阿卡邁科技 (AKAM) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Q2 2026 Akamai Technologies, Inc. earnings conference call. (Operator Instructions) Please also note, today's event is being recorded. At this time, I'd like to turn the floor over to Mark Stoutenberg, Head of IR. Sir, please go ahead.

各位好，歡迎參加 Akamai Technologies, Inc. 2026 年第二季（Q2）財報電話會議。(接線員指示) 也請注意，今天的活動將被錄音。此刻，我想把會議交給投資人關係部門主管 Mark Stoutenberg。先生，請開始。

Good afternoon, everyone, and thank you for joining Akamai's second quarter 2026 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 2026 年第二季財報電話會議。今天的發言人包括 Akamai 執行長 Tom Leighton，以及 Akamai 財務長 Ed McGowan。

Please note that today's comments include forward-looking statements that include 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，其中包括營收與獲利指引。這些前瞻性陳述係基於目前的預期與假設，並受某些風險與不確定性影響，且涉及多項因素，可能導致實際結果與所明示或暗示者出現重大差異。

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 with our filings with the SEC. The statements included on today's call represent the company's views on August 6, 2026, and we assume no obligation to update any forward-looking statements.

相關因素包括但不限於：總體經濟趨勢的任何影響、任何併購案的整合、地緣政治發展，以及我們向美國證券交易委員會（SEC）提交之文件中所識別的其他風險因素。今天電話會議中的陳述代表公司截至 2026 年 8 月 6 日的觀點，我們不承擔更新任何前瞻性陳述的義務。

As a reminder, we will be referring to certain non-GAAP financial metrics during today's call. A detailed GAAP to non-GAAP reconciliation is available in the Investor Relations section of akamai.com under Financials. With that, I'll now hand the call off to our CEO, Dr. Tom Leighton.

提醒各位，我們在今天的電話會議中將引用若干非 GAAP 財務指標。GAAP 與非 GAAP 的詳細調節表可於 akamai.com 的投資人關係（Investor Relations）專區之「財務資訊（Financials）」中取得。接下來，我將把電話交給我們的執行長 Tom Leighton 博士。

Thanks, Mark. I'm very pleased to report that Akamai continues to build momentum and gain wide industry recognition as a key infrastructure provider for the AI-driven economy. Akamai has long been known for operating the world's most distributed platform for content delivery and cybersecurity at global scale and with a reputation for reliability, quality and trust.

謝謝你，Mark。我很高興向各位報告，Akamai 持續累積動能，並在產業中獲得廣泛肯定，成為 AI 驅動經濟的關鍵基礎設施供應商。Akamai 長期以來以營運全球最分散式的平台而聞名，能以全球規模提供內容傳遞與資安服務，並以可靠性、品質與信任著稱。

And now we're leveraging our global footprint and years of experience serving the world's largest enterprises to do for the AI-driven economy what we've done for cybersecurity and content delivery. The response from industry leaders in major enterprises has been very strong.

如今，我們正運用全球佈局與多年服務全球最大企業的經驗，為 AI 驅動的經濟做出如同我們在資安與內容傳遞領域所做的一切。主要企業的產業領導者反應非常熱烈。

In fact, we were very pleased to announce today that a US-based technology company has committed more than $600 million over four years for our cloud infrastructure services to power their robotics development. The addition of this new customer brings the total volume of the multiyear commitments signed so far this year for our cloud infrastructure services to more than $2.8 billion. As a result of these commitments and the exceptionally strong pipeline we're seeing, we now anticipate that Akamai's overall revenue growth will accelerate into the low teens in 2027.

事實上，我們很高興在今天宣布，一家美國科技公司已承諾在四年內投入超過 6 億美元採用我們的雲端基礎設施服務，以支援其機器人研發。新增這位客戶後，我們今年迄今為止已簽署的雲端基礎設施服務多年期承諾總額已超過 28 億美元。基於這些承諾以及我們所看到的極為強勁的商機管線，我們現在預期 Akamai 的整體營收成長將在 2027 年加速至低十位數（low teens）。

For investors who want to understand how the AI market is evolving and why Akamai is such a unique and vital player in this new ecosystem, we encourage you to read the July 23 article in Fast Company by Victor Dey.

對於想了解 AI 市場如何演進，以及為何 Akamai 在這個新生態系中如此獨特且關鍵的投資人，我們建議閱讀 Victor Dey 於 7 月 23 日在《Fast Company》發表的文章。

In the article, Dey explains the role played by Akamai's distributed platform in transforming the content delivery and cybersecurity marketplaces and how a similar approach can benefit the AI ecosystem with many Agentic workloads being processed at the edge, close to users instead of in massive centralized data centers.

在該文中，Dey 說明 Akamai 的分散式平台在改變內容傳遞與資安市場方面所扮演的角色，以及類似的方法如何能讓 AI 生態系受益——許多 Agentic 工作負載將在邊緣端、靠近使用者處處理，而非在龐大的集中式資料中心中處理。

In a related blog, IDC analyst, Dave McCarthy, considers a world transformed by AI agents and the practical challenges of automated execution of queries against a trained model. Whereas training frontier models requires massive data centers and energy consumption, the next challenge for AI is what it will take to run those models everywhere at low latency and with affordable cost.

在一篇相關部落格中，IDC 分析師 Dave McCarthy 探討由 AI 代理（AI agents）所改變的世界，以及針對已訓練模型自動執行查詢所面臨的實務挑戰。相較於訓練前沿模型需要龐大資料中心與能源消耗，AI 的下一個挑戰在於：如何以低延遲、且成本可負擔的方式，讓這些模型能在各處運行。

It's also helpful to read a recent blog by Akamai's CTO, Bobby Blumofe, on how AI inference is reshaping the cloud. Bobby's post explains why the infrastructure needed for AI agents will ultimately be a flexible continuum, stretching from the core to the edge.

同時也建議閱讀 Akamai 技術長（CTO）Bobby Blumofe 最近發表的部落格，內容談到 AI 推論如何重塑雲端。Bobby 的文章說明，AI 代理所需的基礎設施最終將是一個具彈性的連續體，從核心一路延伸到邊緣。

As the market for AI moves beyond centralized AI factories, Akamai's strategy is to provide a unified distributed grid for AI inference. By pushing AI inference to the edge and combining it with our massive deployment of CPUs for delivery, security and functions as a service, our platform will enable customers to run agents and models within milliseconds of their end users with the responsiveness of local compute and the scale of the global web, optimizing performance while reducing latency and cost.

隨著 AI 市場走出集中式 AI 工廠模式，Akamai 的策略是為 AI 推論提供一個統一的分散式網格（distributed grid）。透過將 AI 推論推向邊緣端，並結合我們在傳遞、資安與函式即服務（functions as a service）方面大量部署的 CPU，我們的平台將使客戶能在距離終端使用者僅數毫秒內運行代理與模型，兼具本地運算的即時回應與全球網路的規模，在最佳化效能的同時降低延遲與成本。

Customers are already leveraging our cloud infrastructure services for a wide variety of repeatable use cases. For example, an AI patent intelligence platform in Singapore shifted its inference workloads from a hyperscaler to Akamai, boosting performance by 30% and cutting infrastructure costs by 20%.

客戶已開始運用我們的雲端基礎設施服務，涵蓋多種可重複的使用情境。例如，新加坡一家 AI 專利智慧平台將其推論工作負載從一家超大規模雲端供應商（hyperscaler）轉移至 Akamai，使效能提升 30%，並將基礎設施成本降低 20%。

An AI-powered decision intelligence platform in Poland chose us to run low-latency game theory simulations globally and with predictable costs. An enterprise data storage provider in the US chose us to run their high-throughput storage observability and analytics platform.

波蘭一家 AI 驅動的決策智慧平台選擇我們，以可預期的成本在全球執行低延遲的賽局理論模擬。美國一家企業級資料儲存供應商選擇我們來運行其高吞吐量的儲存可觀測性與分析平台。

A global AI software company in India chose us to run their Gen AI image creation in a $12 million win over a hyperscaler. An AI-powered communications provider in India chose us to eliminate unpredictable hyperscaler billing and accelerate their customer engagement. And a SaaS media workflow platform in the US chose us for high-throughput live media and coding.

印度一家全球 AI 軟體公司選擇我們來運行其生成式 AI（Gen AI）影像生成，並以 1,200 萬美元的案子擊敗一家超大規模雲端供應商。印度一家 AI 驅動的通訊服務供應商選擇我們，以消除超大規模雲端供應商不可預測的帳單費用，並加速其客戶互動。而美國一家 SaaS 媒體工作流程平台選擇我們，用於高吞吐量的即時媒體與編碼。

Looking across our business as a whole, AI is not only driving adoption and revenue growth for Akamai Cloud, AI has also been a tailwind for our security solutions. In Q2, Akamai Security revenue grew 10% year-over-year as reported and 9% in constant currency. Security growth was led once again by strong demand for our market-leading web app firewall, API security and Guardicore Segmentation solutions.

從整體業務來看，AI 不僅推動 Akamai Cloud 的採用與營收成長，也為我們的資安解決方案帶來順風。第二季，Akamai Security 營收年增 10%（按報告口徑），以固定匯率計算年增 9%。資安成長再次由市場領先的網頁應用程式防火牆（WAF）、API 資安，以及 Guardicore Segmentation 解決方案的強勁需求所帶動。

Our WAF continued to see strong demand in Q2 from customers eager to protect against vulnerabilities that could be exposed by frontier models like Mythos or GPT-5.5. Customers that added or significantly expanded their WAF usage in Q2 included one of the world's leading commerce sites, one of the world's leading automakers, and one of the world's largest banks in a $14 million upgrade to have Akamai secure all of their applications.

第二季，我們的 WAF 持續出現強勁需求，客戶希望防範可能被 Mythos 或 GPT-5.5 等前沿模型暴露的弱點。

We also signed renewal upgrades for security and CIS products with one of the world's largest telcos in a contract worth more than $20 million over two years. And today, we're also very pleased to announce that CrowdStrike, a leading AI-native cybersecurity platform has switched to Akamai for its web security and content delivery needs.

我們也與全球最大電信業者之一簽署資安與 CIS 產品的續約升級合約，合約金額在兩年內超過 2,000 萬美元。此外，我們也很高興在今天宣布，領先的 AI 原生資安平台 CrowdStrike 已改用 Akamai 以滿足其網路安全與內容傳遞需求。

CrowdStrike told us they were dissatisfied with the inconsistent service they received from one of our SMB-focused competitors. We see this validation from another security leader as a strong endorsement of Akamai's enterprise security capabilities and our hard-won reputation for trust, reliability and dedicated customer support.

