阿卡邁科技 (AKAM) 2025 Q2 法說會逐字稿

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

大家好，歡迎參加 Akamai Technologies, Inc. 2025 年第二季財報電話會議。（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。

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

謝謝，大家下午好，謝謝大家參加 Akamai 2025 年第二季財報電話會議。今天發言的將是 Akamai 執行長 Tom Leighton 和 Akamai 財務長 Ed McGowan。

Please note that today's comments include forward-looking statements, including those regarding revenue and earnings guidance. 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.

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，這些預期和假設受一定風險和不確定性的影響，並涉及多種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 other risk factors identified in our filings with the SEC. The statements included on today's call represent the company's views on August 7, 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其他風險因素。今天電話會議中包含的聲明代表了公司在 2025 年 8 月 7 日的觀點，我們不承擔更新任何前瞻性聲明的義務。

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 had an excellent second quarter with results coming in above our guidance for revenue, margin and earnings per share. Revenue grew to $1.043 billion, up 7% year over year as reported and up 6% in constant currency. Non-GAAP operating margin was 30%. And non-GAAP earnings per share came in at $1.73, up 9% year over year as reported and in constant currency and $0.15 above the high end of our guidance range.

謝謝，馬克。我很高興地報告，Akamai 在第二季度表現出色，收入、利潤率和每股收益都高於我們的預期。營收成長至 10.43 億美元，年增 7%，以固定匯率計算成長 6%。非公認會計準則營業利益率為30%。非公認會計準則每股收益為 1.73 美元，以固定匯率計算年增 9%，比我們的指導範圍高端高出 0.15 美元。

. Our strong performance was enabled by the stabilization of revenue from our delivery product line, combined with the solid growth of our security and compute product lines, as we continue to reposition Akamai to take advantage of the tailwinds in these markets and the substantial opportunities associated with AI.

。我們的強勁業績得益於交付產品線收入的穩定，以及安全和計算產品線的穩健增長，同時我們將繼續重新定位 Akamai，以利用這些市場的順風優勢以及與人工智慧相關的巨大機遇。

I'm especially excited about the growth and opportunity we're seeing for our cloud infrastructure services portfolio. CIS revenue in Q2 was $71 million and grew at 30% year over year as reported and 29% in constant currency. We're projecting even faster growth throughout the remainder of the year as we start recognizing revenue from some large deals signed earlier this year.

我對我們的雲端基礎設施服務組合的成長和機會感到特別興奮。第二季 CIS 營收為 7,100 萬美元，年增 30%，以固定匯率計算成長 29%。隨著我們開始確認今年稍早簽署的一些大額交易的收入，我們預計今年剩餘時間的成長速度會更快。

As a reminder, our cloud infrastructure services portfolio consists of the compute and storage solutions that we've developed based on Land, along with our edge workers product and the ISV solutions running on our cloud platform. It's the high-growth portion of our cloud computing product line, and it's where we're focusing our investments.

提醒一下，我們的雲端基礎設施服務組合包括我們基於 Land 開發的運算和儲存解決方案，以及我們的邊緣工作者產品和在我們的雲端平台上運行的 ISV 解決方案。這是我們雲端運算產品線的高成長部分，也是我們投資的重點。

Our rapid growth in cloud infrastructure services is driven in part by our customers' desire to get their compute instances closer to end users for improved scalability and performance and by their need to reduce cost. This is particularly true for new Gen AI applications, which are increasingly being used to drive real-time decisions, shape user experiences and power operations.

我們在雲端基礎設施服務方面的快速成長部分是由於我們的客戶希望讓他們的運算實例更接近最終用戶，以提高可擴展性和效能，以及降低成本的需求。對於新一代人工智慧應用來說尤其如此，它們越來越多地被用於推動即時決策、塑造用戶體驗和推動營運。

To attract and retain customers, businesses are developing a variety of AI-based apps and agents for personalization, support, search, inference and other tasks. Akamai's globally distributed platform spanning more than 4,300 points of presence across 130 countries offers unique advantages for deploying such AI applications bringing business logic and data to within milliseconds of end users globally and operating at a scale that provides a petabyte per second of throughput capacity.

為了吸引和留住客戶，企業正在開發各種基於人工智慧的應用程式和代理，以實現個人化、支援、搜尋、推理和其他任務。Akamai 的全球分散式平台涵蓋 130 個國家/地區的 4,300 多個存取點，為部署此類 AI 應用程式提供了獨特的優勢，可將業務邏輯和資料傳輸到全球最終用戶幾毫秒內，並以每秒提供 PB 的吞吐能力的規模運作。

Already, customers have deployed AI-powered applications on Akamai Cloud for tasks such as image classification, image optimization, speech to text and speech to image chatbots, inference engines, virtual fitting rooms to name a few. Last month, we introduced our new AI gateway solution to customers at an event in London. This new solution is designed to address three of the biggest challenges that businesses encounter when they deploy large language models, AI that's too slow, too vulnerable to attack and too expensive to run at scale.

客戶已經在 Akamai Cloud 上部署了人工智慧應用程序，用於執行圖像分類、圖像優化、語音轉文字和語音轉圖像聊天機器人、推理引擎、虛擬試衣間等任務。上個月，我們在倫敦的活動中向客戶介紹了我們的新 AI 網關解決方案。這項新解決方案旨在解決企業在部署大型語言模型時遇到的三大挑戰：人工智慧太慢、太容易受到攻擊以及大規模運行成本太高。

AI Gateway acts as a smart traffic controller that sits between users and the AI services deployed by our customers. So now instead of every AI request having to travel all the way to a centralized server, Akamai makes it possible to handle many of these requests closer to the user at the edge. Moving AI closer to the action makes each interaction faster makes our customers' systems more energy and cost efficient and ultimately allows our customers to deliver a vastly better experience for their users.

AI Gateway 可作為智慧交通控制器，位於使用者和客戶部署的 AI 服務之間。因此，現在，Akamai 可以在更靠近用戶的邊緣處理許多此類請求，而不必將每個 AI 請求都一路傳輸到集中式伺服器。讓人工智慧更貼近行動，使得每次互動都變得更快，從而使我們客戶的系統更加節能和節省成本，並最終使我們的客戶能夠為其用戶提供更好的體驗。

The edge is also where Akamai deploys our security solutions, including our new firewall for AI that fights prompt abuse and model compromise as well as our bot and abuse solutions that help our publishing customers monetize their content by monitoring and controlling access by AI scraper bots.

邊緣也是 Akamai 部署安全解決方案的地方，包括我們針對 AI 的新防火牆，可以抵禦即時濫用和模型洩露，以及我們的機器人和濫用解決方案，可以透過監控和控制 AI 抓取機器人的存取來幫助我們的出版客戶將其內容貨幣化。

AI Gateway and firewall for AI are prime examples of how we're bringing our expertise at the edge to the cloud to make AI faster, more secure and significantly more affordable. There are also good examples of the synergy between our new cloud computing capabilities and our security and delivery product lines as customers buy cloud computing from Akamai alongside security and delivery.

AI 閘道和 AI 防火牆是我們如何將邊緣專業知識帶到雲端以使 AI 更快、更安全且更實惠的典型例子。客戶從 Akamai 購買雲端運算以及安全性和交付產品線，這也是我們新的雲端運算功能與安全性和交付產品線之間協同作用的一個好例子。

Examples of the many contracts we signed in Q2 that included a large commit for our cloud infrastructure services, our three-year $16 million renewal and expansion agreement with one of the largest companies at the forefront of the AI revolution, a two-year $28 million agreement with one of the world's leading travel companies, a three-year $18 million deal with a leading Internet platform in South Korea, a $19 million deal with an Internet company in Japan and a three-year $10 million agreement with one of the world's leading media companies.

