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.

大家好，歡迎參加 2024 年第二季 Akamai 技術收益電話會議。（操作員指示）請注意，此事件正在記錄中。現在，我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.

謝謝您，接線生。大家下午好，感謝您參加 Akamai 2024 年第二季財報電話會議。今天發言的將是 Akamai 執行長 Tom Leighton 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 macro-economic trends, the integration of any acquisition, and any impact from geopolitical developments.

請注意，今天的評論包括前瞻性陳述，其中包括有關收入和盈利指引的陳述。這些前瞻性陳述受風險和不確定性的影響，並涉及多種可能導致實際結果與此類陳述表達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、任何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.

有關這些因素的其他資訊包含在 Akamai 向美國證券交易委員會提交的文件中，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了公司在 2024 年 8 月 8 日的觀點。Akamai 不承擔更新這些聲明以反映新資訊、未來事件或情況的義務，除非法律另有規定。

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，今天我們將參考某些非 GAAP 財務指標。您可以在 akamai.com 的「投資者關係」部分的財務部分找到 GAAP 和非 GAAP 指標的詳細對帳表。我現在將電話轉交給我們的聯合創始人兼首席執行官湯姆·萊頓博士。

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。我很高興地報告，在第二季度，Akamai 在計算方面繼續保持強勁勢頭，安全產品組合實現強勁增長，營業利潤率保持穩定，盈利狀況健康增長。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%。非公認會計準則營業利益率為29%。非公認會計準則每股收益為 1.58 美元，年增 6%，以固定匯率計算成長 9%。這些規則、鹽符合或超越了我們的指導。

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.

在介紹我們的表現之前，我想先回顧一下 Akamai 隨著我們的成長而如何演變。大多數人都知道，Akamai 因發明內容交付服務而首次聲名鵲起，如今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、安全且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了宏觀經濟和地緣政治逆風的挑戰。我們的交付計劃包括三個方面。首先，對於我們選擇服務的流量的獲利能力，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維持我們的市場領先地位，同時將配送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.

在第二季度，外送占我們收入的三分之一，即 3.29 億美元。這與五年前相比有了很大的變化，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一直是 Akamai 長期獲利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 應用防火牆作為雲端服務。我們這樣做是為了滿足我們認為日益增長的客戶需求，同時以與 Akamai 已經為客戶提供的交付服務相補充的方式。因為我們聽取了客戶的意見，所以我們清楚地認識到了這個機會。我們創建了已被證明非常成功的 Web 應用防火牆雲端服務。現在，在 Akamai 歷史上第一次，安全業務成為了 Akamai 大部分收入的來源，第二季度收入達 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 億美元的年運行率。

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，這些年來我們大大擴展了我們的安全產品系列。我們現在提供市場領先的 DDoS 預防、機器人管理、帳戶和內容保護、應用程式和 API 安全性以及零信任企業安全解決方案，由我們的 Guardicore 分段解決方案主導。客戶對我們的安全解決方案興趣濃厚，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，從傳統的 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.

我們為美國最大的人力資源管理軟體和服務供應商之一提供了 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 購買了我們的分割解決方案，拉丁美洲一家大型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割解決方案。我們為世界上最大的銀行之一以及政府部門和中東地區提供 DDoS 損失保障。在東南亞的一家大型電力公司，我們與一家知名競爭對手簽訂了一份為期五年的合同，包括我們的 Web 應用防火牆、DDoS 保護、機器人管理、帳戶接管預防和 API 安全。

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.

我們對我們的安全產品組合的最新補充感到特別興奮。在第二季度，我們發布了全新的 Akamai Guadicore 平台。這是同類產品中第一個透過微分段、零信任網路存取、多因素身份驗證、DNS 防火牆和威脅搜尋的完全整合組合實現零信任安全的產品。它是一個由 gen AI 提供支援的單代理和統一控制帳戶控制台，旨在透過廣泛的可視性和細粒度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。全新 Akamai Guadicore 平台體現了我們作為安全供應商的演進歷程，已從點解決方案轉向更廣泛、更全面的安全產品。客戶只是希望將安全產品和工具與他們可以信賴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.