CrowdStrike 告訴我們，他們對於從我們某家以中小企業（SMB）為主的競爭對手所獲得的不一致服務感到不滿。我們將另一位資安領導者的這項肯定視為對 Akamai 企業級資安能力的強力背書，以及對我們長期建立的信任、可靠性與專注客戶支援聲譽的認可。

On the go-to-market front, we recently announced that Akamai has been selected as a strategic partner for WWT's AI Readiness Model for Operational Resilience, or ARMOR for short. This is the industry's first holistic vendor-agnostic AI security framework, and our inclusion positions Akamai as a foundational security architecture for the AI factories being built by WWT and accelerated by NVIDIA.

在市場推廣（go-to-market）方面，我們近期宣布 Akamai 已被選為 WWT「營運韌性 AI 就緒模型」（AI Readiness Model for Operational Resilience，簡稱 ARMOR）的策略合作夥伴。這是業界第一個全面、供應商中立的 AI 資安框架；我們的納入使 Akamai 成為由 WWT 建置並由 NVIDIA 加速的 AI 工廠之基礎性安全架構。

Without this collaborative security framework for AI, organizations are often forced to piece together fragmented security strategies. By aligning the Akamai security portfolio with ARMOR, we provide a methodology to protect large-scale AI clusters proactively by preventing the lateral movement of threats.

若缺少這種針對 AI 的協作式安全框架，組織往往被迫拼湊零散的資安策略。透過將 Akamai 資安產品組合與 ARMOR 對齊，我們提供一套方法論，可藉由防止威脅的橫向移動，主動保護大規模 AI 叢集。

As WWT's Chris Konrad said, no single vendor can secure the AI frontier alone. Through our close partnership with Akamai, we're turning the hype of secure enterprise AI into a tangible scalable reality for customers.

正如 WWT 的 Chris Konrad 所說，沒有任何單一供應商能夠獨自守住 AI 前沿。透過我們與 Akamai 的緊密合作，我們正把「安全企業級 AI」的炒作轉化為可供客戶落地、可擴展的具體現實。

Akamai is also proud to be one of the industry's must-have security providers partnering with Anthropic and OpenAI to help ensure the safe and rapid deployment of AI-enhanced defenses. With our access to programs like Glasswing and Daybreak and our participation in programs like the Open Secure AI Alliance, we're applying our expertise to help keep major enterprises and critical infrastructure secure.

Akamai 也很自豪能成為業界不可或缺的安全供應商之一，並與 Anthropic 與 OpenAI 合作，協助確保 AI 強化防禦能安全且快速地部署。憑藉我們取得 Glasswing、Daybreak 等計畫的資源，以及參與 Open Secure AI Alliance 等計畫，我們正運用專業能力，協助確保大型企業與關鍵基礎設施的安全。

As employees across all industries use AI tools more frequently, enterprises need more help to secure their workforce and prevent sensitive data from being leaked. That's why we acquired LayerX, a leading provider of secure enterprise browser and AI usage control.

隨著各行各業的員工更頻繁地使用 AI 工具，企業需要更多協助來保護其員工隊伍，並防止敏感資料外洩。因此，我們收購了 LayerX——一家領先的安全企業瀏覽器與 AI 使用控管供應商。

With LayerX, now rebranded as Akamai Workforce Protector, were able to give security teams the deep visibility they need to see exactly how users are interacting with web content, SaaS applications, file uploads and even raw AI prompts. By adding this browser security platform to our portfolio, Akamai is now uniquely positioned to protect enterprises from unauthorized AI agents, whether they're operating on a user's laptop or living inside internal applications that talk to external LLMs.

透過 LayerX（現已更名為 Akamai Workforce Protector），我們能為資安團隊提供所需的深度可視性，精準掌握使用者如何與網頁內容、SaaS 應用程式、檔案上傳，甚至原始 AI 提示詞互動。將此瀏覽器安全平台納入我們的產品組合後，Akamai 現在具備獨特優勢，可保護企業免受未經授權的 AI 代理影響，無論其是在使用者筆電上運作，或是存在於與外部 LLM 溝通的內部應用程式之中。

What makes the combination particularly exciting is how nicely Workforce Protector aligns with Akamai's existing Zero Trust portfolio, including our Guardicore microsegmentation, Zero Trust Network Access and DNS security solutions that thousands of enterprises rely on today.

這項組合特別令人振奮之處在於，Workforce Protector 與 Akamai 既有的 Zero Trust 產品組合高度契合，其中包括我們的 Guardicore 微分段（microsegmentation）、Zero Trust Network Access，以及目前已有數千家企業仰賴的 DNS 安全解決方案。

Ultimately, we believe these combined capabilities will deliver a powerful unified workforce security solution that directly addresses one of the industry's most urgent challenges, securing and governing how employees, partners and supply chain ecosystems interact with AI.

最終，我們相信這些整合後的能力將提供一套強大且統一的員工隊伍安全解決方案，直接回應產業最迫切的挑戰之一：確保並治理員工、合作夥伴與供應鏈生態系如何與 AI 互動。

LayerX is the latest in a series of acquisitions we've made to build out our security portfolio and make it easier for enterprises to obtain more comprehensive solutions from Akamai as their strategic security partner. Overall, we expect our security portfolio to generate more than $2.4 billion in revenue this year, making Akamai one of the largest security providers in the market.

LayerX 是我們為擴充安全產品組合而進行的一系列收購中的最新一筆，並讓企業更容易以 Akamai 作為策略性安全合作夥伴，取得更全面的解決方案。整體而言，我們預期今年安全產品組合將創造超過 24 億美元的營收，使 Akamai 成為市場上規模最大的安全供應商之一。

In summary, we're excited to see AI driving demand for our Cloud and Security portfolios, and we're grateful for our talented team here at Akamai, who continue to perform extraordinary work to deliver flawless digital experiences for our customers. Our employees' dedication to our customers' success is one of the reasons why so many of the world's top brands and most demanding businesses rely on Akamai as their trusted, dependable and reliable partner.

總結來說，我們很高興看到 AI 正推動對我們雲端與安全產品組合的需求，也感謝 Akamai 這裡才華洋溢的團隊，持續以卓越表現為客戶提供零瑕疵的數位體驗。員工對客戶成功的投入，是全球眾多頂尖品牌與要求最嚴苛的企業如此信賴 Akamai、視其為值得信賴且穩健可靠合作夥伴的原因之一。

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

接下來我把電話交給 Ed，請他進一步說明我們的業績與今年剩餘期間的展望。Ed？

Thanks, Tom. Before I begin the standard review of our quarterly financials and updated 2026 outlook, I want to build on Tom's remarks. From a strategic and financial perspective, we couldn't be more excited about the trajectory of our business. Securing a four year $600 million GPU services deal with a leading US-based technology company focused on robotics development brings our recently announced major wins to over $2.8 billion this year, a huge validation of our platform.

謝謝你，Tom。在我開始例行回顧本季財務表現並更新 2026 年展望之前，我想延伸 Tom 的談話。從策略與財務角度來看，我們對公司業務的發展軌跡感到無比振奮。我們與一家以機器人研發為重點的美國領先科技公司簽下為期四年、金額 6 億美元的 GPU 服務合約，使我們今年近期公布的重大勝利總額超過 28 億美元，這是對我們平台的重大肯定。

Beyond providing great multiyear revenue visibility, it also underscores the scale of our cloud infrastructure services business. For this new customer, we don't expect any material revenue impact for 2026, but we do expect revenue to fully ramp throughout 2027.

除了提供優異的多年期營收能見度之外，這也凸顯了我們雲端基礎設施服務業務的規模。對於這位新客戶，我們預期 2026 年不會有任何重大營收影響，但我們預期營收將在 2027 年逐步全面放量。

And finally, as Tom mentioned earlier, and backed by these multiyear commitments, along with an expanding pipeline, we have a clear line of sight to accelerating our top line revenue growth from single digits this year to the low teens in 2027.

最後，如同 Tom 先前提到的，在這些多年期承諾的支持下，加上持續擴大的商機管線，我們對於營收成長加速有清晰的可見度：從今年的個位數成長，加速至 2027 年的低十位數成長。

With that, let's dive into the Q2 results. Revenue in the second quarter was $1.1 billion, up 5% year-over-year as reported and in constant currency. Cloud Infrastructure Services, or CIS revenue was $99 million, up 39% year-over-year as reported and in constant currency. This was in line with our expectations and we continue to expect CIS revenue to meaningfully accelerate in Q4 and then further accelerate in 2027.

接著，我們來看第二季（Q2）業績。第二季營收為 11 億美元，按年成長 5%（以報告口徑與固定匯率口徑計）。雲端基礎設施服務（Cloud Infrastructure Services，CIS）營收為 9,900 萬美元，按年成長 39%（以報告口徑與固定匯率口徑計）。此結果符合我們的預期；我們仍預期 CIS 營收將在第四季（Q4）顯著加速，並在 2027 年進一步加速。

Security revenue maintained strong momentum with revenue of $604 million, up 10% year-over-year as reported and 9% in constant currency. The strength in the second quarter continued to be driven by our fast-growing API security and Guardicore Segmentation solutions.

安全業務營收維持強勁動能，營收為 6.04 億美元，按年成長 10%（以報告口徑計），固定匯率口徑成長 9%。第二季的強勁表現持續由我們快速成長的 API 安全與 Guardicore Segmentation 解決方案所帶動。

Moving to Delivery and other cloud applications. Revenue was $396 million, down 6% year-over-year as reported and down 5% in constant currency. International revenue was $549 million, up 6% year-over-year or up 7% in constant currency, representing approximately 50% of total revenue in Q2. US foreign exchange fluctuations had a negative impact on revenue of $2 million on a sequential basis and a negative $1 million impact on a year-over-year basis.

接著看交付（Delivery）與其他雲端應用。營收為 3.96 億美元，按年下滑 6%（以報告口徑計），固定匯率口徑下滑 5%。國際營收為 5.49 億美元，按年成長 6%（或固定匯率口徑成長 7%），約占第二季總營收的 50%。美元匯率波動對營收的影響為：按季減少 200 萬美元，按年減少 100 萬美元。

Moving to profitability. In Q2, we generated non-GAAP net income of $236 million or $1.59 of earnings per diluted share, down 8% year-over-year as reported and down 6% in constant currency. These results include our expanded colocation investments, higher depreciation and increased headcount costs, all to help fuel faster growth in our cloud infrastructure services.

