。

We just looked at the contracts that we're acquiring, what we think will -- how many will onboard, what will happen with pricing, how much traffic we'll keep, some of these customers are splitters, so we anticipate some of that traffic may go away. But we've tried to factor all that in. So what we're trying to do effectively is look at the other side of the integration in terms of the contracts that we acquired, what is that run rate of business that we acquired, taking into consideration the best we can, volume and pricing dynamics.

我們只是查看了我們正在獲得的合同，我們認為會發生什麼——有多少人會加入，定價會發生什麼，我們會保留多少流量，其中一些客戶是分流者，所以我們預計其中一些交通可能會消失。但我們試圖將所有這些因素考慮在內。因此，我們正在嘗試有效地做的是從我們獲得的合約的角度來看整合的另一面，我們獲得的業務的運作率是多少，並採取盡我們所能考慮數量和定價動態。

In terms of consideration, we'll file our 10-Q tomorrow, and you'll see that for StackPath, that contract has got an upfront fee of about $35 million, and there's a small earn-out. Also with the TSA agreement, a little wonky accounting here for you, but you have to fair value, the TSA and to the extent that there's excess cost there that goes to the purchase price.

在考慮方面，我們明天將提交 10-Q，您會看到對於 StackPath，合約的預付費用約為 3500 萬美元，並且有少量收益。另外，對於 TSA 協議，這裡的會計處理對您來說有點不穩定，但您必須公允價值、TSA 以及購買價格中存在的超額成本。

So when you see the final 10-K, once it's filed and the cash flow, the numbers may be slightly higher. On the Lumen, it's about $75 million. There is no earnout there. Same comments on the TSA. There is a fair value analysis you do in purchase accounting. So that might be slightly higher. But that's the extent of the agreements.

因此，當您看到最終的 10-K 表格和現金流時，數字可能會稍微高一些。 Lumen 的價值約為 7500 萬美元。那裡沒有收益。對 TSA 的評論也相同。您在採購會計中進行公允價值分析。所以這個數字可能會稍微高一些。但這就是協議的範圍。

Next question is from Rishi Jaluria of RBC.

下一個問題來自 RBC 的 Rishi Jaluria。

I wanted to follow up on 2 earlier questions that were asked. One on AI and then one on the contracts. Thinking specifically around AI, Tom, I appreciate your answer earlier. If we think about the opportunity to do inferencing at the edge, especially for cases like connecting devices or med tech or financial services now that people are increasingly worried about data and data residency.

我想跟進之前提出的兩個問題。一篇關於人工智慧，然後一篇關於合約。湯姆，特別考慮人工智慧，我很欣賞你之前的回答。如果我們考慮在邊緣進行推理的機會，特別是對於連接設備或醫療技術或金融服務等情況，因為人們越來越擔心資料和資料駐留。

Can you speak to a little bit of your opportunity for that? And maybe alongside that, what investments do you need to make both in the software stack as well as in hardware infrastructure, be it GPUs or anything else to really capitalize and get your fair share of that opportunity? And then I've got a quick follow-up.

您能談談您的機會嗎？也許除此之外，您還需要在軟體堆疊和硬體基礎設施（無論是 GPU 還是其他任何東西）上進行哪些投資，才能真正利用並獲得公平的機會？然後我會進行快速跟進。

Great. Yes, the data residency, data sovereignty issues are increasingly important, as I imagine you know. And that's where Akamai has a great opportunity because we're in 130 different countries with our infrastructure. And as we move compute into our edge POPs, that enables us to do the work locally, keep the data local, which is an exciting opportunity for us. And I think in the not-too-distant future, we'll be in locations in countries that even the hyperscalers aren't there.

偉大的。是的，資料駐留、資料主權問題變得越來越重要，我想你也知道。這就是 Akamai 的絕佳機會，因為我們的基礎設施遍佈 130 個不同的國家。當我們將計算轉移到邊緣 POP 時，這使我們能夠在本地完成工作，將資料保留在本地，這對我們來說是一個令人興奮的機會。我認為在不久的將來，我們將位於甚至連超大規模企業都不存在的國家。

Now in terms of the work on the software stack, to be able to do that. That is ongoing work now. We are actually already in beta with a few customers. So we're pretty far along. And then next year, as I mentioned, there'll be relatively small amount of CapEx as we do build-out in a nontrivial number of our edge POPs to be able to support compute.

