阿卡邁科技 (AKAM) 2024 Q1 法說會逐字稿

Good day, and welcome to the First Quarter 2024 Akamai Technologies, Inc. Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Akamai Technologies, Inc. 2024 年第一季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Mark Stoutenberg, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管馬克‧斯托滕貝格 (Mark Stoutenberg)。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's First Quarter 2024 Earnings Call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

謝謝你，接線生。大家下午好，感謝您參加 Akamai 2024 年第一季財報電話會議。 Akamai 執行長 Tom Leighton 將在今天發表講話；和 Akamai 財務長 Ed McGowan。

Please note that today's comments include forward-looking statements, including statements regarding revenue and earnings guidance. These forward-looking statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements. The factors include any impact from macroeconomic trends, the integration of any acquisitions and any impact from geopolitical developments.

請注意，今天的評論包含前瞻性陳述，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。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。

Additional information concerning these factors is contained in Akamai's filings with the SEC, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements included in this call represent the company's view on May 9, 2024. Akamai disclaims any obligation to update these statements to reflect new information, future events or circumstances, except as required by law.

有關這些因素的更多資​​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 2024 年 5 月 9 日的觀點。

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

提醒一下，我們將在今天的電話會議中提及某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。

I will now hand the call off to our CEO, Dr. Tom Leighton.

現在我將把電話交給我們的執行長湯姆·萊頓博士。

Thanks, Mark. Akamai got off to a strong start for the year with our security and compute portfolios, and we continue to experience industry headwinds with our delivery product line.

謝謝，馬克。 Akamai 憑藉我們的安全和計算產品組合在今年取得了良好的開局，並且我們的交付產品線繼續經歷行業逆風。

First quarter revenue grew to $987 million, up 8% year-over-year as reported and in constant currency. Non-GAAP operating margin was 30%. And non-GAAP earnings per share was $1.64, up 17% year-over-year and up 18% in constant currency. The fast-growing parts of our business, security and cloud computing, grew to represent almost 2/3 of total revenue in Q1. And combined, they grew 22% over Q1 of 2023.

第一季營收成長至 9.87 億美元，以固定匯率計算，年增 8%。非 GAAP 營運利潤率為 30%。非 GAAP 每股盈餘為 1.64 美元，較去年同期成長 17%，以固定匯率計算成長 18%。我們業務中快速成長的部分—安全和雲端運算，成長到第一季總收入的近 2/3。總體而言，它們比 2023 年第一季成長了 22%。

The continued shift in Akamai's revenue mix towards security and compute is a clear indicator that our growth strategy is achieving the intended results. We continue to successfully leverage the market leadership and cash flow of our delivery product line to invest in our faster growing and more profitable security and cloud computing portfolios. And we're excited about the opportunities we have ahead of us, especially with our planned acquisition of Noname Security, which we announced this week. I'll say more about Noname in a minute.

Akamai 的收入結構持續轉向安全和計算，這清楚地表明我們的成長策略正在實現預期結果。我們繼續成功地利用我們交付產品線的市場領導地位和現金流來投資我們成長更快、利潤更高的安全和雲端運算產品組合。我們對眼前的機會感到興奮，特別是我們本周宣布的收購 Noname Security 的計劃。我稍後會詳細介紹 Noname。

But first, looking at our security portfolio more broadly. Security revenue grew 21% year-over-year in Q1 to $491 million, driven in part by continued strong demand for our market-leading Guardicore segmentation solution. Customers who purchased segmentation from Akamai in Q1 included one of the top telcos in the U.S., a supermarket chain with more than 1,500 stores across Canada, and a major business management software company in Latin America. Our Zero Trust Network Access solution is also seeing good traction.

但首先，更廣泛地審視我們的安全產品組合。第一季的安全收入年增 21%，達到 4.91 億美元，部分原因是對我們市場領先的 Guardicore 細分解決方案的持續強勁需求。第一季從 Akamai 購買細分的客戶包括美國頂級電信公司之一、在加拿大擁有 1,500 多家商店的連鎖超市以及拉丁美洲的一家大型商業管理軟體公司。我們的零信任網路存取解決方案也受到了良好的關注。

For example, the United States Army announced last month that it selected Akamai for Zero Trust security in battlefield networks. After a competitive evaluation of more than 40 vendors, the Army will use Akamai for its tactical identity credential and access management to enhance defenses in high-risk operational environments and limit network access to authorized users, devices, applications and services. In response to customer requests to bring our enterprise Zero Trust solutions together into a single platform, we've integrated Guardicore with our other enterprise security solutions to form our recently announced Akamai Guardicore platform. This new platform is the first of its kind to enable Zero Trust security through a fully integrated combination of microsegmentation, Zero Trust Network Access, multifactor authentication, DNS firewall and threat hunting, all designed to strengthen and simplify enterprise security with broad visibility and granular controls through a single console. We think it will appeal to customers looking to consolidate security vendors and integrate their security tools.

例如，美國陸軍上個月宣布選擇 Akamai 來實現戰場網路的零信任安全。經過對 40 多家供應商的競爭評估後，陸軍將使用 Akamai 進行戰術身分憑證和存取管理，以增強高風險作戰環境中的防禦，並限制授權使用者、設備、應用程式和服務的網路存取。為了滿足客戶將我們的企業零信任解決方案整合到一個平台中的要求，我們將 Guardicore 與其他企業安全解決方案集成，形成我們最近發布的 Akamai Guardicore 平台。這個新平台是同類中第一個透過微分段、零信任網路存取、多因素身份驗證、DNS 防火牆和威脅追蹤的完全整合組合來實現零信任安全的平台，所有這些都旨在透過廣泛的可見性和精細的控制來加強和簡化企業安全性通過一個控制台。我們認為它將吸引那些希望整合安全供應商並整合其安全工具的客戶。

We also continue to see strong customer interest in our app and API Security solutions. Customers who purchased Akamai API Security in Q1 included a major consumer financial services company, a U.S. supermarket chain with more than 1,200 stores, and a leading U.S. manufacturer of electric vehicles. Last month, one of our largest customers, a well-known hyperscaler, was hit with a massive denial of service attack, 24 million requests per minute. Using our rate controls and custom web app firewall rules, the customer successfully thwarted 99.999% of the attack traffic. That's 5 9s of protection. The customer was delighted, telling us, "That's an A+ by just about every calculation."

我們也繼續看到客戶對我們的應用程式和 API 安全解決方案表現出濃厚的興趣。第一季購買 Akamai API Security 的客戶包括一家大型消費金融服務公司、一家擁有 1,200 多家商店的美國連鎖超市以及一家美國領先的電動汽車製造商。上個月，我們最大的客戶之一（著名的超大規模提供者）遭受了大規模拒絕服務攻擊，每分鐘有 2,400 萬個請求。使用我們的速率控制和自訂 Web 應用程式防火牆規則，客戶成功阻止了 99.999% 的攻擊流量。這是 5 個 9 的保護。客戶很高興，告訴我們，“幾乎所有計算結果都是 A+。”

Unlike some of our competitors who struggle to defend against far smaller DDoS attacks in recent months, Akamai is capable of protecting even the hyperscalers. The scale of Akamai defenses and the depth of our expertise really matter for customers, who named Akamai a customer's choice for the fifth year in a row in the new Gartner Peer Insights Voice of the Customers report for cloud, web app and API protection.

與近幾個月來努力防禦規模小得多的 DDoS 攻擊的一些競爭對手不同，Akamai 甚至能夠保護超大規模企業。 Akamai 防禦的規模和專業知識的深度對客戶來說確實很重要，他們在新的 Gartner Peer Insights 客戶之聲報告中連續第五年將 Akamai 評為雲端、Web 應用程式和 API 保護的客戶選擇。

And soon, our suite of app and API Security solutions will become even stronger with the planned acquisition of Noname Security. The use of APIs has exploded in nearly every industry driven by digital transformation, the widespread adoption of mobile phones and IoT devices, and the increased sharing of data between third-party providers. The increasing use of APIs also opens up new threat vectors for attackers and the need for API Security. For example, we saw API attacks on our platform more than double from January 2023 to January 2024. And IDC research now predicts that the API Security market will grow at a CAGR of 34% to nearly $1 billion by 2027.

很快，隨著計劃收購 Noname Security，我們的應用程式和 API 安全解決方案套件將變得更加強大。在數位轉型、行動電話和物聯網設備的廣泛採用以及第三方供應商之間的資料共享增加的推動下，API 的使用幾乎在每個行業都爆炸性成長。 API 的使用不斷增加也為攻擊者帶來了新的威脅媒介，並增加了對 API 安全性的需求。例如，從2023 年1 月到2024 年1 月，我們平台上的API 攻擊增加了一倍以上。 10 億美元。

That's one reason why we're so excited about our plan to acquire Noname, as we accelerate our momentum in this fast-growing segment. As one of the market-leading API Security offerings, Noname delivers visibility into API business logic abuse and contextual awareness between API requests and responses to ensure that anomalous traffic is detected, inspected and blocked when warranted. We believe that the addition of Noname to our API Security solution will offer Akamai customers enhanced attack analysis, more flexible deployment options and extensive vendor integrations. Ed will share some financial details about the acquisition shortly.

這就是為什麼我們對收購 Noname 的計劃如此興奮的原因之一，因為我們在這個快速成長的領域加速了發展勢頭。作為市場領先的 API 安全產品之一，Noname 提供 API 業務邏輯濫用的可見性以及 API 請求和回應之間的上下文感知，以確保在需要時檢測、檢查和阻止異常流量。我們相信，將 Noname 添加到我們的 API 安全解決方案中將為 Akamai 客戶提供增強的攻擊分析、更靈活的部署選項和廣泛的供應商整合。艾德很快將分享有關此次收購的一些財務細節。

Turning now to cloud computing. I'm pleased to say that 2024 is off to a great start with strong early momentum across multiple verticals. Customers are excited about our differentiated cloud platform, which offers superior performance through a more distributed footprint, cloud diversification and lower costs. Examples of major enterprises using our cloud computing platform now include one of the world's largest e-commerce platforms, several global auto manufacturers, several large direct-to-consumer and OTT providers, several global SaaS providers, numerous travel and hospitality companies, including one of the world's largest cruise lines and a large airline in Asia, one of the largest credit unions in the U.S., a multinational financial services company, an iconic global corporation that manufactures and sells consumer electronics, computer software and online services, a European cybersecurity company, and a leading ad tech company.

