阿卡邁科技 (AKAM) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the First Quarter 2022 Akamai Technologies Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Tom Barth, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 2022 年第一季度 Akamai Technologies 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係主管湯姆·巴特（Tom Barth）。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's First Quarter 2022 Earnings Call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Ed McGowan, Akamai's Chief Financial Officer.

謝謝你，接線員。大家下午好，感謝您參加 Akamai 的 2022 年第一季度收益電話會議。 Akamai 首席執行官 Tom Leighton 今天將發表講話；和 Akamai 首席財務官 Ed McGowan。

Please note that today's comments include forward-looking statements, including statements regarding revenue and earnings guidance. These forward-looking statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements. The factors include any impact from macroeconomic trends, uncertainty stemming from the COVID-19 pandemic, the integration of any acquisitions and any impact from geopolitical developments.

請注意，今天的評論包括前瞻性陳述，包括有關收入和收益指導的陳述。這些前瞻性陳述受到風險和不確定性的影響，並涉及許多可能導致實際結果與此類陳述明示或暗示的結果存在重大差異的因素。這些因素包括宏觀經濟趨勢的任何影響、COVID-19 大流行帶來的不確定性、任何收購的整合以及地緣政治發展的任何影響。

Additional information concerning these factors is contained in Akamai's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements included in this call represent the company's view on May 3, 2022. Akamai disclaims any obligation to update these statements to reflect new information, future events or circumstances, except as required by law.

有關這些因素的其他信息包含在 Akamai 提交給 SEC 的文件中，包括我們的 10-K 表格年度報告和 10-Q 表格季度報告。本次電話會議中包含的前瞻性陳述代表公司在 2022 年 5 月 3 日的觀點。Akamai 不承擔任何更新這些陳述以反映新信息、未來事件或情況的義務，除非法律要求。

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

提醒一下，我們將在今天的電話會議中提及一些非 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 和非 GAAP 指標的詳細核對。

And with that, let me turn the call over to Tom.

有了這個，讓我把電話轉給湯姆。

Thanks, Tom, and thank you all for joining us today. Our Q1 revenue was $904 million, up 7% year-over-year and up 9% in constant currency. This solid result was driven by the continued rapid growth of our security and compute businesses. Q1 non-GAAP operating margin was 30%, Q1 non-GAAP EPS was $1.39 per diluted share, up 1% year-over-year and up 4% in constant currency. As Ed will discuss later, EPS came in at the low end of our guidance range, primarily due to an adverse tax impact of $0.03.

謝謝，湯姆，謝謝大家今天加入我們。我們第一季度的收入為 9.04 億美元，同比增長 7%，按固定匯率計算增長 9%。這一堅實的結果是由我們的安全和計算業務的持續快速增長推動的。第一季度非公認會計原則營業利潤率為 30%，第一季度非公認會計原則每股攤薄收益為 1.39 美元，同比增長 1%，按固定匯率計算增長 4%。正如 Ed 稍後將討論的那樣，每股收益處於我們指導範圍的低端，主要是由於 0.03 美元的不利稅收影響。

Since our last call with you on February 15, we've seen the development of several major global events and financial headwinds. It's remarkable how quickly the world has changed with the war in Ukraine, the significant strengthening of the U.S. dollar, escalating inflation, increasing concerns about a recession, and a moderation of Internet traffic growth as many countries remove mask mandates.

自 2 月 15 日上次與您通話以來，我們已經看到了幾項重大全球事件的發展和金融逆風。值得注意的是，隨著烏克蘭戰爭、美元大幅走強、通脹升級、對經濟衰退的擔憂日益加劇以及隨著許多國家取消口罩規定而導致互聯網流量增長放緩，世界發生瞭如此迅速的變化。

Since these developments are all fairly recent, they had a relatively small impact on our Q1 results, but it's prudent to assume that they'll impact our results more meaningfully for the rest of the year. For example, at current spot rates, the strengthening dollar will adversely impact full year 2022 revenue by about $100 million. About $55 million of that impact has come since we issued guidance on February 15.

由於這些發展都是最近才出現的，它們對我們第一季度的業績影響相對較小，但謹慎的做法是假設它們會在今年餘下的時間裡對我們的業績產生更有意義的影響。例如，以目前的即期匯率計算，美元走強將對 2022 年全年收入產生約 1 億美元的不利影響。自我們於 2 月 15 日發布指導以來，其中約 5500 萬美元的影響已經產生。

As we disclosed in our 8-K filing on March 7, about 1% of our revenue comes from Russian companies or is derived from delivering traffic into Russia. We have since terminated our business with several majority state-owned Russian companies and our traffic delivered into Russia and Ukraine on behalf of other global customers has declined dramatically since the war began. As a result, it's reasonable to assume that we will no longer generate most of the revenue that had been associated with Russia and Ukraine.

正如我們在 3 月 7 日提交的 8-K 文件中披露的那樣，我們大約 1% 的收入來自俄羅斯公司或來自向俄羅斯提供流量。此後，我們終止了與幾家擁有多數股權的俄羅斯國有公司的業務，自戰爭開始以來，我們代表其他全球客戶運往俄羅斯和烏克蘭的流量急劇下降。因此，可以合理地假設我們將不再產生與俄羅斯和烏克蘭相關的大部分收入。

Lastly, data from some of our large customers in the media and commerce verticals suggest that they may be transitioning from an environment of above normal online consumption fueled by COVID-related restrictions to an environment with more macroeconomic uncertainty, which could moderate their traffic growth in the near term.

最後，我們在媒體和商業垂直領域的一些大客戶的數據表明，他們可能正在從受 COVID 相關限制推動的高於正常在線消費的環境過渡到宏觀經濟不確定性更大的環境，這可能會減緩他們的流量增長近期。

Discussions with many of our large carrier partners across the world, have reinforced the view that traffic growth rates may be moderating across the Internet as a whole. In particular, they've told us that they've recently seen a moderation in their year-over-year traffic growth, and that the current levels of traffic on their networks are less than what they'd expected. This is consistent with what we've recently seen.

與我們在世界各地的許多大型運營商合作夥伴的討論強化了這樣一種觀點，即整個互聯網的流量增長率可能正在放緩。特別是，他們告訴我們，他們最近看到他們的同比流量增長有所放緩，並且他們網絡上的當前流量水平低於他們的預期。這與我們最近看到的一致。

Traffic is still growing at a fast pace on the Akamai platform, but at a more moderate pace than we've observed over the last few years. As a result of these largely external factors, and to be conservative in our outlook, we feel it is prudent to lower our expectations for the full year. Ed will provide more detail shortly.

Akamai 平台上的流量仍在快速增長，但速度比我們過去幾年觀察到的要溫和。由於這些主要是外部因素，為了保守我們的前景，我們認為降低對全年的預期是謹慎的。 Ed 將很快提供更多細節。

That said, and this is important to emphasize, Akamai's business continues to be very strong and highly profitable. Traffic growth on our platform remains substantial and the data we've received from our customers and carrier partners indicates that our market share remains stable or is modestly increasing.

話雖如此，但需要強調的是，Akamai 的業務仍然非常強勁且利潤豐厚。我們平台上的流量增長依然可觀，我們從客戶和運營商合作夥伴處收到的數據表明我們的市場份額保持穩定或適度增長。

In addition, our customer churn levels continue to be at record lows. Lost annual revenue from churned accounts in Q1 amounted to less than 0.5% of total annual revenue, and churn due to competitors was much less than half of that already small amount. As a result, our market-leading delivery business continues to generate substantial cash and to power our unique edge platform.

此外，我們的客戶流失率繼續處於歷史低位。第一季度流失賬戶造成的年收入損失不到年總收入的 0.5%，而競爭對手造成的流失遠低於已經很小金額的一半。因此，我們市場領先的交付業務繼續產生大量現金，並為我們獨特的邊緣平台提供動力。

Our security business has reached an annual revenue run rate of over $1.5 billion and continues to grow over 20% annually in constant currency. And we believe that our compute business is poised to achieve about $400 million in revenue this year, with a growth rate of over 60%. And perhaps most important of all, the combination of our security and compute businesses now represents the majority of our revenue. We expect these businesses to generate about $2 billion of revenue this year with a growth rate of about 27% in constant currency.

我們的安全業務已達到超過 15 億美元的年收入運行率，並且按固定匯率計算，每年繼續增長超過 20%。我們相信，我們的計算業務今年有望實現約 4 億美元的收入，增長率超過 60%。也許最重要的是，我們的安全和計算業務的結合現在代表了我們收入的大部分。我們預計這些業務今年將產生約 20 億美元的收入，按固定匯率計算，增長率約為 27%。

I'll now talk about each of our 3 major business lines, starting with security, which we believe will soon become our largest business line. Our Security Solutions generated revenue of $382 million in Q1, up 23% year-over-year and up 26% in constant currency. This very strong growth was driven primarily by our flagship security products, Kona Site Defender and Bot Manager, and also by our new Guardicore micro-segmentation solution to stop ransomware.

我現在將討論我們的 3 個主要業務線中的每一個，從安全開始，我們相信這將很快成為我們最大的業務線。我們的安全解決方案在第一季度創造了 3.82 億美元的收入，同比增長 23%，按固定匯率計算增長 26%。這種非常強勁的增長主要是由我們的旗艦安全產品 Kona Site Defender 和 Bot Manager 以及我們用於阻止勒索軟件的新 Guardicore 微分段解決方案推動的。

In Q1, we finalized the largest deal in Guardicore's history valued at more than $10 million over the next 3 years expanding our long-time relationship with 1 of the largest banks in the world. The size and scope of the deal illustrates why we're so excited about our opportunity in micro-segmentation.

