阿卡邁科技 (AKAM) 2025 Q1 法說會逐字稿

Hello, and welcome to the Akamai Technologies first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎您參加 Akamai Technologies 2025 年第一季財報電話會議。（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. Please go ahead.

現在，我想將會議交給投資者關係主管馬克‧斯托滕伯格 (Mark Stoutenberg)。請繼續。

Good afternoon, everyone, and thank you for joining Akamai's first-quarter 2025 earnings call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

大家下午好，感謝您參加 Akamai 2025 年第一季財報電話會議。今天發言的將是 Akamai 執行長 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. These forward-looking statements are based on current expectations, 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.

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。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，並涉及許多可能導致實際結果與明示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. The statements included on today's call represent the company's views on May 8, 2025. And we assume no obligation to update any forward-looking statements.

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。今天電話會議中的聲明代表了公司在 2025 年 5 月 8 日的觀點。我們不承擔更新任何前瞻性陳述的義務。

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

提醒一下，我們將在今天的電話會議中參考某些非 GAAP 財務指標。您可以在 akamai.com 投資者關係部分的財務部分找到 GAAP 與非 GAAP 指標的詳細對帳。

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

現在，我將把電話交給我們的執行長湯姆·萊頓博士。

Thanks, Mark. I'm pleased to report that Akamai got off to a solid start on the year.

謝謝，馬克。我很高興地報告，Akamai 今年取得了良好的開端。

First quarter revenue grew to $1.015 billion, up 3% year over year reported and up 4% in constant currency. Non-GAAP operating margin came in above guidance at 30%, and non-GAAP earnings per share came in well above the high end of our guidance range at $1.07, up 4% year over year and up 6% in constant currency.

第一季營收成長至 10.15 億美元，年增 3%，以固定匯率計算成長 4%。非公認會計準則營業利潤率高於預期 30%，非公認會計準則每股收益遠高於我們預期範圍的高端 1.07 美元，同比增長 4%，按固定匯率計算增長 6%。

Security and compute combined to account for 69% of our total revenue in Q1, growing 10% year over year as reported and 11% in constant currency, underscoring Akamai's ongoing transformation from a CDN pioneer into the cybersecurity and cloud computing company that powers and protects business online. Security growth in Q1 was driven in part by continued strong demand for our market-leading Guardicore segmentation solution as more enterprises relied on Akamai to meet compliance requirements and to defend against malware and ransomware.

安全和運算合計占我們第一季總收入的 69%，報告顯示同比增長 10%，按固定匯率計算增長 11%，這突顯了 Akamai 正在從 CDN 先驅轉變為為在線業務提供支援和保護的網路安全和雲端運算公司。第一季的安全成長部分得益於對我們市場領先的 Guardicore 細分解決方案的持續強勁需求，因為越來越多的企業依賴 Akamai 來滿足合規性要求並防禦惡意軟體和勒索軟體。

The FBI's Internet crime report at least last month called ransomware, the most pervasive threat to critical infrastructure, and segmentation is the last and most important line of defense for an enterprise. Once an attack finds its way through the perimeter defenses, Guardicore is designed to spot it and proactively prevented from spreading and causing serious harm.

美國聯邦調查局上個月的網路犯罪報告稱勒索軟體是對關鍵基礎設施最普遍的威脅，而網路隔離是企業的最後一道也是最重要的防線。一旦攻擊突破週邊防禦，Guardicore 就會發現它並主動阻止其蔓延和造成嚴重傷害。

In Q1, we achieved several large competitive takeaways for our Guardicore solution, including at a major bank in the US and had a government revenue and customs authority in Europe. Both told us that they were not getting the help they needed from their incumbent provider. They also told us that their trust and confidence in Akamai were factors in switching from the competitor to us.

在第一季度，我們的 Guardicore 解決方案獲得了多項重大競爭成果，其中包括美國一家大型銀行和歐洲一家政府稅務海關總署的合作。兩人都告訴我們，他們沒有從現任供應商那裡得到所需的幫助。他們也告訴我們，他們對 Akamai 的信任和信心是他們從競爭對手轉向我們的因素。

We beat out another station competitor at a clinical research laboratory and at a major credit union, which told us that our solution was easier for them to manage while offering unified control over their on-prem and hybrid environments. In addition, we expanded existing contracts for Guardicore at a well-known financial analytics company in the US, a global Fortune 500 manufacturer in Europe and a major telco in Latin America.

我們在一家臨床研究實驗室和一家大型信用合作社擊敗了另一個站點競爭對手，他們告訴我們，我們的解決方案更易於他們管理，同時提供對他們的內部部署和混合環境的統一控制。此外，我們還擴大了 Guardicore 與美國一家知名金融分析公司、歐洲一家全球財富 500 強製造商以及拉丁美洲一家大型電信公司的現有合約。

We also continue to see strong interest in our market-leading API security solution in Q1. Almost everything online today leverages APIs, including attackers who know that APIs usually don't come with sufficient security and controls. Akamai stated the Internet security report issued last month showed that API has now cost organizations around $87 billion a year with shadow and Zombie APIs being especially vulnerable to attack. When we do proof of concept for our API security solution, most CISOs and CIOs are surprised to learn just how many APIs they have exposed.

我們也繼續看到人們對我們第一季市場領先的 API 安全解決方案的濃厚興趣。如今，幾乎所有線上事物都利用 API，包括攻擊者，他們知道 API 通常沒有足夠的安全性和控制力。Akamai 表示，上個月發布的網路安全報告顯示，API 目前每年為組織造成約 870 億美元的損失，而影子 API 和殭屍 API 尤其容易受到攻擊。當我們對 API 安全解決方案進行概念驗證時，大多數 CISO 和 CIO 都驚訝地發現他們暴露了多少 API。

For example, at one of our customer events in Q1, the CISO of a major Korean company told attendees about how our solution detected numerous undocumented APIs, along with multiple vulnerabilities thinking about 40 security issues, ranging from exposure of sensitive data through unauthenticated and publicly accessible APIs to weak password policies and unencrypted passwords.

例如，在第一季的一次客戶活動中，一家韓國大公司的 CISO 向與會者介紹了我們的解決方案如何檢測到大量未記錄的 API 以及涉及 40 個安全問題的多個漏洞，包括透過未經身份驗證和可公開存取的 API 洩漏敏感資料、弱密碼策略和未加密的密碼等。

In Q1, we signed contracts for API security with numerous companies, including a leading US fintech provider, one of the largest banks in Canada, one of the largest pharmacy benefits managers in the US, two large US insurance companies, a well-known auto manufacturer in the UK, a global online fashion retailer in China, and a multinational investment bank in Australia.

第一季度，我們與眾多公司簽署了API安全合同，其中包括美國一家領先的金融科技供應商、加拿大最大的銀行之一、美國最大的藥品福利管理公司之一、兩家美國大型保險公司、英國一家知名汽車製造商、中國一家全球在線時尚零售商以及澳大利亞一家跨國投資銀行。

And last week at the RSA Security Conference, our API security solution won a Global Infosec Award from Cyber Defense Magazine. Also last week at RSA, we announced our newest security offering, firewall for AI, which CISO Magazine highlighted as one of the top cybersecurity products at RSA and which CRN hailed as one of the coolest new cybersecurity products at the show. Many enterprises today are deploying LLMs to provide myriad services such as chatbots inference engines, content generation and cataloging. Some are beginning to go further and deploy Agentic AI, software agents with the ability to gather information, connect with other tools, reason, make decisions and then act autonomously.

上週在 RSA 安全大會上，我們的 API 安全解決方案榮獲《網路防禦期刊》頒發的全球資訊安全獎。此外，在上週的 RSA 大會上，我們發布了最新的安全產品——AI 防火牆，《CISO 雜誌》將其評為 RSA 大會上的頂級網路安全產品之一，CRN 也將其譽為展會上最酷的新網路安全產品之一。如今，許多企業正在部署 LLM 來提供各種服務，例如聊天機器人推理引擎、內容生成和編目。有些人開始更進一步，部署 Agentic AI，即具有收集資訊、連接其他工具、推理、做出決策並自主行動能力的軟體代理。

In fact, Deloitte forecast that one-fourth of the organizations using GenAI today will deploy AI agents this year, and half will use them by 2027. As is often the case when enterprises adopt new technologies, cyber criminals quickly learn how to attack the new technology for nefarious purposes.

事實上，德勤預測，目前使用 GenAI 的組織中有四分之一將在今年部署人工智慧代理，到 2027 年將有一半的組織使用它們。企業採用新科技時，網路犯罪者往往很快就會學會如何攻擊新科技以達到邪惡目的。

GenAI and the use of AI apps and agents are just the latest examples with a Verion exploits already well publicized. Akamai's firewall for AI is designed to protect AI agents, AI-powered applications, LLMs and AI-driven APIs from these new threats. By securing inbound AI queries and outbound AI responses, it offers multilayered protection by detecting and blocking sensitive data leaks in AI-generated responses, defending against remote code execution, model back doors and data poisoning attacks, filtering inappropriate content, such as misinformation, hate speech and other offensive material and mitigating AI-driven denial of service attacks by controlling excessive carry usage and model overload.

GenAI 以及 AI 應用程式和代理程式的使用只是最新的例子，Verion 的漏洞已經廣為人知。Akamai 的 AI 防火牆旨在保護 AI 代理、AI 驅動的應用程式、LLM 和 AI 驅動的 API 免受這些新威脅。透過保護入站 AI 查詢和出站 AI 回應，它透過偵測和阻止 AI 產生的回應中的敏感資料外洩、防禦遠端程式碼執行、模型後門和資料中毒攻擊、過濾不當內容（如錯誤訊息、仇恨言論和其他攻擊性資料）以及透過控制過度攜帶使用和模型過載來減輕 AI 驅動的拒絕服務攻擊來提供多層保護。

The new product is generating strong interest from customers. For example, a financial services firm told us, Akamai's AI firewall has given us great insight into the interactions with our AI chat agent, which helps paint a picture of the threat landscape unique to LLMs. This tool will allow us to save critical systems resources for real clients rather than being consumed by bad actor.