現在轉向雲端運算。我很高興地說，2024 年有了一個良好的開端，多個垂直領域都出現了強勁的早期動能。客戶對我們的差異化雲端平台感到興奮，該平台透過更分散的佔地面積、雲端多樣化和更低的成本提供卓越的效能。現在使用我們雲端運算平台的主要企業包括全球最大的電子商務平台之一、多家全球汽車製造商、多家大型直接面向消費者和OTT 供應商、多家全球SaaS 供應商、眾多旅遊和酒店公司，其中包括一家全球最大的郵輪公司和亞洲大型航空公司、美國最大的信用合作社之一、跨國金融服務公司、製造和銷售消費電子產品、電腦軟體和線上服務的標誌性全球公司、歐洲網路安全公司，以及一家領先的廣告科技公司。

Just this week, we signed up one of the world's best-known media companies to a 2-year deal worth several million dollars per year for compute. Yet another great example of major enterprises using our new cloud computing platform is Sony Group. Sony is excited about Akamai's investment into edge compute and has multiple latency-sensitive compute workloads that are running on Akamai. Current use cases include playstation.com, leveraging edge compute to improve search engine optimization, and PlayStation Direct, leveraging edge compute to ensure a fair experience for customers purchasing PlayStation hardware.

就在本週，我們與世界上最知名的媒體公司之一簽署了一份為期兩年、每年價值數百萬美元的計算協議。使用我們新的雲端運算平台的大型企業的另一個很好的例子是索尼集團。 Sony 對 Akamai 對邊緣運算的投資感到興奮，並在 Akamai 上執行多個延遲敏感的運算工作負載。目前的用例包括 playstation.com（利用邊緣運算來改善搜尋引擎優化）和 PlayStation Direct（利用邊緣運算來確保購買 PlayStation 硬體的客戶獲得公平的體驗）。

We're also seeing strong early traction with our independent software vendor or ISV partners. They offer solutions that run on our compute platform in which our go-to-market teams co-sell to help customers solve big challenges with a better together solution.

我們也看到了獨立軟體供應商或 ISV 合作夥伴的強大早期吸引力。他們提供在我們的計算平台上運行的解決方案，我們的市場推廣團隊在該平台上共同銷售，以幫助客戶透過更好的共同解決方案解決重大挑戰。

For example, a media workflow provider, which powers OTT video, now offers its live encoder solution on Akamai Connected Cloud. The solution is designed to increase efficiency for large-scale streaming, while also lowering egress fees by as much as 90% according to their calculations. Joint customers of the offering include OneFootball, one of the world's biggest digital soccer platforms backed by clubs such as Real Madrid, Manchester City and Bayern Munich.

例如，一家為 OTT 視訊提供支援的媒體工作流程供應商現在在 Akamai Connected Cloud 上提供其實時編碼器解決方案。該解決方案旨在提高大規模串流媒體的效率，同時根據他們的計算，還將出口費用降低多達 90%。該產品的聯合客戶包括 OneFootball，這是世界上最大的數位足球平台之一，並獲得皇家馬德里、曼城和拜仁慕尼黑等俱樂部的支持。

In partnership with an observability solution provider, we won cloud computing deals in Q1 with one of the world's leading gaming companies, a leading luxury goods brand in Europe, and one of India's largest conglomerates. Their solution powers observability using Akamai cloud computing and enables real-time data ingestion at scale, lightning-fast query performance and extensive data retention at a fraction of the cost of other platforms.

我們與可觀測性解決方案提供商合作，在第一季贏得了與世界領先的遊戲公司之一、歐洲領先的奢侈品品牌以及印度最大的企業集團之一的雲端運算交易。他們的解決方案使用 Akamai 雲端運算來增強可觀測性，並實現大規模即時資料攝取、快如閃電的查詢效能和廣泛的資料保留，而成本僅為其他平台的一小部分。

Another ISV partner that is providing distributed database services enabled a well-known online travel marketplace to go live in Q1 with a geo-location implementation that uses Akamai's edge computing to execute code at the edge for optimal performance. The travel site invoked more than 68 billion edge compute instances in March alone.

另一家提供分散式資料庫服務的 ISV 合作夥伴使一家知名線上旅遊市場在第一季度上線，其地理位置實現使用 Akamai 的邊緣運算在邊緣執行程式碼以獲得最佳效能。光是 3 月份，該旅遊網站就調用了超過 680 億個邊緣運算實例。

By the end of Q1, we had over 200 customers spending $36,000 or more in annual recurring revenue for our new compute services with about half spending $100,000 or more and 6 spending over $1 million per year, all just for compute. All of these customer counts are triple what we had in Q1 of last year. Collectively, these customers are spending over $50 million annually coming out of Q1 for our new cloud computing solutions, which is up more than 4x year-over-year.

到第一季末，我們有超過200 個客戶每年為我們的新計算服務支出36,000 美元或更多的經常性收入，其中大約一半的客戶每年支出100,000 美元或更多，還有6 個客戶每年的支出超過100 萬美元，全部用於計算。所有這些客戶數量都是去年第一季的三倍。總的來說，從第一季開始，這些客戶每年在我們的新雲端運算解決方案上花費超過 5,000 萬美元，比去年同期成長超過 4 倍。

Beginning this quarter, our global enterprise cloud sales team is now led by Dan Lawrence, who joined us from AWS, where he ran data and analytics for its private equity segment. Before that, Dan ran the Americas Analytics business for 5 customer segments, including gaming and high-tech SaaS. Dan joined Akamai for the potential he sees to combine Akamai's trusted brand and edge computing platform with a large market opportunity in distributed cloud.

從本季開始，我們的全球企業雲端銷售團隊現在由 Dan Lawrence 領導，他從 AWS 加入我們，負責其私募股權部門的數據和分析。在此之前，Dan 負責 5 個客戶群的美洲分析業務，包括遊戲和高科技 SaaS。 Dan 加入 Akamai 是因為他看到了將 Akamai 值得信賴的品牌和邊緣運算平台與分散式雲端中的巨大市場機會結合起來的潛力。

I'll now say a few words about content delivery, which represents a little over 1/3 of our overall revenue. Akamai remains the market leader in delivery by a wide margin, providing the scale and performance required by the world's top brands as we help them deliver reliable, secure and near-flawless digital experiences. That said, our delivery revenue was less than expected in Q1 due to slowing traffic growth across the industry and a large social media customer that is now optimizing their business to reduce costs.

現在我要談談內容交付，它占我們總收入的 1/3 多一點。 Akamai 在交付方面仍然遙遙領先，提供世界頂級品牌所需的規模和性能，幫助他們提供可靠、安全和近乎完美的數位體驗。也就是說，由於整個行業的流量成長放緩以及大型社群媒體客戶現在正在優化其業務以降低成本，我們的交付收入在第一季低於預期。

As a result, and as Ed will discuss shortly, we now expect our delivery revenue to decline at a higher rate this year. As we've noted before, delivery continues to generate profits that we use to fuel our future growth. It also helps our security and cloud computing portfolios as we harvest the competitive and cost advantages of offering delivery, security and compute on the same platform.

因此，正如艾德稍後將討論的那樣，我們現在預計今年的配送收入將以更高的速度下降。正如我們之前指出的，交付繼續產生利潤，我們用這些利潤來推動未來的成長。它還有助於我們的安全和雲端運算產品組合，因為我們獲得了在同一平台上提供交付、安全和運算的競爭和成本優勢。

Of course, we're not happy to see the declining revenue in our delivery portfolio. And while it remains difficult to predict exactly when that business will begin to stabilize, we believe that Akamai CDN remains a critical enabler of doing business on the Internet. This has been the case for the past 25 years, and we remain convinced that businesses will continue to need Akamai's superior scale, reliability and security in the future as they migrate more workloads to the cloud, seek to secure their internal and external applications, and look to unlock the promise of AI, often while also leveraging Akamai's security and compute capabilities. Moreover, given the exciting growth we're seeing in our security and compute portfolios, we believe it is only a matter of time before these businesses drive accelerating revenue growth for Akamai as a whole.

當然，我們並不高興看到我們的交付組合收入下降。儘管仍難以準確預測該業務何時開始穩定，但我們相信 Akamai CDN 仍然是網路上開展業務的關鍵推動者。過去 25 年都是如此，我們仍然相信，企業未來將繼續需要 Akamai 的卓越規模、可靠性和安全性，因為他們將更多工作負載遷移到雲端、尋求保護其內部和外部應用程式以及希望釋放AI的潛力，同時通常也利用Akamai 的安全和運算功能。此外，鑑於我們在安全和運算產品組合中看到的令人興奮的成長，我們相信這些業務推動 Akamai 整體收入加速成長只是時間問題。

In summary, we're pleased by the strong performance of our security and compute portfolios to start the year, and we're very excited about our potential for future growth and profitability as we add Noname to our security portfolio and as our fast-growing compute portfolio contributes a larger share of revenue.

總而言之，我們對今年伊始安全和計算產品組合的強勁表現感到高興，並且隨著我們將 Noname 添加到我們的安全產品組合以及我們的快速增長，我們對未來增長和盈利的潛力感到非常興奮計算產品組合貢獻了更大的收入份額。

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

現在我將把電話轉給艾德，以了解有關我們第一季業績以及第二季和全年展望的更多資訊。艾德？

Thank you, Tom. Today, I plan to review our Q1 results and then provide some color on our Q2 expectations and our updated full year 2024 guidance, along with the financial impact of our recently announced acquisition of Noname Security.

謝謝你，湯姆。今天，我計劃回顧第一季度的業績，然後對第二季度的預期和更新的 2024 年全年指引以及我們最近宣布收購 Noname Security 的財務影響提供一些說明。

Before we get into that, I wanted to address a few items, including what Tom mentioned in his remarks, that have caused us to reduce our guidance for the remainder of the year. First, the U.S. dollar has strengthened significantly since the start of the year. As we have noted on many prior calls, foreign exchange fluctuations can significantly impact our top and bottom lines.

在我們討論這個問題之前，我想解決一些問題，包括湯姆在他的演講中提到的內容，這些問題導致我們減少了今年剩餘時間的指導。首先，今年以來美元大幅走強。正如我們在之前的許多電話會議中指出的那樣，外匯波動可能會嚴重影響我們的收入和利潤。

Based on the strength of the U.S. dollar, we now expect FX to have a negative impact of approximately $40 million on our top line outlook for the full year 2024. That translates to a negative impact of approximately $0.12 to our expected non-GAAP EPS for 2024. In addition, we expect this will negatively impact our full year 2024 non-GAAP operating margin by approximately 30 basis points.

基於美元的強勢，我們現在預計外匯將對我們 2024 年全年的營收前景產生約 4000 萬美元的負面影響。年。

Second, as Tom mentioned, a large social media customer has recently taken steps to lower its costs through a series of optimizations across its platform. As a result, they have reduced their overall traffic. Therefore, we now expect approximately $40 million to $60 million less revenue from this customer for the full year than we previously thought. This change will primarily impact our delivery product line.

