阿卡邁科技 (AKAM) 2025 Q3 法說會逐字稿

Good day, and welcome to the third-quarter 2025 Akamai Technologies, Inc. earnings conference call. (Operator Instructions)

大家好，歡迎參加 Akamai Technologies, Inc. 2025 年第三季財報電話會議。（操作說明）

Please note, today's event is being recorded. I would now like to turn the conference over to Mark Stoutenberg, Head of Investor Relations. Please go ahead, sir.

請注意，今天的活動正在錄影。現在我將把會議交給投資人關係主管馬克‧斯托滕貝格。請繼續，先生。

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

各位下午好，感謝各位參加 Akamai 2025 年第三季財報電話會議。今天發言的有 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，今天的評論包含前瞻性陳述，包括有關收入和盈利預測的陳述。這些前瞻性陳述是基於目前的預期和假設，但存在某些風險和不確定性，並涉及許多因素，這些因素可能導致實際結果與明示或暗示的結果有重大差異。

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 November 6, 2025, and we assume no obligation to update any of these 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在提交給美國證券交易委員會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本公司截至 2025 年 11 月 6 日的觀點，我們不承擔更新任何此類前瞻性聲明的義務。

As a reminder, we'll 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.

提醒各位，我們將在今天的電話會議中提及一些非GAAP財務指標。可以在 akamai.com 的投資者關係部分的財務部分找到 GAAP 與非 GAAP 指標的詳細調整表。

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

接下來，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 a strong third quarter with results coming in above expectations for revenue, margin and earnings per share. Revenue grew to $1.055 billion, up 5% year-over-year as reported and up 4% in constant currency.

謝謝你，馬克。我很高興地報告，Akamai 第三季業績強勁，營收、利潤率和每股盈餘都超出預期。營收成長至 10.55 億美元，按報告匯率計算年增 5%，以固定匯率計算成長 4%。

Non-GAAP operating margins improved to 31%, and non-GAAP earnings per share was $1.86, up 17% year-over-year as reported and in constant currency. Our business performed well across the spectrum of our portfolio with accelerating momentum for our Cloud Infrastructure Services or CIS, continued strong demand for our high-growth security products and continued stabilization of our delivery revenue.

非GAAP營業利潤率提高至31%，非GAAP每股收益為1.86美元，以報告匯率和固定匯率計算，較去年同期成長17%。我們的業務在各方面都表現良好，其中雲端基礎設施服務 (CIS) 的成長勢頭加快，高成長的安全產品需求持續強勁，交付收入也持續穩定。

We're especially pleased with the greater recognition of the strength of our distributed platform and differentiated strategy among customers and industry analysts. For investors who may be less familiar with how we have transformed Akamai's business model from the CDN pioneer to a leader in cloud security and distributed cloud computing, I encourage you to read the new report on Akamai from IDC, titled, Akamai: Navigating the Cloud Frontier - A Transformation from CDN to Distributed Cloud Provider.

我們尤其感到高興的是，客戶和產業分析師更加認可了我們分散式平台的優勢和差異化策略。對於可能不太了解我們如何將 Akamai 的商業模式從 CDN 先驅轉變為雲端安全和分散式雲端運算領導者的投資者，我鼓勵您閱讀 IDC 關於 Akamai 的新報告，題為《Akamai：駕馭雲端前沿——從 CDN 到分散式雲端供應商的轉型》。

It offers an objective third-party perspective of how Akamai has evolved our strategy and our key differentiators in security and distributed cloud computing for AI inferencing at the edge. You can find the report on our website.

它提供了一個客觀的第三方視角，展示了 Akamai 如何發展我們的策略以及我們在邊緣 AI 推理的安全性和分散式雲端運算方面的關鍵差異化優勢。您可以在我們的網站上找到這份報告。

As a great proof point for the advantages offered by Akamai's uniquely distributed compute capabilities, the top three cloud providers in the US are all now using Akamai Cloud Infrastructure Services. And in Q3, one of them signed an expanded multiyear renewal that solidifies Akamai's position to be their premier distributed cloud computing provider. This customer has a dominant position at the core of the Internet, and uses our widely distributed managed container service to get their business logic closer to end users for superior performance.

作為 Akamai 獨特的分散式運算能力優勢的有力證明，美國排名前三的雲端服務供應商現在都在使用 Akamai 雲端基礎設施服務。第三季度，其中一家公司簽署了一份擴大的多年續約合同，鞏固了 Akamai 作為其首選分散式雲端運算供應商的地位。該客戶在互聯網核心領域佔據主導地位，並利用我們廣泛分佈的託管容器服務，將其業務邏輯更靠近最終用戶，從而獲得卓越的性能。

Our revenue for cloud infrastructure services in Q3 was $81 million, up 39% year-over-year as reported and in constant currency. That's an acceleration from the 30% growth rate we had in Q2. We signed many new and expanded contracts for our Cloud Infrastructure Services in Q3, including with a major global appliance and consumer electronics manufacturer in South Korea, a multinational financial services company in Singapore, a leading US developer of analytics software, a US based supply chain planning software vendor, a European cybersecurity provider, a major US airline, a leading American video game company, a leading media and entertainment company in India, and one of the largest media companies in the world.

第三季度，我們的雲端基礎設施服務收入為 8,100 萬美元，以報告匯率和固定匯率計算，年增 39%。這比第二季度 30% 的成長率有所加快。第三季度，我們簽署了許多新的和擴展的雲端基礎設施服務合同，其中包括與韓國一家大型全球家電和消費電子產品製造商、新加坡一家跨國金融服務公司、美國一家領先的分析軟體開發商、一家美國供應鏈計劃軟體供應商、一家歐洲網絡安全提供商、美國一家大型航空公司、美國一家領先的視頻遊戲公司、印度一家領先的媒體和娛樂公司以及全球最大的媒體和娛樂公司之一的最大媒體和娛樂公司。

Also, a multinational gaming company in Japan contracted for our Cloud Infrastructure Services as part of a larger $37 million two-year renewal for an array of Akamai products and services.

此外，日本一家跨國遊戲公司與我們簽訂了價值 3700 萬美元、為期兩年的 Akamai 產品和服務續約合同，其中還包括我們的雲端基礎設施服務。

Last week I was with our team at the AI Industry Conference, NVIDIA GTC, where Akamai took a major step towards the future with the launch of Akamai Inference Cloud, our platform to support the growing demand to scale AI Inference on the Internet.

上週，我與我們的團隊參加了 NVIDIA GTC 人工智慧產業大會，Akamai 在會上發布了 Akamai Inference Cloud，這是我們為支援互聯網上不斷增長的人工智慧推理規模化需求而推出的平台，標誌著 Akamai 向未來邁出了重要一步。

With the rise of AI, the Internet is undergoing a fundamental shift in architecture. The Internet we're building today is driven by AI, where human intelligence is supported and augmented by intelligent systems powered by AI Inference.

隨著人工智慧的興起，網路的架構正在發生根本性的轉變。我們今天建構的互聯網是由人工智慧驅動的，其中人類智慧由人工智慧推理驅動的智慧系統提供支援和增強。

Akamai is positioned to power inference the way we power the web by bringing inference physically close to users. This will enable faster performance and global scale to support intelligent applications worldwide.

Akamai 的目標是透過將推理技術物理地靠近用戶，來為推理技術提供動力，就像我們為網路提供動力一樣。這將實現更快的效能和全球規模化，從而支援全球範圍內的智慧應用。

When the web was first taking hold, the need for performance and scale is what catalyzed Akamai's founding. Akamai helped to end what was known as the World Wide Wait, enabling the Internet to scale to provide real-time services to billions of people around the world.

在互聯網興起之初，對性能和規模的需求促成了 Akamai 的創立。Akamai 幫助結束了所謂的“全球等待”，使互聯網能夠擴展規模，為全球數十億人提供即時服務。

Subsequently, we introduced web security as a cloud service, enabling the web to be used safely for myriad critical applications such as banking and commerce. We see the same need for performance, scale and security playing out again with AI inference today.

隨後，我們將網路安全作為雲端服務推出，使網路能夠安全地用於銀行和商業等眾多關鍵應用。如今，人工智慧推理領域再次體現了對效能、規模和安全性的同樣需求。

By combining highly scaled GPU and compute capacity with Akamai's unparalleled global reach and security at the edge, Akamai Inference Cloud enables intelligence to run instantly, securely and exactly where it's needed, right next to the user, agent or device.

Akamai Inference Cloud 將高度可擴展的 GPU 和運算能力與 Akamai 無與倫比的全球覆蓋範圍和邊緣安全性相結合，使智慧能夠在使用者、代理或裝置旁邊即時、安全地運作。

This is how Akamai can power the new generation of AI applications, conversational, personalized and Agentic. All designed to scale in real time to meet unprecedented demand.

這就是 Akamai 如何為新一代 AI 應用（對話式、個人化和智慧體）提供支援的方式。所有設計均可即時擴展，以滿足前所未有的需求。

As we look at AI investment cycles, we see the market at a transition point. Until now, the AI story has largely focused on training, the initial creation of AI models from massive amounts of underlying data. To train foundation models, AI pioneers have relied on hyperscale clouds and their centralized data centers with their enormous concentrations of compute, power and capital.

當我們審視人工智慧投資週期時，會發現市場正處於轉型期。到目前為止，人工智慧的故事主要集中在訓練上，即利用海量底層資料創建人工智慧模型。為了訓練基礎模型，人工智慧先驅一直依賴超大規模雲端及其集中式資料中心，這些資料中心擁有龐大的運算能力、電力和資金。

We believe that AI Inference or the execution of queries against a trained model is the new frontier, one that requires purpose-built infrastructure to enable distributed low-latency, globally scalable inference at the edge, with response times measured in a few tens of milliseconds.

我們認為，人工智慧推理或針對訓練好的模型執行查詢是新的前沿領域，需要專門建構的基礎設施，才能在邊緣實現分散式低延遲、全球可擴展的推理，回應時間以幾十毫秒來衡量。

As AI systems are adopted at scale, we expect the growth of Inference will drive enormous demand to this new intelligent layer of the Internet. And we're not the only ones who see it coming. Fortune Business Insights noted in a report on the rising global AI Inference market that due to rising demand for real-time low-latency AI processing near data sources Edge Inference leads the market and is projected to grow at the highest CAGR of all AI inference models.

隨著人工智慧系統的大規模應用，我們預期推理能力的成長將推動對網路這一新型智慧層的巨大需求。而且，預見到這種情況發生的，並非只有我們。Fortune Business Insights 在一份關於全球 AI 推理市場成長的報告中指出，由於對資料來源附近即時低延遲 AI 處理的需求不斷增長，邊緣推理引領市場，預計將以所有 AI 推理模型中最高的複合年增長率增長。

And as NVIDIA's Founder and CEO, Jensen Huang said: When we launched Akamai Inference Cloud at GTC, Inference has become the most compute-intensive phase of AI, demanding real-time reasoning at planetary scale. Together, NVIDIA and Akamai are moving Inference closer to users everywhere, delivering faster, more scalable generative AI, and unlocking the next generation of intelligent applications.

正如英偉達創辦人兼執行長黃仁勳所說：當我們在 GTC 大會上推出 Akamai Inference Cloud 時，推理已成為人工智慧運算量最大的階段，需要進行行星級的即時推理。NVIDIA 和 Akamai 攜手合作，將推理技術更貼近世界各地的用戶，提供更快、更具可擴展性的生成式 AI，並開啟下一代智慧應用。

Akamai Inference Cloud brings together Akamai's globally distributed architecture and expertise with NVIDIA's Blackwell AI infrastructure to provide the computing needed to unlock AI's true potential. The service is available today with 17 locations around the world, and we're building out more points of presence as customer demand grows.