在第一季度，我們完成了 Guardicore 歷史上最大的一筆交易，在未來 3 年內價值超過 1000 萬美元，擴大了我們與世界上最大的銀行之一的長期合作關係。交易的規模和範圍說明了為什麼我們對我們在微細分領域的機會如此興奮。

Financial services firms, in particular, are frequent targets of ransomware and malware and large banks with security risks face financial penalties from regulators if they fail to address them. So from a compliance perspective, adopting micro-segmentation can reduce risk and prevent large fines in the process.

尤其是金融服務公司，經常成為勒索軟件和惡意軟件的目標，存在安全風險的大型銀行如果未能解決這些問題，將面臨監管機構的經濟處罰。因此，從合規性的角度來看，採用微分段可以降低風險並防止流程中的巨額罰款。

By reducing spending on their legacy static firewalls, the bank that's adopting our micro-segmentation solution will free up resources to implement stronger defenses as they move to a new Zero Trust security architecture. And by converting to our more flexible software-based solution, they can achieve greater agility to compete with fast-moving fintech services.

通過減少在其傳統靜態防火牆上的支出，採用我們的微分段解決方案的銀行將在遷移到新的零信任安全架構時釋放資源以實施更強大的防禦。通過轉換為我們更靈活的基於軟件的解決方案，他們可以獲得更大的敏捷性，以與快速發展的金融科技服務競爭。

This example demonstrates how Guardicore can help Akamai expand long-time relationships with customers to become a more valuable strategic partner in the future. Guardicore is also helping us win new accounts in verticals such as critical infrastructure. For example, one of the largest railroads in the world recently became a multimillion dollar Guardicore customer.

此示例展示了 Guardicore 如何幫助 Akamai 擴展與客戶的長期關係，成為未來更有價值的戰略合作夥伴。 Guardicore 還幫助我們在關鍵基礎設施等垂直領域贏得新客戶。例如，世界上最大的鐵路公司之一最近成為了價值數百萬美元的 Guardicore 客戶。

On April 20, cybersecurity authorities in the U.S. and other major countries warned that the war in Ukraine raises the risk of cyber-attacks. Their recommended defenses align well to Akamai's security solutions for micro segmentation, DDoS protection and web app firewall.

4 月 20 日，美國和其他主要國家的網絡安全當局警告說，烏克蘭戰爭增加了網絡攻擊的風險。他們推薦的防禦措施與 Akamai 的微分段、DDoS 保護和 Web 應用程序防火牆安全解決方案非常吻合。

Web application attacks experienced by customers grew by nearly 200% year-over-year in Q1, the largest increase we've seen in several years. Web app attacks are a critical vulnerability for any company moving to the cloud, building micro services or integrating third parties via APIs, which is why app and API protection is a critical priority for major enterprises.

客戶遭受的 Web 應用程序攻擊在第一季度同比增長近 200%，這是我們幾年來看到的最大增幅。對於任何遷移到雲端、構建微服務或通過 API 集成第三方的公司來說，Web 應用程序攻擊都是一個關鍵漏洞，這就是為什麼應用程序和 API 保護是主要企業的重中之重的原因。

Akamai is a leader in Gartner's Magic Quadrant for web app and API protection. And in Q1, Akamai's Web app and API protection are in Gartner Peer Insights Customers' Choice distinction for the third year in a row. Also in Q1, Forrester named Akamai a leader in its new way for micro-segmentation.

Akamai 是 Gartner 的 Web 應用程序和 API 保護魔力像限的領導者。在第一季度，Akamai 的 Web 應用程序和 API 保護連續第三年獲得 Gartner Peer Insights 客戶選擇獎。同樣在第一季度，Forrester 將 Akamai 評為其微細分新方式的領導者。

As we discussed during our last call with investors in February, we will be reporting on our delivery and compute product line separately going forward. In Q1, our delivery products generated revenue of $444 million, down 6% year-over-year and down 4% in constant currency. Revenue for our Compute Product group was $78 million in Q1, up 32% year-over-year and up 35% in constant currency.

正如我們在 2 月份與投資者的最後一次電話會議中討論的那樣，我們將在未來分別報告我們的交付和計算產品線。在第一季度，我們的交付產品產生了 4.44 億美元的收入，同比下降 6%，按固定匯率計算下降 4%。我們的計算產品組在第一季度的收入為 7800 萬美元，同比增長 32%，按固定匯率計算增長 35%。

As I mentioned earlier, traffic on our platform has been growing at a substantial rate. In fact, just last week, we set another record when we delivered over 250 terabits per second of peak traffic more than 20% higher than our previous peak reached in February.

正如我之前提到的，我們平台上的流量一直在以可觀的速度增長。事實上，就在上週，我們創造了另一項記錄，我們提供了超過 250 TB/秒的峰值流量，比 2 月份達到的峰值流量高出 20% 以上。

The Akamai Edge platform continues to be the top choice for large media companies worldwide due to its unique scale and performance. In a recent review of CDN vendors worldwide, IDC said, "Akamai's balanced and comprehensive portfolio, spanning media and web delivery, emerging edge applications, extensive security capabilities and programmable edge addresses the needs of all enterprise segments and the developer community." The report also noted how Akamai's appetite for innovation is showcased by the fact that it continues to expand its services and capabilities beyond CDN to address new areas.

由於其獨特的規模和性能，Akamai Edge 平台繼續成為全球大型媒體公司的首選。 IDC 在最近對全球 CDN 供應商的評估中表示：“Akamai 平衡而全面的產品組合，涵蓋媒體和 Web 交付、新興邊緣應用程序、廣泛的安全功能和可編程邊緣，可滿足所有企業部門和開發人員社區的需求。”該報告還指出，Akamai 對創新的興趣體現在它繼續將其服務和能力擴展到 CDN 之外以應對新領域的事實。

Akamai is the market leader in delivery by far and the income generated by our delivery business helps to fund our investments in the fast-growing areas of security and compute, including our game-changing acquisitions of Guardicore and Linode.

Akamai 是迄今為止交付領域的市場領導者，我們交付業務產生的收入有助於為我們在快速增長的安全和計算領域的投資提供資金，包括我們對 Guardicore 和 Linode 的顛覆性收購。

Our compute product group includes Akamai's capabilities in compute, storage, cloud optimization, developer tools, edge applications and now, Linode, which joined Akamai on March 21. We're encouraged by how customers and industry analysts have responded to our acquisition of Linode. In fact, several have used the word transformational to sum up the potential impact of our combination in the marketplace.

我們的計算產品組包括 Akamai 在計算、存儲、雲優化、開發人員工具、邊緣應用程序方面的能力，現在還有 Linode，它於 3 月 21 日加入 Akamai。我們對客戶和行業分析師對我們收購 Linode 的反應感到鼓舞。事實上，有幾個人使用了轉型這個詞來總結我們組合在市場上的潛在影響。

The CEO and Co-founder of Macrometa, a Linode partner that enables web and cloud developers to run and scale data-heavy real-time cloud applications has called Akamai's acquisition of Linode, a watershed moment for the cloud because it fundamentally reconfigures the landscape in many ways. Those are his words. And he says that Akamai provides that layer of reach and distribution in a way that cloud providers are very challenged to be able to do. "I'm excited about that," he said.

Macrometa 的首席執行官兼聯合創始人是 Linode 的合作夥伴，它使 Web 和雲開發人員能夠運行和擴展大量數據的實時雲應用程序，他稱 Akamai 收購 Linode 是雲計算的一個分水嶺，因為它從根本上重新配置了環境。很多種方法。那是他的話。他說，Akamai 以一種雲供應商很難做到的方式提供覆蓋和分發層。 “我對此感到很興奮，”他說。

Of course, we're excited, too. Linode was an early pioneer in creating the market for alternative clouds, offering developers a platform to build new applications in ways that are simple to use and affordable. With high performance and competitive, transparent and predictable price points and backed by strong customer support after the sale.

當然，我們也很興奮。 Linode 是創建替代云市場的早期先驅，它為開發人員提供了一個平台，以使用簡單且價格合理的方式構建新應用程序。具有高性能和有競爭力、透明和可預測的價格點，並有強大的售後客戶支持作為後盾。

Today, nearly 3/4 of enterprises are pursuing multi-cloud strategies, which means that new workloads will be cloud agnostic and portable, free to move and choose the best place to be. In fact, IDC just issued a report on workload deployment optimization that urges buyers to consider suppliers of infrastructure as a service beyond the hyperscalers. Our acquisition of Linode was the first alternative IDC highlighted as an example that can offer better cost and performance while retaining the level of redundancy and coverage demanded by enterprises.

如今，近 3/4 的企業正在推行多雲戰略，這意味著新的工作負載將與云無關且可移植，可以自由移動並選擇最佳位置。事實上，IDC 剛剛發布了一份關於工作負載部署優化的報告，敦促買家將基礎設施供應商視為超大規模企業之外的服務。我們對 Linode 的收購是第一個作為示例突出顯示的替代 IDC，它可以提供更好的成本和性能，同時保持企業所需的冗餘和覆蓋水平。

In the coming years, we expect that customers will have a growing need for a continuum of compute from the cloud to the edge, to be closer where billions of end users are and where tens of billions of connected devices will be, especially as 5G and IoT take hold and grow. Building the bridge that enables developers to move from the cloud to the edge and have one place to build, run and secure apps is a key reason why we're expanding our offering with Linode.

