阿卡邁科技 (AKAM) 2024 Q2 法說會逐字稿

Good day, and welcome to the second quarter 2024 Akamai Technology earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Mark Stoutenberg, Head of Investor Relations. Please go ahead.

美好的一天，歡迎參加 Akamai Technology 2024 年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。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 second 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 的 2024 年第二季財報電話會議。 Akamai 執行長 Tom Leighton 和 Akamai 財務長 Ed McGowan 今天將發表演說。

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 macro-economic trends, the integration of any acquisition, 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 August 8, 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 8 月 8 日的觀點。

As a reminder, we will be referring to certain non-GAAP financial metrics today. A detailed reconciliation of GAAP and non-GAAP metrics can be found under the financial portion of the Investor Relations section of akamai.com. I'll now hand the call off to our Co-Founder and CEO, Dr. Tom Leighton .

提醒一下，我們今天將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。現在我將把電話轉給我們的共同創辦人兼執行長 Tom Leighton 博士。

Thanks, Mark. I'm pleased to report that in the second quarter, Akamai delivered continued strong momentum in compute, strong growth in out security portfolio, steady operating margins, and healthy earnings growth on the bottom line. Second quarter revenue grew to $980 million, up 5% year over year as reported and up 6% in constant currency. Non-GAAP operating margin was 29%. Non-GAAP earnings per share was $1.58, up 6% year-over-year and up 9% in constant currency. These rules, salts were in line with or above our guidance.

謝謝，馬克。我很高興地向大家報告，第二季度，Akamai 在運算領域持續保持強勁勢頭，安全產品組合強勁成長，營運利潤穩定，獲利健康成長。第二季營收成長至 9.8 億美元，年增 5%，以固定匯率計算成長 6%。非 GAAP 營運利潤率為 29%。非 GAAP 每股盈餘為 1.58 美元，較去年同期成長 6%，以固定匯率計算成長 9%。這些規則、鹽符合或高於我們的指導。

Before I provide more color on our performance, I'd like to review how Akamai is evolving as we grow. As most of you know, Akamai first mandates name with the invention of content delivery services, and we're still the world's leader in that market today. We stand out for providing the scale and performance required by the world's top brands as we help them deliver reliable, secure, and near flawless digital experiences. Recent examples include delivering the Europe's football tournament and the summer games in Paris for top broadcasters around the world.

在詳細介紹我們的業績之前，我想先回顧一下 Akamai 如何隨著我們的發展而不斷發展。正如大多數人所知，Akamai 首先透過內容交付服務的發明來強制命名，而今天我們仍然是該市場的全球領導者。我們因提供世界頂級品牌所需的規模和性能而脫穎而出，幫助他們提供可靠、安全和近乎完美的數位體驗。最近的例子包括為世界各地的頂級廣播公司轉播歐洲足球錦標賽和巴黎夏季奧運會。

As we've said in previous calls, our delivery business has been challenged in recent quarters by macro economic and geopolitical headwinds. Our plan for delivery is threefold. First, we will remain disciplined when it comes to profitability of traffic that we choose to serve. Second, we will continue leverage our market leadership position and installed base of major enterprises to generate cross-selling opportunities. And third, we will continue to take steps to retain our market leadership, while also reinvesting most of the cash flow from our delivery product line into the fast growing areas of the business.

正如我們在先前的電話會議中所說，我們的配送業務在最近幾季受到宏觀經濟和地緣政治逆風的挑戰。我們的交付計劃有三個面向。首先，在我們選擇服務的流量的獲利能力方面，我們將保持紀律。其次，我們將繼續利用我們的市場領導地位和主要企業的安裝基礎來創造交叉銷售機會。第三，我們將繼續採取措施保持我們的市場領先地位，同時也將我們的交付產品線的大部分現金流重新投資到快速成長的業務領域。

In Q2, delivery accounted for one-third of our revenue or $329 million. This is quite a change from five years ago, when delivery accounted for two thirds of Akamai revenue. The diversification of our revenue across new markets through continuous innovation has long been a core part of Akamai's strategy for long-term profitable revenue growth.

第二季度，交付占我們營收的三分之一，即 3.29 億美元。與五年前相比，這是一個很大的變化，當時交付佔 Akamai 收入的三分之二。透過持續創新在新市場實現收入多元化長期以來一直是 Akamai 長期獲利性收入成長策略的核心部分。

A little more than a decade ago, we expanded our business into security, with the creation of web app firewall as a cloud service. We did this to meet what we recognized as a growing customer need in a way that was complementary to what Akamai was already doing for customers with delivery. The opportunity was clear to us because we listened to our customers. We created what has proved to be a very successful cloud service of our web app firewall. And now, for the first time in Akamai history, security delivered the majority of Akamai's revenue, $499 million in Q2, up 15% year over year and up 16% in constant currency. This amounts to an annual run rate of about $2 billion per year.

十多年前，我們將業務擴展到安全領域，創建了 Web 應用程式防火牆雲端服務。我們這樣做是為了滿足我們認為不斷增長的客戶需求，這種方式與 Akamai 已經為客戶提供的交付服務相輔相成。我們很清楚這個機會，因為我們聽取了客戶的意見。我們創建了事實證明非常成功的 Web 應用程式防火牆雲端服務。現在，安全業務在 Akamai 歷史上首次貢獻了 Akamai 的大部分收入，第二季度達到 4.99 億美元，同比增長 15%，按固定匯率計算增長 16%。這相當於每年約 20 億美元的營運費用。

Of course, we greatly expanded our security product set over the years. We now offer market-leading solutions for DDoS prevention, bot management, account and content protection, app and API security and zero trust enterprise security, led by our Guardicore Segmentation Solution. Customer interest in our security solutions is strong, and we had many significant wins in Q2. One of the world's largest energy companies became a new zero trust customer with Akamai. One of the top-three airlines in the US is moving from a legacy VPN architecture to a zero trust are architecture with Akamai.

當然，多年來我們大大擴展了我們的安全產品集。現在，我們以 Guardicore 分段解決方案為主導，提供市場領先的 DDoS 防禦、機器人管理、帳戶和內容保護、應用程式和 API 安全以及零信任企業安全解決方案。客戶對我們的安全解決方案很感興趣，我們在第二季度取得了許多重大勝利。全球最大的能源公司之一成為 Akamai 的新零信任客戶。美國三大航空公司之一正在與 Akamai 合作從傳統 VPN 架構轉向零信任架構。

We provided Akamai app and API Protector to one of the largest providers of HR management software and services in the US. And the German retailers Delife, Douglas, Wagner, and Zalando. EFAFLEX, the German maker of high-speed industrial doors purchased our segmentation solution, as did a major stock exchange and a leading cybersecurity company in Latin America. We provided DDoS loss protection to one of the largest banks in the world and to a government ministry and the Middle East. And at one major electric utility in Southeast Asia, we replaced a well-known competitor for a five-year deal for our web app firewall, DDoS protection, bot management, account takeover prevention, and API security.

我們向美國最大的人力資源管理軟體和服務供應商之一提供 Akamai 應用程式和 API Protector。還有德國零售商 Delife、Douglas、Wagner 和 Zalando。德國高速工業門製造商 EFAFLEX 購買了我們的分段解決方案，拉丁美洲的一家主要證券交易所和一家領先的網路安全公司也購買了我們的分段解決方案。我們為世界上最大的銀行之一、政府部門和中東地區提供 DDoS 損失保障。在東南亞的一家主要電力公司，我們取代了一位知名競爭對手，簽訂了一份為期五年的網路應用防火牆、DDoS 防護、機器人管理、帳戶接管預防和 API 安全協議。

We're especially excited about the most recent additions to our security portfolio. In Q2, we announced our new Akamai Guadicore platform. The first of its kind to enable zero trust security through a fully integrated combination of micro segmentation, zero trust network acess, multi-factor authentication, DNS firewall, and threat hunting. It is a single agent and unified control account console powered by gen AI designed to strengthen and simplify enterprise security with broad visibility and granular controls.

我們對安全產品組合中的最新新增內容感到特別興奮。在第二季度，我們發布了新的 Akamai Guadicore 平台。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。它是由 gen AI 提供支援的單一代理和統一控制帳戶控制台，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。

The new Gen AI interface enables our customers' operations teams to ask questions in a human language to gain information about their enterprise networks. The new Akamai Guadicore platform reflects our evolution as a security vendor growing beyond point solutions to a broader and more comprehensive security offering. Customers tell just want to consolidate security products and tools with vendors they can trust. And we think this will appeal to their needs.

新的 Gen AI 介面使我們客戶的營運團隊能夠以人類語言提出問題，以獲取有關其企業網路的資訊。新的 Akamai Guadicore 平台反映了我們作為安全供應商的演變，從單點解決方案發展到更廣泛、更全面的安全產品。客戶表示只想將安全產品和工具與他們信任的供應商整合在一起。我們認為這會滿足他們的需求。

In Q2, we also closed the acquisition of Noname security as we accelerate our momentum in the fast-growing API security market. IDC forecast this market will grow at CAGR 34% to nearly $1 billion by 2027. With Noname, we believe that Akamai now has one of the most comprehensive API security solutions in the industry. Within two weeks of the close, Akamai offered Noname customers are new Edge connector, an integration with Akamai web app and API Protector that works with a click of a button.

第二季度，我們也完成了對 Noname security 的收購，加速了我們在快速成長的 API 安全市場的發展勢頭。 IDC 預測，到 2027 年，該市場將以複合年增長率 34% 成長，達到近 10 億美元。交易結束後兩週內，Akamai 向 Noname 客戶提供了新的 Edge 連接器，該連接器與 Akamai Web 應用程式和 API Protector 集成，只需單擊按鈕即可使用。

Noname saw a significant increase in closed deals in Q2, including wins at some of the largest banks and insurance companies in North America and at leading software companies in Europe and Asia. We're also beginning to see a good upsell motion with early Noname adopters. For example, one of the largest US healthcare insurers more than doubled their Noname contract in Q2 to over $1.7 million annually.

Noname 在第二季完成的交易大幅增加，其中包括北美一些最大的銀行和保險公司以及歐洲和亞洲領先的軟體公司的勝利。我們也開始看到 Noname 早期採用者提出了良好的追加銷售動議。例如，美國最大的醫療保險公司之一的 Noname 合約在第二季增加了一倍多，達到每年 170 萬美元以上。

About a decade after we entered the security market, we again expanded Akamai's future opportunity by developing a much broader offering in cloud computing. As many of you know, Akamai has offered function as a service and our edge platform for many years. This kind of edge computing has been used by thousands of our customers, and it is deeply integrated into our delivery and security services. But our customers ask for more. They wanted us to offer full stack cloud computing, so that they can run their VMs and containers on the Akamai platform. And they wanted us to do it in away that would be more efficient and less costly than comparable offerings provided by the hyperscalers.