其次，正如湯姆所提到的，一家大型社群媒體客戶最近採取了一系列措施，透過整個平台的一系列優化來降低成本。結果，他們減少了整體流量。因此，我們現在預計該客戶全年的收入將比我們先前的預期減少約 4,000 萬至 6,000 萬美元。這項變更將主要影響我們的交付產品線。

Finally, as Tom mentioned in his remarks, in addition to the large social media customer, we have seen lower-than-expected traffic in our delivery business over the past 2 months, most notably in gaming and video. This is in line with similar patterns that were cited earlier this week in a research note from a leading Wall Street bank that stated, video streaming services were seeing a drop in downloads and active users during April. The note also mentioned that weakness was coming from streaming service providers pushing for ad-supported versions and password sharing crackdowns to stay ahead in the streaming wars.

最後，正如 Tom 在演講中提到的，除了社群媒體大客戶之外，過去 2 個月我們的外送業務流量也低於預期，尤其是遊戲和影片業務。這與本週稍早一家領先的華爾街銀行的一份研究報告中引用的類似模式一致，該報告指出，視訊串流服務在 4 月的下載量和活躍用戶數量有所下降。該報告還提到，弱點來自串流媒體服務提供者推動的廣告支援版本和密碼共享打擊，以在串流媒體戰爭中保持領先地位。

As a result of these recent market conditions, it's prudent to assume that this traffic weakness will continue for the remainder of 2024. This lower traffic outlook would translate into approximately $20 million to $30 million less delivery revenue for the remainder of the year than we previously expected.

鑑於最近的市場狀況，我們可以謹慎地假設這種流量疲軟現象將在 2024 年剩餘時間內持續下去。預期的。

The good news is that in contrast to some other competitors in the industry, both our delivery business and the overall company continue to be highly profitable. As a result, the significant cash flows we generate give us the financial flexibility to execute strategic acquisitions, return capital to shareholders, invest in our future growth and further diversify our business away from delivery and into the faster-growing and even more profitable areas of security and compute.

好消息是，與業內其他一些競爭對手相比，我們的配送業務和整個公司都繼續保持高利潤。因此，我們產生的大量現金流為我們提供了財務靈活性，可以執行策略性收購、向股東返還資本、投資於我們的未來成長，並進一步使我們的業務從交付轉向成長更快、利潤更高的領域。

Turning now to our first quarter results. Total revenue for the first quarter was $987 million, up 8% year-over-year as reported and in constant currency. Our 2 fastest-growing offerings, compute and security, grew 22% year-over-year on a combined basis and now represent 64% of total revenue. Compute revenue was $145 million, up 25% year-over-year as reported and in constant currency. As Tom mentioned, we have more than 200 enterprise customers using our cloud computing solutions. Our offerings clearly resonate well with customers, and we remain optimistic about the early traction we see from large enterprise businesses. It's worth noting that the annual run rate of our enterprise compute revenue is now over $50 million and is growing at over 300% year-over-year.

現在轉向我們第一季的業績。第一季總營收為 9.87 億美元，以固定匯率計算，年增 8%。我們成長最快的 2 個產品（計算和安全）合計年增 22%，目前佔總收入的 64%。以固定匯率計算，計算收入為 1.45 億美元，年增 25%。正如 Tom 所提到的，我們有 200 多家企業客戶使用我們的雲端運算解決方案。我們的產品顯然引起了客戶的良好共鳴，並且我們對大型企業業務的早期吸引力保持樂觀。值得注意的是，我們企業計算收入的年運行率現已超過 5,000 萬美元，且較去年同期成長超過 300%。

Security revenue was $491 million. Security revenue grew 21% year-over-year as reported and in constant currency. We are very pleased by our continued performance with our Guardicore Zero Trust solution and highly encouraged by the traction we are seeing in our recently launched API Security solution.

安全收入為 4.91 億美元。據報告，以固定匯率計算，安全收入年增 21%。我們對 Guardicore 零信任解決方案的持續表現感到非常高興，並對我們最近推出的 API 安全解決方案的吸引力感到深受鼓舞。

Moving to delivery. Revenue was $352 million, which declined 11% year-over-year as reported and 10% in constant currency. International revenue was $475 million, up 7% year-over-year and up 8% in constant currency, representing 48% of total revenue in Q1. Foreign exchange fluctuations had a positive impact on revenue of $2 million on a sequential basis and a negative $4 million impact on a year-over-year basis. Non-GAAP net income was $225 million or $1.64 of earnings per diluted share, up 17% year-over-year and up 18% in constant currency. And finally, our non-GAAP operating margin in Q1 was 30%.

轉向交付。營收為 3.52 億美元，年減 11%，以固定匯率計算下降 10%。國際營收為 4.75 億美元，年增 7%，以固定匯率計算成長 8%，佔第一季總營收的 48%。外匯波動對收入產生了 200 萬美元的環比積極影響，對同比產生了 400 萬美元的負面影響。非 GAAP 淨利潤為 2.25 億美元，即稀釋後每股收益 1.64 美元，較去年同期成長 17%，以固定匯率計算成長 18%。最後，我們第一季的非 GAAP 營業利潤率為 30%。

Moving now to cash and our use of capital. As of March 31, our cash, cash equivalents and marketable securities totaled approximately $2.3 billion. During the first quarter, we spent approximately $125 million to repurchase approximately 1.1 million shares. We now have roughly $400 million remaining on our previously announced share buyback authorization.

現在轉向現金和我們對資本的使用。截至 3 月 31 日，我們的現金、現金等價物和有價證券總計約 23 億美元。第一季度，我們花費約 1.25 億美元回購約 110 萬股股票。我們先前宣布的股票回購授權目前還剩約 4 億美元。

As noted in today's press release, our Board authorized a new buyback program of up to $2 billion effective today and running through the end of June 2027. Combining the 2 authorizations, we currently have roughly $2.4 billion available for share repurchases. Our intention is to continue buying back shares to offset dilution from employee equity programs over time and to be opportunistic in both M&A and share repurchases.

正如今天的新聞稿所述，我們的董事會授權了一項高達20 億美元的新回購計劃，該計劃即日起生效，一直持續到2027 年6 月底。億美元可用於股票回購。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抓住機會。

Earlier this week, we announced our intent to acquire Noname Security for approximately $450 million. We believe this acquisition demonstrates our continued balanced approach to capital allocation by opportunistically buying back shares over time, while maintaining sufficient capital to deploy when strategic M&A presents itself.

本週早些時候，我們宣布打算以約 4.5 億美元收購 Noname Security。我們相信，此次收購表明我們透過隨著時間的推移機會性地回購股票，同時保持足夠的資本以在策略併購出現時進行部署，從而體現了我們持續平衡的資本配置方法。

Before I provide our Q2 and full year 2024 guidance, I wanted to touch on some housekeeping items. First, regarding our planned acquisition of Noname Security. We expect this transaction to add approximately $20 million in revenue for the full year, to be dilutive to non-GAAP EPS by approximately $0.10, and to be dilutive to non-GAAP operating margin by approximately 50 basis points in 2024. We expect that the acquisition will close sometime in June. We do not expect the acquisition to have a material impact on Q2 results. And as a reminder, our updated full year guidance includes the impact of the acquisition.

在提供第二季和 2024 年全年指導之前，我想談談一些內務管理專案。首先，關於我們計劃收購 Noname Security。我們預計此交易將在 2024 年全年增加約 2,000 萬美元的收入，稀釋非 GAAP 每股收益約 0.10 美元，稀釋非 GAAP 營業利潤率約 50 個基點。 。我們預計此次收購不會對第二季業績產生重大影響。提醒一下，我們更新的全年指引包括收購的影響。

Finally, specific to traffic. We expect a modest uptick in media traffic in Q3, primarily due to the Olympics. This event is expected to drive approximately $3 million to $4 million of additional revenue in the third quarter. And while Q4 is typically our strongest quarter seasonally, we saw a more muted impact of that seasonality last year. And we expect that we will see a similar result this year.

最後，具體到流量。我們預計第三季媒體流量將小幅上升，這主要是由於奧運。該活動預計將在第三季帶來約 300 萬至 400 萬美元的額外收入。雖然第四季通常是我們季節性最強的季度，但去年我們看到季節性的影響更為溫和。我們預計今年會看到類似的結果。

So those factors in mind, turning to our Q2 guidance. We are now projecting revenue in the range of $967 million to $986 million or up 3% to 5% as reported and 4% to 6% in constant currency over Q2 2023. At current spot rates, foreign exchange fluctuations are expected to have a negative $5 million impact on Q2 revenue compared to Q1 levels and a negative $9 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 72% to 73%.

因此，考慮到這些因素，轉向我們的第二季指導。我們目前預計2023 年第二季的營收將在9.67 億美元至9.86 億美元之間，或按報告增長3% 至5%，按固定匯率計算增長4% 至6%。外匯波動將產生負面影響與第一季水準相比，第二季營收受到 500 萬美元的影響，較去年同期受到 900 萬美元的負面影響。在這些收入水準上，我們預期現金毛利率約為 72% 至 73%。

Q2 non-GAAP operating expenses are projected to be $302 million to $307 million. We expect Q2 EBITDA margins of approximately 41% to 42%. We expect non-GAAP depreciation expense to be between $126 million to $128 million, and we expect non-GAAP operating margin of approximately 28% to 29% for Q2.

第二季非 GAAP 營運支出預計為 3.02 億美元至 3.07 億美元。我們預計第二季 EBITDA 利潤率約為 41% 至 42%。我們預計非 GAAP 折舊費用將在 1.26 億美元至 1.28 億美元之間，我們預計第二季非 GAAP 營業利潤率約為 28% 至 29%。

Moving on to CapEx. We expect to spend approximately $175 million to $183 million. This represents approximately 18% to 19% of our projected total revenue. Based on our expectations for revenue and costs, we expect Q2 non-GAAP EPS in the range of $1.51 to $1.56. This EPS guidance assumes taxes of $56 million to $59 million based on an estimated quarterly non-GAAP tax rate of approximately 19% to 19.5%. It also reflects a fully diluted share count of approximately 155 million shares.

