阿卡邁科技 (AKAM) 2021 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Fourth Quarter 2021 Akamai Technologies Earnings and Acquisition of Linode Conference Call. (Operator Instructions) Please be advised today's conference may be recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到 2021 年第四季度 Akamai Technologies 收益和收購 Linode 電話會議。 （操作員說明）請注意今天的會議可能會被錄製。 （操作員說明）

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

我現在想把會議交給投資者關係主管湯姆·巴特。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's Fourth Quarter 2021 and Acquisition of Linode Conference Call. Before we get started with the Linode acquisition that we just announced, today's earnings call format will be a bit different than normal. We will be presenting slides and associated content, and the link to the webcast can be found in the Events section of our Investor Relations website. We plan to post the full slide deck following the call, and I am now on Slide 2.

謝謝你，接線員。大家下午好，感謝您參加 Akamai 的 2021 年第四季度和收購 Linode 電話會議。在我們開始我們剛剛宣布的 Linode 收購之前，今天的財報電話會議形式將與正常情況有所不同。我們將展示幻燈片和相關內容，網絡廣播的鏈接可以在我們的投資者關係網站的活動部分找到。我們計劃在電話會議後發布完整的幻燈片，我現在在幻燈片 2 上。

As you can see from our agenda, speaking today will be Tom Leighton, Akamai's Chief Executive Officer; Adam Karon, Akamai's Chief Operating Officer and General Manager of the Edge Technology Group; and Ed McGowan, Akamai's Chief Financial Officer.

正如您從我們的議程中看到的，今天發言的將是 Akamai 的首席執行官 Tom Leighton； Akamai 首席運營官兼 Edge Technology Group 總經理 Adam Karon；和 Akamai 首席財務官 Ed McGowan。

Moving to Slide 3. Please note that today's comments include forward-looking statements, including statements regarding revenue and earnings guidance. While I don't intend to read this slide, 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.

轉到幻燈片 3。請注意，今天的評論包括前瞻性陳述，包括有關收入和收益指導的陳述。雖然我不打算閱讀這張幻燈片，但這些前瞻性陳述受到風險和不確定性的影響，並涉及許多可能導致實際結果與此類陳述明示或暗示的結果大不相同的因素。

These factors include uncertainty stemming from the COVID-19 pandemic, the integration of any acquisitions and any impact from unexpected 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 company's view on February 15, 2022. Akamai disclaims any obligation to update these statements to reflect future events or circumstances.

這些因素包括 COVID-19 大流行帶來的不確定性、任何收購的整合以及意外地緣政治發展的任何影響。有關這些因素的其他信息包含在 Akamai 提交給 SEC 的文件中，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。本次電話會議中包含的前瞻性陳述代表公司在 2022 年 2 月 15 日的觀點。Akamai 不承擔更新這些陳述以反映未來事件或情況的任何義務。

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

提醒一下，我們將在今天的電話會議中提及一些非 GAAP 財務指標。可以在 akamai.com 的“投資者關係”部分的財務部分中找到對 GAAP 和非 GAAP 指標的詳細調節。

And with that, let me turn the call over to Tom, and he'll start on Slide 4.

有了這個，讓我把電話轉給湯姆，他將從幻燈片 4 開始。

Thanks, Tom, and thank you all for joining us today. Today is a very exciting day for Akamai. This afternoon, we announced that we've signed a definitive agreement to acquire Linode. We see this as a tremendous opportunity for Akamai, and we believe that it will be transformational as we expand our business into adjacent markets, become even more strategic for our customers and accelerate our growth and evolution as a company. We'll talk more about Linode in a few minutes. But first, I'd like to review some of the highlights from a very strong Q4 and 2021.

謝謝，湯姆，謝謝大家今天加入我們。對於 Akamai 來說，今天是非常激動人心的一天。今天下午，我們宣布我們已經簽署了收購 Linode 的最終協議。我們認為這對 Akamai 來說是一個巨大的機遇，我們相信隨著我們將業務擴展到相鄰市場、對我們的客戶更具戰略意義並加速我們作為一家公司的成長和發展，這將是一場變革。我們將在幾分鐘內詳細討論 Linode。但首先，我想回顧一下非常強勁的第四季度和 2021 年的一些亮點。

Turning to Slide 5. Q4 revenue was $905 million, up 7% year-over-year. Our revenue growth was driven by the continued strong demand for our security products as well as our fast-growing edge applications business. Non-GAAP operating margin in Q4 was 31%, up 1 point over Q4 in 2020. Q4 non-GAAP EPS was $1.49 per diluted share, up 12% year-over-year. For the full year, revenue was $3.46 billion, up 8% over 2020. We expanded non-GAAP operating margin to 32% last year, and we achieved this result while investing for future growth. Non-GAAP EPS last year was $5.74, up 10% over 2020.

轉到幻燈片 5。第四季度收入為 9.05 億美元，同比增長 7%。我們的收入增長是由對我們的安全產品的持續強勁需求以及我們快速增長的邊緣應用程序業務推動的。第四季度非公認會計準則營業利潤率為 31%，比 2020 年第四季度增長 1 個百分點。第四季度非公認會計準則每股攤薄收益為 1.49 美元，同比增長 12%。全年收入為 34.6 億美元，比 2020 年增長 8%。去年我們將非美國通用會計準則營業利潤率擴大到 32%，我們在投資未來增長的同時取得了這一成果。去年非 GAAP 每股收益為 5.74 美元，比 2020 年增長 10%。

2021 was also a very strong year for cash generation at Akamai. We generated $859 million in free cash flow last year, an increase of 78% over 2020. I think it's important to note that our excellent cash generation has allowed us to make strategic acquisitions like Guardicore in Q4 and now Linode to fuel our future growth, while also returning capital to shareholders. In Q4, we spent $271 million to buy back just over 2.4 million shares of stock. Over the course of the full year, we spent $522 million to buy back approximately 4.7 million shares.

2021 年也是 Akamai 現金產生非常強勁的一年。去年我們產生了 8.59 億美元的自由現金流，比 2020 年增長了 78%。我認為重要的是要注意，我們出色的現金產生使我們能夠在第四季度進行 Guardicore 和現在的 Linode 等戰略收購，以推動我們未來的增長，同時也向股東返還資本。在第四季度，我們斥資 2.71 億美元回購了略高於 240 萬股的股票。在全年的過程中，我們花費了 5.22 億美元回購了大約 470 萬股股票。

Our primary use of cash is for M&A and offsetting the dilution from our equity compensation programs. Over the past 10 years, Akamai has also engaged in opportunistic buybacks that have resulted in a reduction of our fully diluted share count by about 12%.

我們現金的主要用途是併購和抵消我們股權補償計劃的稀釋。在過去 10 年中，Akamai 還進行了機會性回購，導致我們完全稀釋的股票數量減少了約 12%。

Last quarter, security products continued their rapid growth, generating revenue of $365 million, up 23% year-over-year. For the full year, security revenue reached $1.33 billion and grew 26% over 2020. Security represented 39% of our revenue last year, up from 33% in 2020. In recent years, Akamai has built one of the world's leading cloud security businesses. Our security solutions are highly differentiated and recognized as best-in-class by our customers, who rely on Akamai to protect their most important digital assets from very determined and highly capable attackers.

上個季度，安全產品繼續快速增長，創造收入 3.65 億美元，同比增長 23%。全年，安全收入達到 13.3 億美元，比 2020 年增長 26%。安全占我們去年收入的 39%，高於 2020 年的 33%。近年來，Akamai 建立了世界領先的雲安全業務之一。我們的安全解決方案高度差異化，並被我們的客戶認可為一流的，他們依靠 Akamai 來保護他們最重要的數字資產免受非常堅定且能力很強的攻擊者的攻擊。

Results in Q4 were especially strong for our Bot Manager solution, which helps to defend against a wide range of automated attacks. Our new Account Protector solution, which provides account takeover protection, also performed very well in Q4 in only its second quarter of availability. Our web app firewall offerings also posted excellent results in Q4. And Akamai was recognized as a leader in Gartner's 2021 Magic Quadrant for web application and API protection, scoring the highest of 11 vendors in ability to execute.

我們的 Bot Manager 解決方案在第 4 季度的業績尤為強勁，該解決方案有助於防禦各種自動攻擊。我們新的 Account Protector 解決方案提供帳戶接管保護，僅在第二季度的可用性中，在第四季度也表現出色。我們的網絡應用防火牆產品在第四季度也取得了優異的成績。 Akamai 在 Gartner 的 2021 年 Web 應用程序和 API 保護魔力像限中被公認為領導者，在 11 家供應商中的執行能力得分最高。

In October, we acquired Guardicore to extend our Zero Trust solutions to help stop the spread of ransomware. As a part of Akamai, Guardicore has continued its strong growth momentum and closed major deals last quarter at one of the largest freight railways in the U.S. and at one of the largest telecommunication companies in South America. We're very excited about the value that Guardicore's micro-segmentation capabilities bring to our customers. And as Ed will talk about shortly, we now believe that Guardicore will drive significantly more revenue this year than we'd initially forecast when we announced the transaction last fall.

10 月，我們收購了 Guardicore，以擴展我們的零信任解決方案，以幫助阻止勒索軟件的傳播。作為 Akamai 的一部分，Guardicore 繼續保持強勁的增長勢頭，並在上個季度完成了與美國最大貨運鐵路之一和南美最大電信公司之一的重大交易。我們對 Guardicore 的微分段功能為我們的客戶帶來的價值感到非常興奮。正如 Ed 不久將談到的那樣，我們現在相信 Guardicore 今年將帶來比我們去年秋天宣布交易時最初預測的要多得多的收入。

Our CDN business generated revenue of $541 million in Q4, down 2% from Q4 in 2020. Traffic on our platform continued to be strong in Q4, peaking at over 200 terabits per second. Our edge application solutions had a great Q4, exiting the year with an annualized revenue run rate of more than $200 million and growing 30% for the full year. Our Akamai EdgeWorkers solution was adopted by a top sporting equipment company, a global business travel service and one of the largest banks in the U.S.

我們的 CDN 業務在第四季度創造了 5.41 億美元的收入，比 2020 年第四季度下降了 2%。我們平台上的流量在第四季度繼續保持強勁，達到每秒 200 TB 以上的峰值。我們的邊緣應用解決方案在第 4 季度表現出色，年化收入運行率超過 2 億美元，全年增長 30%。我們的 Akamai EdgeWorkers 解決方案被一家頂級運動器材公司、一家全球商務旅行服務公司和美國最大的銀行之一採用。

Overall, we're very pleased with our performance last year on both the top and bottom lines. We achieved our goals in 2021 and then some. And I want to thank our employees for delivering such strong results as they continued to cope with the challenges of the pandemic.

總體而言，我們對去年在收入和利潤方面的表現感到非常滿意。我們在 2021 年實現了我們的目標，然後又實現了一些目標。我要感謝我們的員工在繼續應對大流行的挑戰時取得瞭如此出色的成果。

I'll now move on to Slide 6. As many of you know, Akamai's mission is to power and protect life online. And our purpose in doing that is to make life better for billions of people, billions of times a day. Akamai has been doing this for more than 20 years, enabled in part by a series of market-defining innovations, starting with the invention of content delivery networks in the late 1990s.

我現在將轉到幻燈片 6。正如你們許多人所知，Akamai 的使命是為在線生活提供動力和保護。我們這樣做的目的是讓數十億人的生活更美好，每天數十億次。 Akamai 已經這樣做了 20 多年，部分原因是一系列定義市場的創新，從 1990 年代後期內容交付網絡的發明開始。

As you can see on the next slide, #7, we follow this breakthrough in Internet technology with fundamental advances in video streaming, application acceleration and web security. In each of these areas, Akamai was a major pioneer in enabling new capabilities. And in each of these areas, we're still the market leader today by far. Throughout the past 20 years, we've also been a pioneer and a leader in edge computing, beginning with the invention of Edge Side Includes in the early 2000s, a technology that's still used by thousands of our customers today.

正如您在下一張幻燈片#7 中看到的那樣，我們跟隨互聯網技術的這一突破，在視頻流、應用程序加速和網絡安全方面取得了根本性的進步。在上述每個領域，Akamai 都是啟用新功能的主要先驅。在這些領域中的每一個領域，到目前為止，我們仍然是當今的市場領導者。在過去的 20 年中，我們也是邊緣計算領域的先驅和領導者，從 2000 年代初發明 Edge Side Includes 開始，這項技術至今仍被我們成千上萬的客戶使用。

And now turning to Slide 8. We're taking the next major step in our evolution by creating the world's most distributed compute platform from cloud to edge, making it easier for developers and businesses to build, run and secure their applications online. As you can see in this afternoon's press release, we've entered into a definitive agreement to acquire Linode, the privately held company that makes cloud computing simple, affordable and accessible.

現在轉到幻燈片 8。我們正在通過創建世界上從雲到邊緣的分佈式計算平台邁出下一步的重要一步，使開發人員和企業更容易在線構建、運行和保護他們的應用程序。正如您在今天下午的新聞稿中看到的那樣，我們已經達成了收購 Linode 的最終協議，Linode 是一家使雲計算變得簡單、負擔得起且易於使用的私營公司。

Linode is known for its developer-friendly services, the quality of their support and as a trusted Infrastructure-as-a-Service platform provider. By combining Linode's developer-centric cloud advantages with Akamai's deep enterprise strengths, we believe that we can provide tremendous value to developers and enterprises as they build cloud applications on Akamai. We see plenty of opportunity for a differentiated offering among customers who desire ease of use, wider reach beyond just a few POPs, lower latency, stronger security and greater resiliency, all from a single platform and all at an affordable price point.