在第二季度，我們也完成了對 Noname security 的收購，以加速我們在快速成長的 API 安全市場的發展。IDC 預測到 2027 年該市場的複合年增長率將達到 34%，達到近 10 億美元。我們相信，憑藉 Noname，Akamai 現在擁有了業內最全面的 API 安全解決方案之一。在交易結束後的兩週內，Akamai 為 Noname 客戶提供了新的 Edge 連接器，該連接器與 Akamai 網路應用程式和 API Protector 集成，只需單擊按鈕即可完成操作。

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 在第二季達成的交易大幅增加，其中包括與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達成的交易。我們也開始看到早期 Noname 採用者的良好追加銷售動向。例如，美國最大的醫療保險公司之一在第二季將其 Noname 合約增加了一倍多，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，我們透過開發雲端運算領域更廣泛的產品，再次拓展了 Akamai 的未來機會。眾所周知，Akamai 多年來一直提供功能即服務和邊緣平台。這種邊緣運算已經被我們的數千名客戶所使用，並且深度融入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。他們希望我們能夠採取比超大規模供應商提供的同類產品更有效率、更便宜的方式來實現這一目標。

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和保護他們的網站和應用程式。他們喜歡我們可靠的業績記錄並且知道他們可以相信 Akamai 是一個好的合作夥伴。他們中的許多人也喜歡這樣一個事實：與超大規模企業不同，我們不會與他們競爭。將雲端運算加入我們的產品組合對於 Akamai 來說也是很有意義的。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、捆綁交叉銷售和強大的客戶保留、提高所有服務的利潤率、深化與運營商網絡的關係、快速檢測和阻止邊緣大規模網絡攻擊的能力、對海量流量的無與倫比的可視性以及我們因此獲得的安全洞察和威脅情報。如果你回顧市場是如何演變的，你會發現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途徑來實現這一目標。

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，即存在協同效應並可同時為客戶提供這三種服務。超大規模伺服器還具有更集中的架構。而Akamai擁有全球分佈最廣的雲端平台，在130個國家的700多個城市設有超過4100個接入點。我們相信，更加分散可以為客戶提供更好的性能、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.

正如我們在上次收益電話會議上所報告的那樣，客戶對我們的新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勢頭在第二季度得以延續，計算收入增長至 1.51 億美元，年增 23%，按固定匯率計算增長 24%。第二季新增的運算客戶包括總部位於美國的全球知名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。這些包括對工作負載行為、網路安全和大型事件的可觀察性的解決方案，其中儲存大量資料的需求使得 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 互聯雲端上的全套媒體工作流程產品，這與我們的交付平台形成了寶貴的協同作用，可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 最新合格的運算合作夥伴和客戶 Yospace，全球各地的媒體公司可以透過 Akamai 連接到雲端大規模利用其先進的廣告技術和廣告策略。客戶也在我們的平台上建立新的應用程序，其中低延遲數據、分發和處理以顯著降低的成本為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.

一位客戶正在訓練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線路操作。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龐大用戶。將我們自己的應用程式從超大規模遷移到 Akamai 雲端後，我們看到了更好的效能並大大降低了成本。事實上，我們預計今年在第三方雲端上的支出將減少到原先的三分之一以下（如果我們繼續使用超大規模雲端的話），從而為我們節省每年 1 億多美元的營運支出。不用每年都會給競爭對手開出九位數的支票，這種感覺確實很好。這正是我們期待為大型企業客戶提供的一種感覺。

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 經歷了根本性的轉型。我們從一家內容交付先驅轉型為一家為線上生活提供動力和保護的雲端運算公司。運算和安全現在創造了我們三分之二的收入，我們相信它們為 Akamai 的未來成長和利潤提供了巨大的潛力。我們在實現這項轉型的同時成功維持了強勁的利潤率，因為我們快速成長的產品領域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則建立在我們業務基礎之上並由其推動，即高效和大規模分散式交付平台。

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.

我們近期的營業利潤率目標仍為 30%，而且隨著業務快速成長領域擴大我們的獲利能力，我們看到利潤率會隨著時間的推移而上升。回顧 2024 年上半年，我們對強大的效能、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，因為我們整合了無名氏，而我們快速成長的運算產品將繼續受到客戶的青睞。

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 Ed，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對我們對第三季和全年的預期做出一些說明。談談我們第二季的業績。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%，以固定匯率計算則成長 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，我們對市場熱情程度感到非常高興。具體來說，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、空間運算以及涉及媒體、電子商務、軟體和金融服務等許多垂直領域的深度學習 AI 模型。

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滿意，並且對我們最近推出的 API 安全解決方案的吸引力感到非常鼓舞。值得注意的是，該項非入口行動已於 6 月底結束，第二季的營收貢獻不到 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.

報告顯示，綜合計算安全收入年增 17%，以固定匯率計算成長 18%，佔總收入的 66%。轉至交付。營收為 3.29 億美元，以報告計算年減 13%，以固定匯率計算下降 12%。配送收入的下降主要與我上個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%。外匯波動對收入產生了 500 萬美元的負面影響（環比），對去年同期產生了 1000 萬美元的負面影響。非公認會計準則淨收入為 2.43 億美元，即每股攤薄收益 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的資本使用。截至 6 月 30 日，我們的現金、現金等價物和有價證券總額約為 19 億美元。第二季度，我們花費約 1.28 億美元回購了價值約 140 萬美元的股票。我們目前的股票回購授權總額剩餘約 23 億美元。我們也使用了第二季約 4.5 億美元的現金收購 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.