在未來幾年，我們預計客戶將越來越需要從雲到邊緣的連續計算，更接近數十億終端用戶和數百億連接設備的位置，尤其是在 5G 和物聯網站穩腳跟並發展壯大。構建使開發人員能夠從雲遷移到邊緣並擁有一個構建、運行和保護應用程序的地方的橋樑是我們使用 Linode 擴展我們的產品的一個關鍵原因。

At our Analyst Day coming up on May 18, we'll talk more about the potential for substantial future growth in this new and exciting part of Akamai's portfolio as we become the cloud company that powers and protects life online.

在即將於 5 月 18 日舉行的分析師日上，我們將更多地討論 Akamai 投資組合中這一令人興奮的新部分在未來大幅增長的潛力，因為我們將成為一家為在線生活提供支持和保護的雲公司。

The soundness of our overall strategy was validated in visits I had with dozens of Akamai customers across EMEA and APJ last month. Common concerns expressed by customers and prospects included the war in Ukraine, the heightened level of cyber-attacks as well as risk to trade and supply chains, energy costs and currency valuations. Customers expressed very strong interest in our security strategy and Guardicore, in particular.

上個月，我拜訪了來自歐洲、中東和非洲和亞太地區的數十名 Akamai 客戶，驗證了我們整體戰略的合理性。客戶和潛在客戶表達的共同擔憂包括烏克蘭戰爭、網絡攻擊的加劇以及貿易和供應鏈風險、能源成本和貨幣估值。客戶對我們的安全策略，尤其是 Guardicore 表達了非常濃厚的興趣。

As you can imagine, their Boards are asking them how they can prevent a crippling ransomware attack. And Guardicore is the perfect solution. They know that malware always finds a way in. The key is identifying it and stopping it spread before it can cause serious damage. And that's exactly what Guardicore is designed to do.

您可以想像，他們的董事會正在詢問他們如何防止嚴重的勒索軟件攻擊。而Guardicore 是完美的解決方案。他們知道惡意軟件總能找到進入的途徑。關鍵是識別它並阻止它傳播，以免造成嚴重損害。而這正是 Guardicore 的設計初衷。

Most of the customers I met with were also interested in exploring our cloud compute offering as a more affordable and easier way to build, run and secure their new applications. The tight labor market, employee attrition and the desire of employees to work remotely, we're also top of mind for customers in every location. Several companies that I met with are reducing their real estate footprint, and one of them told me they could only do this because they secure their remote work environments with Akamai's enterprise application access.

我遇到的大多數客戶也有興趣探索我們的雲計算產品，將其作為一種更實惠、更簡單的方式來構建、運行和保護他們的新應用程序。緊張的勞動力市場、員工流失和員工遠程工作的願望，我們也是各地客戶的首選。我遇到的幾家公司正在減少他們的房地產足跡，其中一家告訴我，他們只能這樣做，因為他們使用 Akamai 的企業應用程序訪問來保護他們的遠程工作環境。

Here, at Akamai, we faced the same macro trends as our customers. But in spite of the headwinds, we feel good about the growing demand from customers for our security and compute solutions, the expertise of our team and the addition of capabilities and talent from Guardicore and Linode, and how all of this gives Akamai not 1, but 2 rapidly growing and highly synergistic businesses, further diversifying our revenue.

在 Akamai，我們面臨與客戶相同的宏觀趨勢。但是，儘管存在不利因素，但我們對客戶對我們的安全和計算解決方案不斷增長的需求、我們團隊的專業知識以及 Guardicore 和 Linode 的能力和人才的增加感到滿意，以及所有這些如何使 Akamai 不是 1，但 2 個快速增長和高度協同的業務，進一步使我們的收入多樣化。

We've also performed well on the retention of our talent, employees appreciate our flexible workplace policy and culture of teamwork. Akamai scores very high on third-party rankings of the best places to work. I'm proud of the way that our employees have managed and I want to thank our extended team around the world for doing such a great job for our customers. They are truly making life better for billions of people, billions of times a day.

我們在留住人才方面也表現出色，員工欣賞我們靈活的工作場所政策和團隊合作文化。 Akamai 在最佳工作場所的第三方排名中得分很高。我為我們員工的管理方式感到自豪，我要感謝我們在世界各地的擴展團隊為我們的客戶做瞭如此出色的工作。他們真正讓數十億人的生活變得更美好，每天數十億次。

Now over to Ed for more on Q1 and our outlook for Q2 and the rest of the year. Ed?

現在向 Ed 了解更多關於第一季度的信息以及我們對第二季度和今年剩餘時間的展望。埃德?

Thank you, Tom. As Tom mentioned, Akamai delivered a solid quarter in Q1. Q1 revenue was $904 million, up 7% year-over-year or 9% in constant currency. Revenue was led by continued strong growth in security and compute. The strength was partially offset by a significant strengthening U.S. dollar and a slight moderation in traffic growth rate in our delivery business during the last month of the quarter.

謝謝你，湯姆。正如 Tom 所說，Akamai 在第一季度實現了穩健的季度業績。第一季度收入為 9.04 億美元，同比增長 7%，或按固定匯率計算增長 9%。收入主要來自安全和計算領域的持續強勁增長。本季度最後一個月，美元大幅走強和我們的交付業務的流量增長率略有放緩，部分抵消了這一優勢。

Security revenue grew 23% year-over-year and 26% in constant currency, led by a reacceleration of growth in our application security business and continued very strong performance from Guardicore. Security represented 42% of total revenue in Q1, which is up 5 points from Q1 a year ago.

安全收入同比增長 23%，按固定匯率計算增長 26%，這主要得益於我們的應用程序安全業務的重新加速增長以及 Guardicore 的持續強勁表現。安全佔第一季度總收入的 42%，比一年前的第一季度增長 5 個百分點。

Guardicore delivered revenue of $19 million in the quarter. Included in our Guardicore was approximately $7 million of term license deals from 4 customers. As a reminder, while the majority of Guardicore deals are Software-as-a-Service and revenue is recognized monthly under ASC 606, some customers, specifically in financial services and health care, do from time to time, require on-premise deployments.

Guardicore 在本季度實現了 1900 萬美元的收入。我們的 Guardicore 包括來自 4 個客戶的約 700 萬美元的定期許可交易。提醒一下，雖然 Guardicore 的大多數交易都是軟件即服務，並且根據 ASC 606 每月確認收入，但一些客戶，特別是金融服務和醫療保健客戶，不時需要內部部署。

These deployments result in term license accounting treatment where we are required to recognize a significant portion of the revenue upfront when the product is delivered or spreading the revenue over the contract term. It's worth noting the impact of these deals resulted in a pull forward from Q2 to Q4 into Q1 of approximately 1 percentage point of revenue growth.

這些部署導致了期限許可會計處理，我們需要在產品交付時預先確認大部分收入或將收入分配到合同期限內。值得注意的是，這些交易的影響導致從第二季度到第四季度再到第一季度的收入增長約 1 個百分點。

Compute revenue in Q1 was $78 million, and grew 32% year-over-year and 35% in constant currency. As Tom mentioned, we were very pleased with the initial performance of our Linode acquisition, which closed in late March and contributed revenue of approximately $3.5 million in Q1.

第一季度的計算收入為 7800 萬美元，同比增長 32%，按固定匯率計算增長 35%。正如 Tom 所說，我們對 Linode 收購的初步表現非常滿意，該收購於 3 月下旬結束，第一季度貢獻了約 350 萬美元的收入。

Delivery revenue was $444 million in Q1 and declined 6% year-over-year and 4% in constant currency. As discussed last quarter, several of our top customers are expected to renew in the first half of 2022. Our first quarter revenue was impacted by the renewals of half of these customers, and we expect the remaining customers to renew by July 1. So far, the pricing for the renewals has been in line with our expectations.

第一季度交付收入為 4.44 億美元，同比下降 6%，按固定匯率計算下降 4%。正如上個季度所討論的，我們的幾位頂級客戶預計將在 2022 年上半年續約。我們第一季度的收入受到其中一半客戶續約的影響，我們預計其餘客戶將在 7 月 1 日之前續約。到目前為止，續訂的定價符合我們的預期。

Additionally, we started to notice the growth rate of traffic on our network moderate a bit in March, specifically in gaming and OTT verticals as some pandemic-related restrictions were lifted in countries throughout the world.

此外，我們開始注意到我們網絡上的流量增長率在 3 月份略有放緩，特別是在遊戲和 OTT 垂直領域，因為世界各國取消了一些與大流行相關的限制。

Sales in our international markets represented 47% of total revenue in Q1. International revenue grew 11% year-over-year with 16% in constant currency. The negative impact of foreign exchange on our Q1 results increased by approximately $2 million from our February earnings call as the U.S. dollar continued to strengthen significantly in March. Foreign exchange fluctuations had a negative impact on revenue of $4 million on a sequential basis and negative $18 million on a year-over-year basis. Finally, revenue from our U.S. market was $481 million and grew 4% year-over-year.

我們在國際市場的銷售額佔第一季度總收入的 47%。國際收入同比增長 11%，按固定匯率計算增長 16%。由於美元在 3 月份繼續顯著走強，外匯對我們第一季度業績的負面影響比我們 2 月份的財報電話會議增加了約 200 萬美元。外匯波動對收入的負面影響環比為 400 萬美元，同比為負 1800 萬美元。最後，我們美國市場的收入為 4.81 億美元，同比增長 4%。

Now moving on to costs. Cash gross margin was 76%, in line with our expectations. GAAP gross margin, which includes both depreciation and stock-based compensation, was 63%. Non-GAAP cash operating expenses were $295 million.