Linode 以其對開發人員友好的服務、高質量的支持以及值得信賴的基礎設施即服務平台提供商而聞名。通過將 Linode 以開發人員為中心的雲優勢與 Akamai 深厚的企業實力相結合，我們相信我們可以為開發人員和企業在 Akamai 上構建雲應用程序時提供巨大的價值。我們看到，在希望易於使用、超越幾個 POP 的更廣泛覆蓋範圍、更低延遲、更強的安全性和更大的彈性的客戶中，有很多機會提供差異化產品，所有這些都來自一個平台，而且價格實惠。

Akamai's highly distributed edge platform has the global reach to enable any cloud application to deliver the best end-user experience anywhere that users or services consume apps, from the cloud to the edge, where more compute services will live as 5G and IoT take hold and expand. The Akamai platform is uniquely suited for workloads that require high throughput, low latency and instant scalability on demand. Akamai has been perfecting this capability for many years, and it's very hard to do.

Akamai 高度分佈式的邊緣平台具有全球影響力，使任何云應用程序能夠在用戶或服務使用應用程序的任何地方提供最佳的最終用戶體驗，從雲到邊緣，隨著 5G 和物聯網的發展，將有更多的計算服務存在擴張。 Akamai 平台特別適合需要高吞吐量、低延遲和按需即時可擴展性的工作負載。 Akamai 多年來一直在完善此功能，但要做到這一點非常困難。

Akamai also has the capabilities needed to integrate seamlessly with both DIY cloud apps and third-party cloud vendors as part of the larger cloud ecosystem. We believe that this flexibility will appeal to enterprises that want a multi-vendor cloud strategy to mitigate their vendor concentration risk and to ensure resiliency and seamless availability in case one vendor service experiences an outage. And with Akamai's category-leading security solutions, customers will be able to secure their apps from their point of origin to the edge, all under Akamai's protective umbrella.

Akamai 還具有與 DIY 雲應用程序和第三方雲供應商無縫集成所需的功能，作為更大雲生態系統的一部分。我們相信，這種靈活性將吸引那些希望採用多供應商雲戰略以減輕供應商集中風險並確保在一個供應商服務出現中斷時的彈性和無縫可用性的企業。借助 Akamai 領先的安全解決方案，客戶將能夠在 Akamai 的保護傘下保護其應用程序從源頭到邊緣的安全。

Security delivered at the edge offers unique advantages since it enables customers to manage security policies across all their apps and infrastructure wherever they're located. We believe that such an end-to-end security approach will appeal to customers who want increased efficiency and greater resiliency along with lower security risk.

在邊緣交付的安全性具有獨特的優勢，因為它使客戶能夠管理其所有應用程序和基礎設施的安全策略，無論他們身在何處。我們相信，這種端到端的安全方法將吸引那些希望提高效率和彈性以及降低安全風險的客戶。

The net of all this is that we believe that Akamai and Linode can solve customers' needs in ways that are not addressed in the market today, forming a powerful winning combination that will enable customers to build, deliver and secure their apps on the platform that powers and protects life online.

歸根結底，我們相信 Akamai 和 Linode 能夠以當今市場上未解決的方式解決客戶的需求，形成強大的成功組合，使客戶能夠在平台上構建、交付和保護他們的應用程序，權力和保護在線生活。

Moving to Slide 9. We see the acquisition of Linode as a transformational opportunity for Akamai. This slide shows the way that we presented our business at our Investor Day last year. With Linode, Akamai will expand beyond security and delivery into the world's most distributed cloud services provider with leading solutions for security, delivery and compute, as shown here on Slide 10.

轉到幻燈片 9。我們將收購 Linode 視為 Akamai 的轉型機會。這張幻燈片展示了我們去年在投資者日展示我們業務的方式。借助 Linode，Akamai 將擴展到安全和交付之外，成為世界上分佈最廣泛的雲服務提供商，提供領先的安全、交付和計算解決方案，如幻燈片 10 所示。

We'll offer customers a breadth and depth of services uncommon in the cloud space today, a massive content delivery platform, the best application performance, easy-to-use cloud and edge compute and category-leading security solutions, all backed by expert services and support professionals to help power and protect life online.

我們將為客戶提供當今雲空間中不常見的廣度和深度服務、海量內容交付平台、最佳應用程序性能、易於使用的雲和邊緣計算以及領先的安全解決方案，所有這些都以專家服務為後盾並支持專業人士幫助供電和保護在線生活。

Given that we're announcing this acquisition at the same time as our earnings, I thought it would be helpful to have Adam Karon join us on the call today to talk more about Linode. Adam is our COO, and he's responsible for running our compute and delivery businesses. Later this year, we'll also plan to hold an Investor Day, when you'll be able to hear from Mani Sundaram, who leads our security business, as well as from other Akamai executives.

鑑於我們在發布收益的同時宣布了此次收購，我認為讓 Adam Karon 今天加入我們的電話會議以更多地討論 Linode 會很有幫助。 Adam 是我們的首席運營官，他負責運營我們的計算和交付業務。今年晚些時候，我們還計劃舉辦投資者日，屆時您將能夠聽到領導我們安全業務的 Mani Sundaram 以及其他 Akamai 高管的發言。

After Adam speaks, Ed will cover the financial aspects of the acquisition and provide our outlook for 2022. Adam?

亞當發言後，埃德將介紹收購的財務方面並提供我們對 2022 年的展望。亞當？

Thanks, Tom. I'll start on Slide 12. Tom just spoke about the 3 core product pillars we have at Akamai: security, delivery and compute. I'm going to focus a bit deeper into the compute portfolio and what we think it will look like after the integration of Linode.

謝謝，湯姆。我將從幻燈片 12 開始。Tom 剛剛談到了我們在 Akamai 擁有的 3 個核心產品支柱：安全性、交付和計算。我將更深入地關注計算產品組合以及我們認為在 Linode 集成後它會是什麼樣子。

Turning to Slide 13. I'll start with the existing Linode product portfolio, which is split into 4 product groupings, the first being compute, which has offerings like dedicated and shared CPUs, bare metal, GPUs and Kubernetes; the next being storage, which provides services like block storage, object storage and a managed database service in beta; next, cloud orchestration; and finally, an award-winning set of developer tools that make it really easy for developers to use their platform. Their products are sold in traditional cloud models using online trials and online purchases.

轉到幻燈片 13。我將從現有的 Linode 產品組合開始，它分為 4 個產品組，第一個是計算，它提供專用和共享 CPU、裸機、GPU 和 Kubernetes 等產品；下一個是存儲，它提供塊存儲、對象存儲和測試版託管數據庫服務等服務；接下來，雲編排；最後，一套屢獲殊榮的開發人員工具，使開發人員可以非常輕鬆地使用他們的平台。他們的產品通過在線試用和在線購買以傳統的雲模式銷售。

Turning to Slide 14. After the acquisition closes, the Akamai compute product portfolio we envision would consist of 5 product groupings: the first being compute inherited from Linode, containing shared and dedicated CPUs, GPUs, Kubernetes; storage, which would contain the block and object storage that came from Linode but would also now include Akamai's net storage; we'd have cloud optimization that would include Akamai's Global Traffic Manager, Cloud Wrapper and Direct Connect solutions.

轉到幻燈片 14。收購完成後，我們設想的 Akamai 計算產品組合將包括 5 個產品組：第一個是從 Linode 繼承的計算，包含共享和專用 CPU、GPU、Kubernetes；存儲，它將包含來自 Linode 的塊和對象存儲，但現在也將包括 Akamai 的網絡存儲；我們將進行雲優化，其中包括 Akamai 的 Global Traffic Manager、Cloud Wrapper 和 Direct Connect 解決方案。

Next, the developer tools we get from Linode as well as the existing Akamai developer tools now make the Akamai compute platform easy and accessible to developers all over the world; and last, but certainly not least, our edge applications, which contain our EdgeWorkers and EdgeKV products that execute compute right at our edge. It will also include our Cloudlet's image and video manager and, of course, our API acceleration product.

接下來，我們從 Linode 獲得的開發人員工具以及現有的 Akamai 開發人員工具現在使 Akamai 計算平台對世界各地的開發人員都易於訪問；最後但同樣重要的是，我們的邊緣應用程序，其中包含在我們的邊緣執行計算的 EdgeWorkers 和 EdgeKV 產品。它還將包括我們的 Cloudlet 的圖像和視頻管理器，當然還有我們的 API 加速產品。

One of the exciting synergies would be in go-to-market. Akamai's compute products would not only be sold online, but because our current globally located enterprise sales force works closely with the buyers for cloud compute, they have the right relationships, and we would not need to create an overlay sales force. Another exciting go-to-market synergy would be our existing robust and global channel ecosystem that could also take these cloud compute offerings to market. And in both cases, new wallet share within the customer base could be open for future growth.

令人興奮的協同作用之一將是進入市場。 Akamai 的計算產品不僅會在線銷售，而且由於我們目前位於全球的企業銷售團隊與雲計算的買家密切合作，他們擁有正確的關係，我們不需要創建覆蓋銷售團隊。另一個令人興奮的市場協同效應將是我們現有的強大的全球渠道生態系統，它也可以將這些雲計算產品推向市場。在這兩種情況下，客戶群中的新錢包份額都可能為未來的增長開放。

Turning to Slide 15. Now let's talk about how we think about compute. Now computing at the edge or near end users and devices brings unique benefits for critical use cases that are in many locations and where data is in motion or ephemeral, whereas computing in the cloud brings other benefits that are usually for applications running in a smaller number of locations and where data is stored and persistent.

轉到幻燈片 15。現在讓我們談談我們如何看待計算。現在，邊緣或近端用戶和設備的計算為位於許多位置且數據處於動態或短暫狀態的關鍵用例帶來了獨特的優勢，而云計算帶來了其他通常適用於數量較少的應用程序的優勢位置以及數據存儲和持久化的位置。

Our combined platform would have both edge and cloud computing. And since modern applications are built as a collection of services, each with differing compute needs and data needs, only by combining the edge and cloud can we fulfill the varied needs of our customer base like data localization and low-latency containerized compute as well as more typical compute needs that are persistent and in fewer locations.

我們的組合平台將同時具有邊緣計算和雲計算。由於現代應用程序是作為服務集合構建的，每個服務都有不同的計算需求和數據需求，只有結合邊緣和雲，我們才能滿足客戶群的各種需求，如數據本地化和低延遲容器化計算以及更典型的計算需求是持久的並且在更少的位置。

The unique capabilities can come together when we are able to combine Akamai's Edge platform with Linode's cloud computing capabilities and then add in our Global Traffic Manager product to route across multiple clouds and cloud locations our global large private network that efficiently connects cloud and edge locations and messaging, bringing it all together, coordinating cloud and edge services. You end up with the world's most distributed compute platform from cloud to edge making it easier for developers and businesses to build, run and secure applications.

當我們能夠將 Akamai 的 Edge 平台與 Linode 的雲計算功能相結合，然後添加我們的 Global Traffic Manager 產品以跨多個雲和雲位置路由時，這些獨特的功能可以結合在一起，我們的全球大型專用網絡可以有效地連接雲和邊緣位置以及消息傳遞，將它們整合在一起，協調雲和邊緣服務。您最終將獲得世界上從雲到邊緣的分佈式計算平台，使開發人員和企業更容易構建、運行和保護應用程序。

Now on Slide 16. While Linode and Akamai can solve a number of customer use cases separately, I thought it would be useful to cover just a few examples of the use cases we believe we can help fulfill for our customers with this unique combination of products. In the sports vertical, you could imagine a sports league could leverage the new Akamai platform to deploy WebRTC services to enable a watch-along app that allows a group of friends to watch a game in sync while communicating with each other in real time. And they would be able to do that using our distributed BMs, load balancing and high-throughput egress.

現在在幻燈片 16 上。雖然 Linode 和 Akamai 可以分別解決許多客戶用例，但我認為只介紹一些我們相信我們可以通過這種獨特的產品組合幫助客戶實現的用例示例會很有用.在體育垂直領域，您可以想像一個體育聯盟可以利用新的 Akamai 平台來部署 WebRTC 服務，以啟用一個觀看應用程序，允許一群朋友在實時交流的同時同步觀看比賽。他們將能夠使用我們的分佈式 BM、負載平衡和高吞吐量出口來做到這一點。

When you think of IoT and fleet management, you could see a shipping company building a distributed app to collect in parts video and telemetry data from trucks in route before backhauling the data to their data warehouse. And they'd be able to do that using our support of MQTT, our distributed VMs and direct connect capabilities.

當您想到物聯網和車隊管理時，您可能會看到一家航運公司構建了一個分佈式應用程序，以在將數據回傳到他們的數據倉庫之前，從途中的卡車中收集部分視頻和遙測數據。他們可以使用我們對 MQTT 的支持、我們的分佈式虛擬機和直接連接功能來做到這一點。

An e-commerce site can leverage Akamai to dynamically personalize their site based on the user's previous and current browsing activity without having to go back to their data lake, all using our managed database services, Kubernetes and Functions-as-a-Service. In the metaverse, we can help create a persistent virtual experience when a game studio needs to connect users from across the globe in a fully immersive VR experience from any console, mobile device or browser, all using our distributed GPUs, low-latency and private backbone.