接著看獲利能力。第二季我們的非 GAAP 淨利為 2.36 億美元，或稀釋後每股盈餘 1.59 美元；按年下滑 8%（以報告口徑計），固定匯率口徑下滑 6%。這些結果包含我們擴大的機房共置（colocation）投資、更高的折舊費用，以及增加的人力成本，目的都是為了推動雲端基礎設施服務更快成長。

Our non-GAAP operating margin for Q2 was 25%, in line with our expectations. We expect operating margin to remain in the mid-20s for the remainder of this year as we continue to invest to capture the exciting growth opportunities in CIS.

第二季非 GAAP 營業利益率為 25%，符合我們的預期。我們預期在今年剩餘期間，營業利益率將維持在 20% 中段區間，因為我們將持續投資以把握 CIS 令人振奮的成長機會。

Our Q2 CapEx was $347 million or 32% of revenue. Second quarter CapEx was below our guidance, primarily driven by the timing of receipt of some GPUs. These shipments arrived a few weeks later than expected following the quarter end, pushing the bulk of the planned spend into Q3.

第二季資本支出（CapEx）為 3.47 億美元，約占營收的 32%。第二季資本支出低於我們的指引，主要是因為部分 GPU 的到貨時點延後。這些出貨在季末後晚了幾週才到，使原先規劃的大部分支出遞延至第三季（Q3）。

Moving to cash and our capital allocation strategy. In May, we raised $3.5 billion via two equal tranches of zero coupon convertible debt maturing in 2030 and 2032 to fund our growing CIS pipeline and for general corporate purposes.

接著看現金與資本配置策略。5 月，我們透過兩筆等額、零息的可轉換公司債籌資 35 億美元，分別於 2030 年與 2032 年到期，用以支應持續成長的 CIS 商機管線及一般公司用途。

In Q2, we spent approximately $410 million to buy back approximately 3 million shares. Year-to-date, we have repurchased roughly 5 million shares for a total of approximately $616 million. We ended the second quarter with approximately $565 million remaining on our current repurchase authorization.

第二季我們投入約 4.10 億美元回購約 300 萬股股票。年初至今，我們已回購約 500 萬股，總金額約 6.16 億美元。第二季結束時，我們在現行回購授權下尚餘約 5.65 億美元可用額度。

However, given the strong market demand for CIS, we are temporarily pausing share repurchases to reallocate capital to support our high-growth CIS pipeline. And finally, as of June 30, we had approximately $4.6 billion of cash, cash equivalents and marketable securities.

然而，鑑於市場對 CIS 的強勁需求，我們將暫時暫停股票回購，將資本重新配置以支持我們高成長的 CIS 商機管線。最後，截至 6 月 30 日，我們持有約 46 億美元的現金、約當現金與有價證券。

Now before I provide Q3 and full year 2026 guidance, I want to touch on a few housekeeping items. First, on July 2, we completed the acquisition of a security company LayerX for approximately $205 million. From a financial perspective, we expect the acquisition to have no material impact on full year 2026 revenue. On the bottom line, we expect LayerX will be dilutive to our non-GAAP EPS by approximately $0.12 for 2026, split evenly across Q3 and Q4.

在我提供第三季（Q3）與 2026 全年指引之前，我想先提幾項例行事項。首先，7 月 2 日，我們完成以約 2.05 億美元收購資安公司 LayerX。從財務角度來看，我們預期這項收購對 2026 全年營收不會造成任何重大影響。在獲利方面，我們預期 LayerX 將使 2026 年非 GAAP 每股盈餘（EPS）稀釋約 0.12 美元，並平均分攤於第三季與第四季（Q4）。

Second, I'd like to turn to foreign exchange and its expected impact on our second half 2026 performance. Based on currency movements since our last earnings call, we now expect second half revenue headwinds of approximately $9 million.

第二，我想談談外匯及其對我們 2026 年下半年業績的預期影響。根據自上次財報電話會議以來的匯率走勢，我們目前預期下半年營收將面臨約 900 萬美元的逆風。

Finally, I'd like to provide additional color on our capital expenditures for the remainder of the year. For Q3, CapEx is projected to step up significantly, partly due to the shipments that slipped into July that I referenced earlier and as we ramp up build-outs to support the major contracts announced earlier this year.

最後，我想就今年剩餘期間的資本支出提供更多補充說明。第三季的資本支出（CapEx）預計將顯著增加，部分原因是我先前提到延後到 7 月出貨的項目，以及我們正加速擴建以支援今年稍早宣布的重大合約。

As mentioned on our last call, GPU demand remains exceptionally strong. As a result, all of our GPU capacity is completely sold out. Therefore, driven by the $600 million new customer win we announced today and a very robust pipeline, we expect to invest up to $500 million in CapEx to replenish and expand our GPU capacity. We expect to spend approximately $60 million of that this year with the remainder hitting in early 2027.

如同我們上次電話會議所提到的，GPU 需求仍然異常強勁。因此，我們所有 GPU 產能已完全售罄。因此，在我們今天宣布的 6 億美元新客戶得標，以及非常強勁的案源管線帶動下，我們預期將投入最高達 5 億美元的資本支出，以補充並擴充 GPU 產能。我們預期今年約支出其中的 6,000 萬美元，其餘將在 2027 年初入帳。

Moving now to guidance. For the third quarter, we are projecting revenue in the range of $1.105 billion to $1.13 billion, up 5% to 7% as reported and up 5% to 8% in constant currency over Q3 2025. At current spot rates, foreign exchange fluctuations are expected to have a negative $2 million impact on Q3 revenue compared to Q2 levels and a negative $8 million impact year-over-year. At these revenue levels, we expect cash gross margin of approximately 70%. As a reminder, gross margin is impacted by the significant increase in colocation as we accelerate the growth in our CIS business.

接著談指引。第三季我們預估營收介於 11.05 億至 11.30 億美元之間，按報表口徑較 2025 年第三季成長 5% 至 7%，按固定匯率口徑成長 5% 至 8%。以目前即期匯率計，外匯波動預期將使第三季營收相較第二季減少 200 萬美元，且年對年減少 800 萬美元。在此營收水準下，我們預期現金毛利率約為 70%。提醒一下，隨著我們加速 CIS 業務成長、共置（colocation）比重顯著提高，毛利率會受到影響。

Q3 non-GAAP operating expenses are projected to be $347 million to $359 million. We anticipate Q3 EBITDA margin of approximately 38% to 40%. We expect non-GAAP depreciation expense to be $153 million to $155 million. We expect non-GAAP operating margin of approximately 24% to 26%. And with the overall revenue and spend configuration I just outlined, we expect Q3 non-GAAP EPS in the range of $1.60 to $1.80.

第三季非 GAAP 營業費用預計為 3.47 億至 3.59 億美元。我們預期第三季 EBITDA 利潤率約為 38% 至 40%。我們預期非 GAAP 折舊費用為 1.53 億至 1.55 億美元。我們預期非 GAAP 營業利潤率約為 24% 至 26%。並且依照我剛才概述的整體營收與支出配置，我們預期第三季非 GAAP 每股盈餘（EPS）介於 1.60 至 1.80 美元。

This EPS guidance assumes taxes of $55 million to $62 million based on an estimated quarterly non-GAAP tax rate of approximately 19%, and it also reflects a fully diluted share count of approximately 150 million shares.

此 EPS 指引假設稅額為 5,500 萬至 6,200 萬美元，係基於估計的季度非 GAAP 稅率約 19%，並且亦反映完全稀釋後股數約 1.5 億股。

Moving to CapEx for the reasons I highlighted earlier, we expect to spend approximately $475 million to $525 million in the third quarter. This represents approximately 43% to 46% of total revenue. Looking ahead to the full year 2026, we expect revenue of $4.445 billion to $4.53 billion, which is up 6% to 8% as reported and up 5% to 7% in constant currency.

就資本支出而言，基於我先前強調的原因，我們預期第三季將支出約 4.75 億至 5.25 億美元。這約占總營收的 43% 至 46%。展望 2026 全年，我們預期營收為 44.45 億至 45.30 億美元，按報表口徑成長 6% 至 8%，按固定匯率口徑成長 5% 至 7%。

For Cloud infrastructure services, we continue to expect year-over-year revenue growth of at least 50% in constant currency. We continue to expect Security revenue growth in the high single digits on a constant currency basis in 2026. And for delivery and other cloud apps, we continue to expect a decline in the mid-single digits year-over-year on a constant currency basis.

就雲端基礎設施服務（Cloud infrastructure services）而言，我們仍預期按固定匯率口徑年對年營收成長至少 50%。我們仍預期 2026 年資安（Security）營收按固定匯率口徑成長高個位數百分比。而就交付（delivery）及其他雲端應用而言，我們仍預期按固定匯率口徑年對年下滑中個位數百分比。

At current spot rates, our guidance assumes foreign exchange will have a positive $9 million impact on revenue in 2026 on a year-over-year basis. Given the recent strength in the US dollar, this impact is significantly less than the positive $20 million we discussed on our last quarter's earnings call.

以目前即期匯率計，我們的指引假設外匯在 2026 年將對營收帶來年對年 900 萬美元的正面影響。鑑於近期美元走強，該影響顯著低於我們在上一季財報電話會議中討論的 2,000 萬美元正面影響。

Moving to operating margins. For 2026, we are estimating a non-GAAP operating margin of approximately 25% to 26% as measured in today's FX rates. Turning to CapEx. At this time, we anticipate our full year capital expenditures will be approximately 40% of total revenue.

接著談營業利潤率。以今日匯率衡量，2026 年我們估計非 GAAP 營業利潤率約為 25% 至 26%。再談資本支出。目前我們預期全年資本支出約占總營收的 40%。

Moving to EPS. For the full year 2026, we expect non-GAAP earnings per diluted share in the range of $6.40 to $7.05. 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 150 million shares.

接著談 EPS。2026 全年，我們預期非 GAAP 稀釋後每股盈餘介於 6.40 至 7.05 美元。此非 GAAP 盈利指引係基於非 GAAP 有效稅率約 19%，以及完全稀釋後股數約 1.5 億股。

Before wrapping things up, I want to provide additional color on how we safeguard profitability and manage risk across our Cloud infrastructure services business, specifically as it relates to our recently announced large contracts. While initial capital deployment happens upfront, these contracts are structured to deliver strong cash flows over their life backed by take-or-pay commitments.

在結束之前，我想就我們如何在雲端基礎設施服務業務中保障獲利能力並管理風險提供更多補充說明，特別是與我們近期宣布的大型合約相關的部分。雖然初期資本投入會在前期發生，但這些合約的設計是在其存續期間提供強勁現金流，並由 take-or-pay（照付不議）承諾作為支撐。

To give you visibility into how we manage these opportunities, I'd like to outline the economics that are typical in these multi-hundred million dollar multiyear contracts we have seen to date and expect in the future.