現在就軟體堆疊的工作而言，能夠做到這一點。這是目前正在進行的工作。實際上我們已經有一些客戶處於測試階段。所以我們已經走了很遠了。然後明年，正如我所提到的，隨著我們在大量邊緣 POP 中進行擴建以支持計算，資本支出將相對較少。

Now today, at the edge, I don't -- we support GPUs today, but that would be more in the core data centers. I think for the inference engines, we're running that just fine on CPUs. And so as we look at the edge, where you'd be running the inference engines, I don't, I think, run on CPUs and be much more cost-effective than trying to -- buy GPUs or custom hardware there.

現在，在邊緣，我不支援 GPU，但在核心資料中心會更多。我認為對於推理引擎，我們在 CPU 上運行得很好。因此，當我們專注於運行推理引擎的邊緣時，我認為，我不會在 CPU 上運行，這比嘗試在那裡購買 GPU 或定制硬體更具成本效益。

I think where you might see that is more if you're working with large-scale model development. And then that would be in the core data centers. That wouldn't be at the edges. The edge is where you want to do the inferencing and that's -- it seems like that's going to be working very well on our edge platform with CPUs.

我認為如果您正在進行大規模模型開發，您可能會看到更多。然後是核心資料中心。那不會是在邊緣。邊緣是你想要進行推理的地方，這似乎在我們帶有 CPU 的邊緣平台上運作得很好。

Got it. That's really helpful. And then just in terms of the StackPath and Lumen contracts, again, I appreciate the color in terms of your set of assumptions. Can you walk us through what you can do on your part to ensure those customers, whether they're net new or existing Akamai customers that maybe we're trying to use a multi-CDN approach, what you can do to get those customers to stay and to not churn off onto other competitors or even just kind of figure out how to reduce the spend with you?

知道了。這真的很有幫助。然後就 StackPath 和 Lumen 合約而言，我再次欣賞您的一組假設的顏色。您能否向我們介紹您可以採取哪些措施來確保這些客戶（無論是新客戶還是現有 Akamai 客戶）（我們可能正在嘗試使用多 CDN 方法），您可以採取哪些措施來吸引這些客戶留下來而不是轉向其他競爭對手，甚至只是想辦法減少與您的支出？

Yes. Good question. I think first is the approach that we took, right? We got an inbound request from these 2 companies, and some of them are customers we know and have had a long relationship with. And providing an orderly transition is step one in the relationship, right? So now you get a warm relationship and an introduction to -- it's a new customer, and certainly, it's a customer that we have. They obviously know us. And you get -- instead of having a jump all in the open market, you have a chance to sit down with the customer and understand what their needs are, understand what's going on with their contracts, length of contracts, pricing, et cetera.

是的。好問題。我認為首先是我們採取的方法，對嗎？我們收到了這兩家公司的入站請求，其中一些是我們認識並有長期合作關係的客戶。提供有序的過渡是關係的第一步，對吧？所以現在你得到了一種溫暖的關係，並被介紹給——這是一個新客戶，當然，這是我們現有的客戶。他們顯然認識我們。你會得到——而不是在公開市場上跳來跳去，你有機會與客戶坐下來了解他們的需求是什麼，了解他們的合約情況、合約期限、定價等等。

And you could just set up a relationship and just go through a normal sales cycle effectively. I think we've got a pretty good track record, and I'm certainly understanding the customers. And if I think about sort of the weighted average of where the revenue is, we've obviously got and talked to a lot of those customers. We obviously have had a long-term relationship with a lot of these folks. But I think we have a fairly high degree of confidence in the numbers that we've put out. Obviously, things can change.

您可以建立關係並有效地經歷正常的銷售週期。我認為我們有很好的記錄，而且我當然理解客戶。如果我考慮一下收入的加權平均值，我們顯然已經獲得並與許多這樣的客戶進行了交談。顯然，我們與其中許多人建立了長期合作關係。但我認為我們對我們公佈的數字有相當高的信心。顯然，事情可能會改變。

But based on our experience with a lot of these folks and with some of these new folks that may have not worked with us in the past, we have an awful lot of other services to offer that they didn't have before. And especially with security being such a big topic these days. We're hearing from some of these customers that they're glad that they have a relationship with us now.