我們在第二季度簽署了許多合同，其中包括對我們的雲端基礎設施服務的大量承諾、與人工智慧革命前沿的最大公司之一簽訂的為期三年的價值 1600 萬美元的續約和擴展協議、與世界領先的旅遊公司之一簽訂的為期兩年的價值 2800 萬美元的協議、與韓國領先的互聯網平台簽訂的為期三年的價值 1800 萬美元的互聯網協議、與日本簽訂的公司的價值 1919 1900 萬美元的互聯網協議、與日本簽訂的為期三年萬美元的協議以及與世界領先的媒體公司之一簽訂的為期三年的價值 1000 萬美元的協議。

Turning now to security. Security growth was driven in part by the continued strong demand for our market-leading Guardicore segmentation solution as more enterprises relied on Akamai to meet compliance requirements and to defend against ransomware and data exfiltration malware.

現在來談談安全問題。安全成長的部分原因是，隨著越來越多的企業依賴 Akamai 來滿足合規性要求並防禦勒索軟體和資料外洩惡意軟體，對我們市場領先的 Guardicore 分段解決方案的需求持續強勁。

Ransomware remains a top financial and reputational risk for enterprises as illustrated by the highly publicized a tax that took down several major retailers in Q2. According to news reports, one attack in April on a British retailer impacted operations for at least three months costing the company an estimated $400 million in lost revenue.

勒索軟體仍然是企業面臨的最大財務和聲譽風險，正如第二季度備受關注的勒索軟體事件導致多家大型零售商倒閉就可以看出。根據新聞報道，四月份英國一家零售商遭遇的襲擊對其營運造成了至少三個月的影響，造成該公司約 4 億美元的收入損失。

And a retailer in the US reported $20 million in lost sales when a cyber attack took down its e-commerce platform during their Memorial Day weekend sale. In a world where attacks are finding new ways to penetrate traditional perimeter defenses, segmentation is the last and most important line of defense for major enterprises.

美國一家零售商報告稱，在陣亡將士紀念日週末促銷期間，其電子商務平台遭遇網路攻擊，導致銷售額損失 2,000 萬美元。在這個攻擊不斷尋找新方法來突破傳統邊界防禦的世界中，分段是大型企業的最後一道也是最重要的防線。

And our market-leading segmentation solution is making a big difference for our customers. With our sophisticated threat intelligence, we've detected a wide variety of malicious ransomware attacks on commerce companies. And customers who use our segmentation solution we're able to identify these attacks and protect themselves from operational harm and financial loss.

我們市場領先的細分解決方案正在為我們的客戶帶來巨大的變化。憑藉我們先進的威脅情報，我們偵測到了針對商業公司的各種惡意勒索軟體攻擊。使用我們的分段解決方案的客戶能夠識別這些攻擊並保護他們免受營運損害和財務損失。

In fact, Akamai is the only vendor to be named customer favorite in the new Forrester Wave Zero Trust Platforms Report receiving perfect scores in three categories: segmentation and control pricing flexibility and supporting services. Our segmentation wins in Q2 included a $9 million contract for Guardicore with one of the world's leading consumer and commercial insurance providers.

事實上，Akamai 是新版 Forrester Wave 零信任平台報告中唯一被評為客戶最喜愛的供應商，在三個類別中獲得滿分：細分和控制、定價靈活性和支援服務。我們在第二季度取得的細分市場勝利包括與世界領先的消費者和商業保險提供商之一簽訂的價值 900 萬美元的 Guardicore 合約。

After Akamai demonstrated the fastest time to policy across their on-prem, AWS and Azure environments. A $5 million contract with one of the world's largest financial services companies, that selected Guardicore after struggling to modernize their environment for Zero Trust to protect aging networks for which they had no visibility and a $3 million contract, two-thirds of which is for Guardicore with one of Japan's leading financial institutions.

Akamai 展示了其在本地、AWS 和 Azure 環境中最快的策略制定時間。與全球最大的金融服務公司之一簽訂了一份價值 500 萬美元的合同，該公司在努力實現零信任環境現代化以保護其不具備可視性的老化網絡後選擇了 Guardicore，此外還與日本一家領先的金融機構簽訂了一份價值 300 萬美元的合同，其中三分之二的金額由 Guardicore 承擔。

Wins and other industries included deals with a leading manufacturer in the US, a major steel producer in Asia and a large holding company in Latin America. In Q2, we also continued to see strong interest in our market-leading API security solution. which earned Akamai recognition as a leader in KuppingerCole's Leadership Compass API security and management report released last month. Our API security solution combines very well with our market-leading WAF and bot management solutions to provide a compelling platform for app and API protection for major enterprises.

Wins 和其他行業的交易包括與美國一家領先製造商、亞洲一家主要鋼鐵生產商以及拉丁美洲一家大型控股公司的交易。在第二季度，我們也繼續看到市場對我們領先的 API 安全解決方案的濃厚興趣。這使得 Akamai 在上個月發布的 KuppingerCole 領導指南針 API 安全和管理報告中被評為領導者。我們的 API 安全解決方案與我們領先市場的 WAF 和機器人管理解決方案完美結合，為大型企業的應用程式和 API 保護提供了引人注目的平台。

Major API security wins last quarter included a $15 million agreement with one of North America's largest real estate fintech companies, which included $2 million for API security, a $4 million expansion contract with one of the largest managed care organizations in North America, which included $2 million for API security.

上個季度在 API 安全方面取得的重大勝利包括與北美最大的房地產金融科技公司之一簽訂的價值 1500 萬美元的協議，其中包括 200 萬美元的 API 安全費用；與北美最大的管理式醫療機構之一簽訂的價值 400 萬美元的擴展合同，其中包括 200 萬美元的 API 安全費用。

A $2.3 million agreement with one of the largest life insurance providers in India, which included $1.4 million for the protection of their API ecosystem as they migrated away from their previous provider and the $20 million five-year contract renewal with one of the leading fashion and home retailers in Europe that included seven Akamai security solutions in addition to compute and delivery.

與印度最大的人壽保險提供商之一簽訂了價值 230 萬美元的協議，其中包括 140 萬美元用於在他們從之前的提供商遷移時保護他們的 API 生態系統，以及與歐洲領先的時尚和家居零售商之一續簽價值 2000 萬美元的五年合同，其中包括七種 Akamai 安全解決方案以及計算和交付解決方案。

We're very pleased to see customers increasingly utilize the full breadth of our security platform across applications, APIs, infrastructure and enterprise Zero Trust security. We believe this illustrates the strength of Akamai security defenses, the depth of our threat intelligence and our close relationships with enterprise customers who rely on us as a strategic partner in security helping them consolidate their security spending with a major vendor, they trust most to protect their businesses and reputations.

我們非常高興地看到客戶越來越多地利用我們涵蓋應用程式、API、基礎架構和企業零信任安全在內的全方位安全平台。我們相信，這體現了 Akamai 安全防禦的實力、我們威脅情報的深度以及我們與企業客戶的密切關係，企業客戶依賴我們作為安全戰略合作夥伴，幫助他們將安全支出整合到他們最信任的主要供應商，以保護他們的業務和聲譽。

Before I turn the call over to Ed, I'd like to say a few words of welcome to the two new directors on Akamai's Board, John and Boss Berger. John has held several executive roles at Google including as lead for digital transformation for Google Cloud and Chief of Business Operations. Prior to that, she was a partner at McKinsey & Company. She brings deep expertise in cloud computing cybersecurity and AI as well as general management and strategy consulting experience.

在我將電話轉給 Ed 之前，我想先對 Akamai 董事會的兩位新董事 John 和 Boss Berger 表示歡迎。約翰曾在Google擔任多個高階主管職位，包括Google雲端數位轉型負責人和業務營運總監。在此之前，她是麥肯錫公司的合夥人。她在雲端運算網路安全和人工智慧方面擁有深厚的專業知識以及綜合管理和策略諮詢經驗。

Boss Berger is the CEO of BT International, the division of the UK telco company that delivers global data, voice, security and cloud connectivity solutions to multinational organizations. BOSS brings expertise in leading complex global organizations executing go-to-market initiatives focused on driving customer acquisition, retention, and expansion and building strategic partnerships with major technology infrastructure and cybersecurity providers.