電子商務網站可以利用 Akamai 根據用戶之前和當前的瀏覽活動動態個性化他們的網站，而無需返回他們的數據湖，所有這些都使用我們的託管數據庫服務、Kubernetes 和功能即服務。在 Metaverse 中，當遊戲工作室需要從任何控制台、移動設備或瀏覽器以完全身臨其境的 VR 體驗連接全球用戶時，我們可以幫助創建持久的虛擬體驗，所有這些都使用我們的分佈式 GPU、低延遲和私有骨幹。

And in health care, a hospital could leverage Akamai to create a platform that captures and archives and videos of surgical procedures to help train doctors on new and emerging techniques using bare metal and our object store.

在醫療保健領域，醫院可以利用 Akamai 創建一個平台，該平台可以捕獲和歸檔外科手術的視頻和視頻，以幫助培訓醫生使用裸機和我們的對象存儲的新興技術。

Now turning to Slide 17. The combination of Akamai and Linode can be a truly unique offering in the market. We plan to combine ease of use and developer-friendliness Linode is known for with the wider reach, lower latency, strong security and greater resiliency that are Akamai's hallmarks. We expect our new combined offering to appeal to developers by offering core cloud compute functionality, ease of use and tools they need appeal to enterprises with security, uptime and reliability and drive future use cases as new applications can take advantage of the throughput performance and distribution of a market-leading global network.

現在轉到幻燈片 17。Akamai 和 Linode 的結合可以成為市場上真正獨一無二的產品。我們計劃將易用性和對開發人員友好的 Linode 與 Akamai 標誌性的更廣泛的覆蓋範圍、更低的延遲、強大的安全性和更大的彈性相結合。我們希望我們的新組合產品能夠通過提供核心雲計算功能、易用性和他們所需的工具來吸引開發人員，因為新應用程序可以利用吞吐量性能和分佈來吸引企業的安全性、正常運行時間和可靠性，並推動未來的用例市場領先的全球網絡。

Turning to Slide 18. So with Akamai and Linode, we can have highly secure, elastic compute along with storage capabilities on the world's largest edge network, category-leading security, an edge computing platform for latency-sensitive workloads, all on Akamai's large global private network with a globally located enterprise sales force and robust channel ecosystem, all setting us up to win in the marketplace.

轉到幻燈片 18。因此，借助 Akamai 和 Linode，我們可以在世界上最大的邊緣網絡上擁有高度安全、彈性的計算以及存儲功能、領先的安全性、延遲敏感型工作負載的邊緣計算平台，所有這些都在 Akamai 的大型全球擁有遍布全球的企業銷售隊伍和強大的渠道生態系統的私人網絡，所有這些都為我們在市場上取勝奠定了基礎。

And now I'll pass it to Ed to discuss the transaction details.

現在我將把它傳遞給 Ed 討論交易細節。

Thank you, Adam. I will start my remarks with brief highlights of our very strong Q4 results, then provide some insight into the financial aspects of the Linode acquisition and then close with our Q1 and full year 2022 guidance.

謝謝你，亞當。我將首先簡要介紹我們非常強勁的第四季度業績，然後對收購 Linode 的財務方面提供一些見解，然後以我們的第一季度和 2022 年全年指導結束。

So moving to Slide 20. Starting with the Q4 highlights. We are very pleased with our strong Q4 results, capping off an excellent year for Akamai. Q4 revenue was $905 million, up 7% year-over-year or 8% in constant currency. Revenue was led by another quarter of very strong growth in security as well as strength in our edge applications business.

所以轉到幻燈片 20。從第四季度的亮點開始。我們對我們強勁的第四季度業績感到非常滿意，為 Akamai 劃上完美的一年。第四季度收入為 9.05 億美元，同比增長 7%，或按固定匯率計算增長 8%。收入由另一個季度的非常強勁的安全增長以及我們的邊緣應用程序業務的實力引領。

Security revenue growth in Q4 was 23% year-over-year or 25% in constant currency, with Guardicore contributing revenue of approximately $10 million. We are very pleased with the initial momentum we've seen from Guardicore as well as the continued growth of the pipeline. It is also worth noting that our edge applications business surpassed a $200 million annual revenue run rate in Q4 and grew 30% for the full year in 2021.

第四季度的安全收入同比增長 23% 或按固定匯率計算 25%，Guardicore 貢獻的收入約為 1000 萬美元。我們對 Guardicore 的初始勢頭以及管道的持續增長感到非常滿意。還值得注意的是，我們的邊緣應用業務在第四季度的年收入運行率超過了 2 億美元，並在 2021 年全年增長了 30%。

International revenue growth was another bright spot with revenue increasing 13% year-over-year or 16% in constant currency. Sales in our international markets represented 47% of total revenue in Q4, up 2 points from Q4 2020. These strong results were despite foreign exchange fluctuations, which had a negative impact on revenue of $7 million on a sequential basis and negative $10 million on a year-over-year basis. Non-GAAP net income was $243 million or $1.49 of earnings per diluted share, up 12% year-over-year, up 14% in constant currency and $0.05 above the high end of our guidance range. Finally, as Tom mentioned, we had an exceptional year from a cash flow perspective.

國際收入增長是另一個亮點，收入同比增長 13%，按固定匯率計算增長 16%。我們在國際市場的銷售額佔第四季度總收入的 47%，比 2020 年第四季度增長了 2 個百分點。儘管外匯波動對收入產生了 700 萬美元的負面影響，2020 年同期對收入產生了 1000 萬美元的負面影響，但仍取得了強勁的業績。同比。非美國通用會計準則淨收入為 2.43 億美元或每股攤薄收益 1.49 美元，同比增長 12%，按固定匯率計算增長 14%，比我們的指導範圍高端高 0.05 美元。最後，正如湯姆所說，從現金流的角度來看，我們度過了非凡的一年。

Moving to capital deployment. During the fourth quarter, we spent approximately $271 million to buy back approximately 2.4 million shares. Our intention is to continue to buy back shares to offset dilution from employee equity programs over time and to be opportunistic, both M&A and share repurchases.

轉向資本部署。在第四季度，我們花費了大約 2.71 億美元回購了大約 240 萬股股票。我們的目的是繼續回購股票，以抵消員工股權計劃隨著時間的推移而造成的稀釋，並在併購和股票回購方面保持機會主義。

Turning now to Linode on Slide 21. As you heard from Tom and Adam, we believe the combination of Akamai and Linode will create the world's most distributed platform for developers and businesses to build, run and secure their applications. Under the terms of the agreement, Akamai has agreed to acquire Linode in exchange for approximately $900 million of cash. The transaction will be treated as an asset purchase for tax purposes. And as a result, we anticipate significant cash income tax savings over the next 15 years. While this benefit will not impact our non-GAAP effective tax rate, we estimate the present value of these savings to be approximately $120 million.

現在轉到幻燈片 21 上的 Linode。正如您從 Tom 和 Adam 那裡聽到的，我們相信 Akamai 和 Linode 的結合將為開發人員和企業創建世界上最分佈式的平台，以構建、運行和保護他們的應用程序。根據協議條款，Akamai 已同意以約 9 億美元現金收購 Linode。出於稅收目的，該交易將被視為資產購買。因此，我們預計未來 15 年將節省大量現金所得稅。雖然這一好處不會影響我們的非公認會計原則有效稅率，但我們估計這些節省的現值約為 1.2 億美元。

Turning to Slide 22. We believe that Linode currently has a very attractive financial profile and that there are considerable revenue and cost synergy opportunities in the future. Assuming a late Q1 close, in 2022, we expect the acquisition to: add revenue of approximately $100 million, have no material impact to our non-GAAP operating margin and be accretive to non-GAAP EPS by $0.05 to $0.06 per share.

轉到幻燈片 22。我們認為 Linode 目前的財務狀況非常有吸引力，並且未來有相當大的收入和成本協同機會。假設在 2022 年第一季度末結束，我們預計此次收購將：增加約 1 億美元的收入，對我們的非公認會計原則營業利潤率沒有重大影響，並且非公認會計原則每股收益增加 0.05 美元至 0.06 美元。

Looking beyond this year, we expect Linode to be additive to our non-GAAP operating margin as we continue to capitalize on revenue and cost synergies, including leveraging our go-to-market channel and marketing organizations to accelerate revenue from enterprise customers, realizing significant cost savings by utilizing our very large global private network that Adam previously talked about as well as leveraging our significant scale and supply chain along with our network deployment expertise.

展望今年以後，我們預計 Linode 將增加我們的非公認會計準則營業利潤率，因為我們將繼續利用收入和成本協同效應，包括利用我們的上市渠道和營銷組織來加速企業客戶的收入，實現顯著通過利用 Adam 之前談到的我們非常龐大的全球專用網絡以及利用我們巨大的規模和供應鏈以及我們的網絡部署專業知識來節省成本。

From a CapEx perspective, we expect Linode to add approximately 2 points to CapEx as a percentage of revenue in 2022 as we plan to expand Linode's capacity and locations to meet anticipated customer demand. However, over the long term, we do not expect the acquisition to meaningfully change our previously communicated goal of CapEx being in the mid-teens as a percentage of revenue.

從資本支出的角度來看，我們預計 Linode 將在 2022 年將資本支出佔收入的百分比增加約 2 個百分點，因為我們計劃擴大 Linode 的產能和地點以滿足預期的客戶需求。然而，從長遠來看，我們預計此次收購不會顯著改變我們之前傳達的資本支出佔收入百分比在十幾歲左右的目標。

Turning to Slide 23. As Tom and Adam previously mentioned, upon closing the acquisition, we plan to update our revenue reporting to reflect 3 separate business groups: security, delivery and compute. The first revenue grouping, security, will remain unchanged from the existing reporting of our Security Technologies Group.

轉到幻燈片 23。正如湯姆和亞當之前提到的，在完成收購後，我們計劃更新我們的收入報告以反映 3 個獨立的業務組：安全、交付和計算。第一個收入分組，即安全性，將與我們安全技術集團的現有報告保持不變。

The second revenue group will be delivery. Delivery will be comprised of edge delivery and services portion of our existing ETG organization, but will exclude our net storage and edge application businesses that were previously included as part of ETG revenue. For context, our edge applications business, which had revenue of approximately $196 million in 2021 and our net storage business, which had revenue of approximately $57 million in 2021, will move to our new compute business.

第二個收入組將是交付。交付將包括我們現有 ETG 組織的邊緣交付和服務部分，但不包括我們之前作為 ETG 收入一部分包含的網絡存儲和邊緣應用程序業務。就背景而言，我們的邊緣應用業務（2021 年收入約為 1.96 億美元）和淨存儲業務（2021 年收入約為 5700 萬美元）將轉移到我們的新計算業務。

The third and final revenue group will be called compute. Compute will include Linode, plus our edge applications and net storage businesses I just mentioned. We believe that with strong execution, we can deliver more than $500 million of annual compute revenue in 2023.

第三個也是最後一個收入組將被稱為計算。計算將包括 Linode，以及我剛才提到的邊緣應用和網絡存儲業務。我們相信，憑藉強大的執行力，我們可以在 2023 年實現超過 5 億美元的年度計算收入。

Turning to Slide 24. Before I provide our Q1 and 2022 guidance, I wanted to highlight a couple of factors to consider for your models. First, the Q1 and full year 2022 guidance I am about to provide does not reflect the revenue and non-GAAP EPS contribution we anticipate from Linode that I previously mentioned since the acquisition has not yet closed. We plan to update our full year guidance to include Linode on the first earnings conference call after the deal has closed.

轉到幻燈片 24。在我提供第一季度和 2022 年的指導之前，我想強調幾個要為您的模型考慮的因素。首先，我即將提供的第一季度和 2022 年全年指導並未反映我之前提到的 Linode 預期的收入和非公認會計原則每股收益貢獻，因為收購尚未完成。我們計劃更新我們的全年指導，將 Linode 納入交易完成後的第一次收益電話會議。

Second, international revenue now represents nearly half of our total revenue. And the dollar has continued to strengthen since we reported in early November. Therefore, we currently expect a meaningful foreign exchange headwind in 2022. At current spot rates, our guidance assumes that foreign exchange will have a negative $45 million impact on revenue on a year-over-year basis.

其次，國際收入現在占我們總收入的近一半。自我們在 11 月初報導以來，美元一直在走強。因此，我們目前預計 2022 年將出現重大的外匯逆風。按照目前的即期匯率，我們的指導假設外匯將對收入同比產生 4500 萬美元的負影響。

Finally, similar to 2019, we have 8 of our top 10 customers renewing in the first half of the year. As a reminder, we define our top customers as anyone contributing revenue of 1% or more. And that customer -- that group of customers contributed approximately 19% of total revenue in 2021. Although we expect to see a negative impact to revenue growth in the near term, we expect to see incremental revenue over time as these customers' traffic grows with us.

最後，與 2019 年類似，我們的前 10 名客戶中有 8 名在上半年進行了續訂。提醒一下，我們將我們的頂級客戶定義為任何貢獻 1% 或更多收入的人。而那個客戶——這組客戶在 2021 年貢獻了大約 19% 的總收入。雖然我們預計短期內會對收入增長產生負面影響，但隨著這些客戶流量的增長，我們預計收入會隨著時間的推移而增加我們。

I'd also note that while the cluster timing of these renewals is unusual, the pricing, contract terms are consistent with the broader trends in the market, and these renewals have been factored into our guidance.