就我們的資本使用而言，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。在我提供我們的第三季和更新的 2024 年全年指引之前，我想談談一些內部事項。

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，並在 2024 年全年增加約 1,800 萬至 2,000 萬美元的收入。我們也預計，2024 年全年非 GAAP 每股盈餘將攤薄約 0.04 至 0.05 美元，2024 年非 GAAP 營業利潤率將攤薄約 30 至 40 個基點。提醒一下，我們更新的全年指引包括了收購的影響。

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.

第二，具體到交通方面。我們預計第三季的客流量將年比小幅上升，這主要得益於巴黎夏季奧運。預計該活動將為第三季帶來約 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表現最強勁的季度，但去年季節性因素的影響較為溫和，我們預計今年也會有類似的結果。

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。我們正在與稅務顧問合作，以確定此稅收變更對我們的非公認會計準則有效稅率的全面影響。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準則稅率小幅增加，並且我們已相應地調整了我們的指引。

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。任何負面發展都可能對我們的業務產生重大影響。考慮到這些因素，我將轉向我們的第三季指引。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，或成長 2% 至 4%，以固定匯率計算成長 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.

當前即期匯率波動預計將對第三季營收產生 200 萬美元的正面影響，而與第二季相比，可能對去年同期產生 500 萬美元的負面影響。這些收入水平，我們預計現金毛利率約為 73%。第三季非 GAAP 營業費用預計為 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 折舊費用在 1.29 億美元至 1.31 億美元之間。我們預計第三季非 GAAP 營業利潤率約為 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.

談到資本支出，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。本每股盈餘指引假設稅率為 5,900 萬至 6,000 萬美元，基於非 GAAP 稅率約為 19% 至 20%。它還反映了完全稀釋的股數約為 1.54 億股。

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，我們預期營收為 39.7 億美元至 40.1 億美元，年增 4% 至 5%，以固定匯率計算則成長 5% 至 6%。目前的即期匯率指引假設外匯將對 2024 年的收入產生年比負 2,000 萬美元的影響。我們繼續預期 2024 年安全收入以固定匯率計算成長約 15% 至 17%，其中包括收購 Noname 的貢獻。鑑於新舊企業計算客戶採用的強勁勢頭，我們現在預計，到 2024 年底，企業計算年化收入運行率將從上季度報告的 5000 萬美元翻一番，達到 1 億美元以上。

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，我們目前將 2024 年全年整體預期營收成長率以固定匯率計算提高至約 23% 至 25%。談到獲利能力，我們預計非 GAAP 營業利潤率約為 29%，非 GAAP 每股稀釋收益為 6.34 美元至 6.47 美元。我們的非公認會計準則獲利指引是基於約 19% 至 20% 的非公認會計準則有效稅率和約 [1.54 億] 股的完全稀釋股數。最後，預計全年資本支出約佔總收入的 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，我們對企業運算的進展感到高興，並期待幫助我們的客戶將服務遷移到 Akamai 連接到雲端。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.

（操作員指示）德意志銀行的帕特里克·科爾維爾。

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，成為 Akamai 故事的一部分真是太棒了。我想談談業務組合轉變。我的意思是，這就是你開始發表準備好的演講的地方。具體來說，我想專注於計算。您剛才提到的 Akamai Connect 雲端運算帶來的 1 億美元收入確實引人注目。我很高興看到這一進程正在不斷推進。曲棍球棒何時才能成為更大的收入基礎？例如，未來幾季 Akamai Connect 在雲端的發展軌跡是怎麼樣的？

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，我們非常高興看到早期的快速採用。這是我們今年才開始認真推銷的功能。去年年底，我們就有了一些早期的採用者。你知道，如果我們能在年底前獲得高達 1 億美元的 ARR，我們認為我們會做到這一點，這對於產品的第一年來說非常好。然後我們會看到明年年初我們的狀況如何。您知道，我們將在二月提供今年計算方面的指導。但我們對於企業客戶和我們在該領域的新功能所推動的運算業務的強勁成長非常樂觀。顯然，那裡有巨大的市場。因此，我們非常期待利用這一點。

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 年配送業務面臨的阻力已經有了非常清晰的認識。想知道我們現在看到的逆風是週期性的逆風還是結構性的？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.

