阿卡邁科技 (AKAM) 2024 Q3 法說會逐字稿

Good day, and welcome to the Akamai Technologies third-quarter 2024 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

美好的一天，歡迎參加 Akamai Technologies 2024 年第三季財報電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

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

現在我想將會議交給投資者關係主管 Mark Stoutenberg 先生。請繼續，先生。

Good afternoon, everyone, and thank you for joining Akamai's third-quarter 2024 earnings call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

大家下午好，感謝您參加 Akamai 的 2024 年第三季財報電話會議。 Akamai 執行長 Tom Leighton 將在今天發表講話；和 Akamai 財務長 Ed McGowan。

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

請注意，今天的評論包含前瞻性陳述，包括有關收入和盈利指導的陳述。這些前瞻性陳述存在一定的風險和不確定性，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. These forward-looking statements included on this call represent the company's view on November 7, 2024. Akamai disclaims any obligation to update these statements to reflect new information or future events, 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這些前瞻性陳述代表了本公司在 2024 年 11 月 7 日的觀點。

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

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

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

現在我將把電話交給我們的執行長 Tom Leighton 博士。

Thanks, Mark. I'm pleased to report that Akamai delivered a solid third quarter in which we achieved two significant milestones.

謝謝，馬克。我很高興地向大家報告，Akamai 第三季業績表現強勁，我們實現了兩個重要的里程碑。

For the first time, Akamai's total annual revenue run rate exceeded $4 billion. And our security annual revenue run rate exceeded $2 billion. Our compute results were also very strong, growing 28% year over year in constant currency. Non-GAAP operating margin was 29%, and non-GAAP earnings per share was $1.59, in line with our guidance.

Akamai 的年總營收運行率首次超過 40 億美元。我們的安全年收入運行率超過 20 億美元。我們的計算結果也非常強勁，以固定匯率計算，較去年同期成長 28%。非 GAAP 營業利潤率為 29%，非 GAAP 每股盈餘為 1.59 美元，與我們的指引一致。

On last quarter's earnings call, we reviewed how Akamai is undergoing a fundamental transformation from a content delivery pioneer into the cybersecurity and cloud computing company that powers and protects business online. Security now delivers the majority of Akamai revenue. And compute and security combined account for more than two-thirds of our revenue.

在上季的財報電話會議上，我們回顧了 Akamai 如何從內容交付先驅轉變為支援和保護線上業務的網路安全和雲端運算公司。現在，安全性為 Akamai 帶來了大部分收入。計算和安全合計占我們收入的三分之二以上。

Since entering the security market a little more than a decade ago with web app firewall as a cloud service, we greatly expanded our security product set into an impressive portfolio, covering infrastructure, application and enterprise network security. We now offer market-leading solutions to help protect against DDoS and DNS attacks, application and API attacks, account abuse and fraud and ransomware and data exfiltration attacks.

自從十多年前以 Web 應用程式防火牆作為雲端服務進入安全市場以來，我們極大地將我們的安全產品集擴展為令人印象深刻的產品組合，涵蓋基礎設施、應用程式和企業網路安全。我們現在提供市場領先的解決方案，幫助防範 DDoS 和 DNS 攻擊、應用程式和 API 攻擊、帳戶濫用和詐欺以及勒索軟體和資料外洩攻擊。

We're already leveraging generative AI to enhance the security and ease of use of our Guardicore and WAF solutions. And we set ourselves apart from the competition with our extensive threat visibility and intelligence and our expert managed services that customers rely upon to protect their businesses.

我們已經在利用生成式人工智慧來增強 Guardicore 和 WAF 解決方案的安全性和易用性。我們憑藉著廣泛的威脅視覺性和情報以及客戶賴以保護其業務的專家管理服務，在競爭中脫穎而出。

Customer interest in our security solutions remained strong in Q3, and we signed many significant contracts, including a $70 million agreement with one of the world's largest financial institutions, which included our Guardicore segmentation solution, API Security and Prolexic DDoS protection; a $6 million upgrade at one of the world's leading chemical producers that included Guardicore to increase visibility and better protect against ransomware; a $3 million expansion with one of the world's leading auto manufacturers that included Guardicore to protect their critical high-performance computing clusters; a $5 million upgrade from another of the world's largest financial institutions to protect their apps and APIs from malicious activity; and a competitive takeaway for our new API security solution at one of the world's largest multinational technology companies.

第三季度，客戶對我們的安全解決方案的興趣依然濃厚，我們簽署了許多重要合同，包括與全球最大的金融機構之一簽訂的價值7000 萬美元的協議，其中包括我們的Guardicore 分段解決方案、API Security 與Prolexic DDoS 防護；對世界領先的化學品生產商之一進行了 600 萬美元的升級，其中包括 Guardicore，以提高可見度並更好地防範勒索軟體；與世界領先的汽車製造商之一進行 300 萬美元的擴建，其中包括 Guardicore，以保護其關鍵的高效能運算叢集；另一家全球最大的金融機構提供 500 萬美元的升級，以保護其應用程式和 API 免受惡意活動的影響；以及我們在世界上最大的跨國科技公司之一的新 API 安全解決方案的競爭優勢。

As a result of the strong early momentum, our new API Security solution is on track to achieve an annualized revenue run rate of more than $50 million by the end of the year. And our Zero Trust segment, led by Guardicore, is on track to achieve an annualized revenue run rate of more than $180 million by year-end.

由於早期勢頭強勁，我們新的 API 安全解決方案預計將在年底前實現超過 5000 萬美元的年收入運行率。由 Guardicore 領導的我們的零信任部門預計在年底實現超過 1.8 億美元的年化收入運行率。

We're also seeing strong interest in our Prolexic service as a result of the large DDoS attacks that have been raging across Asia. Our State of the Internet report in September warned of how geopolitical tensions are increasing the risk of attacks. And we recently thwarted two of the largest DDoS attacks ever seen, one against a leading financial institution in the Middle East and the other against a popular generative AI service.

由於亞洲各地肆虐的大規模 DDoS 攻擊，我們也看到人們對我們的 Prolexic 服務產生了濃厚的興趣。我們九月的網路狀況報告警告說，地緣政治緊張局勢正在增加攻擊的風險。我們最近挫敗了兩起有史以來最大規模的 DDoS 攻擊，一次針對中東一家領先的金融機構，另一次針對流行的生成式人工智慧服務。

In both cases, our customers didn't see any impact, thanks to our protection. The GenAI customer, a well-known hyperscaler, told us that the enterprise-grade protection we provide to their business is a true differentiator, and it's why they partner with Akamai over competing vendors who have struggled when confronted with large attacks.

在這兩種情況下，由於我們的保護，我們的客戶沒有看到任何影響。 GenAI 客戶是一家著名的超大規模供應商，他告訴我們，我們為他們的業務提供的企業級保護是真正的差異化因素，這就是為什麼他們與Akamai 合作，而不是在面臨大型攻擊時舉步維艱的競爭供應商。

As another example, a major financial institution in Australia called on us last month for emergency assistance when the competitor they were using for security failed in the face of an attack, resulting in a significant disruption to their business and painful news headlines. We also signed up one of the leading financial institutions in India as they sought to defend themselves from the increasing scale of DDoS attacks.