Akamai Inference Cloud 將 Akamai 的全球分散式架構和專業知識與 NVIDIA 的 Blackwell AI 基礎架構結合，提供釋放 AI 真正潛力所需的運算能力。目前，該服務已在全球 17 個地點推出，隨著客戶需求的成長，我們正在建立更多的服務點。

One of our initial customers, Monks, the European digital-first marketing technology services and consulting company said with Akamai Inference Cloud, we will accelerate the delivery of key capabilities, including identifying players and plays and delivering tactical insights to coaches while the game is still happening. That's only possible by distributing advanced GPUs to the edge, and we believe it will transform how we approach sports broadcasting and immersive fan experiences.

我們的首批客戶之一，歐洲數位優先行銷技術服務和顧問公司 Monks 表示，借助 Akamai Inference Cloud，我們將加速關鍵功能的交付，包括識別球員和戰術，並在比賽進行中向教練提供戰術見解。只有將先進的 GPU 部署到網路邊緣，才能實現這一點。我們相信，這將改變我們進行體育賽事轉播和打造沉浸式球迷體驗的方式。

Another customer, Harmonic, whose technology helps to distribute video content for television and the Internet said, Akamai Inference Cloud will allow us to run larger parameter, more capable models locally, expanding the number of functions we can deliver cost effectively within the same compute instance to deliver fast response times, sophisticated personalization and more enriching video content.

另一位客戶 Harmonic 表示，其技術有助於向電視和互聯網分發視訊內容，Akamai Inference Cloud 將使我們能夠在本地運行參數更大、功能更強大的模型，從而在同一計算實例中以經濟高效的方式擴展我們可以交付的功能數量，以實現快速響應時間、複雜的個人化和更​​豐富的視訊內容。

At Akamai, we believe the technology ecosystem that enables the AI revolution will require multiple providers of AI infrastructure, the hyperscalers, NVIDIA and also Akamai with our unique distributed capabilities and our unparalleled expertise at the edge. We are very excited about what lies ahead.

在 Akamai，我們相信，推動人工智慧革命的技術生態系統將需要多個人工智慧基礎設施供應商，包括超大規模資料中心、NVIDIA，以及擁有獨特分散式能力和無與倫比的邊緣運算專業知識的 Akamai。我們對未來充滿期待。

The edge, of course, is also where Akamai deploys our security solutions. And as customers speak with us about their plans for AI inferencing, they tell us they see valuable synergy between Akamai's security and delivery product lines and our cloud computing capabilities. and how they trust Akamai to help make the Internet faster, more reliable and secure for their businesses.

當然，Akamai 也將我們的安全解決方案部署在網路邊緣。當客戶與我們探討他們的人工智慧推理計劃時，他們告訴我們，他們看到了 Akamai 的安全和交付產品線與我們的雲端運算能力之間寶貴的協同效應，並且他們信任 Akamai 能夠幫助他們的企業實現更快、更可靠、更安全的互聯網體驗。

Akamai security growth in Q3 continued to be driven by strong demand for our market-leading segmentation solution and by rapidly growing customer adoption of our API security solutions. Combined, these high-growth security products grew revenue 35% year-over-year as reported and 34% in constant currency.

第三季 Akamai 安全業務的成長持續得益於市場對我們領先的細分解決方案的強勁需求，以及客戶對我們 API 安全解決方案的快速成長的採用。這些高成長安全產品的總收入按報告匯率計算年增 35%，以固定匯率計算年增 34%。

Our segmentation wins in Q3 included a $3 million expansion contract to give one of North America's largest health care technology companies the visibility and control they didn't have before. A $1 million contract with a European insurance group that is also a net new Akamai customer, a multiyear contract with a large insurance company in Korea. And an expansion contract with a large bank in Mexico to extend their initial deployment across their operations in Latin America.

我們在第三季度贏得的細分市場訂單包括一份價值 300 萬美元的擴張合同，該合同將使北美最大的醫療保健技術公司之一獲得他們以前沒有的可見性和控制力。與一家歐洲保險集團簽訂了一份價值 100 萬美元的合同，該集團也是 Akamai 的新增客戶；與韓國一家大型保險公司簽訂了多年期合約。此外，他們還與墨西哥一家大型銀行簽訂了擴張合同，以將其最初的部署擴展到該銀行在拉丁美洲的業務。

In Q3, we also continued to see growing interest in our market-leading API security solution. As organizations shift towards an API-first strategy and expand their use of AI applications that rely on APIs in a fundamental way, adopt tools that enable them to discover and monitor deployed APIs and to manage risk. Comply with stricter data protection regulations, especially in Europe, and respond to public reports of API-related breaches that have raised awareness and increase the stakes for financial and reputational loss.

第三季度，我們也持續看到市場對我們領先的 API 安全解決方案的興趣日益增長。隨著組織轉向 API 優先策略並擴大其對依賴 API 的 AI 應用的使用，應採用能夠發現和監控已部署 API 並管理風險的工具。遵守更嚴格的資料保護法規，尤其是在歐洲，並對有關 API 相關違規行為的公開報告作出回應，這些報告提高了人們的認識，並增加了經濟和聲譽損失的風險。

Akamai API security wins in Q3 included a $7 million contract for API security with one of Europe's most important banks. As part of a $31 million multiyear commitment for security and compute. Adoption of API security as part of a $20 million expansion contract with one of the world's largest airlines.

Akamai 第三季在 API 安全領域被斬獲的合約包括與歐洲一家最重要的銀行簽訂的價值 700 萬美元的 API 安全合約。作為一項價值 3100 萬美元的多年安全和計算承諾的一部分。作為與全球最大航空公司之一簽訂的價值 2000 萬美元的擴展合約的一部分，我們採用了 API 安全措施。

An expansion of API security as part of a $42 million contract across the breadth of our portfolio with one of the world's largest software companies. A $2.6 million contract with one of the largest life insurance groups in Asia.

作為與全球最大的軟體公司之一簽訂的價值 4,200 萬美元的合約的一部分，我們將擴大 API 安全性，涵蓋我們產品組合的各個方面。與亞洲最大的壽險集團之一簽訂了一份價值 260 萬美元的合約。

The displacement of a competitor at a FinTech payments provider in Brazil. And we also signed seven-figure contracts for API security with two of the 10 largest financial institutions in the US and one of the largest banks in Canada.

巴西一家金融科技支付服務供應商的競爭對手被取代。我們還與美國十大金融機構中的兩家和加拿大最大的銀行之一簽署了價值七位數的 API 安全合約。

We're also pleased to note that for the sixth straight year, Akamai has been named Customers' Choice in Gartner's latest Voice of the Customer report for cloud web application and API protection. Akamai was also recognized as Customers' Choice in Gartner's Voice of the Customer report on online fraud detection.

我們也很高興地註意到，Akamai 連續第六年被 Gartner 最新發布的雲端 Web 應用程式和 API 保護客戶之選報告評為「客戶之選」。在 Gartner 發布的關於線上詐欺偵測的客戶之聲報告中，Akamai 也被評為客戶之選。

Before I turn the call over to Ed, I'd like to express my gratitude to our employees for their great work in Q3, and for making Akamai a great place to work. In recognition of your efforts, Glassdoor named Akamai as one of their top 50 best led companies of 2025.

在將電話交給 Ed 之前，我想對我們的員工在第三季的出色工作表示感謝，感謝他們讓 Akamai 成為一個很棒的工作場所。為了表彰您的努力，Glassdoor 將 Akamai 評為 2025 年 50 家最佳領導力公司之一。

Now I'll turn the call over to Ed to say more on our Q3 results and our outlook for Q4 and the year. Ed?

現在我將把電話交給艾德，讓他詳細介紹我們第三季的業績以及我們對第四季和全年的展望。艾德？

Thank you, Tom. I'm pleased to report that we delivered strong third quarter results with total revenue of $1.055 billion, up 5% year-over-year as reported and 4% in constant currency. We also had another quarter of very strong bottom line performance with non-GAAP EPS of $1.86 per share, up 17% year-over-year as reported and in constant currency. Our strong EPS results were driven by higher-than-expected revenue and strong execution across the board.

謝謝你，湯姆。我很高興地報告，我們第三季業績表現強勁，總收入達 10.55 億美元，按報告匯率計算同比增長 5%，按固定匯率計算同比增長 4%。我們本季的獲利表現也非常強勁，非GAAP每股收益為1.86美元，以報告匯率和固定匯率計算，較去年同期成長17%。我們強勁的每股盈餘業績得益於高於預期的營收和各方面的出色執行。

Moving now to revenue. Compute revenue, which is comprised of the fast-growing Cloud Infrastructure Service or CIS solutions that Tom mentioned earlier, and our other cloud applications, or OCA was $180 million, up 8% year-over-year as reported and up 7% in constant currency.

接下來談談營收。運算收入（包括 Tom 前面提到的快速成長的雲端基礎設施服務 (CIS) 解決方案以及我們的其他雲端應用程式 (OCA)）為 1.8 億美元，按報告匯率計算同比增長 8%，按固定匯率計算同比增長 7%。

As a reminder, in Q3 2024, we recorded a $7 million onetime benefit related to the release of some deferred revenue in conjunction with the expiration of a long-term legacy compute contract. This revenue was part of our other cloud application products, and it had a 5 percentage point impact on a year-over-year total compute revenue growth rate.

提醒一下，2024 年第三季度，我們記錄了一筆 700 萬美元的一次性收益，這筆收益與一項長期遺留計算合約到期釋放部分遞延收入有關。這部分收入來自我們的其他雲端應用產品，對年度總運算收入成長率產生了 5 個百分點的影響。

Total compute revenue was driven by continued strength in CIS. For Q3 2025, CIS revenue was $81 million, accelerating to 39% growth year-over-year as reported and in constant currency, a nice step up from approximately 30% growth last quarter. As a result, we continue to expect CIS ARR year-over-year growth in the range of 40% to 45% in constant currency at year-end.

計算總收入的成長主要得益於獨聯體市場的持續強勁表現。2025 年第三季度，CIS 營收為 8,100 萬美元，按報告匯率和固定匯率計算，年增 39%，比上一季約 30% 的成長率有了顯著提高。因此，我們繼續預計，到年底，獨聯體年度經常性收入年增率（以固定匯率計算）將在 40% 至 45% 之間。

Security revenue was $568 million, up 10% year-over-year as reported and 9% in constant currency. Revenue from our high-growth security products, by that, I mean, API security and Zero Trust Enterprise Security was $77 million, an increase of 35% year-over-year, and 34% in constant currency.

安全收入為 5.68 億美元，以報告匯率計算年增 10%，以固定匯率計算年增 9%。我們高成長安全產品（即 API 安全和零信任企業安全）的收入為 7,700 萬美元，較去年同期成長 35%，以固定匯率計算成長 34%。

Given the continued strength in our API security business, we now expect to exit 2025 with a run rate of approximately $100 million for that product line on both an as-reported and constant currency basis. Finally, we continue to expect the combined ARR for our high-growth security solutions to increase by 30% to 35% year-over-year in constant currency for 2025.

鑑於我們的 API 安全業務持續強勁，我們現在預計到 2025 年底，該產品線的年化收入（按報告匯率和固定匯率計算）將達到約 1 億美元。最後，我們仍然預計，到 2025 年，我們高成長安全解決方案的綜合 ARR 將按固定匯率年增 30% 至 35%。

Moving to delivery. Revenue was $306 million, down 4% year-over-year as reported and in constant currency. This result was slightly better than expected, marking another quarter of improved trends in our delivery business.