Boss Berger 是英國電信國際公司的首席執行官，該公司是英國電信公司的一個部門，為跨國組織提供全球數據、語音、安全和雲端連接解決方案。BOSS 擁有領導複雜的全球組織執行市場進入計畫的專業知識，這些計畫專注於推動客戶獲取、保留和擴展，並與主要技術基礎設施和網路安全供應商建立策略合作夥伴關係。

Their insights and counsel will be invaluable to us as we continue to innovate and expand our cloud computing and cyber security offerings and advance our go-to-market transformation to best capture future growth opportunities.

他們的見解和建議對我們來說非常寶貴，因為我們將繼續創新和擴展我們的雲端運算和網路安全產品，並推動我們的市場轉型，以最好地抓住未來的成長機會。

Now I'll turn the call over to Ed to say more in our Q2 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二季業績以及今年剩餘時間的展望。艾德？

Thank you, Tom. As Tom just mentioned, we delivered very solid second quarter results with total Q2 revenue of $1.043 billion, which was up 7% year over year as reported and 6% in constant currency. We also had another quarter of very strong bottom line performance with non-GAAP EPS outperforming our guidance range by $0.15.

謝謝你，湯姆。正如湯姆剛才提到的，我們第二季的業績非常穩健，第二季總營收為 10.43 億美元，按報告數字計算年增 7%，按固定匯率計算成長 6%。我們的本季獲利表現也十分強勁，非 GAAP 每股盈餘超出我們的預期範圍 0.15 美元。

The strong non-GAAP EPS performance was driven by a combination of higher-than-expected revenue, lower-than-expected bandwidth costs, higher interest income related to the convertible debt issuance in May and lower share count as a result of our stock buyback activity in the first half of the year. It's also worth noting that we received an unusually high amount of bandwidth and colocation credits during the quarter, resulting in a onetime positive benefit of approximately $5 million to gross margin in the second quarter.

強勁的非公認會計準則每股收益表現是由高於預期的收入、低於預期的頻寬成本、與 5 月份發行可轉換債券相關的更高利息收入以及上半年股票回購活動導致的股票數量減少等因素共同推動的。還值得注意的是，我們在本季度獲得了異常高的頻寬和主機託管信用額度，為第二季的毛利率帶來了約 500 萬美元的一次性正收益。

Moving now to revenue. Compute revenue was $171 million, up 13% year over year as reported and in constant currency. Compute revenue was driven by continued strength in our Cloud Infrastructure Services or CIS. CIS revenue was $71 million, up 30% year over year as reported and 29% in constant currency.

現在轉向收入。計算收入為 1.71 億美元，以固定匯率計算年增 13%。運算收入受到我們雲端基礎設施服務（CIS）持續強勁成長的推動。CIS 營收為 7,100 萬美元，以報告數字計算年增 30%，以固定匯率計算成長 29%。

As Tom noted, we expect the growth rate of our CIS business to accelerate throughout the rest of this year and into next year, driven by some large contracts signed earlier this year that will start generating revenue late this year and into 2026 and beyond.

正如湯姆所說，我們預計，CIS 業務的增長率將在今年剩餘時間和明年加速，這得益於今年早些時候簽署的一些大合同，這些合同將在今年晚些時候以及 2026 年及以後開始產生收入。

We continue to expect CIS ARR year-over-year growth in the range of 40% to 45% in constant currency at the end of the year. Revenue from other cloud applications, or OCA, was $100 million, up 4% year over year as reported and up 3% in constant currency.

我們繼續預計，到今年年底，CIS ARR 的同比成長率將達到 40% 至 45%（以固定匯率計算）。其他雲端應用程式（OCA）的收入為 1 億美元，年增 4%，以固定匯率計算成長 3%。

As we mentioned on our Q4 call in February, OCA includes many of our more mature compute products such as image and video manager, cloudlets and legacy net storage. We expect the revenue from OCA to remain relatively flat quarter over quarter for the rest of this year. However, as a result of a $7 million onetime benefit included in Q3 2024s results. We anticipate that the year-over-year revenue growth rate for OCA will take a onetime dip in Q3.

正如我們在二月的第四季度電話會議上提到的那樣，OCA 包含許多更成熟的運算產品，例如影像和視訊管理器、雲端和傳統網路儲存。我們預計今年剩餘時間內 OCA 的營收將與上一季保持相對穩定。然而，由於 2024 年第三季業績中包含了 700 萬美元的一次性收益。我們預計 OCA 的年收入成長率將在第三季出現一次性下降。

As a reminder, this onetime benefit was related to the release of some deferred revenue in conjunction with the expiration of a long-term legacy compute contract. Putting this all together, we remain very excited about our opportunities for compute. Based on the timing of revenue recognition for the larger deals I mentioned earlier, our compute growth for 2025 could be a little less than our goal of approximately 15% in constant currency for the full year.

提醒一下，這項一次性福利與長期遺留計算合約到期時釋放的一些遞延收入有關。綜合起來，我們仍然對計算領域的機會感到非常興奮。根據我之前提到的較大交易的收入確認時間，我們 2025 年的計算增長可能略低於全年約 15%（以固定匯率計算）的目標。

Security revenue was $552 million, up 11% year over year as reported and 10% in constant currency. Within security, the combined revenue for API security and Zero Trust Enterprise Security was $67 million, up 48% year over year as reported and 49% in constant currency. These results include approximately $8 million of inorganic revenue from no name. Excluding this inorganic contribution, year-over-year revenue growth would have been approximately 32%.

安全收入為 5.52 億美元，年增 11%，以固定匯率計算成長 10%。在安全領域，API 安全和零信任企業安全的總收入為 6,700 萬美元，較去年同期成長 48%，以固定匯率計算成長 49%。這些結果包括來自無名氏的約 800 萬美元無機收入。不包括這筆無機貢獻，年比營收成長約 32%。

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

我們繼續預期 2025 年安全收入將以固定匯率成長約 10%，並且我們繼續預期 2025 年零信任企業和 API 安全解決方案的綜合 ARR 將以固定匯率年增 30% 至 35%。

Delivery revenue was $320 million, down 3% year over year as reported and down 4% in constant currency, well above our expectations. We're very encouraged by the continued improvements in both pricing and traffic growth we observed during the first half of the year. International revenue was $516 million, up 10% year over year or 8% in constant currency representing 49% of our total revenue in Q2. US foreign exchange fluctuations had a positive impact on revenue of $17 million on a sequential basis a positive $8 million impact on a year-over-year basis.

配送收入為 3.2 億美元，按報告計算年減 3%，以固定匯率計算下降 4%，遠高於我們的預期。我們對今年上半年價格和流量成長的持續改善感到非常鼓舞。國際營收為 5.16 億美元，年增 10%，以固定匯率計算成長 8%，占我們第二季總營收的 49%。美國外匯波動對收入產生了積極影響，環比增長 1700 萬美元，比去年同期增長 800 萬美元。

Moving now to profitability. In Q2, we generated non-GAAP net income of $251 million or $1.73 of earnings per diluted share, up 9% year over year as reported and in constant currency and $0.15 above the high end of our guidance range based on the items I mentioned earlier. Finally, our Q2 CapEx was $214 million or 21% of revenue.

現在轉向獲利。在第二季度，我們的非公認會計準則淨收入為 2.51 億美元，即每股攤薄收益 1.73 美元，按固定匯率計算同比增長 9%，比我們根據我之前提到的項目所製定的指導範圍的高端高出 0.15 美元。最後，我們的第二季資本支出為 2.14 億美元，佔營收的 21%。

Moving to cash and our capital allocation strategy. As of June 30, our cash, cash equivalents and marketable securities totaled approximately $1.6 billion. As a reminder, during the second quarter, we used cash on hand and funds available under our revolving credit facility to fully repay $1.15 billion of our outstanding convertible senior notes that matured on May 1, 2025.