但根據我們與許多這些人以及一些過去可能沒有與我們合作過的新人的經驗，我們可以提供許多他們以前沒有的其他服務。尤其是現在安全已成為一個大話題。我們從其中一些客戶得知，他們很高興現在與我們建立了合作關係。

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

下一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

Ed, I just want to quantify the TSA impact. It seems to be about 1.5 points impact cash gross margins in Q4. Is that accurate? And just to be clear, it sounds like that, that TSA ends at year-end? Or when exactly does that TSA end?

Ed，我只是想量化 TSA 的影響。第四季現金毛利率似乎受到約 1.5 個百分點的影響。準確嗎？需要明確的是，聽起來 TSA 會在年底結束嗎？或者 TSA 到底什麼時候結束？

Yes. So there might be just a tiny bits that goes into Q1 just depending on how the migration goes. Hopefully, we can be done with it by the next couple of months here. Yes, it's just under 1.5 points. I rounded down to 1 point, but you're right. If you just take the amount divided by the revenue, it's about 1.3%, 1.4%.

是的。因此，可能只有一小部分進入第一季度，具體取決於遷移的進展。希望我們能在接下來的幾個月內完成它。是的，不到1.5分。我四捨五入為 1 分，但你是對的。如果只用金額除以收入，大約是1.3%、1.4%。

Okay. Got it. And then if I just look at your delivery guidance, which, I guess, is implied by your compute security revenue guidance, and then I back out the expected $17 million to $20 million of revenue from Lumen and StackPath in Q4, it implies delivery revenue flat to down in Q4 versus Q3. And so is any extra conservatism in the Q4 delivery guide just based on what you're seeing from traffic trends or any pricing pressure to call out? Or why not -- why aren't we seeing a typical seasonal Q4 uplift in delivery revenue ex those acquisitions.

好的。知道了。然後，如果我只看一下你們的交付指南，我猜這是你們的計算安全收入指導所暗示的，然後我取消了Lumen 和StackPath 第四季度預期的1700 萬至2000 萬美元的收入，這意味著交付收入第四季與第三季相比持平至下降。那麼，第四季度交付指南中的任何額外保守主義是否只是基於您從流量趨勢或任何需要指出的定價壓力中看到的情況？或者為什麼不呢——為什麼我們沒有看到除這些收購之外的第四季度交付收入出現典型的季節性增長。

Yes, that's a good question. First of all, there's $4 million of delivery in the Q4 number so that -- you have to look at the net delta between the 2. Also, there's about an $8 million headwind from FX. So there is some implied growth in the delivery number. As I talked about, there is a high degree of uncertainty in Q4 as it relates to traffic, right?

是的，這是一個好問題。首先，第四季度的交付金額為 400 萬美元，因此您必須查看兩者之間的淨增量。此外，來自外匯的阻力約為 800 萬美元。因此，交付數量存在一些隱含的增長。正如我所說，第四季度存在很大程度的不確定性，因為它與流量有關，對嗎？

You've got -- typically, we see a big seasonality in terms of retail and the media side of the business. Retail as we've gone to 0, overage is less impactful. We do still see some bursting. I think we're being probably a bit more cautious especially on the commerce side of the equation for now. But there is some implied growth in areas you factor in those other 2 items I just mentioned.

通常，我們在零售和媒體業務方面看到了很大的季節性。零售業已趨於零，超額影響較小。我們仍然看到一些破裂。我認為我們現在可能會更加謹慎，尤其是在商業方面。但是，如果考慮到我剛才提到的其他兩項，則在某些領域會出現一些隱含的成長。

Next question is from William Power of Baird.

下一個問題來自貝爾德 (Baird) 的威廉·鮑爾 (William Power)。

This is (inaudible) on for Will.

這是威爾的（聽不清楚）。

So first of all, just looking at delivery, how are you thinking about Q4 delivery trends this year versus normal seasonality given all the questions around the consumer and media activity in general? Any color there would be great.