我認為我們今天看到的情況不會長期持續下去。我認為，流量的成長速度肯定會比疫情期間慢。但我相信，送貨服務將會繼續存在。我們決心保持市場領先地位。對我們來說這是一項非常有利可圖的業務。我們對此非常小心。我們的工作效率非常高。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。我們對明年的地緣政治問題感到擔憂。但我不認為這是一個長期現象。無論如何，鑑於我們的安全和計算產品線的快速增長，它們的收入在過去五年中幾乎增長了兩倍，現在占我們總收入的三分之二。我認為——在交付過程中，有時具有挑戰性，有時很好，但隨著我們前進，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，我認為你已經解釋得很好了，湯姆。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

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?

感謝你們回答這個問題，並祝賀你們本季業績穩健。我想問您一些有關分析指導意見的問題，特別是全年指導意見。如果我沒算錯的話，全年中點的收入大約是 500 萬美元。但我們還是會加或不加名字。聽起來全年的收入約為 2,000 萬美元。等式中是否有一部分正在下降，是否有一部分業務你變得更加謹慎，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，我們上個季度的指引中也沒有包括任何名字。因此什麼都沒有改變。如果有什麼變化的話，那就是生意已經稍微好轉了一點。因此，我們的指導價格有所上漲，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?

知道了，知道了。然後在費用方面，從超大規模企業內部轉移所節省的費用是 1 億美元，這是真正的節省。恭喜你。這真是一件了不起的事。湯姆，您談到了在不久的將來開始進一步提高營業利潤率的能力。您能給我們介紹一下「不久的將來」是什麼意思嗎？2025 年左右，還是說我們考慮的是兩三年甚至更久？

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、營運節省，我們基本上都將其重新投入到業務中，以便我們能夠投資於成長。未來還會有更多的節約，但隨著組合轉變的持續，我們確實感受到了利潤率的上行壓力和利潤率的有利順風。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.

隨著我們在那裡增加客戶，它的安全性也會增加。現在，正如 Ed 所指出的，今天推出的新安全產品最初會稀釋我們的利潤，但隨著我們收入的增加，我們增加的每個客戶、簽署的每筆交易都會提高利潤率。因此，隨著時間的推移，30％是我們的目標，今天我們已經非常接近這個目標，但是隨著時間的推移，我們認為我們有超越這一目標的良好潛力。

Thank you, guys.

謝謝你們。

John DiFucci, Guggenheim Securities.

古根漢證券的約翰‧迪富奇 (John DiFucci)。

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。我對 Guardicore 有一個疑問。因此，從廣義上講，細分似乎在市場上變得越來越重要。顧客對此更容易接受。它不再是一個新事物，它已經存在了一段時間，你們也經歷過，幾年前你們還收購了 God，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.

但不是每個人都擁有它。那麼，您能否再多談談這項業務的情況，特別是關於您幾個月前剛推出的 Akamai Guardicore 零信任平台，以及當企業需要保護所有資產以建立零信任環境時，該平台如何適應某些企業的生態系統。

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.

因為我一直認為這對零信任來說至關重要，就像我說的。我想除了技術和它所適用的其他東西之外，您還可以談談您在這個平台上所做的管道努力嗎？因為我知道這是透過管道賣出去的。我認為，艾德，你之前說過這個，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?

這不僅僅是你為某人或類似的東西購買防火牆。如果您可以稍微談一下如何做到這一點的話。我知道現在還早，但是透過這個管道，情況如何呢？

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。我認為你描述得非常好。分割是必不可少的，我的意思是你必須盡可能地鎖上門和窗戶，但現在我們仍然可以進去。我認為企業真正能做的最重要的事情就是鎖定內部的一切，這意味著 Guardicore。這意味著在每台裝置上的每個應用程式上都有你的代理程式。你說得對，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.

回顧幾年前，我認為大型社區確實不喜歡細分化。這是因為當時的做法非常粗糙。您用硬體來實現這一點，它非常不靈活，很難實現。到最後，如果你真的這麼做了，你只會得到巨大的片段，而這會使整個目的無法實現。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，然後你就會遇到大問題。

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，操作非常容易，更新也更加安全，綠色控制也更加精細。所以這對我們來說是一個在市場上的教育過程。我們認為這是一件至關重要的事情，而且我認為，正如您所說，事實證明了這一點。當然，隨著勒索軟體的頭條新聞和災難的發生，人們意識到他們真正需要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關於平台。我們所做的是將 Guardicore 與員工設備結合，保護內部應用程式到應用程式的設備到設備通訊。所以我們將所謂的南北和東西結合起來了。現在再回顧幾年前，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.