現在轉向成本。現金毛利率為 76%，符合我們的預期。包括折舊和股票補償在內的美國通用會計準則毛利率為 63%。非 GAAP 現金運營費用為 2.95 億美元。

Now moving on to profitability. Adjusted EBITDA was $391 million. Our adjusted EBITDA margin was 43%, in line with our guidance. Non-GAAP operating income was $270 million, and non-GAAP operating margin was 30%. Capital expenditures in Q1, excluding equity compensation and capitalized interest expense, were $116 million. This was slightly better than our guidance range as we continue to see greater efficiency on our network.

現在轉向盈利。調整後的 EBITDA 為 3.91 億美元。我們調整後的 EBITDA 利潤率為 43%，符合我們的指引。非美國通用會計準則營業收入為 2.7 億美元，非美國通用會計準則營業利潤率為 30%。第一季度的資本支出（不包括股權補償和資本化利息支出）為 1.16 億美元。這比我們的指導範圍略好，因為我們繼續看到我們的網絡效率更高。

GAAP net income for the first quarter was $119 million or $0.73 of earnings per diluted share. Non-GAAP net income was $225 million or $1.39 of earnings per diluted share, up 1% year-over-year and up 4% in constant currency.

第一季度 GAAP 淨收入為 1.19 億美元或每股攤薄收益 0.73 美元。非美國通用會計準則淨收入為 2.25 億美元或每股攤薄收益 1.39 美元，同比增長 1%，按固定匯率計算增長 4%。

Non-GAAP earnings per share was negatively impacted by approximately $0.03 in Q1 due to a higher-than-expected non-GAAP effective tax rate. Taxes included in our non-GAAP earnings were $43 million based on a Q1 effective tax rate of approximately 16%.

由於非 GAAP 有效稅率高於預期，非 GAAP 每股收益在第一季度受到約 0.03 美元的負面影響。根據第一季度約 16% 的有效稅率，我們的非公認會計原則收益中包含的稅款為 4300 萬美元。

This was approximately 1.5 points higher than we had expected and due primarily to 3 reasons: first, a higher-than-expected mix of U.S. revenue with foreign exchange rate fluctuations, a significant contributing factor along with the addition of Linode revenue; second, an unfavorable change to foreign tax credits in Q1 based on the most recent treasury guidance; and third, a refinement of our previous assumptions related to R&D tax law changes from the 2017 U.S. tax reform that became effective in Q1 2022.

這比我們的預期高出約 1.5 個百分點，主要是由於 3 個原因：首先，美國收入與匯率波動的組合高於預期，這是 Linode 收入增加的一個重要因素；其次，根據最新的財政部指引，第一季度外國稅收抵免發生不利變化；第三，對我們之前關於研發稅法的假設的改進，從 2022 年第一季度生效的 2017 年美國稅制改革開始。

Moving now to cash in our use of capital. As of March, our cash, cash equivalents and marketable securities totaled approximately $1.3 billion. During the first quarter, we spent approximately $103 million to repurchase shares, buying back approximately 900,000 shares. In addition to share repurchases, in March, we spent approximately $900 million to complete our acquisition of Linode.

現在轉向兌現我們對資本的使用。截至 3 月，我們的現金、現金等價物和有價證券總計約 13 億美元。在第一季度，我們花費了大約 1.03 億美元回購股票，回購了大約 900,000 股。除了股票回購，我們在 3 月份還斥資約 9 億美元完成了對 Linode 的收購。

We ended Q1 with approximately $1.7 billion remaining on our current repurchase authorization. Our intention is to continue to buy back shares to offset dilution from employee equity programs over time and to be opportunistic in both M&A and share repurchases.

在第一季度結束時，我們當前的回購授權剩餘約 17 億美元。我們的意圖是繼續回購股票以抵消員工股權計劃隨著時間的推移而造成的稀釋，並在併購和股票回購中保持機會主義。

Before I provide our Q2 and 2022 guidance, I want to highlight several factors. First, our guidance now includes Linode. We expect Linode to contribute revenue of approximately $100 million and add approximately $0.05 to $0.06 to non-GAAP EPS in 2022. This is unchanged from the assumptions we shared on our last call.

在我提供第二季度和 2022 年的指導之前，我想強調幾個因素。首先，我們的指導現在包括 Linode。我們預計 Linode 將貢獻約 1 億美元的收入，並在 2022 年為非 GAAP 每股收益增加約 0.05 美元至 0.06 美元。這與我們在上次電話會議上分享的假設沒有變化。

Second, the dollar has continued to strengthen meaningfully since we reported in mid-February. As a result, we currently expect a much greater foreign exchange headwind for the remainder of 2022.

其次，自我們在 2 月中旬報告以來，美元繼續顯著走強。因此，我們目前預計 2022 年剩餘時間內的外匯逆風會更大。

At current spot rates, our guidance assumes that foreign exchange will have a negative $100 million impact on revenue on a year-over-year basis. This compares to our prior guidance of a negative $45 million impact to revenue. This change in FX from our prior guide will also negatively impact non-GAAP EPS by approximately $0.16 for the full year 2022. It's worth emphasizing that currency markets have been extremely unsettled and about as volatile as I have ever seen. As a result, it is impossible to predict whether and how the impact could change going forward.

在當前的即期匯率下，我們的指導假設外匯將對收入產生 1 億美元的負面影響。相比之下，我們先前的指導是對收入產生 4500 萬美元的負面影響。與我們之前的指南相比，這種外匯變化也將對 2022 年全年的非公認會計原則每股收益產生約 0.16 美元的負面影響。值得強調的是，貨幣市場一直非常不穩定，而且波動性與我所見過的一樣。因此，無法預測未來影響是否會發生變化以及如何變化。

Third, we now expect our non-GAAP effective tax rate for 2022 to be approximately 16%, which is approximately 1.5 points higher than our prior assumption based on the items I mentioned before. The change in tax rate will also negatively impact the full year 2022 non-GAAP EPS by approximately $0.11.

第三，我們現在預計我們 2022 年的非公認會計原則有效稅率約為 16%，這比我們之前基於我之前提到的項目的假設高出約 1.5 個百分點。稅率的變化還將對 2022 年全年非公認會計原則每股收益產生約 0.11 美元的負面影響。

Fourth, as Tom discussed, regarding our business in Russia and Ukraine, it is reasonable to assume that most of that revenue goes away.

第四，正如湯姆所討論的，關於我們在俄羅斯和烏克蘭的業務，可以合理地假設大部分收入都消失了。

Finally, as mentioned earlier, our traffic growth rate moderated a bit in March, and we've seen that trend continue in April. While traffic continues to grow at a strong rate and is at record levels, the growth rate is lower than we originally expected. Therefore, we are taking a more conservative approach to forecasting our traffic and corresponding revenue for the remainder of the year.

最後，如前所述，我們的流量增長率在 3 月份略有放緩，我們看到這種趨勢在 4 月份仍在繼續。雖然流量繼續以強勁的速度增長並處於創紀錄的水平，但增長率低於我們最初的預期。因此，我們正在採取更保守的方法來預測今年剩餘時間的客流量和相應的收入。

That said, we do not believe this trend is a permanent consumer shift or due to us losing share but rather is likely driven by some of the significant external factors we're seeing in the market place and geopolitically. Said another way we believe that traffic growth in online activity will return to more historical norms at some point. So with all those factors in mind, turning to our Q2 guidance. We are now projecting revenue in the range of $890 million to $905 million or up to 4% to 6% as reported or 8% to 10% in constant currency of our Q2 2021. Foreign exchange fluctuations are expected to having negative $14 million impact on Q2 revenue compared to Q1 levels and a negative $30 million impact year-over-year. At these revenue levels, we expect cash gross margins of approximately 75%.

也就是說，我們認為這種趨勢不是永久性的消費者轉變，也不是因為我們失去了份額，而是很可能是由我們在市場和地緣政治上看到的一些重要外部因素驅動的。換句話說，我們相信在線活動的流量增長將在某個時候恢復到更多的歷史標準。因此，考慮到所有這些因素，轉向我們的第二季度指導。我們現在預計收入在 8.9 億美元至 9.05 億美元之間，或按報告的 4% 至 6% 或 8% 至 10% 以我們 2021 年第二季度的固定貨幣計算。預計外匯波動將對 1400 萬美元的負面影響第二季度的收入與第一季度的水平相比，同比下降了 3000 萬美元。在這些收入水平上，我們預計現金毛利率約為 75%。

Q2 non-GAAP operating expenses are projected to be $282 million to $289 million. We anticipate Q2 EBITDA margins of approximately 43%. We expect non-GAAP depreciation expense to be between $129 million to $130 million. And we expect non-GAAP operating margin to decline to approximately 29% for Q2 due largely to the change in FX and some Linode integration costs.

第二季度非 GAAP 運營費用預計為 2.82 億美元至 2.89 億美元。我們預計第二季度 EBITDA 利潤率約為 43%。我們預計非 GAAP 折舊費用將在 1.29 億美元至 1.3 億美元之間。我們預計第二季度非美國通用會計準則營業利潤率將下降至約 29%，這主要是由於外彙和一些 Linode 集成成本的變化。

Moving now to CapEx. We expect to spend approximately $150 million to $155 million, excluding equity compensation and capitalized interest in the second quarter. This represents approximately 17% of projected total revenue. A significant portion of the increase in the spend this quarter is related to Linode, in anticipation of significant demand.

現在轉向資本支出。我們預計第二季度將花費約 1.5 億至 1.55 億美元，不包括股權補償和資本化利息。這約佔預計總收入的 17%。本季度支出增長的很大一部分與 Linode 有關，預計會有大量需求。

With the overall revenue and spend configuration I just outlined, we expect Q2 non-GAAP EPS in the range of $1.28 to $1.33. This EPS guidance assumes taxes of $40 million to $41 million based on an estimated quarterly non-GAAP tax rate of approximately 16%. It also reflects a fully diluted share count of approximately 162 million shares.