我還要指出，雖然這些續約的集群時間不尋常，但定價、合同條款與市場的更廣泛趨勢一致，這些續約已納入我們的指導。

So with all that in mind, turning to our Q1 guidance on Slide 25. We are projecting revenue in the range of $896 million to $910 million or up 6% to 8% as reported or 8% to 10% in constant currency over Q1 2021. Foreign exchange fluctuations are expected to have a negative $2 million impact on Q1 revenue compared to Q4 levels and a negative $17 million impact year-over-year.

因此，考慮到所有這些，請轉向我們對幻燈片 25 的第一季度指導。我們預計 2021 年第一季度的收入在 8.96 億美元至 9.1 億美元之間，或按報告增長 6% 至 8% 或按固定匯率計算增長 8% 至 10% . 與第四季度的水平相比，預計外匯波動將對第一季度的收入產生 200 萬美元的負面影響，同比產生 1700 萬美元的負面影響。

At these revenue levels, we expect cash gross margins of approximately 76%. Q1 non-GAAP operating expenses are projected to be $292 million to $296 million. We anticipate Q1 EBITDA margins of approximately 43%. We expect non-GAAP depreciation expense to be between $123 million to $124 million, and we expect non-GAAP operating margin of approximately 30% for Q1.

在這些收入水平上，我們預計現金毛利率約為 76%。第一季度非 GAAP 運營費用預計為 2.92 億美元至 2.96 億美元。我們預計第一季度 EBITDA 利潤率約為 43%。我們預計非 GAAP 折舊費用將在 1.23 億美元至 1.24 億美元之間，我們預計第一季度非 GAAP 營業利潤率約為 30%。

Moving on to CapEx. We expect to spend approximately $120 million to $124 million, excluding equity compensation and capitalized interest in the first quarter. This represents approximately 13% to 14% of anticipated total revenue, which is down approximately 4 points from Q1 2021 levels.

轉向資本支出。我們預計第一季度將花費約 1.2 億至 1.24 億美元，不包括股權補償和資本化利息。這約佔預期總收入的 13% 至 14%，比 2021 年第一季度的水平下降了約 4 個百分點。

And with the overall revenue and spend configuration I just outlined, we expect Q1 non-GAAP EPS in the range of $1.39 to $1.43. This EPS guidance assumes taxes of $38 million to $39 million based on an estimated quarterly non-GAAP tax rate of approximately 14.5%. It also reflects a fully diluted share count of approximately 162 million shares.

根據我剛剛概述的整體收入和支出配置，我們預計第一季度非公認會計原則每股收益在 1.39 美元至 1.43 美元之間。該每股收益指引假設稅額為 3800 萬美元至 3900 萬美元，基於估計的季度非公認會計原則稅率約為 14.5%。它還反映了大約 1.62 億股的完全稀釋後的股份數量。

Moving to Slide 26. Looking ahead to the full year, we expect revenue of $3.673 billion to $3.728 billion, which is up 6% to 8% year-over-year as reported or 7% to 9% in constant currency. We expect security revenue growth to be at least 20% for the full year 2022. This includes an expected Guardicore contribution of approximately $50 million to $55 million. We are estimating non-GAAP operating margin of approximately 29% to 30% and non-GAAP earnings per diluted share of $5.82 to $5.97. And this non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 14.5% and a fully diluted share count of 162 million shares. Finally, full year CapEx is anticipated to be approximately 13% to 14% of revenue.

轉到幻燈片 26。展望全年，我們預計收入為 36.73 億美元至 37.28 億美元，同比增長 6% 至 8%，或按固定匯率計算增長 7% 至 9%。我們預計 2022 年全年的安全收入增長至少為 20%。這包括預期的 Guardicore 貢獻約 5000 萬至 5500 萬美元。我們估計非美國通用會計準則營業利潤率約為 29% 至 30%，非美國通用會計準則每股攤薄收益為 5.82 美元至 5.97 美元。該非公認會計準則收益指引基於約 14.5% 的非公認會計準則有效稅率和完全稀釋的 1.62 億股股份。最後，全年資本支出預計約為收入的 13% 至 14%。

In closing, we are very pleased with our 2021 performance and are excited to close on Linode and help customers build, run and secure their applications. Now I'd like to turn the call back over to Tom to say a few words before we take your questions. Tom?

最後，我們對 2021 年的表現感到非常滿意，並很高興能夠關閉 Linode 並幫助客戶構建、運行和保護他們的應用程序。現在我想把電話轉回給湯姆說幾句話，然後再回答你的問題。湯姆?

Thanks, Ed. I'll wrap up now on Slide 28. As I mentioned earlier, Akamai has had a rich and exciting history of innovation that has fundamentally enabled the Internet to provide enormous benefit to billions of people around the world. We are truly making life better for billions of people, billions of times a day.

謝謝，埃德。我現在將結束幻燈片 28。正如我之前提到的，Akamai 擁有豐富而激動人心的創新歷史，從根本上使互聯網能夠為全球數十億人提供巨大的利益。我們正在真正讓數十億人的生活變得更美好，每天數十億次。

As incredible as Akamai's contributions to the Internet have been, I want you to know that I couldn't be more excited about Akamai's potential for the future as we expand our business with Linode and Guardicore, provide even greater value for our customers and shareholders and make life even better for Internet users everywhere.

儘管 Akamai 對互聯網的貢獻令人難以置信，但我想讓您知道，隨著我們與 Linode 和 Guardicore 一起擴展我們的業務，為我們的客戶和股東提供更大的價值，以及讓世界各地的互聯網用戶的生活更加美好。

Ed, Adam and I will now be happy to take your questions.

Ed、Adam 和我現在很樂意回答您的問題。

(Operator Instructions) Our first question comes from Sterling Auty with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Sterling Auty。

I wondered if you could give us some context in terms of what kind of growth was Linode experiencing before the acquisition? And then when you talked about kind of 2023 and beyond, I want to make sure I understand that new compute area, the $500 million, what kind of growth rate do you expect out of that segment?

我想知道您能否就 Linode 在被收購前經歷的增長提供一些背景信息？然後，當您談到 2023 年及以後的情況時，我想確保我了解新的計算領域，即 5 億美元，您預計該領域會有什麼樣的增長率？

Sterling, this is Ed. Thanks for the question. So before the acquisition, they were growing at about 15%, give or take. The bigger customers were growing faster. And they were sort of containing their growth a bit. It was a very closely-held company. So they were holding back a bit on their investment in go-to-market and their build-out. So obviously, that's one of the major synergies we bring. So we think we can accelerate that business pretty considerably.

斯特林，這是埃德。謝謝你的問題。因此，在收購之前，它們的增長率約為 15%，不管是給予還是接受。更大的客戶增長得更快。他們有點控制他們的成長。這是一家非常緊密的公司。因此，他們在進入市場和擴建方面的投資有所保留。很明顯，這是我們帶來的主要協同效應之一。因此，我們認為我們可以大大加快這項業務。

Now when I talked about the different components of the business, if you take the net storage business plus the edge applications business plus where Linode is, assume I talked about how we grew the edge applications business 30%. And if you remember back on Investor Day, that was our long-term target. Our net storage business, as it is today, is kind of a flattish business, kind of grows like the CDN. We expect that to obviously accelerate as we add new capabilities.

現在，當我談到業務的不同組成部分時，如果您將網絡存儲業務加上邊緣應用業務加上 Linode 所在的位置，假設我談到了我們如何將邊緣應用業務增長 30%。如果你還記得投資者日，那是我們的長期目標。就像今天一樣，我們的網絡存儲業務有點平淡，有點像 CDN 一樣增長。隨著我們添加新功能，我們預計這會明顯加速。

And then the Linode business should accelerate quite a bit. So if you were to put those pieces together, and I talked about in '23 that I expected that we would be above $500 million in revenue, that sort of gets you to that 30% to 35% kind of growth rate in that business once you get through the acquisition.

然後 Linode 業務應該會加速很多。所以如果你把這些部分放在一起，我在 23 年談到我預計我們的收入將超過 5 億美元，這會讓你在該業務中達到 30% 到 35% 的增長率你通過收購。

Right. And then -- but given those pieces, would you expect that growth to be durable at that level or kind of settle back into more of a 15% to 20%, just so we understand the longer-term context? And that's all for me.

正確的。然後 - 但考慮到這些因素，您是否預計增長會在那個水平上持續下去，還是會回到 15% 到 20% 的水平，以便我們了解長期背景？這就是我的全部。

Yes. That's a great question, and I'll ask Adam to chime in a little bit here as well. Obviously, we're getting into a very, very big market. And what pushed us into this market was our customers. We were getting more and more requests for folks to continue to come with different use cases ourselves. We're spending quite a bit on third-party cloud today, whether it's through acquisitions or through IT projects. Just the overall growth of this market is so significant that we think there's certainly the market there to do that.

是的。這是一個很好的問題，我也會請亞當在這裡插話一點。顯然，我們正在進入一個非常非常大的市場。推動我們進入這個市場的是我們的客戶。我們越來越多地要求人們繼續自己提供不同的用例。今天，我們在第三方雲上投入了大量資金，無論是通過收購還是通過 IT 項目。只是這個市場的整體增長是如此顯著，以至於我們認為那里肯定有市場可以做到這一點。

I'll let Adam talk a little bit about some of his plans in terms of future integration and the growth prospects going forward. But it's quite possible that, that could be a durable growth rate going forward for that business.

我將讓亞當談談他在未來整合和未來增長前景方面的一些計劃。但很有可能，這可能是該業務未來的持久增長率。

Yes. I agree, Ed. I think we see that market growing very rapidly outside of what Akamai had before, and we see that with our customers and demand of our edge applications and asking us for this type of cloud computing as well. So we do expect it to be durable as that market continues to grow quite rapidly.

是的。我同意，埃德。我認為我們看到這個市場在 Akamai 之前的市場之外增長得非常迅速，我們看到我們的客戶和我們的邊緣應用程序的需求，並要求我們提供這種類型的雲計算。因此，我們確實希望它能夠持久，因為該市場繼續快速增長。

Our next question comes from Keith Weiss with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

Maybe 2 questions. One on the Linode acquisition. I just want to kind of better understand kind of like the buy versus like a partner decision. Can you help us understand what's interesting about sort of buying this asset, what you could do owning sort of Linode versus partnering with Linode or other type of cloud computing platforms out there, number one?

也許2個問題。一個關於 Linode 的收購。我只是想更好地理解購買與合作夥伴的決定。您能否幫助我們了解購買該資產的有趣之處，擁有某種 Linode 與與 Linode 或其他類型的雲計算平台合作，第一，您可以做什麼？

And then number two, for Ed, just in looking at FY '22 and the margins coming down. Ed, nice margin performance in Q4 and all throughout 2021. Can you talk to us a little bit about what's going to be pressuring margins into 2022?

然後排名第二，對於 Ed 來說，只是看看 22 財年和利潤率下降。 Ed，第四季度和整個 2021 年的利潤率表現都不錯。你能和我們談談到 2022 年將給利潤率帶來什麼壓力嗎？

Yes. By owning Linode, we can really scale up that business. We have a lot of expertise in network deployment and doing that in a cost-effective way to get enormous scale. Also, we've got a large enterprise sales force and a customer base that is hungry for us to bring them this kind of capability.

是的。通過擁有 Linode，我們可以真正擴大業務。我們在網絡部署方面擁有豐富的專業知識，並以具有成本效益的方式獲得巨大的規模。此外，我們擁有一支龐大的企業銷售隊伍和一個渴望我們為他們帶來這種能力的客戶群。

We know how to make large-scale systems be reliable and perform well. And we can bring it all together as part of an end-to-end solution so that our customers can take their major applications, build them easily on Akamai, and that's where Linode comes in, run them. Of course, we have the world's largest and best content delivery platform to deliver it, and then wrap it all together under our security umbrella to make sure it stays secure.

我們知道如何使大型系統可靠並運行良好。我們可以將所有這些作為端到端解決方案的一部分整合在一起，這樣我們的客戶就可以使用他們的主要應用程序，在 Akamai 上輕鬆構建它們，這就是 Linode 的用武之地，運行它們。當然，我們擁有世界上最大和最好的內容交付平台來交付它，然後將它們全部包裹在我們的安全保護傘下，以確保它保持安全。

And so that's a compelling reason for us to make the acquisition here and provide the end-to-end service versus just partnering with the various cloud providers. Ed, do you want to take the margin question?

因此，這是我們在這裡進行收購併提供端到端服務而不是僅僅與各種雲提供商合作的一個令人信服的理由。埃德，你想問邊距問題嗎？

Yes. Sure, Keith. And just to add on that, if I just look at the financial profile of the business we just acquired, think about getting up to that sort of scale of revenue, the type of investment you need to make, how long it will take you to get there. It's rare that you find companies that have profitability margins like we do.

是的。當然，基思。再補充一點，如果我只看一下我們剛剛收購的業務的財務狀況，請考慮達到那種收入規模，您需要進行的投資類型，您需要多長時間到達那裡。您很少能找到像我們這樣具有利潤率的公司。

So to be able to bolt that on, it's immediately accretive, gets us to market much faster, there's a brilliance to the simplicity in terms of how they approach and how simple it is to use their system. That's an expertise that we're acquiring as well. So there's a lot to like about that.