轉向資本支出。我們預計花費約 1.75 億至 1.83 億美元。這約占我們預計總收入的 18% 至 19%。根據我們對收入和成本的預期，我們預計第二季非 GAAP 每股收益將在 1.51 美元至 1.56 美元之間。根據估計的季度非 GAAP 稅率約為 19% 至 19.5%，本 EPS 指引假設稅費為 5,600 萬美元至 5,900 萬美元。它還反映了約 1.55 億股的完全稀釋後股票數量。

Looking ahead to the full year, we now expect revenue of $3.950 billion to $4.020 billion, which is up 4% to 5% year-over-year as reported and up 4% to 6% in constant currency. We now expect security revenue growth of approximately 15% to 17% in constant currency in 2024, including the contribution from the acquisition of Noname.

展望全年，我們目前預計營收為 39.50 億美元至 40.20 億美元，年增 4% 至 5%，以固定匯率計算，年增 4% 至 6%。我們現在預計，以固定匯率計算，2024 年安全收入將成長約 15% 至 17%，其中包括收購 Noname 帶來的貢獻。

And with a strong start for our compute offerings in Q1, we now expect compute revenue growth to be approximately 21% to 23% in constant currency for the full year 2024. We are estimating non-GAAP operating margin of approximately 28% to 29%. We now estimate non-GAAP earnings per diluted share of $6.20 to $6.40. Our non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 19% to 19.5% and a fully diluted share count of approximately 155 million shares.

隨著我們的計算產品在第一季的強勁開局，我們現在預計 2024 年全年計算收入增長按固定匯率計算約為 21% 至 23%。 。我們目前預計非 GAAP 攤薄每股收益為 6.20 美元至 6.40 美元。我們的非 GAAP 獲利指引是基於約 19% 至 19.5% 的非 GAAP 有效稅率以及約 1.55 億股的完全稀釋後股數。

Finally, our full year CapEx is expected to be approximately 16% of total revenue. This updated CapEx is higher than our original expectations outlined last quarter due to our lower revenue outlook, slightly higher software capitalization rates across the business as more work is being done on capitalized projects, and higher-than-expected server component costs driven primarily by NAND storage pricing in certain servers that support our cloud computing build-out. In closing, we are pleased with our progress in security and compute to start the year.

最後，我們全年資本支出預計約為總收入的 16%。更新後的資本支出高於我們上季度概述的原始預期，原因是我們的收入前景較低，整個業務的軟體資本化率略高，因為資本化項目正在進行更多工作，以及主要由NAND 驅動的伺服器組件成本高於預期支援我們的雲端運算擴充的某些伺服器的儲存定價。最後，我們對今年伊始在安全和計算方面的進展感到高興。

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

湯姆和我很樂意回答您的問題。操作員？

(Operator Instructions) Our first question comes from Madeline Brooks from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Madeline Brooks。

Great to see compute tick up in terms of the guidance. One question from me on the delivery side of the house. Last quarter, you had mentioned that first quarter and second quarter of this year, we were going to see a few renewals. I just wanted to see how those renewals are going, if there is any updated outlook in your guidance from the renewal side of the house.

很高興看到計算在指導方面有所提高。我有一個關於房屋交付方面的問題。上個季度，您提到今年第一季和第二季度，我們將看到一些續訂。我只是想看看這些續訂進展如何，您的指導中是否有任何更新的前景來自房子的續訂方面。

Madeline, this is Ed. Yes. So the renewals are going as planned in terms of the pricing expectations. We've got a few of them done now. We'll have about 5 of the 7 completed by the end of this quarter, and the other 2 will be done in early Q3. As far as expectations go, like I said, pricing is coming in line. Volume, a little bit lower than we expected. Normally, when we do these large renewals, we tend to see an uptick in traffic. We just haven't seen that, so that's all been reflected in our guidance.

瑪德琳，這是艾德。是的。因此，就定價預期而言，續訂正在按計劃進行。我們現在已經完成了其中一些。到本季末，我們將完成 7 項中的大約 5 項，另外 2 項將在第三季初完成。就預期而言，正如我所說，定價正在符合預期。成交量，比我們預期的要低一些。通常，當我們進行這些大規模更新時，我們往往會看到流量上升。我們只是還沒有看到這一點，所以這一切都反映在我們的指導上。

And maybe one more question, if I could. For those renewals or for any of your larger deals, are you seeing any type of offsetting with compute growth for maybe some larger customers where you are seeing lower volumes?

如果可以的話，也許還有一個問題。對於這些續約或任何較大的交易，您是否發現某些較大客戶的運算量成長會帶來任何類型的抵消，而您的交易量卻較低？

I'm sorry. Can you just repeat that again?

對不起。你能再重複一遍嗎？

Are you seeing lower customers -- larger customers who are coming in maybe with lower volume than expected? Are you seeing that offset at all by any type of compute growth or growth in other areas of the business?

您是否看到了較少的客戶—較大的客戶進來的數量可能低於預期？您是否發現這種情況會被任何類型的計算成長或其他業務領域的成長所抵消？

Yes, they are not directly tied. But as we talked about, several of the world's largest media companies are starting to use our compute capabilities for a variety of tasks. So that's a good news story. It's not tied to the traffic levels in any way. Of course, these big media companies still use Akamai for a large fraction of their delivery needs. But traffic in the industry as a whole, especially media and gaming, is lower than we had initially expected.

是的，它們沒有直接聯繫。但正如我們所討論的，全球幾家最大的媒體公司開始使用我們的運算能力來執行各種任務。這是一個好消息。它與流量水平沒有任何關係。當然，這些大型媒體公司仍然使用 Akamai 來滿足其大部分交付需求。但整個產業的流量，尤其是媒體和遊戲的流量，低於我們最初的預期。

Next question comes from Keith Weiss from Morgan Stanley.

下一個問題來自摩根士丹利的基斯‧韋斯。

This is Josh Baer on for Keith. Question was on margin guidance. It was lowered, I think, by 150 basis points at the midpoint, 50 from the Noname acquisition. You mentioned 30 basis points from FX. I was hoping you could just walk through the rest of the move lower on the margin guidance.

我是喬什貝爾 (Josh Baer) 替補基思 (Keith)。問題是關於保證金指導。我認為中間值降低了 150 個基點，其中 50 個基點來自 Noname 收購。您提到了外匯 30 個基點。我希望你能按照保證金指引完成剩下的走低。

Yes. I think that just the rest of that would just be due to the lower delivery revenue as a whole.

是的。我認為剩下的只是由於整體交付收入較低。

Okay. Got it. I guess, as a follow-up related to margins, is there any like structural change in reaching, I guess, the low 30s type of long-term target? I'm just asking given the lower guidance for this year, but also because from a mix perspective, you've actually moved faster to the higher-margin security and compute versus delivery.

好的。知道了。我想，作為與利潤率相關的後續行動，在達到 30 多歲以下的長期目標方面是否存在任何類似的結構性變化？我只是問今年的指導較低，但也因為從混合的角度來看，您實際上已經更快地轉向利潤更高的安全性和計算與交付。

Yes, sure. So there's really no structural change. Obviously, we're making some pretty big investments in R&D, and you can see that in the R&D line. And also, just the acquisitions. We made an acquisition last year, made an acquisition now, so we're investing in growth. But there's also a fair bit of investment that goes into the cost of goods sold line as we build out our compute platform. So you can see that in the higher colocation costs. And there's some accounting that you have to do when you get into some of the long-term agreements for colocation. So we should start to see that get some benefit of that as compute grows even faster.

是的，當然。所以其實沒有結構性變化。顯然，我們在研發方面進行了一些相當大的投資，你可以在研發領域看到這一點。而且，只是收購。我們去年進行了一次收購，現在又進行了一次收購，所以我們正在投資成長。但是，當我們建立計算平台時，也有相當多的投資投入到銷售商品的成本中。所以你可以從更高的託管成本中看到這一點。當您簽訂一些長期託管協議時，您必須進行一些會計處理。因此，隨著計算的成長更快，我們應該開始看到從中獲得一些好處。

The next question comes from James Fish from Piper Sandler.

下一個問題來自 Piper Sandler 的 James Fish。

Just on the social media customers here, I think I may know what's going on. But it does seem as though traffic has been slowing for the last 2 years or so from what we can tell. But on some of these renewals and specifically on the social media customer, I guess, what's the confidence that this isn't just tied to kind of DIY efforts picking back up in the space?

就在這裡的社群媒體客戶上，我想我可能知道發生了什麼事。但據我們所知，在過去兩年左右的時間裡，流量似乎一直在放緩。但我想，對於其中一些更新，特別是社交媒體客戶，有什麼信心認為這不僅僅與該領域的 DIY 努力回升有關？

Yes. For the large social media customer we talked about, there's a few components generally tied to their efforts to reduce cost. They're using less bits per transaction. In end user experience, they're optimizing. They're doing less prefetching. They do have a very large DIY component as well. And we haven't seen the impact of that yet, but we do think that they may use that more throughout the rest of the year, and that's factored into our lower guidance for this particular customer. So we haven't seen that yet, but we anticipate it at this point as part of their overall cost reduction efforts.

是的。對於我們談到的大型社群媒體客戶，有一些組件通常與他們降低成本的努力相關。他們每筆交易使用的比特數更少。在最終用戶體驗方面，他們正在優化。他們做的預取更少。他們也有一個非常大的 DIY 組件。我們還沒有看到其影響，但我們確實認為他們可能會在今年剩餘時間裡更多地使用它，這已考慮到我們對該特定客戶的較低指導。所以我們還沒有看到這一點，但我們預計目前這是他們整體成本削減努力的一部分。

Got it. And then on the security side of the house, I mean, what did Noname have that, sure, Neosec was smaller in scale, but that Neosec didn't? And so why isn't this just kind of a roll-up strategy of kind of the API space? And if you could just walk me through the security guide as you guys had a -- like a pretty good beat here. And I get FX is kind of moving against you on this, but why wouldn't we see further upside given the strength that you saw in Q1? Is it just because some of the security revenues tied to some of these delivery renewals? Or why the conservative security guide?

知道了。然後在房子的安全方面，我的意思是，Noname 擁有什麼，當然，Neosec 的規模較小，但 Neosec 沒有？那麼為什麼這不是 API 空間的一種匯總策略呢？如果你們能引導我完成安全指南，就像你們在這裡有一個非常好的節奏一樣。我知道外匯在這方面對你不利，但考慮到你在第一季看到的強勢，為什麼我們看不到進一步的上漲空間？只是因為一些安全收入與其中一些交付續約相關嗎？或者為什麼要採用保守的安全指南？

I'll take the first part and then let Ed answer the second part. Yes, Noname is a market leader. And they have a lot of capabilities that we don't have yet, and it's actually very synergistic with what we have. They have an on-prem and hybrid solution. Our solution has been SaaS only. They have a great channel partner ecosystem, market-leading presence, very easy to use and to integrate. And by the time we get the acquisition closed later this quarter, we anticipate we'll have whole integration with Akamai Security Services, which is the piece they were really missing. And a great user experience in console, so really strong capabilities and, of course, much bigger business.