但當時我們就想，把這些都整合在一起是有意義的，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，我們必須處理一個控制面板，這樣業務邏輯就可以以相同的方式、同時應用於員工設備，就像應用於內部應用程序一樣。

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 平台的全部內容。實際上，我們還將其與 DNS 防火牆、多因素身份驗證和威脅搜尋功能相結合，這樣您就可以知道何時何地發生平台事件，這是客戶所興奮的。我認為，不要低估單一代理商的作用，因為這對房地產來說真的很重要。而且由 Gen AI 驅動的新控制面板實際上非常酷。如果您願意的話，您可以使用人類語言與您的網路基礎設施進行交談。您可以獲得更高的可見性，從而可能獲得更好的合規性，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.

現在您的頻道問題，是的，Guardicore 是全通路的。你說得對，這是一個複雜的整合和部署。這不像在那兒建一道防火牆那麼簡單。這正是合作夥伴真正能夠增加價值的地方。因此在某些情況下，在許多情況下，合作夥伴獲得的收入甚至會比 Akamai 還要多。

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.

這是持續進行的，因為您正在擴展您的 Guardicore，您的細分範圍正在涵蓋更多應用程式和設備，並且當合作夥伴能夠增加價值並創造收入時，這對他們來說非常有益。所以這確實是一款很好的通路友善產品。當然，這本身並不容易，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，因為這對我來說非常有意義。但它也引發了一個問題：人是什麼──他們做什麼？還有什麼替代方案？就像我熟悉 Illumio 一樣，我見過另一家名為 Truxport 的公司，但就像你說的，人們並不認為很多企業甚至沒有實施細分。許多人這麼做，但也有很多人沒有這麼做。那麼，我們還有什麼其他的事情嗎？ 我只是忽略了，我不知道，Palo 是否購買了整個 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，目前很少有企業擁有它，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 解決方案會更好。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，因為有時它不存在，而且可能不一致。我們可以涵蓋許多遺留系統，這對於企業獲得更全面的覆蓋非常重要。我認為這裡有大量的綠地。當其他競爭對手談論他們的平台時，我不會在場。他們可能不會花很多時間討論細分問題，因為他們實際上沒有解決方案。

Thank you very much.

非常感謝。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

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，你對外匯不利因素對全年收入預測的最新看法是什麼？我只是好奇那裡是否有任何動靜，我想，之前，你一直認為那是 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。美元在本季波動很大，有漲有跌，但總體而言基本保持不變。所以全年的費用大約是 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，全年約為 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，湯姆，作為一個快速的後續問題，您提到了您在雲端運算平台上看到的各種各樣的工作負載類型。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？您看到的是 LLM、文字模型、圖像模型還是其他什麼？是否可以估計您的雲端 ARR 中有多少百分比可能與這些較新類型的 AI 工作負載相關？

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。好問題。我想說今天，AI 的工作量可能只佔 ARR 的一小部分。我認為隨著時間的推移，那裡有成長的潛力。正如我們所討論的，它可用於安全、應用程式、聊天機器人、為商業公司客製化內容、廣告定位、推薦引擎等。我想說模型更小是因為它們更集中。巨型模型被用來學習一切，例如你的聊天 GPT，你可以問它任何問題，讓它試著了解一切。那些都是巨型模型，我們其實並不是針對該業務。

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做的事情。也許它是一個商業網站，也許是一個廣告網站，也許是一家安全公司。而且他們不需要了解整個世界就能真正提供價值。事實上，我們在自己的解決方案中看到了這一點，該解決方案採用了由 Gen AI 提供支援的控制介面的 Akamai Guardicore 平台。

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，這意味著你不需要龐大的模型來真正提供價值。這意味著它不必在這套龐大的 GPU 套件上運行，它可以在我們的平台上順利運行，我們的平台雖然有 GPU 但主要基於 CPU，這為我們帶來了更好的投資回報率。這對於我們的客戶在 AI 應用方面的需求非常有利。

Thank you very much.

非常感謝。

Madeline Brooks, Banc of America.

美國銀行的瑪德琳‧布魯克斯 (Madeline Brooks)。

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?

