阿卡邁科技 (AKAM) 2024 Q4 法說會逐字稿

Good day and welcome to the fourth-quarter 2024 Akamai Technologies Incorporated earnings conference call.

大家好，歡迎參加 Akamai Technologies Incorporated 2024 年第四季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

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

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)。

Please go ahead.

請繼續。

Good afternoon, everyone, and thank you for joining Akamai's fourth-quarter 2024 earnings call.

大家下午好，感謝您參加 Akamai 2024 年第四季財報電話會議。

Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

今天發言的將是 Akamai 執行長湯姆·萊頓 (Tom Leighton)；以及 Akamai 財務長 Ed McGowan。

Please note that today's comments include forward-looking statements, including those regarding revenue and earnings guidance, along with our business outlook, three- to five-year goals, and longer-term targets.

請注意，今天的評論包括前瞻性陳述，包括有關收入和盈利指導的陳述，以及我們的業務展望、三到五年目標和長期目標。

These forward-looking statements are based on current expectations and assumptions that 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.

這些前瞻性陳述是基於目前的預期和假設，這些預期和假設受某些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。

The factors include but are not limited to any impact from macroeconomic trends, the integration of any acquisition, geopolitical developments, and any other risk factors identified in our filings with the SEC.

這些因素包括但不限於宏觀經濟趨勢的影響、任何收購的整合、地緣政治發展以及我們向美國證券交易委員會提交的文件中確定的任何其他風險因素。

The forward-looking statements included in this call represent the company's views on February 20, 2025.

本次電話會議中包含的前瞻性陳述代表了本公司截至 2025 年 2 月 20 日的觀點。

Akamai undertakes no obligation to update any forward-looking statements which speak only as of the date they are made.

Akamai 不承擔更新任何前瞻性陳述的義務，這些陳述僅代表其作出之日的觀點。

As a reminder, we will be referring to certain non-GAAP financial metrics during today's call.

提醒一下，我們將在今天的電話會議中參考某些非 GAAP 財務指標。

A detailed reconciliation of GAAP, the non-GAAP metrics can be found under the financial portion of the Investor Relations section of akamai.com.

您可以在 akamai.com 的「投資者關係」部分的財務部分中找到 GAAP 和非 GAAP 指標的詳細對帳表。

Also, as part of our ongoing commitment to transparency, we've enhanced our disclosures to provide investors with a more comprehensive understanding of our business.

此外，作為我們持續致力於透明度的一部分，我們加強了揭露，以便投資者更全面地了解我們的業務。

This quarter, we've created a new presentation available in the Investor Relations section of our website, offering a bit more information on our product portfolios, financials, and performance goals.

本季度，我們在網站的投資者關係部分創建了一個新演示文稿，提供了有關我們的產品組合、財務狀況和業績目標的更多資訊。

This presentation supplements the information in our earnings release and annual filing, and we encourage you to review it.

本簡報補充了我們的收益報告和年度文件中的信息，我們鼓勵您查看它。

Within the presentation, you'll find an overview of select revenue and year-over-year revenue growth rates.

在簡報中，您將看到精選收入和同比收入成長率的概述。

Please note, all growth rate percentages are reported on a constant currency basis.

請注意，所有成長率百分比均以固定匯率計算。

With that, I'll now hand the call out to our CEO, Dr. Tom Leighton.

現在，我將把電話轉給我們的執行長湯姆·萊頓博士。

Thanks, Mark.

謝謝，馬克。

As you can see in today's press release, Akamai delivered solid performance in the fourth quarter, with revenue coming in at $1.02 billion and non-GAAP earnings per share coming in well above our guidance range at $1.66. I'm also pleased to report that we made excellent progress on our multi-year journey to transform Akamai from a CDN pioneer into the cybersecurity and cloud computing company that powers and protects business online.

正如您在今天的新聞稿中看到的，Akamai 在第四季度表現穩健，營收達到 10.2 億美元，非 GAAP 每股收益遠高於我們的預期範圍 1.66 美元。我還很高興地報告，我們在多年的歷程中取得了巨大的進展，將 Akamai 從 CDN 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。

For the first time in Akamai's history, security delivered the majority of our annual revenue in 2024, surpassing the $2 billion threshold and growing at 16% year over year.

2024 年，在 Akamai 歷史上，安全業務首次佔據了我們年度收入的大部分，超過了 20 億美元的門檻，並且同比增長 16%。

Our cloud computing portfolio recorded $630 million in revenue last year, growing 25% over 2023.

我們的雲端運算產品組合去年的營收為 6.3 億美元，比 2023 年成長 25%。

The portion of this revenue derived from our cloud infrastructure services was $230 million, up 32% over 2023.

該收入中來自我們雲端基礎設施服務的部分為 2.3 億美元，比 2023 年成長 32%。

Our cloud infrastructure services primarily consist of the compute and storage solutions that we've developed based on Linode.

我們的雲端基礎設施服務主要包括基於 Linode 開發的運算和儲存解決方案。

They also include our Edge Workers product and ISV solutions running on our cloud platform.

它們還包括在我們的雲端平台上運行的 Edge Workers 產品和 ISV 解決方案。

Combined, security and compute accounted for 2/3 of Akamai revenue in 2024, growing 18% year over year.

整體而言，安全和運算業務佔 2024 年 Akamai 收入的 2/3，較去年同期成長 18%。

And we exceeded all our year-end annualized revenue run rate, or ARR goals for the fastest growing areas of the business, namely for our Guardicore platform, our API security solution, and enterprise revenue for our cloud infrastructure services.

我們超額完成了所有年終年度收入運行率或業務成長最快領域的 ARR 目標，即我們的 Guardicore 平台、我們的 API 安全解決方案以及我們的雲端基礎設施服務的企業收入。

These are three of the key areas that we anticipate will drive revenue acceleration for our overall business in 2026 and beyond.

這是我們預計將在 2026 年及以後推動我們整體業務收入成長的三個關鍵領域。

In the area of security, Akamai has expanded into new adjacent markets, growing beyond point solutions to provide a more holistic and comprehensive security offering.

在安全領域，Akamai 已擴展到新的鄰近市場，超越點解決方案，提供更全面、更全面的安全產品。

This has enabled us to expand our customer base and to better serve enterprises with a broader portfolio for protecting infrastructure, applications, APIs, and user interactions in both cloud and on-prem environments.

這使我們能夠擴大客戶群，並透過更廣泛的產品組合為企業提供更好的服務，以保護雲端和本地環境中的基礎設施、應用程式、API 和用戶互動。

Security growth in Q4 was driven by continued strong demand for our market leading Guardicore segmentation solution as more enterprises relied on Akamai to defend against malware and ransomware.

隨著越來越多的企業依賴 Akamai 來防禦惡意軟體和勒索軟體，對我們市場領先的 Guardicore 細分解決方案的持續強勁需求推動了第四季度的安全成長。

The Guardicore platform ended the year with an ARR of $190 million, up 31% year over year and surpassing our goal of $180 million.

Guardicore 平台的 ARR 在年底達到 1.9 億美元，年增 31%，超過了我們 1.8 億美元的目標。

In Q4, we signed our largest deployment to date for Guardicore with a leading IT services company in India.

第四季度，我們與印度一家領先的 IT 服務公司簽署了 Guardicore 迄今為止最大的部署合約。

The solution covers 30,000 servers and nearly 300,000 endpoints.

此解決方案涵蓋30,000台伺服器和近300,000個端點。

We also displaced a competitor segmentation offering that was falling short at major banks, both Hong Kong and in the US.

我們也取代了競爭對手在香港和美國各大銀行中未能提供的細分產品。

More than 80% of our segmentation revenue in 2024 came through channel partners, including one of the world's leading SIs, Deloitte, which wraps its services and implementation expertise around our segmentation and API security products to create value for customers that Deloitte knows well.

2024 年，我們 80% 以上的細分收入來自通路合作夥伴，其中包括全球領先的 SI 之一德勤，它將其服務和實施專業知識融入我們的細分和 API 安全產品中，為德勤熟知的客戶創造價值。

Together in Q4, we won a $5.8 million contract with Petrobras in Brazil to reduce the risk of a breach and ransomware attacks.

在第四季度，我們與巴西石油公司共同贏得了一份價值 580 萬美元的合同，以降低違規和勒索軟體攻擊的風險。

We also partnered with Deloitte to help defend two large European banks from API risks.

我們也與德勤合作，幫助兩家大型歐洲銀行防範 API 風險。

In Q4, Akamai also signed a large contract for API security with one of the biggest asset managers and brokerage firms in the US.

第四季度，Akamai也與美國最大的資產管理公司和經紀公司之一簽署了一份大型API安全合約。

Our API security solution ended 2024 with an ARR of $57 million, up from just $1 million at the end of 2023 and exceeding our goal of $50 million.

截至 2024 年，我們的 API 安全解決方案的 ARR 為 5,700 萬美元，高於 2023 年底的 100 萬美元，並超過了我們 5,000 萬美元的目標。

Taken together, our API security solution and Guardicore platform ended 2024 with $247 million of ARR.

總的來說，我們的 API 安全解決方案和 Guardicore 平台在 2024 年底的 ARR 為 2.47 億美元。

As we look ahead, we expect to generate continued strong growth for these products with a goal of increasing their combined ARR by 30% to 35% during the year.

展望未來，我們預計這些產品將繼續保持強勁成長，目標是年內將其綜合 ARR 提高 30% 至 35%。

We also anticipate that over the next several years, the rapid growth and more meaningful amount of revenue from these new products will help offset the slower growth of our more widely adopted and market-leading web app firewall and DDoS mitigation products.

我們也預計，在未來幾年內，這些新產品的快速成長和更有意義的收入將有助於抵消我們更廣泛採用和市場領先的 Web 應用防火牆和 DDoS 緩解產品的成長放緩。

As a result, and as noted in our supplemental disclosure that Mark mentioned a few minutes ago, we believe that we can maintain a CAGR of about 10% in constant currency for our security products over the next three to five years with typical M&A.

因此，正如馬克幾分鐘前提到的補充揭露中所述，我們相信，透過典型的併購，我們可以在未來三到五年內將我們的安全產品的複合年增長率維持在 10% 左右。

This would bring us to more than $3 billion in security revenue by the end of the decade.

到本世紀末，這將使我們的安全收入超過 30 億美元。

While our security product line is performing very well, our compute product line is growing even faster and has a much larger addressable market.

雖然我們的安全產品線表現非常好，但我們的運算產品線成長更快，並且擁有更大的潛在市場。

We've come a long way since we expanded into the cloud computing market in 2022 with the acquisition of Linode, and we made a lot of progress last year achieving what we set out to do in revenue growth, signing new enterprise customers, infrastructure deployment, product development, partner ecosystem expansion, and migrating our own applications from hyperscalers to the Akamai cloud.

自 2022 年收購 Linode 進軍雲端運算市場以來，我們已經取得了長足的進步，去年我們在收入成長、簽約新企業客戶、基礎設施部署、產品開發、合作夥伴生態系統擴展以及將我們自己的應用程式從超大規模遷移到 Akamai 雲端等方面取得了很大進展。

We continued to sign compute customers at a rapid pace in Q4, including two financial software companies in the US, two of the largest retailers in the US, a cybersecurity provider in Europe, an enterprise software company in Asia, one of the largest banks in Southeast Asia, and an intelligent transportation system provider in Latin America.

我們在第四季度繼續快速簽約計算客戶，其中包括美國兩家金融軟體公司、美國兩家最大的零售商、一家歐洲的網路安全供應商、一家亞洲的企業軟體公司、東南亞最大的銀行之一以及拉丁美洲的一家智慧交通系統供應商。

When we measure the progress of our cloud infrastructure services, we've been looking at the results through two lenses.

當我們衡量雲端基礎設施服務的進展時，我們一直透過兩個視角來看待結果。

Our primary lens is the uptake of these solutions by larger enterprise customers, such as those doing over $100,000 in ARR.

我們的主要關注點是大型企業客戶對這些解決方案的採用，例如 ARR 超過 100,000 美元的企業客戶。

The second lens is looking at the performance of these products across customers of all sizes.

第二個視角是觀察這些產品對於各種規模的顧客的表現。

At year end, approximately 300 enterprises were spending at least $100,000 in ARR for our cloud infrastructure services, up significantly from the year before.

截至年底，約有 300 家企業為我們的雲端基礎設施服務花費了至少 10 萬美元的 ARR，比上一年大幅成長。

Collectively, these customers finished the year with an ARR of $115 million for our cloud infrastructure services, far exceeding our goal of $100 million.

總體而言，這些客戶今年為我們的雲端基礎設施服務帶來了 1.15 億美元的 ARR，遠遠超過了我們 1 億美元的目標。

When you include all customers, the ARR for our cloud infrastructure services finished 2024 at $259 million, up 35% year over year.

如果將所有客戶都算上，我們雲端基礎設施服務的 ARR 在 2024 年將達到 2.59 億美元，年增 35%。

This is a substantial improvement from when we acquired Linode in 2022, when the ARR from these services was approximately $127 million and was growing in the mid-teens.

與我們在 2022 年收購 Linode 時相比，這是一個顯著的改善，當時這些服務的 ARR 約為 1.27 億美元，並以十幾歲的速度增長。

In addition to enabling customer growth, our work to make Linode be enterprise grade has allowed us to move some of our most important products from hyperscalers to Akamai's cloud.

除了促進客戶成長之外，我們致力於將 Linode 打造為企業級，這使我們能夠將一些最重要的產品從超大規模伺服器遷移到 Akamai 雲端。

This has resulted in improved performance and savings of well over $100 million per year.

這不僅提高了績效，而且每年還節省了超過 1 億美元。

Many of our customers have also significantly expanded their use of our cloud infrastructure services over the last year, some by a factor of 4x or more.

在過去的一年裡，我們的許多客戶也大幅擴大了我們雲端基礎設施服務的使用範圍，有些甚至擴大了 4 倍甚至更多。

By year end, 15 customers were spending over $1 million in ARR for our cloud infrastructure services, more than triple the number from 2023.