進入安全市場大約十年後，我們透過開發更廣泛的雲端運算產品，再次擴大了 Akamai 的未來機會。正如許多人所知，Akamai 多年來一直提供功能即服務和我們的邊緣平台。這種邊緣運算已被我們數千家客戶使用，並且已深度整合到我們的交付和安全服務中。但我們的客戶要求更多。他們希望我們提供全端雲端運算，以便他們可以在 Akamai 平台上運行他們的虛擬機器和容器。他們希望我們能夠比超大規模供應商提供的同類產品更有效率、成本更低。

They wanted Akamai to do this because they are already delivering and securing their sites and apps on our platform. They liked our track record of reliability and they knew they could trust Akamai's to be a good partner. Many of them also liked the fact that we don't compete against them unlike the hyperscalers. Adding cloud computing to our portfolio also makes good sense for Akamai. In addition to satisfying customer demand, we can reap the advantages from offering customers' delivery, security, and compute on the same platform.

他們希望 Akamai 這樣做，因為他們已經在我們的平台上交付並保護他們的網站和應用程式。他們喜歡我們的可靠性記錄，並且知道可以相信 Akamai 是一個良好的合作夥伴。他們中的許多人也喜歡這樣一個事實：我們不像超大規模企業那樣與他們競爭。將雲端運算添加到我們的產品組合中對於 Akamai 來說也很有意義。除了滿足客戶需求之外，我們還可以透過在同一平台上為客戶提供交付、安全和運算來獲得優勢。

The synergies include improved performance, seamless integration, and other operational efficiencies, bundling for cross selling and strong customer retention, increased margins for all of our services, deepening relationships with carrier networks, capacity to quickly detect and stop me massive cyber attacks at the edge, unmatched visibility into enormous volumes of traffic, and the security insights and threat intelligence that we gain as a result. If you step back and look at how the marketplace has evolved, you can see how the hyperscalers have work to achieve a similar suite of offerings, although they've taken a different route to get there.

協同效應包括提高效能、無縫整合和其他營運效率、交叉銷售捆綁和強大的客戶保留率、增加我們所有服務的利潤、加深與營運商網路的關係、快速檢測和阻止邊緣大規模網路攻擊的能力、對大量流量的無與倫比的可見性，以及我們由此獲得的安全見解和威脅情報。如果您退後一步，看看市場是如何發展的，您將看到超大規模企業如何努力實現類似的產品套件，儘管他們採取了不同的路線來實現這一目標。

They started with cloud computing and infrastructure as a service and then moved into security and delivery, validating our view that there is synergy and offering customers all three together. The hyperscalers also have a more centralized architecture. While Akamai has the world's most distributed cloud platform with more than 4,100 points of presence in over 700 cities across 130 countries. We believe that being more distributed provides customers with better performance, better economics, and greater reliability.

他們從雲端運算和基礎設施即服務開始，然後轉向安全性和交付，驗證了我們的觀點，即兩者之間存在協同作用，並向客戶提供這三者的服務。超大規模企業也具有更集中的架構。 Akamai 擁有全球分佈最廣的雲端平台，在 130 個國家的 700 多個城市設有 4,100 多個接入點。我們相信，更分散式可以為客戶提供更好的效能、更好的經濟性和更高的可靠性。

As we reported in our last earnings call, the initial response from customers to our new cloud offering has been very encouraging. The strong early momentum that we achieved in Q1 continued in Q2, with compute revenue growing to $151 million up 23% year-over-year and up 24% in constant currency. New compute customers added in Q2 include one of the world's best-known media and entertainment brands based here in the US. The European cybersecurity company, Sekoia.io; Claro Video, the video brand of the biggest telco in Latin America; MwareTV, a technology platform for IPTV and OTT services and a cable satellite IPTV provider that reaches almost half the households in Australia.

正如我們在上次財報電話會議中所報導的那樣，客戶對我們新的雲端產品的初步反應非常令人鼓舞。我們在第一季取得的強勁早期動能在第二季延續，計算營收成長至 1.51 億美元，年成長 23%，以固定匯率計算成長 24%。第二季新增的運算客戶包括總部位於美國的全球最知名的媒體和娛樂品牌之一。歐洲網路安全公司 Sekoia.io； Claro Video，拉丁美洲最大電信公司的視訊品牌； MwareTV 是一個 IPTV 和 OTT 服務技術平台，也是一家有線衛星 IPTV 供應商，覆蓋澳洲近一半的家庭。

Customers are also leveraging our ISV partners, which we call qualified compute partners to run low latency workloads on our compute platform. These include solutions for observability into workload behavior, cybersecurity, and large-scale events, where the need to store a very large sets of data makes Akamai a more attractive and cost-effective option than competitors. Our media customers can now take advantage of a full suite of media workflow offerings on Akamai connected cloud, which provides valuable synergy with our delivery platform for more efficient image manipulation, decisioning, and video transcoding.

客戶還利用我們的 ISV 合作夥伴（我們稱之為合格的運算合作夥伴）在我們的運算平台上運行低延遲工作負載。其中包括工作負載行為、網路安全和大型事件的可觀察性解決方案，在這些領域，儲存大量資料的需求使 Akamai 成為比競爭對手更具吸引力和成本效益的選擇。我們的媒體客戶現在可以利用 Akamai 連接雲端上的全套媒體工作流程產品，它與我們的交付平台提供寶貴的協同作用，以實現更有效率的影像處理、決策和視訊轉碼。

And with Akamai's latest qualified that compute partner and customer Yospace, media companies around the globe can leverage their advanced ad-tech and ad strategies at scale across the Akamai connect to cloud. Customers are also building new apps on our platform, where low latency data, distribution and processing provides a better user experience for their customers at significantly reduced cost.

透過 Akamai 最新的合格運算合作夥伴和客戶 Yospace，全球媒體公司可以透過 Akamai 連接到雲端大規模利用其先進的廣告技術和廣告策略。客戶還在我們的平台上建立新的應用程序，其中低延遲的數據、分發和處理以顯著降低的成本為其客戶提供更好的用戶體驗。

One customer is training and testing the machine learning engines that power their security scanning product. Another is building in a high-powered chat bot application to improve their customer experience and stream line operations with intelligent conversational customer engagement. Such a AI-powered applications are increasingly popular with recent advances in large language models.

一位客戶正在培訓和測試為其安全掃描產品提供支援的機器學習引擎。另一個是建立高效能的聊天機器人應用程序，以改善客戶體驗並透過智慧對話式客戶參與簡化生產線營運。隨著大型語言模型的最新進展，這種由人工智慧驅動的應用程式越來越受歡迎。

Akamai is also a very large user of our new cloud solution. As a result of migration of our own apps from the hyperscalers to Akamai connect to cloud, we're seeing better performance and greatly reduce cost. In fact, we expect to reduce our spending on third-party clouds to less than a third of what it would have been this year had we stayed on the hyperscalers, saving us well over $100 million in annual OpEx. It sure feels good, not writing a nine figure check to your competitors every year. And this is a feeling that we look forward to providing to our large enterprise customers.

Akamai 也是我們新雲端解決方案的大量用戶。將我們自己的應用程式從超大規模遷移到 Akamai 連接雲端後，我們看到了更好的效能並大大降低了成本。事實上，我們預計將在第三方雲端上的支出減少到今年我們留在超大規模雲端上的支出的三分之一以下，從而為我們節省超過 1 億美元的年度營運支出。不用每年給競爭對手開一張九位數的支票，這種感覺確實很好。這也是我們期待為大型企業客戶提供的感覺。

In summary, Akamai has undergone a fundamental transformation. We transformed from a content delivery Pioneer into the cloud company that powers and protects life online. Compute and security now generate two thirds of our revenue, and we believe that they provide Akamai with excellent potential for future growth and profitability. And we've achieved this transformation while successfully maintaining robust margins, because both of our fast-growing product areas are large security portfolio and our rapidly growing cloud computing portfolio are built upon and enabled by the foundation of our business are highly efficient and massively distributed delivery platform.

總而言之，Akamai 經歷了根本性的轉變。我們從內容交付先鋒轉型為為線上生活提供支援和保護的雲端公司。運算和安全現在占我們收入的三分之二，我們相信它們為 Akamai 提供了未來成長和獲利的巨大潛力。我們在成功保持強勁利潤的同時實現了這一轉型，因為我們快速成長的兩個產品領域都是大型安全產品組合，而我們快速成長的雲端運算產品組合是建立在我們高效且大規模分佈的業務基礎之上並由其支援的。

Our near term, operating margin goal remains 30%, and we see potential margin upside over time as the fast-growing areas of the business expand our profitability. Looking back at the first half of 2024, we are pleased by our strong performance and security and compute. Looking ahead, we're very excited about our potential for future growth as we integrate no name and as our fast-growing compute offerings to continue to gain traction with customers.

我們的近期營業利潤率目標仍為 30%，隨著業務快速成長領域擴大我們的獲利能力，我們認為隨著時間的推移，利潤率可能會上升。回顧 2024 年上半年，我們對強勁的效能、安全性和運算能力感到滿意。展望未來，我們對未來的成長潛力感到非常興奮，因為我們整合了快速成長的運算產品，以繼續吸引客戶。

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

現在，我將把電話轉給艾德，以了解有關我們第二季業績以及第三季和全年展望的更多資訊。艾德？

Thank you, Tom. Today, I plan to review our Q2 results and provide some color on our expectations for Q3 and the full year. Turning to our second quarter results. Total revenue for the second quarter was $980 million, up 5% year-over-year as reported and 6% in constant currency. Compute revenue was $151 million, up 23% year over year, as reported in 24% in constant currency.

謝謝你，湯姆。今天，我計劃回顧我們第二季的業績，並就我們對第三季和全年的預期提供一些資訊。轉向我們第二季的業績。第二季總營收為 9.8 億美元，年增 5%，以固定匯率計算成長 6%。計算收入為 1.51 億美元，年增 23%，以固定匯率計算成長 24%。

We continue to be very pleased with the level of enthusiasm in the market as more and more customers are leveraging our enterprise compute solutions. In particular, we are seeing a broad array of enterprise compute use cases, including live transcoding, secure access, observability, object storage, real-time log aggregation and insight, space computing, and deep learning AI models across many verticals, including media, e-commerce, software, and financial services.