大家好，感謝你們回答我的問題。我想繼續討論 Connected Cloud，您提到了除了傳統 CDN 客戶之外，您在企業中也取得了一些不錯的成績。但我想我只是想雙擊它並獲得一點顏色。對於非媒體、非電子商務來說，這些客戶是什麼？這些客戶從 Connected Cloud 中找到了哪些用例？您能否幫我們比較一下這些客戶的成長情況以及與傳統客戶的成長？他們在採用互聯雲方面是否有相同的成長？

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，許多公司都需要了解他們的應用程式的運作情況。保全公司需要這個。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。我們設計了一個完整的媒體工作流程生態系統，現在透過平台上的 QCP 程式提供支持，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、個人化的等候室體驗、透過提示改進的頁面效能等等。我們討論了利用人工智慧根據用戶迄今為止所做的事情來為其定製網站。即時日誌聚合和對您的日誌、可觀察性等事物的洞察。我們甚至有一個 PBX，一個在其上運行的電話交換系統，以及 5G 互聯網網關。所以它確實拓寬了基礎，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，尼德姆。

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，我要祝賀該訂單在安全性和計算方面都取得了巨大的成果。我希望將重點放在業務的運算方面，因為我認為，最終這是最需要向華爾街證明的領域。您能否稍微談談轉換為運算的客戶群中有多少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?

計算中有多少部分是真正的新客戶？有多少－有多少成長來自於增加追加銷售的現有客戶？就把它看作是一個傳統的獨立業務，並為我們提供一些用於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。我將把上半部交給艾德。答案與最後一個問題非常相似。我想說，我們目前最大的用戶和最大的計算部分是我們的大型媒體客戶。這是設計使然。我們的許多 QCP、品質計算合作夥伴都是媒體工作流程公司。因此，這是最大的部分。我想說可觀察性是一項能力，也是一項非常大的能力，它涵蓋所有垂直領域，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，我們確實擁有一群在非傳統 Akamai 垂直領域使用運算的客戶。我認為從長遠來看，這將為我們開闢一個全新的垂直市場。但如今最大的份額是現有的Akamai媒體公司。艾德，你想對此添加一些色彩嗎？

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，我們看到現有應用程式的成長，這些應用程式已經在平台上存在了一段時間，但大部分成長實際上來自新客戶。新客戶數量成長非常非常快。我們在上個季度為您公佈了一些數據，而且這些數字繼續呈現良好的成長勢頭。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加入平台。有趣的是，我們可能會看到甚至在某些領域中更多的工作量和可重複的工作量——湯姆談到了媒體，但在媒體之外。我們發現，有些客戶可能是相對較小的 CEM 客戶，但卻是相當大的計算客戶。所以我想說，我們看到的是全面的成長，但這主要是因為增加了新客戶，然後他們就開始加速成長。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

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.

我希望了解交付指導和後半部分的預期表現。非常感謝您在上半年經歷了許多流量惡化模式。但我只是好奇為什麼後半年的業務軌跡實際上變得更糟了？然後我想跟進一下湯姆的問題。

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。我稍微談了一下對第四季的期望。僅根據我們現在看到的流量增長情況以及去年的情況，我們預計不會出現像前幾年那樣的正常曲棍球棒式增長。另外請記住，我們去年與 StackPath 和 Lumen 完成了交易，這些都是交付收入。因此，如果您查看同比成長率，那麼第四季度的比較將更加困難，您的觀點將會有所偏差。

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.

正如我們在上次通話中談到的那樣，我們的一個較大的社交媒體客戶之間發生了一些動態。好消息是我們已經很好地掌握了這一點。事情的發展正如我們所預期的。但正如我們所討論的，當你將其放入模型中時，這些因素會導致它看起來有點惡化。但我想說，最大的問題是，你對 StackPath 的周年紀念和去年第四季的行動貢獻。

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.

這很有道理。這非常公平。湯姆，我認為你在計算機會方面非常有建設性。有許多具體例子可以證明您在計算特許經營領域所取得的進展。但退一步來說，這對您來說是一個更廣泛的策略問題，因為您考慮擴大該特許經營權並使其成為整體收入故事中更重要的組成部分。

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——或者從本質上確保計算最終能夠增加您的錢包份額，而不是潛在地管理這樣一種情況：交付特許經營權出現問題，而計算卻堵塞了漏洞？您採用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積累，目前您從中提取了大量的淨新運算需求？

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，這並不是交付收入進入計算的情況。但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。因此我認為，隨著時間的推移，它將成為比送貨更大的業務。我認為送貨確實發揮了作用，從現金產生和交叉銷售的角度來看，這對我們而言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.

從平台的經濟性角度來看，我們可以提供計算服務，特別是對於聊天應用程式和數據移動的應用程序，因為我們有交付平台，所以價格比超大規模器低得多，但這並不是一種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，與交付無關。

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，大家好，我是 Jim Fish 的 [Quinton]。感謝您回答我們的問題。也許可以觸及第一個問題。該領域的一位競爭對手最近談到，過去幾個月來自一些最大的中型客戶的價格壓力愈演愈烈。

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?