截至年底，有 15 位客戶在我們的雲端基礎設施服務上花費了超過 100 萬美元的 ARR，是 2023 年的三倍多。

And today we announced our first customer to sign a contract committing to spend more than $100 million for our cloud infrastructure services over the next several years.

今天，我們宣布我們的第一位客戶簽署了合同，承諾在未來幾年內為我們的雲端基礎設施服務投資超過 1 億美元。

We believe this is a remarkable validation of our new cloud capabilities, signaling that an extremely sophisticated buyer of cloud services is confident in our ability to execute and provide a level of service and performance comparable to or better than the hyperscalers.

我們相信這是對我們新雲端功能的顯著驗證，表明極其成熟的雲端服務買家對我們執行和提供與超大規模供應商相當或更好的服務和效能水平的能力充滿信心。

The recent improvements that we've made to our cloud platform will enable us to do even more for enterprise customers in 2025.

我們最近對雲端平台所做的改進將使我們能夠在 2025 年為企業客戶提供更多服務。

For example, in the last year, we expanded Akamai's core data centerer footprint to 41 locations in 36 cities around the world.

例如，去年我們將 Akamai 的核心資料中心覆蓋範圍擴展到全球 36 個城市的 41 個地點。

Next week, we plan to announce that we've enabled our new managed container service in our 4,300 plus points of presence in more than 700 cities around the world.

下週，我們計劃宣布我們已在全球 700 多個城市的 4,300 多個接入點啟用了新的託管容器服務。

We're currently testing this service with customer workloads in over 100 cities.

我們目前正在使用超過 100 個城市的客戶工作負載來測試這項服務。

We significantly upgraded our object storage solution with a 5x increase in scalability and a 10x increase in performance, making it comparable to the hyperscalers, but with much lower egress fees due to the efficiencies of our unique edge platform.

我們大幅升級了我們的物件儲存解決方案，可擴展性提高了 5 倍，效能提高了 10 倍，使其可以與超大規模器相媲美，但由於我們獨特的邊緣平台的效率，出口費用要低得多。

We added GPUs for a variety of AI and media use cases.

我們為各種 AI 和媒體用例添加了 GPU。

One customer ran a proof of concept between Akamai and a hyperscaler, and then chose Akamai for text-to-image AI inferencing workloads.

一位客戶在 Akamai 和超大規模商之間進行了概念驗證，然後選擇 Akamai 進行文字到圖像的 AI 推理工作負載。

Another customer uses our cloud for AI-powered speech recognition for its in-vehicle voice assistant.

另一位客戶使用我們的雲端為其車載語音助理提供人工智慧語音辨識。

And an OTT provider switched from a hyperscaler to Akamai to provide a more cost-effective platform for its ad-supported streaming TV service.

一家 OTT 供應商從超大規模供應商轉向 Akamai，為其廣告支援的串流電視服務提供更具成本效益的平台。

We enhance the scale and security of our Linode Kubernetes engine product.

我們增強了 Linode Kubernetes 引擎產品的規模和安全性。

Traditional cloud providers run Kubernetes platforms from a relatively small number of core data centers.

傳統雲端供應商從相對較少的核心資料中心運行 Kubernetes 平台。

Akamai's differentiated approach will combine the computing power of our cloud platform with the proximity and efficiency of our edge to put workloads closer to users than any other cloud provider.

Akamai 的差異化方法將把我們雲端平台的運算能力與我們的邊緣的接近性和效率結合起來，使工作負載比任何其他雲端供應商都更接近用戶。

Building on technology that we acquired from Red Cubes last year, we released the Akamai app platform to enable developers to build and deploy highly distributed applications in just a few clicks.

基於我們去年從 Red Cubes 收購的技術，我們發布了 Akamai 應用平台，使開發人員只需單擊幾下即可建置和部署高度分散式的應用程式。

And we added 9 compute ISV partners last year, bringing our total to 23.

去年，我們增加了 9 個計算 ISV 合作夥伴，總數達到 23 個。

Our ISV partners accounted for $36 million of cloud infrastructure services ARR at year end.

截至年底，我們的 ISV 合作夥伴的雲端基礎設施服務 ARR 為 3,600 萬美元。

We're very excited about our opportunity for continued strong growth as we bring the power of compute to the edge with our broadly deployed network getting compute instances closer to end users with an open platform that ensures flexibility and portability, orchestrated resource deployment to ensure efficient scaling and operations, and predictable pricing with an unmatched ability to minimize egress costs.

我們對繼續強勁成長的機會感到非常興奮，因為我們利用廣泛部署的網路將運算能力帶到邊緣，透過一個確保靈活性和可移植性的開放平台將運算實例更接近最終用戶，協調資源部署以確保高效的擴展和運營，以及可預測的定價，具有無與倫比的最小化出口成本的能力。

I think our rapid progress in cloud computing is summed up well in an evaluation of public cloud platforms released last month by IDC.

我認為，IDC上個月發布的一份公有雲平台評估很好地概括了我們在雲端運算領域的快速進步。

Their worldwide public cloud MarketScape for IaaS identified Akamai as a major player relative to industry peers, saying, quote, Akamai has accelerated its journey into the public cloud IaaS space, transforming from a pure-play CDN provider into a formidable public cloud competitor.

他們的全球公有雲 MarketScape for IaaS 將 Akamai 視為與業內同行相比的主要參與者，並表示，「Akamai 已加速其進軍公有雲 IaaS 領域的步伐，從純粹的 CDN 供應商轉變為強大的公有雲競爭對手」。

In addition, Gartner positioned Akamai as an emerging leader for Gen AI specialized infrastructure in their recent innovation guide for Generative AI technologies.

此外，Gartner 在其最近的生成式人工智慧技術創新指南中將 Akamai 定位為 Gen AI 專業基礎設施的新興領導者。

As we noted in the supplemental materials Mark mentioned, we're supporting a growing number of AI use cases with a special focus on inferencing.

正如我們在馬克提到的補充資料中指出的那樣，我們支援越來越多的人工智慧用例，特別注重推理。

While it's still early days, we're excited about the long-term revenue opportunity, and we believe that the unique properties of Akamai's cloud position us to be a major player in AI inferencing in the years to come.

雖然還處於早期階段，但我們對長期收入機會感到興奮，我們相信 Akamai 雲端的獨特屬性將使我們在未來幾年成為 AI 推理領域的主要參與者。

As we look forward to the rest of 2025, our goal is to grow our total cloud infrastructure services ARR by 40% to 45% in constant currency.

展望 2025 年剩餘時間，我們的目標是將我們的整體雲端基礎設施服務 ARR 按固定匯率計算成長 40% 至 45%。

We believe that the accelerating growth of our cloud infrastructure services revenue will be driven primarily by enterprise customers.

我們相信，我們的雲端基礎設施服務收入的加速成長將主要由企業客戶推動。

Given the great success that we're having with our cloud infrastructure services, we plan to focus more of our compute investments in this area.

鑑於我們在雲端基礎設施服務方面取得的巨大成功，我們計劃將更多的運算投資集中於此領域。

In particular, we're in the process of migrating some of our older cloud applications for tasks such as visitor prioritization, image and video management, and live streaming workflow to ISV partners who specialize in these areas and who plan to move some or all of their workloads to Akamai's cloud.

具體來說，我們正在將一些較舊的雲端應用程式（用於執行訪客優先排序、圖像和視訊管理以及直播串流工作流程等任務）遷移到專門從事這些領域併計劃將部分或全部工作負載遷移到 Akamai 雲端的 ISV 合作夥伴。

In addition to converting former competitors into important ISV partners for our cloud, we believe this transition will enable us to focus more of our internal resources on further development and expansion of our cloud infrastructure services.

除了將先前的競爭對手轉變為我們雲端的重要 ISV 合作夥伴之外，我們相信這一轉變將使我們能夠將更多的內部資源集中在進一步開發和擴展我們的雲端基礎設施服務上。

The transition also means that we expect that the revenue from some of our cloud applications will decline in 2025, and as Ed will discuss shortly, that we're projecting about 15% growth for our cloud computing solutions as a whole in 2025.

這一轉變也意味著，我們預計 2025 年我們的部分雲端應用程式的收入將會下降，正如 Ed 稍後將討論的那樣，我們預計 2025 年我們的整體雲端運算解決方案的收入將增長約 15%。

As our cloud infrastructure services revenue continues to rapidly increase, we believe that we can re-accelerate the overall cloud computing revenue growth rate to achieve a CAGR of at least 20% over the next three to five years in constant currency.

隨著我們的雲端基礎設施服務收入持續快速成長，我們相信可以重新加速整體雲端運算收入的成長率，在未來三到五年內至少有20%的複合年增長率（以固定匯率計算）。

This would make cloud computing our third billion dollar product line by 2027.

到 2027 年，雲端運算將成為我們第三條價值 10 億美元的產品線。

I'll next talk about content delivery, which continues to be an important generator of profit that we use to develop new products to fuel our future growth.

接下來我將談談內容交付，它仍然是我們利潤的重要來源，我們利用它來開發新產品以推動我們未來的成長。

Our unique edge platform with over 4,300 points of presence in over 700 cities continues to be a major differentiator in terms of lowering our costs, enabling massive scale, and providing superior performance, and this is true not only for delivery but also for security and compute.

我們獨特的邊緣平台在 700 多個城市設有 4,300 多個接入點，在降低成本、實現大規模擴展和提供卓越性能方面繼續成為主要差異化因素，這不僅適用於交付，也適用於安全和運算。

In security, we use the platform to provide a massive shield against all sorts of attacks without impacting performance or raising costs.

在安全性方面，我們使用該平台提供強大的防禦能力，抵禦各種攻擊，而不會影響效能或增加成本。

And in compute, we use the platform to provide function as a service with our Edge Workers product.

在運算方面，我們使用該平台透過 Edge Workers 產品提供功能即服務。

And as we'll announce next week, we'll also use this same platform to run our new managed container service in thousands of pops across hundreds of cities.

正如我們下週將宣布的那樣，我們還將使用同一平台在數百個城市的數千個站點運行我們的新託管容器服務。

This capability is unique in the market, and it will enable our customers to get their compute workloads much closer to users.

這種功能在市場上是獨一無二的，它將使我們的客戶能夠將他們的運算工作負載更貼近用戶。

Akamai achieved substantial cost synergies by using the same physical server to support our delivery, security, and now compute services in over 4,300 pops in 700 cities.

Akamai 透過使用同一台實體伺服器支援我們在 700 個城市超過 4,300 個站點的交付、安全性和運算服務，實現了顯著的成本協同效應。

It's a unique capability and a key reason why Akamai has been so profitable while many of our competitors have struggled.

這是一項獨特的功能，也是 Akamai 在許多競爭對手陷入困境時仍能保持盈利的關鍵原因。

Our installed base of delivery customers also continues to be a key contributor to our growth and security in cloud computing as we harvest the competitive and performance advantages of offering delivery, security, and compute as a bundle on the same platform.

由於我們在同一平台上捆綁提供交付、安全和運算，從而獲得了競爭和效能優勢，我們的交付客戶安裝群也繼續成為我們在雲端運算領域成長和安全的主要貢獻者。

That synergy works especially well for our security and compute customers that want delivery as a feature and see it as critical to their relationship with us over other vendors.

這種協同作用對於我們的安全和計算客戶來說尤其有效，他們希望將交付作為一項功能，並將其視為與我們而非其他供應商的關係的關鍵。

In Q4, we signed many deals that included security and compute solutions alongside our best-in-class delivery, and we won back delivery business for competitors at one of the leading tech players in AI and at a leading player in streaming media.

在第四季度，我們簽署了許多協議，包括安全和計算解決方案以及我們一流的交付，並且我們為競爭對手贏回了人工智慧領域領先的技術公司之一和串流媒體領域領先的公司的交付業務。

And in December, we acquired select customer contracts from Edgio to offer their customers our market-leading delivery services and the opportunity to take advantage of Akamai's full range of security and cloud solutions.

12 月，我們從 Edgio 獲得了精選客戶合同，為他們的客戶提供我們市場領先的交付服務，並讓他們有機會利用 Akamai 全方位的安全和雲端解決方案。

I'm pleased to report that we're beginning to see signs of improvement in the delivery marketplace with more customers willing to sign multi-year contracts with predictable pricing, a more stable pricing environment generally, and early signs of stabilizing traffic growth.

我很高興地報告，我們開始看到配送市場改善的跡象，更多客戶願意簽署價格可預測的多年期合同，總體定價環境更加穩定，並且出現了流量增長穩定的早期跡象。

As a result, and as Ed will discuss in a few minutes, we now expect to see the year-over-year decline in delivery revenue shrink to about 10% this year.

因此，正如 Ed 幾分鐘後將要討論的那樣，我們預計今年配送收入的年減幅將縮小至 10% 左右。

If the favorable trends hold, we should see the decline in delivery revenue continue to lessen in 2026 and beyond.

如果有利的趨勢持續下去，我們應該會看到配送收入的下降趨勢在 2026 年及以後繼續減少。

As we noted in our call last May, our largest customer is navigating political challenges and is pursuing a DIY strategy.

正如我們在去年 5 月的電話會議中指出的那樣，我們最大的客戶正在應對政治挑戰並推行 DIY 策略。

As a result, we expect that the revenue from this customer will produce a headwind of about 1% to 2% per year on our overall revenue growth rate for the next couple of years before stabilizing at a level similar to some of our hyperscaler customers, which would be about 2% to 3% of our total revenue.

因此，我們預計來自該客戶的收入將對我們的未來幾年整體收入成長率產生約 1% 至 2% 的阻力，然後穩定在與我們的一些超大規模客戶類似的水平，這將占我們總收入的約 2% 至 3%。

That said, I'm pleased to report that we entered into a five-year committed relationship with this customer in Q4 that includes a substantial minimum annual spend which provides greater predictability and which reduces our exposure to their political situation in the US.

話雖如此，我很高興地報告，我們在第四季度與該客戶建立了為期五年的承諾合作關係，其中包括大量最低年度支出，這提供了更大的可預測性，並減少了我們在美國政治局勢的影響。

While we're pleased with the progress that we made last year on our multi-year transformation journey, we still have work to do to reach more new customers and to cross-sell our new capabilities in security and cloud computing to our installed base.