因此，為了能夠實現這一點，它會立即增值，讓我們更快地進入市場，就他們的方法和使用他們的系統的簡單程度而言，他們的簡單性非常出色。這也是我們正在獲得的專業知識。所以有很多值得喜歡的地方。

Now in terms of the margins. So there's a couple of things going on there. One of the points that I made in my prepared remarks was about foreign exchange. That's a big headwind for us, and we're very profitable outside the U.S. So that does put a little bit of pressure on margins for us. But also, we're making investments. And keep in mind, you have the full Guardicore business. We only had about 2 -- a little over 2 months in the first -- in the fourth quarter. So in the first quarter, we have the full Guardicore and the cost in the business. And you've got in the middle of the year is when we do our merit increase.

現在就利潤率而言。所以那裡發生了幾件事。我在準備好的發言中提出的觀點之一是關於外彙的。這對我們來說是一個很大的阻力，而且我們在美國以外的地方非常有利可圖，所以這確實給我們的利潤率帶來了一點壓力。但是，我們也在進行投資。請記住，您擁有完整的 Guardicore 業務。我們在第四季度只有大約 2 個 - 第一季度超過 2 個月。因此，在第一季度，我們擁有完整的 Guardicore 和業務成本。而你在年中是我們做功德增加的時候。

That said, 2 things to point out. Number one, we're going to be -- as I said we do about 30% in Q1. We've done very well managing costs. And then we also told you when we did the acquisition of Guardicore that in '23, we'd expect to get above 30% margins again. So will it be expanding margins? Might be slightly under 30% this year. As I said, somewhere between 29% and 30%, but we anticipate to get back above that in '23.

也就是說，要指出兩件事。第一，我們將成為 - 正如我所說的，我們在第一季度做了大約 30%。我們在成本管理方面做得很好。然後我們還告訴你，當我們收購 Guardicore 時，在 23 年，我們預計利潤率將再次超過 30%。那麼它會擴大利潤率嗎？今年可能略低於30%。正如我所說，在 29% 到 30% 之間，但我們預計會在 23 年回到這個數字之上。

Our next question comes from James Breen with William Blair.

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

Just looking at the Edge Technology Group growth this year has been flattish off of some pretty high numbers from 2020 as a result of the pandemic. As you think about that going forward and with some of the repricing this year, can we just talk about some of the puts and takes relative to repricing some of those contracts as well as some of the sectors that were hit most by the pandemic potentially improving?

由於大流行，今年 Edge Technology Group 的增長與 2020 年的一些相當高的數字持平。當您考慮到這一點以及今年的一些重新定價時，我們能否談談與重新定價其中一些合同以及一些受疫情影響最大的行業可能改善的一些看跌期權和收益?

This is Ed. I'll take that one. So yes, as far as the renewals go, as we've talked in the past, whenever we have a combination of renewals, we'll always call it out for you guys. Here's what I would expect with that group of customers: typical renewal pricing, nothing unusual in terms of anything in the market to call out there.

這是埃德。我會拿那個。所以是的，就續約而言，正如我們過去所說，每當我們有續約的組合時，我們總是會為你們大聲疾呼。這是我對這群客戶的期望：典型的續訂定價，就市場上的任何東西而言，沒有什麼不尋常的。

I'd expect that group of customers to decline a bit in Q1, decline a bit in Q2 because like about half of the renewals already done, then I got about half coming up here in April. And then I would expect that revenue to start to grow again. It's pretty typical of what you see in the CDN business when you have a cluster of renewals.

我預計這群客戶在第一季度會有所下降，在第二季度會有所下降，因為大約一半的續訂已經完成，然後我在四月份得到了大約一半。然後我預計收入將再次開始增長。當您有一組續訂時，這是您在 CDN 業務中看到的非常典型的情況。

Now those customers have varying contracts. Some of them are 1 year, some of them are 2, some of them are 3, and some of them have revenue commitments that will be used up before the contract is over. So it's very unusual to have this sort of a cluster. So that will put some pressure on growth here for the next couple of quarters, but then I expect that customer group to grow.

現在這些客戶有不同的合同。有的為1年，有的為2年，有的為3年，還有一些有收入承諾，在合同結束前會用完。所以擁有這種集群是非常不尋常的。因此，這將給未來幾個季度的增長帶來一些壓力，但我預計該客戶群將會增長。

They've been very busy buying up our security products, our compute product. So I expect now they're great targets for the new acquisition we just picked up here. So I expect to expand the wallet share within those group of accounts. And this is just something that's pretty typical in the CDN business. And where we're seeing the pricing pressure is on the delivery side. We're not seeing it in the security side, not seeing it at edge. We're seeing it just in delivery.

他們一直忙於購買我們的安全產品，我們的計算產品。所以我現在希望他們成為我們剛剛在這裡進行的新收購的重要目標。所以我希望擴大這些賬戶組中的錢包份額。這只是 CDN 業務中非常典型的事情。我們看到定價壓力在交付方面。我們沒有在安全方面看到它，也沒有在邊緣看到它。我們只是在交付中看到它。

As far as the pandemic, we are starting to see a little bit of improvement in travel and hospitality. And as a reminder, that group was about 4% of our total revenue. I think that will sort of ebb and flow with how the pandemic goes. As we start to have these waves of new variants, travel slows down. As it goes away, travel picks up.

就大流行而言，我們開始看到旅行和款待有所改善。提醒一下，這個群體約占我們總收入的 4%。我認為這將隨著大流行的發展而起起落落。隨著我們開始有這些新變種的浪潮，旅行速度減慢。隨著它的消失，旅行開始了。

Retail is still a bit sluggish, not really seeing a significant improvement. And just remember, we had set up a 0 overage, and the biggest acquirers of that type of contract are the retailers, especially in the U.S. So you see a little bit of a muted seasonality here in Q4 related to retail. But still some way to go here on retail. Travel is improving a bit. And in general, as we get past these renewals, you'll start to see the delivery business improve a bit.

零售業仍然有些低迷，並沒有真正看到顯著的改善。請記住，我們設置了 0 超額，此類合同的最大收購者是零售商，尤其是在美國。因此，在第四季度，您會看到與零售相關的季節性減弱。但在零售方面還有一段路要走。旅遊有所改善。總的來說，隨著我們通過這些續訂，您將開始看到交付業務有所改善。

Our next question comes from Colby Synesael with Cowen.

我們的下一個問題來自 Colby Synesael 和 Cowen。

This is Michael on for Colby. Two questions, if I may. First, following this acquisition, you also did Guardicore. How would you describe the appetite for additional M&A? And as part of that, how does this acquisition impact the way that you're thinking about additional buybacks? I thought there was a pretty notable step up in the fourth quarter.

這是科爾比的邁克爾。兩個問題，如果可以的話。首先，在這次收購之後，你還做了 Guardicore。您如何描述對額外併購的需求？作為其中的一部分，此次收購對您考慮額外回購的方式有何影響？我認為第四季度有一個非常顯著的進步。

And then one other question, if I can squeeze it in. With this acquisition, $100 million of revenue coming in and you talked about 15% growth that seems durable, how does this change the way you're thinking about the long-term revenue growth profile for the company?

然後是另一個問題，如果我能擠進去。通過這次收購，1 億美元的收入進來，你談到 15% 的增長似乎是持久的，這將如何改變你對長期收入的看法公司的成長概況？

Yes. Good questions. Obviously, we've done 2 large deals, the largest deals we've done in about 20 years over the last several months. I wouldn't expect to see us continue at that rate, certainly. We probably will do more tech tuck-ins and smaller acquisitions.

是的。好問題。顯然，我們已經完成了兩筆大宗交易，是過去幾個月我們在大約 20 年內完成的最大一筆交易。當然，我不希望看到我們以這種速度繼續下去。我們可能會進行更多的技術整合和較小的收購。

In terms of the buyback, our primary use of cash is for M&A and to buy back equity to offset the dilution from compensation programs. Now as I mentioned, that said, we do also opportunistically buy back additional stock. And if you look over the last 10 years, it's averaged a little more than 1% a year. And so I think our general approach to use of capital is not changing here. Just we saw 2 exceptional opportunities, first with Guardicore and now with Linode.

在回購方面，我們現金的主要用途是併購和回購股權以抵消補償計劃的稀釋。現在正如我所提到的，也就是說，我們也會機會主義地回購額外的股票。如果你回顧過去 10 年，平均每年略高於 1%。所以我認為我們使用資本的一般方法在這裡沒有改變。剛剛我們看到了 2 個特殊的機會，首先是 Guardicore，現在是 Linode。

Guardicore really is a huge boost to our enterprise security business, Zero Trust capabilities. We believe they have the best solution to stop the impact of ransomware. And that's a huge, huge deal. And you see that in the improved guidance we've given. And just we closed the deal a few months ago, and we're looking at this year then of doing $30 million to $35 million and now, as you heard from Ed, substantially more than that.

Guardicore 確實是對我們的企業安全業務零信任能力的巨大推動。我們相信他們擁有阻止勒索軟件影響的最佳解決方案。這是一筆巨大的交易。您可以在我們提供的改進指導中看到這一點。就在幾個月前我們完成了交易，我們正在考慮今年做 3000 萬到 3500 萬美元，現在，正如你從 Ed 那裡聽到的那樣，遠遠不止於此。

And I can tell you from talking to many of our customers, many of the world's major banks, they are very interested in what Guardicore can do, both the visibility it gives customers into their own networks and the ability to mitigate the impacts of ransomware.

我可以告訴你，通過與我們的許多客戶、世界上許多主要銀行的交談，他們對 Guardicore 的功能非常感興趣，無論是它為客戶提供的對自己網絡的可見性，還是減輕勒索軟件影響的能力。

Now in terms of the durability of revenue growth from Linode, in the past, they were doing 15%. I think Ed and Adam talked about, we think we can do a lot more than that. Just consider that Linode doesn't really have a sales force, never mind a sales force like Akamai has going after major enterprises. And you combine that with the fact that our major enterprise customers have wanted us to have this capability for them.

現在就 Linode 收入增長的持久性而言，過去他們的增長率為 15%。我認為 Ed 和 Adam 談到了，我們認為我們可以做的遠不止這些。考慮一下 Linode 並沒有真正的銷售隊伍，更不用說像 Akamai 這樣的銷售隊伍正在追逐大型企業。您將其與我們的主要企業客戶希望我們為他們提供這種能力這一事實相結合。

So we think we can really accelerate their growth and that it could well be that the 30% is sustainable. So we're certainly going to try to do that. And if we're successful there, you can see Akamai as a whole back in double-digit revenue growth on a more sustainable basis, and that's certainly our goal.

所以我們認為我們可以真正加速他們的增長，而且很可能這 30% 是可持續的。所以我們肯定會嘗試這樣做。如果我們在這方面取得成功，您可以看到整個 Akamai 在更可持續的基礎上實現兩位數的收入增長，這當然是我們的目標。

Our next question comes from James Fish with Piper Sandler.

我們的下一個問題來自 James Fish 和 Piper Sandler。

So curious, grew 22% -- actually, I'm sorry, 25% constant currency. But seem like new business slowed and the normalized security number was slightly down versus last quarter. So really, why aren't we growing faster in the segment when the market has come directly towards SASE, and it's been as healthy of a security market as we've probably seen since 2014?

很好奇，增長了 22%——實際上，對不起，25% 的固定貨幣。但似乎新業務放緩，標準化安全數字與上一季度相比略有下降。所以說真的，當市場直接轉向 SASE 時，為什麼我們沒有在該領域增長得更快，而且自 2014 年以來我們可能已經看到了安全市場的健康狀況？

And have we seen a pickup at all in selling security outside of the existing CDN installed base? And just squeezing in another one here, but what was the growth of our annual customer metrics you guys typically give in Q4 regarding the individual products and subsegments like an access control?

我們是否看到在現有 CDN 安裝基礎之外銷售安全產品的情況有所好轉？只是在這裡擠另一個，但是你們通常在第四季度給出的關於單個產品和子細分市場（如訪問控制）的年度客戶指標的增長是多少？

I'll start with that and then hand it over to Ed. We're very pleased to see our security business grow 25% in constant currency. You talk about SASE, and that is a very small portion of our business today. In fact, SASE technically wouldn't even include micro-segmentation. I would imagine that's going to change in the near future because it's so important and it's going to become a requirement, I believe, for many of the world's major enterprises, certainly in the financial vertical.

我將從這個開始，然後將其交給 Ed。我們很高興看到我們的安全業務按固定匯率計算增長了 25%。您談論 SASE，這只是我們今天業務的一小部分。事實上，SASE 在技術上甚至不包括微分段。我想這會在不久的將來發生變化，因為它非常重要，而且我相信它會成為世界上許多主要企業的要求，當然是在金融垂直領域。

So the SASE framework is a small amount of Akamai revenue. And with Guardicore growing rapidly, the vast majority of our security revenue is in the web security area, where we're protecting, think of it as B2C apps, from denial of service, from content corruption, from account staffed, from data exfiltration, those kinds of attacks, which technically isn't part of the SASE framework.