進入配送階段。營收為 3.06 億美元，按報告匯率和固定匯率計算年減 4%。這一結果略好於預期，標誌著我們的配送業務連續第二季呈現改善趨勢。

International revenue was $525 million, up 9% year-over-year or up 8% in constant currency, representing 50% of our total revenue in Q3. Foreign exchange fluctuations had a positive impact on revenue of $4 million on a sequential basis and positive $8 million on a year-over-year basis.

國際營收為 5.25 億美元，年增 9%，以固定匯率計算成長 8%，占我們第三季總營收的 50%。外匯波動對收入產生了積極影響，環比增長 400 萬美元，年增 800 萬美元。

Moving to profitability. In Q3, we generated non-GAAP net income of $269 million or $1.86 of earnings per diluted share, up an impressive 17% year-over-year as reported and in constant currency, and $0.20 above the high end of our guidance range. Finally, our Q3 CapEx was $224 million or 21% of revenue as we continue to invest in our fast-growing CIS business.

邁向盈利。第三季度，我們實現了非GAAP淨利潤2.69億美元，即每股攤薄收益1.86美元，按報告匯率和固定匯率計算，同比增長17%，比我們預期範圍的上限高出0.20美元。最後，由於我們繼續投資於快速成長的 CIS 業務，我們的第三季資本支出為 2.24 億美元，佔營收的 21%。

Moving to cash and our capital allocation strategy. As of September 30, our cash and cash equivalents and marketable securities totaled approximately $1.8 billion. During the third quarter, we did not repurchase any shares. As a reminder, year-to-date, we spent $800 million to buy back approximately 10 million shares, marking the largest annual buyback in our history.

轉向現金流及我們的資本配置策略。截至9月30日，我們的現金及現金等價物及有價證券總額約為18億美元。第三季度，我們沒有回購任何股票。提醒一下，今年迄今為止，我們已花費 8 億美元回購了約 1,000 萬股股票，這是我們史上規模最大的年度回購。

As it relates to our use of capital, our intentions remain the same to continue buying back shares over time, to offset dilution from employee equity programs, and to be opportunistic in both M&A and share repurchases when market and business conditions warrant.

就我們的資本運用而言，我們的意圖依然不變，即隨著時間的推移繼續回購股票，以抵消員工股權計劃造成的股權稀釋，並在市場和商業條件允許的情況下，抓住併購和股票回購的機會。

Before I provide our Q4 and full year 2025 guidance, I want to touch on some housekeeping items. First, as in prior year, seasonality plays a significant role in determining our financial performance for the fourth quarter. Typically, we see higher than normal traffic from our large media customers and a pickup in seasonal online retail activity from our e-commerce customers. However, both are difficult to predict.

在提供 2025 年第四季和全年業績指引之前，我想先談談一些注意事項。首先，與往年一樣，季節性因素對我們第四季的財務表現起著重要作用。通常情況下，我們的大型媒體客戶的流量會高於正常水平，而我們的電子商務客戶的季節性線上零售活動也會增加。然而，這兩者都難以預測。

Second, regarding Q4 operating expenses, as is typical for our business, we expect it to be higher than in Q3. The main driver is the seasonal jump in sales commissions as our most successful reps achieve their annual quota accelerators.

其次，關於第四季度的營運費用，正如我們業務的慣例，我們預計第四季度的營運費用將高於第三季。主要驅動因素是銷售佣金的季節性成長，因為我們最成功的銷售代表實現了他們的年度配額加速目標。

Finally, on July 4, 2025, the One Big Beautiful Bill Act was signed into law, introducing significant provisions, such as the permanent extension of certain expiring Tax Cuts and Jobs Act provisions, international tax framework modifications and it restored some business tax benefits. This new legislation, however, has not had a material impact on our tax rate in 2025.

最終，在 2025 年 7 月 4 日，《一項偉大的法案》簽署成為法律，引入了重要條款，例如永久延長某些即將到期的《減稅與就業法案》條款、修改國際稅收框架，並恢復了一些企業稅收優惠。然而，這項新法規並未對我們 2025 年的稅率產生實質影響。

With those factors in mind, I'll move to our Q4 guidance. For Q4, we are projecting revenue in the range of $1.065 billion to $1.085 billion, up 4% to 6% as reported and up 3% to 5% in constant currency over Q4 2024. At current spot rates, foreign exchange fluctuations are expected to have a negative $5 million impact on Q4 compared to Q3 levels, and a positive $11 million impact year-over-year.

考慮到這些因素，我將介紹我們第四季的業績指引。對於第四季度，我們預計營收將在 10.65 億美元至 10.85 億美元之間，按報告匯率計算增長 4% 至 6%，按固定匯率計算增長 3% 至 5%。以目前即期匯率計算，預計外匯波動將對第四季造成 500 萬美元的負面影響（與第三季相比），但對上年同期造成 1,100 萬美元的正面影響。

And for the full year, 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. At these revenue levels, we expect cash gross margins of approximately 72% to 73%.

根據目前的即期匯率，我們預計 2025 年全年外匯收入將比前一年增加 1,300 萬美元。在這樣的營收水準下，我們預期現金毛利率約為 72% 至 73%。

Q4 non-GAAP operating expenses are projected to be $322 million to $331 million. We expect Q4 EBITDA margin to be approximately 42% to 43%. We expect non-GAAP depreciation expense to be between $143 million to $145 million, and we expect non-GAAP operating margin of approximately 28% to 30% for Q4.

預計第四季非GAAP營運費用為3.22億美元至3.31億美元。我們預計第四季 EBITDA 利潤率約為 42% 至 43%。我們預計第四季非GAAP折舊費用將在1.43億美元至1.45億美元之間，我們預計第四季非GAAP營業利潤率約為28%至30%。

Moving on to CapEx. We expect to spend approximately $171 million to $181 million. This represents approximately 16% of our total projected revenue. Based on our expectations for revenue and costs, we expect Q4 non-GAAP EPS in the range of $1.65 to $1.85.

接下來是資本支出部分。我們預計將花費約 1.71 億美元至 1.81 億美元。這約占我們預計總收入的16%。根據我們對收入和成本的預期，我們預計第四季度非GAAP每股收益將在1.65美元至1.85美元之間。

This non-GAAP guidance assumes taxes of $57 million to $60 million based on an estimated quarterly non-GAAP tax rate of approximately 18% to 19%. It also reflects a fully diluted share count of approximately 147 million shares.

該非GAAP指導意見假設稅額為5700萬美元至6000萬美元，基於約18%至19%的季度非GAAP稅率估計。這也反映了完全稀釋後的股份數量約為 1.47 億股。

Our complete guidance for full year 2025 is available in today's press release, but let me walk you through the highlights for now. For the full year, we expect total revenue to grow 4% to 5% in constant currency. Non-GAAP operating margin of approximately 29% to 30%, and EPS in the range of $6.93 to $7.13.

我們在今天的新聞稿中提供了 2025 年全年的完整業績指引，但現在讓我先帶您了解其中的要點。我們預計全年總收入按固定匯率計算將成長 4% 至 5%。非GAAP營業利潤率約29%至30%，每股收益介於6.93美元至7.13美元之間。

In closing, we continue to be very pleased with the performance of our Cloud Infrastructure Service and high-growth security solutions. We are very excited about the potential of the Akamai Inference Cloud as we extend AI to the edge.

最後，我們對雲端基礎設施服務和高成長安全解決方案的效能仍然非常滿意。我們對 Akamai 推理雲的潛力感到非常興奮，因為它將人工智慧擴展到邊緣。

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

我就說到這裡吧。我和湯姆很樂意回答你們的問題。操作員？

(Operator Instructions)

（操作說明）

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

Hey guys, thanks for taking the questions here and Congrats on the solid quarter and the execution you're talking to. I just wanted to come back to the segment commentary real quick and just to make sure that I'm understanding the guidance on the various components properly.

大家好，謝謝你們回答這些問題，恭喜你們本季業績穩健，執行力也很強。我只是想快速地回到節目解說部分，確保我正確理解了各個組成部分的指導說明。

For security or compute, are we at this point reiterating the growth that we had spoken to last quarter? I think you were looking for computing the magnitude of 15%, call it, security around 10%. Can you provide any final parameters there? And then I do have a follow-up.

就安全或計算而言，我們目前是否在重申上個季度我們討論過的成長？我想你是想計算 15% 的幅度，或者說，安全係數在 10% 左右。您能提供一些最終參數嗎？然後我還有一個後續問題。

Hey Mike, this is Ed. Yes. So with security, we're calling for about 10%. We don't give guidance by quarter. So for the full year, we obviously reiterated our ARR guidance.

嘿，麥克，我是艾德。是的。所以，在保全方面，我們要求大約 10%。我們不按季度發布業績指引。因此，對於全年，我們顯然重申了我們的年度經常性收入預期。

So that hasn't changed. And as we said before, with compute, will be maybe a touch under 15% for the year as some of the bigger contracts ramped up a little bit later in the year than we had expected, but definitely picking up momentum in CIS though.

所以這一點並沒有改變。正如我們之前所說，計算方面，今年的成長率可能略低於 15%，因為一些較大的合約在今年稍晚才開始生效，但這與我們的預期相比有所延遲，不過 CIS 的成長勢頭肯定正在增強。

Great. And one more for Tom, but just to add before I leave it there. Are there any tea leaves or guardrails you can give us as we're thinking about '26, just given how '25 has played out at this point?

偉大的。最後再補充一句給湯姆的話，不過在我離開之前還要補充一點。鑑於 2025 年目前的情況，在考慮 2026 年的時候，您能否給我們一些提示或建議？

No. So we'll give you guidance in '26 in the February call. The only thing I would say is that the momentum that we're seeing in CIS, especially with the new AI Inference Cloud, we're getting a tremendous amount of activity and demand for that. So there's a very good chance we could accelerate growth in our CIS business next year.

不。所以我們將在2月份的電話會議上為您提供2026年的指導。我唯一想說的是，我們在 CIS 領域，特別是隨著新的 AI 推理雲的推出，看到了巨大的發展勢頭，也看到了巨大的市場需求。因此，我們明年很有可能加速獨聯體業務的成長。

That's excellent. And that actually feeds right into my next question beautifully then. For Tom, I know you spent a good chunk of your prepared comments on Akamai Inference Cloud, which has to be intentional, right? But you spoke to a couple of different initial customers, Harmonic being one of them. You spoke to the 17 locations, and this being available on a global basis.

太好了。這其實正好引出了我的下一個問題。湯姆，我知道你準備的評論中很大一部分都集中在 Akamai Inference Cloud 上，這一定是故意的，對吧？但你採訪了幾位不同的早期客戶，Harmonic 就是其中之一。您與這 17 個地點進行了溝通，這項服務在全球範圍內均可提供。

Can you just help us think about where we are in that inference curve, right? We've been in frontier pioneer model world for a couple of years now. It feels like things are happening at the inference level, but what's the boots on the ground view that you have today?

您能幫我們思考一下，我們現在處於這條推斷曲線的哪個位置嗎？我們從事先鋒模型領域已經好幾年了。感覺事情似乎發生在推理層面，但你今天實際看到的情況如何？

Yes, first inning of a very exciting game. There's just so many customers that want to adopt AI applications and do inference for -- applications that need to be fast for real users. An example would be a commerce company, and they want to present the right products, personalized images to the user and then if the user is interested in something, they really want to show not only the product, but the user wearing the product and not just in a picture, but in a video.