雖然我們對去年在多年轉型歷程中取得的進展感到滿意，但我們仍有工作要做，以接觸更多新客戶，並向我們的現有客戶群交叉銷售我們在安全和雲端運算方面的新功能。

To drive greater top line growth over the next three to five years, we're transforming our go-to-market strategy to align more resources with the higher growth segments of our business and to accelerate the pace at which we add new customers.

為了在未來三到五年內推動更大的營收成長，我們正在改變我們的市場進入策略，將更多的資源投入到我們業務中成長更快的部分，並加快我們增加新客戶的速度。

In particular, we've already begun to raise the ratio of hunters to farmers in sales and to increase the number of specialized sellers and pre-sales resources that support sales of our Guardicore platform, API security, and cloud infrastructure services.

具體來說，我們已經開始提高銷售中獵人與農民的比例，並增加支持我們的 Guardicore 平台、API 安全和雲端基礎設施服務銷售的專業賣家和售前資源的數量。

We're also investing more in partner enablement as the channel has become a major source of revenue growth for us.

由於通路已成為我們收入成長的主要來源，我們也在合作夥伴支援方面投入了更多資金。

Based on advice from one of the world's top consulting firms, we're also embarking on a major project to optimize our sales operating model, account coverage framework, compensation structure, pricing strategy, and the way that we leverage our channel partner ecosystem.

根據全球頂級顧問公司之一的建議，我們還啟動了一項重大項目，以優化我們的銷售營運模式、客戶覆蓋框架、薪酬結構、定價策略以及我們利用通路合作夥伴生態系統的方式。

As we disclosed in the supplemental forecasts posted on Akamai's Investor Relations website, we believe that the combination of double-digit security growth, very fast growth in cloud computing, a stabilizing delivery business, and a constantly improving product mix should enable us to accelerate revenue growth in the years ahead and to achieve double-digit revenue growth by the end of the decade, if not sooner.

正如我們在 Akamai 投資者關係網站上發布的補充預測中所披露的那樣，我們相信兩位數的安全增長、雲端運算的快速成長、穩定的交付業務以及不斷改進的產品組合，應該能夠讓我們在未來幾年加速收入增長，並在 2020 年末甚至更早實現兩位數的收入增長。

In fact, if you remove the impact of foreign exchange headwinds and the large customer I mentioned earlier, you can see that the acceleration is already underway.

事實上，如果消除外匯逆風和我之前提到的大客戶的影響，你可以看到加速已經在進行了。

Excluding these two factors, revenue growth accelerated in 2024 over 2023, and as Ed will describe shortly, we anticipate further acceleration in 2025.

除這兩個因素外，2024 年的營收成長將比 2023 年加速，正如 Ed 稍後將描述的那樣，我們預計 2025 年的營收成長將進一步加速。

We believe that improving our top line growth and product mix combined with our continued efforts to improve efficiency will help to improve operating margins so that we can meet and then exceed our goal of 30% over the next several years.

我們相信，改善我們的營收成長和產品結構，再加上我們不斷努力提高效率，將有助於提高營業利潤率，以便我們能夠在未來幾年內達到並超過 30% 的目標。

We also believe that we can resume growing our non-GAAP EPS in 2026.

我們也相信，我們可以在 2026 年恢復非 GAAP EPS 的成長。

While we still have much to do, we're very optimistic about the future.

雖然我們還有很多工作要做，但我們對未來非常樂觀。

Our cloud computing strategy is taking hold as we envisioned.

我們的雲端運算策略正在按照我們的設想順利實施。

Our expanded security portfolio is enabling us to deepen and expand our relationships with customers and partners, and we continue to invest in Akamai's future growth while also maintaining strong profitability.

我們擴展的安全產品組合使我們能夠深化和擴大與客戶和合作夥伴的關係，並且我們將繼續投資於 Akamai 的未來成長，同時保持強勁的獲利能力。

Now, I'll turn the call over to Ed for more on our results and our outlook.

現在，我將把電話轉給艾德，以進一步了解我們的業績和展望。

Thank you, Tom.

謝謝你，湯姆。

Before I begin, I want to reiterate what Mark mentioned at the start of the call and highlight some of the new disclosures we issued earlier today.

在開始之前，我想重申馬克在電話會議開始時提到的內容，並強調我們今天早些時候發布的一些新披露內容。

The materials we posted to the IR section of our website include a bit more detail than what we will cover in today's prepared remarks.

我們在網站的 IR 部分發布的材料比我們今天的準備好的發言中涵蓋的內容更詳細一些。

Our aim is to provide deeper insights into our business and present our updated long-term goals.

我們的目標是更深入地了解我們的業務並提出最新的長期目標。

While we do not intend to provide this level of disclosure every quarter, we will occasionally offer additional context if we believe it will be helpful.

雖然我們並不打算每季都提供這種程度的揭露，但如果我們認為有幫助，我們偶爾會提供額外的背景資訊。

Today, I plan to cover our Q4 results, provide some color on 2025, including a few new disclosures, and then cover our Q1 and full year 2025 guidance, and I will close with our long-term thoughts on revenue and profitability goals.

今天，我計劃介紹我們的第四季度業績，並提供一些 2025 年的情況，包括一些新的披露，然後介紹我們的 2025 年第一季和全年指引，最後我將介紹我們對收入和盈利目標的長期想法。

Now let's cover our Q4 results starting with revenue.

現在讓我們從收入開始介紹我們的第四季業績。

Total revenue was $1.020 billion, up 3% year over year as reported and in constant currency.

總營收為 10.2 億美元，以固定匯率計算年增 3%。

We continue to see solid growth in our compute and security portfolios during the fourth quarter.

第四季度，我們的運算和安全產品組合持續實現穩健成長。

Edgio contributed approximately $9 million of revenue in the quarter, which was in line with our expectations.

Edgio 在本季貢獻了約 900 萬美元的收入，符合我們的預期。

Compute revenue grew to $167 million, a 24% year-over-year increase as reported, and 25% in constant currency.

計算收入成長至 1.67 億美元，據報導年增 24%，以固定匯率計算成長 25%。

In the fourth quarter, compute revenue was comprised of $65 million from our cloud infrastructure services and $102 million from our other cloud applications.

第四季度，運算收入包括來自雲端基礎設施服務的 6,500 萬美元和來自其他雲端應用程式的 1.02 億美元。

As Tom pointed out, one of our largest customers has committed to spending at least $100 million on our cloud infrastructure services over the next few years.

正如湯姆所指出的，我們最大的客戶之一承諾在未來幾年內在我們的雲端基礎設施服務上投資至少 1 億美元。

We expect that their workloads will begin ramping up by the end of 2025.

我們預計到 2025 年底他們的工作量將開始增加。

Moving to security revenue.

轉向安全收入。

Security revenue was $535 million, growing 14% year to year as reported and in constant currency.

安全收入為 5.35 億美元，按報告和固定匯率計算年增 14%。

During Q4 we had approximately $12 million of one-time license revenue compared to $5 million in Q4 of last year.

第四季度，我們的一次性授權收入約為 1,200 萬美元，而去年第四季為 500 萬美元。

As noted in our added disclosure, our security revenue was comprised of $205 million from Zero Trust Enterprise plus API Security, which grew 51% in constant currency year over year and $1.84 billion from all other security products, which grew 14% in constant currency year over year.

如我們補充揭露的內容所述，我們的安全收入包括來自零信任企業和 API 安全的 2.05 億美元，以固定匯率計算年增 51%，以及所有其他安全產品的收入 18.4 億美元，以固定匯率計算年增 14%。

Combined, compute and security revenue grew 16% year over year as reported, and 17% in constant currency in Q4 and now represents 69% of total revenue.

據報道，計算和安全收入合計年增 16%，以固定匯率計算，第四季成長 17%，目前佔總收入的 69%。

Our delivery revenue was $318 million, slightly ahead of our expectations and down 18% year over year as reported and in constant currency.

我們的交付收入為 3.18 億美元，略高於我們的預期，按報告和固定匯率計算，年減 18%。

We anticipate an improvement in delivery revenue in 2025 driven by a more positive outlook on delivery as Tom discussed earlier.

正如湯姆先前所討論的，我們預計 2025 年配送收入將有所改善，這得益於更積極的配送前景。

International revenue was $490 million, up 2% year over year or 4% in constant currency, representing 48% of total revenue in Q4.

國際營收為 4.9 億美元，年增 2%，以固定匯率計算成長 4%，佔第四季總營收的 48%。

Finally, foreign exchange fluctuations had a negative impact on revenue of $8 million on a sequential basis and a negative $6 million impact on a year-over-year basis.

最後，外匯波動對收入產生了 800 萬美元的負面影響（環比），對去年同期的收入產生了 600 萬美元的負面影響。

Moving to profitability.

走向盈利。

In Q4, we generated non-GAAP net income of $254 million or $1.66 of earnings per diluted share, down 2% year over year, flat and constant currency, and well above the high end of our guidance range.

第四季度，我們的非公認會計準則淨收入為 2.54 億美元，或每股攤薄收益 1.66 美元，年減 2%，持平且貨幣匯率不變，遠高於我們預期範圍的高端。

These EPS results exceeded our guidance driven primarily by slightly higher-than-expected revenue, lower-than-expected transition services or TSA costs related to the Edgio transaction, greater savings from the headcount actions we announced in Q3, and lower payroll costs due to some hiring pushing from Q4 into Q1.

這些每股收益結果超出了我們的預期，主要原因是收入略高於預期、與 Edgio 交易相關的過渡服務或 TSA 成本低於預期、我們在第三季度宣布的員工人數增加行動帶來的更大節省、以及由於部分招聘從第四季度推遲到第一季而降低的工資成本。

Finally, our Q4 CapEx was $193 million or 19% of revenue.

最後，我們第四季的資本支出為 1.93 億美元，佔營收的 19%。

Moving to our capital allocation strategy.

轉向我們的資本配置策略。

During the fourth quarter, we spent approximately $138 million to buy back approximately 1.4 million shares.

第四季度，我們花費約 1.38 億美元回購了約 140 萬股。

For the full year, we spent $557 million to buy back approximately 5.6 million shares.

全年我們花費 5.57 億美元回購約 560 萬股。

We ended 2024 with approximately $2 billion remaining on our current repurchase authorization.

截至 2024 年，我們目前的回購授權剩餘約 20 億美元。

It's worth noting that over the past decade we have not only met our objective of buying back shares to offset dilution from our employee equity programs, but we have also decreased our shares outstanding by approximately 16% over that timeframe.

值得注意的是，在過去十年中，我們不僅實現了回購股票以抵消員工股權計劃稀釋的目標，而且我們還在此期間將流通股減少了約 16%。

Going forward, our capital allocation strategy 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.

展望未來，我們的資本配置策略保持不變：隨著時間的推移繼續回購股票，以抵消員工股權計劃帶來的稀釋，並在併購和股票回購中抓住機會。

Before I move to guidance, there are several items that I want to highlight to help with our 2025 models.

在我開始提供指導之前，我想強調幾點以幫助我們的 2025 模型。

The first relates to revenue from the Edgio transaction.

第一個與 Edgio 交易的收入有關。

We now expect approximately $85 million to $105 million in Edgio revenue for 2025.

我們現在預計 2025 年 Edgio 的營收將約為 8,500 萬至 1.05 億美元。

In addition, we expect to have approximately $6 million of TSA costs in Q1 related to Edgio.

此外，我們預計第一季與 Edgio 相關的 TSA 成本約為 600 萬美元。

Approximately $4 million of those costs will be included in cost of goods sold and the remainder in operating expense.

其中約 400 萬美元將計入銷售成本，剩餘部分將計入營業費用。

We do not anticipate any TSA costs beyond Q1.

我們預計第一季之後不會再產生任何 TSA 成本。

Second, we expect our CapEx to be approximately 2 percentage points higher than last year for the following reasons.

第二，我們預期我們的資本支出將比去年高出約2個百分點，原因如下。

First, we plan to increase spend by about 1% of revenue to accommodate the increased traffic resulting from the Edgio transaction.

首先，我們計劃增加約 1% 的收入支出，以適應 Edgio 交易帶來的流量成長。

Second, we anticipate approximately another 1% of revenue will be used for geo-specific infrastructure builds to support the recently signed $100 million cloud infrastructure services contract we announced earlier today.

其次，我們預計另外約 1% 的收入將用於地理特定基礎設施建設，以支持我們今天早些時候宣布的最近簽署的價值 1 億美元的雲端基礎設施服務合約。

Additionally, we expect our CapEx spend will be heavily front-end loaded with the first quarter seeing significantly higher expenditures compared to the rest of the year.

此外，我們預計我們的資本支出將主要集中在前期，第一季的支出將比今年其他時間明顯高出許多。

This is due in part to the items I mentioned above in our plans to pull forward approximately $10 million to $15 million of CapEx into the first quarter to help mitigate the risk of potential tariffs that may be announced later this year.

這在一定程度上歸因於我上面提到的項目，我們計劃將大約 1000 萬至 1500 萬美元的資本支出提前到第一季度，以幫助降低今年晚些時候可能宣布的潛在關稅風險。

Third, we expect interest income to decline in 2025 due to lower cash balances resulting from recent acquisitions in our plan to retire our $1.15 billion convertible debt instrument that matures on May 1, 2025, along with expected lower investment yields as interest rates come down throughout the year.

第三，我們預計 2025 年的利息收入將下降，原因是我們計劃償還 2025 年 5 月 1 日到期的 11.5 億美元可轉換債務工具，而最近的收購導致現金餘額減少，同時隨著全年利率下降，預計投資收益率也會下降。

Fourth, for 2025, we anticipate continued heightened volatility in foreign currency markets driven by unpredictable timing and magnitude of Federal Reserve policy changes and their impact on interest rates.

第四，對於 2025 年，我們預期外匯市場的波動將繼續加劇，原因是聯準會政策變化的時間和幅度難以預測，並且會影響利率。

As an example of how impactful FX can be to our results, since our last earnings call in early November, the strength of the US dollar has negatively impacted our 2025 expectations by approximately $18 million in revenue on an annual basis and negatively impacted our non-GAAP operating margin by approximately 30 basis points and negatively impacted our non-GAAP EPS expectations by approximately $0.09 per share.