新產品引起了顧客的濃厚興趣。例如，一家金融服務公司告訴我們，Akamai 的 AI 防火牆讓我們深入了解與 AI 聊天代理的交互，這有助於描繪出 LLM 獨有的威脅情勢。該工具將使我們能夠為真實客戶節省關鍵系統資源，而不會被不良行為者消耗。

In Q1, we also received accolades for our other security products. Akamai was named a leader in the Forrester Wave Web Application Firewall report and achieved the highest possible score for 11 criteria including detection models, Layer 7 DDoS protection, pricing transparency and flexibility, road map, and vision. Our WAF continues to be an industry leader and serves as the bedrock for app security used by many of the world's largest enterprises.

在第一季度，我們的其他安全產品也獲得了讚譽。Akamai 在 Forrester Wave Web 應用程式防火牆報告中被評為領導者，並在 11 項標準中獲得了最高分，包括偵測模型、第 7 層 DDoS 保護、定價透明度和靈活性、路線圖和願景。我們的 WAF 繼續保持行業領先地位，並成為全球許多大型企業使用的應用程式安全基石。

For example, in Q1, we signed multimillion-dollar contracts with a global bank based in India and the world's third largest railway with over 60 million daily users. As is often the case, these new WAF customers are also making use of our content delivery services to provide the best possible performance for their web applications.

例如，在第一季度，我們與一家總部位於印度的全球銀行和每天擁有超過 6,000 萬用戶的世界第三大鐵路簽署了價值數百萬美元的合約。通常情況下，這些新的 WAF 客戶也會利用我們的內容交付服務為他們的 Web 應用程式提供最佳效能。

Turning now to delivery. I'm pleased to report that we saw better-than-expected results for our delivery products in Q1. This was due in part to improved overall traffic growth, our continued excellent performance for both enterprise web apps and large live events, and incremental growth from new customer accounts that we acquired from Edgio in December.

現在轉向交貨。我很高興地報告，我們第一季的配送產品業績優於預期。這在一定程度上歸功於整體流量成長的改善、我們在企業網路應用和大型現場活動中持續的出色表現，以及 12 月從 Edgio 獲得的新客戶帳戶的增量成長。

One of those new customer accounts led to a $16 million commitment over three years for Akamai to deliver 100% of their traffic along with Akamai API security, app and API Protector, professional services and two solutions from our compute ISV partners. That's a great example of the opportunity and competitive advantage we have by providing world-class delivery, security and compute together on a single platform, supported by the best in managed professional services.

其中一個新客戶帳戶為 Akamai 帶來了三年 1600 萬美元的承諾，用於提供 100% 的流量以及 Akamai API 安全、應用程式和 API 保護器、專業服務以及來自我們的計算 ISV 合作夥伴的兩款解決方案。這是我們透過在單一平台上提供世界一流的交付、安全和運算，並由最佳託管專業服務支援而擁有的機會和競爭優勢的一個很好的例子。

Turning now to cloud computing. In Q1, we continued our strong momentum in cloud computing, introducing new capabilities to serve customers, signing up new accounts, and expanding our go-to-market reach, both in-house and with partners. In March, we introduced our new Akamai Cloud inference solution, which provides what we believe is a better architecture for customers to build and run, AI applications, data-intensive workloads closer to end users.

現在轉向雲端運算。在第一季度，我們繼續在雲端運算領域保持強勁勢頭，推出了新功能來服務客戶，簽約了新帳戶，並擴大了我們內部和合作夥伴的市場覆蓋範圍。今年 3 月，我們推出了全新的 Akamai Cloud 推理解決方案，我們認為該解決方案為客戶提供了更好的架構，可以建立和運行更接近最終用戶的 AI 應用程式和資料密集型工作負載。

AI inference and agenic AI apps often require high throughput networking to manage large volumes of data and return accurate results with the milliseconds. By running these workloads at the edge, we can achieve better throughput, lower latency and significant cost savings compared to other cloud providers in the market.

人工智慧推理和基因人工智慧應用通常需要高吞吐量網路來管理大量數據並在幾毫秒內返回準確的結果。透過在邊緣運行這些工作負載，與市場上的其他雲端供應商相比，我們可以實現更好的吞吐量、更低的延遲和顯著的成本節約。

For example, in one proof of concept, a company's artificial intelligence application achieved 30% faster response times using our new Butte platform than they had with a hyperscaler. And another proof of concept, a publishing company saw a 2.5x faster response times with 3x higher throughput and significant cost savings compared to another hyperscaler.

例如，在一次概念驗證中，一家公司的人工智慧應用程式使用我們的新 Butte 平台，其回應時間比使用超大規模處理器快了 30%。另一個概念證明是，與另一家超大規模公司相比，一家出版公司的回應時間提高了 2.5 倍，吞吐量提高了 3 倍，而且成本節省顯著。

Customers who signed deals with us for cloud computing in Q1 included a global live streaming service with hundreds of millions of users, a major cybersecurity provider in the US, a European industrial products company and a global developer of immersive video games. We also saw numerous large deals in Q1 come through our growing roster of ISV partners, including at one of the largest retailers in the world, one of the large pharmacy benefits managers, a major European fashion retailer, and a leading broadcasting company in Japan.

第一季與我們簽署雲端運算協議的客戶包括一家擁有數億用戶的全球直播服務公司、一家美國主要網路安全供應商、一家歐洲工業產品公司和一家全球沉浸式電玩遊戲開發商。我們還看到第一季度透過我們不斷增長的 ISV 合作夥伴名單達成了許多大交易，其中包括世界上最大的零售商之一、大型藥品福利管理公司之一、歐洲大型時尚零售商以及日本領先的廣播公司。

As a result of our competitive advantages, Gartner named Akamai an emerging leader for GenAI specialized infrastructure. And it's one of the reasons why vast data the AI data platform company has partnered with Akamai to make data-intensive AI inferencing and more efficient for our joint customers.

由於我們的競爭優勢，Gartner 將 Akamai 評為 GenAI 專業基礎設施的新興領導者。這也是為什麼大數據 AI 數據平台公司與 Akamai 合作，為我們的共同客戶提供更有效率、更數據密集的 AI 推理的原因之一。

Our edge computing capabilities will be further enhanced by the introduction of our new managed Container Service, or MCS, that we announced in Q1. MCS will provide support for customer containers in any of our 4,000-plus pops around the world. That means we'll be able to run customer compute instances in over 700 cities. No other provider comes anywhere close to doing that today.

我們在第一季宣布推出新的託管容器服務 (MCS)，這將進一步增強我們的邊緣運算能力。MCS 將為我們遍佈全球的 4,000 多個站點中的客戶貨櫃提供支援。這意味著我們將能夠在 700 多個城市運行客戶運算實例。目前還沒有其他供應商能夠做到這一點。

Also in Q1, Akamai became the first and only provider to offer video processing units, or VPUs, in the cloud, with our new accelerated compute instances solution built on specialized processors from Net. A VPU architecture can offer up to 20x greater throughput than CPU solutions, which results in greatly improved performance as well as significant savings for media companies. This gives Akamai another way to complement and cement our long-standing relationships with major media companies, which include all of the top 10 media companies in the world.

此外，在第一季度，Akamai 成為第一家也是唯一一家在雲端提供視訊處理單元（VPU）的供應商，我們的新加速運算實例解決方案基於 Net 的專用處理器建置。VPU 架構可提供比 CPU 解決方案高出 20 倍的吞吐量，從而大幅提高效能並為媒體公司節省大量成本。這為 Akamai 提供了另一種方式來補充和鞏固我們與主要媒體公司的長期合作關係，其中包括全球十大媒體公司。

It's also very synergistic with the media workflow services provided by our ISV partners on Akamai Cloud. Overall, we believe that the combination of world-class delivery, compute the security available on our platform provides a low-cost, high-performance and massively scalable alternative to the hyperscalers for media and entertainment companies.

它也與我們的 ISV 合作夥伴在 Akamai Cloud 上提供的媒體工作流程服務具有很好的協同作用。總體而言，我們相信，世界一流的交付、運算和我們平台上的安全性相結合，為媒體和娛樂公司的超大規模提供了低成本、高效能和大規模可擴展的替代方案。

And unlike the hyperscalers, we do compete with our customers. At the NAB Show in Las Vegas last month and in recent bits with customers across Europe and Asia, many executives told me how they see real value in what we're doing, in part because they're tired of writing huge checks to the hyperscalers who then use the funds to compete against them.

與超大規模企業不同的是，我們確實與客戶競爭。在上個月於拉斯維加斯舉行的 NAB 展會上以及最近與歐洲和亞洲客戶的會面中，許多高管告訴我，他們看到了我們所做的事情的真正價值，部分原因是他們厭倦了向超大規模企業開出巨額支票，然後這些企業又利用這些資金與他們競爭。

On the go-to-market front, the sales transformation efforts that we outlined during our last call are on track as planned. We're making good progress in rebalancing our sales team to provide greater focus on new customer acquisition while maintaining strong customer relationships. We've implemented a better sales play methodology to improve our installed base penetration, especially for fast-growing security and cloud infrastructure offerings. And we're seeing good early success with changes to reward sellers and customers for longer multiyear contracts.