隨著越來越多的客戶利用我們的企業運算解決方案，我們仍然對市場的熱情程度感到非常滿意。特別是，我們看到了廣泛的企業運算用例，包括即時轉碼、安全存取、可觀察性、物件儲存、即時日誌聚合和洞察、空間運算以及跨多個垂直領域的深度學習人工智慧模型，包括媒體、電子商務、軟體和金融服務。

Moving to security revenue. In the second quarter, security revenue was $499 million, up 15% year over year and 16% in constant currency. We're very pleased by the continued performance of our Guardicore zero trust solution and highly encouraged by the traction we are seeing in our recently launched API security solution. It's worth noting that the non-entrance action closed in late June, and the revenue contribution in the second quarter was less than $1 million.

轉向安全收入。第二季度，安全收入為 4.99 億美元，年增 15%，以固定匯率計算成長 16%。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。值得注意的是，非入場行動於6月下旬結束，第二季的營收貢獻不足100萬美元。

Combined compute security revenue grew 17% year-over-year as reported and 18% in constant currency, representing 66% of total revenue. Moving to delivery. Revenue was $329 million, which declined 13% year over year as reported and 12% in constant currency. The decline in delivery revenue was primarily related to the revenue impacting items that I outlined last quarter. It was in line with our expectations.

據報告，計算安全綜合收入年增 17%，以固定匯率計算成長 18%，佔總收入的 66%。轉向交付。營收為 3.29 億美元，年減 13%，以固定匯率計算下降 12%。配送收入的下降主要與我上季度概述的影響收入的項目有關。這符合我們的預期。

International revenue was $471 million, up 3% year-over-year and up 5% in constant currency, representing 48% of total revenue in Q2. Foreign exchange fluctuations had a negative impact on revenue of $5 million on a sequential basis and a negative $10 million impact on a year-over-year basis. Non-gaap net income was $243 million or $1.58 of earnings per diluted share, up 6% year over year and up 9% in constant currency. And our non-GAAP operating margin in Q2 was 29%.

國際營收為 4.71 億美元，年增 3%，以固定匯率計算成長 5%，佔第二季總營收的 48%。匯率波動對收入產生了 500 萬美元的環比負面影響，比去年同期產生了 1,000 萬美元的負面影響。非 GAAP 淨利潤為 2.43 億美元，即稀釋後每股收益 1.58 美元，較去年同期成長 6%，以固定匯率計算成長 9%。我們第二季的非 GAAP 營業利益率為 29%。

Moving now to cash and our use of capital. As of June 30, our cash, cash equivalents, and marketable securities totaled approximately $1.9 billion. During the second quarter, we spent approximately $128 million repurchasing approximately $1.4 million shares. We now have an aggregate of roughly $2.3 billion remaining in our share buyback authorizations. We also used approximately $450 million in cash from the second quarter for the acquisition of Noname.

現在轉向現金和我們對資本的使用。截至 6 月 30 日，我們的現金、現金等價物和有價證券總計約 19 億美元。第二季度，我們花了約 1.28 億美元回購了約 140 萬美元的股票。目前，我們的股票回購授權剩餘總額約為 23 億美元。我們也使用了第二季約 4.5 億美元的現金來收購 Noname。

As it relates to our use of capital, our retention remains the same to continue buying back shares over time to offset dilution from employee equity programs and to be opportunistic in both M&A and share repurchases. Before I provide our Q3 and updated full-year 2024 guidance, I want to touch on some housekeeping items.

由於這與我們對資本的使用有關，我們的保留保持不變，以便隨著時間的推移繼續回購股票，以抵消員工股權計劃的稀釋，並在併購和股票回購中抓住機會。在提供第三季和更新的 2024 年全年指導之前，我想談談一些內務管理專案。

First, regarding the close of the Noname Security acquisition, we expect this transaction to add approximately $8 million to $10 million of revenue in Q3 and approximately $18 million to $20 million in revenue for the full year 2024. We also expected to be dilutive to non-GAAP EPS by approximately $0.04 to $0.05 for the full year 2024 and to be dilutive to non-GAAP operating margin by approximately 30 to 40 basis points in 2024. As a reminder, our updated full-year guidance includes the impact of the acquisition.

首先，關於Noname Security 收購的完成，我們預計此交易將在第三季增加約800 萬至1,000 萬美元的收入，並為2024 年全年增加約1,800 萬至2,000 萬美元的收入。將稀釋非- 2024 年全年 GAAP 每股收益約減少 0.04 至 0.05 美元，2024 年非 GAAP 營業利潤將攤薄約 30 至 40 個基點。

Second and specific to traffic. We expect a modest uptick in year-over-year traffic in Q3 primarily due to the Paris Summer Games. 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 to see a similar result this year.

其次，具體到交通。我們預計第三季的流量將同比小幅上升，這主要是由於巴黎夏季奧運會的舉辦。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。

Third, the country of India recently announced plans to eliminate its digital service tax effective as of August 1, 2024. We are working with our tax advisors to determine the full impact of this tax change on our non-GAAP effective tax rate. Based on our initial assessment, we believe this could result in a small increase in our effective non-GAAP tax rate, and we have adjusted our guidance accordingly.

第三，印度最近宣布計劃自 2024 年 8 月 1 日起取消數位服務稅。根據我們的初步評估，我們認為這可能會導致我們的有效非公認會計原則稅率小幅增加，並且我們相應地調整了我們的指導。

Finaly, the macroeconomic environment remains challenging and geopolitical tensions persist. Any negative developments could have a meaningful impact on our business. So those factors in mind, I'll move to our Q3 guidance. For Q3. We're projecting revenue in the range of $988 million to $1.008 billion or up 2% to 4% as reported and 3% to 5% constant currency over Q3 2023.

最後，宏觀經濟環境依然充滿挑戰，地緣政治緊張局勢持續存在。任何負面的事態發展都可能對我們的業務產生重大影響。因此，考慮到這些因素，我將轉向我們的第三季指導。對於第三季。我們預計 2023 年第三季的營收將在 9.88 億美元至 10.08 億美元之間，即按報告增長 2% 至 4%，按固定匯率計算增長 3% 至 5%。

The current spot rates foreign exchange fluctuations are expected to have a positive $2 million impact on Q3 revenue compared to Q2 levels may negative $5 million impact year-over-year. These revenue levels, we expect cash gross margins of approximately 73%. Q3 non-GAAP operating expenses are projected to be $307 million to $312 million. We expect Q3 EBITDA margin of approximately 42%. We expect non-GAAP depreciation expense to be between $129 million to $131 million. We expect non-GAAP operating margin of approximately 29% for Q3.

目前的即期匯率波動預計將對第三季的收入產生 200 萬美元的正面影響，而第二季的水準可能會比去年同期產生 500 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73%。第三季非公認會計原則營運支出預計為 3.07 億美元至 3.12 億美元。我們預計第三季 EBITDA 利潤率約為 42%。我們預計非 GAAP 折舊費用將在 1.29 億美元至 1.31 億美元之間。我們預計第三季非 GAAP 營運利潤率約為 29%。

Moving on to CapEx, we expect to spend $166 million to $174 million. This represents approximately 17% of our projected total revenue. Based on our expectations for revenue and costs, we expect Q3 non-GAAP EPS in the range of $1.56 to $1.62. This EPS guidance assumes taxes of $59 million to $60 million based on an estimated non-GAAP rate of approximately 19% to 20%. It also reflects a fully diluted share count of approximately 154 million shares.

接下來是資本支出，我們預計將花費 1.66 億至 1.74 億美元。這約占我們預計總收入的 17%。根據我們對收入和成本的預期，我們預計第三季非 GAAP 每股收益將在 1.56 美元至 1.62 美元之間。根據大約 19% 至 20% 的估計非 GAAP 稅率，本 EPS 指引假設稅費為 5,900 萬美元至 6,000 萬美元。它還反映了約 1.54 億股的完全稀釋後股票數量。

Looking ahead to the full year, we now expect revenue of $3.970 billion to $4.010 billion which was up 4% to 5% year-over-year as reported and up 5% to 6% in constant currency. The current spot rates are guidance assumes foreign exchange will have a negative $20 million impact to revenue in 2024 on a year-over-year basis. We continue to expect security revenue growth of approximately 15% to 17% in constant currencies in 2024, including the contribution from the acquisition of Noname. Given the strong momentum in adoption from both new and existing enterprise compute customers, we now expect enterprise compute annualized revenue run rate to double from the $50 million we reported last quarter to over $100 million as we exit 2024.

展望全年，我們目前預計營收為 39.70 億美元至 40.10 億美元，年增 4% 至 5%，以固定匯率計算，年增 5% 至 6%。目前的即期匯率是假設外匯將對 2024 年收入產生同比 2000 萬美元的負面影響的指導。我們繼續預計，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。鑑於新舊企業運算客戶採用的強勁勢頭，我們現在預計，到 2024 年結束時，企業計算年化收入運行率將從我們上季度報告的 5000 萬美元翻一番，達到超過 1 億美元。

As a result, we are now increasing our overall expected revenue growth to approximately 23% to 25% in constant currency for the full year 2024. Moving to profitability, we estimate non-GAAP operating margin of approximately 29% and non-GAAP earnings per diluted share of $6.34 to $6.47. Our non-GAAP earnings guidance is based on non-GAAP effective tax rate of approximately 19% to 20% and the fully diluted share count of approximately [154 million] shares. Finally, a full year CapEx is expected to be approximately 16% of total revenue.

因此，我們現在將2024 年全年的整體預期營收成長以固定匯率計算提高至約23% 至25%。為29%。我們的非 GAAP 獲利指引是基於約 19% 至 20% 的非 GAAP 有效稅率以及約 [1.54 億] 股的完全稀釋股數。最後，全年資本支出預計約為總收入的 16%。

In closing, we are pleased with the traction we are seeing an enterprise compute and look forward to helping our customers migrate services to the Akamai connect to Cloud. Thank you, Tom, and I would now be happy to take your questions. Operator?

最後，我們對企業運算的吸引力感到滿意，並期待幫助我們的客戶將服務遷移到 Akamai 連接雲端。謝謝你，湯姆，我現在很樂意回答你的問題。操作員？

(Operator Instructions) Patrick Colville, Deutche Bank.