舉個例子來說明外匯對我們的業績有多大的影響，自從我們 11 月初召開上次財報電話會議以來，美元的走強已經對我們 2025 年的預期產生了負面影響，年度收入減少了約 1800 萬美元，對我們的非 GAAP 營業負面利潤率產生了 30 個負面影響約 30 個基礎

As a reminder related to currency, we have approximately $1.2 billion of annual revenue that is generated from foreign currency, with the euro, yen, and Great British pound being the largest non-US dollar sources of revenue.

關於貨幣的提醒一下，我們每年大約有 12 億美元的收入來自外幣，其中歐元、日圓和英鎊是最大的非美元收入來源。

In addition, our costs in non-US dollars tend to be significantly lower than revenue and are primarily in Indian rupee, Israeli shekel, and Polish złoty.

此外，我們的非美元成本往往明顯低於收入，主要以印度盧比、以色列謝克爾和波蘭茲羅提計算。

Fifth and finally, as Tom mentioned in illustrating our supplemental disclosure, the traction that we are seeing in our business is being obscured by the challenges facing our largest customer and the significant FX fluctuations.

第五，也是最後一點，正如湯姆在說明我們的補充披露時所提到的那樣，我們在業務中看到的牽引力被我們最大的客戶所面臨的挑戰和巨大的外匯波動所掩蓋。

If we exclude the effect of this customer in FX, our revenue growth rate would have accelerated year over year in 2024 compared to 2023.

如果我們排除該客戶在外匯方面的影響，那麼與 2023 年相比，我們 2024 年的營收成長率將年增。

Now I'm moving to guidance.

現在我要轉向指導。

The first quarter of 2025 we are projecting revenue in the range of $1 billion to $1.02 billion, up 1% to 3% as reported, or up 3% to 5% in constant currency over Q1 2024.

我們預計 2025 年第一季的營收將在 10 億美元至 10.2 億美元之間，年增 1% 至 3%，或以固定匯率計算比 2024 年第一季成長 3% 至 5%。

We anticipate that Q1 revenue levels will be slightly lower than Q4 due to the following: lower revenue from our largest customer as we discussed earlier, the negative impact of foreign exchange, reduced one-time license revenue in Q1 from Q4 levels, two fewer calendar days in Q1 compared to Q4, that's two less days of usage revenue.

我們預計第一季度的收入水準將略低於第四季度，原因如下：正如我們之前所討論的，來自最大客戶的收入較低，外匯的負面影響，第一季度的一次性許可收入較第四季度有所減少，第一季度與第四季度相比少了兩個日曆天，也就是使用收入減少了兩天。

And finally, a significant number of delivery customers have calendar year and dates on their contracts.

最後，相當一部分的送貨客戶合約上都有日曆年份和日期。

Therefore, the aggregate impact of all those renewals tends to have a negative impact on Q1 revenue compared to Q4 levels.

因此，與第四季度相比，所有這些續約的整體影響往往會對第一季的收入產生負面影響。

Note that we expect these items will be partially offset by a full quarters benefit from Edgio.

請注意，我們預計這些項目將被 Edgio 的整個季度收益部分抵消。

At current spot rates, foreign exchange fluctuations are expected to have a negative $7 million impact on Q1 compared to Q4 levels, and a negative $15 million impact year over year.

以目前現貨匯率計算，預計外匯波動將對第一季產生較第四季下降 700 萬美元的影響，較去年同期產生較去年同期下降 1,500 萬美元的影響。

At these revenue levels, we expect cash gross margin of approximately 72%.

在這些收入水準下，我們預期現金毛利率約為 72%。

Q1 non-GAAP operating expenses are projected to be $310 million to $316 million.

第一季非 GAAP 營業費用預計為 3.1 億美元至 3.16 億美元。

We anticipate Q1 EBITDA margin of approximately 41%.

我們預計第一季的 EBITDA 利潤率約為 41%。

We expect non-GAAP depreciation expense of $13 million to $134 million.

我們預計非 GAAP 折舊費用為 1,300 萬美元至 1.34 億美元。

We expect non-GAAP operating margin of approximately 28%.

我們預計非公認會計準則營業利潤率約為 28%。

And with this overall revenue and spend configuration I just outlined, we expect Q1 non-GAAP EPS in the range of $1.54 to $1.59. We're down 6% to 3% as reported, and down 2% to up 1% in constant currency.

根據我剛才概述的整體收入和支出配置，我們預計第一季非 GAAP 每股收益將在 1.54 美元至 1.59 美元之間。如報告所示，我們的營收從下降 6% 下降至成長 3%，若以固定匯率計算，則從下降 2% 下降至成長 1%。

This EPS guidance assumes taxes of $57 million to $59 million based on an estimated quarterly non-GAAP tax rate of approximately 19.5%.

本每股收益指引假設稅率為 5,700 萬美元至 5,900 萬美元，基於預期季度非 GAAP 稅率約為 19.5%。

It also reflects a fully diluted share count of approximately 152 million shares.

它還反映了完全稀釋的股數約為 1.52 億股。

Moving on to CapEx, we expect to spend approximately $237 million to $245 million excluding equity compensation and capitalized interest in the first quarter.

談到資本支出，我們預期第一季不包括股權補償和資本化利息支出約為 2.37 億至 2.45 億美元。

This represents approximately 24% of total revenue.

這約佔總收入的24%。

As noted earlier, we anticipate that our CapEx spending will be heavily front-end loaded with the first quarter seeing significantly high expenditures compared to the rest of the year.

如前所述，我們預計我們的資本支出將主要集中在前期，第一季的支出將比今年其他時間高出許多。

Looking ahead to the full year, we expect revenue of $4 billion to $4.2 billion, which is flat to up 5% as reported and up 1% to 6% in constant currency.

展望全年，我們預期營收為 40 億美元至 42 億美元，按報告計算持平至成長 5%，以固定匯率計算則成長 1% 至 6%。

We are providing a wider range than past practice due to the larger scale of our business, the uncertainty around our largest customer, and continuing macroeconomic and geopolitical factors.

由於我們的業務規模較大、圍繞最大客戶的不確定性以及持續的宏觀經濟和地緣政治因素，我們提供的服務範圍比過去更為廣泛。

We would expect to come in at the higher end of that range if we see significant weakening of the US dollar.

如果美元大幅貶值，我們預計將處於該區間的高端。

Traffic growth materially exceeds our current levels, and there is no ban in the US for our largest customer.

流量成長大大超過了我們目前的水平，而且美國對我們最大的客戶沒有實施禁令。

We would expect to come in at the lower end of this range if we see significant strengthening of the US dollar.

如果美元大幅走強，我們預計其將處於此區間的低端。

Traffic materially slows from current levels, and our largest customer is banned in the US.

交通量較目前水準大幅放緩，我們最大的客戶在美國被禁止通行。

Moving on to security.

繼續討論安全問題。

We expect security revenue growth of approximately 10% in constant currency in 2025.

我們預計 2025 年安全收入以固定匯率計算成長約 10%。

In Q4, included in security, the combined ARR for our Zero Trust Enterprise and API Security solutions was approximately $247 million.

在第四季度，包括安全在內的我們的零信任企業和 API 安全解決方案的綜合 ARR 約為 2.47 億美元。

We expect the combined ARR of these two products to increase by 30% to 35% year over year in constant currency for 2025.

我們預計，到 2025 年，這兩種產品的綜合 ARR 將以固定匯率年增 30% 至 35%。

For compute, we expect revenue growth to be approximately 15% in constant currency.

對於計算而言，我們預期營收成長（以固定匯率計算）約為 15%。

Included in compute, our cloud infrastructure services delivered $259 million in ARR exiting 2024.

包括運算在內，我們的雲端基礎設施服務在 2024 年底實現了 2.59 億美元的 ARR。

We expect cloud infrastructure services ARR year-over-year growth in the range of 40% to 45% in constant currency for 2025.

我們預計，到 2025 年，雲端基礎設施服務 ARR 的年成長率將達到 40% 至 45%（以固定匯率計算）。

At current spot rates, our guidance assume foreign exchange will have a negative $38 million impact to revenue in 2025 on a year-to-year basis.

以目前現貨匯率計算，我們的指導假設是，外匯將對 2025 年的收入產生年比負 3,800 萬美元的影響。

Moving to operating margins for 2025, we're estimating a non-GAAP operating margin of approximately 28% as measured in today's FX rates.

對於 2025 年的營業利潤率，我們估計以今天的外匯匯率計算，非 GAAP 營業利潤率約為 28%。

Decline in operating margin for the full year '25 is due mainly to depreciation expense being approximately 90 basis points higher than last year, and the negative impact of foreign exchange year over year.

25年全年營業利益率下降主要是因為折舊費用較去年同期高出約90個基點，以及外匯較去年同期的負面影響。

We anticipate that our full year capital expenditures will be approximately 19% of total revenue, up approximately 2 points from 2024 due to the items that I listed earlier.

我們預計，全年資本支出將佔總收入的約 19%，由於我之前列出的項目，比 2024 年增加約 2 個百分點。

As a percentage of total revenue, our 2025 CapEx is expected to be roughly broken down as follows: approximately 4% for delivery and security, approximately 6% for compute, approximately 8% for capitalized software, and the remainder is for IT and facilities related spending.

作為總收入的百分比，我們 2025 年的資本支出預計大致分為以下幾部分：約 4% 用於交付和安全，約 6% 用於計算，約 8% 用於資本化軟體，其餘用於 IT 和設施相關支出。

Moving to EPS for the full year 2025, we expect non-GAAP earnings per diluted share in the range of $6 to $6.40. This non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 19.5% and a fully diluted share count of approximately 152 million shares.

對於 2025 年全年每股收益，我們預計非 GAAP 每股攤薄收益將在 6 美元至 6.40 美元之間。該非公認會計準則獲利預測是基於約 19.5% 的非公認會計準則有效稅率和約 1.52 億股的完全稀釋股數。

Before closing, I want to comment on our revenue and profitability goals for the next three to five years.

最後，我想評論一下我們未來三到五年的收入和獲利目標。

Cloud infrastructure services is experiencing significant growth, which we believe will be the main driver of our total compute revenue in the near to medium term.

雲端基礎設施服務正在經歷顯著的成長，我們相信這將成為近期至中期內總運算收入的主要驅動力。

Our goal is to grow total compute revenue at a compounded annual growth rate of approximately 20% over the next three to five years.

我們的目標是在未來三到五年內使總計算收入以約 20% 的複合年增長率成長。

Moving to security, given the size and scale in our security business, it is natural that we will see some products reach maturity and experience slowing growth rates, while other products in emerging areas will see more rapid growth.

談到安全，考慮到我們安全業務的規模，我們自然會看到一些產品成熟並經歷成長率放緩，而新興領域的其他產品將實現更快的成長。

As a result, we expect security growth over the next three to five years to be led mainly by our newer Guardicore platform and API security products.

因此，我們預計未來三到五年的安全成長將主要由我們較新的 Guardicore 平台和 API 安全產品引領。

However, some of our largest security products like web application firewall, or WAF and Prolexic are examples of some of our more mature products.

然而，我們的一些最大的安全產品，如 Web 應用程式防火牆、WAF 和 Prolexic 就是我們的一些更成熟的產品的例子。

We've been offering these products for over a decade and have reached a very high penetration rate within our customer base.

我們提供這些產品已有十多年了，在我們的客戶群中已經達到了非常高的普及率。

As a result, we expect the growth rate for these products to begin slowing in 2025 and continue to moderate throughout the remainder of the decade.

因此，我們預計這些產品的成長率將在 2025 年開始放緩，並在本世紀剩餘時間內繼續保持放緩。

Given these dynamics in our security portfolio, our goal is to grow total security revenue at an overall compounded annual growth rate of about 10% over the next three to five years, including our typical level of M&A.

鑑於我們安全產品組合的這些動態，我們的目標是在未來三到五年內，包括我們典型的併購水準在內，使總安全收入以約 10% 的整體複合年增長率成長。

We anticipate delivery revenue declines will moderate in 2025, with increasing stabilization expected over the next few years.

我們預計，2025 年配送收入下滑幅度將會減緩，未來幾年預計將逐漸穩定下來。

In summary, we anticipate that the combination of double-digit growth of our security products, the rapid expansion in our compute services, a stabilizing delivery business, and a continuously improving product mix away from delivery will allow us to achieve double-digit top line revenue growth by the end of the decade, if not sooner.

總而言之，我們預計，安全產品的兩位數增長、計算服務的快速擴張、交付業務的穩定性以及交付之外的產品組合的不斷改進將使我們在 2020 年末甚至更早實現兩位數的營收成長。

As for profitability, we expect operating margins to reach 30%-plus by the end of the decade, and with accelerating top line and expanding operating margins, our goal would be to deliver strong growth and non-GAAP EPS over the next few years.

至於獲利能力，我們預計到 2020 年營業利潤率將達到 30% 以上，隨著營收成長和營業利潤率擴大，我們的目標是在未來幾年實現強勁成長和非 GAAP 每股盈餘。

Finally, when we're not providing specific guidance for 2026, we do anticipate revenue acceleration and margin expansion compared to 2025 levels.

最後，當我們沒有提供 2026 年的具體指引時，我們確實預期營收將加速成長、利潤率將比 2025 年的水準擴大。

With that, I'll wrap things up, and Tom and I are happy to take your questions.

我的演講到此結束，湯姆和我很樂意回答你們的問題。

Operator?

操作員？

(Operator Instructions) Roger Boyd, UBS.

（操作員指示） 瑞銀 (UBS) 羅傑·博伊德 (Roger Boyd)。

Great, thank you for taking my question and congrats on the quarter and congrats on the large cloud deal.

太好了，謝謝您回答我的問題，恭喜本季取得佳績，也恭喜您達成了大型雲端運算交易。

Tom, I'd love if you could maybe expand a little bit on that, provide any more details on the nature of workloads as customers bringing over, and it sounds like it's probably coming off a hyperscaler.

湯姆，如果你可以就這一點稍微展開一下，提供更多關於客戶帶來的工作負載性質的細節，我會很高興的，聽起來它可能來自超大規模。

But any additional info you can provide on the competitive environment there as it relates to pricing, performance, edge presence?