我將回答第一部分，然後讓艾德回答第二部分。是的，Noname 是市場領導者。他們擁有很多我們還沒有的能力，而且實際上與我們擁有的能力非常協同。他們有本地和混合解決方案。我們的解決方案僅限於 SaaS。他們擁有強大的通路合作夥伴生態系統、市場領先的地位、非常易於使用和整合。當我們在本季度稍後完成收購時，我們預計我們將與 Akamai 安全服務完全集成，而這正是他們真正缺少的部分。控制台擁有出色的使用者體驗，功能非常強大，當然還有更大的業務。

And with our solution, we can add to that, I think, stronger forensics and threat hunting with our data lake capabilities. And by putting the pieces together, really a very compelling solution. And I was just out at RSA earlier this week, and I got to say the news was incredibly well received. A lot of customers, both ours and Noname customers, very happy about the acquisition and what we're going to be able to do for them. Also, in the partner ecosystem, Noname is very partner friendly. And that will really help our go-to-market motion, and they were very excited about the news as well. And Ed, I'll turn it over to you for the second part there.

我認為，透過我們的解決方案，我們可以利用我們的資料湖功能添加更強大的取證和威脅追蹤功能。透過將各個部分組合在一起，確實是一個非常引人注目的解決方案。本週早些時候我剛離開 RSA，我必須說這個消息非常受歡迎。許多客戶，包括我們的客戶和 Noname 客戶，都對此次收購以及我們將為他們做的事情感到非常高興。此外，在合作夥伴生態系統中，Noname 對合作夥伴非常友善。這將真正有助於我們的上市行動，他們也對這個消息感到非常興奮。艾德，我會把第二部分交給你。

Yes, sure. So first of all, just a great quarter for security, great sequential growth, strength across the board really in terms of pretty much all of our solutions. Obviously, seeing great growth with API Security and expect that will accelerate now that we have Noname in the mix. But I think as you look at last year, we had very, very strong sequential growth, sort of unusually strong, including some license revenue in the back half of last year. So the compares get a little bit tougher. I don't think there's anything structurally that we're seeing that would cause us to be less bullish.

是的，當然。首先，就我們幾乎所有的解決方案而言，這是一個安全性出色、持續成長、全面實力強勁的季度。顯然，我們看到了 API 安全性的巨大成長，並且由於我們有了 Noname，預計這種成長將會加速。但我認為，正如你去年看到的那樣，我們的連續成長非常非常強勁，有點異常強勁，包括去年下半年的一些授權收入。因此，比較變得更加困難。我不認為我們看到的結構性因素會導致我們不那麼樂觀。

I think one thing just to keep in mind, we introduced some bundles last year. We had identified about 3,000 customers or so. Obviously, had great success with that. That's going to have less of an impact this year as we start to anniversary that. But we're very excited about what we're seeing with Guardicore, which has started to become more material, and the growth from API Security. So we're very bullish with the growth going forward. It's, I think, just getting into tougher comps in the back half, which is going to perhaps cause the percentages to be a little bit lower than what we saw here in Q1.

我認為要記住一件事，我們去年推出了一些捆綁包。我們已經確定了大約 3,000 名左右的客戶。顯然，在這方面取得了巨大的成功。今年，隨著我們開始慶祝週年紀念日，這種影響將會較小。但我們對 Guardicore 所看到的情況感到非常興奮，它已經開始變得更加重要，並且 API 安全性也取得了成長。因此，我們對未來的成長非常樂觀。我認為，只是在後半段進入更艱難的比賽，這可能會導致百分比比我們在第一季看到的要低。

The next question comes from Fatima Boolani from Citi.

下一個問題來自花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。

Just one on delivery. I can appreciate how difficult it is to sort of parameterize some of the trends that are playing out in the industry, and I think both of you sort of laid that out in the prepared remarks. But how should we think about the floor in terms of declines in this business? And how -- what type of guardrails you're anticipating and putting around this business? And essentially, what I'm trying to get around is how confident are you that this recalibration lower does take into consideration everything that's happening and then some? And then I have a follow-up.

交貨時只需一件。我可以理解，對行業中正在出現的一些趨勢進行參數化是多麼困難，我認為你們倆都在準備好的發言中闡述了這一點。但我們該如何看待這項業務的下滑呢？您期望在這項業務周圍設置什麼類型的護欄？從本質上講，我想解決的是，您對這種重新校準較低是否考慮到正在發生的所有事情以及其他一些事情有多大信心？然後我有一個後續行動。

Yes, I'll start and then Ed will give some more color on this. Of course, when we give guidance, we do it based on the best available information we have at the time. Obviously, we don't like to see the revenue decline and you never like to be in a position of taking down the guidance for one of your portfolios. We do believe that our delivery business is critical for major enterprises to operate on the Internet.

是的，我會開始，然後艾德會對此提供更多資訊。當然，當我們提供指導時，我們是根據當時掌握的最佳可用資訊來進行的。顯然，我們不希望看到收入下降，而且您永遠不希望取消某個投資組合的指導。我們確實相信，我們的配送業務對於大型企業在網路上運作至關重要。

That said, delivery is a very competitive environment. And we are subject to overall traffic levels on the Internet, which we now believe will be in a lower state than we had thought before. And this is typical. We've been doing this as the market leader now for 25 years, and there's times when traffic accelerates more than you might have thought and times when it doesn't. And I think we're in sort of the latter mode right now.

也就是說，交付是一個競爭非常激烈的環境。我們受到網路整體流量水準的影響，我們現在認為該流量水準將比我們之前想像的要低。這是典型的。身為市場領導者，我們已經這樣做了 25 年，有時流量成長速度會超出您的想像，有時則不然。我認為我們現在處於後一種模式。

Now we do believe the business will get back to par. I can't tell you exactly when that will be. It's important for us to do that. I should add, though, it's not our top priority. We are not out there doing whatever price it takes to go grab all the business. In fact, I think we've been pretty clear. That's not the case. There's traffic that we are not taking because we don't feel that it's profitable or really strategic for us. Our primary goal is using delivery for very strong cash flow that we can invest in security and compute, which we think are much more lucrative markets in the long run, offering much more growth. And also, we use it with our customers to introduce, for example, compute. The big bit customers, big media gaming are big prospects in compute. And the largest customers there are over $1 billion in third-party cloud spend, typical large media customers, hundreds of millions. And we want to get a share of that business, which is much more profitable and ultimately much larger than delivery. And so that is our focus here.

現在我們確實相信業務將恢復到正常水平。我無法告訴你確切的時間。這樣做對我們來說很重要。不過，我應該補充一點，這不是我們的首要任務。我們不會不惜一切代價搶佔所有業務。事實上，我想我們已經說得很清楚了。事實並非如此。有些流量我們沒有佔用，因為我們認為它對我們來說沒有利潤或真正具有戰略意義。我們的主要目標是利用交付獲得非常強勁的現金流，我們可以將其投資於安全和計算，我們認為從長遠來看，這是一個更有利可圖的市場，可以提供更多的成長。此外，我們還與客戶一起使用它來介紹計算等功能。大客戶、大媒體遊戲是計算領域的巨大前景。最大的客戶在第三方雲端上的支出超過 10 億美元，典型的大型媒體客戶為數億美元。我們希望獲得該業務的份額，該業務的利潤更高，並且最終比交付規模大得多。這就是我們的重點。

Obviously, we want to get back to par. We don't like to see a declining business, but it's a bigger picture. And of course, we're competing with a lot of companies that are very desperate just to get a little bit more growth in delivery and even if they're doing it at a very unprofitable level, and that makes it more challenging. And Ed, maybe you want to talk a little bit more on the details of the guidance and the confidence.

顯然，我們希望回到標準水準。我們不希望看到業務下滑，但這是一個更大的前景。當然，我們正在與許多非常渴望在交付方面獲得更多成長的公司競爭，即使他們的獲利水平非常低，這使得它更具挑戰性。艾德，也許你想多談談指導和信心的細節。

Yes. As Tom talked about, we use the best information we possibly can. We obviously work with a lot of the big telcos. We try to get feedback from them to see what they're seeing. We talk to our large customers to get an understanding of what they have planned in terms of a big event or if they're doing downloads, how big the downloads are going to be, what sort of share we should expect as we go through things like our large renewals and that sort of stuff. When we see a trend like we saw in March where traffic was lower than we expected and then continued into April, it did cause us to go back and relook at our forecast and be a little bit more cautious with those forecasts. It's unusual to see traffic decline month-over-month, doesn't generally happen. But there is a big pressure in the industry to save costs, especially in the streaming business.

是的。正如湯姆所說，我們盡可能使用最好的資訊。顯然我們與許多大型電信公司合作。我們嘗試從他們那裡獲得回饋，看看他們看到了什麼。我們與我們的大客戶交談，了解他們在大型活動方面的計劃，或者他們是否正在進行下載，下載量有多大，在我們處理事情時我們應該期望什麼樣的分享就像我們的大規模續訂之類的東西。當我們看到像三月那樣的趨勢時，流量低於我們的預期，然後持續到四月份，這確實導致我們回頭重新審視我們的預測，並對這些預測更加謹慎。流量逐月下降是不尋常的，通常不會發生。但行業內存在著巨大的節省成本的壓力，尤其是在串流媒體業務中。

Gaming tends to be very seasonal and a little fickle in terms of different titles being popular or not. We're just sort of in a downtrend in gaming. But as Tom mentioned, we've seen these trends before. We're usually pretty good at predicting when things will turn around. But when we do see something that is concerning, we're going to call it out and reset our forecast.

遊戲往往具有很強的季節性，並且在不同遊戲的流行與否方面有些變化無常。我們只是處於遊戲產業的下降趨勢。但正如湯姆所提到的，我們以前已經看到過這些趨勢。我們通常很擅長預測事情何時會好轉。但當我們確實看到一些令人擔憂的事情時，我們就會指出並重新調整我們的預測。

I appreciate that. And just with regards to the new go-to-market leadership on the compute side, I'm just curious if there are going to be any material changes. Or is this a deepening of the bench that's going to allow for an ongoing ideally acceleration of the compute business? Would love to just get a little bit more detail on that go-to-market change for someone with a pretty excellent pedigree.

我很感激。至於計算方面新的進入市場領導地位，我只是好奇是否會發生任何重大變化。或者這是否是一個基礎設施的深化，將允許計算業務持續理想地加速？對於擁有非常優秀血統的人來說，我很想了解更多有關上市變化的細節。

Yes, it's more of the latter and getting really solid experience and expertise as we increase our investment in the go-to-market effort around compute. And we think Dan is an excellent addition to our leadership.