（操作員指令）Patrick Colville，德意志銀行。

Thank you so much for taking my question. Frankly, it pretty great to be part of the Akamai story. I want to talk about the business mix shift. I mean, that's where you opened your kind of prepared remarks. Specifically, I want to focus on compute. The $100 million revenue you just called out from Akamai Connect to cloud is really compelling. And great to see that that's ramping. When might be a hockey stick to become even greater revenue base? Like what's the kind of trajectory of Akamai Connect to cloud over the coming quarters, and if we think out beyond that?

非常感謝您回答我的問題。坦白說，能夠成為 Akamai 故事的一部分真是太好了。我想談談業務結構的轉變。我的意思是，這就是你準備好的言論的開始。具體來說，我想專注於計算。您剛才提到的 Akamai Connect 到雲端的 1 億美元收入確實非常引人注目。很高興看到這種情況正在增加。曲棍球棒什麼時候可以成為更大的收入基礎？例如，Akamai Connect 到雲端在未來幾季的發展軌跡是什麼樣的？

Yeah, great question. And I got to say we are very pleased to see the rapid early adoption. That is a capability that we really just started selling in earnest this year. We had some very early adopters towards the end of last year. And you know, if we can get up to $100 million ARR by the end of the year, which we think we're going to do, that is great for the first year of the product. And then we'll see where we are at the beginning next year. We'll give guidance in February, you know, for the year in compute. But we're very optimistic about strong growth in computing driven by the enterprise customers and our new capability there. There's an enormous market there, obviously. And so we're really looking forward into tapping into that.

是的，很好的問題。我必須說，我們很高興看到早期的快速採用。這是我們今年才真正開始認真銷售的功能。去年年底，我們有一些非常早期的採用者。你知道，如果我們能夠在年底前獲得高達 1 億美元的 ARR（我們認為我們將會做到這一點），那麼這對該產品的第一年來說是非常好的。然後我們會在明年年初看看我們的情況。我們將在二月給出今年的計算指導。但我們對企業客戶和我們的新能力所推動的運算強勁成長非常樂觀。顯然，那裡有一個巨大的市場。所以我們真的很期待利用這一點。

Very helpful. Thank you. And I guess a second part of my questions, I want to ask about delivery. I mean, this year, you've been very clear idea about the the kind of headwinds, the delivery business in 2024.I appreciate you might not want to kind of give guidance beyond 2024 book. Wondering whether the headwinds we're seeing right now are cyclical headwinds or are they structural in nature? Thank you.

非常有幫助。謝謝。我想我的問題的第二部分是關於交付的問題。我的意思是，今年，您對 2024 年的快遞業務所面臨的阻力非常清楚。想知道我們現在看到的逆風是周期性逆風還是結構性逆風？謝謝。

I don't think what we're seeing today persist over the long term. Traffic, I think will grow at a slower rate than it did certainly during COVID times. But delivery I believe, is here to stay. We are intent on remaining the market leader by a good margin. It's a very profitable business for us. We're very careful about that. We're very efficient in what we do. And it's very synergistic with our security web app firewall business and our emerging compute business.

我認為我們今天所看到的情況不會長期持續。我認為流量的成長速度將比新冠疫情期間慢。但我相信，交付將繼續存在。我們致力於保持市場領先地位。這對我們來說是一項非常有利可圖的業務。我們對此非常謹慎。我們的工作非常有效率。它與我們的安全網路應用防火牆業務和新興的運算業務具有很強的協同作用。

So I don't see these headwinds persisting over the long term. There are geopolitical considerations that we're worried about for next year. But I don't think this is a long-term phenomenon. And in any case, given the very fast growth of our security and compute product lines, they nearly tripled in revenue over the last five years to now where there too two-thirds of our revenue overall. I think the -- what you see with delivery with sometimes challenging, sometimes good, it has a lot less impact on the overall growth rates as we go forward.

因此，我認為這些不利因素不會長期持續存在。我們擔心明年的地緣政治因素。但我認為這不是長期現象。無論如何，考慮到我們的安全性和運算產品線的快速成長，它們的收入在過去五年中幾乎增加了兩倍，目前已占我們整體收入的三分之二。我認為，你所看到的交付有時具有挑戰性，有時很好，隨著我們的前進，它對整體成長率的影響要小得多。

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

艾德，您還有什麼要補充的嗎？

No, I think you covered it well, Tom.

不，我認為你說得很好，湯姆。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Thank you guys for taking the question and congratulations on the solid quarter. And I wanted to ask you a little bit about kind of parsing out the guidance, particularly the full year guidance. If I'm doing my math right, the midpoint of the full year comes up by about $5 million for the full year. But we're adding or no names. It sounds like about $20 million in revenues for the full year. Is there a part of the equation that's coming down, a part of the business that you're getting more cautious on, that makes up that difference?

感謝你們提出問題並祝賀這個季度的穩定表現。我想問你一些關於如何解析指導的問題，特別是全年指導。如果我算得對的話，全年中位數大約會增加 500 萬美元。但我們要么添加名字，要么不添加名字。聽起來全年收入約 2000 萬美元。是否有一部分因素正在下降，或者業務的一部分你變得更加謹慎，從而彌補了這種差異？

So we included no name in our guidance last quarter as well. So there's nothing that's changed. If anything, the business has gotten a little bit better. So our guidance has come up a bit to reflect that.

因此，我們上季度的指導中也沒有包含任何名字。所以沒有什麼改變。如果有什麼不同的話，那就是生意好一點了。因此，我們的指導意見有所反映，以反映這一點。

Got it, got it. And then on the expense side of the equation, the savings from moving sort of in house from the hyperscaler is $100 million is real savings. Congratulations on that. That's quite a feat. Tom, you talked about the ability to sort of start pushing that more into operating margins in the near future. Can you give us an indication of what near future means? 2025 near future, or are we thinking two or three years out or further?

明白了，明白了。然後在等式的費用方面，從超大規模企業轉移到內部可以節省 1 億美元，這是真正的節省。對此表示祝賀。這真是個壯舉。湯姆，您談到了在不久的將來開始將其更多地推向營業利潤率的能力。您能給我們說明不久的將來意味著什麼嗎？ 2025 年不久的將來，還是我們考慮兩三年或更遠的時間？

Well, Yes, the saving, operating savings we're getting, as Ed said, we've been plowing that back into the business by and large so that we can invest in growth. There's more savings to come there, but we really get the upward pressure on margins, the beneficial tailwinds on margins as the mix shift continues. As we add compute customers, that is good margin for us.

嗯，是的，正如艾德所說，我們所獲得的節省和營運節省，我們已經將其重新投入到業務中，以便我們可以投資於成長。那裡會有更多的節省，但我們確實感受到了利潤率的上行壓力，隨著混合轉變的繼續，利潤率受到有利的推動。隨著我們增加計算客戶，這對我們來說是一個很好的利潤。

And it's accretive security as we add customers there, it's accretive. Now, as Ed noted that today with the new security products, initially they're dilutive, but as we grow the revenue there, every customer we add, every deal we sign improves margins. So that over time, 30% is our goal, we're very close to that today, but over time, we think we have good potential to grow beyond that.

當我們在那裡增加客戶時，它的安全性就會增加，它會增加。現在，正如艾德所指出的那樣，今天有了新的安全產品，最初它們是稀釋性的，但隨著我們收入的增長，我們增加的每一個客戶，我們簽署的每筆交易都會提高利潤。因此，隨著時間的推移，30% 是我們的目標，今天我們非常接近這個目標，但隨著時間的推移，我們認為我們有很大的潛力超越這個目標。

Thank you, guys.

謝謝你們，夥計們。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

Thank you. I have a question on Guardicore. So, segmentation broadly seems like it's becoming more relevant in the market. Customers are more accepting of it. It's no longer like a new thing, and it has been for a while, and you guys have been there, and you bought God of a couple of years ago, but frankly, it seems like an essential component to a zero trust environment.

謝謝。我有一個關於 Guardicore 的問題。因此，細分似乎在市場上變得越來越重要。客戶對它的接受度更高。它不再像一個新事物，而且已經有一段時間了，你們已經在那裡了，幾年前你們買了上帝，但坦白說，它似乎是零信任環境的重要組成部分。

Not everybody has it. So can you talk a little bit more about how about this business, but really about your Akamai Guardicore zero trust platform that you just launched a few months ago, and how that sort of fits in the ecosystem of some of an enterprise when they need to protect all their assets to establish that zero trust environment.

不是每個人都擁有它。那麼，您能否多談談這項業務，但實際上是關於您幾個月前剛推出的 Akamai Guardicore 零信任平台，以及在某些企業需要時該平台如何適應他們的生態系統。所有資產以建立零信任環境。

Because it always seemed to me that this was essential, like I said, for zero trust. I guess if you can also, in addition to the technologies and what else it fits in with, can you also hit on your channel efforts regarding this platform? Because I know this is sold through the channel. I think, Ed, you said this before, but it seems like a really sophisticated solution.

因為在我看來，正如我所說，這對於零信任至關重要。我想如果你還可以的話，除了技術和它適合的其他東西之外，你還能在這個平台上進行渠道方面的努力嗎？因為我知道這是透過通路銷售的。我想，艾德，你之前說過這一點，但這似乎是一個非常複雜的解決方案。

It's not just you're buying a firewall for somebody or something like that. If you can just talk a little bit about how. I know it's early, but how that's working through the channel?

這不僅僅是您為某人或類似的東西購買防火牆。如果你能簡單談談如何做的話。我知道現在還為時過早，但是這個管道是如何運作的呢？

Yes. I think you characterized it very well. Segmentation is essential, I mean you got to lock the doors in the windows as best you can, but now we're still gets in. And I think really the most important thing an enterprise can do is lock down everything inside and that means Guardicore. It means having your agent on every application on every device. And you're right, most enterprises don't have it.

是的。我認為你對它的描述非常好。分段是必不可少的，我的意思是你必須盡可能地鎖上窗戶上的門，但現在我們仍然進入。 Guardicore 。這意味著在每台裝置上的每個應用程式上都有您的代理程式。你是對的，大多數企業都沒有它。

When you go back a few years, and I think the community of large really disfavored segmentation. And that's because the way it was done back then was really crude. You did it in hardware, it's very inflexible, hard to do. And at the end of the day, if you did it at all, you had giant segments which defeated the whole purpose. You weren't very secure, because the malware would get in and wipe out an entire giant segment and you had a big problem.