但是您能提供關於那裡的競爭環境的任何其他信息，包括價格、性能、優勢地位嗎？

I think Ed noted there's some geo-specific conditions the customer is looking for and I know that's a lot, but thanks.

我認為 Ed 注意到客戶正在尋找一些地理特定條件，我知道這很多，但還是謝謝。

Yes, they already have been using substantial cloud infrastructure services at Akamai for a variety of media applications and will increase that usage.

是的，他們已經在 Akamai 的各種媒體應用程式中使用了大量的雲端基礎設施服務，並且會增加這種使用量。

In addition, they have some special needs in Scandinavia, and we are building out a data center there for them to handle substantial applications for them throughout Europe.

此外，他們在斯堪的納維亞半島有一些特殊需求，我們正在那裡為他們建立一個資料中心，以處理整個歐洲的大量應用程式。

So they're using the services in a normal way, plus we have a special situation that we're doing a buildup for them and development for them that ultimately, we think many of our customers will use.

因此，他們以正常方式使用這些服務，另外，我們還有一個特殊情況，我們正在為他們進行構建和開發，最終，我們認為我們的許多客戶都會使用這些服務。

Super helpful.

超有幫助。

I appreciate the color.

我很欣賞這個顏色。

Madeline Brooks, Bank of America.

美國銀行的瑪德琳‧布魯克斯 (Madeline Brooks)。

Hi team, thanks so much for taking my question.

大家好，非常感謝您回答我的問題。

First is for housekeeping.

首先是家務管理。

I just want to clarify that the $100 million compute deal is not the same as the five-year deal that you signed with your largest delivery customer?

我只是想澄清一下，價值 1 億美元的計算交易與您與最大交付客戶簽署的五年期交易不同嗎？

And then I have a quick follow-up to that.

然後我對此做一個快速的跟進。

They are the same customer.

他們是同一個顧客。

Got it.

知道了。

Okay, thank you.

好的，謝謝。

And then the other one too would be, can you just get some more details outside of just the geolocation on why they chose Akamai?

然後另一個問題是，除了地理位置之外，您能否提供一些關於他們選擇 Akamai 的更多詳細資訊？

Does it have anything to do with maybe newer products that you have work on AI or intelligence?

這是否與您在人工智慧或智慧方面研究的新產品有關？

Things of that nature would be helpful, thank you.

諸如此類的事情可能會有幫助，謝謝。

Yeah, they chose Akamai for superior performance and better pricing.

是的，他們選擇 Akamai 是因為其卓越的性能和更優惠的價格。

We are very well connected throughout Europe.

我們與整個歐洲都有著良好的連結。

Nobody has the points of presence that we do, and so we can handle requests for this customer throughout the continent and get it into the data center facility they'd like to have in Scandinavia and do that very efficiently at a favorable price point because of our existing platform and capabilities.

沒有人擁有我們這樣的接入點，因此我們可以處理整個大陸客戶的請求，並將其送入他們希望在斯堪的納維亞半島擁有的數據中心設施，而且得益於我們現有的平台和能力，我們可以以優惠的價格高效地完成這項工作。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore。

Yeah.

是的。

Thanks a lot and thanks for putting my question.

非常感謝，也感謝您提出我的問題。

I guess, I have two quick ones, hopefully.

我想，我希望有兩個快速答案。

The first one, with your largest customer, the $60 million headwind that you talked about, I'm hoping to just maybe expand a little bit on that.

第一個問題，關於您最大的客戶，也就是您談到的 6,000 萬美元的逆風，我希望可以就此稍微展開說一下。

Is that headwind going to happen irrespective of what happens with the recent executive order around their operations?

無論最近針對他們的營運的行政命令如何變化，這種不利因素都會發生嗎？

I'm sure I understand like, is this more about them intending to move some of the CD and in-house?

我確信我明白，這是否更多意味著他們打算將一些 CD 移到室內？

Or is it more of the executive order that $60 million headwind doesn't happen irrespective and sounds like it's another $60 million and '26?

或者這更像是一項行政命令，無論如何都不會發生 6,000 萬美元的逆風，聽起來就像是另一個 6,000 萬美元和 26 年？

Maybe just level set that, kind of what's happening then how to ring fence it.

也許只是設定水平，看看發生了什麼，然後如何對其進行保護。

That would be helpful.

那將會很有幫助。

And then, just to push the operating margins.

然後，只是為了提高營業利潤率。

What do you think it takes for Akamai to get back to a 30% operating margin number over time?

您認為 Akamai 需要做些什麼才能隨著時間的推移重新達到 30% 的營業利益率？

Any kind of help on revenue or cost control would be helpful.

任何有關收入或成本控制的幫助都會有幫助。

Thank you.

謝謝。

Yeah, so the headwind is by and large because of their DIY buildout as we talked about, so they'll be taking on more of the services themselves.

是的，正如我們所討論的，逆風主要是因為他們的 DIY 建設，所以他們會自己承擔更多的服務。

And there are political challenges obviously in the US as a result of the five-year agreement.

這項五年協議顯然會為美國帶來政治挑戰。

Our exposure there is mitigated quite a bit, as we talked about in a disclosure last year, we had about $50 million, have about $50 million of US business with this customer that obviously would be taken away if they are banned in the US.

我們在那裡的風險敞口已經減輕了不少，正如我們在去年的披露中所談到的，我們與該客戶有約 5,000 萬美元的美國業務，如果他們在美國被禁止，這些業務顯然都會被奪走。

However, as a result of the minimum commitments made, our exposure there is less.

然而，由於做出的承諾很少，我們在那裡的曝光率較低。

As Ed pointed out, if they are banned in the US, then we would have less revenue from them than if they continue to operate.

正如艾德所指出的那樣，如果它們在美國被禁止，那麼我們從中獲得的收入將比它們繼續運作時更少。

And if they continue to operate, there would be upside and to the upper end of the range.

如果他們繼續行動，就會有上行空間，並達到範圍的上限。

And Ed, do you want to talk about the margins?

艾德，你想談談利潤嗎？

Sure, yeah, so most of the expansion is going to come through two things.

當然，是的，所以大部分擴張將透過兩件事來實現。

One, the mix is going to move more towards security and compute.

首先，組合將更加偏向安全性和計算性。

And then just from an operating leverage perspective with the revenue growth, we just believe we can scale the business accordingly and a lot of that additional growth will drop to the bottom line.

然後，僅從收入成長的營業槓桿角度來看，我們相信我們可以相應地擴大業務規模，並且許多額外的成長將落到底線。

The changes that Tom's talking about or mentioned on the call about go to market, some of that's already been funded by the action that we took before and we'll be very responsible with the future investments.

湯姆在電話會議上談論或提到的有關進入市場的變革，其中一些已經由我們之前採取的行動提供資金，我們將對未來的投資非常負責。

So we expect to see some scale as we grow top line.

因此，我們預計，隨著營收的成長，我們也將看到一定的規模。

Great, thank you very much.

太好了，非常感謝。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

Tom or Ed, please feel free to chime in on this, with regards to TikTok, you talked specifically about the delivery business and some of the minimal commitment -- minimum commitments they've made to you, to protect you.

湯姆或艾德，請隨意加入討論，關於 TikTok，您特別談到了配送業務以及他們為保護您而向您做出的一些最低承諾。

But I was actually curious if you can opine or comment on if that is a customer that has adopted other solutions in your portfolio.

但我實際上很好奇，您是否可以發表意見或評論，看看該客戶是否採用了您產品組合中的其他解決方案。

I think specifically anything in the security realm that we have to be mindful of eroding away?

我認為，具體來說，在安全領域我們需要注意什麼，以免逐漸消失？

And then I have a quick follow-up on the market as well.

然後我也對市場進行了快速跟進。

Yeah, like any large customer, they pretty much use all our services, so they're a large delivery customer, they use a lot of our security services and actually a growing amount of our compute, our cloud infrastructure services.

是的，就像任何大客戶一樣，他們幾乎使用我們所有的服務，所以他們是一個大型交付客戶，他們使用我們的許多安全服務，實際上他們使用越來越多的運算和雲端基礎設施服務。

And we have factored that in to the guidance we've given, both the guidance for this year and the 3-to-5-year guidance.

我們已將這一點考慮到我們給予的指導中，包括今年的指導和 3 至 5 年的指導中。

Great, and just from a go-to-market perspective, Tom, you were very explicit in that there's been a lot of thoughtful change and maybe a little bit of an overhaul in the go to market organization by way of account segmentation, pricing strategy, et cetera.

太好了，湯姆，僅從行銷的角度來看，您非常明確地指出，我們已經進行了很多深思熟慮的變革，並且可能透過帳戶細分、定價策略等方式對行銷組織進行了一點改革。

I'm wondering, how far along are you in the process of ironing out or cementing a lot of these changes because it does seem like there might be a couple of things in flux from an aggregate go-to-market strategy perspective?

我想知道，您在解決或鞏固這些變化的過程中進行了多遠，因為從整體市場進入策略的角度來看，似乎確實存在一些變化？

So would love to hear kind of where you are on the journey to kind of overhaul the go to market organization and how we should think about you coming out the other end of that.

所以，我很想聽聽您在改革市場組織方面的進展，以及我們應該如何看待您的改革措施。

Thank you.

謝謝。

Yeah, great question.

是的，很好的問題。

I think of this as sort of a two-year process, roughly speaking, and we're in the beginning stages.

我認為這是一個大約兩年的過程，目前我們正處於起步階段。

We've already increased the number of our hunters and as I said, the ratio of hunting to farming, we've already increased and we'll do further increases in the specialized sales team.

我們已經增加了獵人的數量，正如我所說的，我們已經增加了狩獵與耕作的比例，我們將進一步增加專業銷售團隊的數量。

We are working now thinking through pricing structure changes, contract, potential contract, structure changes, making progress in segmentation for the field.

我們現在正在思考定價結構的變化、合約、潛在合約、結構變化，在該領域的細分方面取得進展。

So a lot of work is still underway and you want to, I think, position this in the context that we're transforming the company.

因此，許多工作仍在進行中，我認為，你應該將其定位在我們正在轉型公司的背景下。

And you look at our product set and we're evolving substantially from what was a delivery company and then a delivery and say, web app firewall company where most of our revenue has been.

看看我們的產品系列，我們已經從一家快遞公司發展成為一家快遞和網路應用防火牆公司，我們的大部分收入都來自於這方面。

And you look at the products that are really growing and driving us forward to the future, and you're looking at segment of core segmentation, Enterprise Zero Trust Security, you're looking at API security.

你會看到那些真正在成長並推動我們走向未來的產品，你會看到核心細分市場、企業零信任安全和 API 安全。

Huge green deal there for us and best of all, you're looking at our cloud infrastructure services which are just really taken off.

這對我們來說是一筆巨大的綠色交易，最重要的是，您正在關注我們的雲端基礎設施服務，它剛剛真正起飛。

It's remarkable I think when you see what's happened, we bought out Linode about 3 years ago.

當你看到所發生的事情時，你會覺得這很了不起，我們大約三年前收購了 Linode。

Had about $127 million ARR growing mid-teens at best, and today more than double, now growing at 35% last year, and we're forecasting 40% to 45% this year.

ARR 約為 1.27 億美元，最好的時候增長 15% 左右，而今天增長了一倍多，去年的增長率為 35%，我們預測今年的增長速度將達到 40% 至 45%。

And I think what's really exciting about that is the addressable market for us is literally over $100 billion.

我認為真正令人興奮的是，我們的潛在市場規模確實超過 1000 億美元。

And that's probably just in our current customer base, so tremendous potential and it's really taking off now.

這可能只是我們目前的客戶群，因此潛力巨大，而且現在真正開始起飛。

So that changes the company, and it changes what we need from the sales force, what they need to be doing.

這改變了公司，也改變了我們對銷售人員的要求以及他們需要做的事情。

Obviously, we want to protect and grow the revenue in our existing base but we want to be out there selling those new products both in the existing base and to a lot of new customers.

顯然，我們希望保護和增加現有客戶群的收入，但我們也希望在現有客戶群和大量新客戶群中銷售這些新產品。

And so in response to that, we're in the process of transforming the sales force to get the capabilities that we need to continue the very strong growth we're seeing in these new areas.

為了應對這一情況，我們正在對銷售隊伍進行轉型，以獲得所需的能力，繼續保持這些新領域的強勁成長。

Thank you.

謝謝。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great, thank you.

太好了，謝謝。

Can you give us, let's see, can you give us an idea of what the -- of what logo growth was in the quarter?

您能否讓我們看看，您能否告訴我們本季的標誌成長情況？

That'd be great.

那太棒了。

And is there any particular groups, security, compute et cetera, that saw better or worse growth from new logos?

是否有任何特定群體、安全、計算等等因新標誌而獲得了更好或更差的增長？

Thanks.

謝謝。

Yeah, hey, Frank, this is Ed. Actually, logos growth obviously was probably most positively impacted from the Edgio contracts that we acquired.

是的，嘿，弗蘭克，我是艾德。實際上，我們收購的 Edgio 合約顯然對 Logos 的成長產生了最積極的影響。

We added a few 100 logos there, over 100 of those were new to the company.

我們在那裡添加了幾百個標誌，其中超過 100 個是公司新添加的。

So that was the biggest addition.

所以這是最大的補充。

As far as where the new logos are coming from, it's mostly in security in the two new areas that Tom talked about, Guardicore and API Security, and also in the compute side as well.

至於新標誌的來源，主要是 Tom 談到的兩個新領域的安全性，即 Guardicore 和 API Security，還有計算方面。

So I'd say it's probably stronger than normal, new acquisition quarter in Q4, just normal course, and then obviously Edgio helped quite a bit as well.

所以我想說它可能比正常情況更強勁，第四季度的新收購季度，只是正常過程，然後顯然 Edgio 也提供了很大幫助。

And what's your outlook for being able to retain those Edgio contracts?

您對保住 Edgio 合約有什麼期望？

Do you think some of those will turn off or what's the likelihood of those converting into more permanent customers?

您認為其中一些客戶會流失嗎？

Yeah, so we've gone through the migration at this point.