是的，更多的是後者，隨著我們增加對計算市場投入的投資，我們獲得了真正紮實的經驗和專業知識。我們認為丹是我們領導階層的一個極好的補充。

The next question comes from Mike -- Mark Murphy from JPMorgan.

下一個問題來自摩根大通的麥克馬克墨菲。

I wanted to congratulate you on the strength in compute and security and the U.S. Army win, the Sony win. Obviously, good things happening there. I want to come back to the social media company that you referenced. Is that a typical kind of garden variety case of cost optimization? Or is there perhaps anything unusual, like a corner case where the clock might be ticking on legislative proposals and they're moving in advance of that? Or is it -- could it be a social media company that is struggling and shrinking? Anything along those lines?

我想祝賀你們在計算和安全方面的實力以及美國陸軍的勝利和索尼的勝利。顯然，那裡正在發生好事。我想回到你提到的社群媒體公司。這是典型的園藝品種成本優化案例嗎？或者是否存在任何不尋常的情況，例如立法提案的時間可能正在流逝，而他們正在提前採取行動？或者它是一家正在苦苦掙扎和萎縮的社群媒體公司嗎？有什麼類似的事情嗎？

No, I think you described it pretty well in the first 2 descriptions you gave. And they just are a very large customer for Akamai and a very good customer. They are looking to cut costs, and they are looking at potential geopolitical challenges. And so that -- I think a lot of companies look to cut costs, particularly these days in media, and maybe they have additional concerns.

不，我認為你在前兩個描述中描述得很好。他們是 Akamai 的大客戶，也是非常好的客戶。他們正在尋求削減成本，並正在考慮潛在的地緣政治挑戰。因此，我認為很多公司都希望削減成本，尤其是在媒體領域，也許他們還有其他擔憂。

I understand. Okay. And then Ed, the security company you're acquiring, I forget the name of it. Can you provide any metrics on the head count or the growth rate in the last 12 months or the gross margins? And I'm just wondering, does it focus on the API Security that is -- that aligns any more or less across any of the particular hyperscalers?

我明白。好的。然後是艾德，你要收購的保全公司，我忘了它的名字了。您能否提供任何有關員工數量、過去 12 個月成長率或毛利率的指標？我只是想知道，它是否專注於 API 安全性，即在任何特定的超大規模提供者之間或多或少保持一致？

Yes, I'll take the first part. Tom, you can take the second part about the product. Now in terms of growth rates and stuff like that, I hesitate to give growth rates because we obviously have to translate everything they're doing into GAAP revenue, ASC 606. But just needless to say, they were growing pretty quickly. We talked about it. We think it will contribute about $20 million of revenue. But again, growing very fast as we introduce them into the mix there. We think we can accelerate that growth rate quite a bit as we introduce them to our customer base.

是的，我會選擇第一部分。湯姆，你可以聽關於產品的第二部分。現在就成長率和類似的東西而言，我猶豫是否給予成長率，因為我們顯然必須將他們所做的一切轉化為 GAAP 收入，ASC 606。我們討論過。我們認為它將貢獻約2000萬美元的收入。但同樣，當我們將它們引入其中時，成長速度非常快。我們認為，當我們將它們介紹給我們的客戶群時，我們可以大大加快這一成長率。

Gross margins, I would say, is pretty typical of what you'd see in a software company. Let's call it like high 70s, maybe low 80s. There are some people costs that go into your cost of goods sold. As far as people go, right around 250 people, give or take. 60% or so is in R&D, 30% in go-to-market, and the rest is sort of mixed in kind of your back-office support.

我想說，毛利率是軟體公司的典型毛利率。我們可以稱之為“高 70 年代”，也可以稱為“低 80 年代”。有些人員成本會計入您的銷售成本。就人員而言，約有 250 人，無論給予或接受。 60% 左右用於研發，30% 用於上市，其餘的則以混合方式提供後台支援。

Yes. In terms of the question on the hyperscalers and API Security, they don't offer API Security. They have API gateways, which is something totally different. And our competition in API Security is more start-ups or younger companies, smaller, it's an emerging field. And really, we feel Noname is a leader there.

是的。關於超大規模和 API 安全性的問題，他們不提供 API 安全性。他們有 API 網關，這是完全不同的東西。我們在 API 安全方面的競爭更多的是新創公司或更年輕的公司，規模較小，這是一個新興領域。事實上，我們認為 Noname 是那裡的領導者。

The next question comes from Frank Louthan from Raymond James.

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

Just to go back on the delivery side, was there a price that they would have been willing to stick with or was it just pretty much a business decision there? And Tom, you mentioned to get back to par. What do you mean by that? Is that a level of revenue? How should we think about what it would be to kind of getting back to par?

回到交貨方面，是否有一個他們願意堅持的價格，或者這只是商業決策？湯姆，你提到要回到標準水準。你是什​​麼意思？這就是收入水平嗎？我們應該如何考慮回到標準水準會怎樣？

Well, par, we don't want to see revenue decline in our portfolio. We like to see it to grow. And we're declining, obviously, now in delivery. And in the particular case of the large social media company, I don't think this is a price-related issue really. So -- and as Ed mentioned, I think pricing, obviously, very competitive out there. And we don't go and chase the bottom stuff that's not really profitable for us. But pricing is sort of as we expect and more of it's a traffic -- overall traffic in the industry right now.

好吧，平心而論，我們不希望看到我們的投資組合收入下降。我們喜歡看到它成長。顯然，我們現在的交付量正在下降。就大型社群媒體公司的具體情況而言，我認為這實際上並不是一個與價格相關的問題。因此，正如艾德所提到的，我認為定價顯然非常有競爭力。我們不會去追逐那些對我們來說並不真正有利可圖的底層東西。但定價有點像我們預期的那樣，更多的是流量——目前行業的整體流量。

Okay. And at what level do you see the delivery business sort of bottoming out that would be kind of considered sort of flat for you?

好的。您認為快遞業務在什麼水平上會觸底反彈，這對您來說會被認為是持平的？

Yes. As Tom talked about, it's hard to predict. I mean, I think what you need to see for that to happen is traffic growth to improve, to see pricing rationalize a bit more than where it is now and less concentration of big renewals. But that's really the formula that you would need to see a sort of a stabilized delivery business.

是的。正如湯姆所說，這很難預測。我的意思是，我認為要實現這一目標，您需要看到流量成長得到改善，定價比現在更加合理化，並且大型續約的集中度降低。但這確實是你需要看到某種穩定的送貨業務的公式。

The next question comes from Amit Daryanani from Evercore.

下一個問題來自 Evercore 的 Amit Daryanani。

This is Chan Park on for Amit. I just had a quick one on the delivery business. Given this is an election year, do you think you could see a step-up in the delivery business maybe in the back half? I think normally, elections tend to drive some sort of benefit as well as kind of the Olympic benefits you mentioned earlier.

我是阿米特 (Amit) 的陳·帕克 (Chan Park)。我剛剛快速了解了送貨業務。鑑於今年是選舉年，您認為下半年送貨業務會成長嗎？我認為通常情況下，選舉往往會帶來某種利益以及你之前提到的奧運利益。

Yes. We talked about the Olympics is a decent event for us. Our estimate is $3 million to $4 million this year. As far as the election goes, really hard to tell. We saw back in '16 a bit more traffic. '20 didn't really drive a ton of traffic. I'd say this is probably closer to what we saw in '20. So we're not really anticipating a significant amount of traffic as a result of this year's election, but we'll see.

是的。我們談到奧運對我們來說是一項體面的賽事。我們今年的預估為 300 萬至 400 萬美元。就選舉而言，真的很難說。 16 年我們看到流量增加。 '20 並沒有真正帶來大量流量。我想說這可能更接近我們在 20 世紀所看到的情況。因此，我們並沒有真正預期今年的選舉會帶來大量流量，但我們拭目以待。

Got it. And then just as a follow-up, I think free cash flow was really strong during this quarter. But if I look back historically, Q1 is kind of the low and then sequentially, in the June and September quarter, it's much greater. So could you talk about maybe any changes to your CapEx and free cash flow expectations for fiscal '24?

知道了。作為後續行動，我認為本季的自由現金流非常強勁。但如果我回顧歷史，第一季是一個低點，然後在六月和九月季度，它要高得多。那麼您能否談談您對 24 財年的資本支出和自由現金流預期有何變化？

Yes. So I would think that next year should play out or -- excuse me, '24 should play out like it's done in the past. Q1 was a little bit stronger than normal. As we've talked about on several calls, back last year, we did move some folks to a stock-based bonus program. So we used to have a cash-based bonus program [out] in Q1 that would drive cash flow down a little bit in Q1. But in terms of the progression throughout the year, it should look like the other years.

是的。所以我認為明年應該會結束，或者——對不起，'24 應該像過去一樣結束。 Q1 比正常情況強一點。正如我們在去年的幾次電話會議中談到的那樣，我們確實將一些人轉移到基於股票的獎金計劃。因此，我們曾經在第一季制定了一項基於現金的獎金計劃，這將導致第一季的現金流略有下降。但就全年的進展而言，應該與其他年份相似。

The next question comes from Jonathan Ho from William Blair & Company.

下一個問題來自 William Blair & Company 的 Jonathan Ho。

Just wanted to understand the Zero Trust platform that you announced today. Can you talk a little bit about how customers are thinking about, I guess, purchasing just sort of the assembly of products that you're talking about? And how that compares with maybe some of the other views on how SASE and other Zero Trust platforms will evolve over time?

只是想了解您今天宣布的零信任平台。我想，您能談談客戶如何考慮購買您所說的產品組裝嗎？與 SASE 和其他零信任平台如何隨時間發展的其他一些觀點相比，這又如何？

Yes. This is a really good platform for Zero Trust for enterprise applications. So you get your microsegmentation and your employees -- Zero Trust Network Access, which is your employee access, that's your north, south and east, west now combined. Same agents, you don't have to have 2 different agents, same console and plane of glass. And on top of it, you get your MFA, your DNS security and your threat hunting service, all packaged in a platform. And that's something customers have been asking for.

是的。這是一個非常好的企業應用程式零信任平台。因此，您可以獲得微分段和員工 - 零信任網路訪問，這是您的員工訪問權限，這是您的北、南、東、西現在的組合。相同的代理，您不必擁有 2 個不同的代理、相同的控制台和玻璃平面。最重要的是，您可以獲得 MFA、DNS 安全性和威脅搜尋服務，所有這些都打包在一個平台中。這正是客戶一直要求的。

It makes their lives a lot easier than having what seem to be different products with different agents and different interfaces. On top of it, at RSA, we demonstrated a very cool new capability that actually uses a gen AI, LLMs, to give a very nice human interface into your enterprise infrastructure. It identifies what your various applications and devices are. And you'd sort of think, oh, well, people would know, but they don't. Enterprise -- major enterprises just have zillions of applications and devices on the internal network. And they don't even know what they all are. And this tells you, in actually a human language form, it can actually tell you what is not sufficiently protected or if the firewall rules, the agent rules are out of date.