在市場進入方面，我們在上次電話會議上概述的銷售轉型工作正在按計劃進行。我們在重新平衡銷售團隊方面取得了良好進展，以便更加重視客戶的獲取，同時保持良好的客戶關係。我們實施了更好的銷售策略來提高我們的安裝基礎滲透率，特別是對於快速成長的安全和雲端基礎設施產品。並且，透過獎勵賣家和客戶簽訂長期多年期合約的改變，我們已經看到了良好的早期成功。

Like all of you, we're keeping a close eye on global economic and political challenges. As we noted during the call, we've taken steps to minimize the ecto tariffs on our business. And as of now, we anticipate that the direct impact to Akamai from tariffs in 2025 will be about $10 million in CapEx, which is amortized over 6 years. That said, there is concern among some of our customers in a possible recession, which could impact later in the year. And some of our customers outside the US have raised concerns about whether they should rely on American companies for critical infrastructure.

與大家一樣，我們也密切關注全球經濟和政治挑戰。正如我們在通話中指出的那樣，我們已採取措施盡量減少對我們業務的外來關稅。截至目前，我們預計 2025 年關稅對 Akamai 的直接影響將達到約 1,000 萬美元的資本支出，分 6 年攤提。儘管如此，我們的一些客戶仍然擔心可能出現的經濟衰退，這可能會對今年稍後產生影響。我們在美國以外的一些客戶對他們是否應該依賴美國公司來提供關鍵基礎設施表示擔憂。

Neither issue has impacted our business to date. And we're working to reassure customers that Akamai will continue to serve them as we always have. We're also staying very engaged with our US federal sector customers. Overall, we arrived less than 5% of our revenue from the US public sector, including state and federal.

到目前為止，這兩個問題都沒有影響我們的業務。我們正在努力向客戶保證，Akamai 將一如既往地繼續為他們提供服務。我們也與美國聯邦部門的客戶保持著密切的聯繫。整體而言，我們的收入中只有不到5%來自美國公共部門，包括州和聯邦政府。

Based on our current line of sight, we had to lose a few million dollars of revenue in the back half of 2025 and related to federal cutbacks. There's also a possibility of increasing revenue in situations where our solutions can generate significant savings for federal agencies.

根據我們目前的預測，由於聯邦政府削減開支，我們在 2025 年下半年將損失數百萬美元的收入。如果我們的解決方案可以為聯邦機構節省大量資金，那麼也有可能增加收入。

Lastly, we were very pleased to see Akamai recognized last quarter as one of the most trustworthy companies in America by Newsweek Magazine, which partnered with a market research firm to analyze more than 100,000 evaluations generated by customers, employees, and investors. Trust and integrity are core values at Akamai, and they really matter to customers who rely on us to be there for them. So I want to express thanks to our employees who work so hard to help Akamai earn the trust of our customers and shareholders.

最後，我們很高興看到 Akamai 上個季度被《新聞周刊》評為美國最值得信賴的公司之一，該雜誌與一家市場研究公司合作，分析了來自客戶、員工和投資者的 100,000 多條評價。信任和誠信是 Akamai 的核心價值觀，對於依賴我們為他們服務的客戶來說，它們確實很重要。因此，我要向辛勤工作幫助 Akamai 贏得客戶和股東信任的員工表示感謝。

Now, I'll turn the call over to Ed to say more on our Q1 results and our outlook for the rest of the year. Ed?

現在，我將把電話交給 Ed，讓他進一步介紹我們的第一季業績以及今年剩餘時間的展望。艾德？

Thank you, Tom. Today, I have to review our Q1 results and then provide some color on our Q2 expectations and our updated full year 2025 guidance. As Tom mentioned, we got off to a solid start to the year with total Q1 revenue of $1.015 billion, which was up 3% year over year as reported and 4% in constant currency.

謝謝你，湯姆。今天，我必須回顧我們的第一季業績，然後對我們的第二季預期和更新後的 2025 年全年指引提供一些說明。正如湯姆所提到的，我們今年開局良好，第一季總收入為 10.15 億美元，按報告數字計算同比增長 3%，按固定匯率計算增長 4%。

We continue to see strong performance within our compute and security portfolios during the first quarter. Compute revenue grew to $165 million, a 14% year-over-year increase as reported and 15% in constant currency.

第一季度，我們的運算和安全產品組合持續表現強勁。計算收入成長至 1.65 億美元，年增 14%，以固定匯率計算成長 15%。

Security revenue was $531 million, growing 8% year over year reported and 10% in constant currency. . During Q1, we had approximately $6 million of onetime license revenue compared to $4 million in Q1 of last year and $12 million in Q4 2024. For the first quarter, combined revenue from compute and security increased by 10% or 11% in constant currency, accounting for 69% of total revenue.

安全收入為 5.31 億美元，年增 8%，以固定匯率計算成長 10%。。在第一季度，我們的一次性授權收入約為 600 萬美元，而去年第一季為 400 萬美元，2024 年第四季為 1,200 萬美元。第一季度，計算和安全業務的綜合收入成長了 10%，以固定匯率計算成長了 11%，佔總收入的 69%。

Our delivery revenue was $319 million, down 9% as reported and down [1%] in constant currency. Delivery revenue was stronger than expected in Q1. And while it's too early to call a bottom in delivery, we are encouraged by some improving trends in the delivery business to start 2025.

我們的配送收入為 3.19 億美元，報告下降 9%，以固定匯率計算下降 [1%]。第一季配送收入強於預期。雖然現在斷言快遞業已經觸底還為時過早，但我們對 2025 年初快遞業的一些改善趨勢感到鼓舞。

International revenue was $486 million, up 2% year over year or 5% constant currency representing 48% of total revenue in Q1. Foreign exchange fluctuations had a negative impact on revenue of $5 million on a sequential basis and a negative $14 million impact on a year-over-year basis.

國際營收為 4.86 億美元，年增 2% 或以固定匯率計算成長 5%，佔第一季總營收的 48%。外匯波動對收入產生了 500 萬美元的負面影響，與上一季相比，產生了 1,400 萬美元的負面影響。

Finally, it's worth noting that GEO contributed approximately $23 million of revenue in the quarter, which was in line with our expectations.

最後，值得注意的是，GEO 在本季貢獻了約 2,300 萬美元的收入，這符合我們的預期。

Moving to profitability. In Q1, we generated non-GAAP net income of $256 million or $1.70 of earnings per diluted share, up 4% year over year as reported, up 6% in constant currency and well above the high end of our guidance range.

轉向盈利。在第一季度，我們的非公認會計準則淨收入為 2.56 億美元，即每股攤薄收益 1.70 美元，年增 4%，以固定匯率計算成長 6%，遠高於我們預期範圍的高端。

Our EPS outperformance was driven by better-than-expected Q1 revenue, lower-than-expected transition services or TSA costs related to the traction, better-than-expected bandwidth costs, lower than payroll taxes primarily related to stock-based compensation as a result of a lower stock price. And lower employee medical claims related to our self-insured medical plan.

我們的 EPS 表現優異是由於第一季收入優於預期、與牽引力相​​關的過渡服務或 TSA 成本低於預期、頻寬成本好於預期、以及由於股價較低而主要與股票薪酬相關的工資稅低於預期。並降低與我們的自保醫療計劃相關的員工醫療索賠。

Finally, our Q1 CapEx was $226 million or 22% of revenue. Our first quarter CapEx came in slightly lower than our guidance which was mostly due to timing as some CapEx has been pushed from Q1 into Q2.

最後，我們的第一季資本支出為 2.26 億美元，佔營收的 22%。我們第一季的資本支出略低於我們的預期，這主要是由於時間原因，因為一些資本支出從第一季推遲到第二季。

Moving to our capital allocation strategy. During the first quarter, we spent approximately $500 million to buy back approximately 6.2 million shares.

轉向我們的資本配置策略。第一季度，我們花費約 5 億美元回購了約 620 萬股股票。

We ended the first quarter with approximately $1.5 billion remaining on our current repurchase authorization. Our intention remains the same to continue buying back shares to offset dilution from employee equity programs over time and to be opportunistic in both M&A and share repurchases.

截至第一季末，我們目前的回購授權餘額約為 15 億美元。我們的意圖保持不變，即繼續回購股票，以抵消員工股權計劃隨著時間的推移而產生的稀釋，並在併購和股票回購中抓住機會。

As of March 31, we had approximately $1.3 billion of cash, cash equivalent securities. It's worth noting that subsequent to the end of the first quarter, and prior to today's earnings announcement, we use cash on hand and funds available under our revolving credit facility fully repaid $1.15 billion of our outstanding convertible notes that matured on May 1 of this year.

截至 3 月 31 日，我們擁有約 13 億美元的現金和現金等價證券。值得注意的是，在第一季結束後，並在今天的收益公告之前，我們使用庫存現金和循環信貸額度下的可用資金全額償還了今年 5 月 1 日到期的 11.5 億美元未償還可轉換票據。

Before I provide our Q2 and full year 2025 guidance, I want to items. First, we have completed our migration ageo customers to the platform. As a result, we will not have any additional TSA costs moving forward and our revenue expectations from the transaction remain the same, approximately $85 million to $105 million of GO revenue contributions for 2025.

在我提供我們 2025 年第二季和全年的指導之前，我想先說明幾點。首先，我們已經完成了 ageo 客戶向平台的遷移。因此，我們今後將不會產生任何額外的 TSA 成本，我們對該交易的收入預期保持不變，即 2025 年 GO 收入貢獻約為 8500 萬至 1.05 億美元。

Second, we expect an increase in operating expenses for the second quarter, partly due to a weaker US dollar, as well as higher marketing expenditures for Q2 events, our annual sales President's Club trip and the impact of our annual employee merit cycle, which effect on April 1.

其次，我們預計第二季的營運費用將會增加，部分原因是美元走弱，以及第二季活動的行銷支出增加、我們的年度銷售總裁俱樂部之旅以及 4 月 1 日生效的年度員工績效週期的影響。

Third, we continue to expect our CapEx to be heavily front-end loaded with significantly higher expenditures in the first half of the year compared to the second half of the year. This includes approximately $10 million of CapEx pulled forward to the first half of the year to help mitigate potential tariff risks.