根據我剛剛概述的整體收入和支出配置，我們預計第二季度非公認會計準則每股收益在 1.28 美元至 1.33 美元之間。該每股收益指引假設稅額為 4,000 萬美元至 4,100 萬美元，基於估計的季度非公認會計原則稅率約為 16%。它還反映了大約 1.62 億股的完全稀釋後的股份數量。

Looking ahead to the full year, we now expect revenue of $3.62 billion to $3.67 billion, which is up 5% to 6% year-over-year as reported or up 7% to 9% in constant currency. We expect security revenue to grow at least 20% or greater for the full year 2022 in constant currency.

展望全年，我們現在預計收入為 36.2 億美元至 36.7 億美元，同比增長 5% 至 6%，或按固定匯率計算增長 7% 至 9%。我們預計 2022 年全年安全收入將至少增長 20% 或更高，以不變貨幣計算。

We now estimate non-GAAP operating margin to be approximately 29%, based primarily on the impact of FX and some of the Internet traffic dynamics I previously discussed. We now estimate non-GAAP earnings per diluted share of $5.32 to $5.44. And this non-GAAP earnings guidance is based on a non-GAAP effective tax rate of approximately 16%, a fully diluted share count of approximately 161 million shares. Finally full year CapEx is anticipated to be approximately 14% of revenue. It's worth noting our CapEx assumption now includes Linode that we talked about on our last quarter, partially offset by lower network CapEx given the slower traffic growth rate that we now project.

我們現在估計非 GAAP 營業利潤率約為 29%，主要基於外彙的影響和我之前討論的一些互聯網流量動態。我們現在估計非公認會計準則每股攤薄收益為 5.32 美元至 5.44 美元。該非公認會計準則收益指引基於約 16% 的非公認會計準則有效稅率，完全稀釋後的股份總數約為 1.61 億股。最後，全年資本支出預計約為收入的 14%。值得注意的是，我們的資本支出假設現在包括我們在上個季度談到的 Linode，考慮到我們現在預測的較慢的流量增長率，部分被較低的網絡資本支出所抵消。

In closing, while the macroeconomic environment has become more challenging since our last earnings call and the U.S. dollar continues to be a major headwind for us, we remain very optimistic about the opportunities in front of us, especially in security and compute. As Tom mentioned, I look forward to seeing you at our Analyst Day in New York City on May 18. Thank you. Tom and I would be happy to take your questions. Operator?

最後，儘管自上次財報電話會議以來宏觀經濟環境變得更具挑戰性，而且美元仍然是我們面臨的主要不利因素，但我們仍然對擺在我們面前的機會非常樂觀，尤其是在安全和計算方面。正如湯姆所說，我期待在 5 月 18 日紐約市分析師日與您見面。謝謝。湯姆和我很樂意回答你的問題。操作員？

(Operator Instructions) Our first question comes from Keith Weiss with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Keith Weiss。

Excellent. And a lot of great kind of information in there for us to kind of better understand what's going on with a lot of moving pieces in the environment. Of course, I'm going to ask you about more on that. So in particular, when you see like the slowing network traffic and some of these increasing pressures, is there any kind of geographic specificity to it? Is it more in Europe than the U.S.? Or is it more evenly spread? #1. And #2, on the security side of the equation, is there any counterforce, if you will, meaning, it sounds it looks like it's a pretty bad threat environment out there. You guys have a great solution portfolio for this types of threat. Are you seeing any sort of increasing demand on that side of the equation that can offset some of those potential headwinds on the delivering compute side of the equation?

優秀的。那裡有很多很棒的信息，讓我們更好地了解環境中許多移動部件的情況。當然，我會問你更多關於這方面的問題。因此，特別是，當您看到網絡流量放緩和其中一些壓力增加時，是否有任何地理特殊性？歐洲比美國多嗎？還是分佈更均勻？ #1。 #2，在等式的安全方面，是否有任何反作用力，如果你願意的話，意思是，聽起來它看起來是一個非常糟糕的威脅環境。你們有針對此類威脅的出色解決方案組合。您是否看到等式的那一側有任何增加的需求，可以抵消等式的交付計算方面的一些潛在逆風？

Yes. This is Tom. Great questions. The traffic, I would say, growth moderation seems to be pretty much global. And that coincides with a pretty much global reduction in things like mask mandates and quarantines and so forth, except for China. And we don't do domestic to domestic delivery in China. So we wouldn't be able to see that. So there's no particular geographic dependence there.

是的。這是湯姆。好問題。我想說，流量增長放緩似乎是全球性的。這恰逢全球範圍內口罩強制令和隔離等方面的減少，但中國除外。而且我們在中國不做國內到國內的送貨。所以我們將無法看到這一點。所以那裡沒有特別的地理依賴性。

And you're on a great point about counterbalance through security. Obviously, we're negatively impacted in terms of traffic and a few customers because of the war in Ukraine. On the other hand, attacks have gone way up -- the volume of attacks. And that's an area where we can really help our customers. And so they're -- they could have some counterbalance in terms of the security business. And obviously, as I mentioned, customers are really worried about ransomware attacks and malware, and we've got a great solution for that with Guardicore.

而且您在通過安全性進行平衡方面做得很好。顯然，由於烏克蘭的戰爭，我們在交通和一些客戶方面受到了負面影響。另一方面，攻擊次數增加了——攻擊量。這是我們可以真正幫助客戶的領域。所以他們 - 他們可以在安全業務方面取得一些平衡。顯然，正如我所提到的，客戶真的很擔心勒索軟件攻擊和惡意軟件，而 Guardicore 為我們提供了一個很好的解決方案。

And as we talk about the macroeconomic challenges, the fears of a recession, the inflation, customers probably increasingly concerned about saving cost going forward, and that could provide some counterbalance as well. With our Linode solution, we're in a really good position to help major enterprises decrease their cloud spend. We find that many of them have seen that spend increase dramatically. And now they can use Linode for applications, especially enterprises that are already set up in a multi-cloud environment. They've got their applications in containers or VMs and they can easily move those to Linode and save money. So there could be some counterbalance here as we go forward. That's a very good observation.

當我們談論宏觀經濟挑戰、對經濟衰退的擔憂、通貨膨脹時，客戶可能越來越擔心未來節省成本，這也可以提供一些平衡。借助我們的 Linode 解決方案，我們在幫助大型企業減少雲支出方面處於非常有利的地位。我們發現他們中的許多人已經看到支出急劇增加。現在他們可以將 Linode 用於應用程序，尤其是已經在多雲環境中設置的企業。他們將應用程序放在容器或虛擬機中，他們可以輕鬆地將這些應用程序遷移到 Linode 並節省資金。因此，在我們前進的過程中，這裡可能會有一些平衡。這是一個很好的觀察。

Got it. And then if I could sneak one in for Ed on the OpEx side of the equation. You talked to us about how sort of CapEx is coming down a little bit versus kind of what we were talking about immediately after Linode based on lower network traffic. Are there any adjustments that you guys are making to your OpEx side of the equation, so the level of investment that you guys are going to be making throughout the year, given a more kind of difficult environment? Or is it -- it's kind of steady investment as it goes, if you will?

知道了。然後，如果我可以在等式的運營支出方面為 Ed 偷偷摸摸。您與我們討論了資本支出如何下降，而不是我們在 Linode 之後基於較低的網絡流量立即談論的那種。你們是否正在對等式的運營支出方面進行任何調整，那麼在更加困難的環境下，你們全年將進行的投資水平？或者是——如果你願意的話，這是一種穩定的投資？

We are not able to hear Ed. So I guess we're having a trouble with the operator with Ed. Or maybe -- Okay. Could you ask the question again, please?

我們聽不到 Ed。所以我想我們和 Ed 的接線員有問題。或者也許——好的。請你再問一遍好嗎？

Sure. I would just -- on the call, you talked about CapEx coming down a little bit because of sort of lower network traffic. I was just wondering if you guys are making any adjustment to the OpEx for FY '22 given the more volatile macro, any delimitation in any kind of your investments throughout the year? Or did the investment stay relatively stable?

當然。我只是 - 在電話會議上，您談到由於網絡流量較低而導致資本支出略有下降。我只是想知道你們是否正在對 22 財年的運營支出進行任何調整，因為宏觀波動更大，全年任何類型的投資都有任何劃界？還是投資保持相對穩定？

That's a great question. And yes, CapEx is much more efficient. Of course, we're investing heavily to grow the Linode footprint. In terms of OpEx, we're always working to be more efficient with our OpEx to deliver traffic. And we're seeing the benefits of that even now, you look at the impact that FX, for example, is having on our operating margin and then having less traffic and yet still, we were at 29% to 30% with op margin for this year and now will be, I think, really closer to the low end of that range, but it's because that we've been able to be much more efficient on OpEx that we can hold it there and not be lower than that.

這是一個很好的問題。是的，資本支出更有效率。當然，我們正在大力投資以擴大 Linode 的足跡。在運營支出方面，我們一直在努力提高運營支出的效率，以提供流量。即使是現在，我們也看到了這樣做的好處，例如，您看看 FX 對我們的營業利潤率產生的影響，然後流量減少了，但我們仍然保持在 29% 到 30% 的運營利潤率我認為，今年和現在將非常接近該範圍的低端，但這是因為我們能夠在 OpEx 上更有效率，我們可以將其保持在該範圍內並且不會低於該範圍。

And of course, we are -- also, it's important that we are going to continue to invest certainly in security and compute. We don't want a what -- to be a very temporary solution with FX to induce us to do something that would hurt us long term with our growth in security and compute. And you look at our business today, and I think it's pretty important to note that the majority of our revenue is now security and compute. And that is growing currently at over 25%, as reported.