您是否看到市場上的定價趨勢可能導致下半年出現一些疲軟現象，當然還有 StackPath 和 Lumen 的影響？或者說，考慮到您決定放棄這類利潤率較低的交付機會，您是否沒有真正看到這些壓力？

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續約。顯然，我們已經經歷過所有這些，並且存在一定的價格壓力。我想說這與我們傳統上在市場上看到的沒什麼不同。我不會說情況變得更糟。我認為問題並不在於流量成長太多。

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，當您重新為客戶定價時，您往往會看到流量顯著增長。因此，在這種情況下，收入下降的情況不會持續那麼長時間。因此我無法判斷定價軌跡是否發生了任何變化。競爭一直很激烈，而且永遠都會如此。所以這實際上不是問題。問題是我們沒有看到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，Noname 的收購還處於早期階段。但是您能提供有關 Noname 與您現有的 Neosec API 機會之間的整合的任何更新嗎？或許你如何平衡這兩個平台的行銷，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 一起進行行銷。正如我所提到的，在交易結束後的兩週內，我們就與 Akamai 產品、現有的 Akamai 產品，特別是我們的 Web 應用防火牆實現了完全集成，很多 API 都會通過它。所以我想說，今天我們基本上已經整合了。我們有一些 Neosec 客戶，我們會長期維護他們，他們將發展成為具有 Neosec 部分功能的 Noname 產品，這樣我們就可以兩全其美。

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。補充一下——Noname 的收購伴隨著一個相當複雜的管道以及一些專家。所以我們擁有這兩種產品，所以這將有助於推動銷售。實際上，從我們宣布結束交易的那一刻起，直到交易結束或宣布交易最終結束，我們看到交易數量呈現良好的成長勢頭。因此這對通路和已經在銷售的團隊沒有影響。我對此感到非常興奮。我認為，透過此次收購，我們增強了我們的市場進入能力。

Jonathan Ho, William Blair & Co.

Jonathan Ho, 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.當您傾聽客戶的意見並了解他們在計算方面需要什麼或想要什麼。您是否覺得自己缺少了什麼核心服務或功能，或者您很快就會添加哪些可能成為更快採用的催化劑的核心服務或功能？

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.

我認為如今最大的差異可能就是市場的規模。顯然，超大規模企業擁有龐大的市場，而我們正從那裡起步。我們真的很高興，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。我認為我們的可觀察性市場競爭非常激烈。

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.

這是我們將繼續發展的事情。如您所知，我們也正在建立我們的分散式運算能力，以便我們能夠涵蓋比超大規模企業沒有業務的許多地方更多的地點，這將使我們在效能方面以及在擁有資料主權法的國家/地區具有優勢。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.

但確實如此，它仍在進行中。我們正在繼續開發和改進該平台，包括存儲，我們也在這方面付出了很多努力。所以，在可預見的未來，這種情況將會持續下去。但如果你從結果可以看出，我們現在可以開始銷售它了。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。僅就送貨業務而言，我們繼續看到其收入百分比的下降，但從利潤率來看，它似乎支撐著業務。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，我說這不是什麼大問題。新產品的利潤率是毛利率非常高的產品，因此這將是有幫助的。當然，計算業務的資本密集程度更高。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，該業務的收入百分比下降了個位數。只要交付持續進行、流量沒有大幅成長，這種情況就會持續下去。

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.

我們的策略之一是更有選擇性地選擇我們在平台上承載的峰值與平均流量類型，這是為了確保我們在計算業務上花費更多資本支出時能夠保持效率，並且我們不會承擔那種利潤不高的峰值與平均流量類型，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.

關於雲的幾個部分的問題。您可以使用自己的平台嗎？聽起來你正在將許多遺留服務轉移到那裡，以便在該平台上創建你認為獨特的服務和新服務或改進遺留服務。

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，你會發現他們的雲端成長率都在 30% 左右。你認為你可以到達那裡嗎？您是否可能因為資本支出而受到限制？或者只是談論如何才能與你的同齡人取得進步。那麼，您必須在中小企業市場採取哪些措施才能實現 30% 的成長？

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，我們在遷移的過程中已經為自己建立了能力。因此，我們不再使用 Snowflake 和資料塊，我們在那裡投入了大量資金。隨著時間的推移，我們能夠為客戶提供更有效率的服務，我認為這對客戶來說非常重要。就成長率而言，我想說你要比較企業計算數量，我們已經討論過，第一季末的 ARR 為 5000 萬美元。我們認為到今年年底這個數字將會成長一倍以上。這就是您想要查看的可比較的數字。

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?