是的，這是一場非常精彩比賽的第一局。許多客戶都希望採用人工智慧應用程式並進行推理——這些應用程式需要速度快，才能滿足真實用戶的需求。例如，一家電商公司希望向用戶展示合適的產品和個性化圖片，如果用戶對某件產品感興趣，他們不僅想展示產品本身，還想展示用戶穿著該產品的視頻，而不僅僅是圖片。

And in the video, they want to show the user in a context and environment that makes sense for the user. We've got customers with AI-powered toys. Customers with -- that want to do robotics and they need really fast control and response. And so they need to do the compute, the inference close to the end user at the end.

在影片中，他們希望向使用者展示一個對使用者而言有意義的情境和環境。我們有一些客戶擁有人工智慧驅動的玩具。擁有機器人技術的客戶，他們需要非常快速的控制和回應。因此，他們需要在最終用戶附近進行計算和推理。

Media Workflow, people are going to see different versions of games, different versions of movies. It will all be personalized. And this needs something like the NVIDIA Blackwell 6000, which is very powerful, but also well suited to run at our edge. And that's why the partnership with NVIDIA makes so much sense. So we're in the first inning.

在媒體工作流程中，人們將會看到不同版本的遊戲和不同版本的電影。一切都將個性化定制。這需要像 NVIDIA Blackwell 6000 這樣的顯示卡，它性能非常強大，而且也非常適合在我們的邊緣電腦上運行。這就是為什麼與英偉達的合作如此有意義。現在我們才剛開始第一局。

We're just launching the service in the last couple of weeks, but we're seeing a very strong amount of interest among our customer base. This is exactly what they want.

這項服務我們才推出幾週，但我們已經看到客戶群對此表現出非常濃厚的興趣。這正是他們想要的。

Good luck with it. Thank you again.

祝你好運。再次感謝。

Thanks.

謝謝。

John DiFucci, Guggenheim Securities.

John DiFucci，古根漢證券。

This is [Lawrence Vensko] on for John DiFucci. You've communicated your initiatives related to the go-to-market strategy with the hiring of hunters and experienced specialists to support new business sales and security and compute. Can you just walk us through how you're thinking about the hiring of additional reps for the remainder of this year? And how should we think about the ramp period of these sales reps before they become fully productive?

勞倫斯·文斯科替補約翰·迪富奇上場。您已就市場進入策略的相關舉措進行了溝通，包括聘請銷售人員和經驗豐富的專家來支援新業務銷售、安全和運算。能否簡單介紹一下您今年剩餘時間打算如何招募更多銷售代表？那麼，我們該如何看待這些銷售代表在完全投入生產之前的適應期呢？

Yes. We've made a lot of progress in the go-to-market transformation, and that will be continuing through the early part of next year. I would say by the time we get into Q2, a lot of the transformation will be done. There will be continued hiring from now through at least the first half of next year to have increased sales capacity for hunting, both in security and obviously also in compute. So that's an ongoing effort, but the transformation part will be largely done by the beginning -- towards the beginning of next year.

是的。我們在市場轉型方面取得了巨大進展，而且這個過程將持續到明年年初。我認為到第二季度，許多轉型工作都將完成。從現在到至少明年上半年，我們將繼續招聘，以提高狩獵業務的銷售能力，包括安全領域和運算領域。所以這是一項持續進行的工作，但轉型部分將在明年年初基本完成。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Wonderful. Great to hear. So a lot of the momentum, especially on the compute side. Maybe two questions from me. I wanted to first start with -- you talked, Tom, about some of the deals that you're signing with the hyperscalers and where they're using you for more edge inferencing.

精彩的。聽到這個消息真是太好了。因此，很多方面都取得了進展，尤其是在計算領域。我可能要問兩個問題。我想先從你剛才提到的——湯姆，你談到了你與超大規模資料中心運營商簽署的一些協議，以及他們如何利用你進行更多邊緣推理。

At the same time though, as we know from all the hyperscalers, everyone is suffering through capacity constraints right now and everyone is trying to find any resources wherever they can as we think about just advancing AI on both the training and inferencing/reasoning side.

但同時，正如我們從所有超大規模資料中心營運商那裡了解到的那樣，目前每個人都面臨著容量限制，每個人都在盡力尋找任何資源，以便推進人工智慧在訓練和推理方面的發展。

So maybe help me understand what gives you confidence that as we get through this capacity constrained era, regardless of how long it lasts, that Akamai will still be well positioned to benefit from that. And that's not something that some of the hyperscalers or partners might think about bringing in-house as the opportunity materializes itself, especially with edge inferencing and more capacity gets built out? And then I've got a quick follow-up.

所以，您能否幫我理解一下，是什麼讓您有信心，無論這種產能受限的時期持續多久，Akamai 都能從中受益？隨著邊緣推理技術的進步和更多容量的建設，一些超大規模資料中心營運商或合作夥伴可能會考慮將這項技術納入內部應用，而這正值機會出現之際。然後我還有一個後續問題。

Yes. Akamai has a unique platform. Nobody is like us. We have over 4,000 points of presence. We're in -- already in 700-plus cities.

是的。Akamai擁有獨特的平台。世界上沒有兩個人和我們一樣。我們擁有超過4000個服務網點。我們已經進入——目前已覆蓋 700 多個城市。

And that's unique. And we already support our Edge Worker solution, our function of the service in every location. In fact, one of the hyperscalers is using us for ad market, to get their ad logic a lot closer to users, another hyperscaler using us for API orchestration again, needs to be fast and close to users. We talked about our managed container service. A third hyperscaler is using our managed container service for their media workflow, and again, because it's closer to users.

這是獨一無二的。我們已經支援我們的邊緣工作者解決方案，這項服務可以在每個地點正常運作。事實上，其中一家超大規模資料中心營運商正在利用我們進行廣告行銷，以便讓他們的廣告邏輯更貼近用戶；另一家超大規模資料中心營運商也正在利用我們進行 API 編排，同樣需要快速且貼近用戶。我們討論了我們的託管容器服務。第三家超大規模資料中心營運商正在使用我們的託管容器服務來實現其媒體工作流程，原因同樣是因為它更貼近用戶。

So it's not a capacity constraint issue. It's not that the hyperscalers have run out of capacity. Certainly, that's not the case. It's because our platform is different and we can make their logic, their compute logic run faster for users because it's closer.

所以這不是產能限制問題。並非超大規模資料中心營運商的容量已經耗盡。當然，事實並非如此。這是因為我們的平台不同，我們可以讓他們的邏輯、他們的運算邏輯運作得更快，因為距離使用者更近。

And obviously, we compete with their cloud businesses to win that business, but it's because of our better performance. And the good news is we don't have to go deploy 4,000 new reasons or start new deployments in 700 cities because we already have this distributed platform. We're augmenting several of the regions that we've talked about with the new Blackwell 6000, and that's pretty exciting. And we will continue to do that as we scale that business.

顯然，我們與他們的雲端業務競爭以贏得這部分業務，但這都是因為我們表現得更好。好消息是我們不必部署 4,000 個新理由，也不必在 700 個城市開始新的部署，因為我們已經有了這個分散式平台。我們正在用新的 Blackwell 6000 來增強我們之前討論過的幾個區域，這非常令人興奮。隨著業務規模的擴大，我們將繼續這樣做。

Yeah. Understood. No, that's helpful. And then maybe if I then shift to -- just thinking about the API Security business. Obviously, you've done well with that.

是的。明白了。不，這很有幫助。然後，也許我可以轉而考慮 API 安全業務。顯然，你在這方面做得很好。

In addition, just as we think about kind of the evolving paradigm in applications, right, shifting to agents and multi-agentic systems. And obviously, we're seeing the rise of things like MCP and A2A as a way to bring those altogether. Are there opportunities to take what you're doing in API security today and start to extend it now into these new kind of Agentic protocols?

此外，正如我們思考應用中不斷演變的範式一樣，轉向智能體和多智能體系統。顯然，我們看到像 MCP 和 A2A 這樣的技術正在興起，它們將這些技術結合起來。能否將您目前在 API 安全領域所做的工作擴展到這些新型的代理協定中？

Absolutely, and we're already doing that. For example, of API Security and detecting the APIs, detecting the new AI agents and apps that the shadow AI that enterprises have running and don't know. And then, of course, to protect that with our new AI firewall service.

當然，我們已經在這麼做了。例如，API 安全性和檢測 API，檢測企業正在運行但自身並不知曉的影子 AI 的新 AI 代理和應用程式。當然，我們也會使用全新的 AI 防火牆服務來保護它。

And this is one of the reasons that we're so excited about our API security business. So not just to protect the legacy APIs, but the new Agentic web and to protect -- and to identify and protect all those new inferencing applications.

這也是我們對 API 安全業務感到如此興奮的原因之一。因此，不僅要保護傳統的 API，還要保護新的 Agentic Web，並識別和保護所有這些新的推理應用程式。

All right, very helpful. Thank you.

好的，很有幫助。謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, Interesting stuff on the compute side. But how should we think about the required CapEx for inferencing here and relationship you have now with NVIDIA? Has that evolved over the last year or so? And for you on that point, how should we think about compute gross margins here moving forward over the next year or two years

嘿，夥計們，電腦領域有一些有趣的東西。但是，我們應該如何考慮這裡推理所需的資本支出以及您目前與 NVIDIA 的關係？過去一年左右，這種情況是否有改變？關於這一點，您認為在未來一兩年內，我們應該如何計算毛利率？

Yeah, hey, Jim, good questions. So we've done an initial deployment with NVIDIA. We're in about 17 cities or so, and we've got that up and running. That was in our Q4 CapEx. It will be informed by demand.

是啊，嘿，吉姆，問得好。我們已經與 NVIDIA 完成了初步部署。我們目前在大約 17 個城市開展業務，而且業務已經步入正軌。那筆費用計入了我們第四季的資本支出。這將根據市場需求而定。

And what we're seeing is initially some customers coming to us with some pretty large request. So the CapEx will very closely be followed by revenue, and it will be informed by demand. So we had given you sort of a metric of about $1 of CapEx as a $1 of revenue. It's about the same here. It could be a little better depending on utilization.

我們看到的情況是，最初一些客戶向我們提出了相當大的需求。因此，資本支出將與收入密切相關，並受需求的影響。所以我們之前給的指標是，1 美元的資本支出相當於 1 美元的收入。這裡的情況也差不多。根據利用率的不同，情況可能會更好一些。

As far as margins go, it will be very similar. I would expect obviously, as we do a deployment, let's say, we get some orders for $50 million, $100 million, whatever it may be, and you're putting out a little bit more CapEx for further down the line -- pipeline stuff.

利潤率方面，兩者將非常相似。顯然，我們預計，當我們進行部署時，比如說，我們獲得了 5000 萬美元、1 億美元或其他任何金額的訂單，而你則需要投入更多的資本支出用於後續項目——管道相關事宜。

It'll be a little inefficient at first. But once it gets to scale, I would expect to see similar gross margins to what we see in compute and maybe even a little bit better just given the scarcity in the marketplace. So you could potentially have slightly better margins. But we also expect to get pretty good operating leverage and scale out of it as well. So as we get -- as we scale up, I expect us to get -- help the overall gross margin of the company as we get to scale.

一開始效率可能會有點低。但一旦達到規模，我預計其毛利率將與計算領域的毛利率相近，考慮到市場上的稀缺性，甚至可能略高一些。所以你的利潤率可能會略高一些。但我們也期望從中獲得相當不錯的營運槓桿和規模效益。所以隨著我們規模的擴大，我預計我們將幫助公司提高整體毛利率。

Got it. And going back to the go-to-market side of things. This quarter did seem to have a lot of callouts around, I'll say, cross-sell or packaging across all three segments. Is there a way to understand what incentives you're giving to your sales team? Or what percentage of the business is whatever you want to call it, ELAs, others call it pool of funds. What percentage of customers are using all three segments at this point?