當然，我們 - 而且，重要的是我們將繼續投資於安全和計算。我們不想要什麼 - 成為 FX 的一個非常臨時的解決方案，以誘使我們做一些會隨著我們在安全性和計算方面的增長而長期傷害我們的事情。你看看我們今天的業務，我認為非常重要的是要注意我們現在的大部分收入是安全和計算。據報導，這一數字目前正在以超過 25% 的速度增長。

And so the last thing we want to do is somehow scale back investment there when it's just a fabulous couple of businesses just because there's stuff going on with FX and the macro and economic environment.

因此，我們要做的最後一件事就是以某種方式縮減那裡的投資，因為這只是因為外匯以及宏觀和經濟環境發生了一些事情。

And Ed is trying to get back on, but we can keep going and I'll do my best Ed imitation in the meantime.

埃德正試圖重新開始，但我們可以繼續前進，同時我會盡力模仿埃德。

Yes. So Tom, I'm back on. Can you guys hear me now?

是的。所以湯姆，我回來了。你們現在能聽到我的聲音嗎？

We can. Very good.

我們可以。很好。

Okay. Great. I'm sorry about that. I don't know what happened. Well, technical difficulties there, Keith. But I'm not sure if Tom got to your question about some of the things we're doing on the cost. Okay. If there is anything else I'm happy to take an additional question.

好的。偉大的。對此我很抱歉。我不知道發生了什麼。好吧，那裡有技術困難，基思。但我不確定湯姆是否回答了你關於我們在成本上所做的一些事情的問題。好的。如果還有其他問題，我很樂意提出一個額外的問題。

No, Tom did a great job. You might have to worry about job security now.

不，湯姆做得很好。您現在可能不得不擔心工作保障。

Our next question comes from James Breen with William Blair.

我們的下一個問題來自 James Breen 和 William Blair。

Just a couple. One, when you look at the old guidance that you gave on the fourth quarter call relative to today, down kind of $5 million at the -- $50 million at the low end and the high end. Given some of the puts and takes you gave, it seems like the rush impact sort of mid-30s million and then the incremental FX is sort of in the mid-50s, sort of kind of offsets basically the upside from Linode and close that deal. So just -- I'm just trying to think about it, quantify it. So is that sort of incremental kind of $15 million difference really what you're seeing from the lower traffic and the delivery side? And can you just remind us of the delivery revenue this quarter, the $444 million, however you want to think about it annually. How much of that is more volume-driven versus subscription based?

只是一對。第一，當您查看您在第四季度電話會議上相對於今天給出的舊指引時，在低端和高端時下降了 500 萬美元 - 5000 萬美元。考慮到你給出的一些看跌期權，看起來衝擊影響在 30 年代中期，然後增量外彙在 50 年代中期，基本上抵消了 Linode 的上行空間並完成了那筆交易.所以只是 - 我只是想考慮一下，量化它。那麼，這種 1500 萬美元的增量差異真的是您從較低的流量和交付方面看到的嗎？您能否提醒我們本季度的交付收入，即 4.44 億美元，但是您想每年考慮一下。與基於訂閱相比，其中有多少更多是由數量驅動的？

Jim, it's Ed. Yes, I think you've got the pieces right there in terms of the different components, FX being about $55 million. Russia, you could say it's about 1%, so call it about $30 million, give or take. But the rest of it is the delivery. I think one of the things we tried to make clear in our prepared remarks was the compute business is going great. We don't have any -- we've only owned the business for a little while, so there's no change there in terms of our outlook, but certainly good early returns. And then security is going great, did better than we expected this quarter.

吉姆，是埃德。是的，我認為你已經掌握了不同組件的部分，FX 約為 5500 萬美元。俄羅斯，你可以說它大約是 1%，所以稱之為大約 3000 萬美元，給予或接受。但剩下的就是交付。我認為我們在準備好的評論中試圖闡明的一件事是計算業務進展順利。我們沒有任何 - 我們只擁有該業務一段時間，因此我們的前景沒有變化，但肯定有良好的早期回報。然後安全性很好，本季度的表現比我們預期的要好。

So it is limited to a delivery issue. And it is, I would say, primarily almost all volume driven that we're seeing. So what we did basically is just adjust the growth rate that we expected for the remainder of the year. And then obviously, things can change over time, but based on what we've seen so far in the last couple of weeks of March and the beginning of April, we just thought it was prudent to adjust that. So you're thinking about it right in terms of the different pieces.

所以它僅限於交付問題。我想說，這主要是我們所看到的幾乎所有的成交量驅動。所以我們所做的基本上只是調整我們對今年剩餘時間的預期增長率。然後很明顯，事情會隨著時間而改變，但根據我們在 3 月最後幾周和 4 月初到目前為止所看到的情況，我們認為調整它是謹慎的。因此，您正在根據不同的部分正確地考慮它。

Great. And then just maybe one for Tom. Just on the strategy around Linode, you've owned it now for a little over a month. They were focused a lot on to the small- and mid-size's business space in terms of the compute and the storage, have you seen any traction with that product with some of your larger customers now that it's starting to get integrated?

偉大的。然後也許只是給湯姆一個。就圍繞 Linode 的策略而言，您現在已經擁有它一個多月了。他們在計算和存儲方面非常關注中小型企業的業務空間，您是否看到該產品在您的一些大客戶中的吸引力，因為它已經開始集成？

Yes. Obviously, very early days, but we're really excited about the potential for that traction. I give you just one anecdote. I was in Europe meeting customers last month and met with one of our major media workflow partners. And I was going to go to talk to them about Linode because they have a big cloud spend, and we feel that could be really relevant for moving to Linode. They're very happy Akamai partners and customers. And I was going to tell him about the acquisition, but I get there, we shake hands. First thing he says is, wow, great acquisition. And he's the CEO, but it turns out he has a pass as a developer, knew about Linode, loves them. And he's into multi-cloud and he said, look, what we did is we already have our workflow apps and containers. And so thought what the heck, let's try it. So they moved over to Linode and he said it worked great. And he said we're going to save money to boot. And it's really easy to use. And we didn't even know because Linode really is easy to use, that we didn't know this was even taking place.

是的。顯然，在很早的時候，但我們對這種牽引力的潛力感到非常興奮。我只給你一個軼事。上個月我在歐洲與客戶會面，並會見了我們的主要媒體工作流程合作夥伴之一。我打算去和他們談談 Linode，因為他們有大量的雲支出，我們認為這可能與遷移到 Linode 非常相關。他們非常高興 Akamai 合作夥伴和客戶。我打算告訴他關於收購的事情，但我到了那裡，我們握手。他說的第一件事是，哇，很棒的收購。他是首席執行官，但事實證明他有開發人員的資格，了解 Linode，喜歡他們。他喜歡多雲，他說，看，我們所做的是我們已經有了工作流應用程序和容器。所以想怎麼回事，讓我們試試看。所以他們搬到了 Linode，他說效果很好。他說我們要省錢來啟動。而且它真的很容易使用。我們甚至不知道，因為 Linode 真的很容易使用，我們甚至不知道這正在發生。

So I do think we're in an excellent position to not only increase their existing Linode customer base, but provide Linode capabilities to major enterprises. And of course, Linode really appeals to developers. And increasingly, developers are making the decisions or heavily influencing the decisions at major enterprises as was an example in this case.

因此，我確實認為我們處於有利位置，不僅可以增加他們現有的 Linode 客戶群，還可以為主要企業提供 Linode 功能。當然，Linode 確實吸引了開發人員。越來越多的開發人員正在製定決策或嚴重影響主要企業的決策，這就是本案例中的一個例子。

Our next question comes from Rishi Jaluria with RBC.

我們的下一個問題來自 Rishi Jaluria 和 RBC。

Wonderful, guys. I appreciate all the details around the moving pieces. First, I wanted to start with maybe better understanding some of the macro factors. I think, look, the FX, well understood, Russia as well, the moderating traffic with reopenings. But at the beginning, you had mentioned kind of the inflation side as well as fears of recession be it in Western Europe or globally. Can you talk a little bit more about how those macro factors are impacting your business? Is this resulting in longer sales cycles, smaller initial deal land? Just more hesitation around new deals? Any color there that you can give would be helpful? And then I have a follow-up.

太棒了，伙計們。我很欣賞移動部件周圍的所有細節。首先，我想從更好地了解一些宏觀因素開始。我認為，看，外匯，很好理解，俄羅斯也是如此，重新開放的流量正在放緩。但一開始，您提到了通貨膨脹方面以及對西歐或全球經濟衰退的擔憂。您能多談談這些宏觀因素如何影響您的業務嗎？這是否會導致更長的銷售週期、更小的初始交易土地？只是對新交易猶豫不決？您可以提供的任何顏色都會有幫助嗎？然後我有一個跟進。

Rishi, this is Ed. I'll take that and Tom if you want to add some color, if I missed something here. So in terms of inflation and the impact on our business today, we're not seeing a significant impact from inflation, whether that's with labor costs or with our cost of our network and that sort of thing. We're seeing a little bit of higher energy prices in Europe and that sort of thing, but our team does a pretty good job of trying to bake that into their deals when they sign colo deals and that sort of thing. That could obviously change. Obviously, the labor markets are pretty tight and that sort of thing.