我們在總體運算數量上還有更多，但那些是——有圖像和視訊管理器、傳統 Akamai 網路儲存等產品，還有其他類型的東西。這與你所看到的超大規模成長情況並不具有可比性。因此，如果你專注於企業運算，這實際上將成為我們的成長動力，那麼現在企業運算的成長速度非常快，當然，與超大規模企業相比，其數量要小得多。艾德，你還有什麼想補充的嗎？

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，我認為完全正確。隨著時間的推移，當這個數字變得越來越重要時，我們將開始為人們提供詳細的數據，以便您輕鬆了解這種增長的來源。但湯姆是完全正確的。那裡有一個大市場。這就是我們看到的爆炸式增長，我們看到——我們認為這種情況可以持續下去。顯然，管道正在不斷增長。我們看到的用例比我們預期的要多得多。我看到我們遍布世界各地的代表們都積極參與。這不僅僅是一個地理位置。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?

您認為那裡的企業是否受到了資金或產品的限制？

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，你可以想像一下，一個客戶可能會為我們帶來一個大任務，如果任務在某個特定的集中地區，你可能不得不做一些擴建。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。因此從資本約束的角度來看，沒有問題。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，我認為資金現在不是問題。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

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。感謝您回答我關於安全的問題。我想，在下半年，如果我調整一下 Noname，看起來以固定匯率計算的自然成長率僅為 11％ 到 12％。顯然，與過去幾個季度相比，成長速度有所放緩。整體而言，過去五到六個季度中安全成長率一直相當不穩定。您能否為我們介紹下半年可能出現的一些棘手的比較？我認為去年你們的 DDoS 強度有所飆升。但展望未來，我們應該預期安全業務的正確成長範圍是如何的呢？

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，就一些得失而言，請記住，去年第三季度，我們的授權收入略高於 600 萬美元，這只佔幾個百分點。所以這會讓您的 Q3 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.

還要記住的另一件事是，去年，我們為 Web 應用防火牆推出了一些新的安全套件，效果非常好。因此，我們對此進行了周年紀念，以確保我們的比較更具挑戰性。然後，隨著 Guardicore 和 API 安全性開始加速，我們認為 API 將會非常非常快速地加速。只是數字較小而已。正如您所說的，隨著時間的推移，成長率略有反彈。當您將新產品帶入市場並且市場開始加速成長時，就會發生這種情況，想想當我們將經理帶入市場的時候。最初是一款小產品，後來價值卻達數億美元。我認為您會在 Guardicore 和 API 安全中看到相同的事情。

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。然後就交付前景而言，我想，你的 - 我的意思是，在很大程度上，我會更直接地說，我的意思是，他們似乎確實表明，在外部，它的範圍比僅僅一個社交媒體客戶更廣泛，有幾個大型媒體客戶似乎正在將流量轉移到低成本的提供商。聽起來你們似乎並沒有真正看到這種動態，或者也許不是年份，而且它已經被考慮到指南中了。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供應商的現象。事實上，目前市面上這種產品的數量已減少了兩隻。所以我們沒有看到這一點。正如我之前所說的，我們與（聽不清楚）第四季進行了艱難的比較。然後我們就看到了交通量較低的一年。遊戲表現異常疲軟，影片流量也不像平常那​​麼強勁。這種事情時有發生，但我們並沒有看到市場轉向低成本供應商或出現任何新的低成本供應商。

Okay. Thanks.

好的。謝謝。

Willian Power, Baird.

威廉鮑威爾，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 Yan Samilton。艾德，回到您今年再次期待的第四季季節性較為溫和的問題。如果我沒記錯的話，去年您指出零售業呈現疲軟趨勢，包括破產數量增加，遊戲產業也呈現疲軟趨勢。雖然現在我知道預測可能還為時過早，但您是否預計今年的垂直行業的流量會再次走弱，這也是您的預期？或者是其他的，或者是更廣泛的？

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。我認為這是這兩個垂直領域的結合。隨著時間的推移，我們發現零售業的季節性越來越弱。其中部分與我們在市場上提供的零超額產品有關。但總體而言，它並不像四、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的發布，也沒有聽到客戶的任何消息，因此我相信從這個角度來看第四季度將會表現強勁。

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，從整體成長角度來看，流量總體上有點低迷。因此，我看不到任何跡象表明這種情況會在第四季度發生改變。顯然，我們還需要幾個月的時間才能實現這一目標。當我們在 11 月再次交談時，我們會向您通報最新情況。但根據我今天看到的情況，當人們建立模型時，這一點值得提醒他們。

Okay, that makes sense. Thanks so much.

好的，這很有道理。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。我想將會議交還給馬克·斯托滕貝格 (Mark Stoutenberg) 並請他作最後發言。

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出席多場投資者會議。我們期待著您的到來。我們希望大家今晚都能度過愉快的夜晚。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。