所以 SASE 框架是 Akamai 的一小部分收入。隨著 Guardicore 的快速增長，我們的絕大多數安全收入都在網絡安全領域，我們正在保護，將其視為 B2C 應用程序，防止拒絕服務、內容損壞、帳戶配備、數據洩露，這類攻擊在技術上不屬於 SASE 框架的一部分。

And so what you would think of is maybe more towards a SASE. We're getting very good growth on a small number. And of course, the lion's share of our security business is in the web security, API protection, where with market leaders and growing at a very fast clip on a good size number for us.

所以你會想到的可能更傾向於 SASE。我們在少數幾個方面獲得了非常好的增長。當然，我們的安全業務的最大份額是網絡安全、API 保護，在市場領導者和快速增長的情況下，我們的規模非常大。

And Ed, maybe you want to take the rest of the question.

Ed，也許你想回答剩下的問題。

Yes. So Jim, we don't break this out every quarter, but I'll just go back to the IR Day. We set targets for application security, network security and security services. And as a reminder, those goals were for application security, 20% to 25%, 20% to 25% in network security and then security services of 10% to 15%. I can tell you that we had achieved all of those and exceeded, in many cases, those metrics. Are there any other metrics that you were looking for? I think you mentioned something about customers?

是的。所以吉姆，我們不會每個季度都打破這個，但我會回到 IR 日。我們為應用程序安全、網絡安全和安全服務設定目標。提醒一下，這些目標是應用程序安全，20% 到 25%，網絡安全 20% 到 25%，然後是 10% 到 15% 的安全服務。我可以告訴你，我們已經實現了所有這些，並且在許多情況下超過了這些指標。您是否正在尋找任何其他指標？我想你提到了一些關於客戶的事情？

Yes. I mean we used to kind of talk about penetration of number of customers that are on your WAF solution at this point. And I thought at the Analyst Day, we were going to get the annual update on those subsegments. Maybe you're saving that for the Analyst Day.

是的。我的意思是，我們過去常常談論在這一點上使用您的 WAF 解決方案的客戶數量的滲透。我想在分析師日，我們將獲得這些細分市場的年度更新。也許您將其保存到分析師日。

Yes. That's what we're going to do. On Analyst Day, we'll have a deep dive on that. What I'll do is I'll provide -- I provided this metric before in terms of the number of customers that buy a security product, that's up to 68.5%. So that's up about 6% year-over-year. Two or more is up to 34.5%. That's up about 3%. Three or more is up to 20%. And we increased our customer base by about 6% for the year. Our total customer base is up about 6%. Security penetration is up about 6% year-over-year.

是的。這就是我們要做的。在分析師日，我們將對此進行深入探討。我要做的是提供——我之前提供了這個指標，即購買安全產品的客戶數量，最高為 68.5%。因此，同比增長約 6%。兩個或更多高達34.5%。上漲了約 3%。三個或更多高達20％。我們今年的客戶群增加了約 6%。我們的總客戶群增加了約 6%。安全滲透率同比增長約 6%。

Helpful. If I can squeeze in one more. One knock we've heard on some of the smaller developer-focused solutions like a Linode is that organizations tend to kind of graduate from these solutions to an AWS or Azure.

有幫助。如果我能再擠一個。我們聽到的關於 Linode 等一些以開發人員為中心的小型解決方案的敲門聲是，組織傾向於從這些解決方案畢業到 AWS 或 Azure。

What investments are you looking to make to prevent this sort of graduation and make it more enterprise-grade for the Akamai installed base? Or is it more about taking Akamai downmarket and be that developer focus that we've been looking for?

您希望進行哪些投資來防止這種畢業並使其對 Akamai 安裝群更具企業級？還是更多的是將 Akamai 推向低端市場並成為我們一直在尋找的開發者焦點？

I'll hand this over to Adam in just a minute, but we're interested in the developer base for sure because our large enterprise customers, their apps are built and, in many cases, managed by the developers. So we really care about a developer-friendly solution. But we are going to take this to our large enterprise customers. And Adam has a robust road map of added capabilities. And Adam, why don't you talk a little bit about that?

我將在稍後將這個交給 Adam，但我們肯定對開發人員基礎感興趣，因為我們的大型企業客戶，他們的應用程序是由開發人員構建的，並且在許多情況下是由開發人員管理的。所以我們非常關心開發人員友好的解決方案。但我們將把它帶給我們的大型企業客戶。 Adam 擁有強大的附加功能路線圖。亞當，你為什麼不談談這個？

Sure, Tom. I think Tom mentioned earlier, our -- some of our expertise is just building and deploying larger network presence all over the globe. So that would be our first area to go and make those locations that Linode has just more robust and available to our customers. But building in things like availability zones, BPC, identity access management and then building in compliance like SOC 2 and PCI are really on the core parts of our road map so that customers can not only bring their apps onto the platform but graduate and continue to grow and scale globally as they build, run and secure the application right on the Akamai platform.

當然，湯姆。我認為湯姆之前提到過，我們的一些專業知識只是在全球範圍內建立和部署更大的網絡存在。因此，這將是我們的第一個領域，使 Linode 擁有的那些位置更加強大並且可供我們的客戶使用。但是，構建可用區、BPC、身份訪問管理等內容，然後構建 SOC 2 和 PCI 等合規性確實是我們路線圖的核心部分，因此客戶不僅可以將他們的應用程序帶到平台上，而且可以畢業並繼續他們在 Akamai 平台上構建、運行和保護應用程序時在全球範圍內增長和擴展。

And I just would add, our customers have been pretty explicit with us that they are very interested in us having this capability and putting it together with the world's best content delivery capabilities, the world's best application performance and the world's best security solutions to provide an end-to-end solution.

我只想補充一點，我們的客戶對我們非常明確，他們對我們擁有這種能力非常感興趣，並將其與世界上最好的內容交付能力、世界上最好的應用程序性能和世界上最好的安全解決方案結合在一起，以提供一個端到端的解決方案。

So I think you will not see this be a situation where they migrate from, say, a Linode to a hyperscaler. But our customers are interested in alternatives and end-to-end solutions that -- maybe there are some functions on hyperscalers today that I think would migrate to Akamai's new cloud platform. We'll be the world's most distributed cloud platform with now market-leading solutions in not just delivery and security, but also compute.

所以我認為你不會看到這是他們從 Linode 遷移到超大規模的情況。但我們的客戶對替代方案和端到端解決方案感興趣——也許今天的超大規模設備上的某些功能會遷移到 Akamai 的新雲平台。我們將成為世界上分佈最廣泛的雲平台，不僅在交付和安全方面，而且在計算方面都擁有市場領先的解決方案。

Our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 和 RBC。

Just 2. One on Linode and maybe an inverse of the last question. Obviously, they have great traction down market, when we think about the ability of Akamai to cross-sell into that Linode base, you're obviously very, very strong in the larger enterprises with both security as well as the core delivery and edge applications business. Can you talk about your ability to actually take some of your more enterprise-grade products and actually sell them successfully downmarket once the Linode acquisition closes?

只是 2. Linode 上的一個，也許是最後一個問題的反面。顯然，他們對市場有很大的吸引力，當我們考慮到 Akamai 交叉銷售到 Linode 基地的能力時，你顯然在安全性以及核心交付和邊緣應用程序的大型企業中非常非常強大商業。您能否談談您在 Linode 收購完成後實際採用一些企業級產品並實際在低端市場成功銷售的能力？

And then I wanted to drill a little bit more into Q4 and what you saw from the e-commerce season. I know you talked a little bit about retail bounce-back being sluggish. But I know when we were on this call 3 months ago, one of the concerns was just with supply chain concerns and the tough comps, e-commerce was going to be a little bit challenged in Q4. Just wanted to get a sense for what did you see specifically on the e-commerce side in Q4.

然後我想深入了解第四季度以及您從電子商務季節看到的情況。我知道你談到了零售反彈緩慢。但我知道，當我們在 3 個月前進行電話會議時，其中一個擔憂只是供應鏈問題和艱難的競爭，電子商務在第四季度將受到一點挑戰。只是想了解您在第四季度的電子商務方面具體看到了什麼。

I'll take the first question. Ed will take the second. Yes, we certainly can cross-sell into the Linode base. That's not our primary objective here. The primary objective is to take Linode and really scale that up and sell it into the large enterprise base. I think that's far more lucrative for us than taking our existing solutions and selling into the large number of small customers. And the focus will be moving Linode's capabilities into our platform and having a comprehensive solution for large enterprise customers. And Ed, you want to take the next one?

我會回答第一個問題。埃德將拿第二個。是的，我們當然可以交叉銷售到 Linode 基地。這不是我們在這裡的主要目標。主要目標是採用 Linode 並真正擴大規模並將其出售給大型企業群。我認為這對我們來說比採用我們現有的解決方案並向大量小客戶銷售更有利可圖。重點是將 Linode 的功能轉移到我們的平台中，並為大型企業客戶提供全面的解決方案。 Ed，你想拿下一個嗎？

Yes. I got it. So Rishi, on the commerce, you're right, when we had the Q3 call, we did talk about sort of a variety of potential outcomes with commerce. I would say that we pretty much landed where we expected. We didn't really bake in a ton of upside clearly for 2 reasons. One was just uncertainty around supply chain, people potentially ordering earlier in the year. But the bigger factor was around the ZOFF the zero overage.

是的。我得到了它。所以 Rishi，在商業方面，你是對的，當我們進行第三季度電話會議時，我們確實談到了商業方面的各種潛在結果。我會說我們幾乎到達了我們預期的地方。出於兩個原因，我們並沒有真正明確地獲得大量收益。一個是供應鏈的不確定性，人們可能會在今年早些時候訂購。但更大的因素是在 ZOFF 附近，即零超額。

We've been in market now for over 2 years, and we've got a pretty high penetration so that you don't see as much of a bursting in Q4 as you do from the commerce customers. And as I've said, it's been a mixed bag. Some companies are doing pretty well, some aren't doing so great. So again, I'd say it's kind of as expected, but we weren't going in expecting a ton out of our retail vertical this Q4.

我們已經進入市場 2 年多了，而且我們的滲透率非常高，因此您在第四季度看不到商業客戶的爆發式增長。正如我所說，情況好壞參半。有些公司做得很好，有些公司做得不太好。再說一次，我會說這有點像預期的那樣，但我們並沒有期待這個第四季度我們的零售垂直市場會有大量的增長。

Our next question comes from Fatima Boolani with Citi.

我們的下一個問題來自花旗銀行的 Fatima Boolani。

Maybe a jump ball for you all, just with respect to some of the new revenue classifications that we're going to be expecting in the next couple of months here. As I think back to your last Analyst Day, what was certainly helpful for us is to get a sense of what type of traffic mix you're expecting in the delivery franchise.

也許對你們所有人來說都是一個跳球，只是關於我們在接下來的幾個月裡期待的一些新的收入分類。當我回想起您上次的分析師日時，對我們肯定有幫助的是了解您在交付特許經營中期望的流量組合類型。

So I'm curious with Linode in the family or soon to be, how you expect that mix of traffic to change relative to some of your expectations within the long and medium-term guide. And then I had a quick follow-up, if I could.

因此，我對 Linode 家族或即將成為家族中的人感到好奇，您希望這種流量組合相對於您在長期和中期指南中的一些期望會發生怎樣的變化。然後我有一個快速的跟進，如果可以的話。

Well, the traffic measured by bytes delivered is 95-plus percent big media and software downloads, gaming downloads. That's the vast majority of the traffic. That won't change with Linode. In fact, I would expect we'd be selling compute services to those same big media customers. In fact, several of them have expressed interest in that capability. So Linode won't change our traffic mix. And when we get together at IR Day, we'll do the deep dive in each of these categories to get a better feel of how the revenue is breaking down.

嗯，以傳輸的字節數衡量的流量是 95% 以上的大型媒體和軟件下載、遊戲下載。這是流量的絕大部分。 Linode 不會改變這種情況。事實上，我希望我們會向同樣的大型媒體客戶銷售計算服務。事實上，他們中的一些人已經表達了對這種能力的興趣。所以 Linode 不會改變我們的流量組合。當我們在 IR Day 聚會時，我們將深入研究每個類別，以更好地了解收入是如何分解的。

That's very helpful. And for Ed, I wanted to talk a little bit about the margin upside in the quarter. With the media business having some nice outperformance, we were still able to see a nice leverage fall through the model. So I'm just curious if you can walk us through some of the puts and takes within the cost-control elements of the business in the quarter. That would be helpful.

這很有幫助。對於 Ed，我想談談本季度的利潤率上升。由於媒體業務有一些出色的表現，我們仍然能夠看到一個很好的槓桿作用從模型中消失。因此，我很好奇您是否可以在本季度業務的成本控制要素中向我們介紹一些看跌期權和收益。那會很有幫助。

Yes. Sure. Good question. So a couple of things to note on that. One is just a mix issue. So we obviously had a strong security quarter. I did a little bit better on security. So that drives very high incremental margins in the business. The other thing on the cost of goods sold line, the margins came in on the gross margin line a little bit better.

是的。當然。好問題。所以有幾點需要注意。一個只是混合問題。所以我們顯然有一個強大的安全季度。我在安全方面做得更好一些。因此，這推動了業務的非常高的增量利潤率。商品銷售成本線上的另一件事是，毛利率線上的利潤率要好一些。

Teams' done a phenomenal job on driving down our bandwidth costs. As I look out towards next year, we expect traffic to grow sort of at normal rates. And my bandwidth costs are not really going up very much. So able to drive down bandwidth costs, that would be the big thing. We're getting good efficiencies, starting to see CapEx come down quite a bit. We won't see the depreciation fall off. You have to get a peak in, say, the next 1.5 years or so, then it will start to come off. But just around the -- around all the different organizations, which is doing really focused on efficiency. And we've seen good flow through when we get a little bit of a revenue upside.