當你回到幾年前時，我認為大型社區確實不喜歡細分。那是因為當時的做法非常粗糙。你用硬體來做，它非常不靈活，很難做到。到最後，如果你真的這麼做了，你會得到巨大的部分，從而違背了整個目的。你不是很安全，因為惡意軟體會進入並消滅整個巨大的部分，你就會遇到一個大問題。

Guardicore solved that problem through software, very easy to manipulate, make updates, much more secure, fine green controls. And so it's been an education process for us in the marketplace. We viewed it as something that was going to be essential and that, I think, is proving out, as you noted. And of course, with the ransomware headlines and disasters, it's not surprising to see why people are waking up to what they really do need this.

Guardicore透過軟體解決了這個問題，非常容易操作，進行更新，更安全，精細的綠色控制。因此，這對我們在市場上來說是一個教育過程。正如您所指出的，我們認為它是必不可少的，而且我認為這一點正在被證明。當然，隨著勒索軟體的頭條新聞和災難的發生，人們開始意識到他們真正需要的是什麼也就不足為奇了。

So now the next question is with the platform. And there, what we've done is combine the Guardicore, which is protecting inside app-to-app device-to-device communication with the employee device to internal applications. And so we've combined what's called North South, and East, West. Now again, you go back a few years ago, they were different buyers and treated differently.

所以現在下一個問題是平台。在那裡，我們所做的就是結合 Guardicore，它可以保護員工設備到內部應用程式的內部應用程式到應用程式設備到設備的通訊。因此，我們將所謂的南北、東、西結合起來。現在，你再回到幾年前，他們是不同的買家，受到的待遇也不同。

But then we were thinking back then, boy, it's going to make sense to put this all together and sure enough, we're now seeing customers say, hey, we want that on the same platform, we want a single agent, not two different agents and we got to deal with a single control panel so that the business logic can be applied to employee devices at the same way and the same time as it is to internal applications.

但後來我們想，天啊，把這一切放在一起是有意義的，果然，我們現在看到客戶說，嘿，我們希望在同一個平台上，我們想要一個代理，而不是兩個不同的代理，我們必須處理單一控制面板，以便業務邏輯可以以與內部應用程式相同的方式、同時應用於員工設備。

And so that's what the Guardicore platform is all about. We actually also combine it with DNS firewall, multifactor authentication, threat-hunting capabilities, so that you can tell when you've got now where it is what's going on into a platform, which customers are excited about. And I think it's important not to underestimate the importance of a single agent to do this because that's really important real estate. And the new control panel powered by Gen AI, it's actually pretty cool. You can converse in a human language, if you will, with your network infrastructure. You get much greater visibility probably much better compliance as a result, which means better security.

這就是 Guardicore 平台的意義所在。實際上，我們還將其與 DNS 防火牆、多因素身份驗證、威脅追蹤功能相結合，這樣您就可以知道平台上正在發生什麼、客戶對此感到興奮。我認為重要的是不要低估單一代理商的重要性，因為這對房地產來說非常重要。由 Gen AI 提供支援的新控制面板實際上非常酷。如果您願意，您可以使用人類語言與您的網路基礎架構進行對話。您將獲得更大的可見性，可能因此獲得更好的合規性，這意味著更好的安全性。

Now your channel question, yes, Guardicore is all channel. And you're right, it is a sophisticated integration and deployment. It's not just like throw a firewall out there. And that's where the partners can really add value. And so in some cases, in many cases, the partner will derive even more revenue than Akamai will.

現在你的頻道問題，是的，Guardicore 是所有頻道。你是對的，這是一個複雜的整合和部署。這不僅僅是在外面設置防火牆。這才是合作夥伴真正可以增加價值的地方。因此，在某些情況下，在許多情況下，合作夥伴將獲得比 Akamai 更多的收入。

And it's ongoing because you're growing your Guardicore, your segmentation footprint to include more applications and devices, and it's great for partners when they can add value and generate revenue. So it's a really good channel-friendly product. And of course, not easy to do per se, but a lot easier than the way segmentation used to be.

它正在持續進行，因為您正在擴大您的 Guardicore、您的細分足跡以包含更多應用程式和設備，當合作夥伴可以增加價值並產生收入時，這對他們來說非常有利。所以它是一個非常好的通路友善產品。當然，這本身並不容易做到，但比以前的分割方式要容易得多。

And if I could, Tom, because that all makes a ton of sense to me. But it also raises the question, like, what are people -- what do they do? What are the alternatives? Like I'm familiar with Illumio and as another company, I've seen called Truxport but like you said, like people don't lot of enterprises don't even have segmentation implemented. So a lot of do, but a lot don't. And so what are the -- are there other things that we're just -- that I'm just missing like I don't know, is Palo buy the whole Palo platform. Are they just saying, you don't need it? Or we have something that kind of does it? Like I'm just trying to -- because the opportunity is just seems really big here?

如果可以的話，湯姆，因為這一切對我來說都很有意義。但它也提出了一個問題，例如，人是什麼——他們做什麼？有哪些替代方案？就像我熟悉 Illumio 和另一家公司一樣，我見過一家名為 Truxport 的公司，但就像你說的那樣，人們並不知道很多企業甚至沒有實施細分。所以很多人做了，但很多人沒有。那麼，我們還有其他事情嗎？ 我只是想念，就像我不知道的那樣，Palo 是否會購買整個 Palo 平台。他們只是說，你不需要它嗎？或者我們有類似的東西嗎？就像我只是想──因為這裡的機會似乎真的很大？

No, I think it is a big opportunity. And very few, relatively speaking, enterprises have it today, the early adopters are the critical infrastructure companies because they really, really have to have it. And we do compete with Illumio. They're probably our leading competitor. We believe the Guardicore solution is a lot better. We actually have our own mini firewall in the Asia.

不，我認為這是一個很大的機會。相對而言，今天很少有企業擁有它，早期採用者是關鍵基礎設施公司，因為他們真的非常需要擁有它。我們確實與 Illumio 競爭。他們可能是我們的主要競爭對手。我們相信 Guardicore 解決方案要好得多。我們實際上在亞洲有自己的迷你防火牆。

We don't have to rely on the firewall in the OS, which sometimes won't be there, it might not be consistent. We can cover a lot of the legacy systems which that's important to enterprises to get more universal coverage. I think there is a tonne of greenfield. And I wouldn't be there when one of the other competitors is talking about their platforms. They probably don't spend a lot of time talking about segmentation because they don't really have a solution for it.

我們不必依賴作業系統中的防火牆，有時防火牆不會存在，它可能不一致。我們可以涵蓋許多遺留系統，這對於企業獲得更普遍的覆蓋非常重要。我認為有大量的綠地。當其他競爭對手之一談論他們的平台時，我不會在場。他們可能不會花很多時間討論細分，因為他們沒有真正的解決方案。

Thank you very much.

非常感謝。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you very much. Ed, what is your latest thinking on the FX headwind to the full year revenue forecast. I'm just curious if there's been any movement there from, I think, previously, you've been looking at that as, I believe, $40 million headwind.

非常感謝。艾德，您對全年收入預測的外匯逆風有何最新看法？我只是好奇是否有任何動向，我想，之前，你一直將其視為 4000 萬美元的逆風。

Yes, not much of a change. The dollar moved around quite a bit during the quarter, up and down, but it's pretty much exactly the same. So for the full year, it's about $40. I gave the guidance already in the quarter in terms of the impact quarter-over-quarter and for year-over-year, but it's still about the same, just around $40 for the full year.

是的，變化不大。美元在本季內波動較大，有上下，但幾乎完全相同。所以全年的費用約為 40 美元。我已經在本季度給出了季度環比和同比影響的指導，但仍然大致相同，全年僅約 40 美元。

Okay. Thank you. And then, Tom, as a quick follow-up, you mentioned a pretty wide array of the workload types that you're seeing on your cloud computing platform. And you mentioned toward the end, deep learning and AI models. I'm wondering if you can double-click on that, for instance. What are the types of model? Are you seeing LLM, the text models or image models or something else? And is it possible to estimate what percentage of your cloud ARR might be relating to those newer types of AI workloads?

好的。謝謝。然後，Tom，作為快速跟進，您提到了您在雲端運算平台上看到的一系列相當廣泛的工作負載類型。您在最後提到了深度學習和人工智慧模型。例如，我想知道您是否可以雙擊它。模型有哪些類型？你在看LLM，文字模型或圖像模型還是其他什麼？是否可以估計雲端 ARR 中與這些新型 AI 工作負載相關的百分比？

Yes. Great question. I would say today, AI workload is probably a small fraction of the ARR. I think over time, potential for growth there. As we talked about useful in security, applications, chatbots, tailoring content for commerce companies, ad targeting, recommendation engines. I would say that the models are smaller because they're more focused. The giant models sort of are used to learn everything, your chat GPT, you can ask it any question at all, have it try to be knowledgeable about everything. Those are giant models and we're not really targeting that business.

是的。很好的問題。今天我想說，人工智慧工作負載可能只佔 ARR 的一小部分。我認為隨著時間的推移，那裡會有成長的潛力。正如我們所討論的，它在安全性、應用程式、聊天機器人、為商業公司客製化內容、廣告定位、推薦引擎方面很有用。我想說的是，模型更小，因為它們更集中。巨大的模型有點用來學習一切，你的聊天 GPT，你可以問它任何問題，讓它試著了解一切。這些都是巨大的模型，我們並不是真正針對該業務。

But for our customer base, they tend to be a lot more focused on what they're trying to do. Maybe it's a commerce site, maybe it's an ad site, maybe it's a security company. And they don't need to learn the whole world to really provide value. In fact, we see that with our own solution with the Akamai Guardicore platform with the control interface, powered by Gen AI.

但對於我們的客戶群來說，他們往往更專注於他們正在嘗試做的事情。也許它是一個商業網站，也許它是一個廣告網站，也許它是一家安全公司。他們不需要了解整個世界才能真正提供價值。事實上，我們透過我們自己的解決方案以及由 Gen AI 提供支援的具有控制介面的 Akamai Guardicore 平台看到了這一點。

Really, it's a very specific application, which means that you don't need the gigantic model to really provide the value. And that means it doesn't have to run on this giant suite of GPUs, it can run just great on our platform, which has GPUs but primarily CPU-based, which gives us much better ROI. And that works great for what our customers are looking to do in terms of their AI applications.