另一個例子是，澳洲的一家大型金融機構上個月向我們尋求緊急援助，當時他們使用的競爭對手在面臨攻擊時失敗了，導致他們的業務受到嚴重干擾，並成為令人痛苦的新聞頭條。我們也與印度領先的金融機構之一簽約，因為他們試圖保護自己免受規模不斷擴大的 DDoS 攻擊。

I think it's worth noting that enterprise-grade security is not just about scale and reach, which Akamai has plenty of. It's also about having the right people and expertise to partner with and support the most demanding enterprise accounts. And it's about having (inaudible) of platform reliability. These are critical areas where Akamai excels. And there are key reasons why customers trust Akamai to keep them operating normally during even the most challenging circumstances.

我認為值得注意的是，企業級安全不僅涉及規模和覆蓋範圍，而 Akamai 擁有許多這些優勢。它還涉及擁有合適的人員和專業知識來與最苛刻的企業客戶合作並提供支援。這與平台可靠性（聽不清楚）有關。這些都是 Akamai 擅長的關鍵領域。客戶相信 Akamai 能夠在最具挑戰性的情況下保持正常運營，這是有關鍵原因的。

We've also continued to advance our security capabilities through innovation. For example, last month, we announced the availability of our new behavioral DDoS engine for Akamai's App and API Protector solution. It leverages machine learning and intelligence from our global platform to analyze data from multiple sources to provide automated protection against application layer attacks.

我們也繼續透過創新來提高我們的安全能力。例如，上個月，我們宣佈為 Akamai 的 App 和 API Protector 解決方案推出新的行為 DDoS 引擎。它利用我們全球平台的機器學習和情報來分析多個來源的數據，以提供針對應用程式層攻擊的自動保護。

Turning now to compute, the strong momentum that we achieved in the first half of the year accelerated in Q3, with compute revenue growing to $167 million, up 28% year over year. We continued to add new compute customers at a strong pace, and we remain on track for our new enterprise compute solutions to exit the year with an annualized revenue run rate of more than $100 million. In Q3, we saw enterprise compute wins in the US at one of the largest retailers, one of the world's largest SaaS platforms, a large e-gaming platform, a large sports gaming platform, a nationwide passenger railroad and a global weather forecaster.

現在轉向計算，我們在上半年取得的強勁勢頭在第三季度加速，計算收入增長至 1.67 億美元，同比增長 28%。我們繼續以強勁的速度增加新的運算客戶，我們的新企業運算解決方案仍有望以超過 1 億美元的年化收入運行。第三季度，我們在美國最大的零售商之一、全球最大的 SaaS 平台之一、大型電子遊戲平台、大型體育遊戲平台、全國客運鐵路和全球天氣預報中看到了企業運算的勝利。

In Europe, we saw a large compute win with a major German travel platform. And a major telco doubled their prior commit for our enterprise compute solutions. In Latin America, one of the largest private banks in Brazil expanded their reliance on Akamai to adopt an ISV observability solution that provides insights into data to help improve user experience. And in APJ, we signed up an international domain management platform that enables domain owners to optimize and manage their domains using our compute solutions.

在歐洲，我們看到德國一家主要旅遊平台在運算方面取得了巨大勝利。一家大型電信公司將先前對我們企業運算解決方案的承諾增加了一倍。在拉丁美洲，巴西最大的私人銀行之一擴大了對 Akamai 的依賴，採用 ISV 可觀察性解決方案，提供數據洞察，幫助改善用戶體驗。在亞太及日本地區，我們簽署了一個國際網域管理平台，使網域所有者能夠使用我們的運算解決方案來優化和管理他們的網域。

Across the world, we're seeing strong interest in our differentiated cloud computing platform for cloud-native apps, observability, better performance and lower cost. Retailers in particular have told us that they've achieved better performance and conversion rates for their mobile apps running on Akamai Connected Cloud, with one reporting $160,000 in additional revenue per day.

在世界各地，我們看到人們對我們的差異化雲端運算平台產生了濃厚的興趣，該平台適用於雲端原生應用程式、可觀察性、更好的效能和更低的成本。尤其是零售商告訴我們，他們在 Akamai Connected Cloud 上運行的行動應用程式實現了更好的效能和轉換率，其中一個應用程式報告每天增加 160,000 美元的收入。

We're also seeing more opportunities for our platform to support the use of AI for tasks such as image generation and processing, speech recognition, consumer analytics and prediction and generation of short videos for advertising. In September, we introduced new video workflow capabilities from our ISV partners that integrate our compute and delivery platforms to give media customers unprecedented flexibility to tailor media experiences to meet their user demands. And over the past year, we've greatly expanded our object storage capabilities to help customers get reliable, scalable and low latency workload performance at a fraction of the cost charged by hyperscalers.

我們也看到我們的平台有更多機會支援使用人工智慧來執行影像生成和處理、語音識別、消費者分析和預測以及廣告短視頻生成等任務。 9 月份，我們從ISV 合作夥伴那裡引入了新的視訊工作流程功能，這些功能整合了我們的運算和交付平台，為媒體客戶提供前所未有的靈活性，讓他們能夠客製化媒體體驗，以滿足他們的用戶需求。在過去的一年裡，我們大幅擴展了物件儲存功能，幫助客戶獲得可靠、可擴展和低延遲的工作負載效能，而成本只是超大規模企業的一小部分。

Customers have responded. For example, French premium television channel Canal+ expanded their use of our services last quarter, adding Akamai Cloud Computing and migrating their video assets to Akamai's Object Store. This enabled them to significantly reduce their costs while improving performance and reliability. And just this month, Akamai entered into a multiyear strategic partnership with a large video workflow ISV that includes a $17 million commitment for Akamai's enterprise compute services.

客戶已做出回應。例如，法國付費電視頻道 Canal+ 上季度擴大了對我們服務的使用，增加了 Akamai 雲端運算並將其視訊資產遷移到 Akamai 的物件儲存。這使他們能夠顯著降低成本，同時提高性能和可靠性。就在本月，Akamai 與一家大型視訊工作流程 ISV 建立了多年策略合作夥伴關係，其中包括為 Akamai 的企業運算服務提供 1,700 萬美元的承諾。

In an evaluation of public cloud platforms released last quarter, Forrester named Akamai a strong performer and noted that Akamai offers a market-leading edge platform that provides businesses with a distributed platform to build, run and secure applications. The vision to lead as an IAS alternative by offering compute at the edge of networks for low latency workloads and strengths in edge development with a significant global fabric of edge locations and robust computing platform that developers can utilize to deploy applications closer to users. In summary, we're pleased with the momentum that we've achieved in compute this year, and we're very excited about the enormous opportunity ahead.

在上季發布的公有雲平台評估中，Forrester 將 Akamai 評為表現強勁的平台，並指出 Akamai 提供市場領先的邊緣平台，為企業提供分散式平台來建置、運行和保護應用程式。願景是透過在網路邊緣提供運算來實現低延遲工作負載，並透過重要的全球邊緣位置結構和強大的運算平台（開發人員可以利用這些平台將應用程式部署在更靠近用戶的位置）來實現邊緣開發的優勢，從而成為IAS 替代方案。總之，我們對今年在計算領域取得的勢頭感到滿意，並且對未來的巨大機會感到非常興奮。

Now, turning to delivery, as we've noted on recent calls, our delivery solutions have been weathering macroeconomic headwinds that have been felt industry-wide. In the 25 years that we've been in the delivery business, we've seen numerous swings in traffic levels, such as when traffic slowed as the largest Internet companies adopted DIY a decade ago. And as when traffic boomed at the start of the pandemic. Most recently, we've seen traffic growth slow as the streaming and gaming verticals have faced their own headwinds.