知道了。再回到市場推廣方面。本季度似乎有很多關於交叉銷售或包裝方面的重點宣傳，涵蓋了所有三個細分市場。有沒有辦法了解你為銷售團隊提供的激勵措施？或者說，企業資產的百分比是多少，不管你怎麼稱呼它，ELA（企業貸款協議），其他人稱之為資金池。目前有多少百分比的客戶同時使用這三個細分市場？

Yeah. Good question. So I would say one of the things we did and what we're seeing in the field this go around here this year is we incented longer-term deals. So we're definitely seeing an elongation of our sales cycle, which is good -- not sales cycle, but our customer average length, which is good. So we're seeing longer-term deals, larger deals, et cetera.

是的。問得好。所以我想說，我們今年所做的一件事，也是我們在這個領域看到的，就是我們鼓勵簽訂更長期的合約。因此，我們確實看到銷售週期延長了，這是好事——不是銷售週期延長，而是客戶平均購買週期延長了，這是好事。所以我們看到的是更長期的交易、更大的交易等等。

And you'll see that reflect in the RPO metric that will come out tomorrow in the queue. So that's one of the drivers. We're also seeing larger deals, not necessarily pool of funds or ELAs. We do have a few of those, but those are necessarily drivers. We are seeing the adoption of compute definitely pick up in the installed base.

你會在明天即將發布的 RPO 指標中看到這一點。這是其中一個驅動因素。我們也看到更大的交易，但不一定是資金池或企業流動性援助。我們確實有一些這樣的情況，但這些未必是驅動因素。我們看到計算設備的普及率在用戶基數上確實在不斷提高。

So I don't have a metric to give you today on what the percentages that use all three, there's a decent amount of customers. I'd say we have some compute-only customers, but largely speaking, most of the customers are either a security customer or a compute customer.

所以今天我無法提供使用這三種服務的客戶百分比的具體指標，但客戶數量相當可觀。我想說我們有一些只做計算服務的客戶，但總的來說，大多數客戶要不是安全客戶，就是計算客戶。

About 74%, 75% of our customers are both security and delivery customers. So that's been pretty consistent over the years, maybe come up a little bit. But yes, we don't have those -- necessarily those pool of funds deals or ELAs where you've got a big commitment without product specifically addressed or volume against a particular product line.

約 74% 至 75% 的客戶既是保全客戶又是快遞客戶。所以多年來情況一直相當穩定，可能略有上升。但是，是的，我們沒有那種——不一定是那種資金池交易或企業貸款協議，其中有大量的承諾，但沒有具體針對特定產品或特定產品線的數量。

Perfect, thanks, Ed.

太好了，謝謝你，艾德。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon. Thanks for having me on the call. I wanted to follow up exactly where the prior commentary left off. So in terms of the potential phases of inference deals, Ed, I think you mentioned off hand there in the order of magnitude, $50 million to $100 million.

您好，下午好。謝謝邀請我參加電話會議。我想接著之前的評論繼續探討。所以，就推斷交易的潛在階段而言，艾德，我想你剛才隨口提到過，金額大概在 5000 萬美元到 1 億美元之間。

I'd just love to hear a little bit more about that. Do you think that the pipeline can support or does the pipeline already show deals of that sort of order of magnitude because I could see how that could be a meaningful contributor to your growth algorithm into next year?

我很想多了解一些這方面的資訊。您認為目前的專案儲備能否支持或已經出現這種規模的交易？因為我能看出，這可能會對貴公司明年的成長演算法產生重大影響。

Yeah. What I was saying there was, let's say, if you had a large -- because we have had some -- interested in some fairly large deals. If you had a deal of that size that you would buy more CapEx than that. So let's say, if I got it in order for 50 to 100 or something along those lines, I'd probably be buying more CapEx because there's more demand to follow.

是的。我剛才說的是，比如說，如果你對一些相當大的交易感興趣——因為我們確實有一些——如果交易規模如此之大，你肯定會購買更多的資本支出。假設我以 50 到 100 左右的價格買到它，我可能會購買更多的資本支出，因為後續會有更多需求。

But the point I was trying to make there is that we are seeing some customers reach out to us for some pretty sizable deal sizes in terms of larger than what we typically see in compute today. So it would be -- I'd say, just in general, just going to be larger deals to start for sure.

但我想表達的重點是，我們看到一些客戶聯繫我們，洽談的交易規模相當大，比我們目前在計算領域通常看到的交易規模要大得多。所以，總的來說，可以肯定的是，一開始一定會是規模更大的交易。

Yeah, super interesting. The follow-up I have, either for yourself or for Tom is on the delivery business. You're putting up the stabilization and the growth rates that you've been talking about for a couple of quarters now. Remind us, is there idiosyncratic opportunities when the cohorts come up for refresh, depending on the year that help influence those pricing dynamics and remind us why pricing is more stable now than it has been in the past?

是啊，太有意思了。我接下來要跟進的事情，無論是給你還是給湯姆的，都是關於送貨業務的。你們正在實現過去幾個季度以來一直強調的穩定和成長速度。請提醒我們，每年產品更新換代時，是否存在一些獨特的機遇，這些機會有助於影響定價動態，並解釋為什麼現在的價格比過去更穩定？

Yeah. So good question. We will call out generally when we have -- we've got today now six customers that are 1% or greater of our revenues. So we don't have a ton of concentration risk. But when those six or our top 10 as they come up for renewal in one quarter or within a six-month period, that will definitely have an impact on revenue.

是的。問得好。我們通常會在有客戶時公佈——目前我們有六位客戶的收入占我們總收入的 1% 或以上。因此，我們沒有太大的集中風險。但是，當這六位或我們排名前十的球員在一個季度或六個月內到期需要續約時，肯定會對收入產生影響。

We don't -- we didn't have that this year. We don't expect that next year. We just have the normal revenue renewal cycles that we typically have. We are pushing and incenting our sales reps for longer -- longer contract length and we are seeing that, which is good, including with some of our larger customers, which is good as well.

我們沒有──我們今年沒有那一項。我們預計明年不會出現這種情況。我們只有通常情況下正常的收入續期週期。我們正在鼓勵和激勵銷售代表延長合約期限，而且我們看到了這種效果，這很好，包括我們的一些大客戶，這也很好。

As far as the pricing dynamics go, we have seen some stabilization in the larger media deals where you see probably the biggest impact on revenue. Still some price pressure in sort of the larger base, if you will, but nothing that's out of the ordinary as a matter of fact, it's a little bit better than what we've seen historically.

就定價動態而言，我們看到大型媒體交易出現了一些穩定跡象，這些交易對收入的影響可能最大。雖然在較大的市場基數上仍然存在一些價格壓力，但實際上並沒有什麼異常之處，比我們歷史上看到的情況要好一些。

And in terms of what the drivers are of that, I think it's just -- there are fewer competitors in the marketplace. A lot of them have gone out of business or in some cases, just exited the business if they're an existing different company that's not just focused on delivery. So that it may have something to do with it as well.

至於造成這種情況的原因，我認為就是市場上的競爭對手減少了。許多公司已經倒閉，或者在某些情況下，如果它們是現有公司，不再專注於配送業務，則已經退出該行業。所以，這可能也與此有關。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

So it's been a pretty good year for delivery overall. Anything really driving that and anything early that you see in the trends in Q3, to give us an indication of how that seasonality is shaping up. And then with the larger contract deals you're getting with customers, any risk to the sales cycle along dates?

所以總的來說，今年的物流配送情況相當不錯。任何真正推動這一趨勢的因素，以及你在第三季早期趨勢中看到的任何跡象，都能讓我們了解這種季節性趨勢的方向。那麼，隨著與客戶簽訂的合約金額越來越大，銷售週期和日期方面是否有風險？

Yeah. Usually -- so on longer sales -- sorry, I keep saying cycles -- I mean longer contracts, no, it doesn't necessarily elongate the sales cycle with existing customers. With newer customers, obviously, your sales cycle is a bit longer, but not with existing customers, no.

是的。通常情況下——所以對於較長的銷售週期——抱歉，我一直說週期——我的意思是較長的合同，不，這並不一定會延長現有客戶的銷售週期。對於新客戶，銷售週期顯然會稍長一些，但對於現有客戶則不然。

In terms of the dynamics of the business, Q3 typically is a little bit lighter on the seasonal quarter for delivery, just given the dynamics of content, sports seasons, vacations, that sort of stuff. So we saw kind of a normal pattern there.

就業務動態而言，第三季通常比季節性季度略微輕鬆一些，這主要是因為內容、運動賽季、假期等因素的影響。所以我們看到了一個比較正常的模式。

But traffic growth is probably the biggest driver coupled secondarily with the pricing declines have moderated consistently throughout the year. So it's really a combination of the two.

但交通流量成長可能是最大的驅動因素，其次是價格下降的幅度在全年持續放緩。所以這其實是兩者的結合。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Yeah, thank you for taking the questions. Congrats on the solid results. I wanted to go back to the compute business, and it's great to see CIS accelerating. In terms of that other $100 million in that portion of the business, I know there's headwinds around the storage piece and some -- I think there were some video optimization close that you guys were transitioning to our partner. In terms of when does that potentially stop being a headwind to overall growth? Just to have an update on that portion of the reference.

是的，謝謝你回答這些問題。恭喜取得如此優異的成績。我想重返電腦行業，很高興看到 CIS 發展迅速。至於該業務領域另外 1 億美元的部分，我知道存儲方面存在一些不利因素，而且——我認為你們之前有一些視頻優化方面的工作接近完成，你們當時正在將部分工作移交給我們的合作夥伴。那麼，這種情況何時才能不再對整體成長構成阻礙呢？只是想更新一下參考資料的這一部分。

Yes. Those would be in our other cloud compute applications segment. And that's not really the focus of the business. There's still some more that will happen there, but more or less that was flat quarter-over-quarter. It's not where we're investing, not where we'll see the growth.

是的。這些將歸入我們的其他雲端運算應用領域。但這並非這家公司真正的業務重點。那裡還有一些事情會發生，但總體而言，季度環比基本持平。這不是我們投資的地方，也不是我們能看到成長的地方。

I think you want to focus on the CIS, the Cloud Infrastructure Services, that's where all the excitement is and where all the future potential growth is. And so the -- in fact, going forward, we may even just separate the two and report on CIS because OCA is pretty small, pretty stable. And the big driver of our future growth is Cloud Infrastructure Services.

我認為你應該專注於雲端基礎設施服務 (CIS)，那裡是真正令人興奮的地方，也是未來成長潛力最大的地方。因此——事實上，展望未來，我們甚至可以將兩者分開，只報告 CIS，因為 OCA 規模很小，而且很穩定。而我們未來成長的主要驅動力是雲端基礎設施服務。

And that's where we have our products like Edge Workers for Function as a Service, and 4,000 POPs, manage container service that was being used by a hyperscaler for their media workflow and AI. So Akamai inference Cloud with huge potential growth.

而這正是我們推出 Edge Workers for Function as a Service 等產品以及 4,000 個 POP 管理容器服務的地方，這些服務曾被一家超大規模資料中心運營商用於其媒體工作流程和人工智慧。因此，Akamai推理雲具有巨大的成長潛力。

And that's all part of Cloud Infrastructure Services. So probably that's what you want to be thinking about when you think about Akamai Compute.

而這都屬於雲端基礎設施服務的一部分。所以，這大概就是你在考慮 Akamai Compute 時該想到的。

Yeah. So -- and that's what we're looking at as well. I just want to get a sense of when -- maybe when some of the revenue headwinds start to fade. But fair enough. On the Inference Cloud opportunity, what do you sort of envision?