團隊在降低我們的帶寬成本方面做得非常出色。當我展望明年時，我們預計流量將以正常速度增長。而且我的帶寬成本並沒有真正上漲太多。所以能夠降低帶寬成本，這將是一件大事。我們的效率越來越高，資本支出開始大幅下降。我們不會看到貶值下降。你必須在接下來的 1.5 年左右達到一個高峰，然後它就會開始下降。但就在 - 圍繞所有不同的組織，它們確實專注於效率。當我們獲得一點收入增長時，我們已經看到了良好的流動性。

Our next question comes from Alex Henderson with Needham & Company.

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

I was hoping we could talk a little bit about the architecture that you're anticipating as we go forward, whether you're planning on integrating the platforms at the edge or whether you're -- as described in the slide deck, whether the Linode nodes are, in fact, relatively separate from your edge compute platform. Do you anticipate moving to a single software stack within each node? Or will these be separate nodes in that context?

我希望我們能談談您在我們前進時所期待的架構，無論您是否計劃在邊緣集成平台，或者您是否 - 如幻燈片中所述，無論是事實上，Linode 節點與您的邊緣計算平台相對獨立。您是否預計在每個節點內遷移到單個軟件堆棧？或者在那種情況下這些節點會是單獨的節點嗎？

I'll start with that and then turn it over to Adam. You want to think of Akamai's platform as hierarchical. There's a core where functions such as storage would live, where there's dozens of locations for archive storage, migrating out all the way to the edge, where there's 4,000 POPs, where most of our capabilities live today.

我會從那個開始，然後把它交給亞當。您想將 Akamai 的平台視為分層的。有一個核心，存儲等功能將存在，那裡有數十個存檔存儲位置，一直遷移到邊緣，那裡有 4,000 個 POP，我們今天的大部分功能都在這裡。

Something else that's closer to the core in dozens of locations would be the Prolexic service. But things like delivering video, delivering software, accelerating your bank statement and most all the security other than Prolexic all live on the very edge out in 4,000 locations.

在幾十個地方更接近核心的其他東西是 Prolexic 服務。但是，諸如提供視頻、提供軟件、加快銀行對賬單以及除 Prolexic 之外的大多數安全性之類的事情都在 4,000 個地點的最邊緣進行。

EdgeWorkers lives out there too. EdgeKV lives out there. And Linode starts in the core in 11 locations, and we'll be expanding that quite a bit, and it will all be integrated together as part of one hierarchical platform. And then maybe, Adam, you could get a little bit deeper into that in terms of the software stack and so forth.

EdgeWorkers 也生活在那裡。 EdgeKV 就在那裡。 Linode 從 11 個位置的核心開始，我們將對其進行相當多的擴展，它們將作為一個分層平台的一部分集成在一起。然後也許，亞當，你可以在軟件堆棧等方面更深入一點。

Yes. I think you covered most of it, but I think the way you can think about it is that the Linode stack itself can be segmented into multiple components. Just like Tom just described, you might have storage or databases that might exist closer to the core.

是的。我認為您涵蓋了大部分內容，但我認為您可以考慮的方式是 Linode 堆棧本身可以分割成多個組件。就像 Tom 剛剛描述的那樣，您可能擁有更接近核心的存儲或數據庫。

And as you have more ephemeral-type instantiations of applications, you push those components further out towards our edge, ultimately culminating in our deep edge, where you'd have our Chrome V8 engines that can be instantiated on demand right on the edge itself. So that's our EdgeWorkers solution. But you can see kind of a Linode kind of stack like spanning the entire span and what Tom just described as the core all the way out to the edge.

隨著您擁有更多臨時類型的應用程序實例，您將這些組件進一步推向我們的邊緣，最終在我們的深度邊緣達到頂峰，在那裡您將擁有可以在邊緣本身按需實例化的 Chrome V8 引擎。這就是我們的 EdgeWorkers 解決方案。但是你可以看到一種 Linode 類型的堆棧，比如跨越整個跨度，以及 Tom 剛剛描述的一直到邊緣的核心。

If I could follow up. You talked about the coder-centric capabilities of Linode. Can you talk about the degree to which coders are writing to this platform? And for that matter, to the Akamai platform, how many coders do you have writing to your platform at this point?

如果我能跟進。您談到了 Linode 以編碼器為中心的功能。你能談談程序員在這個平台上寫作的程度嗎？就此而言，對於 Akamai 平台，您目前有多少編碼人員正在編寫您的平台？

Adam, why don't you take that one?

亞當，你為什麼不拿那個？

Yes. On the Linode platform, they have over 150,000 customers today on their platform writing and deploying applications. On our -- was that the question?

是的。在 Linode 平台上，他們今天有超過 150,000 名客戶在他們的平台上編寫和部署應用程序。在我們的 - 是這個問題嗎？

The degree to which the coders are writing to the platform, yes, as opposed to, necessarily, customers. I assume the customers are -- actually do some writing.

編碼員寫入平台的程度，是的，而不是客戶。我假設客戶是 - 實際上做一些寫作。

The customers of Linode are -- yes, they're primarily developers, which is one of the reasons for the benefit of bringing the developer-centric community that Linode brings to the Akamai community. And then those developers, as Tom described, a lot of them are the decision-makers inside of our enterprise customer base developing and deploying and, in some cases, managing those applications. And thus, that developer community becomes appealing -- appeals through those enterprise customers right back to Akamai. So it's kind of a great system that they have.

Linode 的客戶是——是的，他們主要是開發人員，這也是將 Linode 為 Akamai 社區帶來的以開發人員為中心的社區帶來好處的原因之一。然後，正如 Tom 所描述的，這些開發人員中的許多人是我們企業客戶群中的決策者，他們開發和部署，在某些情況下，管理這些應用程序。因此，該開發人員社區變得有吸引力——通過這些企業客戶直接回到 Akamai。所以這是他們擁有的一個很棒的系統。

Can you give us the Akamai-related data point relative to how many coders are writing to your edge compute capabilities?

您能否提供與 Akamai 相關的數據點，該數據點與有多少編碼員正在寫入您的邊緣計算能力有關？

I don't think I have that stat on hand right now.

我不認為我現在手頭有這個統計數據。

Our next question comes from Tim Horan with Oppenheimer.

我們的下一個問題來自 Tim Horan 和 Oppenheimer。

Will it take much investment to consolidate and integrate Linode both from a software and hardware perspective? And will you be operating on relatively similar hardware? And I guess same thing for the go-to-market strategy and, I guess, customer care just a little bit about the overall investment. And then I just had a quick follow-up.

從軟件和硬件角度整合和集成 Linode 是否需要大量投資？你會在相對相似的硬件上運行嗎？我猜對上市策略也是一樣的，我猜，客戶關懷只是對整體投資的一點點關注。然後我進行了快速跟進。

Sure. So we are looking at the ways we can drive synergy between the hardware that the Linode platform runs on today and the Akamai platform. And you can imagine, we have a significant deep expertise in our network group and hardware engineering organizations that spend all of their time optimizing for that, which gives us our great COGS and CapEx benefits inside of Akamai. So we'll look to do that as we integrate Linode. And then can you repeat the second half of the question? I think it was on go-to-market?

當然。因此，我們正在研究如何推動目前運行 Linode 平台的硬件與 Akamai 平台之間的協同作用。您可以想像，我們的網絡團隊和硬件工程組織擁有深厚的專業知識，他們將所有時間都用於優化，這為我們在 Akamai 內部帶來了巨大的 COGS 和資本支出優勢。因此，我們將在集成 Linode 時考慮這樣做。然後你能重複問題的後半部分嗎？我認為它是在上市？

Yes. Just same thing for like customer care and go-to-market? Will you have to invest much to integrate?

是的。就像客戶服務和進入市場一樣？您是否需要投入大量資金才能進行整合？

Yes. No, the great thing about the Linode platform is it is very self-service, very frictionless for developers to come on board. They have amazing documentation that make developers use of their platform easy. And they have a great customer care group inside of Linode that we've worked very closely with your -- and build up to the signing of this.

是的。不，Linode 平台的偉大之處在於它非常自助，開發人員加入時非常順暢。他們擁有令人驚嘆的文檔，使開發人員可以輕鬆地使用他們的平台。他們在 Linode 內部有一個很棒的客戶服務團隊，我們與您密切合作 - 並建立了這一點。

And so we expect to have them operate more as a Tier 2 to our existing Akamai customer care organization. And of course, our existing enterprise sales force will be the sales force that goes to market, selling those products along with their existing self-service model they have today.

因此，我們希望他們更多地作為我們現有 Akamai 客戶服務組織的第 2 層運營。當然，我們現有的企業銷售隊伍將是進入市場的銷售隊伍，銷售這些產品以及他們今天擁有的現有自助服務模式。

And you mentioned you have a very large network, obviously. Do you think you can get into the enterprise private line or global WAN market or just overall enterprise network indirectly?

你提到你有一個非常大的網絡，很明顯。您認為您可以間接進入企業專線或全球 WAN 市場還是只是整體企業網絡？

Well, can you ask -- I think in terms of enterprise win or whatnot, we do partner very closely with our telco partners, and that's something that we work very closely with them when they have opportunities. We use our network in combination with theirs, where it makes synergy with those customers that want to use both our telco partners and Akamai. I'm not sure if that's what you were getting at or something...

好吧，你能問一下——我認為就企業獲勝或其他方面而言，我們確實與我們的電信合作夥伴密切合作，當他們有機會時，我們會與他們密切合作。我們將我們的網絡與他們的網絡結合使用，從而與希望同時使用我們的電信合作夥伴和 Akamai 的客戶產生協同效應。我不確定這是不是你的意思還是什麼......

Think of Akamai as providing Internet connectivity to enterprises. That's not our business. We -- that's our partners' business. Now we do provide clean access so that an enterprise can sort of hide behind Akamai. And only Akamai can come through so that they maintain safety and security for their data centers. So we do that, but we're not -- we don't provide base connectivity. That would be our partners, which would be the carriers.

將 Akamai 視為為企業提供 Internet 連接。那不關我們的事。我們——這是我們合作夥伴的業務。現在，我們確實提供了乾淨的訪問權限，以便企業可以隱藏在 Akamai 背後。只有 Akamai 可以通過，以便他們維護數據中心的安全。所以我們這樣做，但我們不是——我們不提供基本連接。那將是我們的合作夥伴，也就是運營商。

Our next question comes from Franklin Louthan with Raymond James.

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

You mentioned earlier bringing scale to the business here. And I'm just curious what the strategy is for bringing scale to compete increasingly with large cloud companies that have some of the biggest scale in the world. And why the strategic decision to move in that direction and not bolster more of the security or the core CDN business?

您之前提到在這里為業務帶來規模。我只是好奇，為了擴大規模以與世界上規模最大的大型雲公司競爭，該戰略是什麼。為什麼要朝著這個方向發展而不是加強安全性或核心 CDN 業務的戰略決策呢？

Yes. When you think of scale, there's a couple of ways to do it. One is just how many servers do you have? Obviously, we have a lot. But the way we think about scale is more in terms of being distributed. And none of the hyperscalers come anywhere close to us in terms of being in 4,000 POPs and having a real edge network.

是的。當你想到規模時，有幾種方法可以做到這一點。一是你有多少台服務器？顯然，我們有很多。但我們考慮規模的方式更多是在分佈式方面。就 4,000 個 POP 和擁有真正的邊緣網絡而言，沒有一個超大規模公司能與我們相提並論。

Now what we haven't had before is the managed VM, managed container services. And our customers have asked for that. That's been the one missing piece on our platform. Because customers for many of their apps would like to take the entire app, build it on Akamai run it on Akamai, deliver it through us, where they know they get fabulous performance, instant scalability, where it becomes relevant to do so to have the edge computing really done on the edge and then to have it all be secure so that we can provide the end-to-end service. And so that's why we're doing this.

現在我們以前沒有的是託管虛擬機、託管容器服務。我們的客戶要求這樣做。這是我們平台上缺少的一塊。因為他們的許多應用程序的客戶想要獲取整個應用程序，在 Akamai 上構建它在 Akamai 上運行它，通過我們交付它，他們知道在那裡他們可以獲得出色的性能和即時可擴展性，這樣做變得相關邊緣計算真正在邊緣完成，然後確保一切安全，以便我們可以提供端到端服務。這就是我們這樣做的原因。

And in some cases, there may be some -- of course, we've been competing with the hyperscalers for 15 years, and I think that will continue. And I think the hyperscalers themselves, several of them are our largest customers. And several of them are already using us for our compute capabilities, and I expect that to increase with the acquisition of Linode.

在某些情況下，可能會有一些——當然，我們已經與超大規模企業競爭了 15 年，我認為這種情況會繼續下去。我認為超大規模生產商本身，其中一些是我們最大的客戶。他們中的一些人已經在使用我們的計算能力，我預計隨著對 Linode 的收購，這種能力會增加。

And so it's an environment where we compete, of course, have and for many years and successfully. And what we do, we do really well. And that will be taking an application, making it easy to build and deploy on Akamai and then to have the world's best performance, scalability, global reach and security. And that's where Akamai excels. And that's the goal in making this acquisition is really to complete that story to be able to have the end-to-end capability to handle their applications.