現在，轉向交付，正如我們在最近的電話會議中指出的那樣，我們的交付解決方案一直在經歷全行業都感受到的宏觀經濟逆風。在我們從事配送業務的 25 年裡，我們見證了流量水準的多次波動，例如十年前最大的網路公司採用 DIY 後流量放緩。就像大流行開始時交通繁榮一樣。最近，我們發現流量成長緩慢，因為串流媒體和遊戲垂直產業面臨著自身的阻力。

Looking forward, we expect that traffic growth will eventually rebound, just as it has in the past. Catalysts for potential future traffic growth include the analysis by Nielsen that 59% of video consumption has yet to move online, along with a lot of advertising, which will presumably follow the audience. More advanced video games and the growth of online sports, which is still in the early innings, are also catalysts to watch.

展望未來，我們預計流量成長最終將像過去一樣反彈。尼爾森的分析顯示，59% 的影片消費尚未轉移到線上，此外還有大量廣告，這些廣告可能會跟隨觀眾的腳步，成為未來潛在流量成長的催化劑。更先進的視頻遊戲和仍處於早期階段的線上體育的增長也是值得關注的催化劑。

When traffic growth picks up, we believe that Akamai is in a much stronger position than competitors to capture it. Given our scale and cost structure, we can add traffic very profitably, while it appears that many of our competitors are struggling to even stay in business.

當流量成長加快時，我們相信 Akamai 比競爭對手更有能力抓住流量。考慮到我們的規模和成本結構，我們可以非常有利地增加流量，而我們的許多競爭對手似乎都在努力維持業務。

In the meantime, and as I've said before, our plan for delivery is threefold. First, we'll remain disciplined when it comes to the profitability of traffic that we choose to serve. Second, we'll continue to leverage our market leadership position and installed base of major enterprises to generate cross-selling opportunities. And third, we'll 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.

同時，正如我之前所說，我們的交付計劃有三重。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。

It's important to note that Akamai realizes strong synergies and competitive advantages by offering customers delivery in addition to security and compute. These synergies and advantages include improved performance and seamless integration, bundling for cross-selling and strong customer retention, increased margins for all of our services, unmatched visibility from seeing enormous volumes of traffic and the capacity to quickly detect and stop massive cyber-attacks at the edge.

值得注意的是，Akamai 透過為客戶提供安全和運算之外的交付服務，實現了強大的協同效應和競爭優勢。這些協同效應和優勢包括改進的性能和無縫集成、交叉銷售捆綁和強大的客戶保留、我們所有服務的利潤增加、通過查看大量流量獲得無與倫比的可見性以及快速檢測和阻止大規模網絡攻擊的能力。

As you can see from our results, Akamai has come a long way in our evolution from the leading content delivery company into the cybersecurity and cloud computing company that powers and protects business online. We're very pleased to see our security business exceed $2 billion in annual revenue run rate, and we're very excited about the enormous potential for future growth in cloud computing. But we still have more work to do to fully realize the potential of the fast-growing areas of our business.

正如您從我們的結果中看到的，Akamai 在從領先的內容交付公司發展成為為線上業務提供支援和保護的網路安全和雲端運算公司的過程中取得了長足的進步。我們很高興看到我們的安全業務年收入運行率超過 20 億美元，我們對雲端運算未來成長的巨大潛力感到非常興奮。但我們還有更多工作要做，才能充分發揮我們業務快速成長領域的潛力。

As our next step, we plan to shift more investment into the development of our cloud computing capabilities and new security products, as well as into the go-to-market resources and partner ecosystem to sell these services to a broader portion of the enterprise marketplace. With the success of our new solutions in API security, enterprise security and cloud computing, we're now selling to enterprises who were not in the sweet spot for our delivery or cloud WAF services.

下一步，我們計劃將更多投資轉向雲端運算能力和新安全產品的開發，以及進入市場的資源和合作夥伴生態系統，以將這些服務出售給更廣泛的企業市場。隨著我們在 API 安全、企業安全和雲端運算方面的新解決方案取得成功，我們現在正在向那些不適合我們的交付或雲端 WAF 服務的企業銷售產品。

And so we plan to add go-to-market positions for hunting, as well as experienced specialists to support sales of the new products. Our new offerings are also much more partner friendly than our traditional delivery and cloud WAF solutions. And so we're also continuing to strengthen our partner ecosystem.

因此，我們計劃增加狩獵市場的職位，以及經驗豐富的專家來支持新產品的銷售。我們的新產品也比我們的傳統交付和雲端 WAF 解決方案對合作夥伴更友善。因此，我們也將繼續加強我們的合作夥伴生態系統。

In order to help fund these investments in the fast-growing areas of the business, we've made the difficult decision to eliminate about 2.5% of the current roles across the company. This was a painful decision because it impacts our people, whose innovation and drive have been an important part of our success. We believe that redeploying these resources will enable us to grow while still maintaining our near-term operating margin target of about 30% and then be in a better position to climb above 30% as the fast-growing areas of our business expand our profitability.

為了幫助為快速成長的業務領域的這些投資提供資金，我們做出了艱難的決定，在公司範圍內裁減約 2.5% 的現有職位。這是一個痛苦的決定，因為它影響了我們的員工，而他們的創新和動力是我們成功的重要組成部分。我們相信，重新部署這些資源將使我們能夠實現成長，同時仍維持約30% 的近期營業利潤率目標，然後隨著我們業務的快速成長領域擴大我們的獲利能力，我們將能夠更好地攀升至30% 以上。

Now, I'll turn the call over to Ed, who will review the Q3 results in more detail and provide our outlook on Q4. Ed?

現在，我將把電話轉給 Ed，他將更詳細地審查第三季的結果，並提供我們對第四季的展望。艾德？

Thank you, Tom. Today, I plan to review our Q3 results, provide some financial color on our restructuring charge and then discuss our expectations for Q4. I'll start with our third-quarter results.

謝謝你，湯姆。今天，我計劃回顧我們第三季度的業績，提供有關我們重組費用的一些財務信息，然後討論我們對第四季度的預期。我將從第三季的業績開始。

Total revenue for the third quarter was $1.005 billion, up 4% year over year as reported and in constant currency, marking our first $1 billion quarter. Compute revenue was $167 million, up 28% year over year as reported and in constant currency. These results included a $7 million onetime benefit related to the release of some deferred revenue in conjunction with the expiration of a long-term legacy compute contract. As Tom mentioned, we continue to see very positive market momentum with our enterprise compute solutions and remain on track to exit the year with an annualized revenue run rate of more than $100 million.

以固定匯率計算，第三季總營收為 10.05 億美元，年增 4%，這是我們第一個達到 10 億美元的季度。以固定匯率計算，計算收入為 1.67 億美元，年增 28%。這些結果包括與長期遺留計算合約到期時釋放一些遞延收入相關的 700 萬美元一次性收益。正如 Tom 所提到的，我們的企業運算解決方案繼續呈現出非常積極的市場勢頭，並有望以超過 1 億美元的年化收入運行結束這一年。

Moving to security revenue, in the third quarter, security revenue was $519 million, a 14% year-over-year increase as reported and in constant currency. During Q3, we had $3 million of onetime license revenue compared to $6 million in Q3 of last year. During Q3, revenue from Noname was approximately $8 million, in line with our expectations.