為了讓各位更清楚我們如何管理這些機會，我想概述我們迄今所見、以及未來預期會看到的、數億美元等級多年期合約中常見的經濟條件。

While I won't speak to any one contract in particular, the following is meant to illustrate large deals that have been signed and what we see in our current pipeline. For these multi-megawatt large-scale deployments, we take several factors into consideration, including customer credit quality, contract duration, the specific compute architecture deployed, i.e., GPU or CPU, data center space and power availability, CapEx and direct operating expenses such as networking, power, along with any software and hardware maintenance.

我不會針對任何單一合約做評論；以下內容旨在說明已簽署的大型交易，以及我們在目前案源管線中所看到的情況。對於這些多兆瓦（multi-megawatt）的大規模部署，我們會考量多項因素，包括客戶信用品質、合約期間、所部署的特定運算架構（例如 GPU 或 CPU）、資料中心空間與電力可用性、資本支出，以及網路、電力等直接營運費用，並包含任何軟體與硬體維護。

Taking all these factors into account, our signed deals and active pipeline consistently reflect a highly attractive profile, delivering non-GAAP cash gross margins spanning from the mid-60s up to the mid-70s. And after factoring in hardware depreciation and other operating expenses, these large-scale contracts typically generate non-GAAP operating margins ranging from the low to mid-20s up to the low 30s.

綜合考量上述因素，我們已簽署的交易與活躍的案源管線一貫呈現高度吸引人的輪廓，非 GAAP 現金毛利率約落在 60% 中段至 70% 中段。在納入硬體折舊與其他營運費用後，這些大規模合約通常可產生非 GAAP 營業利潤率，範圍約從 20% 出頭到 20% 中段，最高可達 30% 出頭。

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

以上就是我的說明。接下來 Tom 和我很樂意回答各位的問題。主持人？

(Operator Instructions)

（主持人指示）

Samik Chatterjee, JPMorgan.

JPMorgan 的 Samik Chatterjee。

Hi. Thanks for taking the questions, and congrats on the new win -- customer win here. Maybe if you can just help us think about the -- what you're seeing in terms of more appetite from customers for the CIS business in terms of pipeline. You have announced these sort of significant deals, but you're also sold out as you're indicating. So does that sort of preclude you from signing any significant more sort of award wins with customers in the near future as well. So any visibility on both those fronts would be helpful. Thank you.

嗨。謝謝讓我提問，也恭喜拿下新的得標——這次的新客戶得標。也許你們可以幫我們思考一下——就 CIS 業務的案源管線而言，你們觀察到客戶端是否有更強的意願。你們已宣布這些相當重大的交易，但如你們所說，你們也已經售罄。那麼，這是否會讓你們在短期內無法再與客戶簽下更多重大的、類似的得標案？因此，若能就這兩方面提供一些能見度會很有幫助。謝謝。

Yeah, very strong pipeline really across the spectrum of industries and scale of the deals. And no, that doesn't keep us from signing up more customers because we're ordering obviously more hardware. And typically, we're looking at about a six month to nine month window on the larger side. So no, we're continuing to sign customers up. Ed, do you have more color on that?

是的，案源管線非常強勁，涵蓋各種產業與不同規模的交易。而且不，這不會阻止我們簽下更多客戶，因為我們顯然正在下單採購更多硬體。通常在較大型的案子上，我們看的時間窗大約是 6 到 9 個月。所以不，我們會持續簽約新增客戶。Ed，你能再補充一些嗎？

Yeah, I was just going to add. So the way to think about the commentary, we sort of gave you a little preview last quarter that there was a good chance we might be placing an order for more GPUs based on what we saw from the pipeline, and we were able to sell that all out.

好的，我只是想補充一下。所以可以這樣理解我們的評論：我們上季其實先給了各位一點預告，根據我們從案源管線看到的情況，我們很有可能會再下單購買更多 GPU，而我們也確實把那些產能全部賣光了。

Some of that large deal will take up some of that remaining inventory. And we're placing another order with NVIDIA for a significant chunk of additional GPUs, some to satisfy the new order, but a lot of that's covered by what we had before. And then the rest of it is based on the strong pipeline we see for additional GPU demand.

其中一部分大型交易將會消化掉部分剩餘庫存。而且我們也正在向 NVIDIA 再下另一筆訂單，採購相當大一部分額外的 GPU；其中一部分是為了滿足新訂單，但其中很大一部分其實已由我們先前的庫存所涵蓋。接著其餘的部分，則是基於我們看到的強勁管線所帶來的額外 GPU 需求。

Now in terms of the way the market is going at this point, customers are essentially preordering in a lot of cases where a lot of folks don't have a ton of inventory on hand. So usually, the conversations are about getting some GPU capacity. Generally, customers want to lock that in for a long period of time. So think of it as like a reserve instance is a good analogy to what folks do in the cloud market. And we'll generally reserve that months in advance. So it actually enables us to maintain a good inventory, if you will, and not extend ourselves too far out and meet the market demands.

就目前市場的走向而言，在很多情況下，客戶基本上是在預訂，因為許多業者手上並沒有太多現貨庫存。所以通常對話的重點是取得一些 GPU 產能。一般來說，客戶希望把這些產能鎖定很長一段時間。所以你可以把它想成類似雲端市場中大家使用的預留實例（reserved instance），這是一個很好的類比。而我們通常會提前數個月進行預留。因此，這其實讓我們能夠維持良好的庫存（如果你願意這麼說），不至於把自己拉得太遠，同時也能滿足市場需求。

That's helpful. Thank you.

這很有幫助。謝謝。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Great. Good evening, guys. Thanks for taking our questions. The first one I had was actually about the timing between deal signage for these multiyear deals and the multimillion multiyear deals and when you actually expect them to fold into revenue? Tom, you said something about like a six to nine month window. And I was curious, are you talking about from deal signage to actually seeing the revenue? Or was that window referring to something else? Thanks.

很好。各位晚上好。謝謝你們回答我們的問題。我第一個問題其實是關於這些多年期合約、以及數百萬美元規模的多年期合約，從簽約到你們預期何時會反映到營收之間的時間差？Tom，你提到大概是六到九個月的窗口期。我想確認一下，你指的是從合約簽署到實際看到營收之間的時間嗎？還是那個窗口期指的是其他事情？謝謝。

Yeah, I'll take that one, Tom, for you. So it's usually between signing and when we recognize revenue. For the really large deals, we generally won't keep the type of inventory, like, for example, the last deal we mentioned last quarter, we're not buying that much sort of speculatively. So that will be informed by a large customer coming and ordering.

好的，Tom，這題我來替你回答。通常是介於簽約與我們認列營收之間。對於非常大型的交易，我們一般不會維持那種庫存水位；例如我們上季提到的那筆交易，我們不會以投機方式先買那麼多。因此那會由大型客戶前來下單所驅動。

And generally speaking there, you may need to get some additional data center space. We have a nice pipeline of data center space that's coming online between now through the end of next year, and it's sort of a core competency of ours anyway. So it's sort of a normal motion for us.

而一般來說，在那種情況下，你可能需要取得一些額外的資料中心空間。我們有一條很不錯的資料中心空間管線，會在現在到明年年底之間陸續上線，而這本來就是我們的核心能力之一。所以對我們而言，這算是很正常的運作節奏。

But when we talk about the delta between signage and revenue recognition, that's usually six to nine months typically with these large deals. And to the extent that they are large enough, we will call them out on the call like we did over the last three calls actually and give you some indication of when we think these contracts will start generating revenue.

但當我們談到簽約與營收認列之間的落差時，對這類大型交易通常是六到九個月。而如果交易規模夠大，我們會像過去三次電話會議那樣在會上特別提出，並給各位一些指引，說明我們預期這些合約何時開始貢獻營收。

Okay. Alright. That makes sense. And then a quick follow-up. Ed, it was really helpful to, kind of, walk through, like, an illustrative example of the margin profile of these deals. But has that remained pretty consistent as the component pricing and your own pricing on GPUs has fluctuated? And is there any risk that some of the margin profile were to structurally shift lower if there is more upward pressure on components in the future? Thank you.

了解。好。這樣就說得通了。接著一個簡短的追問。Ed，你用一個示例來說明這些交易的毛利結構非常有幫助。但在零組件價格以及你們 GPU 自身定價波動的情況下，這個毛利結構是否仍大致一致？如果未來零組件面臨更大的上行壓力，是否存在毛利結構在結構性上往下移的風險？謝謝。

Yeah. Great question. Let me use a term -- in terms of the pricing environment with -- especially with the big customers. I'd say it's a bit more collaborative. And what I mean by that is there's a general understanding that inventory is tight, availability of data centers is tight.

是的。這是個好問題。我用一個詞來形容——就定價環境而言，尤其是面對大型客戶。我會說它更偏向協作式。我的意思是，大家普遍理解庫存很緊，資料中心的可用性也很緊。

And customers understand that, a, if they don't order when they say they're going to order, things may not be there and prices may go up. So prices are moving relatively quickly in the marketplace, and we are able to pass on any sort of increase in pricing. And generally, we'll have that structured into a large contract.

而客戶也理解，第一，如果他們沒有在說好的時間下單，東西可能就不在了，價格也可能上漲。所以市場上的價格變動相對快速，而我們也能把任何價格上升轉嫁出去。而一般而言，我們會把這樣的機制納入大型合約的架構中。

So for example, let's say, I'm receiving goods over a period of six to nine months or something like that. If there are movements in pricing, whether it's memory or hardware costs or things like that, we do have mechanisms to take that into consideration. And we're constantly adjusting pricing.

例如，假設我是在六到九個月之類的期間內分批收貨。如果價格出現變動，不論是記憶體、硬體成本或其他項目，我們都有機制把這些因素納入考量。而且我們會持續調整定價。

So for example, somebody may do a follow-on order where they bought six months ago and now they're buying today, we're buying the next set of inventory, and that's at a higher price. We just marked that price right up. But it is very collaborative with customers, and we are able to get price increases passed along in CIS.

再舉例來說，有人可能做追加訂單：他們六個月前買過，現在又要買；我們要採購下一批庫存，而那批的進貨價格更高。我們就直接把價格相應調高。但這確實是與客戶高度協作的，我們也能在 CIS 中把漲價轉嫁出去。

Got it. Thank you.

了解。謝謝。

John DiFucci, Guggenheim Securities.

John DiFucci，Guggenheim Securities。

Thanks for taking my questions. Listen, nice job, guys. I mean it really -- things look really impressive here. And Ed, I really appreciate all the detail you gave on some of the characteristics, the profitability characteristics of these deals. I mean the size of them and the revenue that's going to come is pretty impressive, but so is the profit. But can I ask a little bit about -- you gave some like over the life of these contracts.