轉向現金和我們的資本配置策略。截至 6 月 30 日，我們的現金、現金等價物和有價證券總額約為 16 億美元。提醒一下，在第二季度，我們使用了現金和循環信貸額度下的可用資金，全額償還了 2025 年 5 月 1 日到期的 11.5 億美元未償還可轉換優先票據。

Following this repayment, we issued $1.725 billion in senior convertible notes with the maturity date of May 15, 2033, with a coupon of 25 basis points. As part of the offering, we incurred net cost of $275 million from note hedging and warrant transactions while concurrently spending $300 million on stock buybacks.

此次還款之後，我們發行了價值 17.25 億美元的優先可轉換票據，到期日為 2033 年 5 月 15 日，票面利率為 25 個基點。作為發行的一部分，我們從票據對沖和認股權證交易中產生了 2.75 億美元的淨成本，同時花費 3 億美元用於股票回購。

It's worth noting that in the second quarter, we used approximately $250 million of the proceeds from this offering to pay off prior borrowings on our revolving credit facility. The net proceeds of approximately $900 million from this offering have been invested in highly liquid marketable securities currently yielding approximately 4% on a weighted average basis.

值得注意的是，在第二季度，我們使用了此次發行所得的約 2.5 億美元來償還循環信貸額度中的先前借款。此次發行所得淨收益約 9 億美元已投資於流動性極強的有價證券，目前加權平均收益率約 4%。

As it relates to return on capital, as I just mentioned, we spent approximately $300 million to buy back approximately 3.9 million shares during the second quarter. We ended the second quarter with approximately $1.2 billion remaining on our current repurchase authorization. Year-to-date, we spent $800 million to buy back approximately 10 million shares.

至於資本回報率，正如我剛才提到的，我們在第二季花了大約 3 億美元回購了大約 390 萬股股票。截至第二季末，我們目前的回購授權餘額約為 12 億美元。年初至今，我們已花費 8 億美元回購了約 1,000 萬股。

Going forward, 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 when market and business conditions warrant. Before I provide our Q3 and full year 2025 guidance, I want to touch on some housekeeping items.

展望未來，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，並在市場和商業條件允許的情況下，在併購和股票回購中抓住機會。在我提供我們的第三季和 2025 年全年指導之前，我想談談一些日常事務。

First, despite initial concerns, the likelihood of a complete tick talk ban in the US appears to be less likely -- with this in mind, we are now including domestic revenue from TikTok in our Q3 and full year 2025 revenue guidance. Second, regarding compute revenue. As I mentioned earlier, last year's Q3 results included a onetime $7 million benefit that will not reoccur in Q3 2025.

首先，儘管最初存在擔憂，但美國完全禁止談論TikTok的可能性似乎較小——考慮到這一點，我們現在將TikTok的國內收入納入了我們第三季和2025年全年的收入指引中。第二，關於計算收入。正如我之前提到的，去年第三季的業績包括一筆 700 萬美元的一次性收益，這筆收益在 2025 年第三季不會再次出現。

Third, as it relates to gross margin, we are projecting an increase in colocation and related costs, starting in Q3. as we anticipate additional compute capacity coming online during the quarter. This will result in roughly a 1 percentage point increase in cost of revenue in Q3 compared to Q2.

第三，就毛利率而言，我們預計從第三季開始，主機託管和相關成本將會上升，因為我們預計本季將有更多運算能力上線。這將導致第三季的收入成本較第二季增加約 1 個百分點。

In addition, for our qualified compute partner sales, or QCP, we occasionally bundle third-party products as part of a total solution for customers. In certain situations, we must record the gross revenue from these sales and the associated costs. The gross margin on the partner resales is typically lower than our company gross margin. Therefore, as qualified compute partner revenue increases, we expect it will lower our overall gross margin. We anticipate the sales of QCP Partner Solutions will impact gross margins by approximately 70 basis points this year.

此外，對於我們的合格計算合作夥伴銷售（QCP），我們偶爾會將第三方產品捆綁在一起作為客戶整體解決方案的一部分。在某些情況下，我們必須記錄這些銷售的總收入和相關成本。合作夥伴轉售的毛利率通常低於我們公司的毛利率。因此，隨著合格計算合作夥伴收入的增加，我們預計這將降低我們的整體毛利率。我們預計 QCP 合作夥伴解決方案的銷售將對今年的毛利率產生約 70 個基點的影響。

It's worth noting the primary advantage of working with QCP partners is their solutions do help drive additional higher-margin CIS revenue. Fourth, as we previously discussed, we are investing to strengthen our go-to-market approach. We're increasing our sales rep hunting capacity to be more proactive in finding and securing new business and we're adding experienced specialists to help support the sales of our new security and compute products.

值得注意的是，與 QCP 合作夥伴合作的主要優勢是他們的解決方案確實有助於推動額外的高利潤 CIS 收入。第四，正如我們之前討論過的，我們正在投資以加強我們的市場進入方式。我們正在提高銷售代表搜尋能力，以更積極地尋找和獲得新業務，我們正在增加經驗豐富的專家來幫助支援我們的新安全和運算產品的銷售。

In addition, we're also growing our channel organization to expand our partnerships and open up potential new revenue growth opportunities. These investments are crucial to our long-term success, but it will take time for the incremental headcount to ramp and start delivering results. As a result, we anticipate that our operating margin in the second half of the year will be lower than in the first half.

此外，我們也正在擴大我們的通路組織，以擴大我們的合作夥伴關係並開闢潛在的新收入成長機會。這些投資對於我們的長期成功至關重要，但增加的員工數量並開始產生成果還需要時間。因此，我們預計下半年的營業利潤率將低於上半年。

Finally, on July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act. The act includes significant provisions such as the permanent extension of certain existing provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions.

最終，2025年7月4日，川普總統簽署了《一項偉大的美麗法案》。該法案包括重要條款，例如永久延長《減稅與就業法案》的某些現有條款、修改國際稅收框架以及恢復對某些商業條款的優惠稅收待遇。

The new legislation has multiple effective dates with certain provisions effective in 2025 and others implemented through 2027. We are in the process of evaluating the act, but we do not expect it will have a material impact on our tax rate in 2025.

新法例有多個生效日期，某些條款將於 2025 年生效，其他條款將於 2027 年實施。我們正在評估該法案，但我們預計它不會對我們 2025 年的稅率產生重大影響。

So those factors in mind, I'll move to our Q3 guidance. For Q3, we are projecting revenue in the range of $1.035 billion to $1.050 billion or up 3% to 4% as reported and up 2% to 4% in constant currency over Q3 2024. At current spot rates, foreign exchange fluctuations are expected to have a positive $3 million impact on Q3 revenue compared to Q2 levels a positive $6 million impact year over year.

考慮到這些因素，我將轉向我們的第三季指導。對於第三季度，我們預計營收將在 10.35 億美元至 10.50 億美元之間，或比 2024 年第三季報告的營收成長 3% 至 4%，以固定匯率計算則成長 2% 至 4%。以當前現貨匯率計算，預計外匯波動將對第三季營收產生 300 萬美元的正影響，而第二季的營收則較去年同期產生 600 萬美元的正影響。

At these revenue levels, we expect cash gross margins of approximately 72% to 73%. Q3 non-GAAP operating expenses are projected to be $327 million to $332 million. We expect Q3 EBITDA margin of approximately 41%. We expect non-GAAP depreciation expense to be between $138 million to $141 million, and we expect non-GAAP operating margin of approximately 28% and for Q3.

在這些收入水準下，我們預期現金毛利率約為 72% 至 73%。第三季非公認會計準則營運費用預計為 3.27 億美元至 3.32 億美元。我們預計第三季 EBITDA 利潤率約為 41%。我們預期非 GAAP 折舊費用在 1.38 億美元至 1.41 億美元之間，我們預計非 GAAP 營業利潤率約為 28%，第三季亦如此。

Moving on to CapEx. We expect to spend approximately $227 million to $237 million. This represents approximately 22% of our projected total revenue. Based on our expectations for revenue and costs, we expect Q3 non-GAAP EPS in the range of $1.62 to $1.66.