轉向安全收入，第三季安全收入為 5.19 億美元，以固定匯率計算，年增 14%。第三季度，我們的一次性授權收入為 300 萬美元，而去年第三季為 600 萬美元。第三季度，Noname 的營收約為 800 萬美元，符合我們的預期。

It's worth noting that similar to Guardicore, our partner and channel ecosystem is the driving force behind the majority of new customer wins for our new API Security solutions. Combined, compute and security revenue grew 17% year over year as reported and in constant currency, representing 68% of total revenue.

值得注意的是，與 Guardicore 類似，我們的合作夥伴和通路生態系統是我們新 API 安全解決方案贏得大多數新客戶的驅動力。以固定匯率計算，計算和安全收入合計年增 17%，佔總收入的 68%。

Delivery revenue was $319 million, a 16% year-over-year decline both as reported and in constant currency. Sequentially, delivery revenue decreased 3%, which is an improvement compared to the 6% and 10% sequential declines in the previous two quarters. As Tom mentioned, delivery has been impacted by recent macroeconomic headwinds that have been felt industry-wide. As a result, we have seen a significant slowdown in year-over-year traffic growth, most notably in video streaming and gaming.

交付收入為 3.19 億美元，按報告和以固定匯率計算均較去年同期下降 16%。隨後，配送收入下降了 3%，與前兩個季度分別下降 6% 和 10% 相比有所改善。正如湯姆所提到的，交付受到了近期整個行業都感受到的宏觀經濟逆風的影響。因此，我們發現流量成長較去年同期顯著放緩，尤其是視訊串流和遊戲方面。

While it's difficult to predict exactly when the industry will recover and growth will resume, we believe our business will be uniquely positioned to capitalize on the recovery. Our scale and cost structure enables us to attract and retain customers very profitably, and our delivery business continues to generate very desirable cash flows.

雖然很難準確預測行業何時復甦和成長何時恢復，但我們相信我們的業務將處於獨特的地位，可以利用復甦的機會。我們的規模和成本結構使我們能夠以非常高的利潤吸引和留住客戶，並且我們的送貨業務繼續產生非常理想的現金流。

International revenue was $480 million, up 3% year over year as reported and in constant currency, representing 48% of total revenue in Q3. Foreign exchange fluctuations had a positive impact on revenue of $5 million on a sequential basis and a negative $3 million impact on a year-over-year basis.

以固定匯率計算，國際營收為 4.8 億美元，年增 3%，佔第三季總營收的 48%。外匯波動對收入環比產生了 500 萬美元的正面影響，對年比產生了 300 萬美元的負面影響。

Non-GAAP net income was $244 million or $1.59 of earnings per diluted share, down 2% year over year and down 1% in constant currency. As a reminder, included in our Q3 results is a full quarter's worth of Noname's revenue and expense.

非 GAAP 淨利潤為 2.44 億美元，即稀釋後每股收益 1.59 美元，年減 2%，以固定匯率計算下降 1%。提醒一下，我們第三季的業績包含了 Noname 整個季度的收入和支出。

And finally, our non-GAAP operating margin in Q3 was 29%.

最後，我們第三季的非 GAAP 營業利潤率為 29%。

Moving now to cash and our use of capital, as of September 30, our cash, cash equivalents and marketable securities totaled approximately $2 billion. During the third quarter, we spent approximately $166 million, repurchasing approximately 1.7 million shares. We now have an aggregate of roughly $2.1 billion remaining in our share buyback authorizations.

現在轉向現金和我們的資本使用，截至 9 月 30 日，我們的現金、現金等價物和有價證券總計約為 20 億美元。第三季度，我們花了約 1.66 億美元，回購了約 170 萬股股票。目前，我們的股票回購授權剩餘總額約為 21 億美元。

As it relates to the use of capital, our intentions remain 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.

由於涉及資本的使用，我們的意圖保持不變：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方面抓住機會。

Before I provide our Q4 guidance, I want to touch on some housekeeping items. First, as part of our new go-to-market approach and subsequent workforce realignment that Tom mentioned, we took an $82 million restructuring charge in Q3. This charge was primarily driven by our workforce reduction and related severance costs, along with the write-down of intangible assets related to the Neosec acquisition. We estimate the workforce action will result in approximately $45 million of annualized savings going forward. We expect to reinvest most of those savings as part of the plan Tom discussed to refocus our go-to-market efforts around our fast-growing compute and security offerings.

在提供第四季度指導之前，我想先談談一些內務事項。首先，作為湯姆提到的新的市場進入方法和隨後的勞動力重組的一部分，我們在第三季收取了 8,200 萬美元的重組費用。這筆費用主要是由於我們的勞動力減少和相關遣散費，以及與 Neosec 收購相關的無形資產減記所致。我們估計，勞動力行動將在未來每年節省約 4,500 萬美元。作為湯姆討論的計劃的一部分，我們預計將大部分節​​省下來的資金進行再投資，以圍繞我們快速增長的計算和安全產品重新調整我們的市場推廣工作。

Second, in previous years, seasonal factors significantly influenced our Q4 financial performance. This year, we are seeing weaker than normal traffic trends persisting into October. As a result, we do not anticipate an improvement in traffic growth for the remainder of 2024.

其次，往年，季節性因素對我們第四季的財務表現影響很大。今年，我們看到比正常情況更弱的交通趨勢持續到十月。因此，我們預計 2024 年剩餘時間內流量成長不會有所改善。

Finally, Q4 operating expenses tend to be higher than Q3 due to increased sales commissions for reps who exceed their annual sales quotas. And this year, our annual employee merit cycle went into effect on October 1.

最後，由於超出年度銷售配額的銷售代表的銷售佣金增加，第四季的營運費用往往高於第三季。今年，我們的年度員工績效週期於 10 月 1 日生效。

So those factors in mind, I'll move to our Q4 guidance. We are projecting revenue in the range of $995 million to $1.020 billion, which is flat to up 3% as reported and in constant currency over Q4 2023. At current spot rates, including the significant volatility from yesterday, foreign exchange fluctuations are expected to have a negative $7 million impact on Q4 revenue compared to Q3 levels and a negative $5 million impact on a year-over-year basis.

因此，考慮到這些因素，我將轉向我們的第四季度指導。我們預計2023 年第四季的營收將在9.95 億美元至10.20 億美元之間，以固定匯率計算，將持平至成長3%。影響與第三季的水平相比，第四季的收入受到了 700 萬美元的負面影響，比去年同期受到了 500 萬美元的負面影響。

At these revenue levels, we expect cash gross margins of approximately 72% to 73%. Q4 non-GAAP operating expenses are projected to be $321 million to $327 million. We expect Q4 EBITDA margin of approximately 40% to 41%. We expect non-GAAP depreciation expense to be between $131 million to $133 million, and we expect non-GAAP operating margin of approximately 27% to 28% for Q4.

在這些收入水準上，我們預期現金毛利率約為 72% 至 73%。第四季非 GAAP 營運支出預計為 3.21 億美元至 3.27 億美元。我們預計第四季 EBITDA 利潤率約為 40% 至 41%。我們預計非 GAAP 折舊費用將在 1.31 億美元至 1.33 億美元之間，我們預計第四季度非 GAAP 營業利潤率約為 27% 至 28%。

Moving on to CapEx, we expect to spend $184 million to $192 million. This represents approximately 18% to 19% of our projected total revenue. The sequential increase in CapEx is primarily due to timing, as several projects were delayed from Q3 to Q4.