與使用不同的產品、不同的代理商和不同的介面相比，這讓他們的生活變得更加輕鬆。除此之外，在 RSA，我們展示了一項非常酷的新功能，它實際上使用了一代 AI（法學碩士），為您的企業基礎設施提供非常好的人機介面。它可以識別您的各種應用程式和裝置。你可能會想，哦，好吧，人們會知道，但他們不知道。企業－大型企業的內部網路上有無數的應用程式和裝置。他們甚至不知道它們是什麼。這實際上以人類語言的形式告訴您，它實際上可以告訴您哪些內容沒有得到充分保護，或者防火牆規則、代理規則是否已過時。

We've got a lot of positive feedback about that at RSA. And it's something that, over time, we want to take to our entire suite of security services, which I think that will be pretty exciting. So yes, so this helps because customers want to see -- really have a few basic platforms, of which Akamai is one, and simplification of interface and control, both for the control plane and for the agent that's on their applications and services.

我們在 RSA 上得到了很多對此的正面回饋。隨著時間的推移，我們希望將其應用到我們的整套安全服務中，我認為這將非常令人興奮。所以，是的，這很有幫助，因為客戶希望看到 — 真正擁有一些基本平台（Akamai 就是其中之一），以及介面和控制的簡化，無論是控制平面還是應用程式和服務上的代理。

Excellent, excellent. And just in terms of a follow-up. With compute, you obviously spoke about a number of large wins here, large types of customers. Can you talk about the potential to take that larger share of the pie over time as you grow within these customers? And help us understand, are you landing in sort of a small footprint to begin with and then growing from there? Are you sort of taking everything upfront? I'm just trying to understand what that net retention opportunity looks like over time.

優秀，優秀。就後續而言。在計算方面，您顯然談到了這裡的許多重大勝利，大量類型的客戶。您能談談隨著時間的推移，隨著您在這些客戶中的成長，您有可能獲得更大的份額嗎？請幫助我們理解，您是否一開始就以很小的足跡著陸，然後從那裡開始成長？你是不是把所有事情都預先做好了？我只是想了解隨著時間的推移，淨保留機會會是什麼樣子。

Yes. Great question. And it very much is a land small, somebody will try out a single app with a little of the traffic for it, and then grow it and then add more apps. And you see that with our profile of customers, starting with the ones that $3,000 a month, then half of them now up to $100,000 a year, 6 at $1 million, one at $10 million a year.

是的。很好的問題。它非常小，有人會嘗試一個具有少量流量的應用程序，然後擴展它，然後添加更多應用程式。從我們的客戶檔案中你可以看到這一點，從每月 3,000 美元的客戶開始，現在其中一半的客戶年薪達到 100,000 美元，6 名年薪 100 萬美元，1 名年薪 1000 萬美元。

And Akamai is actually our first $100 million a year customer on the platform. And that's the same progression we went through over the last year to 1.5 years. And we expect -- and that's what we're trying to do with all of our accounts. These customers I talked about, I couldn't give you most of their names, but you would recognize them. And they are -- what their spend now with us is a tiny fraction, even the big ones, of their overall cloud spend. And they are finding the platform is easy to use, performs very well and is saving them a boatload of money. And I think that's why we're seeing such good early traction.

Akamai 實際上是我們在該平台上的第一個年收入達 1 億美元的客戶。這與我們去年到 1.5 年經歷的進展相同。我們期望——這就是我們試圖對我們所有的帳戶所做的事情。我談到的這些客戶，我無法告訴你他們的大部分名字，但你會認出他們。他們現在在我們這裡的花費只是他們整個雲端支出的一小部分，即使是很大的一部分。他們發現該平台易於使用，性能良好，並為他們節省了大量資金。我認為這就是為什麼我們看到如此好的早期吸引力。

And now the goal is to grow those accounts, both in terms of the number of use cases and the scale of the use case, and then to add more customers. And again, they will come in at the lower revenue volumes to start.

現在的目標是在用例數量和用例規模方面增加這些帳戶，然後添加更多客戶。同樣，他們一開始的收入量也會較低。

The next question comes from Alex Henderson from Needham.

下一個問題來自尼達姆的 Alex Henderson。

First off, congratulations. Picking off Noname was a real coup for you. I think that's an outstanding acquisition, so congratulations on that. I wanted to ask some content around the compute piece. First, you moved a bunch of your internal apps from other compute platforms to internal. Where are you on that? What does that look like in terms of the cost savings? And what has been the variance relative to what you'd expected when you started it? I assume you probably got better results, not worse results.

首先，恭喜你。幹掉Noname對你來說真是個妙計。我認為這是一次出色的收購，所以恭喜你。我想問一些關於計算部分的內容。首先，您將一堆內部應用程式從其他運算平台移至內部。你在哪裡？從節省成本的角度來看，這是什麼樣的？與您開始時的預期相比，差異是多少？我認為你可能會得到更好的結果，而不是更差的結果。

And I was hoping you could, within the context of the compute platform, talk about gross retention as opposed to net retention. Obviously, your net retention looks very good with these upticks. But I was wondering if there's any churn of people who were on the platform before that may have fallen out of the equation.

我希望您能夠在計算平台的背景下談論總保留率而不是淨保留率。顯然，隨著這些上升，您的淨留存率看起來非常好。但我想知道之前在該平台上的用戶是否會流失。

Yes, we're more than halfway through the migration of our third-party cloud spend on to Akamai Connected Cloud. And as I mentioned, seeing really dramatic savings and also in performance improvements. So we're more than $100 million a year in on the platform now, which is really fabulous for us. And maybe Ed, do you want to take the second part of that question?

是的，我們將第三方雲端支出遷移到 Akamai Connected Cloud 的過程已完成一半以上。正如我所提到的，我們看到了巨大的節省以及性能的提高。現在我們每年在這個平台上的收入超過 1 億美元，這對我們來說真是太棒了。也許艾德，你想回答這個問題的第二部分嗎？

Yes. So if you think about where you see that, Alex, is there's some absolute savings if you look in our cost of goods sold line. You can see that on that network build and support subline, subcategory. It's offset a little bit by what you see in colocation fees, so you're not seeing a ton of margin expansion.

是的。所以，如果你想想你在哪裡看到的，亞歷克斯，如果你看看我們的銷售成本線，是否有一些絕對的節省。您可以在該網路上看到建置和支援子線、子類別。它被您在主機託管費用中看到的一點點抵消了，所以您不會看到利潤率大幅擴張。

But what doesn't show up there is that, that line was growing at 30%, 40% or 50% a year. Now probably, we'll be growing 30%, 40% if we hadn't done it. So the cost avoidance is pretty significant. And as Tom said, we're finding this to be much better than we had expected. We should get the rest of the expected applications moved over here between now and the early part of next year -- end of this year into the early part of next year. So very, very pleased with that.

但那裡沒有顯示的是，這條線每年以 30%、40% 或 50% 的速度成長。現在，如果我們不這樣做的話，我們可能會成長 30%、40%。所以成本規避是相當顯著的。正如湯姆所說，我們發現這比我們預期的要好得多。我們應該把剩下的預期申請從現在到明年初——從今年年底到明年初——轉移到這裡。對此非常非常滿意。

And again, a lot of cost avoidance and some absolute cost savings, like I said, being a little bit masked by the investments we're making in the port -- in the platform. But -- and then you also asked a question on gross retention, I think, was the term you used in terms of we're seeing any churn.

再說一次，正如我所說，大量的成本規避和一些絕對的成本節省被我們在港口——平台上進行的投資所掩蓋。但是 - 然後你還問了一個關於總保留率的問題，我認為，這是你在我們看到任何流失時使用的術語。

On the enterprise side, we're not seeing any churn so far. We haven't seen any customers that have left the platform. We do see a little bit of churn in the legacy retail Linode business, which was pretty common when you talked about the SSDs. But where we're really aiming to grow the business, we're not seeing any of that yet.

在企業方面，到目前為止我們還沒有看到任何客戶流失。我們還沒有看到任何客戶離開該平台。我們確實看到傳統零售 Linode 業務出現了一些流失，當你談論 SSD 時，這種情況很常見。但在我們真正的目標是發展業務的地方，我們還沒有看到任何進展。

Okay. Great. And just one last question on this subject. Can you talk about whether you're seeing any potential around inference AI on this platform because it hasn't been mentioned yet?

好的。偉大的。關於這個主題還有最後一個問題。您能否談談您是否在這個平台上看到了推理人工智慧的潛力，因為它還沒有被提及？

Well, yes, we already have several customers doing all sorts of AI like inference AI on our platform. And we have partners, our ISV partners, some of them, that's their product capability. So yes, we foresee substantial use of the platform for inference.

是的，我們已經有幾個客戶在我們的平台上進行各種人工智慧（例如推理人工智慧）。我們有合作夥伴，我們的 ISV 合作夥伴，其中一些，這就是他們的產品能力。所以，是的，我們預計該平台將大量用於推理。

The next question comes from Rudy Kessinger from D.A. Davidson.

下一個問題來自 D.A. 的 Rudy Kessinger。戴維森。

Ed, just given the quicker-than-expected mix shift to the higher gross margin revenue lines, why aren't we seeing gross margins at least hold steady, if not expand? They've been compressing for the last few years.

Ed，鑑於向更高毛利率收入線的混合轉變速度快於預期，為什麼我們沒有看到毛利率至少保持穩定，如果不是擴大的話？過去幾年他們一直在壓縮。

Yes. So if you look back a few years ago, they've been compressing a bit. We have some pricing pressure, as we always do, in the delivery business. But I talked a little bit about this in a few questions ago and maybe a little bit with Alex in the last question.

是的。所以如果你回顧幾年前，你會發現他們已經壓縮了一些。一如既往，我們在送貨業務中面臨一些定價壓力。但我在之前的幾個問題中對此進行了一些討論，也許在最後一個問題中與亞歷克斯討論了一些。

As we invest in the platform to build out compute locations, we're doing the Gecko build-out, we built out 25 core locations last year, the -- we entered into these long-term leases for colocation. And where there's underlying commits, you have to straight-line that so there's some noncash colocation expenses. So if you look at our colo cost line, that's been growing pretty substantially. So that's masking a lot of the savings that you're seeing from our third-party compute cost.