轉向資本支出。我們預計支出約為 2.27 億至 2.37 億美元。這約占我們預計總收入的22%。根據我們對營收和成本的預期，我們預計第三季非 GAAP 每股盈餘將在 1.62 美元至 1.66 美元之間。

This non-GAAP EPS guidance assumes taxes of $54 million to $55 million based on an estimated quarterly non-GAAP tax rate of approximately 19%. It also reflects a fully diluted share count of approximately 145 million shares.

本非公認會計準則每股收益指引假設稅額為 5,400 萬美元至 5,500 萬美元，基於預期的季度非公認會計準則稅率約為 19%。它還反映了完全稀釋後的股份數量約為 1.45 億股。

Turning to the full year. For 2025, we now expect revenue of $4.15 billion to $4.205 billion, which is up 4% to 5% as reported and 3% to 5% in constant currency. At current spot rates, our guidance assumes foreign exchange will have a positive $13 million impact on revenue in 2025 on a year-over-year basis.

展望全年。我們現在預計 2025 年的營收將達到 41.5 億美元至 42.05 億美元，按報告數字計算將增長 4% 至 5%，按固定匯率計算將增長 3% 至 5%。按照目前現貨匯率，我們的指導假設是，外匯將對 2025 年的收入產生年比 1,300 萬美元的正面影響。

For 2025, we are estimating non-GAAP operating margin of approximately 29% as measured in today's FX rates. We anticipate that our full year CapEx will be approximately 20% of total revenue. And for the full year 2025, we expect non-GAAP earnings per diluted share in the range of $6.60 to $6.80. This non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 19% and a fully diluted share count of approximately 147 million shares.

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 29%。我們預計全年資本支出將佔總收入的約 20%。我們預計2025年全年非公認會計準則每股攤薄收益將介於6.60美元至6.80美元之間。此非公認會計準則獲利預測是基於約19%的非公認會計準則有效稅率和約1.47億股完全稀釋股數。

In closing, we're very encouraged by our strong first half financial performance marked by solid results across both the top and bottom lines.

最後，我們對上半年強勁的財務表現感到非常鼓舞，無論是營收還是利潤，我們都取得了穩健的業績。

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

就這樣，我就可以結束這一切了。湯姆和我很樂意回答你們的問題。操作員？

(Operator Instructions) Mike Cikos, Needham & Co.

（操作員說明）Mike Cikos，Needham & Co.

Just wanted to come back to some earlier comments on the financials, but I know that we have the updated you want to cut -- can you just walk us through how the first half of the year entire versus expectations, why we're indicating how calendar '25 could finish up some of this targeted 15% that we've been talking to.

我只是想回到之前對財務狀況的一些評論，但我知道我們已經有了您想要的更新 - 您能否向我們介紹一下今年上半年的整體情況與預期相比如何，為什麼我們要指出 25 年日曆可以完成我們一直在談論的 15％ 的目標。

Yeah, I'll take the first pass at that. So far this year, compute -- particularly cloud infrastructure services, where we're focused and seeing really great growth is exceeding -- meeting and exceeding expectations. We've signed a large number of customers at significant revenue.

是的，我會先試試看。今年到目前為止，我們重點關注的運算（特別是雲端基礎設施服務）領域取得了巨大的成長，並且超出了預期。我們已與大量客戶簽約，並獲得了豐厚的收入。

We are in a position, depending on when that revenue starts getting recognized towards the end of the year, would impact what our overall compute revenue would be for the year, but we do forecast 40% to 45% growth in ARR on a full year basis by year-end. So a significant acceleration from where we are today, which is already doing extremely well at 30% growth on a number that is almost a $300 million ARR. Ed, do you want to add anything to that?

我們目前所處的狀況取決於該收入在年底何時開始確認，這將影響我們全年的整體計算收入，但我們確實預測到年底全年 ARR 將增加 40% 至 45%。因此，與目前的情況相比，我們的成長速度有了顯著加快，目前我們的業績已經非常出色，年平均經常性收入 (ARR) 接近 3 億美元，成長率達到 30%。艾德，你還有什麼要補充的嗎？

Yeah, I think you covered it, Tom. I mean it really just comes down to some of the large deals that were signed this year when they actually turn into revenue. So if it's a month or two late in terms of when the customers ramp up, that may potentially land revenue slightly below 15%. But I think the big key takeaway here is that we feel very confident with the business that we've signed up that we're on a significant acceleration path for CIS revenue.

是的，我想你已經講清楚了，湯姆。我的意思是，這實際上取決於今年簽署的一些大型交易是否真正轉化為收入。因此，如果客戶增加的時間晚了一兩個月，那麼收入可能會略低於 15%。但我認為這裡最重要的一點是，我們對我們簽約的業務非常有信心，我們的 CIS 收入正處於顯著加速的道路上。

John DeFucci, Guggenheim.

古根漢美術館的約翰‧德福奇。

Ed and Tom, this is [Lauren Fenske] on for John DiFucci. I just wanted to quickly touch on the delivery business. So you guys have been clear about the headwinds that you've been seeing for some time now. But it seems like the last two quarters, we've been ahead of where the Street was expecting it to be. So if we think about the competitive environment, pre-pandemic and where it is now, do you think you're seeing an incremental benefit from the exit of some of your CDN peers in recent years and some of which you've acquired assets from?

艾德和湯姆，這是勞倫·芬斯克，代表約翰·迪富奇發言。我只是想快速談談送貨業務。所以你們已經清楚地認識到一段時間以來所看到的阻力。但似乎過去兩個季度，我們的業績已經超出了華爾街的預期。因此，如果我們考慮疫情前的競爭環境以及現在的競爭環境，您是否認為近年來部分 CDN 同行的退出以及您從中收購資產的行為會為您帶來增量收益？

And is this just an improvement in trends? And is this a sustainable improvement in trends? Any color there would be very helpful.

這僅僅是趨勢的改善嗎？這是趨勢的可持續改善嗎？任何顏色都會很有幫助。

Yeah, there's a substantial difference in the competitive landscape pre-pandemic and today, four of our biggest competitors, pre-pandemic are gone. And we did pick up the contracts, the ones that we wanted from those customers. We've done a good job upselling and cross-selling there. On top of that, the traffic trends overall, I think, are improving, and we're seeing that.

是的，疫情爆發前的競爭格局與今天有很大不同，疫情爆發前我們最大的四個競爭對手已經消失了。我們確實拿到了合同，也就是我們想要從那些客戶那裡拿到的合約。我們在那裡的追加銷售和交叉銷售方面做得很好。最重要的是，我認為整體交通趨勢正在改善，我們也看到了這一點。

So you get a combination of a little bit better pricing environment. It's still competitive, of course, but not in a crazy way it was as four companies were on their death rows, just offering any price at all to get some business. And so as we look forward, as Ed talked about, we're looking at mid-single digit declines. And over the longer term, we want it to be stable, steady, and not see declines there.

因此，您可以獲得稍微好一點的定價環境。當然，競爭仍然激烈，但不像之前那樣瘋狂，因為當時有四家公司處於垂死狀態，為了獲得一些業務，他們不惜提供任何價格。因此，正如 Ed 所說，展望未來，我們預計會出現中等個位數的下降。從長遠來看，我們希望它保持穩定、穩健，不會出現下滑。

Got it. That's helpful and clear. Thank you.

知道了。這很有幫助，而且很清晰。謝謝。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Hey. Good afternoon, team. This is Mark on for Fatima. Thanks for taking the question. Maybe just wanted to touch on CIS again. Just in regards to the large contracts you guys signed this earlier this year. Can you give us a sense of the contract structure? Are there minimum commitments or firm demand that you see in the pipe that's really given conviction for -- on the second half growth acceleration. It just seems like, obviously, there's a big healthy ramp here to get to the 45% AR target?

嘿。大家下午好。這是法蒂瑪的馬克。感謝您回答這個問題。也許只是想再談一談 CIS。就你們今年早些時候簽署的大型合約而言。能為我們介紹一下合約結構嗎？您是否看到管道中存在最低承諾或堅定需求，這確實為下半年的成長加速提供了基礎。顯然，這似乎意味著這裡有一個很大的健康上升通道可以達到 45% 的 AR 目標？

Yeah. This is Ed. I'll take that one, Tom. So there's a number of different contracts that were signed. We've announced a couple of them, and both of the two largest ones have minimum commitments, and there is a ramp to the revenue throughout the year.