接下來是資本支出，我們預計將花費 1.84 億至 1.92 億美元。這約占我們預計總收入的 18% 至 19%。資本支出的連續增加主要是由於時間安排，因為幾個項目從第三季推遲到了第四季。

Based on our expectations for revenue and costs, we expect Q4 non-GAAP EPS in the range of $1.49 to $1.56. This EPS guidance assumes taxes of $54 million to $57 million based on an estimated quarterly non-GAAP tax rate of approximately 19%. It also reflects a fully diluted share count of approximately 153 million shares.

根據我們對收入和成本的預期，我們預計第四季度非 GAAP 每股收益將在 1.49 美元至 1.56 美元之間。根據大約 19% 的季度非 GAAP 稅率，本 EPS 指引假設稅金為 5,400 萬至 5,700 萬美元。它還反映了約 1.53 億股的完全稀釋後股票數量。

Looking ahead to the full year, we now expect revenue of $3.966 billion to $3.991 billion, which is up 4% to 5% year over year as reported and up 5% in constant currency. At current spot rates, our guidance assumes foreign exchange will have a negative $22 million impact on revenue in 2024 on a year-over-year basis. We expect security growth of approximately 15% to 17% in constant currency in 2024. Given the continued adoption of our enterprise compute solution, we are now increasing our overall expected compute revenue growth to the higher end of our prior guidance, or approximately 25% in constant currency for the full year 2024.

展望全年，我們目前預計營收為 39.66 億美元至 39.91 億美元，年增 4% 至 5%，以固定匯率計算成長 5%。按照目前的即期匯率，我們的指導假設外匯將對 2024 年的收入產生年比 2,200 萬美元的負面影響。我們預計到2024 年，以固定匯率計算，安全性將成長約15% 至17%。 25% 2024 年全年以固定匯率計算。

Moving to profitability, we are estimating non-GAAP operating margin of approximately 29% and non-GAAP earnings per diluted share of $6.31 to $6.38. Our non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 19% and a fully diluted share count of approximately 154 million shares. Finally, our full-year CapEx is expected to be approximately 17% of total revenue.

至於獲利能力，我們預計非 GAAP 營運利潤率約為 29%，非 GAAP 攤薄後每股收益為 6.31 美元至 6.38 美元。我們的非 GAAP 獲利指引是基於約 19% 的非 GAAP 有效稅率和約 1.54 億股的完全稀釋股數。最後，我們的全年資本支出預計將佔總收入的 17% 左右。

In conclusion, we are very pleased with our continued progress with our enterprise compute solutions and excited about the early returns for our recently introduced API solutions.

總之，我們對企業運算解決方案的持續進展感到非常高興，並對我們最近推出的 API 解決方案的早期回報感到興奮。

Thank you. Tom and I are now happy to take your questions. Operator?

謝謝。湯姆和我現在很樂意回答您的問題。操作員？

(Operator Instructions) Rishi Jaluria, RBC.

（操作員指令）Rishi Jaluria，RBC。

Really appreciate all the detail. Maybe, Tom, in your prepared remarks, you talked a little bit about some of the traction that you're having on the AI side, including with AI companies. Can you help us understand philosophically, how you're thinking about the role that GenAI could play in security on both sides of the equation, both from what happens? How you can leverage GenAI to make security offerings better? But maybe more significantly, what does that do to attack surfaces and attack vectors, especially if GenAI is going to get in the hands of nefarious actors? And then I've got a quick follow-up.

真的很欣賞所有的細節。湯姆，也許在您準備好的發言中，您談到了您在人工智慧方面（包括人工智慧公司）的一些吸引力。您能否幫助我們從哲學角度理解您如何看待 GenAI 在安全方面可以發揮的作用，無論是從發生的事情來看？如何利用 GenAI 改進安全產品？但也許更重要的是，這對攻擊表面和攻擊向量有何作用，特別是如果 GenAI 將落入邪惡行為者手中？然後我會進行快速跟進。

Sure. GenAI is already in the hands and being widely used by nefarious actors, and that's one reason why we're seeing a lot more attacks and penetrations. Probably, you've all seen the deepfakes very compelling, but it's also used to generate the malware and train it to get around defenses. So it is increasing the need for defenses, defenses and depth. I think it's a big reason why you really need segmentation now and the Guardicore solution is doing so well.

當然。 GenAI 已經落入不法分子手中並被廣泛使用，這就是我們看到更多攻擊和滲透的原因之一。也許，你們都已經看到深度偽造非常引人注目，但它也被用來​​產生惡意軟體並訓練它繞過防禦。因此，它增加了對防禦、防禦和縱深的需求。我認為這是您現在真正需要分段的一個重要原因，而且 Guardicore 解決方案做得非常好。

On our side of the house, we've been using AI and ML really forever in our security products. We use it for anomaly detection, bot detection. If it's a human logging into an account, making sure it's the right human and not somebody who stole credentials. We also use it to -- across the company really to be more efficient in various operations we do. We're using it in -- already in two of our products, security products with GenAI as an interface.

在我們這邊，我們一直在安全產品中使用人工智慧和機器學習。我們用它來進行異常檢測、機器人檢測。如果是人登入帳戶，請確保是正確的人，而不是竊取憑證的人。我們還利用它在整個公司範圍內提高我們所做的各種運營的效率。我們已經在我們的兩款產品中使用它，即以 GenAI 作為介面的安全產品。

So it helps our customers manage their deployments of our security solution, gives them greater visibility. You can interface with your infrastructure and human language. Using our capabilities, you can ask, what's that device there? Are the firewall rules up to date? You can ask questions like what do I need to do to bring my firewall rules within the last couple iterations so they're not too far out of date.

因此，它可以幫助我們的客戶管理他們的安全解決方案的部署，為他們提供更大的可見性。您可以與您的基礎設施和人類語言互動。使用我們的功能，您可以問，那裡的設備是什麼？防火牆規則是最新的嗎？您可以提出一些問題，例如我需要做什麼才能將我的防火牆規則納入最近幾次迭代中，這樣它們就不會過時。

And it answers and tells you. It's really very compelling and very interesting capabilities. So a lot of use of GenAI, I would say, at Akamai, still early days. But unfortunately, the bad guys are using it too, very effectively.

它會回答並告訴你。這確實是非常引人注目且非常有趣的功能。我想說，在 Akamai，GenAI 的大量使用仍處於早期階段。但不幸的是，壞人也在利用它，而且非常有效。

Got it. No, that's really helpful. I appreciate the color. And then just quickly, Tom, you alluded to this in your prepared remarks, but obviously, seeing some higher profile shakeouts, including a long-awaited bankruptcy of one of your long-time competitors. Maybe help us understand both near term, long term, how we should be thinking about the impact on your business from consolidation?

知道了。不，這真的很有幫助。我很欣賞它的顏色。湯姆，你很快就在準備好的演講中提到了這一點，但顯然，你看到了一些更引人注目的重組，包括你的長期競爭對手之一期待已久的破產。也許可以幫助我們了解近期和長期，我們應該如何考慮整合對您業務的影響？

Maybe is there an opportunity for you to gain share of wallet, especially as the kind of stable player and leader in the space? And then longer term, with one less player that had been maybe aggressive on pricing, how do you think this shakes out in the overall pricing environment, specifically on the delivery side?