第三，我們仍然預期我們的資本支出將主要集中在前期，上半年的支出將比下半年高得多。其中包括提前至今年上半年的約 1,000 萬美元資本支出，以幫助降低潛在的關稅風險。

Fourth, we expect interest income to decline in 2025 due primarily to lower cash balances resulting from stock repurchases, recent acquisitions and the retirement of our $1.5 billion convertible debt. Additionally, we anticipate lower investment yields as interest rates are projected to come down throughout the year. As a result, we expect net interest income to decrease by approximately $5 million per month starting in May of 2025.

第四，我們預期 2025 年利息收入將下降，主要原因是股票回購、近期收購以及 15 億美元可轉換債務的償還導致現金餘額減少。此外，由於全年利率預計將下降，我們預期投資收益率也會下降。因此，我們預計從 2025 年 5 月開始，淨利息收入將每月減少約 500 萬美元。

Finally, we are maintaining our forecast ranges to effectively navigate increased volatility within the current economic environment, the volatility in the foreign exchange markets and the potential impact of the pending TikTok band.

最後，我們維持預測範圍，以有效應對當前經濟環境中的波動性加劇、外匯市場的波動以及即將到來的 TikTok 樂團的潛在影響。

So with those factors in mind, I'll now move to our Q2 guidance. For Q2, we are projecting revenue in the range of $1.012 billion to $1.032 billion or up 3% to 5% as reported and in constant currency over Q2 2024. At current specs, foreign exchange fluctuations are expected to have a positive $15 million impact on Q2 revenue compared to Q1 levels and a positive $7 million impact year over year.

因此，考慮到這些因素，我現在將轉向我們的第二季指導。對於第二季度，我們預計營收將在 10.12 億美元至 10.32 億美元之間，或比 2024 年第二季報告和固定匯率成長 3% 至 5%。按照目前的情況，預計外匯波動將對第二季營收產生與第一季相比 1,500 萬美元的正面影響，與去年同期相比 700 萬美元的正面影響。

At these revenue levels, we expect cash gross margins of approximately 72%. Q2 non-GAAP operating expenses are projected to be $315 million to $320 million. This is Q1 levels due to the items I just mentioned.

在這些收入水準下，我們預期現金毛利率約為 72%。第二季非公認會計準則營運費用預計為 3.15 億美元至 3.2 億美元。由於我剛才提到的項目，這是 Q1 等級。

We expect Q2 EBITDA margin of approximately 41% to 42%. We expect non-option expense to be between $135 million to $107 million, and we expect non-GAAP operating margin of approximately 28% for Q2.

我們預計第二季 EBITDA 利潤率約為 41% 至 42%。我們預計非選擇權費用將在 1.35 億美元至 1.07 億美元之間，我們預計第二季非 GAAP 營業利潤率約為 28%。

Moving on to CapEx. We expect to spend approximately $226 million to $236 million. This represents approximately 22% to 23% of our projected total revenue.

轉向資本支出。我們預計支出約為 2.26 億至 2.36 億美元。這約占我們預計總收入的 22% 至 23%。

Based on our expectations for revenue and costs, we expect Q2 non-GAAP EPS in the range of $1.52 to $1.58. This EPS guidance assumes taxes of $54 million to $57 million based on an estimated quarterly non-GAAP tax rate of approximately 19% to 20%. It also reflects a fully diluted share count of approximately 148 million shares.

根據我們對營收和成本的預期，我們預計第二季非 GAAP 每股盈餘將在 1.52 美元至 1.58 美元之間。本每股盈餘指引假設稅額為 5,400 萬美元至 5,700 萬美元，基於預期的季度非 GAAP 稅率約為 19% 至 20%。它還反映了完全稀釋後的股份數量約為 1.48 億股。

Looking ahead to the full year for 2025, we expect revenue of $4.050 billion to $4.2 billion, which is up 1% to 5% as reported and in constant currency.

展望 2025 年全年，我們預計營收將達到 40.5 億美元至 42 億美元，按報告和固定匯率計算，成長 1% 至 5%。

As a reminder, we would expect to come in at the higher end of that range -- if we see continued weakening of the US dollar, traffic growth materially exceed levels and there is no ban in the US for our largest customer. We would expect them at the mid to lower end of that range if we see significant strengthening of the US dollar a significant downturn in the economy in the back half of the year. Traffic growth materially slows from current levels, and our largest customer is band in the US.

提醒一下，我們預計會達到這個範圍的高端——如果我們看到美元持續疲軟，流量增長大幅超過水平，並且美國沒有對我們最大客戶的禁令。如果我們看到美元大幅走強，下半年經濟大幅下滑，我們預計它們將處於該區間的中低端。流量成長較目前水準大幅放緩，我們最大的客戶是美國的樂團。

Moving on to security. We continue to expect security revenue growth of approximately 10% in constant currency for 2025. And we continue to expect the combined ARR from our Zero Trust rise and API security solutions to increase by 30% to 35% year over year in constant currency for 2025.

繼續討論安全性。我們繼續預期 2025 年安全收入將以固定匯率成長約 10%。我們繼續預計，到 2025 年，我們的零信任成長和 API 安全解決方案的綜合 ARR 將以固定匯率年增 30% 至 35%。

For compute, we continue to expect row to be approximately 15% in concurrency. And as a reminder, included within our compute, we continue to expect cloud infrastructure ARR year-over-year growth in the range of 30% to 45% in currency for 2025.

對於計算，我們繼續預期行並發率約為 15%。提醒一下，在我們的運算中，我們仍然預計 2025 年雲端基礎設施 ARR 的年成長率將在 30% 至 45% 之間。

At current spot rates, our guidance assumes foreign exchange will have a positive $8 million impact to revenue in 2025 on a year over year basis to operating margins. For 2025, we are estimating non-GAAP operating margin of approximately 8% as measured in today's FX rates. We anticipate that our full year capital expenditures will be approximately 19% to 20% of total revenue.

依照目前現貨匯率，我們的指導假設是，外匯將對 2025 年的收入產生 800 萬美元的正面影響，年比營業利潤率。以今天的外匯匯率計算，我們估計 2025 年非 GAAP 營業利潤率約為 8%。我們預計全年資本支出將佔總收入的約19％至20％。

Moving to EPS. For the full year '25, we expect non-GAAP earnings per diluted share in the range of $6.10 to $6.40. This non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 19% to 20% and a fully diluted share count of approximately 150 million shares.

轉向 EPS。對於 25 年全年，我們預計非公認會計準則每股攤薄收益將在 6.10 美元至 6.40 美元之間。此非公認會計準則獲利預測是基於約 19% 至 20% 的非公認會計準則有效稅率和約 1.5 億股的完全稀釋股數。

In summary, although we anticipate heightened economic volatility, we believe that Akamai is in a strong position to continue delivering revenue growth and maintaining healthy margins. This is by our newer security and cloud computing products a moderation in our content delivery revenue declines in commitment to disciplined cost management.

總而言之，儘管我們預計經濟波動會加劇，但我們相信 Akamai 有能力繼續實現收入成長並維持健康的利潤率。這是因為我們推出較新的安全和雲端運算產品，並致力於嚴格的成本管理，從而減緩內容交付收入的下降。

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

我的發言就到此結束，湯姆和我很樂意回答你們的問題。

(Operator Instructions) Amit Daryanani, Evercore.

（操作員指示）Amit Daryanani，Evercore。

I guess, maybe to just start on the delivery side. Can you just talk about what really drove the upside for you folks in the quarter? Was it more pricing or traffic driven? And then what's reframe saying this can sustain into the out quarters? Just in what was the upside and why the hesitation about the sustaining?

我想，也許只是從交付方面開始。您能否談談本季真正推動貴公司業績上漲的因素是什麼？是更多受價格驅動還是更受流量驅動？那麼，重新建構的說法是，這種情況可以持續到外部季度嗎？究竟有什麼好處，為什麼對於維持現狀猶豫不決？

Amit, this is Ed. Thanks for the question. Yes, so I'd say what drove it was really traffic. Pricing typically, unless you have large renewals, doesn't have a huge impact in any given quarter, and we didn't have any significant concentration on renewal. So it was all about traffic growth.

阿米特，這是艾德。謝謝你的提問。是的，所以我認為推動這一進程的真正因素是交通。通常情況下，除非有大量續約，否則定價不會對任何特定季度產生巨大影響，而且我們也沒有對續約給予過多的關注。所以這一切都與流量成長有關。

And it was pretty strong pretty much every sub vertical. So we saw strong video traffic, strong gaming traffic, strong software downloads and even across commerce and some of the other subverticals. So it's just a better improved environment.

它在幾乎所有的子垂直領域都表現得相當強勁。因此，我們看到了強勁的視訊流量、強勁的遊戲流量、強勁的軟體下載量，甚至跨越商業和其他一些子垂直領域。所以這只是一個更好的改善環境。

And just being cautious in terms of calling a bottom. This is the third quarter in a row here where revenue has kind of been flattish sequentially, which is better than what it's been, which has been declining. But we're seeing decent trends here in April, and we're just being a bit more cautious and don't call the bottom quite yet.

在判斷底部時要謹慎。這是連續第三個季度營收環比持平，這比之前下降的情況要好。但我們在四月看到了不錯的趨勢，我們只是更加謹慎一些，還沒有觸底。

Got it. That's still fair. And if I just follow up on the security side, I'd love to hear how you would characterize your performance in the March. It looks a little bit lower, I think, like not $15 million from what the Street was modeling perhaps. I'd love to understand how that end up versus your internal expectations. And then as you think about this acceleration from 8% to, call it, 10% in security, what enables us for the year?

知道了。這還是公平的。如果我只是跟進安全方面的問題，我很想聽聽您如何評價您在三月的表現。我認為，這個數字看起來要低一些，可能沒有達到華爾街預測的 1,500 萬美元。我很想了解這與您的內心期望相比結果如何。然後，當您考慮安全性從 8% 加速到 10% 時，是什麼讓我們在今年能夠取得進步？

Yeah. Good question. So I would say it came in, in line with what we had expected for the quarter. And as you heard A few minutes ago, I reiterated our guidance for 10% constant currency, and we did deliver 10% constant currency this quarter.