是的。我是艾德。湯姆，我接手這個。因此，我們簽署了許多不同的合約。我們已經宣布了其中幾個，其中兩個最大的項目都有最低承諾，並且全年收入都在增加。

And as we had said at the beginning of the year, we did expect this to be revenue later in the year, and now we've got a better line of sight to it. But a lot of it depends on how quickly the customer will move the application and ramp it up. So we do have, like I said, a very high confidence level in that revenue. There's three or four really large contracts that have been signed, all which have commitments. So we feel pretty good about that.

正如我們在今年年初所說的那樣，我們確實預計這將是今年稍後的收入，現在我們對此有了更好的了解。但很大程度取決於客戶行動應用程式和提升應用程式的速度。所以，正如我所說，我們對這筆收入確實有很高的信心。已經簽署了三到四份真正重要的合同，所有合約都有承諾。所以我們對此感覺很好。

Great. And maybe just a follow-up. Does the 40% to 45% ARR growth target assume only the minimum commitment? Or what sort the building blocks here?

偉大的。或許只是後續行動。40% 至 45% 的 ARR 成長目標是否僅假設最低承諾？或者這裡的構建塊是什麼樣的？

Yeah. So the way we define the ARR, just to make it simple for investors to follow as we just take the Q4 times 4 as an ARR proxy. So it be -- it wouldn't be the minimum commitment necessarily. It would be whatever revenue that we were generating from those contracts within the particular quarter in Q4.

是的。因此，我們定義 ARR 的方式只是為了讓投資者更容易理解，因為我們只是將 Q4 乘以 4 作為 ARR 代理。所以——這不一定是最低承諾。這將是我們在第四季度的特定季度內從這些合約中獲得的任何收入。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Some insight into the guide? And to what extent is the uptick in the guide coming from including TikTok for the rest of the year? And then as a follow-up, the subdivision on the compute, can you maybe give us a little more color on what's going on in the part of that business besides that's growing a little bit less?

本指南有什麼見解？那麼，指南中的成長在多大程度上來自於今年剩餘時間納入 TikTok 的影響？然後作為後續問題，關於計算的細分，除了成長稍慢之外，您能否向我們詳細介紹一下該業務部分的進展？

Yeah, sure. So in terms of the guidance, as we've disclosed for a while now, what the US revenue from TikTok is it's about $40 million, $40 million to $50 million. So you can assume about half of that roughly given that we're giving guidance for the back half of the year is in the number.

是的，當然。因此，就預期而言，正如我們一段時間以來所披露的那樣，TikTok 在美國的收入約為 4000 萬美元、4000 萬至 5000 萬美元。因此，考慮到我們給出的下半年指導，你可以粗略地假設其中大約有一半是數字。

So as you can tell, the midpoint of the guide is up much more than that. So there's more to it than just the TikTok increase it's really strength across the board. And then your other question was in terms of the other cloud applications.

因此，正如您所看到的，指南的中點比這高得多。因此，這不僅僅是 TikTok 的成長，而是全面增強的力量。然後您的另一個問題是關於其他雲端應用程式的。

If you go back to the last call we had when we talked about the other cloud applications and broke it out for you broke it into the different categories, image management, video management, the legacy net storage, cloud lets apps, et cetera.

如果您回顧我們上次通話時討論的其他雲端應用程序，並將其分為不同的類別，影像管理、視訊管理、傳統網路儲存、雲端應用程式等等。

There's a number of things going on underneath that business, some of which we are transferring some of that business to compute partners of ours in exchange for large commitments back on the compute side and then we go to market with those particular partners. So that's going to start to come off over time, say, over the next 12 to 18 months. Legacy net storage, we have a legacy platform. We had disclosed that number of around $50 million on an annualized basis.

該業務背後有很多事情正在發生，其中一些是我們將部分業務轉移給我們的計算合作夥伴，以換取計算方面的大量承諾，然後我們與這些特定的合作夥伴一起進入市場。因此，隨著時間的推移，比如說在未來 12 到 18 個月內，這一趨勢將會開始顯現。遺留網路存儲，我們有一個遺留平台。我們揭露的數字是，以年率計算約為 5000 萬美元。

We've got a new storage platform in the anode and compute part of the business in the CIS business. So we're going to be end of life in that business, and that business will hopefully migrate over to CIS and as it does, we'll let you know. So there's -- we're not expecting a lot of growth. It is still growing. It's growing at 3% to 4%, but we're expecting that some of that revenue to decline over time just in line with what we have said in the past.

我們在CIS業務的陽極和運算部分業務中有了一個新的儲存平台。因此，我們將終止該業務，並希望該業務遷移到 CIS，一旦遷移完成，我們會通知您。因此，我們並不期望有太大的成長。它還在增長。它的成長速度為 3% 到 4%，但我們預計部分收入會隨著時間的推移而下降，正如我們過去所說的那樣。

So that amount in you're sending over to partners. Can you quantify that? What is the total amount of that that's set to be transferred?

所以您要把這筆錢發給合作夥伴。你能量化嗎？預計轉移的總金額是多少？

Yeah. So we haven't disclosed that. It's not overly significant. It's a smaller percentage of that total of the roughly $100 million.

是的。所以我們還沒有透露這一點。這並不是太重要。這僅佔總額約 1 億美元的一小部分。

Jackson Ader, KeyBanc Capital Markets.

傑克遜·阿德（Jackson Ader），KeyBanc 資本市場。

I wanted to just follow up on two things regarding those large CIS contracts. Ed, you mentioned a couple of times, it depends on when the customer moves the application over. I'm just curious like how much visibility do you actually have? Or maybe control do you have in the movement of those applications? Are they waiting on Akamai to ready anything to do anything? Or is it really all in the customers' court?

我只想跟進這些大型 CIS 合約的兩件事。埃德，您提到過幾次，這取決於客戶何時移動應用程式。我只是好奇你的可見度實際上有多高？或者您可以控制這些應用程式的移動？他們是否在等待 Akamai 做好一切準備？或者這真的全是顧客的責任嗎？

Yeah. Really, it depends on the particular customer. For example, with one of the larger contracts that we signed, there was a particular application that they had planned to move later in the year that was dependent on us building out some capacity. So as you think about my prepared remarks, we talked about adding some capacity in a location that wasn't in our initial plans to build, but we did build for that.

是的。事實上，這取決於具體的客戶。例如，在我們簽署的一份較大的合約中，他們計劃在今年稍後遷移一個特定的應用程序，而這取決於我們擴大一些容量。因此，當您想到我準備好的發言時，我們討論了在最初計劃中沒有建造的地點增加一些容量，但我們確實為此進行了建設。

So there was something that we did have to do -- with other customers, generally, there's a period of time where they're running a proof of concept. Oftentimes, they'll have their own windows in which they want to move things. It could be a moratorium on their own end where they don't want to move a particular application during a particular busy time, et cetera. So it really does depend. So I'd break it out this way.

所以我們確實必須做一些事情——與其他客戶一起，一般來說，他們需要一段時間來進行概念驗證。通常，他們會有自己的窗口，他們想在其中移動東西。這可能是他們自己的暫停措施，因為他們不想在特定的繁忙時段移動特定的應用程序，等等。所以這確實取決於情況。所以我會這樣解決它。

There were some things that we have to do and we're on schedule to perform all of our obligations and then the rest is really just up to the customer. We do have a lot of communication back and forth with the customer and have a pretty good line of sight, but there's no guarantee that a customer is going to move exactly when you say they will.

有些事情我們必須做，而且我們會照計畫履行所有義務，剩下的就完全取決於客戶了。我們確實與客戶進行過多次溝通，並且有很好的了解情況，但無法保證客戶會按照您說的準確時間採取行動。

The good news is we're very confident with the overall size of the contract, and we think these contracts have upside to them. It's just really a question of exactly what month we're going to start to recognize revenue.