所以這是一個我們競爭的環境，當然，多年來一直成功。我們所做的，我們做得很好。這將需要一個應用程序，使其易於在 Akamai 上構建和部署，然後擁有世界上最好的性能、可擴展性、全球影響力和安全性。這就是 Akamai 擅長的地方。這就是進行這次收購的目標，真正完成這個故事，以便能夠擁有處理其應用程序的端到端能力。

Yes. And just to add, I mean this -- I was going to -- this doesn't take away from our investment in security. And another way to think about it is you've now got 2 very exciting, fast-growing businesses inside of Akamai, led by 2 different leaders in the company. And the scale that we can bring -- turn the question around and think about if you're a $100-plus million company trying to scale to $1 billion, what would you need?

是的。補充一點，我的意思是——我打算——這並不會影響我們在安全方面的投資。另一種思考方式是，您現在在 Akamai 內部擁有 2 個非常令人興奮、快速發展的業務，由公司的 2 位不同領導者領導。以及我們可以帶來的規模——把問題反過來想一想，如果你是一家價值超過 100 億美元的公司，試圖擴大到 10 億美元，你需要什麼？

You'd need an enterprise sales force. You'd need a global private network. You'd want to have a low-cost deployment model. You'd want to have access to customers and channel, and we bring all that. So this, to me, was a very natural adjacency for us.

你需要一支企業銷售隊伍。您需要一個全球專用網絡。您需要一個低成本的部署模型。您希望能夠接觸到客戶和渠道，而這一切都是我們帶來的。所以，對我來說，這對我們來說是一種非常自然的鄰接關係。

And I look at ourselves and what we're spending in third-party cloud, looking at bringing that in-house driving some additional synergies and savings there. It's just a natural extension of what we're doing and entering a really, really big, exciting market. And again, it doesn't take away from our ability to invest in security. As you saw, we did 2 very large acquisitions: one in security, one here in cloud. And we're very fortunate with our profitability and our cash flow generation to be able to do that.

我審視了我們自己以及我們在第三方雲上的支出，著眼於將其引入內部，從而在那裡產生一些額外的協同效應和節省。這只是我們正在做的事情的自然延伸，並進入了一個非常、非常大、令人興奮的市場。再說一次，它不會影響我們投資安全的能力。如您所見，我們進行了兩次非常大的收購：一次在安全領域，一次在雲計算領域。我們非常幸運，我們的盈利能力和產生的現金流能夠做到這一點。

So is the end goal to be able to provide some of these cloud computing functions on yourself that would -- that the large cloud companies would white label? Or are you going to be providing aspects that they just can't do themselves in their larger server farm requirements?

那麼，最終目標是能夠為自己提供一些雲計算功能——大型雲公司會貼上白標嗎？還是您要提供他們在更大的服務器場需求中無法做到的方面？

I think both. There's things that we do today at a level that the hyperscalers don't do. I mean they have competing services, but in many cases, the hyperscalers use us and use our services for their own properties even though we compete with them.

我認為兩者兼而有之。我們今天所做的一些事情是超大規模製造商不做的。我的意思是他們有競爭服務，但在許多情況下，超大規模企業使用我們並將我們的服務用於他們自己的財產，即使我們與他們競爭。

I do expect us to be partnering with, well, certainly many of the world's major carriers and white labeling our services. Of course, the carriers are major channel partners with us today, and I think that will increase through the acquisition of Linode because they've had an interest in being able to offer that kind of capability, and now it comes hand-in-hand with, well, the whole solution all put together.

我確實希望我們能夠與世界上許多主要的運營商合作，並為我們的服務貼上白標。當然，運營商是我們今天的主要渠道合作夥伴，我認為這將通過收購 Linode 來增加，因為他們有興趣能夠提供這種能力，現在它攜手並進好，整個解決方案都放在一起。

Our next question comes from Rudy Kessinger with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

I want to go -- 2 things here. Starting off, going back to [the] customers that are going to have the repricing. You said basically declined first half and then return to growth in the second half. For the year in '22 over '21, what's your expectation for that group? Are they going to be slightly down or about breakeven, on a growth basis?

我想去——這裡有兩件事。開始，回到將要重新定價的[那些]客戶。你說上半年基本下降，下半年又恢復增長。對於 22 年到 21 年的這一年，您對該組的期望是什麼？在增長的基礎上，它們會略有下降還是接近盈虧平衡？

Yes. Good question. So I would expect those customers to be slightly up year-over-year. So as you declined in the first 2 quarters, you start growing the back half. Now there's also significant upside with the Linode products as well. You can imagine these guys have -- they spend tons of money in this area. So there's a potential there you could continue to grow that base of customers.

是的。好問題。因此，我預計這些客戶將同比略有增長。所以當你在前兩個季度下降時，你開始增長後半部分。現在，Linode 產品也有很大的優勢。你可以想像這些人有——他們在這個領域花了很多錢。因此，您有可能繼續擴大客戶群。

So not expecting that this year, but it's possible that we could start to tap into that. Obviously, we're going to have to build a pipeline, get customers lined up, but that's obviously, certainly a very target-rich group of customers.

所以今年沒有預料到，但我們有可能開始利用這一點。顯然，我們將不得不建立一個管道，讓客戶排隊，但這顯然是一個目標非常豐富的客戶群。

Got it. And then secondly, going back to Guardicore, a pretty substantial outperformance thus far. I think you said $10 million in the quarter. Initial expectation in Q4 was $6 million to $7 million, then obviously, $50 million to $55 million expected in '22 versus $30 million to $35 million originally.

知道了。其次，回到 Guardicore，迄今為止的表現相當可觀。我想你在本季度說過 1000 萬美元。第四季度最初的預期是 600 萬到 700 萬美元，然後很明顯，22 年的預期是 5000 萬到 5500 萬美元，而最初的預期是 3000 萬到 3500 萬美元。

Just what's really driving that upside? What's really resonating well with this product, both with new customers and those that you're cross-selling?

究竟是什麼真正推動了這種上漲？無論是新客戶還是您交叉銷售的客戶，這款產品的真正共鳴是什麼？

Well, obviously, ransomware is a big problem. And we believe that Guardicore has the best solution. It is easier to use than competing solutions, and micro-segmentation has a reputation for being really hard to implement and inflexible. It gives you great visibility in terms of what's going on in your network. Customers have really appreciated that. It's really important with security.

好吧，顯然，勒索軟件是一個大問題。我們相信 Guardicore 有最好的解決方案。它比競爭解決方案更容易使用，並且微分段以難以實施和不靈活而聞名。它使您能夠清楚地了解網絡中發生的事情。客戶對此表示讚賞。安全性真的很重要。

And they have a solution that works with legacy systems that the competition doesn't have. They have built their own custom firewall. And the competing services will have to rely on the existing firewalls and whatever operating systems being used by a particular application and, in some cases, doesn't even exist and so they can't cover it.

他們有一個解決方案，可以與競爭對手沒有的遺留系統一起使用。他們建立了自己的自定義防火牆。競爭服務將不得不依賴現有的防火牆和特定應用程序使用的任何操作系統，在某些情況下，它們甚至不存在，因此無法覆蓋。

So it's the best solution and to a big problem that's rapidly growing. And so we've seen very strong interest in our customer base. And of course, we have a very large enterprise sales force that now can bring Guardicore into the large banks and the large enterprises, and the initial reception has been very strong. So yes, I'm very excited by their performance this year, and I'm looking forward to substantial growth in the future.

所以它是最好的解決方案，也是一個快速增長的大問題的解決方案。因此，我們已經看到對我們的客戶群非常感興趣。當然，我們有一個非常龐大的企業銷售隊伍，現在可以將Guardicore 帶入大銀行和大企業，並且最初的反應非常強烈。所以是的，我對他們今年的表現感到非常興奮，我期待著未來的大幅增長。

This question comes from Jeff Van Rhee with Craig-Hallum.

這個問題來自 Jeff Van Rhee 和 Craig-Hallum。

So 2 quick ones for me. First, I guess, on the cross-sell back into your base of Linode product. How critical is it to win over the developers in your base? I mean, obviously, you've got the relationship. Maybe you can come in and try to make the cross-sell, but there's a lot of power sitting in those developers. What is it about these tools that the developers will see as their best option? And how do you win them over?

所以2個對我來說是快速的。首先，我想，在交叉銷售回你的 Linode 產品基地。贏得您基地的開發人員有多重要？我的意思是，很明顯，你有這種關係。也許你可以進來嘗試進行交叉銷售，但這些開發人員擁有很大的權力。開發人員認為這些工具的最佳選擇是什麼？你如何贏得他們的支持？

Adam, why don't you take that one?

亞當，你為什麼不拿那個？

Sure. I mean that's one of the most attractive things to the Linode platform is that their developer-centric tools make it really easy for customers who use their Kubernetes engine use their managed VMs. It's just very simple to configure. Onboard comes with a ton of documentation, makes it very simple for somebody to learn how to use and onboard themselves and try their applications very quickly on their platform.

當然。我的意思是 Linode 平台最吸引人的地方之一是，他們以開發人員為中心的工具讓使用 Kubernetes 引擎的客戶使用他們的託管虛擬機變得非常容易。配置非常簡單。 Onboard 附帶大量文檔，讓人們可以非常簡單地學習如何使用和載入自己，並在他們的平台上快速嘗試他們的應用程序。

We heard from developers inside of our own company as well as developers inside of our customers that they love to use the Linode tools. They're simple, easy, and that's really why we think we're going to win over the developers using that type of platform. Something that's simple, easy to use and has great documentation.

我們從我們自己公司內部的開發人員以及我們客戶內部的開發人員那裡聽說他們喜歡使用 Linode 工具。它們簡單、容易，這就是為什麼我們認為我們將贏得使用該類型平台的開發人員的青睞。簡單，易於使用並且具有出色文檔的東西。

Yes. And you may have missed it -- mentioned it. If I missed it, apologies. But in terms of the customer base, how many customers? What's an average spend per year for the Linode base? And any particular concentrations in the base from vertical or other segmentation that matters?

是的。你可能錯過了——提到它。如果我錯過了，請道歉。但就客戶群而言，有多少客戶？ Linode 基地每年的平均支出是多少？以及來自垂直或其他重要分割的基礎中的任何特定濃度？

So the Linode customer base is around 150,000 customers. We don't break them down like that, at least not yet. But we can tell you, I think Ed mentioned this earlier on the call, that the larger segment of their customer base is growing much faster than the very, very small developers. But we don't give out the ARPU yet on the customer base.

因此，Linode 的客戶群約為 150,000 名客戶。我們不會像那樣分解它們，至少現在還不會。但我們可以告訴你，我認為 Ed 早些時候在電話會議上提到了這一點，他們的客戶群的更大部分的增長速度比非常非常小的開發人員要快得多。但是我們還沒有給出客戶群的 ARPU。

Yes. Just to add, there's no customer concentration risk in terms of any significant customers making up a large percentage of the revenue. And earlier, it was Adam who mentioned that from a go-to-market perspective, they didn't focus on selling into large enterprises. That's where we can bring in that synergy.

是的。補充一點，就佔收入很大比例的任何重要客戶而言，不存在客戶集中風險。早些時候，亞當提到，從進入市場的角度來看，他們並不專注於向大企業銷售。這就是我們可以帶來協同作用的地方。

So I would expect that over time, that customer base could change and look a lot more like our customer base. And obviously, that small developer base will just continue to grow as we continue to market and that sort of thing. But it also opens up opportunities in some of our underserved verticals that you think about the spend in certain places that may not have as large websites or web presence, but they're spending an awful lot in this area.

所以我預計隨著時間的推移，客戶群可能會發生變化，看起來更像我們的客戶群。很明顯，隨著我們繼續營銷和類似的事情，這個小型開發人員群將繼續增長。但它也為我們一些服務不足的垂直領域開闢了機會，您可以考慮在某些地方的支出，這些地方可能沒有大型網站或網絡存在，但他們在這一領域花費了大量資金。

So I do expect that customer base to change. When we get to Analyst Day, we'll try to break that down a little bit for you, give you some views in terms of how we're thinking about growth in the future. And then as we get some months under our belt of operating the company, as we come up with new metrics that we think are helpful, we'll obviously bring them to the table and disclose them for you.

所以我確實希望客戶群會發生變化。當我們到達分析師日時，我們將嘗試為您分解一下，就我們如何考慮未來的增長給您一些看法。然後，當我們有幾個月的時間來運營公司時，當我們提出我們認為有用的新指標時，我們顯然會將它們帶到桌面上並為您披露。

Okay. Well, thank you, everyone. In closing, we will be presenting at several investor conferences and road shows throughout the rest of the first quarter. Details of these can be found in the Investor Relations section of akamai.com.

好的。嗯，謝謝大家。最後，我們將在第一季度剩下的時間裡出席幾次投資者會議和路演。詳情可在 akamai.com 的投資者關係部分找到。

Thank you for joining us, and all of us here at Akamai wish you continued good health, and we wish you a happy evening. Thank you.

感謝您加入我們，Akamai 全體員工祝您身體健康，並祝您度過一個愉快的夜晚。謝謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。