是的，我們現在已經完成了遷移。

So we've moved everybody off.

因此我們已將所有人都撤離。

The Edgio network is closed or shut down at this point.

此時 Edgio 網路已關閉或停機。

So we have a good idea of who's come over at this point.

因此我們很清楚現在是誰來了。

We don't anticipate significant churn from what we have today.

我們預計，從目前的情況來看，不會有重大的客戶流失。

We're very selective in what we took.

我們對所選的內容非常挑剔。

We didn't take all the customers.

我們沒有接待所有的顧客。

There were certain things, certain small customers that didn't make sense for us to take.

對於某些事情、某些小客戶，我們是沒有理由接受的。

There's some acceptable use policy violations that we wouldn't take, and there were some -- the economics with certain customers that we didn't want.

有一些違反可接受使用政策的行為是我們不會接受的，還有一些——對某些客戶來說，我們不希望有經濟問題。

So factor into our guidance is what we think we'll do with that customer base.

因此，我們的指導考慮因素是我們將如何對待該客戶群。

I think there's probably some upside there with upsell.

我認為追加銷售可能會帶來一些好處。

Generally speaking, you want to land the customer, make sure they're happy, and then start developing a pipeline with them.

一般來說，您希望獲得客戶，確保他們滿意，然後開始與他們一起開發管道。

You don't want to just attack them right away with the sales pitch.

你不會想直接用銷售宣傳來攻擊他們。

So pretty happy with what we were able to retain.

對於我們能夠保留的東西，我感到非常高興。

It was pretty much right in line, maybe a little bit better than we expected.

它基本上是正確的，可能比我們預期的要好一點。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful, thanks so much for taking my question.

太好了，非常感謝您回答我的問題。

Just a quick one.

只需快速操作即可。

First, going back to some of the changes in go to market and changes in sales.

首先，回顧一下市場進入和銷售方面的一些變化。

What can you do on your end to minimize the disruption from that?

您可以做些什麼來盡量減少由此造成的干擾？

What are you assuming when you think about your 2025 guide?

當您考慮 2025 年指南時，您假設了什麼？

And I ask because in the history of software, we see sales leave or exchanges that go to market, they always end up being a lot more disruptive than anticipated.

我之所以問這個問題，是因為在軟體歷史上，我們看到銷售人員離開或交易所進入市場，最終總是會比預期的更具破壞性。

So maybe if you could walk us through your assumptions and what you can do to minimize that disruption, that'd be helpful, and I have a quick follow-up.

因此，如果您可以向我們介紹一下您的假設以及您可以採取哪些措施來盡量減少這種幹擾，那將會很有幫助，然後我會快速跟進。

Well, the first key is to avoid account breakage and so we're not doing it all at once, as I mentioned this is a two-year journey and of course we're adding resources with specialization in the new products and so those folks are helping do the cross sell and have a chance to hunt for new customers.

嗯，第一個關鍵是避免帳戶崩潰，因此我們不會一次完成所有事情，正如我所提到的，這是一個兩年的旅程，當然我們正在增加新產品的專業資源，因此那些人正在幫助交叉銷售並有機會尋找新客戶。

So the key really, I think is we will minimize the breakage of the rep associations with customers in the accounts.

因此，我認為真正的關鍵是我們要盡量減少代表與客戶之間的聯繫破裂。

Ed, is there anything you'd like to add to that?

艾德，您還有什麼要補充的嗎？

Yeah, I'll just say that as Tom mentioned, we're working with one of the large consulting firms and bringing some expertise in to help us think through that.

是的，我只想說，正如湯姆所提到的，我們正在與一家大型顧問公司合作，並引入一些專業知識來幫助我們思考這個問題。

But absolutely, we want to be very careful with how we think about the movement from hunting to farming and how we support customers going forward.

但絕對的是，我們要非常謹慎地考慮從狩獵到農業的轉變，以及如何在未來為客戶提供支援。

The less breakage, the better.

破損越少越好。

Got it.

知道了。

No, that's helpful.

不，這很有幫助。

And then just really quickly on Edgio, appreciate the color and the detailed guide.

然後快速瀏覽一下 Edgio，欣賞它的色彩和詳細的指南。

As we think maybe a little bit more longer term, given Edgio is out of the fold now and you have those contracts and assets, how should we be thinking about the pricing environment for the delivery and can just having fewer players in the space help maybe lead to a less aggressive pricing environment?

我們認為也許從更長遠的角度來看，考慮到 Edgio 現在已經退出市場，而您擁有那些合約和資產，我們應該如何考慮交付的定價環境，而該領域參與者減少是否有助於形成不那麼激進的定價環境？

Thanks.

謝謝。

Yeah, that really comes down to the different buckets of customers.

是的，這確實取決於不同的客戶群。

I'd say with some of the larger high-volume customers, we are seeing some rationalization to some extent, longer contract terms, which is helpful.

我想說，對於一些較大的高容量客戶，我們在某種程度上看到了一些合理化，更長的合約期限，這是有幫助的。

Obviously, if you have less players, you do potentially have some better pricing, but we're already starting to see that in the market.

顯然，如果玩家較少，你確實有可能獲得更好的定價，但我們已經開始在市場上看到這種情況。

So I'd say it's getting a little bit better, but it's always been a volume-driven business.

所以我想說情況正在好轉，但這始終是一個數量驅動的業務。

So to the extent that volumes continue to drive, go higher, we'll still see the general trend in pricing to go down, but hopefully, we'll see it moderate a little bit more in the future.

因此，在交易量持續上漲的範圍內，我們仍將看到價格整體呈下降趨勢，但希望未來我們能看到價格略有緩和。

Wonderful.

精彩的。

Thank you.

謝謝。

John Difucci, Guggenheim.

古根漢的約翰·迪富奇。

Thank you.

謝謝。

So Tom and Ed, I think this applies to both of you.

所以湯姆和艾德，我認為這適用於你們兩個。

Business looks to be going as planned, and we appreciate the 3-to-5-year goals and actually all the information you gave us, this is great.

業務看起來正在按計劃進行，我們很欣賞您提出的 3 至 5 年目標以及您提供給我們的所有信息，這非常棒。

But the guidance for next year implies 3% growth, and I think there's a 1% of FX headwind, so that's about 4%.

但明年的預期意味著成長 3%，而我認為外匯逆風因素為 1%，所以成長率約為 4%。

I get the large customer issues, but there's always issues, right?

我了解大客戶的問題，但總是有問題的，對嗎？

That aside for now, how do we get comfort that growth is going to accelerate to 10%?

暫且不論這一點，我們如何確信成長率將加速到 10% 呢？

Is it just math because I haven't gone through it all yet, that the faster growing portions of the business will more than offset the delivery business?

是因為我還沒有完全經歷過，所以只是透過數學計算，認為業務中成長較快的部分將超過配送業務？

And/or, I guess, are you expecting improved macro backdrop in the forecast?

並且/或者，我猜，您是否期望預測中的宏觀背景會有所改善？

Or does it -- I guess also related to this, does that 10%, eventual 10% exclude any impacts from that large customer?

或者—我猜也與此相關，那 10%，最終的 10% 是否排除了該大客戶的任何影響？

All right, so I'll take this one, Tom.

好的，我接受這個，湯姆。

So I'll start with the back part.

因此我將從後面部分開始。

The large costs what we've done is we've modeled out what their minimum spend would be for that 5-year contract.

我們所做的大量成本計算是，我們已經模擬了他們在這份 5 年期合約中的最低支出是多少。

So think of that as being the bottom of the potential there for that customer because it's more upside there potentially.

因此可以將其視為該客戶潛力的底線，因為那裡還有更大的上升空間。

But in terms of what we're seeing for growth, I think you have to kind of break the business down into the buckets and why we showed you all that data.

但就我們所看到的成長而言，我認為你必須將業務細分為幾個部分，並說明我們為什麼向你展示所有這些數據。

We'll start with delivery first.So delivery obviously has been a pretty big drag.

我們首先從交付開始。

It's starting to improve.

情況開始好轉了。

We expect it to improve this year, continue to improve.

我們預計今年情況會有所改善，並持續改善。

So you should start to see some stabilization and delivery over that period of time.

因此，您應該會在那段時間內開始看到一些穩定性和交付。

So that you think of that as a big drag sort of moderating significantly so you don't have as much of a drag.

因此，您可以認為這是一種巨大的阻力，但阻力會顯著減小，因此您不會感受到太大的阻力。

So then when you take the businesses that we have, look at security, the bigger franchises are slowing a bit, but they're still growing.

因此，當你考慮我們現有的業務時，從安全性來看，較大的特許經營權雖然增長有所放緩，但仍在增長。

So we're still getting some growth out of that.

因此我們仍在從中獲得一些成長。

And underneath that, say, for example, in our security products, we have new [fraud] products and we'll be introducing new products, so that franchise will still grow, just won't be growing as fast as it was.

除此之外，比如說，在我們的安全產品中，我們有新的[詐欺]產品，並且我們將推出新的產品，因此特許經營權仍將增長，只是增長速度不會像以前那麼快。

But between Guardicore and API, those are very large markets.

但在 Guardicore 和 API 之間，這些都是非常大的市場。

We have market-leading products.

我們擁有市場領先的產品。

We think we'll be able to -- and that included with some of the changes we're making in go to market, the investments we're making in hunting, we'll get more productivity out of the sales force.

我們認為我們能夠做到——包括我們在行銷方面做出的一些改變，我們在獵人頭方面所做的投資，我們將從銷售團隊中獲得更多的生產力。

And there's still a long way to go there.

我們還有很長的路要走。

So we think that that growth, as it gets bigger and you get 10% growth out of security, that we think is pretty durable, given those factors.

因此，我們認為，考慮到這些因素，隨著安全業務規模不斷擴大，實現 10% 的成長率，這種成長將是相當持久的。

And then there's compute.

然後還有計算。

So with compute, we're going through a little bit of a transformation, as Tom talked about with the sort of the -- I don't want to say the legacy, but some of the other older products in the other applications bucket where we're partnering with some of the ISV partners, which has a little bit of a near-term the flattening of revenue in that bucket.

因此，在計算方面，我們正在經歷一些轉型，正如湯姆所說的那樣——我不想說遺留問題，而是其他應用程式桶中的一些其他舊產品，我們正在與一些 ISV 合作夥伴合作，這在短期內會導致該桶的收入趨於平穩。

But it gives us a much bigger opportunity to grow the market by partnering with those folks, getting some of their own business but also getting a product that's being invested in, et cetera.

但透過與這些人合作，獲得自己的業務以及獲得正在投資的產品等，這為我們提供了更大的市場成長機會。

So we have a much more robust offering.

因此我們提供的產品更加強大。

And then again, with the go-to-market investments we're making in compute, not only just with the hunters but also with the overlay specialists, we think that'll also help drive more productivity in the field.

而且，透過我們在計算領域進行的市場投資，我們不僅限於獵人，還有覆蓋專家，我們認為這也有助於提高該領域的生產力。

So hopefully that answered your question.

希望這能回答你的問題。

Ed, that was really good.

艾德，那真的很棒。

That's really helpful.

這真的很有幫助。

It makes me think we need to do a lot more work around especially compute, but it's exciting to think about Guardicore and API.

這讓我認為我們需要做更多的工作，特別是在運算方面，但想到 Guardicore 和 API 就令人興奮。

I guess just one thing, one last question on the compute business and one of the things that I can't help but think about here is profitability.

我想只問一件事，關於計算業務的最後一個問題，我在這裡不禁想到的事情之一就是獲利能力。

And it's always a question and anybody that's coming into this business, but you allude to having some advantages entering this business given the delivery business.

任何進入這個行業的人都會問這個問題，但您提到，考慮到快遞業務，進入這個行業有一些優勢。

I guess can you describe that in a little more detail?

我想您能更詳細地描述一下嗎？

I mean, I kind of get the high level.

我的意思是，我有點達到了高水準。

Is it as simple as you're utilizing underutilized assets across your network, or is there something more to it?

這是否像利用網路中未充分利用的資產一樣簡單，還是有其他意義？

There's several reasons.

有幾個原因。

First, we probably move around more data than pretty much anybody, and we figured out how to do that very efficiently.

首先，我們可能比任何人移動更多的數據，我們找到瞭如何非常有效地做到這一點。

And so for customers of our cloud infrastructure platform when they compare our pricing to the hyperscalers, we're a lot less, at least for the applications where they're moving around data, they got a lot of hits, and that's a lot of the applications out there today.

因此，對於我們的雲端基礎設施平台的客戶來說，當他們將我們的定價與超大規模運算平台的價格進行比較時，我們的價格要低得多，至少對於他們行動數據的應用程式而言，他們獲得了很多點擊量，而這就是當今存在的許多應用程式。

And so in head-to-head competition now with the hyperscalers, we can offer a much better price.

因此，在與超大規模企業的正面競爭中，我們可以提供更優惠的價格。

Second is performance, and as we've talked about, we have the world's most distributed platform.

第二是效能，正如我們所討論的，我們擁有世界上最分散的平台。

We are in a position to get our customers compute instances a lot closer to end users.

我們能夠讓客戶的計算實例更接近最終用戶。

And not only is that good for scalability, it's great for performance because the business logic is running close to the users.

這不僅有利於提高可擴展性，而且對效能也有很大的幫助，因為業務邏輯的運作靠近用戶。

And so when we do head-to-head trials now against the hyperscalers, for a lot of the applications, we perform better.

因此，當我們與超大規模計算平台進行正面交鋒時，對於許多應用程序，我們的表現都更好。

So we're able to offer better performance at a lower price point.

因此我們能夠以更低的價格提供更好的性能。

And now with the managed container service, that's super exciting.

現在有了託管容器服務，這真是令人興奮不已。

We can actually support our customers' containers in hundreds of cities.

我們實際上可以支援數百個城市的客戶的貨櫃。

Nobody is doing that today.

如今已沒有人再這麼做了。

And so again, and those are locations we've had already for the delivery business and the security business.

再次重申，這些是我們已經為配送業務和安保業務確定的地點。

So we're already there.

所以我們已經到了那裡。

So you get better performance and scalability at a lower price point.