是的。好問題。所以我想說，它符合我們對本季的預期。正如您幾分鐘前聽到的，我重申了我們對 10% 固定匯率的指導，並且我們本季確實實現了 10% 固定匯率。

There's a little bit of noise in there with license revenue, and I sort of called that out for you. We had about $12 million of license revenue last quarter, about $6 million less this quarter. So that can sometimes folks don't quite get the model right, going from Q4 to Q1.

其中許可收入存在一些噪音，我已經向你指出了這一點。上個季度我們的授權收入約為 1,200 萬美元，本季減少了約 600 萬美元。因此，有時人們可能無法完全正確地理解從 Q4 到 Q1 的模型。

And also with some of the bundles, Q4 tends to have a little bit of volumetric revenue associated with some of our commerce customers and things like that, that you don't see repeat at such a level in Q2. So I would say it came in, in line with what we expected.

而且對於一些捆綁產品，第四季度往往會從我們的一些商業客戶等那裡獲得一些體積收入，而在第二季度你不會看到這種水平的重複。所以我想說，它的結果符合我們的預期。

Big drivers for growth is exactly what we had thought in terms of the bookings. We're seeing a very strong API security growth and very strong Guardicore growth as we expected. And things are playing out exactly how we had thought.

就預訂量而言，成長的巨大動力正是我們所想到的。正如我們預期的那樣，我們看到了非常強勁的 API 安全性成長和非常強勁的 Guardicore 成長。事情的發展正如我們想像的那樣。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Congrats on the strong quarter. Can you provide a little bit more detail on the role you can play with agenic AI with your AI firewall. And perhaps help us understand how you could potentially benefit AI utilization in the enterprise really begins to expand?

恭喜本季業績強勁。您能否更詳細地介紹一下 agenic AI 在 AI 防火牆中可以發揮的作用。也許可以幫助我們了解如何從企業中真正開始擴大的人工智慧利用中獲益？

Yeah. There's a lot of attacks now that have been published against AI apps of all kinds, including agentic AI. Attacks where the adversary is able to trick the agent, the AI agent into giving up sensitive data, code, PII, trick the agent into saying things that it should -- could be offensive content, could be deals, prices for things that aren't right.

是的。目前已經有許多針對各種人工智慧應用程式（包括代理人工智慧）的攻擊。在攻擊中，對手能夠誘騙代理、AI 代理放棄敏感資料、代碼、PII，誘騙代理說出它應該說的話——可能是攻擊性內容，可能是交易，也可能是不正確的價格。

And so you got to protect the app, particularly if it's an agent making decisions and doing things. You got to protect it from the attackers that cause it to do bad things. Also, you've got to protect it from ingesting a bad information.

因此你必須保護應用程序，特別是當它是一個做出決策和做事的代理時。你必須保護它免受攻擊者的攻擊，以免它做壞事。此外，您還必須保護它，避免其吸收不良資訊。

A lot of these apps are learning as they go along. And the adversaries I've figured out how to submit information to it that causes it to learn bad things, which can cause problems in the future. AI is a brand-new attack service and being rapidly deployed. In fact, a lot of enterprises are -- they're forming rules inside the enterprise, about what they can and can't do with AI.

許多這樣的應用程式都是邊運行邊學習的。我已經弄清楚了對手如何向它提交信息，使它學到不好的東西，這可能會在未來造成問題。AI是一種全新的攻擊服務，正在快速部署。事實上，許多企業正在製定企業內部規則，規定可以用人工智慧做什麼、不能做什麼。

But on the other hand, they can't even keep track of all the AI applications that they are using and supposed. So another aspect of what we're doing, same as we do for API security. The first thing is letting our customers know what AI apps do they have exposed. And then making sure that they're protected. And I imagine this is going to be really a war of regulation.

但另一方面，他們甚至無法追蹤他們正在使用和應該使用的所有人工智慧應用程式。因此，我們正在做的另一個方面與我們為 API 安全所做的工作相同。首先是讓我們的客戶知道他們已經暴露了哪些 AI 應用程式。然後確保它們受到保護。我想這將會是一場真正的監管之戰。

So the first attacks are being seen out there. We have the first line of defenses now with the OAS top 10 and additional capabilities tailored to particular customer use cases. And I think there'll be some back and forth there that more attacks will be figured out. And our job is to stay ahead of that and keep our customers safe.

因此，第一批襲擊已經發生。現在，我們擁有第一道防線，包括 OAS 前 10 名以及針對特定客戶用例量身定制的附加功能。我認為雙方會進行反覆交鋒，以發現更多攻擊事件。我們的工作就是保持領先並確保客戶的安全。

Excellent. And you mentioned some customers expressing worry over whether they could rely on U.S.-based services. Is there potential for diversification or multisourcing pressure from some of your customers internationally. Just wondering.

出色的。您提到一些客戶擔心他們是否可以依賴美國的服務。您的一些國際客戶是否有可能帶來多樣化或多源採購的壓力。只是好奇。

Today, I don't think there's good alternatives, especially when it comes to security, pretty much all the world's major banks, most of the major commerce companies rely on Akamai for their security because we're really the best and in terms of protecting them. There's not good alternatives for them today.

如今，我認為沒有更好的選擇，特別是在安全方面，幾乎世界上所有的主要銀行、大多數主要商業公司都依賴 Akamai 來保障他們的安全，因為在保護他們方面，我們確實是最好的。如今，他們沒有更好的選擇。

I think over the long haul, our job is to make sure that they understand that continue to rely on Akamai. No matter what happens with the geopolitics and the rhetoric. But it's a topic that's come up in some accounts. And so we're being careful that they understand that Akamai is here for them over the long haul. And that we're not going away and that they can continue to on us.

我認為從長遠來看，我們的工作是確保他們明白繼續依賴 Akamai。無論地緣政治和言論如何改變。但這個話題在一些報道中出現過。因此，我們會非常小心，讓他們明白 Akamai 會長期為他們提供支援。我們不會離開，而且他們會繼續對我們施加影響。

Will Power, Baird.

威爾鮑爾、貝爾德。

Okay. Great. I come back to the Security segment. You called out a number of competitive takeaways for the segmentation products. I guess it would just be helpful if you can kind of just help distill down what's really setting you apart in that market, allowing you to take share?

好的。偉大的。我回到安全部分。您列舉了細分產品的許多競爭要點。我想，如果您能幫我提煉出真正讓您在市場上脫穎而出並贏得市場份額的東西，那將會很有幫助？

And then secondly, it'd be great to get any on the progress, trends within the kind of the rest of the broader 0 trust portfolio and where go-to-market since there?

其次，如果能了解其他更廣泛的 0 信託投資組合的進展和趨勢，以及從那裡進入市場的進展情況，那就太好了？

Yes. I think scale sets us apart to the larger enterprises could have hundreds of thousands of applications and devices. They need to protect, and we're unique in being able to do that. Ease of use has come up in several accounts and particularly with our new AI-enabled interface that can make the integration be a lot faster and simpler.

是的。我認為規模使我們與擁有數十萬個應用程式和設備的大型企業區分開來。他們需要保護，而我們是唯一能夠做到這一點的人。多個帳戶都變得更加易於使用，特別是我們新的支援 AI 的介面可以使整合變得更快、更簡單。

Our new engine suggests the initial firewall rules that it should be set up for all the various devices in the enterprise actually tells our customer and their operator, what the various devices are notifies them.

我們的新引擎建議為企業中的所有各種設備設定的初始防火牆規則實際上告訴我們的客戶及其操作員，各種設備通知他們什麼。

If firewall rules are out of date or not the most recent set of rules that they need to have. So ease of use is really important because if you think about installing hundreds of thousands of agents, you need really good automation to do that effectively. And trust, I think is really important. And we've been told that by our customers because these agents are running inside the company.

如果防火牆規則已過期或不是他們需要的最新規則集。因此易用性非常重要，因為如果您考慮安裝數十萬個代理，您需要非常好的自動化才能有效地完成這項工作。我認為信任非常重要。我們的客戶告訴我們這一點，因為這些代理商是在公司內部運作的。

And it's really important that they be reliable and Akamai has a great track record there. We're not the lowest cost provider. You know there's others out there with lower cost solutions. But when it comes to protecting critical infrastructure from the devastation of ransomware or data ex filtration with software that's running really in the inside the important applications, Akamai is pretty unique in being able to do that and being trusted for that.

他們的可靠性非常重要，而 Akamai 在這方面有著良好的記錄。我們不是成本最低的供應商。您知道還有其他人可以提供成本更低的解決方案。但是，當談到保護關鍵基礎設施免受勒索軟體或資料外洩的破壞（使用在重要應用程式內部運行的軟體）時，Akamai 在這方面非常獨特，並且值得信賴。

In terms of 0 trust, Guardicore is our flagship solution. It's sort of the and we do have other capabilities. We've combined North, Southeast west protections built around Guardicore and our Enterprise Application Access solution, so that we can provide really a comprehensive set of solutions to protect the enterprise applications and data.

在 0 信任方面，Guardicore 是我們的旗艦解決方案。這有點像，我們確實有其他能力。我們將圍繞 Guardicore 構建的北部、東南西部保護措施與我們的「企業應用程式存取」解決方案相結合，以便我們能夠提供一套真正全面的解決方案來保護企業應用程式和資料。

Okay. Great. No, that's helpful. And maybe just to add quickly for you. Nice to see the better margins in the quarter, I mean it sounds like you expect to dip back down in Q2.