是的。所以——這也是我們正在關注的。我只是想了解一下，或許是某些收入上的不利因素何時開始消退。但說得也對。關於推理雲的機遇，您有何設想？

Is there a security attach opportunity associated with Akamai Inference Cloud and love to see -- care about how you're thinking about the security attached to Akamai Inference.

Akamai Inference Cloud 是否有安全漏洞？我很想了解您是如何看待 Akamai Inference 的安全性的。

Yes, absolutely. And that's a great question because as you're putting these applications and models out there, they got to be secured. In fact, they have even greater vulnerabilities than a normal application or API would have. And so you're going to need API security, you're going to need like an AI firewall. And those are things that we have market-leading solutions for it so that we can build that around your inference engines and your models that are on Optimize Cloud.

是的，絕對的。這是一個很好的問題，因為當你把這些應用程式和模型發佈出去時，它們必須受到保護。事實上，它們比普通應用程式或 API 存在更大的漏洞。所以你需要 API 安全措施，你需要類似 AI 防火牆的東西。而對於這些方面，我們擁有市場領先的解決方案，因此我們可以圍繞您在 Optimize Cloud 上的推理引擎和模型來建立這些解決方案。

Appreciate your thoughts, tom. Thank you.

感謝你的想法，湯姆。謝謝。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Good afternoon. Thank you, for taking my questions. Tom, I wanted to ask you a big picture question. As we think about the mix of traffic and let's just call it your traffic estate that runs through your pipe. When you think about the mix between classic video delivery and OTT versus enterprise, but now maybe even AI and some consumerized AI applications potentially driving uplift there. I'm curious how you're thinking -- well, what the state of affairs is today from a traffic mix perspective with the rise of AI and bots. And how should that modulate over the next couple of years and thinking about how that dovetails into your delivery and CIS business.

午安.謝謝您回答我的問題。湯姆，我想問你一個比較宏觀的問題。當我們思考交通流量的組合時，我們不妨稱之為流經您管道的交通流量。當你思考傳統視訊傳輸和 OTT 與企業之間的融合，但現在甚至人工智慧和一些消費級人工智慧應用也可能推動這方面的成長。我很好奇你是如何看待人工智慧和機器人興起後，如今的交通組合狀況的。未來幾年，這種情況該如何調整？思考一下這如何與您的交付和CIS業務相契合。

Would love your perspective on that. And then I have a follow-up for Ed, please.

很想聽聽你的看法。然後我還有一個問題要問艾德。

Yeah. Interesting question. Today, the vast majority of the traffic would be video, either on-demand or live and software downloads. Now as you think about the future, you're right, sites that -- by commerce sites that might not have had any video or much video in the past, they're already thinking about how to make the entire experience be immersive with video. So that as you go to a page, it starts with a video of you wearing something they think you'll like to buy.

是的。有趣的問題。如今，絕大多數流量將是視訊（包括隨選視訊和直播視訊）和軟體下載。現在，當你思考未來時，你說得對，那些過去可能沒有任何影片或很少使用影片的商業網站，已經在思考如何透過影片使整個體驗更具沉浸感。這樣，當你進入某個頁面時，頁面首先會播放一段你穿著他們認為你會喜歡購買的服裝的影片。

And that does increase the traffic. Also, even the traditional video, live sports. As we talked about, we already have a customer that -- the feed that I see when I'm watching the game is going to be different than the feed you see or things -- it will be customized to the person. And so AI is going to be used even to watch traditional video to give a better, more personalized experience.

這確實會增加交通流量。此外，就連傳統的視訊直播體育賽事也包括在內。正如我們之前討論過的，我們已經有一位客戶——我觀看比賽時看到的畫面與你看到的畫面不同——它會根據個人情況進行定制。因此，人工智慧甚至將被用於觀看傳統視頻，以提供更好、更個性化的體驗。

And who knows if you ever get people wearing devices that give you augmented reality, well, that drives a lot of new traffic. So I do think that you're right that there is a reasonable prospect that as AI becomes more prevalent that it will impact the traditional delivery business in a way that will be favorable to Akamai.

誰知道呢，如果有一天人們穿著能夠提供擴增實境功能的設備，將會帶來大量的新流量。所以我認為你的觀點是對的，隨著人工智慧的普及，它很有可能會對傳統配送業務產生影響，而這種影響將有利於 Akamai。

Thank you, and Ed, this is a back to basics question, piggybacking on some of what you discussed earlier. But could you just walk us through the relative high-level gross margin and gross profit profile of the business from a segmentation perspective.

謝謝，Ed，這是一個回歸基礎的問題，是建立在你之前討論的一些內容的基礎上的。能否請您從業務區隔的角度，為我們介紹一下該業務相對較高的毛利率和毛利狀況？

And really, the spirit of the question is you've seen very nice operating leverage in the business in spite of the fact that I would have thought that the delivery business is perhaps got the most inferior gross margin profile relative to the other segments or revenue segments rather.

實際上，這個問題的重點在於，儘管我認為配送業務相對於其他業務部門或收入部門而言毛利率可能最低，但您仍然看到了該業務非常不錯的經營槓桿。

So I would love to kind of get a quick recap of the relative gross margin profiles and some of the puts and takes, especially as it relates to some of the CIS business and the CapEx requirements that you talked about earlier. Thank you.

所以我想快速回顧一下相對毛利率概況以及一些買賣交易，特別是與您之前提到的 CIS 業務和資本支出要求相關的交易。謝謝。

Yeah, sure. So I'd say, we had shown some margin back a couple of years in terms of the three segments with security. And from a gross margin perspective, kind of high 80s. Compute was in the low 70s and delivery is probably high 60s, if I'm remembering it correctly. It's probably still in that sort of ballpark.

當然可以。所以我覺得，過去幾年我們在安防這三個領域都取得了一定的利潤。從毛利率來看，大概在 80% 以上。如果我沒記錯的話，計算速度在 70 分左右，交付速度可能在 60 分以上。大概還在那個範圍內。

And I think the business in general will run in the kind of low 70% gross margins might be down a point or two as we're building out scale for -- you got a little bit of a timing issue between the demand and the revenue and the build-out because you have two pieces of the build-out. You've got the colocation where you're -- especially with AI Inference will be buying more -- larger colo buys, so you have some unfavorable accounting potentially.

我認為，總體而言，業務的毛利率將維持在 70% 左右的低位，隨著我們擴大規模，毛利率可能會下降一兩個百分點——需求、收入和規模擴張之間存在一些時間上的問題，因為規模擴張分為兩個部分。你們那裡有託管服務——尤其是在人工智慧推理領域，將會購買更多——更大的託管服務，所以你們可能會遇到一些不利的會計處理問題。

So you might have a little down trend in gross margin and compute for a bit. But we do think you can get to that sort of low 70s gross margin. We are seeing from a CapEx perspective, even with the AI Inference and what we're selling with the AI Inference Cloud, that dollar of revenue to dollar of CapEx is a reasonable proxy for what we're seeing. And like I said, it could be a little bit better with the GPU as a service because there is a scarcity there. So there's a pretty decent market price set for that today, but that could be a little bit better.

所以你的毛利率可能會稍微下降，需要稍微計算一下。但我們認為毛利率可以達到70%左右。從資本支出的角度來看，即使考慮到人工智慧推理以及我們透過人工智慧推理雲端銷售的產品，每美元資本支出帶來的收入也是我們所看到情況的合理近似值。正如我所說，如果 GPU 可以作為一項服務來提供，情況可能會更好一些，因為 GPU 存在稀缺性。所以目前這個產品的市場價格還不錯，但可以更好。

So I do think that, overall, you get good leverage because our sales force, the way we're going to be designed, you've got some specialists, but it's reasonable in terms of the specialists and our sales force will be able to sell everything and bring specialists and so we should get good operating leverage across the entire business. So it's not just delivery that gives you good operating leverage, which it does, but it's all three products that will give you good operating leverage.

所以我認為，總體而言，你會獲得良好的槓桿作用，因為我們的銷售團隊，按照我們未來的設計方式，會有一些專家，但就專家數量而言是合理的，我們的銷售團隊能夠銷售所有產品並引入專家，因此我們應該能夠在整個業務中獲得良好的營運槓桿作用。所以，不只是配送能為你帶來良好的經營槓桿（雖然配送確實能帶來良好的經營槓桿），而是這三種產品都能為你帶來良好的經營槓桿。

Jonathan Ho, William Blair & Company.

喬納森·何，威廉·布萊爾公司。

Hi, good afternoon, and thank you for taking the question. With CIS, are these mostly sort of new compute and capacity deals that you're winning? Or is there also sort of a growth coming from existing workloads that are being migrated onto CIS? And related to that, is there may be an opportunity to benefit from outages at AWS and Azure as customers look for greater resiliency?

您好，下午好，感謝您回答我的問題。透過 CIS，你們贏得的主要是新的計算和容量方面的交易嗎？或者，現有工作負載遷移到 CIS 也會帶來某種成長嗎？與此相關的是，隨著客戶尋求更高的彈性，AWS 和 Azure 的故障是否可能帶來獲利機會？

It's a combination. But the outages you raise is a really important point. And people don't think about it very much. And this is important whether you're buying compute or delivery or even security. In fact, maybe even more important in security.

這是兩者的結合。但你提出的服務中斷問題確實非常重要。人們並不太在意這件事。無論你購買的是運算能力、交付能力或安全保障，這一點都非常重要。事實上，在安全方面，這或許更為重要。

Our goal at Akamai is to have five 9s of reliability. And that means that over two years, the site or the app is down less than 10 minutes collectively from all causes, including attacks. And we're achieving that today, and we know that because some of the world's major banks, the regulators, want to see (inaudible).

Akamai 的目標是達到五個 9 的可靠性。這意味著兩年多來，該網站或應用程式因各種原因（包括攻擊）而停機的總時間不到 10 分鐘。我們今天正在實現這一目標，我們知道這一點，因為世界上一些主要的銀行和監管機構都希望看到這一點。（聽不清楚）

And we put a tremendous amount of investment into our platform to make sure that when we update metadata or software or a customer updates their metadata, it doesn't have some unintended consequence that blows up the platform. And we see what happens with our competitors who don't make that investment.

我們對平台投入了大量資金，以確保當我們更​​新元資料或軟體，或客戶更新其元資料時，不會產生任何意外後果導致平台崩潰。我們看到那些不進行這項投資的競爭對手的下場。

And for example, in security companies that we compete with where some of them, they're down for an hour every quarter, and that's just a disaster for a bank. They can't survive like that in today's world. So reliability is critical. And that's an area that really is a strength for Akamai. And so I think that's super important.

例如，在我們與之競爭的一些安保公司中，有些公司每季都會停機一小時，這對銀行來說簡直是一場災難。在當今世界，他們那樣是無法生存下去的。因此，可靠性至關重要。而這正是 Akamai 的優勢所在。所以我認為這非常重要。

That's a great call out.

這是一個很好的提醒。

And just maybe as a follow-up. When we think about your security business, can you talk a little bit about the penetration rates for opportunities such as segmentation and as well as how your AI security products are doing? Thank you.

或許可以作為後續報道。當我們談到您的安全業務時，您能否談談細分市場等機會的滲透率，以及您的人工智慧安全產品的表現如何？謝謝。

Yeah. So there's a lot of room for growth, a segmentation and API security. And also, as we talked about earlier with API security, get a whole new market around the AI Inference engines and models and agents that are going to need special security.