里希，這是埃德。如果您想添加一些顏色，如果我在這裡遺漏了什麼，我會接受它和湯姆。因此，就通貨膨脹和對我們今天業務的影響而言，我們沒有看到通貨膨脹的重大影響，無論是勞動力成本還是我們的網絡成本等等。我們看到歐洲的能源價格有所上漲以及類似的事情，但我們的團隊做得很好，當他們簽署 colo 交易之類的事情時，他們試圖將其融入到他們的交易中。這顯然會改變。顯然，勞動力市場非常緊張，諸如此類。

But I think the biggest macro impact from our business in terms of our change in outlook is really around the change in behavior where we're seeing mask mandates lifted and people going out, more shopping, more in-stores and that sort of stuff and the impact on the traffic growth rate is probably the biggest impact. Obviously, if we get a major recession that could potentially have a greater impact, but we're not seeing that certainly in the security business, we're not seeing customers pulling back, we're not seeing deal size -- the deals getting elongated or anything along those lines. It's really more of that impact on the traffic business.

但我認為，就我們的前景變化而言，我們業務的最大宏觀影響實際上是圍繞行為的變化，我們看到取消口罩要求，人們外出，更多的購物，更多的店內購物等等。對流量增長率的影響可能是最大的影響。顯然，如果我們遇到可能產生更大影響的重大衰退，但我們在安全業務中並沒有看到這一點，我們沒有看到客戶退縮，我們沒有看到交易規模——交易越來越拉長或任何沿著這些線的東西。這對交通業務的影響更大。

Yes. And to Ed's point, it's not direct on us. But there is some concern among our media customers in terms of subscriptions and how their business is doing. And so we're just keeping an eye on that in terms of the end users reacting and cutting cost and consuming less online. So I don't think that's a major factor yet, but it's something we're keeping an eye on.

是的。在 Ed 看來，這並不直接針對我們。但我們的媒體客戶在訂閱量和他們的業務表現方面存在一些擔憂。因此，我們只關注最終用戶的反應和削減成本以及減少在線消費的情況。所以我不認為這是一個主要因素，但這是我們一直在關注的事情。

Got it. That's really helpful. And then just going back to Linode. I guess, number one, if we do the math back of the envelope, it's about a $4 million contribution in Q1. Is that directionally correct? Number one. And I think number two, when you made the acquisition, you talked about incremental investment opportunities to accelerate the growth rate. Can you maybe remind us about where you find those opportunities, especially where there's low-hanging fruit? And what would be an ideal growth rate for the Linode asset?

知道了。這真的很有幫助。然後回到 Linode。我想，第一，如果我們在信封背面進行數學計算，第一季度的貢獻約為 400 萬美元。方向正確嗎？第一。我認為第二點，當你進行收購時，你談到了增加投資機會以加快增長率。您能否提醒我們您在哪裡找到這些機會，尤其是在哪裡有容易實現的目標？ Linode 資產的理想增長率是多少？

Yes. So I'll start off with the question first, just a housekeeping item. We had about $3.5 million of revenue we see in the quarter from Linode. And then as far as the growth rate is concerned, we'll get into a lot more details when we see you in New York in a couple of weeks. But obviously, this is a very, very fast-growing business. And Linode's growth rate before we acquired them was at 15%. We think we can accelerate that pretty significantly as we introduce more features, more locations, more capabilities and we start to tap into our enterprise customer base, and we think that growth rate can accelerate pretty significantly.

是的。所以我先從這個問題開始，只是一個家務項目。我們在本季度看到的 Linode 收入約為 350 萬美元。然後就增長率而言，我們將在幾週後在紐約見到你時討論更多細節。但顯然，這是一個非常非常快速增長的業務。在我們收購 Linode 之前，它們的增長率為 15%。我們認為隨著我們引入更多功能、更多位置、更多功能並開始利用我們的企業客戶群，我們可以顯著加快這一速度，我們認為增長率可以顯著加快。

Yes. Just to add to that, in terms of investment and opportunities, obviously, scale is something we're really good at and distribution, which we're putting a lot of effort into. And our customer banks, which Linode really hadn't tapped into.

是的。再補充一點，就投資和機會而言，顯然，規模是我們真正擅長的事情，我們正在為此付出很多努力。還有我們的客戶銀行，這是 Linode 真正沒有利用的。

And being a smaller company, probably a little harder for them to go after major enterprises in terms of the credibility and so forth, but that's really easy for us to do. And just as I talked about with examples before, you take Linode's ease of use and our customer base and those customers that are multi-cloud and have their apps and containers, they can move them over, and save money when they do it and bring it closer to their delivery and security, which is -- has been Akamai and where the market leader is at. So I think there's a really great opportunity to jump-start significant growth among major enterprises for Linode.

而且作為一個小公司，在信譽等方面對他們來說可能更難去追求大企業，但這對我們來說真的很容易做到。就像我之前談到的例子一樣，你把 Linode 的易用性和我們的客戶群以及那些擁有多雲並擁有他們的應用程序和容器的客戶，他們可以將它們遷移過來，並在他們這樣做時節省資金並帶來它更接近他們的交付和安全性，即——一直是 Akamai 和市場領導者所在的地方。所以我認為這是一個非常好的機會，可以在 Linode 的主要企業中啟動顯著增長。

Our next question comes from Tim Horan with Oppenheimer.

我們的下一個問題來自 Tim Horan 和 Oppenheimer。

Tom, on that point, with apps and containers, is it -- have we seen many apps kind of port over to other clouds at this point? And if they are tying into other value-added products and other software products that the cloud guys have, does it make it harder to do? Or can they still do it relatively easily?

湯姆，在這一點上，使用應用程序和容器，是不是 - 我們看到很多應用程序在這一點上移植到其他雲？如果他們與雲計算人員擁有的其他增值產品和其他軟件產品捆綁在一起，是否會變得更難？還是他們仍然可以相對容易地做到這一點？

Yes. That's another great point. The hyperscalers have a lot of managed services and added functionality on their platform, which Linode does. Now if you're the kind of company that likes to do those things yourself, well, that's easy to do on Linode. If you're the kind of company that wants that done by your cloud provider, well, Linode doesn't do that today. Now over time, we will be adding more and more capabilities there. So it really -- so today, I wouldn't say that every customer would be in a position to move everything over to Linode. That is certainly not the case. But I think there is a pretty significant segment where it can be done and does make sense to do. And over time, we want to grow the kinds of -- the number and the types of applications that will make sense to move on to Linode.

是的。這是另一個很好的觀點。超大規模提供商在他們的平台上有很多託管服務和附加功能，Linode 就是這樣做的。現在，如果您是那種喜歡自己做這些事情的公司，那麼在 Linode 上很容易做到。如果您是那種希望由您的雲提供商完成的公司，那麼 Linode 今天不會這樣做。現在，隨著時間的推移，我們將在那裡添加越來越多的功能。所以真的 - 所以今天，我不會說每個客戶都可以將所有東西都轉移到 Linode。當然不是這樣。但我認為有一個非常重要的部分可以完成並且確實有意義。隨著時間的推移，我們希望增加對轉移到 Linode 有意義的應用程序的數量和類型。

And it is helpful that certainly, our customer base is already using us for market-leading delivery, market-leading app acceleration and market-leading security. So there's a lot of synergy there. And I think the combination of that synergy, ease of use and cost savings is a pretty exciting combination.

當然，我們的客戶群已經在使用我們進行市場領先的交付、市場領先的應用程序加速和市場領先的安全性，這當然是有幫助的。所以那裡有很多協同作用。我認為這種協同作用、易用性和成本節約的結合是一個非常令人興奮的組合。

And just on the traffic volumes, could you give us a sense, the last 2 years in COVID, were -- will be like 25% above trend, 50% above trend? And do you think it kind of reverses however much it was above trend? I'm not looking for exact numbers, but just on some color.

就交通量而言，您能否給我們一個感覺，在 COVID 的過去 2 年中，會比趨勢高出 25%，比趨勢高出 50%？你是否認為它會逆轉，無論它高於趨勢多少？我不是在尋找確切的數字，而是在尋找某種顏色。

Yes, it was way above certainly the first year and very strong the second year. And I would say in comparison to small decrease in growth rate. Still growing very strong, but less than, I think, had been expected. And we're seeing that the same for the Internet as a whole. Now -- and we're also seeing our growth be stronger than the Internet as a whole, which is good. That's what we want to keep seeing because it means we're taking more of the Internet traffic when that happens.

是的，它肯定高於第一年，第二年非常強勁。我會說與增長率的小幅下降相比。仍然增長非常強勁，但我認為低於預期。我們看到整個互聯網也是如此。現在——我們也看到我們的增長比整個互聯網都要強勁，這很好。這就是我們希望繼續看到的，因為這意味著當這種情況發生時我們會佔用更多的互聯網流量。

So I would say the step down we've seen so far is less than the step-ups that we've seen. And I think that's because a lot of the increased use of the Internet for everything, for video, for gaming, for commerce, remote work. I think a lot of that is here to stay. But right now, with all the restrictions coming off, except for China, I think that's a big part of why we're seeing a little bit of a decrease in traffic growth rates right now.

所以我想說到目前為止我們所看到的下降比我們所看到的上升要少。我認為這是因為互聯網在所有事物、視頻、遊戲、商務和遠程工作中的使用越來越多。我認為其中很多都將繼續存在。但是現在，除了中國之外，所有限制都取消了，我認為這是我們現在看到流量增長率略有下降的重要原因。

Our next question comes from James Fish with Piper Sandler.