當我們投資平台來建造計算位置時，我們正在進行 Gecko 建設，去年我們建設了 25 個核心位置，我們簽訂了這些長期託管租賃合約。在有潛在承諾的地方，您必須將其直線化，以便產生一些非現金託管費用。因此，如果你看看我們的託管成本線，你會發現它一直在大幅成長。因此，這掩蓋了您從我們的第三方計算成本中看到的大量節省。

There's also additional build-out and support costs that go along with it as well. So that's why you're seeing the margins sort of holding flat to where they've been over, let's say, the last year or so. But I don't expect them to decline. Hopefully, over time, they should start to expand a bit. But as we're building out aggressively in the compute platform, that does put a little bit of pressure on margins. But as we start to fill up those locations, we should start to see expansion in margin.

隨之而來的還有額外的擴建和支援成本。這就是為什麼你會看到利潤率與去年左右持平。但我不認為他們會拒絕。希望隨著時間的推移，他們應該開始擴大一些。但隨著我們在計算平台上積極建設，這確實給利潤帶來了一些壓力。但當我們開始填補這些位置時，我們應該開始看到利潤率的擴張。

Yes. Okay. And then on delivery, could you just talk about where some of the re-pricings came in on some of these contracts? And if I look at kind of what's implied for delivery in the rest of the year on an organic basis, adjusting for some of those contracts you acquired, it looks like it kind of probably gets down to down 20%-ish year-over-year on an organic basis. What is the mix of price compression versus traffic growth? Is it flat kind of traffic on the network, given all the things you talked about and 20% price compression? Or what is the combination there?

是的。好的。然後在交付時，您能否談談其中一些合約的重新定價的情況​​？如果我有機地考察今年剩餘時間的交付情況，並根據您獲得的一些合約進行調整，看起來可能會同比下降 20% 左右。價格壓縮與流量成長的結合是什麼？考慮到您談到的所有內容以及 20% 的價格壓縮，網路流量是否平穩？或者說那裡的組合是什麼？

Yes. So we don't share those numbers for obvious reasons with the price compression because obviously, there's customers that get certain discounts. Others don't get as high discounts, they don't have as much traffic. And also, it's a competitive number. I'd want to know what my competitors are doing with that number as well. But if I think about sort of the mix of what's driving it, pricing is always a factor. And if you don't get the commensurate traffic growth to offset that, then you're going to decline. And that's what we're seeing. It's really the back half story is a lower-than-expected traffic.

是的。因此，出於價格壓縮的明顯原因，我們不會分享這些數字，因為顯然，有些客戶可以獲得一定的折扣。其他人沒有得到那麼高的折扣，他們沒有那麼多的流量。而且，這是一個有競爭力的數字。我也想知道我的競爭對手正在用這個數字做什麼。但如果我考慮一下推動它的因素，定價始終是一個因素。如果你沒有得到相應的流量成長來抵消這一點，那麼你就會下降。這就是我們所看到的。確實是後半段流量低於預期。

Now couple that with your -- several of your largest customers renewing at the same time, you don't have that volume to offset it. It just exaggerates the impact at the back half of the year. So like I said, it's really more of a volume issue than it is an overall pricing issue.

現在，再加上您的幾個最大的客戶同時續訂，您沒有足夠的數量來抵消它。它只是誇大了下半年的影響。正如我所說，這實際上更多的是數量問題，而不是整體定價問題。

Okay. Operator, I think we've got time for one last question.

好的。接線員，我想我們還有時間回答最後一個問題。

The next question comes from Tom Blakey from KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

I just want to go back. I think maybe to dive a little deeper on Rudy's question about gross margins. You talked about moving to more profitable solutions longer term and made some headway here in 1Q. In the past, you've kind of given us a framework about lowering CapEx as a percentage of revenue for CDN. Essentially, 0% CapEx is needed theoretically anyway for security. Can you just walk us through what the -- not the near-term NAND price components are. But longer term, structurally, what does compute look like at scale for Akamai? And I have a follow-up.

我只想回去。我想也許可以更深入探討魯迪關於毛利率的問題。您談到從長遠來看轉向更有利可圖的解決方案，並在第一季取得了一些進展。過去，您為我們提供了一個降低資本支出佔 CDN 收入百分比的架構。本質上，為了安全起見，理論上無論如何都需要 0% 的資本支出。您能否向我們介紹 NAND 價格組成部分，而不是近期的組成部分。但從長遠來看，從結構上看，Akamai 的大規模計算是什麼樣的？我有一個後續行動。

Yes. So good question. So what I said is I'll start with what the components of CapEx are today. So we said 16%, about 8% of that is software cap. So that's probably going to be 7% to 8% sort of going forward. I don't expect much of a change there. That's kind of been historically in that range. The compute this year is about 4% CDN and security is around 3% and then there's always 1%, call it, first, your back offices, [your IT] systems and your facility-related stuff.

是的。好問題。所以我想說的是，我將從今天的資本支出的組成部分開始。所以我們說 16%，其中大約 8% 是軟體上限。所以未來可能會達到 7% 到 8%。我預計那裡不會有太大變化。從歷史上看，這一直在這個範圍內。今年的計算約為 4% CDN，安全性約為 3%，然後總是有 1%，首先是您的後台、[您的 IT] 系統和與設施相關的東西。

So in terms of how that's going to go throughout the year, we -- over the years, we've obviously driven down our CapEx on the CDN business pretty dramatically. That used to be sort of 8% to 10% is what we used to talk about, so we've more than cut that in half. I expect that, that kind of low single-digit range will probably be where we stay, unless we see just a dramatic increase like we saw during the pandemic. But there's no reason to believe that is to happen with what we know about the industry right now.

因此，就全年的發展而言，多年來，我們顯然大幅降低了 CDN 業務的資本支出。我們過去常談論 8% 到 10%，所以我們將其削減了一半以上。我預計，我們可能會保持這種低個位數的範圍，除非我們看到像大流行期間那樣的急劇增長。但就我們目前對該行業的了解，沒有理由相信這種情況會發生。

In terms of the compute business, it's really a question of growth. Now we're expanding in terms of the number of locations right now. Obviously, revenue is growing very fast. We made a big investment last year, and we talked about having room for revenue growth. And obviously, that enterprise revenue growth is quite substantial in terms of year-over-year and getting to more material numbers. Tom and I talked about being in a $50 million run rate just for that and growing at over 300%.

就計算業務而言，這確實是一個成長問題。現在我們正在擴大地點數量。顯然，收入成長非常快。去年我們做了很大的投資，我們談到了收入成長的空間。顯然，企業收入的同比增長相當可觀，並且達到了更多的實質數字。 Tom 和我談到為此而投入了 5000 萬美元的運行費用，並且增長率超過 300%。

Now we've used kind of a metric of about $1 of CapEx for $1 of revenue. It's not a perfect metric, but it's not a bad one to use. I've actually looked at some of the hyperscalers and some other things -- other public information that's available. It's a fairly decent proxy, obviously, as you're making major investments, like I said, investing in AI now. Have some (inaudible) but I think that's a fairly decent place to put it for now. And then obviously, as we get more experience, we'll update you from there.

現在我們使用了大約 1 美元的資本支出對應 1 美元的收入的衡量標準。這不是一個完美的指標，但使用起來也不錯。我實際上已經研究了一些超大規模和其他一些東西——其他可用的公共資訊。顯然，這是一個相當不錯的代理，因為你正在進行重大投資，就像我說的，現在投資人工智慧。有一些（聽不清楚），但我認為目前這是一個相當不錯的地方。顯然，隨著我們獲得更多經驗，我們會從那裡向您提供最新資訊。

Okay. Back to Noname. In the kind of setup here, so we model it correctly and look at organic growth. Did that $20 million for the back half include like a cross-sell or uplift from being on the Akamai platform? Is that just kind of annualizing what Noname's revenues are today? And maybe from a strategic perspective for Tom, like is -- was Noname also purchased to be more of a strategic asset in the context of not just API-related posture management and bundling there? Or is Noname going to be in -- its code base is going to be more of a hub for bundling more additional security services for Akamai?

好的。回到無名。在這種設定中，我們正確地建模並觀察有機增長。後半部分的 2000 萬美元是否包括交叉銷售或來自 Akamai 平台的提升？這只是對 Noname 目前的收入進行年化嗎？也許從 Tom 的策略角度來看，Noname 是否也被購買為更多的策略資產，而不僅僅是與 API 相關的狀態管理和捆綁？或者 Noname 會加入——它的程式碼庫將更像是為 Akamai 捆綁更多附加安全服務的中心？

Yes. I'll just do a quick answer on the second part there. Yes, Noname is strategic. API Security is strategic. And we're looking forward to integrating that more deeply in the Akamai platform and then building on top of it with new capabilities. And Ed, I'll let you talk about the financial.

是的。我將在那裡對第二部分做一個快速回答。是的，Noname 具有戰略意義。 API 安全具有戰略意義。我們期待將其更深入地整合到 Akamai 平台中，然後在其基礎上建立新功能。艾德，我會讓你談談財務問題。

Yes. So what we've baked in really is just essentially what we expect their contribution to be, without a significant increase in sales from our, call it, revenue synergy. So there's an opportunity to drive additional revenue synergy throughout the back half of the year. Assumption there is it closes some time in June, going to train our sales reps up on it. It always takes a little while for an acquisition to settle, and then you start opening up sales campaigns. And we'll start closing some deals towards the latter part of the year. Hopefully, we can do better than that. But in terms of our thinking, we just sort of layer in what that contribution will be. And hopefully, we can drive some revenue synergy in addition to that.

是的。因此，我們所做的實際上只是我們期望他們的貢獻，而我們所謂的收入綜效並沒有顯著增加銷售額。因此，今年下半年有機會推動額外的收入綜效。假設它在六月的某個時間關閉，將對我們的銷售代表進行培訓。收購總是需要一段時間才能解決，然後你就開始進行銷售活動。我們將在今年下半年開始完成一些交易。希望我們能做得更好。但就我們的想法而言，我們只是對貢獻進行了分層。希望除此之外我們還可以推動一些所得綜效。

Thank you, everyone. In closing, we'll be presenting at several investor conferences throughout the rest of the quarter. We look forward to seeing you at those, and thanks again for joining us tonight. We hope you have a nice evening. Operator, you can now end the call.

謝謝大家。最後，我們將在本季度剩餘時間內在幾次投資者會議上進行演示。我們期待在這些會議上見到您，並再次感謝您今晚加入我們。我們希望您度過一個愉快的夜晚。接線員，您現在可以結束通話了。

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。