好的。偉大的。不，這很有幫助。也許只是為了給您快速添加一下。很高興看到本季利潤率有所提高，我的意思是，這聽起來像是您預計第二季利潤率會回落。

So I guess I'm just trying to sort out what proportion of that upside in the quarter could be more sustainable versus some conservatism going forward?

所以我想我只是想弄清楚本季的上漲中有多少比例可以更具可持續性，而不是未來的一些保守主義？

Yes. I think for this quarter, in particular, I'd say you'd have to see some revenue upside to drive higher margins. We obviously have very good leverage. If you think about -- as I broke out in the prepared remarks, the items that drove the upside both in Q1 and then in Q2, what's driving the higher cost. Some of it is event driven.

是的。我認為，特別是對於本季度，你必須看到一些收入上漲才能推動利潤率上升。我們顯然擁有非常好的槓桿作用。如果你思考一下——正如我在準備好的演講中提到的，推動第一季和第二季上漲的因素是什麼，以及是什麼導致了成本的上升。其中一些是事件驅動的。

But there is the -- we did pull our merit cycle in a little bit earlier this year. We typically do it in the middle of the year, so we just brought it to April. So that has a recurring cost. So doing some hiring. So that has an impact as well.

但是，我們今年確實提前了一些完成了績效週期。我們通常在年中進行這項工作，所以我們就把它安排到了四月。所以這會產生經常性成本。所以正在進行一些招募。所以這也會產生影響。

But we think over time, as the business grows will improve our margins. And maybe in the back half, there's a potential if we hit the upside to expand margins a bit as well.

但我們認為隨著時間的推移，業務的成長將會提高我們的利潤率。也許在下半年，如果我們能夠取得進步，利潤率也有可能進一步擴大。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great. This is Rob on for Frank. So can you talk about the recent sales changes? Where are you as far as the new folks you need to hire moving people around within their different roles between the hunters and farmers? And then what are some other drivers of improvement that you see taking shape the rest of this year and into next year?

偉大的。這是羅布 (Rob) 取代弗蘭克 (Frank)。那麼您能談談最近的銷售變化嗎？就您需要雇用的新員工而言，您在獵人和農民之間調動不同角色方面處於什麼位置？那麼，您認為今年剩餘時間和明年還有哪些其他的改善驅動因素將會形成？

I'll start with that and then hand it off to Ed on the margin question. I'd say we're about one-third of the way there. We've made a lot of changes, seeing some very good progress. shifting for the forest towards hunting now that we have products that a lot of new to Akamai customers need, for example, API security segmentation cloud computing, and they're going to need firewall for AI as well. Also, hiring more of the specialists that have a lot of expertise that can help facilitate those sales.

我將從這個開始，然後將利潤問題交給 Ed。我想說我們已經完成了三分之一的路程。我們做出了很多改變，並取得了一些非常好的進展。現在我們擁有了許多 Akamai 新客戶所需的產品，例如 API 安全分段雲端運算，他們將從森林轉向狩獵，並且他們也將需要用於 AI 的防火牆。此外，還可以僱用更多擁有豐富專業知識的專家來幫助促進銷售。

We've made shifts to incent both our sellers and customers to longer-term contracts starting to see some impact there, which is good. And overall, over time, growing the overall presence in the marketplace. So I'd say we're about one-third of the way there and making good progress.

我們已經做出改變，激勵我們的賣家和客戶簽訂長期合同，並開始看到一些影響，這是件好事。整體而言，隨著時間的推移，市場整體影響力不斷增強。所以我想說我們已經完成了三分之一，並且取得了良好的進展。

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

艾德，你想談談利潤嗎？

Yes, sure. So I'd say it's probably three main drivers. The first one would be just as we scale up our compute business. So right now, we are subscale. So if we look at some of the facilities as we start to sell those out and get to a bit of scale inside of some of the different -- we are seeing very attractive margins in line with what we talked about. But we do have a long way to go in terms of reaching scale.

是的，當然。所以我認為可能有三個主要驅動因素。第一個是我們擴大計算業務。所以現在，我們的規模還不夠大。因此，如果我們看看我們開始出售的一些設施，並在一些不同的設施中達到一定的規模——我們會看到非常有吸引力的利潤率，與我們談論的一致。但就實現規模而言，我們還有很長的路要走。

As we start to grow and compute, I do expect our margins to expand obviously there. And then as security continues to grow. It's a higher-margin product for us. API security is a very high-margin product for us, much lower CapEx associated with your securities. So that's going to help.

隨著我們開始成長和計算，我確實預計我們的利潤率會明顯擴大。隨著安全性的不斷提高。對我們來說，這是一種利潤較高的產品。API 安全對我們來說是一種利潤非常高的產品，與您的證券相關的資本支出要低得多。所以這會有幫助的。

And then as the stocks being such a big drain, that also helps as well. So if we get back to kind of low single-digit or even flat CDM growth. That, obviously, has a big help on margins. As far as other operating areas, we're always looking at efficiencies, we've run out a lot of costs.

然後，由於股票的消耗如此之大，這也有幫助。因此，如果我們回到低個位數甚至持平的 CDM 成長。顯然，這對利潤率有很大幫助。就其他營運領域而言，我們一直在關注效率，我們已經節省了很多成本。

There's a little bit in the room potentially in real estate, and we can find a la some of our unused space. And then with compute in terms of our own use of compute, we've migrated a lot of our stuff to the note. We'll look to do some more. But it's really going to come from scaling up of the business and as the mix shifts over time.

房地產領域中還有一點潛力，我們可以找到一些未使用的空間。然後，就我們自己對計算的使用而言，我們已經將很多東西遷移到了筆記中。我們會盡力做更多。但它實際上將隨著業務規模的擴大和組合隨時間的轉變而實現。

Jeffrey Van Rhee, Craig-Hallum.

傑弗裡·範·李，克雷格·哈勒姆。

Just a couple maybe on the security front. Just high level, if I look at the organics and try to back out the acquisitions, it looks like it's fallen off fairly quickly from 15 to 10 to maybe now mid-single digits going sequentially last quarter was 10% year over year in this quarter, looks like mid-single digits.

安全方面可能只有幾個。從高層次來看，如果我看一下有機成長並試圖取消收購，看起來它已經從 15 下降到 10，現在可能下降到中等個位數，上個季度環比增長 10%，本季度同比增長 10%，看起來是中等個位數。

Just talk to me a little bit. I know you touched on it last quarter, but I want to make sure I fully understand what's played out there on the security. And I think you had pointed to WAF, but -- maybe if you could just start there.

跟我聊幾句就好。我知道您上個季度已經提到過這一點，但我想確保我完全理解安全方面的情況。我認為您已經指出了 WAF，但是——也許您可以從那裡開始。

Yes, sure. So yes, they're sort of inorganic in the number, but it's not a significant portion of revenue for us. In terms of if you break out the business in the different subsegments, we are seeing WAF slowdown naturally a little bit. It's still growing, but it's not growing nearly as fast as it was very high penetration, which is expected.

是的，當然。所以是的，從數量上來說它們有點無機，但對我們來說這並不是收入的重要組成部分。如果將業務劃分到不同的子領域，我們自然會看到 WAF 的速度有所放緩。它仍在增長，但增長速度遠不及預期的高滲透率。

Obviously, API security is growing incredibly fast, and we think can be a very, very significant grower for us over time. Infrastructure security business is a low single-digit growing business and is kind of in that range. Prolexic is growing in kind of in its normal range. We haven't had a lot of big attacks or anything like that, that tend to be kind of more, call it, episodic that drives spikes in demand there.

顯然，API 安全性正在以驚人的速度成長，我們認為隨著時間的推移，它將為我們帶來非常非常重要的成長。基礎設施安全業務是一個低個位數成長的業務，並且處於這個範圍內。Prolexic 正在正常範圍內生長。我們還沒有遭遇太多大規模攻擊或類似事件，這些攻擊往往更具偶發性，導致需求激增。

So we haven't seen that in a while. So that's also slowing a bit revenue has been consistent in that sort of high single digit, low single digit -- or sorry, low double-digit growth area. So it's really just a mix shift right now as we talked about exactly what we're expecting with some of the products that have been in the market for a while, just naturally slowing down.

所以我們已經有一段時間沒有看到這種情況了。因此，營收成長速度也略有放緩，一直維持在高個位數、低個位數——或者抱歉，低兩位數的成長區間。因此，現在實際上只是一種混合轉變，正如我們所討論的，我們對一些已經在市場上銷售了一段時間的產品的預期，只是自然放緩而已。

And then the newer products like Guardicore and API taking off, but just not at the scale yet to offset the slower growth in the other products.

然後，Guardicore 和 API 等新產品開始起飛，但規模不足以抵消其他產品成長放緩的影響。

Got it. That's helpful. And on compute, you had commented last quarter around some exiting of some legacy revenue streams around video, I think transcoding, image management and some other things in there. How much -- how was the headwind from that this quarter in compute compared to what you were expecting when you gave the guide?

知道了。這很有幫助。在計算方面，您在上個季度評論了一些圍繞影片的傳統收入來源的退出，我認為其中包括轉碼、圖像管理和其他一些內容。與您給出指南時預期的相比，本季計算方面的阻力有多大？

Yeah, I'd say it's playing out exactly how we expected. And we're still seeing very strong growth in our CIS compute infrastructure services business, and I reiterated our guidance there for very strong 40% to 45% growth in ARR. So playing out exactly as we expected -- we said it would take a while to -- for some of this to play out probably about two years or something like that, but it came in exactly as we had thought. So --

是的，我想說事情正如我們預期的那樣。我們的 CIS 運算基礎設施服務業務仍保持強勁成長，我重申了我們對 ARR 強勁成長 40% 至 45% 的預期。所以事情的發展正如我們預期的那樣——我們說過這需要一段時間——其中的一些過程大概需要兩年左右的時間，但事情的發展正如我們想像的那樣。所以--

Perfect. Okay. And then just one last one -- to revisit the prior question on sales and the changes you're making in sales, it sounds like a little more focus on hunters. In terms of the metrics, we'll see, where do you think the impact of these sales changes will show up first?