實際上，這是一個非常具體的應用程序，這意味著您不需要巨大的模型來真正提供價值。這意味著它不必在這套巨大的 GPU 上運行，它可以在我們的平台上運行得很好，我們的平台有 GPU，但主要基於 CPU，這給我們帶來了更好的投資回報。這對於我們的客戶希望在人工智慧應用方面實現的目標非常有用。

Thank you very much.

非常感謝。

Madeline Brooks, Banc of America.

馬德琳布魯克斯，美國銀行。

Hi team, thanks for taking my questions. I want to continue on the discussion of Connected Cloud, and you mentioned some nice wins in enterprise outside of your traditional CDN customers. But I guess I just wanted to double click on that and kind of get a little bit of color. What are those customers for nonmedia, non-e-commerce. What are the use cases that those customers are finding from Connected Cloud? And if you could just help us break out to growth of those customers maybe versus growth of your more traditional customers? Are they growing around the same in terms of their adoption of Connected Cloud?

嗨，團隊，感謝您回答我的問題。我想繼續討論互聯雲，您提到了傳統 CDN 客戶之外的企業中的一些不錯的勝利。但我想我只是想雙擊它並獲得一點顏色。非媒體、非電子商務的客戶有哪些？這些客戶從互聯雲端發現了哪些用例？如果您能幫助我們突破這些客戶的成長，也許與您的更傳統客戶的成長相比？他們在採用互聯雲方面的成長是否大致相同？

Yes, we're seeing growth both within the base and outside the base. I think, for example, with our qualified compute partner program with observability, a lot of companies need that to know what's going on with their applications. Security companies would need that. Now we also have a lot of media customers. And I would say that's probably the biggest segment today. We have, by design, a full media workflow ecosystem now supported through our QCP program on the platform and so a lot of media customers starting to take advantage of that.

是的，我們看到基地內部和基地外部都在成長。例如，我認為，透過我們具有可觀察性的合格計算合作夥伴計劃，許多公司都需要它來了解其應用程式的情況。安全公司會需要這個。現在我們也有很多媒體客戶。我想說這可能是今天最大的部分。根據設計，我們擁有一個完整的媒體工作流程生態系統，現在透過平台上的 QCP 計劃提供支持，因此許多媒體客戶開始利用這一點。

Outside of that, for example, OS and firmware patch storage, personalized waiting room experience, improved page performance with hints and so forth. We talked about with AI tailoring the site for a user based on what they've been doing so far. Real-time log aggregation and insights into your logs, observability, kinds of things. We even have a PBX, a telephone switching system running on it, 5G Internet gateway running on it. So it does broaden the base which is, I think, exciting for us in the future. But today, probably the biggest segment would be media.

除此之外，例如作業系統和韌體修補程式儲存、個人化等候室體驗、透過提示改善頁面效能等等。我們討論了人工智慧根據用戶迄今為止所做的事情來定製網站。即時日誌聚合以及對日誌、可觀察性等事物的洞察。我們甚至還有一個 PBX、一個在其上運行的電話交換系統、一個在其上運行的 5G 互聯網網關。因此，它確實拓寬了基礎，我認為這對我們的未來來說是令人興奮的。但今天，最大的部分可能是媒體。

Alex Henderson, Needham.

亞歷克斯·亨德森，李約瑟。

Great. First off, I think congratulations to an order on the great results out of both security and out of the compute. And I wanted to focus a little bit on the compute side of the business because I think, ultimately, that's the area that needs to be proven out to the Street more than anything else. Can you talk a little bit about the mechanics around what portion of the customer base that's converting to compute is coming from internal?

偉大的。首先，我想祝賀您在安全性和計算方面取得了巨大的成果。我想稍微關注業務的計算方面，因為我認為最終，這是最需要向華爾街證明的領域。您能否談談轉換為運算的客戶群中哪些部分來自內部的機制？

What portion of the compute are true new customers? How many -- how much of the growth is coming from existing customers that are increasing their upsell? Just kind of look at it as if it was a traditional stand-alone business and give us some of those critical metrics that go into analyzing the success of that business?

計算的哪一部分是真正的新客戶？有多少－有多少成長來自增加追加銷售的現有客戶？只是將其視為傳統的獨立業務，並為我們提供一些分析該業務成功的關鍵指標？

Yes. I'll take our first half and turn it over to Ed. And the answer will be pretty similar to the last question. I would say our biggest users and the biggest segment for compute today is our large media customers. And that's by design. And our -- a lot of our QCP, our Quality Compute Partners are media workflow companies. So that's sort of the biggest segment. I would say observability as a capability, a very large one as well, and that spans across all verticals and would include new customers.

是的。我會把我們的上半場交給艾德。答案將與上一個問題非常相似。我想說，今天我們最大的用戶和最大的計算領域是我們的大型媒體客戶。這是設計使然。我們的許多 QCP、我們的品質計算合作夥伴都是媒體工作流程公司。這是最大的部分。我想說，可觀察性是一種能力，也是一種非常大的能力，它跨越所有垂直領域，並包括新客戶。

So we do have a bunch of customers in nontraditional Akamai verticals that are using compute. And I think over the longer run, that opens up a whole new market verticals for us. But the biggest chunk today would be existing Akamai media companies is the biggest. And Ed, do you want to add some color on that?

因此，我們確實有很多非傳統 Akamai 垂直行業的客戶正在使用計算。我認為從長遠來看，這為我們開闢了一個全新的垂直市場。但今天最大的一塊將是現有的 Akamai 媒體公司。艾德，你想為此添加一些色彩嗎？

Yes, sure. Alex, so as Tom mentioned, we're seeing growth in both existing applications for stuff that's been on the platform for a while, but the bulk of the growth is actually coming from new customers. The new customer additions is growing very, very quickly. We broke out some numbers for you last quarter, and that continues to ramp very nicely. And we're seeing a significant increase in the pipeline.

是的，當然。亞歷克斯，正如湯姆所提到的，我們看到平台上已經存在一段時間的現有應用程式正在成長，但大部分成長實際上來自新客戶。新客戶的成長速度非常非常快。上個季度我們為您提供了一些數據，並且該數據繼續良好地成長。我們看到管道數量顯著增加。

We are seeing some new customers come to the platform. And what's interesting is we're probably seeing more workloads and repeatable workloads in areas even -- Tom talked about media, but outside of media. And we're seeing customers that may be relatively small CEM customers are fairly large compute customers. So I'd say it's across the board where we're seeing the growth, but it's mostly from adding new customers to the mix and then they start to ramp.

我們看到一些新客戶來到該平台。有趣的是，我們可能會看到更多的工作負載和可重複的工作負載，甚至在湯姆談到媒體的領域，但在媒體之外。我們發現，相對較小的 CEM 客戶實際上是相當大的計算客戶。所以我想說，我們看到了全面的成長，但這主要是因為新客戶的增加，然後他們開始增加。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

I wanted to be in on the delivery guidance and the expected performance in the back half. So appreciate you experienced a lot of the traffic degradation patterns in the first half. But I'm just curious why the trajectory of the business is actually worsening in the back half? And then I have a follow-up for Tom, please.

我想了解後半段的交付指導和預期表現。感謝您在上半年經歷了許多流量下降模式。但我只是好奇為什麼業務軌跡實際上在下半年惡化了？然後我有請湯姆跟進。

Yeah, sure. So I talked a little bit about the expectations for Q4. Just based on what we're seeing now in terms of traffic growth and what we saw last year, we're not expecting the normal hockey stick to any significant degree like we've seen in prior years. And also keep in mind, we closed the transaction with StackPath and Lumen last year, and that's all delivery revenue. So that makes sure Q4 tougher comparison if you're looking at sort of year-over-year growth rates, that's going to skew your perspective a bit.

是的，當然。所以我談了一些對第四季的預期。僅根據我們現在所看到的流量增長和去年所看到的情況，我們預計正常的曲棍球棒不會像前幾年那樣出現任何顯著的程度。請記住，我們去年完成了與 StackPath 和 Lumen 的交易，這就是所有交付收入。因此，如果您考慮的是同比增長率，那麼這將確保第四季度的比較更加嚴格，這會有點扭曲您的觀點。

And as we talked about on the last call, there were some dynamics going on with one of our larger social media customers. The good news there is we've got a good handle on that. That's sort of playing out as we expected. But as we talked about, those are the factors that as you put that into your model, why it may look like it's deteriorating a little bit. But I'd say the biggest issue is the fact that your anniversary-ing the StackPath and move contribution from Q4 last year.

正如我們在上次電話會議中談到的，我們的一個較大的社群媒體客戶正在發生一些動態。好消息是我們已經很好地處理了這個問題。這有點像我們預期的。但正如我們所討論的，當您將其放入模型中時，這些因素可能會導致它看起來有點惡化。但我想說，最大的問題是你去年第四季對 StackPath 和行動貢獻的周年紀念。

That makes sense. That's very fair. And Tom, for you, I think you've been very constructive around the compute opportunity. There are so many specific examples of the momentum you've been garnering in the compute franchise. But taking a step back as a broader strategy question for you, as you think about scaling that franchise and have it becoming an even bigger part of the overall revenue story.

這是有道理的。這非常公平。湯姆，對你來說，我認為你在電腦會方面非常有建設性。有很多具體的例子可以說明您在計算領域所獲得的動力。但退一步來說，這是一個更廣泛的策略問題，當你考慮擴大該特許經營權並使其成為整體收入故事的更重要部分時。

How are you straddling this notion of not using compute as -- or essentially ensuring compute ends up being wallet share accretive against your base as opposed to potentially managing a situation in which the delivery franchise sort of bumps along and compute sort of plugging the hole? Just what are some of the mechanisms you have in place to continue to drive the actual wallet share growth and accretion within existing delivery customers from where you are extracting a lot of net new compute demand for now?

您如何跨越這種不使用計算的概念——或者本質上確保計算最終會增加您的基礎的錢包份額，而不是潛在地管理交付特許經營權有點顛簸而計算有點堵塞漏洞的情況？您採取了哪些機制來繼續推動現有交付客戶的實際錢包份額成長和增加，您目前正在從這些客戶中提取大量新的淨運算需求？

Yes. Compute is different than delivery. So it's not a situation where delivery revenue was going into compute. That's not the case here. And that compute opportunity is orders of magnitude bigger than the delivery opportunity. And so I think, over time, it becomes a much bigger business than delivery. And I think delivery does its thing and it's a very good business for us in terms of cash generation, in terms of cross-selling.