謝謝讓我提問。聽著，各位做得很好。我的意思是——這裡看起來真的非常令人印象深刻。而且 Ed，我非常感謝你提供了這麼多細節，說明這些交易的一些特性、獲利特性。它們的規模以及將帶來的營收相當驚人，但獲利也同樣驚人。不過我能不能再問一下——你提到一些像是合約整個存續期間的情況。

But just in -- from other companies that do similar deals, it seems like at first you're going to see probably less profit coming from these things. You're going to have to start spending and incurring expenses even before revenue, I would assume, and then they ramp up over time.

但就——從其他做類似交易的公司來看，似乎一開始你們可能會看到這些案子帶來的獲利較少。我猜在營收進來之前，你們就得開始投入、並先行發生費用，然後再隨時間逐步爬升。

So over the life of a longer-term deal, let's say, a year deal or whatever it is, when is it that you achieve that profit? Because I just don't want people to be surprised if at first, you're seeing more pressure on the profit line until you get to where you need to be.

所以在一個較長期的交易存續期間內，比如說一年期合約或不論是什麼期限，你們是在什麼時點達到那個獲利水準？因為我只是不希望大家如果一開始看到獲利端承壓、直到你們達到應有水準之前，會感到意外。

Yeah. It's a great question, John. And the answer is it depends a bit. It's also a dynamic you have in the business itself, right? So in many cases, you will take on data center space ahead of time. So I'll talk in terms of the big deals, where you might open up, say, a half a dozen data centers or whatever it may be with a particular customer and the equipment is being received over a several month period or whatnot.

是的。這是個很好的問題，John。答案是：要看情況而定。這也跟你們業務本身的動態有關，對吧？所以在很多情況下，你會提前承租資料中心空間。我以大型交易為例：你可能會為某個特定客戶開出比如半打資料中心之類的規模，而設備會在數個月期間內陸續到貨等等。

So you'll have definitely colocation costs ahead of revenue, depending on the way the contract is structured, but generally speaking, when the equipment is ordered and we start taking depreciation, it's a relatively short period of time between when you rack and stack and get the equipment up and running to get revenue.

因此，視合約結構而定，你確實會在營收之前先發生機房代管（colocation）成本；但一般而言，當設備下單、我們開始提列折舊後，從上架安裝（rack and stack）並讓設備上線運作，到開始產生營收之間的時間其實相對短。

The other thing to keep in mind, too, is the accounting rules for both revenue and for colocation or leases really. If you have escalators and things like that, you generally will spread that out over the entire contract. So your costs will be amortized flat, your revenue will be amortized flat. So you do pretty quickly get up to that full profitability. But there may be a quarter where you have a little bit of noise where you have some costs ahead of time.

另外也要記得，營收以及機房代管或租賃（本質上是租賃）的會計規則。如果有調價條款（escalators）之類的安排，一般會在整個合約期間內攤提。所以你的成本會以平坦方式攤銷，你的營收也會以平坦方式攤銷。因此你會很快達到完整的獲利水準。但可能會有某一季出現一些雜訊，因為你會先行承擔部分成本。

But generally speaking, there is a pretty quick ramp-up to get to that profitability given what we're seeing so far, both in the pipeline and also with what we signed as far as customers wanting to stand up this capacity and more of, like I said, a reserve instance type capacity where you give them a certain amount of up to capacity and they have the right to use that over the life of the contract. It's just a question of how quickly you can stand it up. So as you're modeling, I would expect to see margins a bit lower as we're ramping into these things and then they should start to ramp up into those levels that I talked about.

但一般來說，根據我們目前看到的情況——不論是從商機管線，還是從我們已簽下、客戶希望建置這些產能的合約來看——要達到那樣的獲利水準，爬坡期其實相當快。而且更像是我剛才說的那種「預留實例」型的產能：你提供他們一定數量、最高可用到某個上限的產能，並且他們在合約期間內有權使用這些產能。這只是取決於你能多快把它建置起來。所以在你做模型時，我會預期在我們把這些業務逐步拉升的過程中，毛利率會稍微低一些，之後就應該會開始回升到我剛才提到的那些水準。

Okay. Great. And so when you say a relatively short time, like a quarter, maybe, I mean, I know every deal is different, but --

好的。很好。那你說相對短的時間，比如一個季度左右？我的意思是，我知道每筆交易都不一樣，但--

Yeah, a quarter. I mean, on the long end, maybe it's five or six months, but generally speaking, about a quarter.

對，一個季度。我的意思是，拉到最長端可能是五到六個月，但一般來說大概就是一個季度。

Okay. Perfect. And if I could, a follow-up to Jackson's question because I think he's going right down where I'm trying to think through this anyway. Are these -- if some of these longer-term deliveries, like you mentioned a deal where you're going to deliver capacity in maybe four data centers along the way. That's not all coming online over the next year.

好的。完美。如果可以的話，我想追問一下 Jackson 的問題，因為我覺得他正好問到我也在思考的方向。這些——如果其中一些是較長期的交付，比如你提到有一筆交易，你會在過程中可能在四個資料中心交付產能。那不會在未來一年內全部上線。

I mean it's coming out in the future. And you mentioned a lot about -- everybody is focused on inflation, on component inflation. Are some of these contracts, the ones that are longer term when you have longer-term delivery, are they cost-plus contracts where you're going to get a certain margin? And is that margin protected even if inflation takes off like it has over the last year or two?

我的意思是，它會在更後面的時間點才釋出。而你也提到很多——大家都在關注通膨、零組件通膨。那這些合約裡，有些是較長期、交付期也較長的合約，它們是否屬於成本加成（cost-plus）合約，也就是你會拿到一定的利潤率？而且即使通膨像過去一兩年那樣飆升，這個利潤率是否也能受到保護？

Yeah. I mean every deal is a little different. But generally, let's talk about the procurement side first, and we'll get into the revenue side. So on the procurement side, when we will contract for a data center, we generally try to get as fixed of a term as we can for as long as we can. There is some variability in power. And generally, what you do is you agree to some sort of upfront escalator a couple of percentage points or something like that.

是的。我的意思是，每筆交易都會有些不同。但一般來說，我們先談採購端，再談收入端。在採購端，當我們為資料中心簽約時，我們通常會盡可能在可行範圍內，把條款固定得越久越好。電力成本會有一些變動性。而一般做法是，你會同意某種預先設定的調升機制，比如每年上調幾個百分點之類的。

And like I said, in the accounting rules, you end up straight-lining that, just like you would on rent when you get like free rent or an escalator in rent, that sort of thing. So that generally covers that. So we pretty much know going in what our costs are for our power and then our hardware is obviously fixed.

而且如我所說，依照會計規則，你最後會把它做直線法攤提（straight-line），就像租金一樣：例如你拿到免租期或租金有調升條款之類的情況。所以通常這樣就能涵蓋。因此我們在一開始基本上就知道電力成本會是多少，而硬體當然是固定的。

Generally, if you have any hardware maintenance, you would negotiate that upfront and have a long-term agreement. So you structure the revenue contract to do the same. So there might be an escalator for each year to cover your increase in labor costs, your cost for your power escalations and things like that. But generally, you can get a fair amount of it fixed over time.

一般來說，如果有任何硬體維護，你會在一開始就談好，並簽訂長期協議。所以你也會用同樣方式來設計收入合約。因此每年可能會有調升條款，用來涵蓋人力成本上升、電力調升等因素。但通常你可以把相當大一部分成本在時間上固定下來。

If there are long lead times in terms of, let's say, I'm getting 20% of the capacity stood up in the first quarter, then 30% and then 50% in the last quarter, say it takes nine months to spin it all up. If there are variations in pricing, like, say, with memory, you will have contemplated that and have a mechanism in the contract to deal with it typically.

如果在交付上有較長的前置期，比如說，假設第一季先建置 20% 的產能，接著 30%，最後一季再建置 50%，也就是可能需要九個月才能全部建置完成。如果價格有波動，例如記憶體價格，你通常會在合約中事先考量，並設計機制來處理。

So this is, like I said, it's very collaborative with the customers. We're having these kind of conversations and making sure that we're protected as best that we can. And generally speaking, so far, it's been working out as we've expected.

所以就像我說的，這是一個與客戶高度協作的過程。我們會進行這類對話，並確保我們在可行範圍內得到最佳保護。而一般來說，到目前為止，結果都如我們預期地在運作。

Perfect. Ed, thank you very much, and nice to [talk to] everybody.

太好了。Ed，非常感謝，也很高興能[和]大家交流。

Thank you.

謝謝。

Param Singh, Oppenheimer.

Oppenheimer 的 Param Singh。

Yeah, hi. Thanks for taking my questions. Firstly, on the compute side, good to see all this visibility and pipeline. Just wanted to understand when you think about available capacity, and what do you have in terms of megawatts? What's your pipeline? How much you can expand? And I also wanted to understand, would you need to expand to more sites versus what you have today to support this growth? And then I do have a follow-up. Thank you.

是的，你好。謝謝讓我提問。首先，在運算（compute）這一塊，很高興看到你們有這麼高的可見度與商機管線。我想了解的是，當你們談到可用產能時，以兆瓦（megawatts）來看，你們目前有多少？你們的管線是什麼樣子？你們能擴張多少？另外我也想了解，為了支撐這樣的成長，你們是否需要擴展到更多站點，而不只是目前既有的站點？然後我還有一個追問。謝謝。

Yeah. We're continuing to expand the platform in more locations, more cities having GPUs, and I think you'll continue to see that going forward. And we're in a very good position to get the capacity in data center space that we need.

是的。我們會持續在更多地點擴展平台、在更多城市部署 GPU，我想你們未來也會持續看到這一點。而且我們在取得所需的資料中心空間產能方面，處於非常有利的位置。

We probably deal with more data center companies than anybody. We have our service today in 700 cities around the world, 130 countries. We've got a great reputation for being a reliable partner, strong financials and established relationships. So we're in a good position to get what we need to take on these very large customers.

我們可能與資料中心公司合作的數量比任何人都多。我們目前的服務覆蓋全球 700 個城市、130 個國家。我們在作為可靠合作夥伴方面擁有很好的口碑，財務狀況強健，且關係已建立。因此，我們在取得所需資源、承接這些非常大型客戶方面，處於良好位置。

Thank you for that. And as my follow-up, good to hear the commentary around Agentic. How do you think about acceleration in that part of the business, especially certain modules such as API security and microsegmentation attach pick up with Agentic AI traffic coming into the platform?