完美的。好的。然後最後一個問題——重新討論之前關於銷售的問題以及你們在銷售方面所做的改變，聽起來你們更加關注獵人。就指標而言，我們會看到，您認為這些銷售變化的影響將首先在哪裡顯現出來？

And presumably, if you're focused on Hunters maybe a new customer metric might be the place we would look for that. But just tell me kind of how we're going to see this play out in terms of the results and metrics that we might be able to observe?

並且據推測，如果您專注於獵人，也許新的客戶指標可能是我們正在尋找的地方。但請告訴我，就我們可能觀察到的結果和指標而言，我們將如何看待這個過程？

Yeah. So we haven't really provided any metrics in terms of sales productivity, but it's something that we'll consider providing you some metrics in terms of how the -- number one, how the investments are going, where what stage are we in, in terms of adding the capacity.

是的。因此，我們實際上還沒有提供任何有關銷售效率的指標，但我們會考慮為您提供一些指標，例如：第一，投資進展如何，我們在增加產能方面處於什麼階段。

And it's both with hunters as well as some specialists for both compute and security. But I think you just see it by fest itself in stronger revenue growth, but we'll consider breaking out some metrics that will be helpful. It's just sometimes a booking metric doesn't always translate to revenue cleanly, so that's not the most helpful thing to give. But we'll give us some consideration try to give you some metrics that might be helpful.

它既有獵人，也有計算和安全的專家。但我認為你只是透過更強勁的營收成長看到了這一點，但我們會考慮列出一些有用的指標。只是有時預訂指標並不總是能清楚地轉化為收入，所以這並不是最有幫助的資訊。但我們會考慮嘗試為您提供一些可能有用的指標。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

This is Sagar on for Patrick Colville. I wanted to better understand the nondelivery opportunity to cross-sell Edgio into the existing base and what you're seeing within that segment specifically?

這是帕特里克·科爾維爾 (Patrick Colville) 的薩加爾 (Sagar)。我想更深入了解將 Edgio 交叉銷售到現有客戶群的非交付機會，以及您在該細分市場中具體看到的情況？

This is Ed again. You added several hundred customers from Edgio. And there's a good opportunity there where Edgio did not have very many security products at all actually, and they didn't offer compute, certainly not the robust compute solutions that we have. So right now, there's not a lot to report in terms of upsell. The first thing you want to do is just make sure the customers are migrated over.

我又是艾德。您從 Edgio 增加了數百名客戶。這是一個很好的機會，Edgio 實際上根本沒有很多安全產品，而且他們沒有提供運算服務，當然也沒有我們擁有的強大的運算解決方案。因此，目前，在追加銷售方面沒有太多值得報告的資訊。您要做的第一件事就是確保客戶已經遷移過來。

They understand who their rep is, get familiar with the services and working with Akamai, and then we'll start to build campaigns. I'd expect that to take your normal six to nine months to start to build a pipeline, and then we should start to see some potential upsell into that base of additional customers over time.

他們了解自己的代表是誰，熟悉服務並與 Akamai 合作，然後我們就會開始進行活動。我預計這需要正常的六到九個月的時間來開始建立管道，然後我們應該會開始看到隨著時間的推移，該額外客戶群中會出現一些潛在的追加銷售。

Madeline Brooks, Bank of America.

美國銀行的瑪德琳‧布魯克斯 (Madeline Brooks)。

This is Kevin on from Madeline Brooks for Bank of America. I want to talk to you about the compute trends. You've noted over time that you expect compute to be kind of a long-term 20% growth driver or grower. What is contributing to this current growth rate that we saw this quarter? And what needs to happen to bring it back up into the 20s?

我是來自美國銀行的瑪德琳布魯克斯 (Madeline Brooks) 的凱文 (Kevin)。我想和你談談計算趨勢。您已經注意到，隨著時間的推移，您預計計算將成為長期 20% 的成長動力或成長點。是什麼因素促成了我們本季的當前成長率？那麼需要做些什麼才能讓這一數字回到 20 多歲呢？

Yes. So the real driver there is our cloud infrastructure services. And as we've talked about and as Ed said, we expect the ARR there to grow 40% to 45% this year. And that means -- and as that number gets a lot bigger, that drives the overall compute number. So that's the number to watch.

是的。因此，真正的驅動力是我們的雲端基礎架構服務。正如我們所討論的以及 Ed 所說，我們預計今年那裡的 ARR 將成長 40% 至 45%。這意味著——隨著這個數字變得越來越大，它將推動整體計算數量的成長。這就是值得關注的數字。

We'll highlight that as we and -- that will be driving the bigger compute number. Ultimately, that becomes a large major compute number.

我們將重點強調這一點——這將推動更大的計算數量。最終，這將成為一個龐大的主要計算數字。

It sounds good. And then just as a follow-up on the securities -- if I look over the last 3 years or so, you've grown annually the 15% to 16% rate in the segment, and then you just kind of listed some guidance for 10% for the year. And you've already given color as to why that is. But two questions. One, what gives you confidence in this 10%? And two, do you see any upside to this 10%? And what could drive that upside?

聽起來不錯。然後作為對證券的後續關注——如果我回顧過去 3 年左右，你會發現該領域的年增長率為 15% 到 16%，然後你列出了今年 10% 的指導。您已經解釋了為什麼會這樣。但有兩個問題。一、是什麼讓你對這10%有信心？第二，您認為這 10% 有什麼好處嗎？那麼什麼可以推動這項上漲呢？

Yes, I'll start with that. The confidence is driven by the large interest big potential market and very strong growth for our segmentation in API security solutions. And as we talked about, we think the ARR of those solutions this year grow 30% to 35%.

是的，我就從那裡開始。這種信心源於巨大的潛在市場以及我們在 API 安全解決方案領域的巨大興趣和強勁的成長。正如我們所討論的，我們認為今年這些解決方案的 ARR 將成長 30% 至 35%。

A lot of demand for that. We have the market-leading solutions. And now, we are adding in firewall for AI just starting, but a lot of customer interest there. And I think that has a long runway ahead, even though no revenue to speak of yet just signing the first customers now.

對此有很多需求。我們擁有市場領先的解決方案。現在，我們剛開始為人工智慧添加防火牆，但許多客戶對此很感興趣。我認為，儘管目前還沒有收入，只是簽下了第一批客戶，但未來還有很長的路要走。

So I think having leading solutions in large potential markets that today, fairly small revenue but growing at a food clip. That gives us confidence that we can be growing the larger security number in the 10% range. upside would be in part based on products, how fast they get going. And if we can beat the 30% to 35% on these products. Ed, do you want to add anything to that?

因此，我認為在巨大的潛在市場中擁有領先的解決方案，雖然目前的收入相當小，但成長速度很快。這使我們有信心將安全數字提高 10% 左右。其優勢部分取決於產品以及它們的銷售速度。如果我們能夠降低這些產品的 30% 到 35% 的折扣。艾德，你還有什麼要補充的嗎？

Yeah. The other thing I would say is the business is very highly recurring, mostly subscription-based business. I do break out from time to time if we have some license revenue. So you do have pretty good visibility in terms of the base there's not much price pricing in your security business is a very sticky product. You don't tend to have a lot of churn.

是的。我想說的另一件事是，這項業務的重複性非常高，主要是基於訂閱的業務。如果我們有一些許可收入，我確實會時不時地爆發。因此，從基礎角度來看，您確實具有相當好的可見性，安全業務中的價格定價並不多，這是一種非常黏性的產品。您通常不會遇到太多客戶流失。

So you have a lot of confidence in sort of the underlying business that you have, and it really just comes that pace at which you're adding existing customers buying more product and acquiring new logos. But if you look at the size of the sales force, what we've produced over the years, we certainly have the capacity to add the type of revenue that we need. And obviously, as we add get more reps up to speed, we'll have more capacity to sell even more.

因此，你對自己現有的基礎業務非常有信心，而這實際上只是隨著現有客戶增加、購買更多產品和獲得新標誌而來。但如果你看看銷售團隊的規模，看看我們多年來所取得的成就，你會發現我們絕對有能力增加我們所需的收入。顯然，隨著我們增加更多銷售代表，我們將擁有更大的銷售能力，銷售更多產品。

Rudy Kessinger, D.A. Davidson.

凱辛格（Rudy Kessinger），地方檢察官戴維森。

Ed, could you -- just on the compute side, could you maybe quantify just what would compute growth have been if not for some of the lay compute stuff you shifted to partners relative to the 25% in constant currency in Q4?

艾德，您能否—僅在計算方面，您能否量化一下，如果沒有將一些非專業的計算業務轉移給合作夥伴，相對於第四季度 25% 的固定貨幣，計算業務的增長幅度會是多少？

Yeah. Sure. Good question. So if you remember last time we broke out the sub number. So the cloud infrastructure service and the -- what we call our other computer, our legacy compute.

是的。當然。好問題。所以如果你還記得上次我們公佈的子號碼。因此，雲端基礎設施服務和——我們稱之為另一台計算機，即我們的傳統計算。

There's like four or five different things that were in there, some legacy storage, some of the first customers that we had done some custom builds for some video optimization and optimization, that sort of stuff. That business has grown about 20% last year and the cloud infrastructure service grew at over 30%.

裡面有四到五種不同的東西，一些遺留存儲，一些我們為一些視頻優化和優化所做的定制構建，諸如此類的東西。該業務去年成長了約 20%，雲端基礎設施服務成長了 30% 以上。

So I'd say, we're seeing very similar growth rates in the cloud infrastructure service and where the slowdown is coming as expected, is in that other legacy stuff, where you've got a combination of some of the custom deals we did. We did a couple of big custom deals that have largely run their course and they're not growing anymore. Any new applications would go into cloud infrastructure service.