首先，就交付而言，考慮到有關消費者和媒體活動的所有問題，您如何看待今年第四季度的交付趨勢與正常的季節性？任何顏色都會很棒。

Yes. As I just mentioned on the last question that we're probably a bit more cautious in terms of our outlook certainly with retail. I mentioned earlier in an earlier question that we've seen an uptick in bankruptcies. We do have a lot of customers that are on the 0 overage for commerce. So we're going into to see it, we haven't seen it yet. It usually starts right after Thanksgiving. We're just being a bit more cautious.

是的。正如我剛剛在最後一個問題中提到的那樣，我們對零售業的前景可能會更加謹慎。我在之前的一個問題中提到，我們看到破產數量增加。我們確實有很多客戶的商業超額為 0。所以我們要去看看它，我們還沒看到它。它通常在感恩節之後開始。我們只是更加謹慎一點。

And in terms of the media cycle, we did see a little bit of gaming activity. Gaming has been light for the last 1.5 years. A couple of years ago, we saw a big console refresh cycle. We don't -- not expected to see that. So I'd say we're going into this quarter, probably a bit more cautious than we normally have in Q4 and certainly what we've seen in the past.

就媒體週期而言，我們確實看到了一些遊戲活動。過去 1.5 年，遊戲一直很輕。幾年前，我們看到了主機的一個大更新周期。我們不會——預計不會看到這種情況。因此，我想說，我們進入本季度時，可能會比第四季度通常更加謹慎，當然也比我們過去所看到的更加謹慎。

Next question is from Michael Elias of TD Cowen.

下一個問題來自 TD Cowen 的 Michael Elias。

First, earlier, you talked about portability, particularly for cloud-agnostic workloads. My question for you is, as you think about moving and garnering more share here, what are the steps that you could do to pretty much increase the ease of portability of workloads?

首先，您之前談到了可移植性，特別是對於與雲端無關的工作負載。我的問題是，當您考慮遷移到這裡並獲得更多份額時，您可以採取哪些步驟來大大提高工作負載的可移植性？

And then as part of that, through your data center deployments, do you have essentially direct cross connect into the cloud on ramps of the major cloud providers to essentially help facilitate the movement of workloads to your platform? And then I have a quick follow-up.

然後，作為其中的一部分，透過您的資料中心部署，您是否在主要雲端提供者的坡道上基本上直接交叉連接到雲，以從本質上幫助促進工作負載向您的平台的移動？然後我會進行快速跟進。

Yes, great question. I think partners are really helpful there because they do a lot of the work in the first place to get into the third-party cloud provider. And today, some of them move between third-party cloud providers. And so there is a natural partner ecosystem that can be helpful porting that to Akamai.

是的，很好的問題。我認為合作夥伴在這方面確實很有幫助，因為他們首先做了很多工作才能進入第三方雲端供應商。如今，其中一些在第三方雲端提供者之間轉移。因此，有一個天然的合作夥伴生態系統可以幫助將其移植到 Akamai。

And I think they're finding that the terms are even more favorable for them as well as for the partners. Also, as we grow the ecosystem of third-party capabilities, which with our qualified compute partner program we're doing, early focus on media there, which is our initial focus in terms of applications to move to Akamai. And yes, well, it depends on the data center and the third-party cloud provider, but we do have direct connections in many cases. And of course, we operate, as I mentioned, one of the world's largest backbones and in a position to also make direct connections to major enterprises, which can help quite a bit.

我認為他們發現這些條款對他們以及合作夥伴來說更加有利。此外，隨著我們透過合格的計算合作夥伴計劃不斷發展第三方功能的生態系統，我們會儘早關注那裡的媒體，這是我們在遷移到 Akamai 的應用程式方面的最初關注點。是的，這取決於資料中心和第三方雲端供應商，但在許多情況下我們確實有直接連接。當然，正如我所提到的，我們經營著世界上最大的骨幹網路之一，並且能夠與主要企業建立直接聯繫，這可以提供很大幫助。

And then just as a quick follow-up. Just curious if you could talk a little bit about the M&A environment that you're seeing. I know you have that your security growth guidance that you gave at your Analyst Day, which includes some M&A. Just curious, any thoughts around the M&A environment, particularly for security? And maybe as part of that, just comments on valuation.