是的。計算與交付不同。因此，這不是交付收入進入計算的情況。這裡的情況並非如此。而且計算機會比交付機會大幾個數量級。所以我認為，隨著時間的推移，它會成為比送貨更大的業務。我認為送貨服務發揮了作用，就現金產生和交叉銷售而言，這對我們來說是一項非常好的業務。

And in terms of actually of the economics of the platform, so we can go out there and offer compute at and especially for chatty applications and applications where data is moving around at a much lower price point than the hyperscalers because we have the delivery platform, but it doesn't -- it's not a situation where it's plugging a hole in delivery. I think compute is a huge revenue growth driver for us in the future, independent of anything in delivery.

就平台的實際經濟性而言，我們可以出去提供計算，特別是對於聊天應用程式和數據以比超大規模企業低得多的價格移動的應用程序，因為我們擁有交付平台，但事實並非如此——這並不是堵塞交付漏洞的情況。我認為計算是我們未來巨大的收入成長動力，獨立於任何交付。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys, this is [Quinton] for Jim Fish. Thanks for taking our question. Maybe touching on that first question there. A competitor in the space recently talked about pricing pressures from some of the largest medium customers getting worse over the past couple of months.

嘿，夥計們，這是吉姆·菲什的[昆頓]。感謝您提出我們的問題。也許觸及第一個問題。該領域的一位競爭對手最近談到，一些最大的中型客戶的定價壓力在過去幾個月中變得更加嚴重。

Are you seeing those pricing trends in the market that's maybe driving some of that second half weakness alongside, obviously, the StackPath and Lumen impact? Or are you not really seeing these pressures given your decision to move away from these kind of lower margin delivery opportunities?

您是否看到市場中的定價趨勢可能會導致下半年的疲軟，顯然還有 StackPath 和 Lumen 的影響？或者，鑑於您決定放棄此類利潤率較低的交付機會，您是否真的沒有看到這些壓力？

Quinton, this is Ed. As we talked about, we had some large renewals this year. So obviously, those we've been through all those, and there is certain pricing pressure there. I'd say it's nothing different than what we've traditionally seen in the marketplace. I wouldn't say that it's significantly worse. I think the issue is just not as much traffic growth.

昆頓，這是艾德。正如我們所說，今年我們進行了一些大型更新。顯然，我們已經經歷過所有這些，並且存在一定的定價壓力。我想說這與我們傳統上在市場上看到的沒有什麼不同。我不會說情況明顯更糟。我認為問題不在於流量成長那麼多。

So as you reprice a customer, you tend to see significant traffic growth. So the revenue declines don't persist as long as they have in a situation like this. So I wouldn't say if anything has changed in terms of the trajectory of the pricing. It's always been very competitive, it always will be. So that's really not the issue. The issue is just we're not seeing the type of traffic growth that we normally see.

因此，當您為客戶重新定價時，您往往會看到流量顯著成長。因此，只要在這種情況下，收入下降就不會持續下去。因此，我不會說定價軌跡是否發生了任何變化。競爭一直非常激烈，而且永遠都是如此。所以這確實不是問題。問題是我們沒有看到我們通常看到的流量成長類型。

Yes. That's really helpful. And then obviously, it's still really early here with the Noname acquisition. But any update you can provide on the integration between Noname and your kind of existing Neosec API opportunity? And maybe how you balance that go-to-market of those two platforms and how you can kind of leverage a full suite to kind of grow the wallet here within a customer.

是的。這真的很有幫助。顯然，收購 Noname 還為時過早。但是您可以提供有關 Noname 和現有 Neosec API 機會之間整合的任何更新嗎？也許你如何平衡這兩個平台的上市，以及如何利用全套套件來增加客戶的錢包。

Yes, we are now going to market with Noname. And as I mentioned, within 2 weeks of the close, we had a fully integrated with Akamai products, existing Akamai products, in particular, our web app firewall where a lot of the APIs would go through that. So I would say we're basically integrated today. We have some Neosec customers who we are maintaining over time, that will evolve into the Noname product with some of the capabilities from Neosec, so we get the best of both worlds.

是的，我們現在要與 Noname 一起上市。正如我所提到的，在交易結束後的 2 週內，我們與 Akamai 產品、現有的 Akamai 產品，特別是我們的 Web 應用程式防火牆完全集成，許多 API 將通過該防火牆。所以我想說我們今天基本上已經融為一體了。隨著時間的推移，我們會維護一些 Neosec 客戶，這些客戶將發展成為具有 Neosec 的一些功能的 Noname 產品，因此我們可以兩全其美。

Yeah. Just to add the -- just add the Noname acquisition came with a pretty sophisticated channel as well as a number of specialists. So we have both of those, so that's going to help drive some sales. And actually, from the minute we announced the close to when we closed or announced the deal ultimately closed, we saw a nice pickup in deals closed. So not no impact on the funnel and the teams already out there selling. So very excited about that. I think we've just enhanced our go-to-market capability as part of the acquisition.

是的。補充一點——補充一下，Noname 的收購帶來了相當複雜的管道以及許多專家。所以我們兩者都有，這將有助於推動一些銷售。事實上，從我們宣布結束的那一刻起，到我們完成或宣布交易最終完成的那一刻起，我們看到完成的交易數量大幅增加。因此，對通路和已經在銷售的團隊不會產生任何影響。對此非常興奮。我認為，作為收購的一部分，我們剛剛增強了進入市場的能力。

Jonathan Ho, William Blair & Co.

喬納森·何 (Jonathan Ho)、威廉·布萊爾公司 (William Blair & Co.)

Hi. Good afternoon. As you listen to customers and what they need or want from the compute side of things. Are there any core services or capabilities that you feel like you're missing or you're going to add pretty soon that are maybe potentially catalyst for even faster adoption?

你好。午安.當您傾聽客戶的聲音以及他們對計算方面的需求。您是否覺得自己缺少或即將添加任何核心服務或功能，這些服務或功能可能會成為更快採用的潛在催化劑？

I think probably the biggest difference today would be the size of the marketplace. Obviously, the hyperscalers have an enormous marketplace and we're getting started there. We're really excited that I think now we have a very competitive media workflow marketplace. I think we've got a very competitive observability marketplace.

我認為今天最大的差異可能是市場的規模。顯然，超大規模企業擁有龐大的市場，我們正在從那裡開始。我們真的很興奮，我認為現在我們有一個非常有競爭力的媒體工作流程市場。我認為我們有一個競爭非常激烈的可觀察性市場。

And that's something that we're going to be continuing to grow. We're also building out, as you know, our distributed compute capabilities so that we'll be in more locations than in many locations where the hyperscalers don't have a presence, which will give us an advantage in performance and also in countries where you've got data sovereignty laws. We'll be in a better position to handle that.

這就是我們將繼續發展的東西。如您所知，我們也正在建立我們的分散式運算能力，以便我們將在比超大規模企業沒有存在的許多地點更多的地點，這將使我們在性能和國家/地區方面具有優勢那裡有數據主權法。我們將能夠更好地處理這個問題。

But it's yes, it's ongoing. We're continuing to develop and improve the platform, including with storage, a lot of effort going on there too. So that's going to be -- that will be ongoing for the foreseeable future. But if you can tell from the results, we're in a position now, we can get out there and be selling it. And it's great to see the rapid early adoption.

但它是的，它正在持續。我們正在繼續開發和改進該平台，包括儲存方面，我們也在這方面付出了很多努力。因此，在可預見的未來，這將持續下去。但如果你從結果中看出，我們現在處於有利位置，我們可以走出去並出售它。很高興看到早期的快速採用。

That makes a tonne of sense. Just in terms of the delivery business, as we continue to see this decline as a percentage of revenue, it seems to be carrying the business in terms of margins. How concerned are you over deleveraging effects and CapEx efficiency as we see sort of the two sides of the business move in opposite directions?

這很有道理。就配送業務而言，隨著我們繼續看到收入百分比的下降，它似乎在利潤率方面支撐著該業務。當我們看到業務的兩個方面朝著相反的方向發展時，您對去槓桿效應和資本支出效率有多擔心？

Yes, I said it's not a huge concern there. The margins of the new products are very high gross margin products, so that will be helpful. Sure the compute business is a bit more capital intensive. But we've been able to drive down the CapEx of the core business and delivery pretty dramatically. So you're down low single digits as a percentage of revenue for that business. That will maintain as long as the delivery, as long as traffic is not growing significantly.

是的，我說過這並不是一個大問題。新產品的利潤率是非常高的毛利率產品，所以這會有幫助。當然，計算業務的資本密集度更高一些。但我們已經能夠大幅降低核心業務和交付的資本支出。因此，該業務收入的百分比下降了較低的個位數。只要交貨、流量沒有顯著成長，這種情況就會維持下去。

And part of our strategy and being more selective of the type of peak traffic to average that we're taking on the platform is by design, is to make sure that we do maintain that efficiency as we're spending more CapEx in the compute business, and we're not taking on that sort of not as profitable peak to average type traffic so that we can maintain a low CapEx posture in the delivery business.

我們策略的一部分，以及對我們在平台上採用的平均峰值流量類型進行更有選擇性的設計，是為了確保我們在計算業務上投入更多資本支出時能夠保持這種效率。承擔那種利潤率不高的高峰平均類型流量，以便我們可以在交付業務中保持較低的資本支出態勢。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

Kind of a few part question on cloud. Can you use your own platform? It sounds like you're moving a lot of legacy services on there to create kind of, you think, unique services for yourself and new services or improve legacy services on that platform.

關於雲的一些部分問題。可以用自己的平台嗎？聽起來您正在將大量遺留服務轉移到那裡，以便為自己創建一種您認為獨特的服務和新服務，或改進該平台上的遺留服務。

And then secondly, if you look at Microsoft, Google Cloud flare, they're kind of growing cloud in the 30% range. Do you think you can kind of get there? And are you kind of maybe CapEx constrained to do that? Or just maybe talk about how you can kind of get up to your peers there. And what do you have to do in the SMB market to hit that type of 30% growth?

其次，如果你看看微軟、谷歌雲，他們的雲端成長速度在 30% 左右。你認為你能到達那裡嗎？您是否會因為資本支出而被迫這樣做？或者只是談談你如何才能趕上那裡的同行。為了實現 30% 的成長，您必須在中小型企業市場做什麼？

Yes. On the first question, we have built capabilities for ourselves as part of our migration. So we're off of Snowflake and Data bricks which we had big spends there. Looking at over time, making our capabilities available to customers, again, a service that is more efficient, which I think is really important for customers. In terms of the growth rate, I would say that you want to compare the enterprise compute number, which we've talked about was a $50 million ARR at the end of Q1. We think that will more than double by the end of the year. That's sort of the number you want to look at that's comparable.