好消息是我們對合約的整體規模非常有信心，並且我們認為這些合約具有上漲空間。這其實只是一個問題，就是我們究竟從哪個月開始確認收入。

Got it. Okay. And then a quick follow-up. You mentioned how I think you're going to make some investments, maybe on the go-to-market side to try and drive a little bit more of the CIS contracts. Curious what the pipeline looks like heading into the second half for those.

知道了。好的。然後進行快速跟進。您提到我認為您將進行一些投資，也許是在市場進入方面，試圖推動更多的 CIS 合約。很好奇下半年這些管道會是什麼樣子。

You talk about the pipeline for CIS or just a pipeline in general?

您談論的是 CIS 的管道還是一般的管道？

For CIS specifically, but if you want to answer in general too, that would be great.

具體針對 CIS，但如果您也想一般性地回答，那就太好了。

Yeah, Sure. Yeah. So the pipeline for CIS is growing, and it's -- we're seeing a couple of different things there. One, we're seeing participation from all across different verticals and different geographies, which is good. And we are seeing some of our larger customers coming back with newer applications.

是的，當然。是的。因此，CIS 的管道正在不斷增長，而且——我們在那裡看到了一些不同的事情。首先，我們看到來自不同垂直行業和不同地區的人們都參與其中，這是一件好事。我們看到一些大客戶帶著更新的應用程式回來了。

So a little bit of the existing customer growth as well as a lot of new logo growth. And also, the size of some of these deals are larger than what we typically see in our security and our delivery business, which is good as well. So I'd say it's a very healthy pipeline and continues to grow. And just across the business, I'd say it's fairly normal in terms of what we're seeing from a pipeline perspective.

因此，現有客戶數量略有成長，新標誌數量也大幅成長。而且，其中一些交易的規模比我們在安全和交付業務中通常看到的要大，這也是好事。所以我認為這是一個非常健康的管道並且還在持續成長。就整個業務而言，從通路角度來看，我認為這是相當正常的。

But the only callout that I would make is API security, in particular, is extremely strong. We're seeing very, very healthy growth in API security and a lot of demand for API security, especially with our web application firewall customers. It's a very natural upsell motion. So we're starting to see that pipeline grow significantly and a lot of deals come in as a result as well.

但我唯一要強調的是 API 安全性，尤其要極為強大。我們看到 API 安全性正在非常健康地成長，並且對 API 安全性的需求很大，尤其是我們的 Web 應用程式防火牆客戶。這是一種非常自然的追加銷售行為。因此，我們開始看到管道大幅成長，也帶來了大量交易。

Jonathan Ho, William Blair & Company.

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

I wanted to follow up on that last comment around the security business. Can you maybe speak to what's driving the demand for both API and micro segmentation and security, and maybe why are we not seeing stronger security revenue growth?

我想跟進安全業務的最後一則評論。您能否談談推動 API 和微分段及安全性需求的因素，以及為什麼我們沒有看到更強勁的安全收入成長？

I know there's some legacy security components that are tied to delivery. But -- just wanted to maybe parse this a little bit and help us understand how the other two segments are performing.

我知道有一些與交付相關的遺留安全組件。但是——只是想稍微分析一下，幫助我們了解其他兩個部分的表現如何。

Yeah. There's a lot of greenfield in both API security and micro segmentation. And customers are now realizing they need to have security solutions there most major enterprises, literally thousands of APIs exposed, and they don't have a good handle on what they are and what the vulnerabilities are, and that's what we provide.

是的。API 安全性和微分段都有很多新領域。客戶現在意識到他們需要在大多數大型企業中擁有安全解決方案，實際上有數千個 API 暴露在外，但他們並不了解這些 API 是什麼以及存在哪些漏洞，而這正是我們所提供的。

The visibility and also the security. And we have the market-leading solution to do that. And so there is a lot of demand. The same thing for micro segmentation in some sense, even more important. The attack rates have gone up, the successful penetrations have gone up quite a bit.

可見性和安全性。我們擁有市場領先的解決方案來實現這一目標。因此需求量很大。從某種意義上來說，微分段也是也是如此，甚至更為重要。攻擊率上升了，成功滲透的次數也上升了不少。

The damage from ransomware, as we talked about on the call, is extraordinary, incredibly expensive. And again, we've got the market-leading solution with Guardicore. And so we are seeing very strong demand there and strong growth.

正如我們在電話中談到的，勒索軟體造成的損失是巨大的，而且代價高昂。而且，我們憑藉 Guardicore 獲得了市場領先的解決方案。因此，我們看到那裡的需求非常強勁，成長強勁。

And off a nontrivial number, we're looking at 30% to 35% ARR growth coming off over $0.25 billion ended last year. And so yes, good reasons for the demand. And of course, if you think about the impact of Gen AI one of the bad impacts in general is that it really aids the attackers -- and so I think that's part of why you're seeing so many more penetrations today. And micro segmentation is your last and best line of defense.

從不太小的數字來看，我們預計 ARR 成長率將達到 30% 至 35%，而去年的年收入將超過 2.5 億美元。是的，有充分的理由提出這項要求。當然，如果你考慮到 Gen AI 的影響，那麼總體而言，其中一個不良影響就是它確實幫助了攻擊者——所以我認為這也是為什麼今天你會看到如此多的滲透事件的部分原因。微分段是您的最後一道也是最好的防線。

And we've got an exceptional track record of protecting our customers there. And so I think that's why you're seeing the growth. Now those are decent sized products now growing rapidly -- but the overall security number running now at about $2.2 billion has a very large component from Web App Firewall, our Prolexic DDoS solution, bot management, WAF and the scrubbing solutions have been out there for a while. They are growing but at a slower rate. And you have a slower rate of growth on a good sized chunk of the $2.2 billion.

我們在保護那裡的客戶方面有著出色的記錄。所以我認為這就是你看到成長的原因。現在這些都是規模可觀的產品，並且正在快速成長——但目前整體安全數字約為 22 億美元，其中很大一部分來自 Web App Firewall、我們的 Prolexic DDoS 解決方案、機器人管理、WAF 和清理解決方案，這些解決方案已經推出有一段時間了。它們正在成長，但速度較慢。而這 22 億美元中很大一部分的成長率卻有所放緩。

And so that's why you don't see security as a whole growing at 20% or 30%. It's growing in double digits, but we're looking more like 10% for now. Now as you see API security and micro segmentation get bigger, then that plus growth rate has more of an impact on the whole number.

這就是為什麼你看不到整個安全產業以 20% 或 30% 的速度成長。它以兩位數的速度成長，但目前我們預期成長率更接近 10%。現在，正如您所看到的，API 安全性和微分段變得越來越大，那麼加上成長率對整個數字的影響就更大了。

Great. And maybe just as a follow-up. With your AI commentary, what opportunity are you seeing there -- and how do your solutions maybe compare with some of your major competitors that are really focusing on AI security and infrastructure.

偉大的。或許只是作為後續行動。透過您對人工智慧的評論，您看到了什麼機會？您的解決方案與真正專注於人工智慧安全和基礎設施的一些主要競爭對手相比如何？

Yeah. So we have a leading capability very early days, of course, for AI firewall. Now of course, the first thing, there's a lot of new applications out there, which need regular security protection, API security and webapp firewall. And so that's helping certainly the AI security business. But a firewall -- AI, in particular, needs extra firewall capabilities to keep adversaries from successful prompt injection attacks to keep the AI from doing something that it's not supposed to do.

是的。因此，我們在早期就擁有領先的 AI 防火牆能力。當然，現在首先要說的是，有許多新的應用程式需要定期的安全性保護、API 安全性和 Web 應用程式防火牆。這無疑對人工智慧安全業務有幫助。但是防火牆——尤其是人工智慧，需要額外的防火牆功能來阻止對手成功發動即時注入攻擊，以防止人工智慧做它不應該做的事情。

. And so we've developed a very compelling capability there, just released. It's very early to market and very good interest, strong dozens of proof-of-concept underway now and very positive customer feedback. And so it's really -- it's unique in the marketplace to protect the customer facing the user-facing AI application against those kinds of attacks.