所以我想說，我們在雲端基礎設施服務中看到了非常相似的成長率，而正如預期的那樣，在其他遺留業務中，你會看到我們所做的一些客製化交易的組合。我們做過幾筆大型客製化交易，但這些交易基本上已經走到了盡頭，不再成長了。任何新的應用程式都將進入雲端基礎設施服務。

Our legacy storage business is starting to decline. We've migrated a little bit of business to partners. So that's playing out exactly as we expected. So really, the decline from 20% to 15% or 25% to 15% is really all in that bucket as we had called out to you. But the Cellco infrastructure service is growing really, really fast.

我們傳統的儲存業務開始下滑。我們已將部分業務轉移給合作夥伴。事情正如我們所預期的。所以實際上，正如我們向您指出的那樣，從 20% 下降到 15% 或從 25% 下降到 15% 都屬於這一範圍。但 Cellco 基礎設施服務成長非常非常快。

Okay. And on the delivery front, what are you seeing from a pricing standpoint? And in particular, since the Edgio bankruptcy, have you started to see pricing improve on renewals? And do you think 6, 12 months from now, we might get to a point where price compression could be better than it has been historically, just given us that several low-cost providers a the space for the last few years?

好的。在交貨方面，從定價角度來看您看到什麼？特別是自從 Edgio 破產以來，您是否開始看到續約價格有所改善？您是否認為，從現在起的 6 個月或 12 個月後，我們可能會達到一個價格壓縮比歷史上更好的水平，因為過去幾年該領域有幾家低成本供應商？

Yeah. Good question. So we're seeing kind of a mixed bag, as you would expect. I'd say we're seeing some somewhat encouraging signs of some of our larger media customers where the price declines aren't nearly what they used to be, but you don't also have the same type of volume growth that we used to. So that sort of makes sense.

是的。好問題。因此，正如您所預料的，我們看到的是混合結果。我想說，我們從一些較大的媒體客戶身上看到了一些令人鼓舞的跡象，價格下降幅度遠沒有像以前那麼大，但銷量增長幅度也沒有像以前那麼大。所以這有一定的道理。

But also this like you pointed out, fewer options there across some of the other -- the rest of the base or delivery, it's a mixed bag. It depends sometimes you have a little bit more price pressure in commerce, if there's pressure with the economy and that sort of thing. But -- yes, I think over time, it's possible we'll see a moderation.

但正如您所指出的，其他一些基礎或交付的選項較少，情況好壞參半。這取決於有時商業中的價格壓力會稍微大一點，以及經濟壓力等等。但是——是的，我認為隨著時間的推移，我們可能會看到緩和。

We are seeing it. It's definitely improved a bit over the last year or so. And there's still room to go there. But this business has always had some element of unit economics of higher volumes, lower unit prices. I expect that to continue.

我們正在見證它。在過去一年左右的時間裡，情況確實有所改善。並且仍有上升空間。但這項業務始終具有一定的單位經濟效益，即產量越高，單位價格越低。我希望這種情況能夠持續下去。

But that's certainly one of the drivers to getting this business back to flat and mid- to low single-digit growth or decline over time.

但這無疑是推動該業務隨著時間的推移恢復平穩、中低個位數成長或下降的驅動因素之一。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

I guess I think this question is for Ed. As you focus on the faster-growing parts of security, specifically API Security with no name and NeoSeand and Guardicore, which I would think are largely channel focused, but different channels than are the traditional Akamai channels? And probably, sold through the channel like other traditional security products are sold.

我想這個問題是問 Ed 的。當您關注安全領域中成長較快的部分時，特別是尚未命名的 API Security 以及 NeoSeand 和 Guardicore，我認為它們主要以頻道為中心，但與傳統的 Akamai 頻道有何不同？而且很可能像其他傳統安全產品一樣透過通路銷售。

I mean, are you taking steps to really ramp that up to drive growth with new channel partners? And if so, because we do a lot of checks and trying to hear more -- we'd like to hear more about Akamai in those checks. Can this new path to market more focused path, if that's the case, also be used to sell more of your infrastructure and app security products?

我的意思是，您是否正在採取措施真正提高這一水平，以推動新通路合作夥伴的成長？如果是這樣，因為我們做了很多檢查並試圖聽到更多——我們希望在這些檢查中聽到更多關於 Akamai 的信息。如果是這樣的話，這條針對性較強的市場新途徑是否也可以用來銷售更多的基礎設施和應用安全產品？

Yeah. I'll start --

是的。我會開始--

I can start with some of the channel -- You're absolutely right. They are different than the traditional Akamai channel partners. And in fact, most of our large major article sales, API security sales and new customers to Akamai come through those channels. Examples of partners would be Presidio, WWT, Optiv, GuidePoint, Defense X, IBM and Deloitte Macnica, OCD, Accenture, Carso.

我可以從一些管道開始——你完全正確。他們與傳統的 Akamai 通路合作夥伴不同。事實上，我們的大部分大型文章銷售、API 安全銷售和 Akamai 的新客戶都來自這些管道。合作夥伴的例子有 Presidio、WWT、Optiv、GuidePoint、Defense X、IBM 和 Deloitte Macnica、OCD、Accenture、Carso。

So a variety of partners that are different than the by and large carrier partners we had in the CDN days from before. Ed, do you want to add to that?

因此，各種各樣的合作夥伴與我們以前在 CDN 時代擁有的大型營運商合作夥伴不同。艾德，你想補充一下嗎？

Yeah. I would say, John, in talking with PJ, 80% to 90% of our new logo acquisition does come through the channel. I would expect with some of our installed base where we have a strong direct relationship, I would imagine a lot of the API security sales and Guardicore sales will be led by our traditional reps.

是的。約翰，我想說，在與 PJ 交談時，我們 80% 到 90% 的新標誌獲取都是透過管道實現的。我希望我們的一些安裝基礎與我們有著強大的直接關係，我可以想像許多 API 安全銷售和 Guardicore 銷售將由我們的傳統代表領導。

But about one-third -- a little over one-third of our business in general comes through the channel, and a little over half of it comes in security comes to the channel. I expect that to increase over time.

但大約三分之一——整體而言，我們的業務有三分之一多一點是透過通路實現的，而安全業務有一半多一點是透過通路實現的。我預計這一數字會隨著時間的推移而增加。

And as we acquired some of these companies, both NeoSec and Guardicore did come with some new channel relationships that we've obviously continue to grow and block on as a result. So I do expect a lot of our growth going forward to come through the channel.

當我們收購其中一些公司時，NeoSec 和 Guardicore 確實帶來了一些新的通路關係，因此我們顯然會繼續發展和阻止這些關係。因此我確實預計我們未來的很大一部分成長將透過該管道實現。

Ed and Tom, the -- sorry for my voice. But is -- is this an opportunity to -- through those new channel partners to also sell like your -- the slower-growing parts of security, but they're still needed like DDoS protection and WAF, because others -- other partners or other of your competitors that sell those products are making a big push in the channel. So they're getting sort of used to selling that or the -- at least they're starting to talk about it.

艾德和湯姆，抱歉我的聲音。但是，這是否是一個機會，透過這些新的通路合作夥伴來銷售像安全領域中成長較慢但仍需要的部分，例如 DDoS 保護和 WAF，因為其他合作夥伴或其他銷售這些產品的競爭對手正在大力推動該通路的發展。所以他們開始習慣銷售這個東西，或者至少他們開始談論它了。

Yeah, and we do that. Often, it will be the new customer sales would be led with Guardicore or API security, but you're absolutely right. the whole platform, the whole security platform can be then included with that or grown to that. And those partners are very good at it. So I think you're absolutely right, and we're seeing that.

是的，我們確實這麼做了。通常，新客戶銷售將由 Guardicore 或 API 安全引導，但您完全正確。整個平台，整個安全平台都可以包含在內或發展到這個程度。這些合作夥伴在這方面非常擅長。所以我認為你完全正確，而且我們也看到了這一點。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

This is Kate on for Fish. So just one on the -- for the security weakness, was that more on the new side of the -- was that more on the new side or the expansion side of existing customers?

我是 Kate，為 Fish 表演。那麼，就安全漏洞而言，它更多地出現在新客戶方面，還是現有客戶的擴展方面？

Yeah. I wouldn't refer to it as weakness. It came in as we expected it. So we're not viewing it as weakness so it was pretty much right in line. But in terms of the impact within a quarter, you got to remember a lot of the business is recurring. So the bulk of the revenue is already spoken for with existing commerce. Most of the growth, as I said, comes from the -- into newer sales is coming from API security and Guardicore as we expected.

是的。我不會將其稱為弱點。正如我們預期的那樣。所以我們並不認為這是弱點，所以這基本上是正確的。但就一個季度內的影響而言，你必須記住很多業務都是重複的。因此，大部分收入已經由現有的商業活動佔據。正如我所說，大部分成長來自於——新的銷售來自 API 安全和 Guardicore，正如我們預期的那樣。

That doesn't have a huge revenue contribution in the quarter in which you sell it because it does take a maybe a month or so to get it up and running and revenue generating. So like I said, I think things turned out just as we expected, and the normal mix of new customer versus upsell into the base was pretty similar to what we see in a typical quarter.

它不會在您銷售它的季度帶來巨大的收入貢獻，因為它可能需要一個月左右的時間才能啟動、運行並產生收入。所以就像我說的，我認為事情正如我們預期的那樣，新客戶與追加銷售的正常組合與我們在典型季度看到的情況非常相似。

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

我們的問答環節到此結束。現在我想將電話轉回給馬克·斯托滕貝格，請他做最後發言。

MJ, you can please end the call now.

MJ，你現在可以結束通話了。

All right. This concludes our presentation. Thank you for attending today's conference. You may now disconnect your lines.

好的。我們的演講到此結束。感謝大家參加今天的會議。現在您可以斷開線路了。