是的。關於第一個問題，作為遷移的一部分，我們已經為自己建立了功能。因此，我們不再使用雪花和數據磚，我們在這方面投入了大量資金。隨著時間的推移，再次向客戶提供我們的能力，這是一種更有效率的服務，我認為這對客戶來說非常重要。就成長率而言，我想說的是，您想要比較企業運算數量，我們談到的是第一季末的 ARR 為 5000 萬美元。我們認為到今年年底這一數字將增加一倍以上。這就是您想要查看的具有可比性的數字。

We've got more in the overall compute number, but those are -- have products like image and video manager, legacy Akamai net storage, other kinds of things. which aren't as comparable for what you're looking at in terms of the hyperscaler growth. So if you focus on the enterprise compute, which is really going to be the growth driver for us, that's going in a very fast percentage now and, of course, on a much, much smaller number than the hyperscalers. Ed, do you have -- want to add to that?

我們的整體運算數量有所增加，但這些是——擁有圖像和視訊管理器、傳統 Akamai 網路儲存等產品。這與您所看到的超大規模成長沒有可比性。因此，如果你專注於企業運算，這確實將成為我們的成長動力，那麼它現在的百分比非常快，當然，其數量比超大規模企業要少得多。艾德，你想補充一下嗎？

No, I think that's exactly right. And that's something that, over time, as that number becomes more material, we'll start to break that out for folks to make it easy for you to see where that growth is coming from. But Tom is absolutely right. That's where the big market is. That's where we're seeing the explosive growth, and we see that -- we think that can continue. Obviously, the pipeline is growing. We're seeing a lot more use cases than we expected. I see a great participation from all of our reps across the world. It's not just one geo. So we're very excited about it.

不，我認為這是完全正確的。隨著時間的推移，隨著這個數字變得更加重要，我們將開始向人們揭示這一點，以便讓您輕鬆了解成長的來源。但湯姆是絕對正確的。這就是大市場所在。這就是我們看到爆炸性增長的地方，我們認為這種情況可以繼續下去。顯然，管道正在成長。我們看到的用例比我們預期的要多得多。我看到我們世界各地所有代表的積極參與。這不僅僅是一個地理區域。所以我們對此感到非常興奮。

And do you think you're capital constrained at all or product constrained at all in the enterprise there?

您認為您所在的企業是否受到資本或產品的限制？

No, I don't think there's a capital constraint problem. I mean you could envision perhaps as a customer that may come to us with a big task where you may have to do some build out if it's in a particular concentrated geography. But we got a very strong balance sheet. We produce a ton of free cash flow. So there's no issue from a capital constraint perspective. I think we can grow this business to a significant size over time, and I don't think capital is a problem right now.

不，我不認為有資本約束問題。我的意思是，您可能會設想，作為一個客戶，他可能會帶著一項艱鉅的任務來到我們這裡，如果它位於特定的集中地理位置，您可能必須進行一些構建。但我們的資產負債表非常強勁。我們產生大量的自由現金流。所以從資本約束的角度來看不存在問題。我認為隨著時間的推移，我們可以將這項業務發展到相當大的規模，我認為資本現在不是問題。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Hey, great. Thanks for taking my questions on security. I guess in the second half, if I look at it adjusting out Noname, it looks like organic growth at constant currency is just about 11% to 12%. Obviously, it's been a slowdown versus the last several quarters. And in general, the security growth rate has kind of been pretty volatile over the last five to six quarters. Could you just give us the puts and takes on maybe some tough compares in the second half. I think you had some spike in DDoS strength last year. But also just going forward, just what's the kind of right growth range that we should expect out of the security business?

嘿，太棒了。感謝您回答我有關安全的問題。我想在下半年，如果我看看它調整了 Noname，看起來以固定匯率計算的自然成長約為 11% 至 12%。顯然，與過去幾季相比，成長速度有所放緩。總的來說，過去五到六個季度的安全成長率相當不穩定。您能給我們介紹一下下半場可能會發生一些艱難比較的推桿和推桿嗎？我認為去年 DDoS 強度有所上升。但展望未來，我們應該預期安全業務的正確成長範圍為何？

Yes, sure. So just in terms of some of the puts and takes, just remember, last year, in Q3, we had little over $6 million of license revenue, that's a couple of percentage points. So that's going to make your Q3 compare a little bit more challenging.

是的，當然。因此，就一些投入和支出而言，請記住，去年第三季度，我們的授權收入略高於 600 萬美元，僅幾個百分點。所以這會讓你的第三季比較更具挑戰性。

The other thing to keep in mind, too, last year, we introduced some new security bundles for web app firewall that did phenomenally well. So we've anniversaried that, so that makes sure our compare is a little bit more challenging. And then between Guardicore and API security as they start to ramp, we think APIs going to ramp very, very quickly. It's just a smaller number. So as you've talked about, the growth has bounced around a little bit over time. That happens as you bring new products into the market and they start to ramp up, think about when we brought manager to the market. It was a small product and then go to hundreds of millions of dollars. I think the same thing you'll see with Guardicore and API security.

另一件需要記住的事情是，去年，我們為 Web 應用程式防火牆引入了一些新的安全性捆綁包，效果非常好。所以我們已經慶祝了這一點，這可以確保我們的比較更具挑戰性。然後，當 Guardicore 和 API 安全性開始提升時，我們認為 API 將會非常非常快速地提升。這只是一個較小的數字。正如您所說，隨著時間的推移，成長出現了一些反彈。當您將新產品帶入市場並且它們開始增加時，就會發生這種情況，想想我們何時將經理帶入市場。這是一個很小的產品，然後就達到數億美元。我認為您會在 Guardicore 和 API 安全性中看到相同的情況。

Yes. Okay. And then on the delivery outlook, I guess, your -- I mean, vastly, I'll say it more directly, I mean, they certainly seem to indicate that outside, it was broader than just one social media customer has several large media customers that seem to be shifting traffic to lower-cost providers. It sounds like you guys aren't really seeing that dynamic or maybe it's not the year and it was already factored into the guide. Any comment on that?

是的。好的。然後，關於交付前景，我想，你的——我的意思是，很大程度上，我會更直接地說，我的意思是，他們似乎確實表明，從外部來看，這不僅僅是一個社群媒體客戶擁有多個大型媒體客戶似乎正在將流量轉移到成本較低的供應商。聽起來你們並沒有真正看到這種動態，或者也許不是那一年，它已經被納入指南中了。對此有何評論？

Yes. No, we're not seeing a phenomenon of someone moving to low-cost providers. As a matter of fact, there's two less of them in the market today. So we're not seeing that. As I talked about earlier, we have a tough compare with a (inaudible) Q4. And then we've just seen just a lower traffic year. Gaming has been unusually weak, video traffic isn't as robust as it normally is. That stuff happens from time to time, but we're not seeing a shift to low-cost providers or any new low-cost providers in the market.

是的。不，我們沒有看到有人轉向低成本提供者的現象。事實上，現在市場上已經少了兩個。所以我們沒有看到這一點。正如我之前談到的，我們與（聽不清楚）第四季進行了艱難的比較。然後我們剛剛看到了流量較低的一年。遊戲業務異常疲軟，視訊流量也不像平常那​​麼強勁。這種事情時有發生，但我們沒有看到市場上出現向低成本提供者或任何新的低成本提供者的轉變。

Okay. Thanks.

好的。謝謝。

Willian Power, Baird.

威廉鮑爾，貝爾德。

Great. This is Yan Samilton for Will. Ed, just going back to that more muted Q4 seasonality you're expecting for delivery again this year. If I remember correctly, last year, you were pointing to weaker trends in retail, including an uptick in bankruptcies there and then also weaker in terms of gaming. And now I know it's probably still a little early to forecast though, but is it those same verticals where you're expecting weaker traffic again this year that you're informing your expectation? Or is it some others or maybe it's more broad-based?

偉大的。我是威爾的嚴·薩米頓。 Ed，回到您預計今年再次交付的更溫和的第四季度季節性。如果我沒記錯的話，去年，您指出了零售業的疲軟趨勢，包括破產數量的增加，以及博彩業的疲軟。現在我知道現在預測可能還為時過早，但您所預測的今年流量是否會再次出現疲軟的垂直領域？或者是其他一些或者也許它的基礎更廣泛？

Yes. I'd say it's a combination of those two verticals. We've seen sort of over time the retail seasonal or to be less and less. Some of that has to do with the Zero overage product that we offer in the market. But just in general, it just hasn't been as robust as have been, say, four or five years ago. And then from gaming, yes, still weak. I haven't seen any major launches or we're not hearing anything from our customers that we leave me to believe that Q4 will be strong from that perspective.

是的。我想說這是這兩個垂直領域的組合。隨著時間的推移，我們看到零售季節性或越來越少。其中一些與我們在市場上提供的零超額產品有關。但總的來說，它並沒有像四、五年前那麼強勁。然後從遊戲方面來看，是的，仍然很弱。我還沒有看到任何重大發布，也沒有從客戶那裡聽到任何消息，讓我相信從這個角度來看，第四季將會很強勁。

And then also, as I just talked about several times here, just traffic in general has been a bit sluggish from a growth perspective in general. So I don't see anything that tells me that, that's going to change going into Q4. So obviously, we've got a few months to go here before we get there. We'll update you when we talk again in November. But based on what I'm seeing today, just out of this worthwhile calling that out to folks as they build out their models.

而且，正如我剛才多次談到的那樣，從整體成長的角度來看，整體流量有點低迷。所以我沒有看到任何跡象表明這種情況會在第四季度發生變化。顯然，我們還有幾個月的時間可以到達那裡。當我們在 11 月再次交談時，我們會向您通報最新情況。但根據我今天所看到的情況，值得在人們建立模型時向他們提出這一點。

Okay, that makes sense. Thanks so much.

好吧，這是有道理的。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Mark Stoutenberg for closing remarks.

我們的問答環節到此結束。我想將會議轉回馬克·斯托滕貝格致閉幕詞。

Thank you, everyone. In closing, we will be presenting at several investor conferences throughout the rest of the quarter and the rest of the year. We look forward to seeing you with those. We hope everyone has a nice evening tonight. Operator, you may now end the call.

謝謝大家。最後，我們將在本季剩餘時間和今年剩餘時間內在幾次投資者會議上進行演講。我們期待與您見面。我們希望大家今晚能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。