因此，您可以以更低的價格獲得更好的性能和可擴展性。

And then you combine that with the enormous market that we have a chance to tap into.

然後將其與我們有機會進入的龐大市場結合。

And I think probably really important is you make the models to look at, our cloud infrastructure services revenue, and what's happening there.

我認為真正重要的是建立模型來觀察我們的雲端基礎設施服務收入以及在那裡發生的情況。

We only really started selling that to enterprises last year and went from very little revenue to $115 million ARR and the total for our cloud infrastructure services, $259 million and we're projecting that total number to grow by 40%, at least 40% to 45%, this year.

我們去年才真正開始向企業銷售這項服務，從非常少的收入成長到 1.15 億美元的 ARR，我們的雲端基礎設施服務總額達到 2.59 億美元，我們預計今年這一數字將成長 40%，至少 40% 到 45%。

So I would encourage you to keep a close eye on that, because that drives a lot of growth and profitability for us going forward.

所以我鼓勵你密切關注這一點，因為這將推動我們未來的成長和獲利。

Just to add on the profitability, there's 4 main synergies.

為了增加獲利能力，主要有 4 個綜效。

One is the backbone, so we obviously can leverage that, obviously, kind of contracts that we serve there.

一個是骨幹，所以我們顯然可以利用我們在那裡提供的那種合約。

Number two is with operations.

第二是營運。

So a lot of the folks that build out the CDN also build out the data centers for our compute business.

因此，許多建造 CDN 的人也為我們的計算業務建造了資料中心。

So we didn't have to go hire a big team.

所以我們不需要僱用一個大團隊。

Number three is engineering.

第三是工程。

We moved -- we talked earlier in the year that we moved about 1,000 people out of the engineering organization and our delivery business into the compute business both in operation and engineering.

我們在今年稍早談到，我們將大約 1,000 名員工從工程組織和交付業務中調出，轉入計算業務，包括營運和工程。

And then the fourth thing is on go to market.

第四件事是進入市場。

So we can leverage our existing customer relationships and our reps and we're augmenting that a bit with some of our specialists.

因此，我們可以利用我們現有的客戶關係和代表，並且我們正在透過一些專家來增強這一點。

But we don't have to go out and hire a whole new team.

但我們不必出去僱用一支全新的團隊。

So there's an awful lot of operating expenses that we can take advantage of in terms of driving profitability.

因此，從提高獲利能力的角度來看，我們可以利用大量的營運費用。

Thank you, guys, this all makes sense.

謝謝你們，這一切都是有道理的。

Now it's the easy part.

現在到了簡單的部分。

You just have to execute.

你只需執行。

That was a joke.

那隻是個笑話。

It's not easy.

這並不容易。

Thanks, guys.

謝謝大家。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

So I guess this one's for probably Dr. Tom and Ed, I mean in the prepared remarks you touched on the reasons why compute is slow, but I'm going through my model now and the year-on-year delta is pretty stark and so I just want to make sure I've got them completely nailed down.

所以我想這個問題可能是針對 Tom 博士和 Ed 的，我的意思是，在準備好的評論中，您提到了計算速度慢的原因，但我現在正在研究我的模型，並且同比差異非常明顯，所以我只是想確保我已經完全弄清楚了。

So I guess to start off, this year 25% growth in compute, next year you're guiding to 15%, can you just double check what is driving that?

所以我想首先，今年計算量增長 25%，明年您預計增長 15%，您能否再檢查一下推動這一增長的因素是什麼？

Yeah, sure.

是的，當然。

So there's the two pieces.

這就是兩個部分。

There's the cloud infrastructure security, which will continue to grow and actually accelerate.

雲端基礎設施安全將繼續成長，並且實際上將加速發展。

So that piece, it's the smaller piece of the two businesses, but that's going to accelerate pretty significantly.

因此，這一部分是兩項業務中較小的一部分，但它的成長速度將會相當快。

When you look under the covers of the other, the application services, there's a number of things in there.

當你查看其他應用程式服務的內部內容時，會發現其中有很多東西。

For example, we have some of our legacy net storage business which will be end of life in that soon in the next year or two.

例如，我們的一些傳統網路儲存業務將在未來一兩年內終止。

And some customers will migrate to our cloud offering, some may decide to do something else, but that's going to be in a bit of a decline.

有些客戶會遷移到我們的雲端產品，有些客戶可能會決定做其他的事情，但這將會出現一些下滑。

And then we've got a lot of revenue that comes from some of these potential ISV partners.

我們從一些潛在的 ISV 合作夥伴那裡獲得了很多收入。

For example, we've got some of our transcoding.

例如，我們進行了一些轉碼。

We announced something with a partner called Harmonic.

我們與合作夥伴 Harmonic 共同宣布了一些專案。

We're partnering with them and we're migrating some of that business over there.

我們正在與他們合作並將部分業務遷移到那裡。

They're using us now for their compute.

他們現在正在使用我們來進行計算。

So that's going to be shifting over time and there's probably a 4 or 5 different buckets, whether it's image manager, video manager, or waiting room application or visitor prioritization.

因此，這會隨著時間的推移而發生變化，並且可能有 4 或 5 個不同的儲存桶，無論是影像管理器、視訊管理器、候診室應用程式還是訪客優先順序。

Those things we're going to be moving towards ISV partners and focusing more of our efforts on the infrastructure services.

我們將轉向 ISV 合作夥伴，並將更多的精力集中在基礎設施服務上。

So you're going to see flattening to maybe slightly down in that bucket, and you'll see that most of the growth coming from cloud infrastructure services.

因此，您將會看到該範圍趨於平穩甚至略微下降，並且您會發現大部分成長來自雲端基礎架構服務。

Okay.

好的。

Helpful, and then I guess just a quick one because I've been getting this a lot from investors, in terms of Akamai's exposure to the US Fed, how should we think about that and in 2024?

這很有幫助，然後我想我只需要快速問一個問題，因為我從投資者那裡得到了很多這樣的問題，就 Akamai 對美聯儲的風險敞口而言，我們應該如何看待這一點，以及在 2024 年？

Any expectations for that business embedded into guidance for 2025?

2025 年的指引中對該業務有何期望？

So when you say the US Fed, you talk about the Federal Reserve interest rate policy or you're talking about the federal government like selling too?

所以當您說聯準會時，您談論的是聯準會的利率政策，還是說聯邦政府也在出售？

The latter.

後者。

Oh, okay, yeah.

哦，好的，是的。

So we obviously do sell to the government.

所以我們顯然確實是向政府出售產品。

It's not a huge portion of our business.

這不是我們業務的很大一部分。

It's way too early to tell with what the cost cutting efforts that are going on, how that would impact us, but it's not an overly material part of the business, so I wouldn't expect anything material out of that.

現在判斷正在進行的成本削減舉措以及這些舉措將對我們產生何種影響還為時過早，但這並不是我們業務中過於重要的部分，因此我不會對其抱有任何實質性的期望。

We haven't modeled anything material.

我們還沒有建模任何物質。

Just kind of regular way business for now, so I'm not anticipating anything.

目前這只是一種常規業務，所以我不期待任何事情。

All right.

好的。

Thank you so much, guys.

非常感謝你們。

I really appreciate it.

我非常感激。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys.Appreciate all the details here, and increase disclosures.

嘿，夥計們。

I think investors will as well.

我認為投資者也會這麼做。

Maybe just following up on something you just said first, Ed, can you just walk us through some of that transition impact on the compute side, and which of the products you plan sort of be transitioning off and how to think about the utilization of the compute network today that we need to invest this much after two years of investing this much behind the compute business?

也許只是跟進你剛才說的內容，Ed，你能否向我們介紹一下這種轉變對計算方面的影響，以及你計劃轉變哪些產品，以及如何考慮當今計算網絡的利用率，以至於我們在計算業務投入了兩年這麼多之後還需要投入這麼多？

Yes, so I mean, I gave you the -- in terms of the investment, the percentage of revenue that we're spending for that 1% of that of the 6% that we're using for compute will be specifically for that big customer and I've always talked about how from time to time if we do get large customers, you do tend to sometimes get outsized demand in a particular geo.

是的，我的意思是，我給了你——就投資而言，我們用於計算的 6% 中的 1% 的收入百分比將專門用於那個大客戶，而且我一直在談論如果我們確實有大客戶，你有時會在特定的地理位置得到超額需求。

We added an awful lot of investment this year in terms of bulking up the number of locations, et cetera.

我們今年在增加門市數量等方面追加了大量投資。

We're going to continue to add to those.

我們將繼續添加這些內容。

We're also seeing very strong demand, so we're continuing to invest for that.

我們也看到了非常強勁的需求，因此我們將繼續為此進行投資。

But also keep in mind, we did migrate over $100 million worth of our own applications.

但也請記住，我們確實遷移了價值超過 1 億美元的我們自己的應用程式。

That's running well over half a billion of our revenue today.

這筆錢佔了我們今天收入的五億多一點。

And that business continues to grow, so we're still having to provide some investment to support that, which is significantly less than what we would be paying if we were to continue to use third-party cloud providers.

而且這項業務還在不斷增長，所以我們仍然需要提供一些投資來支持它，這比我們繼續使用第三方雲端供應商所需支付的費用要少得多。

Now in terms of the two different components of revenue, I think I discussed the cloud infrastructure service, so I think you guys get that.

現在就收入的兩個不同組成部分而言，我想我討論了雲端基礎設施服務，所以我想你們明白這一點。

That's the real fast-growing stuff.

這才是真正快速成長的東西。

And inside that other bucket is where you'll see that flattening out to declining.

而在另一個桶子裡，你會看到它從趨於平穩變成下降。

And it's really just the items I mentioned.

這確實只是我提到的項目。

We've got video management, image management, visitor prioritization, and some various workflow components like transcoding that we have built from time to time for customers.

我們有視訊管理、影像管理、訪客優先排序，以及一些我們不時為客戶建立的各種工作流程元件，如轉碼。

There's not a ton of demand for it.

對它的需求並不大。

It's grown decently, but it's not a specialty of ours.

雖然它長得不錯，但不是我們的特產。

So we want to make sure that we're investing in the right areas.

因此我們要確保我們投資在正確的領域。

So as we're migrating that to partners.

因此我們將其遷移給合作夥伴。

And we shift our investment into the faster-growing infrastructures, cloud services.

我們將投資轉向成長更快的基礎設施、雲端服務。

You'll see a bottoming out here this year, and then the growth will re-accelerate to 20%, led by cloud infrastructure services.

今年你將看到這裡觸底，然後在雲端基礎設施服務的推動下，成長將重新加速到 20%。

And also keep in mind, I've got about, last time we broke it out, it was about $50 million of legacy storage.

另外請記住，上次我們將其分解時，我了解到遺留儲存的價值約為 5000 萬美元。

So think of that as like the media companies spot at storing, like a backup origin for their video files and music files, and that sort of stuff.

所以可以把它想像成媒體公司儲存的視訊檔案和音樂檔案的備份來源，以及諸如此類的東西。

Images, et cetera.

圖像等等。

That business will be winding down over the next year or so that's going to have a bit of a drag on revenue as well.

這項業務將在未來一年左右逐漸結束，這也將為收入帶來一些拖累。

Understood and I think a lot of investors here -- you guys are sitting here on an earnings call giving a 3-to-5-year framework.

我明白，我想這裡的許多投資者——你們正在召開收益電話會議，提出一個 3 到 5 年的框架。

The last time we got this type of framework from you guys was many years ago, and I think in that framework we had talked about a 20% constant currency security growth, for example, and we didn't hit that.

我們上次從你們那裡獲得這種框架還是很多年前，我記得在那個框架中我們曾討論過 20% 的恆定貨幣證券增長，但我們並沒有實現這一目標。

So you're talking about a 10% CAGR that includes M&A from here with insecurity and just what's going to drive the reason that we actually achieved these results and that this is a reasonable expectation that that actually might be conservative, as opposed to hoping that we hit that number?

所以您說的 10% 複合年增長率包括了不安全性的併購，那麼究竟是什麼推動了我們真正實現這些結果，這是一個合理的預期，實際上可能是保守的，而不是希望我們達到這個數字？

Thanks, guys.

謝謝大家。

Well, I mean, to be fair, there were several years during that period of time when we did grow.20%.

嗯，我的意思是，公平地說，那段時間有幾年我們確實成長了 20%。

We always said 20% would include acquisitions, and we did some acquisitions along the way.

我們總是說 20% 包括收購，而且我們在過程中進行了一些收購。

Look, we just did put up 16%.So

你看，我們剛剛確實投入了 16%。

that business has been very healthy.

該公司的業務發展一直非常健康。

We've been adding a couple $100 million of high margin security revenue for years now, and if you do the math, we'll continue to do that.

多年來，我們一直致力於增加數億美元的高利潤安全收入，如果你算一下，你就會知道，我們還是會繼續這樣做。

In terms of the impact of acquisitions going forward, we're not anticipating doing significantly large acquisitions, more of what we've done in the past, whether it's tuck-ins or smaller companies that got a product that's in market that's about to scale like API Security where the company is looking at making a big investment in go to market or raising a round or looking to exit.

就未來收購的影響而言，我們預計不會進行大規模收購，更多的是我們過去所做的收購，無論是收購小型公司還是收購那些即將擴大規模的上市產品的小公司，例如 API Security，這些公司正在考慮進行大筆投資以進入市場或進行一輪融資或尋求退出。

We buy something like that or like Guardicore, we scale that up, and we've shown that we've got success there.

我們購買類似產品或像 Guardicore 這樣的產品，然後擴大其規模，並且已經證明我們在那裡取得了成功。

So I think we've got confidence in our M&A strategy.

所以我認為我們對我們的併購策略充滿信心。

It's not going to be a significant portion, but maybe over time, it might be one of the faster growing products as we exit the decade.

這不會佔很大一部分，但也許隨著時間的推移，它可能會成為20世紀末增長最快的產品之一。

And why we broke these businesses out for you can see how well we're scaling a business now that's a couple $100 million growing extremely fast.

我們之所以將這些業務分開，是因為您可以看到，我們現在的業務擴展得有多好，價值達幾億美元，成長速度極快。

So I think we have pretty good confidence.