是的。因此，在市場區隔和 API 安全方面還有很大的發展空間。此外，正如我們之前在討論 API 安全時提到的那樣，人工智慧推理引擎、模型和代理商將形成一個全新的市場，這些都需要特殊的安全保障。

Obviously, it's early days on our specific protection for AI firewall, but very strong interest in the customer base, hundreds of prospects and lots of proofs of concept and starting to get the first customers now adopting the solution. And I think that will be a pretty quickly evolving landscape in terms of protecting the models, the inference engines and the agents.

顯然，我們針對人工智慧防火牆的特定保護措施還處於早期階段，但客戶群對此表現出非常濃厚的興趣，我們擁有數百名潛在客戶，並進行了大量的概念驗證，現在已經開始有第一批客戶採用該解決方案。我認為，在保護模型、推理引擎和代理方面，這將是一個非常快速發展的領域。

Will Power, Baird.

威爾鮑爾，貝爾德。

Okay. Great. I guess two questions. Tom, maybe starting with you. I guess it would be great. I know you've touched on this a fair amount. As I think about the Akamai Inference Cloud and the NVIDIA partnership, I wonder if you could just speak to the medium, longer-term strategic importance of it.

好的。偉大的。我想問兩個問題。湯姆，或許就從你開始吧。我想那會很棒。我知道你已經多次談到這個問題。當我思考 Akamai 推理雲和 NVIDIA 的合作關係時，我想知道您能否談談其中長期策略重要性。

Is it principally access to black well GPUs? Or are there other parameters and facets of the partnership to be aware of anything on the go-to-market side, et cetera? Then I have a question for Ed.

主要問題在於能否取得黑井GPU？或者，在市場推廣等方面，合作關係中還有其他需要注意的參數和麵向嗎？那我還有一個問題想問艾德。

I think the really important thing is it's providing very strong compute capabilities to support AI close to the users, the data, the devices, the robots and the agents, and that's what's unique about the offer. So you're combining Akamai's distributed platform, which is the most distributed by far in the world with leading GPU capability.

我認為真正重要的是，它提供了非常強大的運算能力，以支援靠近用戶、數據、設備、機器人和代理的人工智慧，而這正是該產品的獨特之處。所以，你們將 Akamai 的分散式平台（目前世界上分散式程度最高的平台）與領先的 GPU 效能結合。

The new 6,000 are very powerful. You can support models with hundreds of billions of variables. They can do very cool things that weren't possible before, literally like showing a user who comes to the site in the site in a video.

新款6000型性能非常強勁。您可以支援包含數千億個變數的模型。他們可以做一些以前不可能實現的非常酷的事情，例如在影片中向訪問網站的用戶展示網站內容。

Very cool stuff. And that's unique, I think, with Akamai. And we do have a good relationship with NVIDIA, and we are working together in terms of commercializing the capability with customers and the ecosystem.

太酷了。我認為，這是 Akamai 獨有的。我們與 NVIDIA 保持著良好的關係，我們正在共同努力，將這項功能商業化，服務於客戶和生態系統。

Okay. Great. And I guess, Ed, nice upside on operating margin performance and it sounds like largely expecting that to continue into Q4. So I'd just be great to get any color as to kind of what's driving the upside relative to prior expectations. And kind of this 30% adjusted operating margin level, is that kind of the right framework to think about as we kind of move into next year?

好的。偉大的。我猜，艾德，營運利潤率方面會有不錯的成長，而且聽起來預計這種情況會持續到第四季。所以，我很想知道是什麼因素推動了價格上漲，使其超過了先前的預期。那麼，30% 的調整後營業利潤率水平，是我們展望明年時應該考慮的正確框架嗎？

Yeah. So we'll give you guidance for next year in February. I'd say execution, I mentioned that at the top of the call. Some of that's driving additional revenue. Some of it is just -- even with our development efforts and the capitalization of labor is a good gauge for productivity.

是的。所以我們會在二月給大家明年的指導意見。我認為是執行力，我在電話會議一開始就提到了這一點。其中一部分正在帶來額外的收入。有些事情確實如此——即使我們努力發展，勞動力資本化仍然是衡量生產力的一個很好的指標。

That was a bit higher this quarter. So we were more productive there. The team has done a nice job even in procurement with our -- some of our vendors in terms of getting better pricing. We're modernizing some of our back office, so we're able to retire some older systems and consolidate on to one. Oracle is a good example of where we're consolidating on to.

本季這個數字略高一些。所以我們在那裡的工作效率更高。團隊在採購方面也做得很好——就為我們的某些供應商爭取到了更優惠的價格。我們正在對一些後台系統進行現代化改造，以便淘汰一些舊系統，並整合到一個系統中。Oracle 就是我們整合方向的一個很好的例子。

We've got great execution with our team that's building out the network in terms of getting better pricing on co-location and bandwidth and that sort of stuff. So I'd say it's just good execution across the board.

我們的團隊在網路建設方面執行力很強，在託管和頻寬等方面都爭取到了更優惠的價格。所以我覺得整體執行力都很強。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

Thanks for taking my question. I guess one quickly for Dr. Tom and then one to Ed, if possible. So Dr. Tom, I guess, my question for you in regards to the NVIDIA partnership, there was some releases last year and Akamai introducing NVIDIA GPUs out of the Edge. So just help us understand what is new this year in late 2025 versus last year with this NVIDIA partnership.

謝謝您回答我的問題。我想盡快給湯姆醫生一份，如果可以的話，再給艾德一份。所以湯姆博士，我想問您一個關於NVIDIA合作的問題，去年有一些產品發布，Akamai在Edge設備上推出了NVIDIA GPU。所以請您幫我們了解一下，與去年相比，2025 年底 NVIDIA 的這項合作有哪些新變化。

It's much deeper. And now we're deploying the Blackwell 6000, and that's a huge leap from where we were with the 4000 in terms of capabilities, and we're deploying them much more broadly, and a much stronger partnership and relationship. So it's a world of difference and that enables the Inference Cloud and all the applications that we talked about.

它的內涵遠比這深刻得多。現在我們正在部署 Blackwell 6000，就功能而言，這比我們之前使用的 4000 型有了巨大的飛躍，而且我們正在更廣泛地部署它們，並建立更強大的合作夥伴關係。所以這完全不同，也正是這種不同使得推理雲以及我們討論的所有應用程式成為可能。

Okay. Crystal clear. And congratulations on that exciting partnership. Ed, if I may, just a numbers question. I mean, the first caller kind of asked you about your soft guidance for the different business lines.

好的。晶瑩剔透。祝賀你們達成這項令人興奮的合作。艾德，如果可以的話，我想問一個關於數字的問題。我的意思是，第一位來電者問了你對不同業務線的溫和指導。

I think your answer, if I was not mistaken, was 10% for security, just under 15% for Compute. So if I understood that rightly, that implies that delivery probably takes a leg back down again in 4Q. Am I thinking about that the right way? And if so, is that conservatism? Or is there something that we should know about as to why growth in delivery would inflect back down?

如果我沒記錯的話，你的答案是安全佔 10%，計算佔略低於 15%。所以如果我理解正確的話，這意味著第四季度的交付量可能會再次下降。我這樣想對嗎？如果真是如此，那算是保守主義嗎？或者，是否存在我們應該了解的原因，才能解釋為什麼配送業務的成長會回落？

Yeah. We gave you a pretty wide range there, and delivery is hard to call in Q4. So I wouldn't read it as we're expecting anything negative necessarily with delivery. The seasonal aspects of the quarter don't really manifest themselves to around Thanksgiving.

是的。我們已經給了你相當廣泛的選擇範圍，但第四季的交貨情況很難預測。所以我不認為這意味著我們對交付方面會有任何負面預期。本季的季節性特徵在感恩節前後並不明顯。

So it's hard to say what the retail season will look like and what the sort of end of year media season will look like as you get new devices online. So there's a variety of outcomes you can get this quarter.

因此，很難預測零售季會是什麼樣子，以及隨著新設備在網路上發售，年底的媒體季會是什麼樣子。所以本季你可能會得到各種各樣的結果。

And yes, what I said was we should get to about 10% for Security, a couple -- a little bit below 15% on Compute, but that actually bodes well for next year because it's really just a timing issue and then delivery is sort of the fill in. So depending on where you peg your model on that range, you'll get a variety of outcomes for delivery.

是的，我之前說過，安全方面我們應該能達到 10% 左右，計算方面略低於 15%，但這實際上預示著明年會是個好兆頭，因為這真的只是一個時間問題，交付只是彌補差距而已。因此，根據你將模型定位在該範圍內的位置，你將得到各種不同的交付結果。

Alright cheers then. Thank you very much crystal.

好的，謝謝。非常感謝你，克麗絲塔爾。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Hey, thanks for taking my question. This is Andres Miranda for Rudy. Coming back to the beginning of the call, you said that you have now the three larger cloud providers using CIS. That implies to us that, that wasn't the case before. Can you just confirm that? And if that's the case, did you just sign one this quarter?

嘿，謝謝你回答我的問題。這是安德烈斯米蘭達為魯迪配音。回到通話開始時，您提到現在有三家較大的雲端服務供應商都在使用 CIS。這說明以前並非如此。能確認一下嗎？如果真是這樣，你這季剛簽過一份嗎？

And what is the upside moving forward? How should we think about the three large cloud providers.

那麼，未來有哪些有利因素呢？我們該如何看待三大雲端服務供應商？

I didn't completely get the question. Can you repeat the question that you're asking?

我沒完全理解這個問題。你能再說一次你的問題嗎？

Yeah. So like at the beginning of the call you said you had the three larger cloud providers now using CIS. Does that imply that, that wasn't the case before? So did you just sign one of them in the quarter? Or what is the upside moving forward for CIS?

是的。就像你在通話開始時說的那樣，現在有三家較大的雲端供應商都在使用 CIS。這是否意味著以前並非如此？所以你這季剛簽了其中一份？或者說，獨聯體未來有哪些發展前景？

Good. We signed the third -- we just signed the third one. And the first one signed a much larger contract. So one got a lot bigger, and one is new. And so now we have all three. Is that what you're asking?

好的。我們簽了第三份——我們剛剛簽了第三份。而且第一個人簽的合約金額要大得多。所以其中一個變得更大了，另一個是新的。現在我們三樣都有了。你問的是這個嗎？

Yes. Thank you.

是的。謝謝。

Tomer Zilberman, Bank of America.

托默·齊爾伯曼，美國銀行。

Hey guys, I actually want to go back to Security and talk about the demand you're seeing there. If I take the commentary from some of your peers, they're talking about an acceleration in the underlying demand environment, but when I look at your trends, you've kind of been growing 9% to 10% the last few quarters and you called out 10% for the year. So I just wanted to see kind of the puts and takes of what you're seeing in terms of demand and how you're thinking about that as you go into next year.

大家好，我其實想回到安全領域，談談你們在那裡看到的需求。如果我參考一些同行的評論，他們正在談論潛在需求環境的加速增長，但當我觀察你們的發展趨勢時，你們在過去幾個季度一直保持著 9% 到 10% 的增長，而且你們也宣布今年的目標是 10%。所以我想了解你們對需求的看法，以及你們對明年市場前景的展望。

Yeah. So I think what we're trying to highlight for you today is we're seeing significant demand for our API Security and our Guardicore Zero Trust platform security products. API Security, in particular, if you go back in time, we closed our acquisition of Noname back in June. So this is the first quarter of full organic year-on-year growth. And we more than doubled.

是的。所以，我想今天我們想向大家強調的是，我們看到市場對我們的 API 安全和 Guardicore 零信任平台安全產品有顯著的需求。特別是 API 安全方面，如果回顧一下，我們早在 6 月就完成了對 Noname 的收購。所以這是第一個實現全年有機成長的季度。我們的數量翻了一番還多。

So we're going to exit at about $100 million run rate. So we're seeing an amazing demand for API security and continued strong demand for Guardicore.