謝謝你的說明。作為追問，很高興聽到你們對 Agentic 的評論。你們如何看待這部分業務的加速，特別是某些模組，例如 API 安全與微分段（microsegmentation）的附加採用（attach）是否會隨著 Agentic AI 流量進入平台而提升？

Yeah, there's a great synergy there in a lot of different dimensions. We use AI to make our products a lot more capable. We help our customers identify their shadow AI with API security. Now with LayerX, we help them protect the workforce. So when the workforce is using AI, they're not inadvertently exfiltrating corporate -- sensitive corporate data. And of course, in the compute business, we're enabling the AI on our platform. So we're in a great position to support our customers' use of AI and to secure it at the same time.

是的，這之間在很多不同面向都有很強的協同效應。我們使用 AI 讓產品能力更強。我們透過 API 安全協助客戶識別他們的影子 AI（shadow AI）。現在有了 LayerX，我們也幫助他們保護員工端（workforce）。因此當員工在使用 AI 時，不會不小心把企業——敏感的企業資料外洩（exfiltrate）。當然，在運算業務方面，我們也在我們的平台上啟用 AI。所以我們處於非常有利的位置，既能支援客戶使用 AI，也能同時把它保護好。

Thank you so much for that. Appreciate it.

非常感謝你的說明。感激不盡。

Rishi Jaluria, RBC.

RBC 的 Rishi Jaluria。

Wonderful. Thanks so much for taking my questions. Great to see continued momentum in the CIS business as well as some major customer wins. Two for me. First, look, I think in addition to these large CIS deals that you're talking about, a lot of us have been debating the opportunity for true AI edge inferencing to leverage the edge network that you have a long history of and the largest edge network in the world.

太好了。非常感謝讓我提問。很高興看到 CIS 業務持續有動能，也拿下了一些重要客戶。我有兩個問題。第一，我想除了你們提到的這些大型 CIS 交易之外，我們很多人一直在討論真正的 AI 邊緣推論（edge inferencing）的機會，因為你們在邊緣網路方面有很長的歷史，而且擁有全球最大的邊緣網路。

Can you talk about some of the opportunities you're seeing there? And is there an opportunity for some of these large, more central cloud-driven AI deals to start to expand more to edge cloud, especially because you're the only one out there that has edge cloud and central cloud on one platform. Maybe help us understand that, and then I've got a quick follow-up.

你能談談你們在這方面看到的一些機會嗎？另外，是否有機會讓其中一些大型、較偏向中央雲驅動的 AI 交易，開始更多延伸到邊緣雲（edge cloud）？特別是因為你們是唯一一家同時把邊緣雲與中央雲放在同一平台上的業者。也許請幫我們理解一下這點，然後我還有一個簡短的追問。

Yeah. I think you said it very well. It's really a continuum and a big advantage that we have is that we can do the core for enterprise customers that want to train their model, and we can do the edge for when they're doing the inferencing in situations where it's latency sensitive or bandwidth sensitive. A great example is robotics, for example. The robot has sensors, which could include the equivalent of video. They're seeing the environment around them. And that's high bandwidth to get the video input and ingested.

是的。我覺得你講得非常好。這其實是一個連續體，而我們的一大優勢在於：對於想要訓練其模型的企業客戶，我們可以做核心端（core）；而當他們在進行推論、且情境對延遲或頻寬很敏感時，我們也可以做邊緣端（edge）。一個很好的例子就是機器人。機器人有感測器，可能包含相當於影像的資料。它們在看周遭環境。而要取得並匯入這些影像輸入，頻寬需求很高。

And then our GPUs that we deployed are actually very well suited to processing that video and then using AI to figure out what's going on and then with the AI to give an instruction back to the robot what to do about it. And in many of these situations, it's also latency sensitive, not only the bandwidth of the video, but telling the robot what to do quickly. Think about the robot being a car, a driverless car or the robots in an environment with humans or it's in a factory where if it does something in an untimely way, you could have a problem.

接著，我們部署的 GPU 其實非常適合處理這些影像，然後用 AI 判斷正在發生什麼事，再透過 AI 回傳指令給機器人，告訴它該怎麼做。而在很多這類情境中，除了影像的頻寬之外，也對延遲非常敏感，因為你必須很快告訴機器人要做什麼。想像機器人是一台車、一台無人駕駛車，或是在有人類的環境中運作的機器人，或是在工廠裡；如果它反應不及時，就可能出問題。

And so that's a great example where, yeah, maybe the training is done to be most efficient in a more centralized fashion, but the inferencing and the usage of it as its operating, well, there's examples you want to do that really close to where the robot is. And we see that really across the spectrum, and it's a big advantage for us to have it all on one platform.

所以這是一個很好的例子：是的，訓練也許以更集中化的方式來做最有效率；但推論以及在運作時的使用，確實有些案例你會希望在非常靠近機器人的地方完成。我們在整個光譜上都看到這點，而能在同一個平台上把這些都涵蓋，對我們來說是很大的優勢。

Now to be clear, we're not in the business of training the foundation models, the giant models that we're not doing. But usage of the models or training medium or smaller models, yeah, that works very well on our platform. And the key is to have the right resource in the right place for whatever your agent or model is trying to do. So you optimize cost and you optimize performance.

現在先說清楚，我們不是在做基礎模型訓練的生意，也就是那些巨型模型我們不做。但模型的使用，或是訓練中型或較小的模型，是的，在我們的平台上運作得非常好。關鍵在於：針對你的代理（agent）或模型要做的事，把正確的資源放在正確的位置。如此你就能同時最佳化成本並最佳化效能。

Wonderful. Very helpful. And then maybe just on the security side right now, especially with LayerX acquisition coming in when it closes. But as we see kind of the proliferation of agents, right, it's -- every brand has to figure out how do they embrace them but also protect themselves, especially from not just nefarious, but even competitive agents. Maybe can you walk us through how we should be thinking about that as potentially becoming an accelerant to the security business and where LayerX can fit in that overall strategy? Thank you.

太好了。非常有幫助。接著也許談談目前的安全面，尤其是 LayerX 的收購案在完成交割後。但隨著各種代理的擴散，對吧——每個品牌都得想清楚要如何擁抱它們，同時也要保護自己，尤其不只是防範惡意代理，甚至也要防範競爭對手的代理。你能否帶我們梳理一下：我們應該如何看待這件事可能成為安全業務的加速器，以及 LayerX 在整體策略中可以扮演什麼角色？謝謝。

Yeah. LayerX, think of that as protecting your employees who, for all the right reasons, are using a variety of AI tools and agents and models and so forth. And the danger, of course, is that they're actually leaking sensitive data when they use those tools. And that's what LayerX prevents, identifies and prevents. And it enforces the business rules that the security team has set up for an enterprise.

好的。LayerX，你可以把它想成是在保護你的員工——他們出於各種正當理由，正在使用各式各樣的 AI 工具、代理與模型等等。當然風險在於，他們在使用這些工具時，可能會洩漏敏感資料。而 LayerX 所做的就是識別並防止這種情況。它也會落實企業資安團隊為企業所設定的業務規則。

Now the dealing with the agents really goes far beyond that. In fact, we're a leader today with our bot management and agent management solutions because our customers with their sites and applications, more and more agents are coming maybe instead of people. Some of the agents are just fine. They're authorized by a user.

而對代理的處理其實遠不止於此。事實上，我們目前在機器人（bot）管理與代理管理解決方案上是領導者，因為對於客戶的網站與應用程式而言，越來越多的存取來源可能是代理而不是人。其中有些代理完全沒問題。它們是由使用者授權的。

And of course, that we want to be sure that's the case and then give them very good service. But there's a lot of agents doing things that aren't authorized. And we help our customer by identifying what's the agent, is it authorized, what's it doing? And then our customer will tell us what they want us to do in response.

當然，我們希望能確保確實如此，並且提供它們非常好的服務。但也有很多代理在做未經授權的事情。我們會透過識別：這是什麼代理、是否被授權、它在做什麼，來協助客戶。然後客戶會告訴我們，他們希望我們採取什麼回應措施。

A good example is the LLM search engines. Of course, it's really important today that your brands show up in the next generation of search engines. And to help with that, we identify that, hey, this is a scraper coming from a search engine, and we give it different content than the regular app or the site. And we give it content that has all the right keywords and also is structured so that the agent can -- the scraper can process it much more efficiently.

一個很好的例子是 LLM 搜尋引擎。當然，現在你的品牌能在下一代搜尋引擎中被呈現出來非常重要。為了協助做到這點，我們會識別：嘿，這是一個來自搜尋引擎的爬蟲（scraper），然後我們會提供它不同於一般 App 或網站的內容。我們會提供包含所有正確關鍵字、且結構化良好、讓代理——也就是爬蟲——能更有效率處理的內容。

And as a result, the customer gets much better search rankings. And that's just one example of an agent. That happens to be one example of a scraper, but there's just a myriad of different cases, and that's what we help our customers do is identify what it is, is it legitimate and then take the appropriate action for their business.

因此，客戶能獲得更好的搜尋排名。這只是代理的一個例子。這剛好是一個爬蟲的例子，但其實還有非常多不同情境；我們協助客戶做的就是辨識它是什麼、是否正當，然後為其業務採取適當行動。

[Fair enough]. Thank you.

[了解].謝謝。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，摩根士丹利。

Thank you for taking my questions. In the year that or less than a year that CIS has been stood up as a business, you guys have come up with almost $3 billion in bookings, which is super impressive. It sounds like these trend lines are going to continue, just given your comments on the pipeline.

謝謝讓我提問。在 CIS 成立為一個業務不到一年、或剛滿一年的時間裡，你們已經拿下將近 30 億美元的訂單（bookings），這非常令人印象深刻。從你們對管線（pipeline）的評論來看，這些趨勢線似乎會持續。

And so I wanted to get a sense from the team about to what extent or what sort of the financing strategies going forward? And to what extent is the company willing to go into either a net debt position or access more equity capital to fund what seems to be a very strong pipeline of future business?

所以我想請團隊談談：往前看，在融資策略方面大概會怎麼做？以及公司願意在多大程度上，為了支應看起來非常強勁的未來業務管線，而進入淨負債（net debt）狀態或取得更多股權資本？

Yeah, I'll start and then hand it over to Ed. First, we've been working on this business for years, and it's built on top of a platform that we've been developing for decades. So it's not an overnight phenomenon. But you're right that it's in really the last year, we've made more of an investment in go-to-market because CIS and the platform, our cloud platform is now in a position where we can take on major enterprise customers at scale.

好的，我先說，然後交給 Ed。首先，我們在這個業務上已經耕耘多年，它是建立在我們已經開發了數十年的平台之上。所以這不是一夕之間的現象。但你說得對，確實是在過去一年，我們在 go-to-market 上加大了投資，因為 CIS 與平台——也就是我們的雲端平台——現在已經具備以規模承接大型企業客戶的能力。

And so you are seeing very rapid growth. And we're in a good position that we have over $4 billion of cash, and we are going to invest to continue the growth of this platform. And Ed, do you want to give some more details around that?