所以我認為我們非常有信心。

And again, yeah, we can quibble over the 20% and maybe a couple of years we're in the high teens.

再次，是的，我們可以對 20% 進行爭論，也許幾年我們的比率會處於 10% 左右。

But as we said, that would include acquisitions and always do them.

但正如我們所說，這將包括收購，並且始終會進行收購。

But I thought we did pretty well over that period of time and we just thought now that we're getting to a scale of a couple of billion, it made sense to update expectations as we see some of our products that we've been in the market for over a decade slowing down.

但我認為我們在那段時間內做得相當不錯，我們只是認為現在我們達到了幾十億的規模，更新預期是有意義的，因為我們看到我們一些已經在市場上銷售十多年的產品的增長正在放緩。

Will Power, Baird.

威爾鮑爾、貝爾德。

Okay, great.

好的，太好了。

Hey Tom, you provided some good examples in the prepared remarks, I think of some of the applications that are being used in your network.

嘿，湯姆，你在準備好的評論中提供了一些很好的例子，我想到了一些在你的網路正在使用的應用程式。

I mean it seemed for some time that you should be well positioned for inference, at the edge and I just, I wonder if you maybe update us just as along the lines of, the tone of conversations you're having, what kind of the pipeline looks like.

我的意思是，有一段時間似乎你應該處於推理的有利位置，在邊緣，我只是，我想知道你是否可以向我們更新一下，就像你談話的基調一樣，管道是什麼樣的。

Just kind of activity level you're seeing in terms of taking advantage of particularly some of these generative AI applications and inference that maybe it's starting to develop or at least think it's going to start to develop?

您所看到的活動水平，特別是利用一些生成性人工智慧應用程式和推斷，也許它已經開始發展，或者至少認為它將開始發展？

Yeah, I think there's a lot.

是的，我認為有很多。

AI-powered at image normalization so that the various images have the same consistent size, quality, image classification, even for things like detecting disease in crops, AI-powered speech recognition in cars, AI-powered chatbots.

人工智慧驅動的圖像標準化，使各種圖像具有相同的一致大小、品質、圖像分類，甚至用於檢測農作物疾病、汽車中的人工智慧語音識別、人工智慧聊天機器人等。

Sentiment analysis, text to image inferencing for a variety of applications, all sorts of applications already using Gen AI on the platform.

情感分析、文字到圖像推理等各種應用，平台上的各種應用程式都已使用 Gen AI。

And we have partners are, ISV partners, some of them doing AI on the platform, web assembly, AI inferencing.

我們的合作夥伴是 ISV 合作夥伴，他們中的一些人在平台上進行 AI、Web 組裝和 AI 推理。

So I would say it's early days, but all sorts of things being done on our cloud infrastructure services today.

所以我想說現在還為時過早，但今天我們的雲端基礎設施服務正在進行各種各樣的事情。

Okay, and then I mean as we look at the cloud infrastructure assumed acceleration, I think you're looking for 40% to 45% ARR growth.

好的，然後我的意思是，當我們看一下雲端基礎設施假設的加速時，我認為你正在尋求 40% 到 45% 的 ARR 成長。

Any further breakdown?

還有進一步的細分嗎？

I mean how much is inferencing influencing that or is that still early?

我的意思是推理對此有多大影響，或者這還為時過早？

And if not, what are kind of the key drivers of the acceleration there including impact of the $100 million deal?

如果不是，那麼推動該領域加速發展的關鍵因素有哪些，包括這筆 1 億美元交易的影響？

How does that factor in?

這是怎麼回事？

Yeah, the $100 million deal doesn't do a lot this year.

是的，這筆 1 億美元的交易今年沒什麼用。

That doesn't really ramp up until the end of the year.

直到今年年底，這一數字才會真正增加。

So I don't think that's a material impact on our 40% to 45% projection.

因此我認為這不會對我們的 40% 至 45% 預測產生重大影響。

That will certainly help us in '26 and beyond.

這肯定對我們在26年及以後的發展有所幫助。

And I don't think AI inferencing is a big part of the growth this year either.

而且我也不認為人工智慧推理是今年成長的重要組成部分。

There could be some, but I think that'll fall more into the upside category.

可能會有一些，但我認為這更多地屬於上行類別。

I think it's just more the traditional uses of compute on the platform, and keep in mind that's a $100 billion market today plus, without getting into AI or the new large deal that we've done.

我認為這只是平台上運算的傳統用途，請記住，如今這是一個價值 1000 億美元以上的市場，還不包括人工智慧或我們已經完成的新大交易。

And just as examples, with our ISV partners, database at the edge, observability for all sorts of applications, media workflow things like file transcoding and live encoding, video packaging, interactive web RTC these are our ISV partners have their applications doing on our cloud infrastructure platform.

舉例來說，我們與 ISV 合作夥伴一起，在邊緣建立資料庫，實現各種應用程式的可觀察性，以及媒體工作流程，如檔案轉碼和即時編碼、視訊打包、互動式 Web RTC，這些都是我們的 ISV 合作夥伴在我們的雲端基礎設施平台上運行的應用程式。

Digital asset management, video optimization, game orchestration, fleet management, DRM, Kubernetes, activity and auto scaling, ad insertion, server-side ad insertion, so there's just a bunch of stuff that it's just good old regular, compute that's running on the platform.

數位資產管理、視訊優化、遊戲編排、車隊管理、DRM、Kubernetes、活動和自動擴展、廣告插入、伺服器端廣告插入，所以有一堆東西只是在平台上運行的常規計算。

I would say we're -- as you can see from the examples we've given, we're selling it into pretty much all the verticals.

我想說的是——正如你從我們提供的例子所看到的，我們幾乎將其銷售到所有垂直市場。

A lot of financial companies are starting to use it now.

現在很多金融公司開始使用它。

Media broadly construed is still, I think, the sweet spot, and partly that's by design because those customers need to get great performance.

我認為，廣義的媒體仍然是最佳點，部分原因是設計使然，因為那些客戶需要獲得出色的效能。

They need to cut costs.

他們需要削減成本。

They don't like writing a huge check to their biggest competitor.

他們不喜歡給最大的競爭對手開出一張巨額支票。

And they're big Akamai customers and they like Akamai a lot.

他們是 Akamai 的大客戶，並且非常喜歡 Akamai。

So that's sort of the center of mass, but it goes across verticals and across a lot of use cases and I say we're excited about AI, that's upside and probably comes down the road.

所以，這有點像是重心，但它跨越了垂直領域和許多用例，我說我們對人工智慧感到興奮，這是有利的，而且可能會在未來實現。

That's helpful, thank you.

這很有幫助，謝謝。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you very much.

非常感謝。

Tom, interested to get your view of the ramifications for Akamai of all of the technological advancements and efficiencies that we've seen with the DeepSeek model and whether you see any signs of that opening up kind of a broader wave of experimentation on for doing edge inferencing on Akamai compute?

湯姆，您好，我有興趣聽聽您對 DeepSeek 模型中所有技術進步和效率對 Akamai 的影響的看法，以及您是否看到任何跡象表明這將開啟一股更廣泛的實驗浪潮，即在 Akamai 計算上進行邊緣推理？

Maybe some of those AI applications are going to become more economically viable?

也許其中一些人工智慧應用將變得更具經濟可行性？

And then I had a quick follow-up for Ed.

然後我對 Ed 進行了快速跟進。

Yeah, I think the DeepSeek phenomenon or announcement, whatever you want to call it, is very consistent with what we've been saying is going to happen.

是的，我認為 DeepSeek 現像或公告（無論你想怎麼稱呼它）與我們一直所說的將要發生的事情非常一致。

I think you'll see further improvements.

我認為你會看到進一步的改進。

It's great for us, because it validates what we've been saying and how we've designed our cloud infrastructure platform.

這對我們來說很棒，因為它驗證了我們所說的話以及我們如何設計我們的雲端基礎設施平台。

In fact, there's already entities running DeepSeek on our cloud infrastructure platform, along with other models.

事實上，我們的雲端基礎設施平台上已經有實體運行 DeepSeek 以及其他模型。

And it does mean that it is a lot less expensive.

這確實意味著它便宜很多。

It doesn't need the giant core GPUs.

它不需要巨型核心 GPU。

It could be run on lighter weight GPUs.

它可以在更輕量的 GPU 上運行。

There'll be a lot of use cases where you want that on the edge, and I think it's great and very much what we expected to happen, and I think you'll see more developments along those lines.

有很多用例都需要它在邊緣實現，我認為這很棒，而且非常符合我們的預期，我認為你會看到更多類似的發展。

Okay, that's great to hear.

好的，很高興聽到這個消息。

And Ed, as a follow up on the security CAGR where you're expecting about 10% in the next 3 to 5 years, that's fairly close, I believe, to the overall market growing something like 12% to 14%, and you said that it includes the typical level of M&A.

艾德，作為對安全複合年增長率的後續關注，您預計未來 3 至 5 年內該行業的複合年增長率將達到 10% 左右，我認為這與整體市場的 12% 至 14% 左右的增長率相當接近，而且您說這其中包括了典型的併購水平。

If we think about it organically, should we pencil out something like maybe mid- to high-single digits organically?

如果我們有機地考慮這個問題，我們是否應該有機地畫出中等到高個位數的數字？

And then if you're able to find some of these tuck-ins, you've done an incredible job picking those out and executing on those recently and they're growing like a weed and then maybe the inorganic piece gives you a couple few points there over the next 3 to 5 years.

然後，如果你能夠找到其中的一些優勢，那麼你最近在挑选和執行這些優勢方面已經做得非常出色了，它們會像野草一樣生長，然後也許無機部分會在未來 3 到 5 年內給你帶來一些好處。

Is that a decent framework?

這是一個不錯的框架嗎？

Yeah, I think that's a good way to think about it, Mark.

是的，我認為這是一個很好的思考方式，馬克。

I mean, obviously, at the scale we're at now, over $2 billion, and we talk about even the bigger revenue companies we've acquired have been $20 million to $30 million.

我的意思是，顯然，以我們現在的規模來說，已經超過 20 億美元，而我們收購的更大的公司的收入也達到了 2,000 萬到 3,000 萬美元。

That's insignificant.

那沒什麼。

It's about a point in total from inorganic.

總計約有無機點。

In terms of the near term, there's going to be mostly from organic.

從短期來看，大部分將來自有機產品。

But yeah, probably maybe 1 point, something like that, as you get out a couple of years and then obviously, if we pick a good company like we did with No Name or what like we did with Guardicore, as you get out further, we consider that organic growth.

但是的，可能大概是 1 點，類似這樣的，當你走出幾年後，顯然，如果我們選擇一家好的公司，就像我們對 No Name 或 Guardicore 所做的那樣，隨著你走得更遠，我們會認為這是有機成長。

At that point, that might be contributing because it's a faster growing area if we get into a hot space that's growing quickly.

在那時，這可能會有所貢獻，因為如果我們進入一個快速成長的熱門領域，它將是一個成長更快的領域。

But in terms of like -- to make a number in any given year, we don't anticipate getting much more than say maybe 1% from an acquisition and organically.

但就任何一年的數字而言，我們預計從收購和有機成長中獲得的收益不會超過 1%。

Okay, understood.

好的，明白了。

Thank you so much.

太感謝了。

Jonathan Ho, William Blair & Company.

喬納森·何（Jonathan Ho），威廉·布萊爾公司（William Blair & Company）。

Excellent and let me echo the thank you for the additional disclosure.

非常好，請允許我再次感謝您的額外披露。

Just one question from me, how concerned should we be with potential tariff impacts and can you maybe pass through higher costs that are associated with that?

我只想問一個問題，我們應該對潛在的關稅影響有多擔心，您是否可以轉嫁與此相關的更高成本？

I know you're trying to maybe accelerate some investment ahead of time, particularly given your need to invest on the compute side over the long run.

我知道您可能正在嘗試提前加速一些投資，特別是考慮到您需要長期在計算方面進行投資。

It does seem like there's maybe some exposure here, so I just wanted to understand the implications there.

這似乎確實可能在這裡有一些曝光，所以我只是想了解那裡的含義。

Thank you.

謝謝。

Yeah, I mean, it's obviously tough to call, just given we don't know what the ultimate endgame is here in terms of tariffs.

是的，我的意思是，這顯然很難說，因為我們不知道關稅的最終結果是什麼。

But to the extent, we do have the ability to move supply chains around and we're looking at obviously doing that.

但在某種程度上，我們確實有能力轉移供應鏈，而且我們也正在考慮這麼做。

There was some talk about Canada and Mexico.

有一些關於加拿大和墨西哥的討論。

We do get some server bills out of there, so we fast forwarded some.

我們確實從那裡收到了一些服務器賬單，因此我們快進了一些。

I gave you the number, $10 million to $15 million.

我給了你一個數字，1000萬到1500萬美元。

So it's not significant.

所以這並不重要。

In terms of can we pass some of these pricing costs along, we're certainly exploring that as part of the work we're doing with the consulting firm we hired.

關於我們是否可以轉嫁部分定價成本，我們當然正在與我們聘請的顧問公司一起探索這個問題。

Overall, pricing strategy is part of it.

總的來說，定價策略是其中的一部分。

And to the extent that it becomes somewhat immaterial in any way, we certainly would have to make that into our pricing.

而如果它變得在某種程度上變得無關緊要，我們當然必須將其納入我們的定價中。

But it's tough to say at this point because we just don't know what the final end state is.

但現在很難說，因為我們不知道最終的狀態是什麼樣的。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mark Stoutenberg for any closing remarks.

我想將會議交還給馬克‧斯托滕貝格 (Mark Stoutenberg)，請他作最後發言。

Thank you, everyone.

謝謝大家。

As usual, we will be attending investor conferences throughout the rest of the quarter.

與往常一樣，我們將在本季剩餘時間參加投資者會議。

We look forward to seeing you there and discussing everything that we talked about today.

我們期待在那裡見到您並討論我們今天談論的所有內容。

So thanks again for joining us tonight.

再次感謝您今晚加入我們。

I know it's a long call.

我知道這是一個很長的通話。

We hope that you have nice evening.

我們希望您度過愉快的夜晚。

Operator, you can end the call now.

接線員，您現在可以結束通話了。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。