所以，我們最終的年化收入大概會達到 1 億美元。因此，我們看到市場對 API 安全有著驚人的需求，而對 Guardicore 的需求也持續強勁。

So -- and also you have -- as Tom talked about, with API Security and what's happening with the Agentic Web and the opportunity for future growth, if you kind of look out into the future, there's a lot of runway for API Security and the penetration rate inside of our base for both products is relatively low, and we've got a great track record of getting very high penetration.

所以——而且——正如 Tom 所談到的，關於 API 安全以及 Agentic Web 的發展和未來增長的機會，如果你展望未來，API 安全還有很大的發展空間，而我們兩款產品在我們用戶群中的滲透率都相對較低，但我們在實現非常高的滲透率方面有著良好的記錄。

So we've got some products that are been around for a while that are still growing, but it's not growing as quickly. So I think you missed the opportunity, if you just focus on the overall number. You're really going to look at the two fast-growing products, the underlying demand for those products and also our position in the market, we're very well positioned in the market with leading market leading products.

所以我們有一些已經上市一段時間的產品仍在成長，但成長速度不如以前快了。所以，如果你只關注總數，我認為你錯失了機會。您真正需要關注的是兩款快速成長的產品、這些產品的潛在需求以及我們在市場上的地位，我們憑藉領先的市場產品在市場上佔據了非常有利的地位。

Got it, thanks.

明白了，謝謝。

Jeff Van Rhee, Craig-Hallum Capital.

傑夫·範·李 (Jeff Van Rhee)，克雷格·哈勒姆資本 (Craig-Hallum Capital)。

This is [Daniel Hibshman] on for Jeff Van Rhee. Congrats on the quarter. Maybe one just to open up on the delivery trajectory and what's being expected there. Now, is this a sort of line where as always the growth rate is kind of always be in constant flux just based on the market dynamics that year?

這位是丹尼爾·希布什曼，他代替傑夫·範·裡上場。恭喜你本季取得佳績。或許可以就交付軌跡以及預期目標做個說明。那麼，這條線是不是像往常一樣，成長率總是會根據當年的市場動態而不斷改變呢？

Or do you think the trend line we're stabilizing around here kind of in the single-digit growth -- a single-digit decline is sort of a trend line to be expecting into the future? Just kind of long-term vision on how you expect that to behave secularly.

或者您認為我們目前穩定在個位數成長的趨勢線——個位數下降——是未來可能出現的趨勢線嗎？只是你期望它在世俗層面上如何表現的長遠展望。

Yeah. Good question. So there's always seasonality just in the trends on traffic on the Internet. Q4 is always a larger seasonal quarter. You've got the return of college football and the NFL and you've got new content for new TV shows and that sort of stuff.

是的。問得好。所以，網路流量趨勢總是存在季節性變化。第四季通常是季節性銷售旺季，銷售量較大。大學橄欖球和 NFL 都回歸了，而且還有新的電視節目等內容。

So that always drives more traffic at new devices coming online. You've got a big holiday shopping season. So that's very typical to see a jump in traffic there.

因此，這總是會為新上線的設備帶來更多流量。你們即將迎來一個重要的假期購物季。所以那裡的交通流量出現激增是很正常的現象。

Typically, Q1 might be a little bit lower than what you saw in Q4. Q2 generally in line with Q1. And then Q3 tends to be a little bit seasonally softer just traditionally because of not as much sports going on. You don't have this -- you've got no new shows coming out and people are on vacation, not using the Internet as much. So I don't see any change in that sort of general trend on the Internet.

通常情況下，第一季的數據可能會比第四季的數據略低一些。第二季與第一季基本一致。然後，由於體育賽事較少，第三季度通常會略顯淡季，這主要是傳統現象。你沒有這種情況——沒有新節目播出，人們都在度假，上網的時間也不多。所以我認為網路上的這種總體趨勢不會有任何改變。

As Tom talked about, with these AI agent applications could create more video traffic, just more API traffic. So there's a possibility for a leg up there. We've had weak gaming over the last couple of years, some big titles are in the backlog. That actually helps console recycle refreshes help as well. So we're due for one of those in the next year or two.

正如湯姆所說，這些人工智慧代理應用程式可以創造更多的視訊流量，也就是更多的 API 流量。所以，那裡還是有可能獲得一席之地的。過去幾年遊戲市場表現疲軟，有些大作仍處於待發售狀態。實際上，這也有助於主機回收刷新。所以，未來一兩年內我們很可能會迎來其中一次。

So I think the demand trends could get better over time. But we've been pretty cautious with delivery because we -- occasionally, you can get surprised. But we're very pleased with what we're seeing, and we are kind of getting back to that where we had projected the business to be kind of flat to down single digits is certainly what we've delivered this year. And if the trends remain constant in terms of what we saw this year, it's possible we could do that again.

所以我認為隨著時間的推移，需求趨勢可能會好轉。但我們在發貨方面一直非常謹慎，因為——偶爾，你可能會感到驚訝。但我們對目前的情況非常滿意，我們正在逐步恢復到先前預測的業務水平，我們原本預計業務將持平或下降個位數，而今年我們確實實現了這一目標。如果今年的趨勢保持不變，我們有可能再次做到這一點。

And then just one other for me on the share repurchases, just any methodology or strategy change to call out both in regard to the record buybacks we saw in the first half. And then it looks like -- I just -- out of curiosity was looking, it looks like this is the first quarter.

關於股票回購，我還有一點想提一下，關於上半年創紀錄的回購，是否有任何方法或策略上的變化需要指出。然後看起來——我只是——出於好奇，我看了看，看起來這好像是第一季。

Akamai hasn't bought back any shares since it looks like a quarter back in 2009. So typically just a very, very steady cadence. Is this a little bit of a shift to buying more opportunistically in more concentrated amounts? Or just any thoughts if there's any change in the thinking there?

Akamai 自 2009 年某個季度以來似乎就沒有回購過任何股票。所以通常節奏非常非常穩定。這是否意味著買入策略正在發生一些轉變，從更頻繁地集中購買轉變為更具機會主義精神？或者，您覺得這方面的想法有沒有改變？

No. As Ed talked about earlier, no change in our thinking or strategy. And in fact, we bought back more shares or spent more on shares this year than ever before. So yes, we didn't buy back shares in Q3, but we bought back a ton this year.

不。正如艾德之前所說，我們的想法和策略沒有任何改變。事實上，今年我們回購的股票數量或在股票上的支出都比以往任何時候都多。所以，是的，我們在第三季沒有回購股票，但我們今年回購了大量股票。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

The international versus the US script has slipped a little bit here in the last couple of quarters. Just curious which segments were strong or maybe stronger than you expected in the international segment? And just traditionally, when we see international strength versus US, which segments should kind of be flagged in our minds?

在過去的幾個季度裡，國際足壇與美國足壇的對決格局略有下滑。我只是好奇，在國際市場中，哪些細分市場表現強勁，或者說哪些細分市場的表現超出了您的預期？傳統上，當我們看到國際實力與美國實力對比時，我們應該特別關注哪些領域？

Yeah, good question. And you're right, it did slip a little bit. One thing that did aid to the US growth last year or the '25 was some of the Edgio contracts were more concentrated in the US. So those are not starting to anniversary.

嗯，問得好。你說得對，確實有點小失誤。去年或 2025 年促進美國經濟成長的因素之一是，一些 Edgio 合約更集中在美國。所以這些都不是周年紀念日。

So that's a piece of it. But internationally, I would say in APJ in particular, we are seeing that sales team really embraced compute in a way that they're sort of leading the charge as far as signing up a lot of large compute deals and embracing security as well. So it's kind of strength across the board there.

這是其中的一部分。但就國際而言，尤其是在亞太地區，我們看到銷售團隊真正擁抱了計算，他們在簽署大量大型計算交易和擁抱安全方面都處於領先地位。所以，整體來說，各方面都表現優異。

APJ, in general, has been very, very strong for us. EMEA has been strong. Some of the country growth that I've seen across Western Europe was a little bit surprising in terms of a bit healthier than we've normally seen. So I'd just say, across the board, international has always been good for us. We're seeing it sort of pick back up again.

總體而言，APJ地區對我們來說一直非常非常強大。歐洲、中東和非洲地區表現強勁。我觀察到西歐一些國家的經濟成長有點出乎意料，比我們通常看到的要健康一些。所以我想說，總的來說，國際化對我們來說一直都是好事。我們看到它似乎又開始復甦了。

And I would say compute and APJ is probably the one thing that I would call out in terms of strength.

就優勢而言，我認為計算能力和 APJ 可能是我唯一要特別強調的方面。

Okay. Great. And then a quick follow-up on the Inference Cloud. You mentioned, Tom, the fact that you're close to the robots, right? You're close to the user, which I understand.

好的。偉大的。然後快速跟進一下推理雲。湯姆，你剛剛提到你和機器人關係很近，對吧？我明白你和使用者關係很近。

But I'm just curious, I mean, is there -- would there be other things outside of kind of what I think of as like almost the Internet of Things use case that might also trigger more inference at the edge. Like if a rise in small language models were to happen or diversity of silicon. Are there kind of headlines we should use as word association that would be positive for the Inference Cloud when we see them.

但我只是好奇，我的意思是，除了我所認為的物聯網用例之外，是否還有其他因素可能會在邊緣觸發更多的推理。例如，如果小型語言模型興起，或矽晶片多樣化。是否存在一些標題類型，當我們看到它們時，會對其推理雲產生積極影響，我們應該將它們用作詞語聯想？

Yeah. I think -- well, I don't know about catchwords to look at, but pretty much everything is going to be powered by AI. I think how the web works is going to change. Everything is going to be model-based, how you interact with it will be different. There'll be applications people haven't even dreamed about yet.

是的。我認為——嗯，我不知道應該關注哪些關鍵字，但幾乎所有事情都將由人工智慧驅動。我認為網路的運作方式將會改變。一切都將基於模型，你與它的互動方式也會有所不同。未來會出現一些人們甚至從未想過的應用程式。

And a lot of these, especially when there's a bot that's doing something important like car or humans interacting in some way, you're going to want the thing to be in real time. And by that, I mean within 10 small number of tens of milliseconds.

很多情況下，尤其是當機器人執行重要任務（例如與汽車或人類進行某種互動）時，你會希望它是即時的。我的意思是，在幾十毫秒的短時間內。

And for that, you need to be close and you're not going to want to be going far away to a big data center with a giant model that's doing a zillion things and has a lot of capacity and infrastructure that really isn't relevant to your test.

因此，你需要靠近目標地點，你肯定不想去很遠的地方，去一個擁有龐大模型、運行著無數功能、擁有大量容量和基礎設施的大數據中心，而這些實際上與你的測試無關。

And so I do think you're going to see the proliferation of small- to medium-sized models that are operating close to the user with specific tasks in mind. And I think that's why you're starting to hear the industry leaders talk about Inference as being -- well, really the next big thing and ultimately larger than the giant models and the training and the core of the Internet.

因此，我認為你會看到中小型模式的激增，這些模式貼近用戶，並專注於特定任務。我認為這就是為什麼你會開始聽到行業領袖們談論推理——它確實是下一個重大突破，最終比巨型模型、訓練和互聯網的核心還要重要。

And that that's where the future of the Internet and the web goes.

這就是網路和網路的未來發展方向。

Understood. Thank you.

明白了。謝謝。

Thank you. And that concludes today's question-and-answer session and today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的問答環節和電話會議到此結束。感謝各位蒞臨今天的報告會。現在您可以斷開線路了，祝您有美好的一天。