因此你會看到非常快速的成長。而我們目前處於很好的位置：我們有超過 40 億美元的現金，並且會持續投資以延續這個平台的成長。Ed，你要不要就這點補充一些細節？

Yeah, sure. And as we talked about, we have $4.6 billion of cash on the balance sheet today. We've structured our debt so far to have every two years or so, there's payment of -- or a ladder, if you will, of retirements of debt coming up. But the way these big deals work even, the free cash flow is excellent after you deploy the initial capital. So you dip down a little bit here.

好的，當然。如同我們提到的，我們目前資產負債表上有 46 億美元現金。到目前為止，我們把債務結構安排成大約每兩年就會有一筆到期償付——或者你可以說是一個階梯式（ladder）的到期安排。但即便是這些大型交易，其實在你部署初始資本之後，自由現金流表現非常好。所以你會在這裡先稍微下探一點。

And then as you start to recover some of this on the other side, it's extremely high free cash flow margins on these deals. But that said, we have excellent banking partners. We've been so lucky to work with a lot of amazing firms, and they give us excellent advice. So far, converts have been very attractive for us and have offered the best economics.

然後當你在另一端開始回收部分投入時，這些交易的自由現金流利潤率會非常高。不過話說回來，我們有非常優秀的銀行合作夥伴。我們很幸運能與許多很棒的機構合作，他們也給我們非常好的建議。到目前為止，可轉換債（converts）對我們一直非常有吸引力，並且提供了最佳的經濟性。

We work with our Board all the time on different strategies and scenarios and look at what makes the most sense for our shareholders. There's still a lot of debt capacity if we need it. If that's the right thing to do, we will do that. So far, we haven't done -- we've done equity-linked debt, but we haven't done any equity offerings. But we'll look at whatever the best opportunity is and what makes the most sense, the lowest cost of capital for us.

我們也一直與董事會就不同策略與情境進行討論，並評估什麼對股東最有利。如果需要的話，我們仍然有很大的舉債空間。如果那是正確的做法，我們就會那麼做。到目前為止，我們做的是與股權連結的債務，但沒有做任何股權增發。不過我們會評估任何最佳機會，以及什麼最合理——也就是對我們而言資本成本最低的選項。

I think we can grow the business quite a bit just in the model that we're in right now. We're still holding an investment-grade credit rating, which is important and helps us with our colocation providers. But we -- you heard us talk about suspending the buyback temporarily here to use all the available cash we have for growth because we haven't seen a growth opportunity like this in a very, very long time. I want to make sure we capture that. But I'm very comfortable with our ability to finance the growth going forward.

我認為僅就我們目前所處的這個模式而言，我們就能把業務擴大相當多。我們仍維持投資等級的信用評等，這很重要，也有助於我們與機櫃代管（colocation）供應商的合作。不過——你們也聽到我們談到，這裡我們暫時停止回購，目的是把手上所有可用現金都用於成長，因為我們已經非常、非常久沒有看到像這樣的成長機會了。我想確保我們能把握住它。但我對我們未來為成長提供資金的能力非常有信心。

Understood. And as my follow-up, in terms of the trajectory of growth for CIS, we've had two quarters of sub 40% growth, which is a little bit less than what we exited last year with. And then you are targeting at least [50%] growth for the full year. In terms of how you guys are sort of converting those big contracts and hopefully getting them to a revenue generation capability, what is the -- how should we think about the ramp Q3 to Q4? Is it more of a sustained growth in CIS and then sort of a big hockey stick? And what gives you the confidence that, that hockey stick will emerge in Q4?

了解。作為追問，就 CIS 的成長軌跡而言，我們已經連續兩季低於 40% 的成長，這比我們去年年底的水準略低一些。而你們的目標是全年至少達到 [50%] 的成長。就你們如何把這些大型合約轉化、並希望讓它們具備創收能力而言——我們該如何看待 Q3 到 Q4 的爬坡？是 CIS 的成長較為持續，然後出現一個很大的「曲棍球棒」？你們有什麼信心認為那個「曲棍球棒」會在 Q4 出現？

Yeah. Good question. So we don't provide quarterly guidance. One thing I will say is we did talk about how we did receive some of our GPUs a little bit later than we expected. They just pushed from Q2 into Q3. So there will be a few less weeks of revenue for deals that were signed that were scheduled to ramp in Q3. So I'm not expecting any kind of a growth acceleration certainly for CIS in Q3. But in Q4, I do expect to see a big hockey stick of acceleration for a number of reasons.

是的。好問題。我們不提供季度指引。我可以說的一點是，我們確實提到過，我們有一部分 GPU 的到貨時間比預期稍晚。它們只是從 Q2 延後到 Q3。因此，對於那些已簽署、原本安排在 Q3 開始爬坡的交易，能貢獻營收的週數會少一些。所以我不預期 CIS 在 Q3 會出現任何成長加速。但在 Q4，我確實預期會看到一個很大的「曲棍球棒」式加速，原因有幾個。

One, we're now able to start getting revenue for the GPUs that we've sold that we've taken into inventory and starting to rack and stack and get revenue for those contracts. The big contracts I've given you guys some guidance on when I thought those would start to produce revenue and they do start in Q4.

第一，我們現在開始能就已售出的 GPU 認列營收——這些 GPU 我們已納入庫存，並開始上架安裝（rack and stack），也開始就這些合約產生營收。至於那些大型合約，我先前已給各位一些指引，說明我認為它們何時會開始產生營收，而它們確實會在 Q4 開始。

Right now, as we look at everything is on track. It's not a question of having to execute of getting anything signed. It's just the time that we have in terms of everything being delivered, set up and generating revenue. So right now, we feel like we're on track with everything, and we expect a big hockey stick.

就目前來看，我們檢視後一切都在軌道上。這不是需要去執行、或需要再去簽下任何東西的問題。只是時間問題——包括所有設備交付、建置完成並開始產生營收所需的時間。所以目前我們覺得一切都按計畫進行，並且預期會出現一個很大的「曲棍球棒」。

And that should continue to ramp pretty significantly into Q1 of next year as well because you get a partial quarter of revenue from some pretty big deals and then you start to get a lot more going into Q1. And I expect that acceleration to continue throughout the year of next year.

而且這個爬坡在明年 Q1 也應該會相當顯著地持續，因為一些相當大的交易在當季只會貢獻部分季度的營收，接著進入 Q1 你就會開始看到更多的貢獻。我也預期這種加速會在明年全年持續。

Appreciate that. Thank you.

感謝說明。謝謝。

Frank Louthan, Raymond James.

Raymond James 的 Frank Louthan。

Great. Thank you. How challenging is it to get the power at the facilities where you're doing CIS? And can you give us an update on how many locations you have today? And how many will you need to have built out for this new business that you just signed? Thanks.

很好。謝謝。在你們進行 CIS 的設施取得電力有多具挑戰？另外能否更新一下你們目前有多少個據點？以及為了你們剛簽下的這項新業務，你們需要建置多少個據點？謝謝。

Yeah. Great question. We're really in a very good position to get the data center capacity and power that we need. We've been in this business for an awfully long time. We probably deal with more data center companies than anybody.

是的。好問題。我們在取得所需的資料中心容量與電力方面，確實處於非常有利的位置。我們在這個產業已經做了非常久。我們可能與資料中心公司的往來比任何人都多。

We have our infrastructure today deployed in over 700 cities in 130 countries. We've got a great reputation built up over many years for being a reliable business partner for financial strength and having a very strong business. And so we're able to get the capacity that we need. We are continuing to grow our data center footprint, more locations. And we are taking on larger locations, more power as we grow. And I would expect to see that continue, but we're in a really good position there.

我們目前的基礎設施已部署在 130 個國家的 700 多座城市。多年來我們建立了很好的聲譽，作為可靠的商業夥伴，具備財務實力並擁有非常強健的業務。因此我們能取得所需的容量。我們也持續擴大資料中心版圖，增加更多據點。隨著成長，我們也會承接更大型的據點、更多電力。我預期這會持續下去，而且我們在這方面的位置真的很好。

Yeah. So one thing I would add. One of the advantages we have, Frank, is we're incredibly flexible given that we run such a large backbone that for us to get power, say, for the West Coast, we have many different options of where we can go, and it's very attractive for data center providers where not all power is created equally even as you go state by state.

是的。我想補充一點。Frank，我們的一個優勢是，我們非常有彈性，因為我們營運著如此龐大的骨幹網路；因此對我們而言，若要在例如西岸取得電力，我們有很多不同的選項可以選擇。

So you might be able to go a couple of hundred miles from a really expensive state into a cheaper state, be an anchor tenant for somebody who's building out data centers, make a long-term commitment, get guaranteed power with great performance that is connected to our backbone, et cetera, and you're able to satisfy whatever the demands are for that particular customer and get much better economics because the power is cheaper.

因此，你可能可以從一個電力非常昂貴的州往外移動幾百英里到一個更便宜的州，成為某個正在建置資料中心的業者的主力租戶（anchor tenant），做出長期承諾，取得有保障且效能優異的電力，並且連接到我們的骨幹網路等等；如此你就能滿足該特定客戶的各種需求，並因為電力更便宜而取得更好的經濟效益。

So that's one of the other advantages we have is we're very, very flexible with where we can build-out. And we're interesting enough to these big data center builders where we're not asking for gigawatt facility. We're talking oftentimes 5 to 10, maybe 15, 20 megawatts, which is a big enough commitment that can really help them scale and get good IRR on their investment as they go and get credit to build these facilities.

所以我們的另一個優勢是，我們在建置地點上非常、非常有彈性。而且對這些大型資料中心建置商而言，我們也足夠有吸引力，因為我們不是要求一個吉瓦（gigawatt）等級的設施。我們談的通常是 5 到 10，可能 15、20 兆瓦（megawatts）；這是一個足夠大的承諾，能真正幫助他們擴張，並在他們取得信用、建造這些設施的過程中，讓其投資獲得良好的 IRR（內部報酬率）。

Yeah. Ed raises a great point. People don't think about it much, but we operate one of the world's largest backbones. And of course, we use it to connect all of our locations. We don't sell connectivity per se. And that makes a big difference when it comes to going into new locations. We can go places very successfully and connect it to our platform that others may have a challenge.

是的。Ed 提到了一個很好的觀點。大家不太會想到，但我們營運著全球最大的骨幹網路之一。當然，我們用它來連接我們所有的據點。我們本身並不販售連線服務（connectivity）。而這在進入新據點時會帶來很大的差異。我們可以非常成功地到各地去，並把它連接到我們的平台；其他人可能會面臨挑戰。

Great. Thank you very much.