。因此，我們開發了一項非常引人注目的功能，剛剛發布。它目前正處於上市初期，並且引起了廣泛關注，目前正在進行數十項強有力的概念驗證，並獲得了非常積極的客戶回饋。因此，它在市場上確實是獨一無二的，可以保護面向用戶的人工智慧應用程式的客戶免受此類攻擊。

Sanjeev Singh, Morgan Stanley.

摩根士丹利的 Sanjeev Singh。

This is John on for Sanjeev. Great to see the solid results this quarter. And sorry if I missed this, but can you talk about the -- how much contributed to your revenue in the quarter and how that's tracking relative to the $85 million to $105 million range you gave previously?

這是約翰，代替桑吉夫。很高興看到本季取得的穩健業績。如果我錯過了這一點，我很抱歉，但您能否談談——這對您本季度的收入貢獻了多少，以及相對於您之前給出的 8500 萬至 1.05 億美元的範圍，情況如何？

Yeah, this is Ed. So we -- it gets a lot harder to track the exact contribution from just given that there's a lot of customer overlap. So as you have some of your larger customers that are growing. We saw a great traffic growth in video and software download, which drove upside in traffic.

是的，我是 Ed。鑑於客戶重疊程度很高，追蹤確切的貢獻就變得更加困難了。因此，您的一些大客戶的數量正在不斷增長。我們看到影片和軟體下載的流量大幅成長，這推動了流量的上升。

Hard to say how much of that is related to Edgio versus what's related to Akamai. But I would say, in general, the Edgio acquisition is tracking just as we had hoped. And obviously, just a category of overall delivery is doing better. So you could probably assume we're doing a little bit better on the higher end of that range, perhaps -- but we're also starting to see some upsell of some of the new customer logos that we acquired as well.

很難說這其中有多少與 Edgio 相關，有多少與 Akamai 相關。但我想說，總的來說，Edgio 的收購正如我們所希望的那樣。顯然，整體交付的一個類別表現更好。因此，您可能會認為我們在該範圍的高端做得更好一些，但是我們也開始看到我們獲得的一些新客戶標誌的追加銷售。

So I would say the thesis that we had in doing that acquisition is playing out just like we had hoped. We are seeing better trends in the industry, as Tom mentioned, both with pricing and with traffic growth. So again, I don't have an exact number for you because it gets very hard to track the exact number, but I'd say it's tracking along just as we had hoped -- maybe even a little bit better.

所以我想說，我們進行那次收購的論點正如我們所希望的那樣。正如湯姆所提到的，我們看到行業趨勢正在好轉，無論是定價還是流量成長。所以，我再說一遍，我沒有確切的數字給你，因為追蹤確切的數字非常困難，但我想說，它正如我們所希望的那樣在追蹤——甚至可能更好一點。

Jeff Randy, Craig-Hallum.

傑夫蘭迪、克雷格哈勒姆。

This is Daniel Hibshman, on for Just on the delivery, another great quarter and another question on that. Just to set the stage, I think on delivery, we haven't had a sequential growth quarter, other than obviously, Q4 show go seasonally. But we haven't had outside of Q4 is a sequential growth quarter as I say, Q2 2020.

我是 Daniel Hibshman，我們來談談交付情況，又一個出色的季度，還有另一個問題。只是為了打下基礎，我認為在交付方面，我們還沒有實現連續成長的季度，除了第四季度明顯呈現季節性成長之外。但正如我所說，除了第四季之外，我們還沒有實現 2020 年第二季的連續成長。

So now Q1 '25, Q2 '25, we had two sequential growth quarters, really great to see that trajectory very, very different from what we've seen for years and trying to understand a little bit better. I mean I assume on Q1 25, you have a full quarter of Edgio. So that's the driver.

所以現在是 2025 年第一季、2025 年第二季度，我們經歷了兩個連續的成長季度，很高興看到這一軌跡與我們多年來看到的軌跡非常非常不同，我們試圖更好地理解這一點。我的意思是，我假設在 25 年第一季度，您擁有整整一個季度的 Edgio。這就是驅動程式。

But for this quarter, is there anything about Edgio leading into Q2 inorganically that's benefiting the quarter? I mean anything in terms of the market landscape in really a more significant way to call out? Or is there something onetime about what we're seeing here.

但就本季而言，Edgio 進入第二季後是否會對本季產生任何好處？我的意思是，就市場格局而言，有什麼真正更重要的方式值得關注嗎？或者我們在這裡看到的是一些曾經發生過的事情。

Yeah. So I think it's a couple of things. One, it's not an ego onetime item or anything like that because you're correct, we migrated that traffic very, very quickly. So that was one of the benefits of that.

是的。所以我認為這有幾件事。首先，這不是一次性的自我物品或類似的東西，因為你是對的，我們非常非常快地遷移了該流量。這就是它的好處之一。

We were able to migrate that over very, very quickly in the first quarter actually by January early mid-January were done. So you don't have any inorganic contribution per se related to Edgio. If I look at the traffic growth, that was surprising to us.

我們能夠在第一季非常快速地完成遷移，實際上在 1 月初至 1 月中旬就完成了。因此，您本身並沒有任何與 Edgio 相關的無機貢獻。如果我看一下流量成長情況，我們會感到驚訝。

It was higher than expected and not quite back to what we used to see pre-pandemic, but much healthier traffic growth. And it was across a couple of different verticals. And I called out software downloaded video. And video is the biggest category of traffic. So that was good to see.

它高於預期，並且還沒有完全恢復到疫情前的水平，但流量成長更健康。它涉及幾個不同的垂直領域。然後我調用軟體下載了影片。其中影片是流量最大的類別。很高興看到這一點。

And then we do track a pricing metric where we look at our overall pricing as a whole, looking at our traffic revenue overall traffic, and that has continued to moderate.

然後，我們確實會追蹤定價指標，我們會從整體上查看我們的整體定價，查看我們的流量收入整體流量，而這項指標一直在持續緩和。

It's still declining, as Tom mentioned, but it's not declining as rapidly as -- and those are the two ingredients you need for a healthier delivery business. So it could be just the industry in general is going through a better time in terms of popularity of content, that thing. There is a little bit less competition out there now, obviously, but I'd say it's more of a healthier market than we've seen in the last, say, year or two.

正如湯姆所提到的，它仍在下降，但下降速度沒有那麼快——而這正是送貨業務更健康所需的兩個要素。因此，從內容受歡迎程度來看，整個行業可能正在經歷一個更好的時期。顯然，現在的競爭稍微少了一些，但我想說，現在的市場比過去一兩年看到的要健康得多。

Thanks, Ed.

謝謝，艾德。

Rudy Kessinger, D.A. Davidson.

魯迪凱辛格、地方檢察官戴維森。

Hi. Thanks for taking my question. This is Andres Miranda for Rudy. I just have a quick one. What will have been completed revenue growth if we adjust for the headwind from the legacy compute revenue that you guys transfer to partners? Is that something you can quantify for this quarter?

你好。感謝您回答我的問題。我是安德烈斯·米蘭達 (Andres Miranda)，為魯迪 (Rudy) 報道。我只有一個快速答案。如果我們調整你們轉移給合作夥伴的傳統計算收入的阻力，那麼收入成長將會是多少？您可以量化本季的情況嗎？

Yeah. So it wouldn't make a significant difference because if you look at the -- just in aggregate, we broke that revenue out for you at the end of the year. It's down slightly, so it would have a very minimal impact.

是的。所以這不會產生重大影響，因為如果您看一下——僅從總體來看，我們會在年底為您列出該收入。它略有下降，因此影響非常小。

That was good. Thank you.

那很好。謝謝。

Thank you. This concludes our question-and-answer session. The conference now has concluded. Thank you for attending today's presentation. You may now disconnect. Thank you.

謝謝。我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。謝謝。