也許您有機會獲得錢包份額，特別是作為該領域的穩定參與者和領導者？從長遠來看，隨著定價上可能激進的玩家減少，您認為這會在整體定價環境中產生怎樣的影響，特別是在交付方面？

Yes. I think consolidation in the delivery market is long overdue. And you've seen a lot of companies operating at losses in part funded by private equity or Wall Street. And it just didn't make sense. These companies were never going to make money.

是的。我認為快遞市場早就該整合了。你已經看到很多公司虧損運營，部分資金來自自私募股權或華爾街。這完全沒有道理。這些公司永遠不會賺錢。

You still see some of it out there today with companies that are just really struggling, offering pricing which for them, loses money. And so I do think it makes sense to have some consolidation. And you're right, we've seen -- there was InstarLogic, StackPath Lumen all gone. Egio, which is the combination of EdgeCast and Limelight in Chapter 11, we'll see how that works out.

今天你仍然會看到一些公司確實在苦苦掙扎，他們提供的定價對他們來說是賠錢的。所以我確實認為進行一些整合是有意義的。你是對的，我們已經看到了——InstarLogic、StackPath Lumen 都消失了。 Egio，它是 EdgeCast 和 Limelight 的組合，我們將在第 11 章中看到它是如何運作的。

But I do think this shake out makes sense. And I do think long run, it helps lead to a stabilization of the delivery market. As we talked about, we are very careful with our pricing. And we do turn away business that we don't think makes sense for us. And sometimes, other companies will step in and take that.

但我確實認為這次重組是有道理的。我確實認為從長遠來看，這有助於穩定配送市場。正如我們所說，我們對定價非常謹慎。我們確實會拒絕那些我們認為對我們沒有意義的業務。有時，其他公司會介入並採取行動。

They'll lose money in the hopes of showing some revenue growth. But I think it's not sustainable for them to do that. And I think the shakeout may be the beginning of something very positive and will help the delivery business over the medium to longer term.

他們可能會虧損，但希望收入有所成長。但我認為他們這樣做是不可持續的。我認為這次洗牌可能是一些非常積極的事情的開始，並將在中長期內幫助快遞業務。

That's really helpful. Appreciate all the color.

這真的很有幫助。欣賞所有的顏色。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Guys, you made a comment about shifting investments here on the go-to-market to investing behind hunters as well as sales specialists as well as the channel. Can you just talk about what caused you to make the shift now rather than at year-end? How to think about the mix of that investment between the direct and specialists against kind of the indirect approach with the channel?

夥伴們，您曾評論過將進入市場的投資轉向對獵人、銷售專家以及通路的投資。您能否談談是什麼原因導致您現在而不是年底才進行轉變？如何考慮直接投資和專家投資與通路間接投資的結合？

Sure. I think we are really seeing good traction now. We already had traction, I would say, in Guardicore. But now with API Security, we talked about achieving an ARR of $50 million at year-end versus near zero last year. So we really, I think, proved that out, and we're very excited about the future.

當然。我認為我們現在確實看到了良好的牽引力。我想說，我們已經在 Guardicore 中獲得了吸引力。但現在，透過 API Security，我們談到年底將實現 5,000 萬美元的 ARR，而去年則接近零。所以我認為我們確實證明了這一點，我們對未來感到非常興奮。

And with compute, last year, we really weren't even selling enterprise compute. The platform just wasn't at that level. And this year, as we talked about, we are now beginning to sell it and seeing great traction to the point where we think that will be a $100 million ARR by the end of the year. So we've now, I think, proved it certainly to ourselves that this is worthy of more investment.

在計算方面，去年我們甚至沒有銷售企業計算。該平台還沒有達到那個水準。今年，正如我們所討論的，我們現在開始出售它，並看到了巨大的吸引力，我們認為到今年年底，ARR 將達到 1 億美元。因此，我認為，我們現在已經向自己證明，這是值得更多的投資。

Now at the same time, the new product areas are attracted to a much broader market of enterprises than our traditional leading products, which would be delivery and cloud WAF. And so there's a lot of enterprises and verticals that do use cloud computing, do need API security, do need enterprise security that works in the sweet spot for our traditional services. And so that says we do need to invest more in hunting now. We got to go after those accounts.

同時，新的產品領域比我們傳統的主導產品，即交付和雲端WAF，吸引了更廣泛的企業市場。因此，有許多企業和垂直產業確實使用雲端運算，確實需要 API 安全性，確實需要適合我們傳統服務的企業安全性。這說明我們現在確實需要在狩獵方面投入更多資金。我們必須追查這些帳戶。

And in addition, I think it's very helpful for us to have specialists, people that are really familiar with selling cloud computing. And that will help our traction as we accelerate the growth there. So that's why we're doing it now and we didn't do it last year and why we're growing the resources there. And of course, these new products are also very channel friendly in ways that our traditional services weren't. Delivery in cloud WAF, weren't just -- we had channel partners, but they weren't as friendly and as attractive.

此外，我認為擁有真正熟悉雲端運算銷售的專家對我們非常有幫助。當我們加速那裡的成長時，這將有助於我們的吸引力。這就是為什麼我們現在這樣做而去年我們沒有這樣做，也是我們在那裡增加資源的原因。當然，這些新產品也非常適合通路，而我們的傳統服務則不然。雲端 WAF 中的交付不僅僅是——我們有通路合作夥伴，但他們並不那麼友好和有吸引力。

The new products, very attractive to the channel, and there's a real role for our channel partners to play. And of course, with cloud computing, we've got a lot of ISVs now getting on the platform. So it's -- that's why we're making this investment now.

新產品對通路非常有吸引力，我們的通路合作夥伴可以發揮真正的作用。當然，透過雲端運算，我們現在已經有許多 ISV 加入了這個平台。所以這就是我們現在進行這項投資的原因。

Understood. And maybe Ed, for you, as we think about the advanced security package changes that you guys made almost two years ago now, how penetrated is that across the security installed base? How much more room do we have to go with cross or upselling that unit? Trying to understand the year-to-date impact on security growth and anything as it pertains to the delivery impact as you think about those bundles.

明白了。也許艾德，對你來說，當我們想到你們大約兩年前所做的高級安全包更改時，它在安全安裝基礎上的滲透程度如何？我們還有多少空間可以交叉銷售或追加來銷售該單位？當您考慮這些捆綁包時，請嘗試了解今年迄今為止對安全成長的影響以及與交付影響相關的任何內容。

Jim, thanks for the question. Yes. So we talked last quarter a lot about this as we had anniversaried the introduction of the package and had a pretty high penetration, obviously, especially with the -- early on with the early adopters of it. We're sort of the end of that at this point. So the way to think about it is you've got year-over-year compares that have us selling in both quarters.

吉姆，謝謝你的提問。是的。因此，我們在上個季度對此進行了很多討論，因為我們已經慶祝了該軟體包的推出週年紀念日，並且顯然具有相當高的滲透率，特別是對於早期採用它的人來說。我們現在已經差不多結束了。因此，考慮這個問題的方法是，你可以透過逐年比較來了解我們在兩個季度的銷售情況。

Frank Louthan, Raymond James.

弗蘭克·勞森，雷蒙德·詹姆斯。

Great. Since you acquired the Lumen CDN last year, you're a little over a year ago, did you get any network elements with that? And is there any aspect of their new networks that they're building to support their AI partners that they're having conversations with you about implementing your capabilities and layering them on top of that network to help maybe deliver some of that AI traffic?