然後作為快速跟進。只是好奇您能否談談您所看到的併購環境。我知道您在分析師日上給出了安全成長指導，其中包括一些併購。只是好奇，對併購環境有什麼想法，特別是在安全方面？也許作為其中的一部分，只是對估值的評論。

Yes, valuations in the companies that we're most interested in are still extremely high. And you see some of the recent acquisitions that have been done at very high revenue multiples. So not a lot of change yet. Probably at the fringes, it's getting harder. But for companies that we have an interest in, I'd not say it's made a lot of improvement yet. That may change with time. We just have to see, something we keep a close eye on. And of course, we're always looking, but we're very disciplined buyers. So it really has to make very good sense for our customers and for our shareholders.

是的，我們最感興趣的公司的估值仍然非常高。你會看到最近的一些收購是以非常高的收入倍數完成的。所以還沒有太多改變。可能在邊緣，它變得越來越難。但對於我們感興趣的公司，我不會說它已經取得了很大的進步。這可能會隨著時間而改變。我們只需要看到，我們密切關注的事情。當然，我們一直在尋找，但我們是非常自律的買家。因此，它確實必須對我們的客戶和股東來說非常有意義。

Operator, we have time for one more, please.

接線員，我們還有時間再接一次。

The last question is from Jeff Van Rhee of Craig Hallum.

最後一個問題來自 Craig Hallum 的 Jeff Van Rhee。

Just one quick one on compute, kind of getting to the inflection of the acceleration and growth. I have a couple of questions. Just on sales cycles there, refresh me what is the typical sales cycle for a compute deal? And then secondly, with the bulk of the build-out done, and it sounds like functionality isn't the limiter then it's really just getting to maturity of these sales cycles. The sales force has trained the functionalities there, the infrastructure is there. So it looks like Q4 builds in organic growth roughly similar to Q3. So just trying to get a sense of timing of acceleration there.

只是簡單介紹一下計算，有點接近加速和成長的轉折點。我有一些問題。就銷售週期而言，請讓我回顧一下計算交易的典型銷售週期是什麼？其次，隨著大部分擴建的完成，聽起來功能並不是限制因素，那麼這些銷售週期實際上才剛剛成熟。銷售人員已經在那裡培訓了功能，基礎設施也在那裡。因此，第四季的有機成長看起來與第三季大致相似。所以只是想了解加速的時機。

Yes, good question. There is the sales cycle. But when you close the deal, then there's the effort to actually port it and then the time to grow it. And so it's not like maybe one of -- a normal service or sell like delivery, we're very quick to port the business and turn it up. I can -- that can happen in a period of days to weeks. Here, probably it's more months to actually get the app ported.

是的，好問題。有銷售週期。但當你完成交易後，你需要付出努力來實際移植它，然後需要時間來發展它。因此，這可能不像正常服務或像送貨一樣的銷售，我們很快就可以移植業務並啟動它。我可以——這可能會在幾天到幾週內發生。在這裡，實際移植應用程式可能需要幾個月的時間。

And then all the traffic or all the compute won't move over all at once. You would be growing it over time. So it will -- this is something you'll see, I think, throughout next year as we close customers and then we grow their revenue. And the early signings we did this year, that's exactly what we're seeing initially very small amounts of revenue, relatively speaking, and then grows over time.

然後所有流量或所有計算都不會立即轉移。隨著時間的推移，你會不斷增長它。所以，我想，隨著我們關閉客戶，然後我們增加他們的收入，整個明年你都會看到這一點。我們今年所做的早期簽約，這正是我們最初看到的收入相對而言非常少量，然後隨著時間的推移而成長。

Okay. Well, thank you, everyone. In closing, we will be presenting at a number of investor conferences and events throughout the rest of the year. Details of these can be found in the Investor Relations section of akamai.com. Again, thank you for joining us and all of us here at Akamai wish you and yours a wonderful rest of the year. Have a nice evening.

好的。嗯，謝謝大家。最後，我們將在今年餘下的時間裡出席一些投資者會議和活動。有關詳細信息，請參閱 akamai.com 的投資者關係部分。再次感謝您加入我們，Akamai 全體員工祝福您和您的家人有美好的一年。祝你今晚愉快。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。