很好。非常感謝。

Rudy Kessinger, D.A. Davidson.

D.A. Davidson 的 Rudy Kessinger。

Hey, great. Thanks for taking my questions, guys. Could you guys -- I know you don't really talk a ton about these massive deals and the use cases that you're doing there. But to the extent you're able to maybe just talk about whether it's this robotics deal or some of these other large deals or just the deals in the pipeline, what are the specific metrics, whether it's latency or what have you, that these customers are looking at and saying, Akamai delivers a definitive edge versus the NeoClouds and the hyperscalers, therefore, we're going to go this route with Akamai. And what are the specific performance advantages that are making you guys the choice for some of these large workloads?

嗨，很好。謝謝你們回答我的問題，各位。你們——我知道你們不太會談很多這些超大型交易以及你們在那裡做的使用情境。但在你們能分享的範圍內，無論是這筆機器人交易、其他一些大型交易，或只是管線中的交易，客戶在評估時具體看哪些指標——例如延遲（latency）或其他——而認為 Akamai 相較於 NeoClouds 與超大規模雲（hyperscalers）具有明確優勢，因此選擇走 Akamai 這條路？而讓你們成為這些大型工作負載首選的具體效能優勢是什麼？

Yeah. No, that's a great question. And we can't talk about the specific deals. But in general, Akamai would be chosen because we have a great hard-earned reputation for reliability. They can trust us. We have a massively distributed platform that's really unique in the marketplace, as I mentioned, 700 cities in 130 countries. We can get our customers' compute needs close to the users, close to the data that provides better performance, lower latency, better scalability, particularly if you're doing anything to do with video.

是的。不，這是個很好的問題。我們不能談具體的交易。但一般而言，選擇 Akamai 的原因會是我們在可靠性方面有非常好、且是長期努力建立起來的聲譽。他們可以信任我們。我們擁有一個在市場上非常獨特、極度分散式的平台，如我提到的，在 130 個國家的 700 座城市。我們能把客戶的運算需求部署到更靠近使用者、靠近資料的位置，從而帶來更好的效能、更低的延遲、更好的可擴展性，特別是如果你在做任何與影音（video）相關的事情。

We have full stack compute and storage combined with the world's leading cybersecurity solutions, the world's leading delivery platform and at a really good cost because we have the world's leading delivery platform and this massively distributed capability, our cost for egress is a lot lower than the competition. And so we can give a compelling value proposition of, hey, great performance, great reliability at a lower cost.

我們提供全堆疊的運算與儲存，並結合全球領先的資安解決方案、全球領先的交付平台，而且成本非常有競爭力，因為我們擁有全球領先的交付平台與高度分散式的能力，我們的對外傳輸（egress）成本比競爭對手低得多。因此我們能提出很有吸引力的價值主張：也就是，優異的效能、優異的可靠性，而且成本更低。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

Good afternoon. Thank you so much for taking my questions. Ed, I wanted to talk to you about the capacity that you're bringing online, and you framed it as a reserved instance type model, which gives you a lot of visibility and it gives customers a lot of predictability. But I know you have entertained sort of standing up the rental business within the confines of your CIS business.

午安。非常感謝讓我提問。Ed，我想和你談談你正在上線的產能；你將其描述為預留實例（reserved instance）類型的模式，這能讓你有很高的能見度，也讓客戶有很高的可預測性。但我知道你們也曾考慮在你們的 CIS 業務範疇內建立某種「租賃」業務。

So I wanted to get a sense of where you are on that journey and to the extent you do have excess capacity against which you can have more of a spot pricing orientation to see maybe faster growth in CIS and to the extent that is relevant to think about over the course of this year? And then I have a follow-up on the security business, please.

所以我想了解你們在這段旅程中的進展；以及在你們確實有多餘產能的情況下，是否能採取更偏向即期（spot）定價的取向，來讓 CIS 可能更快成長；以及這在今年內是否是值得納入考量的相關因素？另外我還有一個關於資安業務的追問，謝謝。

Yeah. So Fatima, we offer both. And what we're finding, though, is there is a stronger demand for customers who want to lock in for a longer period of time. And those obviously are better for us in terms of locking in the value over a longer period of time and you get a guaranteed ROI on what you're investing in. We do offer both. We even have some customers that will come to us and ask us for different models of whatever you have excess, I'll take it for a period of time and just give me some amount of heads up if you need to take it back.

是的。Fatima，我們兩種都有提供。不過我們觀察到，客戶對於想要鎖定較長期間的需求更強。而這對我們而言當然更有利，因為能在更長期間內鎖定價值，並且對你所投入的投資取得保證的投資報酬率（ROI）。我們兩種都有提供。甚至有些客戶會來找我們，要求不同的模式：你有任何多餘的，我就先用一段時間，只要你需要收回時提前給我一些通知即可。

So the market is, I'd say, probably more skewed certainly with our customers anyway, for those who would like to have certainty versus just going and renting by the hour, but we do offer both. And I'd say most of the growth right now, obviously, given the size of these deals is coming from that more committed model, but we do offer both.

所以我會說，市場（至少就我們的客戶而言）更偏向希望有確定性，而不是按小時計租；但我們兩種都有提供。而我會說，目前大部分的成長，顯然考量到這些交易的規模，是來自那種更具承諾的模式，但我們兩種都有提供。

I appreciate that. And just on the security business, you specifically called out kind of the tailwinds that you are seeing on the Guardicore Segmentation side, API security, just on the back of the traffic mix on the Internet and by extension, your platform changing.

了解，謝謝。另外就資安業務而言，你特別提到你們在 Guardicore Segmentation、API 安全等方面看到的順風，主要是因為網際網路上的流量組合，以及延伸來看你們平台的變化。

I'm wondering if you can speak to some of your more traditional and maybe more mature product areas like the DDoS and I would say, classic WAFs. What are you seeing there? Is there a rising tide lifting all boats in that maybe there's a renaissance of spending from a customer standpoint, maybe a reinvigorated focus. I'd love to kind of get a better sense on what some of those traditional and more mature areas of the security product portfolio are doing in contrast to some of your higher growth SKUs in the platform. Thank you.

我想請你談談一些較傳統、也可能更成熟的產品領域，例如 DDoS，以及我會稱之為傳統 WAF。你們在那裡看到了什麼？是否有「水漲船高」的情況，也就是從客戶端來看，支出出現復甦、或重新聚焦？我很想更清楚了解，你們資安產品組合中這些傳統且更成熟的領域，相較於平台上成長較快的 SKU，表現如何。謝謝。

Great question. Yeah. And we have seen real tailwinds from AI and sort of the post-Mythos world for our more longer-term security products. I think roughly because of AI, the attackers have assembled much larger bot armies to launch attacks. And we've seen the scale of the attacks grow by maybe a factor of 10 over the last year.

這個問題問得很好。是的。我們確實看到 AI，以及某種「後 Mythos」時代，為我們較長期的資安產品帶來了明顯的順風。我想大致上是因為 AI，攻擊者組建了規模大得多的殭屍網路（bot）大軍來發動攻擊。而我們看到攻擊規模在過去一年可能成長了約 10 倍。

And so there's more of a need for our DDoS services. And with web app firewall, especially there because now there's going to be a lot more zero days. And we see those first, and we get our firewall rules updated to protect our customers before the zero-day becomes public knowledge. And so that they'll have time to do whatever patching they need to do and they can do that safely.

因此對我們 DDoS 服務的需求更高。而在 Web 應用程式防火牆（WAF）方面尤其如此，因為接下來會出現更多零日漏洞（zero-day）。我們會最先看到這些情況，並更新我們的防火牆規則，在零日漏洞成為公開資訊之前就先保護客戶。如此一來，客戶就有時間進行所需的修補（patching），並且能在安全的情況下完成。

And I can tell you, I've talked to so many CISOs and CIOs and CEOs over the last few months, and many of them are having emergency projects underway to make sure all of their applications and sites are protected by our web app firewall because they know if it's behind Akamai's web app firewall, they're going to be okay as the zero days inevitably come out. So we are seeing good tailwinds from AI across the Board, and it's a chance for Akamai to really help major enterprise customers.

我可以告訴你，過去幾個月我和非常多的 CISO、CIO 以及 CEO 交流，許多人都在進行緊急專案，以確保他們所有的應用程式與網站都受到我們 Web 應用程式防火牆的保護，因為他們知道只要在 Akamai 的 Web 應用程式防火牆後面，當零日漏洞不可避免地出現時，他們就會沒問題。所以我們確實看到 AI 在各方面都帶來良好的順風，這也是 Akamai 真正協助大型企業客戶的一個機會。

Thank you.

謝謝。

Patrick Colville, Scotiabank.

Patrick Colville，豐業銀行。

This is Konark on for Patrick. Thanks for taking the questions. Just was wondering if you could double-click on the CrowdStrike customer win, which is really a positive sign, I think, for the Akamai kind of architecture. Can you talk a little bit about when did that deal close and if there's any really partnership dynamics there as well as a customer relationship?

我是 Konark，代 Patrick 發言。謝謝讓我提問。我想請你更深入談談你們贏得 CrowdStrike 客戶這件事；我認為這對 Akamai 的架構而言是非常正面的訊號。你能否談談這筆交易是在何時完成，以及是否也存在一些合作夥伴關係的動態，或是客戶關係層面的因素？

Yeah, that closed recently. And it's a real validation point for our security solutions. Obviously, CrowdStrike is a company that cares a lot about security and cares a lot about reliability. And they were -- as they've stated, they were not happy with their current -- the prior provider, and they really were attracted to Akamai because of our reliability and the higher level of security capabilities that we offer them. And we do partner with them. And so it's a good relationship that way as well. But I think it's a great validation of Akamai and our security solutions.

是的，那筆交易是最近才完成的。這對我們的資安解決方案而言是一個重要的驗證。顯然，CrowdStrike 是一家非常重視安全、也非常重視可靠性的公司。而且他們——正如他們所說——對他們目前的、也就是先前的供應商並不滿意；他們之所以被 Akamai 吸引，是因為我們的可靠性，以及我們能提供給他們更高水準的資安能力。我們也與他們有合作夥伴關係。因此在這方面也是一段良好的關係。但我認為，這是對 Akamai 以及我們資安解決方案的一個很好的驗證。

Great. Thank you.

很好。謝謝。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session as well as today's conference call. We do thank you for participating and joining today. You may now disconnect your lines.

各位女士、先生，至此我們將結束今天的問答環節以及今天的電話會議。感謝各位今天的參與與加入。您現在可以掛斷電話。