偉大的。自從去年您收購了 Lumen CDN 以來，距今已經一年多了，您是否獲得了任何網路元素？他們正在建立的新網路是否有任何方面是為了支持他們的人工智慧合作夥伴，他們正在與你討論如何實現你的功能並將它們分層到該網路之上以幫助傳輸一些人工智慧流量？

Yes. So with the Lumen acquisition, there was no acquisition of any assets aside from the customer contracts. So there was no network acquisitions. And as far as any partnership discussions we have with Lumen, we're not prepared to talk about anything, but there's nothing specific to what you mentioned there.

是的。因此，在收購 Lumen 時，除了客戶合約之外，沒有收購任何資產。所以沒有網路收購。至於我們與 Lumen 進行的任何合作夥伴關係討論，我們不准備談論任何內容，但對於您提到的內容沒有任何具體內容。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Fatima Boolani, Citigroup.

法蒂瑪·布爾尼，花旗集團。

This is Mark on for Fatima. Maybe just great to hear the momentum that you guys are seeing on compute, but maybe just on profitability. Why aren't we seeing maybe greater evidence of operating leverage given the compute outperformance, especially since the segment commands better relative gross profit characteristics to delivery, which is declining?

這是法蒂瑪的馬克。也許很高興聽到你們在計算方面看到的勢頭，但也許只是在盈利能力方面。考慮到計算性能優異，為什麼我們沒有看到更多的營運槓桿證據，特別是因為該細分市場相對於交付具有更好的相對毛利特徵，而交付卻正在下降？

Mark, this is Ed. Yes. So we're still in the scaling up factor within the compute business, so we haven't reached scale yet. You're right to think that once we get to a much larger scale, we should start to see better flow-through. You'll see, hopefully, gross margins expand a little bit and operating margin expand. But we're still in the investment phase of the business and haven't reached scale yet.

馬克，這是艾德。是的。因此，我們仍處於計算業務的擴展階段，因此尚未達到規模。你的想法是對的，一旦我們達到更大的規模，我們應該開始看到更好的流量。希望你會看到，毛利率略有上升，營業利潤率也有所上升。但我們的業務仍處於投資階段，尚未達到規模。

Okay. Great. And maybe just a quick follow-on. How should we think about CapEx trajectory going through '25 from sort of the '24 70% level going forward?

好的。偉大的。也許只是一個快速的後續行動。我們該如何看待從 24 年 70% 的水平到 25 年的資本支出軌跡？

Yes. So we're not going to provide guidance on this call for next year. But as we talked about -- last year, excuse me, was a pretty heavy investment year for CapEx related to building out some of the major data centers for compute. We don't anticipate anything like that going forward. But what I've said in the past is if we do see unusually large deals that come with more revenue, there may be some additional builds.

是的。因此，我們不會為明年的這次電話會議提供指導。但正如我們所討論的，對不起，去年對於與建造一些主要計算資料中心相關的資本支出來說是相當大的投資年。我們預計未來不會發生類似的事情。但我過去說的是，如果我們確實看到異常大的交易帶來更多收入，可能會有一些額外的建設。

But as we've talked about this CapEx level somewhere in this range is generally where we'd like to keep the business for now. Obviously, as compute gets bigger, that may change over time. But certainly, over the next couple of years, that's about the range we'd like to stay in.

但正如我們所討論的，此範圍內的資本支出水準通常是我們目前希望保留業務的水平。顯然，隨著計算量變得越來越大，這種情況可能會隨著時間的推移而改變。但可以肯定的是，在接下來的幾年裡，這就是我們希望維持的範圍。

Great. Thank you very much.

偉大的。非常感謝。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Great. Thanks for -- let me ask some questions here. Ed, I want to ask on delivery. It's basically implied in Q4 that delivery revenue is down 20%, 21% year over year by my math. I guess, it seems kind of hard to wrap my head around that if traffic is still growing.

偉大的。謝謝你——讓我在這裡問一些問題。艾德，我想問交貨時的情況。根據我的計算，第四季的配送收入基本上意味著年減了 20%、21%。我想，如果流量仍在成長，我似乎很難理解這一點。

I know you're saying traffic growth is not as strong as you've seen in the past. But if traffic growth is still growing, just help us try to understand how delivery could be down over 20% year over year unless you're seeing much higher pricing pressure than you've seen in the past? And then as we think about going forward, maybe '25 -- is it fair to assume that delivery is at least a double-digit decline going forward?

我知道您是說流量成長沒有您過去看到的那麼強勁。但如果流量成長仍在成長，請協助我們嘗試了解交貨量為何會比過去年減 20% 以上，除非您看到的定價壓力比過去高得多？然後，當我們考慮未來時，也許是 25 年——假設未來交付量至少出現兩位數下降是否公平？

Yes. So a couple of things to think about here. So if you remember, last Q4, we had the Lumen and StackPath acquisitions. And during that time, when it entered into the transition services agreement, we had all of the contracts, even though we had anticipated some of those would go away. So it's a really difficult compare, Q4.

是的。所以這裡需要考慮一些事情。所以，如果你還記得的話，上個第四季度，我們收購了 Lumen 和 StackPath。在那段時間，當它簽訂過渡服務協議時，我們擁有所有合同，儘管我們預計其中一些合約會消失。所以這是一個非常困難的比較，第四季。

And in terms of traffic growth, it is growing very slowly. So at rates that we haven't seen in the 25-plus years we've been in this business. So it's growing very, very slow. Pricing is getting a little bit better, but even if you have 5%, 10% price declines and your traffic is growing in low single digits, you're not going to see growth, you're going to see contraction. So it's just been a weak traffic environment.

而且就流量成長而言，成長非常緩慢。因此，我們從事這一行業 25 多年來從未見過這樣的速度。所以它的成長非常非常緩慢。定價正在變得更好一點，但即使你的價格下降了 5%、10%，並且你的流量以較低的個位數增長，你也不會看到增長，你會看到收縮。所以這只是一個薄弱的交通環境。

Pricing, as I said, is getting a little bit better, but it takes a lot longer for that to work its way through the system, and we get a tough compare. So those are the factors.

正如我所說，定價正在變得更好一些，但需要更長的時間才能在系統中發揮作用，而且我們需要進行艱難的比較。這些就是因素。

Okay. That's helpful. And then on compute, maybe it's a rounding air CapEx. It looks like maybe at the midpoint, if you use the percent you're giving for the full year, up about $40 million for this year. Correct me if my math is wrong there, but if it is accurate, it seems like a little bit of a step up with not much of a raise in the compute guide for this year if I back out the $7 million in onetime that you had for Q3?

好的。這很有幫助。然後在計算方面，也許這是一個四捨五入的空氣資本支出。如果使用全年捐贈的百分比，今年的捐贈金額可能會達到中點，約為 4000 萬美元。如果我的數學有誤，請糾正我，但如果它是準確的，那麼如果我一次性收回您所擁有的 700 萬美元，那麼今年的計算指南似乎不會有太大的提升對於第三季度？

Yes. It's about that, maybe just a little bit less shade less than that. But it's a combination of a bunch of things. It's not all compute. There's some compute in there. There's some related to delivery in terms of some of the places where we have outsized demand.

是的。就是這樣，也許只是比那少一點陰影。但這是一堆事情的組合。這並不全是計算。裡面有一些計算。在我們需求量過大的一些地方，有一些與交付相關的問題。

So unfortunately, delivery demand isn't all in one place is not just one number. You have to build out in certain geos as you get demand in certain places. And there's also infrastructure services, infrastructure that we use to run the platform. And there's always some timing between quarters, so a little bit slipped out of Q3 and a little bit came in from Q1. So I wouldn't read too much into it.

不幸的是，交付需求並非全部集中在一個地方，也不僅僅是一個數字。當某些地方出現需求時，您必須在某些地區進行建造。還有基礎設施服務，我們用來運作平台的基礎設施。季度之間總是有一些時間安排，因此第三季度有一點下滑，第一季有一點進來。所以我不會對其進行過多的解讀。

Okay. Thanks.

好的。謝謝。

Matt Dezort, Needham.

馬特·德佐特，李約瑟。

All right. I guess within compute, could you touch on some of the early use cases and verticals and how those are performing? Any cohort metrics you can offer? Especially behind some of the observability and security and media customers you guys have talked about? And any other newer tips that you guys are seeing as driving more workloads to Connected Cloud?

好的。我想在計算領域，您能否談談一些早期的用例和垂直領域以及它們的表現如何？您可以提供任何隊列指標嗎？尤其是你們談到的一些可觀察性、安全性和媒體客戶的背後？你們認為還有其他新的技巧可以將更多工作負載轉移到連接雲端嗎？

Yes. I would say the sweet spot early on by design in terms of revenue is media workflow. But we are seeing compute sales across really all verticals and including new customers. And just to give you an idea of the range of our ISV partners who -- customers will buy solutions from them or from us on our platform. There's a couple of database partners, observability widely being sold, live encoding, transcoding, video packaging, WebRTC for interactive video, digital asset management, optimization of video game orchestration, fleet management, DRM, Kubernetes connectivity and auto scaling, server-side ad insertion, AI inferencing and API performance and testing.

是的。我想說，就收入而言，早期設計的最佳點是媒體工作流程。但我們看到了所有垂直領域的計算銷售，包括新客戶。只是為了讓您了解我們的 ISV 合作夥伴的範圍，客戶將從他們或我們的平台上向我們購買解決方案。有幾個資料庫合作夥伴、廣泛銷售的可觀測性、即時編碼、轉碼、視訊打包、用於互動式視訊的WebRTC、數位資產管理、視訊遊戲編排優化、車隊管理、DRM、Kubernetes 連接和自動縮放、伺服器端廣告插入、AI 推理以及 API 效能和測試。

And that's just the list of different ISV partners.

這只是不同 ISV 合作夥伴的清單。

So we really are seeing a lot of use cases across multiple verticals with a sweet spot in media workflow. And at this point, we really have a very good ecosystem media workflow partners, which is starting, as we talked about in the prepared remarks, really being well received in terms of our media customer base. They're looking for better performance, distributed compute at a lower price point, and we're really in a good position to provide that today.

因此，我們確實看到了許多跨多個垂直領域的用例，並且在媒體工作流程中佔據了最佳位置。在這一點上，我們確實擁有一個非常好的生態系統媒體工作流程合作夥伴，正如我們在準備好的演講中談到的那樣，它正在開始受到我們的媒體客戶群的好評。他們正在尋求更好的性能、更低的價格點的分散式計算，而我們今天確實處於提供這些服務的有利位置。

Great. And as a quick follow-up. Can I ask about some of the security pieces excluding Guardicore and Noname? How did the larger pieces perform in 3Q across WAF? But it sounds like DDoS was really strong. You touched on a number of wins there. Did that drive any incremental upside in the quarter? And how do you think about that triumvirate going forward?

偉大的。並作為快速跟進。我可以詢問除 Guardicore 和 Noname 之外的一些安全部分嗎？較大的部分在第三季在 WAF 的表現如何？但聽起來 DDoS 確實很強大。你談到了那裡的一些勝利。這是否推動了本季的增量成長？您如何看待這個三巨頭的未來？

Yes, I'll take that one. So we saw pretty good strength across all different products, including -- you talked about Guardicore but even within the Zero Trust space, with our Enterprise Access product, we saw some pretty good growth there. We saw continued strong growth in WAF. We saw some acceleration in DDoS. You don't really get a big burst of revenue right away when you have attacks in a quarter.

是的，我會接受那個。因此，我們在所有不同的產品中都看到了相當好的實力，包括——您談到了 Guardicore，但即使在零信任領域，透過我們的企業訪問產品，我們也看到了一些相當不錯的成長。我們看到 WAF 持續強勁成長。我們看到 DDoS 出現了一些加速。當您在一個季度內遭受攻擊時，您並不會立即獲得大量收入。

Typically, you sign up new customers and that revenue comes out over time. But it was pretty strong demand, pretty similar to what we saw in Q2 across the board.

通常，您會註冊新客戶，收入會隨著時間的推移而產生。但這是相當強勁的需求，與我們在第二季看到的全面情況非常相似。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

This is [Eddie Wen] for Mark Murphy. I wanted to ask a question on compute as well. It's really good to see that momentum. I think you guys specifically called out adding customers at a strong rate and now kind of getting customers outside that sweet spot, which is very interesting to hear.

我是馬克‧墨菲的[Eddie Wen]。我也想問一個關於計算的問題。看到這樣的勢頭真是太好了。我認為你們特別呼籲以強勁的速度增加客戶，現在有點讓客戶超越了最佳點，這聽起來很有趣。

So I guess my question is, is that kind of rate of addition of those customers a little bit more than you expected? And are you seeing these kind of non-sweet spot customers kind of come in earlier than you expected as well?

所以我想我的問題是，這些客戶的增加速度是否比您預期的多一點？您是否看到這些非最佳地點的客戶也比您預期的更早到來？

Yes. We're very encouraged with the adoption of our compute services, substantial increase in number of customers. And even though we planned and focused early on on the big media accounts that are already Akamai customers for using our platform, we're really seeing it across the base and a lot of new customers signing up, starting with compute that didn't use our pre-existing services. So we're very pleased to see the growth in compute. And of course, you've seen all year long as we've raised our targets for the year in terms of the enterprise compute revenue and the compute business as a whole.

是的。我們對計算服務的採用以及客戶數量的大幅增加感到非常鼓舞。儘管我們很早就計劃並重點關注已經是 Akamai 客戶的大型媒體帳戶使用我們的平台，但我們確實在整個基礎上看到了這一點，並且有很多新客戶註冊，從不使用的計算開始我們現有的服務。因此，我們非常高興看到計算的成長。當然，您已經看到了全年的情況，因為我們提高了今年企業計算收入和整個計算業務的目標。

And this does conclude our question-and-answer session for today. I would now like to turn the conference back over to Mr. Mark Stoutenberg for any closing remarks.

我們今天的問答環節到此結束。現在我想將會議轉回馬克·斯托滕貝格先生發表閉幕詞。

Thank you, everyone. In closing, we will be attending several investor conferences throughout the rest of the quarter. We look forward to seeing you there. Again, thanks for joining us tonight. We hope you have a nice evening.

謝謝大家。最後，我們將在本季剩餘時間內參加幾次投資者會議。我們期待在那裡見到您。再次感謝您今晚加入我們。我們希望您度過一個愉快的夜晚。

Operator, you may now end the call.

接線員，您現在可以結束通話了。

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

謝謝。會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。