我們的下一個問題來自 James Fish 和 Piper Sandler。

I wanted to first start on the delivery side, where, frankly, we're not surprised to see slowing traffic given our tracking of what's going on in the space, but it seems like it was a little bit worse for you guys. Can you just help break down where the main weakness was between web delivery versus media delivery this quarter? Because it sounds like the media was a bit more of a surprise for you guys as it was a former growth driver is slowing, and you guys had a bunch of renewals there, while we didn't have the recovery in web despite travel and hospitality traffic coming back. Can you just help us kind of triangulate where we are between some of the underlying verticals?

我想首先從交付方面開始，坦率地說，鑑於我們跟踪空間中發生的事情，我們對看到交通放緩並不感到驚訝，但對你們來說似乎有點糟糕。您能否幫助分析一下本季度網絡交付與媒體交付之間的主要弱點？因為這聽起來媒體對你們來說有點驚喜，因為它以前的增長動力正在放緩，你們在那裡有很多續約，而儘管有旅行和招待，我們在網絡方面沒有復蘇流量回來了。你能幫我們在一些潛在的垂直領域之間進行三角測量嗎？

Jim, this is Ed. I'll take that one. So yes, the bigger impact was definitely on the media side. So I called out that we had renewals. And when you have renewals, big renewals concentrated in a short period of time and you have a slowdown in your traffic rate, it does accentuate the impact of revenue. Typically, we see in a normal year, you'd start to get back to flat line after several quarters and that sort of thing. We just think it might take a little bit longer based on the type of direct traffic growth rates we're seeing.

吉姆，這是埃德。我會拿那個。所以是的，更大的影響肯定是在媒體方面。所以我打電話說我們有續約。當你有續訂，大續訂集中在短時間內，你的流量速度放緩時，它確實會突出收入的影響。通常情況下，我們看到在正常年份，你會在幾個季度後開始回到平線之類的事情。根據我們看到的直接流量增長率的類型，我們只是認為可能需要更長的時間。

In terms of the hospitality and retail, 2 things to think about there. We are seeing a bit of traffic increase, specifically in travel. Small vertical for us at 4%, give or take. But remember, both travel and the media -- sorry, the commerce vertical tend to buy our 0 overage. So it's a little bit -- traffic doesn't have as much of an impact on revenue. But in terms of the biggest impact, it's really on the media side in terms of the change in traffic.

在酒店和零售方面，有兩件事要考慮。我們看到流量有所增加，特別是在旅行方面。小垂直對我們來說是 4%，給予或接受。但請記住，旅遊和媒體——抱歉，垂直商業傾向於購買我們的 0 超額。所以有點——流量對收入的影響不大。但就最大的影響而言，就流量的變化而言，它確實是在媒體方面。

And also, in terms of a percentage of overall traffic, media represents a significant portion, greater than 90% of our total traffic.

而且，就總流量的百分比而言，媒體佔了很大一部分，超過了我們總流量的 90%。

Got it. And switching over to security side. How are you guys thinking about the current balance of term subscription versus SaaS for Guardicore now that you've had it for about 1.5 quarters. How do you think this settles down given certain verticals like financial services want those term subscriptions? And lastly, any sense to what other large deals for Guardicore could be in the pipeline over the next few quarters that can swing? I think it was $50 million to $55 million expected for -- expectations for Guardicore this year.

知道了。並切換到安全方面。既然您已經使用了大約 1.5 個季度，那麼你們如何看待 Guardicore 的定期訂閱與 SaaS 的當前平衡。鑑於金融服務等某些垂直行業需要這些定期訂閱，您認為這將如何解決？最後，對於 Guardicore 的其他大宗交易可能在接下來的幾個季度中可能發生的變化有什麼意義嗎？我認為今年對 Guardicore 的預期為 5000 萬至 5500 萬美元。

Yes. Good question. So I called out on the call that there was about 4 customers that had term licenses. And what I'll do going forward to the extent that there's anything material, we'll call it out. I'd say, the majority of customers have the more traditional subscription-based model. But there are customers, especially financial services that do like to have the management controller on-premise. And that's what really drives the term license aspect of it and what requires us to take the revenue upfront. But again, I think the majority will be in that category.

是的。好問題。所以我在電話中說大約有 4 個客戶擁有期限許可。如果有任何實質性的東西，我會做些什麼，我們會說出來。我想說，大多數客戶都有更傳統的基於訂閱的模式。但是有些客戶，尤其是金融服務，確實喜歡在內部部署管理控制器。這就是真正推動它的術語許可方面的原因，也是我們需要預先獲得收入的原因。但同樣，我認為大多數人將屬於這一類。

Now keep in mind, with the term license, you do have to renew that subscription when the term goes up. The typical term is 1 to 3 years. Tom mentioned that we did sign up a fairly large 3-year term deal. So there'll be some of that maintenance and whatnot that gets spread out, but you are required to take a fair chunk of that upfront. But in general, I would say that the majority would be the SaaS type deals. And as far as the pipeline goes, it's always hard to call when the deal is going to hit in any particular quarter. I don't see anything significant here in Q2. I'm expecting more of a normal quarter. But to the extent there's anything, we'll certainly let you know.

現在請記住，使用期限許可，您必須在期限到期時續訂該訂閱。典型的期限是 1 到 3 年。湯姆提到我們確實簽署了一份相當大的 3 年期合約。所以會有一些維護和諸如此類的東西被分散，但你需要預先採取相當大的一部分。但總的來說，我會說大多數是 SaaS 類型的交易。就管道而言，總是很難確定交易何時會在任何特定季度實現。我在第二季度沒有看到任何重要的東西。我期待更多的正常季度。但是，如果有任何事情，我們一定會讓你知道。

Our next question comes from Amit Daryanani with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Amit Daryanani。

I guess I have 2 as well. Maybe just to ask a little bit more on the core delivery business, the CDM business. I guess, do you think this business just sort of declines 4% or 5% a year for the rest of calendar '22? Or do you think to see sort of a bottom and the decline rate should improve as you go through the year?

我想我也有2個。也許只是想對核心交付業務——CDM 業務多問一點。我猜，你認為在 22 年剩下的時間裡，這項業務每年會下降 4% 還是 5%？還是您認為會看到某種底部，並且隨著您一年的過去，下降率應該會有所改善？

Yes. So I think for the rest of the year, you'll see the business in decline because of the renewals that we have. We had half of them hit so far in the first quarter, the other half will in the second quarter. So you'll probably see a little bit of a step down in Q3 and then in Q4 tends to be your seasonally strong quarter. But you do have a tough compare. So I would say expect it to be negative for the rest of this year. And obviously, it will fluctuate depending on the specific traffic levels. But Q4, we do typically see a strong season, both with commerce and media, commerce has a less muted impact these days with a lot of customers. I think it was about 65% or greater have a 0-overage contract. So commerce doesn't have as big of an impact. But media, we've typically seen a pretty strong traffic in Q4. We expect to see a pickup in traffic probably a little less so this year, that's what we've modeled in.

是的。所以我認為在今年剩下的時間裡，由於我們的續約，你會看到業務下滑。到目前為止，我們有一半在第一季度被擊中，另一半將在第二季度。因此，您可能會在第三季度看到一些下降，然後在第四季度往往是您季節性強勁的季度。但你確實有一個艱難的比較。所以我想說預計今年剩餘時間它會是負面的。顯然，它會根據具體的流量水平而波動。但是第四季度，我們通常會看到商業和媒體的旺季，如今商業對很多客戶的影響不那麼微弱。我認為大約 65% 或更多的人簽訂了 0 超額合同。所以商業沒有那麼大的影響。但是媒體，我們通常在第四季度看到相當強勁的流量。我們預計今年流量的回升可能會少一些，這就是我們所建模的。

Got it. And then hopefully, I have all these numbers correctly. If not, please correct them. But as I think about the revisions to the calendar '22 guide that you both provided, it looks like sales versus the streets was with all the adjustments is coming down by about $100 million, give or take, 2.5%, 3% of initial expectations. But the EPS numbers that we are coming down much more severely closer to 8%, 9% versus what the prior expectations were. Maybe just walk me through -- there's a much more outsized EPS adjustment to the full year numbers versus revenue. Is that just the tax rate? Or what are the moving pieces that are magnifying the correction on the bottom line on the EPS line versus the top line.

知道了。然後希望，我正確地掌握了所有這些數字。如果不是，請更正它們。但是當我想到你們倆提供的對日曆 '22 指南的修訂時，看起來銷售與街道相比，所有調整都下降了約 1 億美元，給予或接受，2.5%，3% 的初始預期.但我們的每股收益數字下降得更嚴重，接近 8%，與之前的預期相比下降了 9%。也許只是讓我了解一下——全年數字與收入相比，每股收益的調整要大得多。僅僅是稅率嗎？或者是什麼移動件放大了 EPS 線底線與頂線的修正。

Yes, sure. So let me try to walk you through that, Rishi. So first of all, the tax impact is about $0.11. And that obviously has no -- that's outside of any sort of change in the revenue. Then you got the FX impact of about $0.16. And then the Russia impact is, call it, another $0.09-ish, give or take. So you've got about 60% of it is related to some of those external factors and the remainder of it is related to just the revisions that we see in delivery.

是的，當然。所以讓我試著引導你完成，Rishi。因此，首先，稅收影響約為 0.11 美元。這顯然沒有 - 那是在收入的任何變化之外。然後你得到大約 0.16 美元的外匯影響。然後俄羅斯的影響是，稱之為，另一個 0.09 美元左右，給予或接受。所以你有大約 60% 與其中一些外部因素有關，其餘的僅與我們在交付中看到的修訂有關。

Our next question comes from Frank Louthan with Raymond James.

我們的下一個問題來自 Frank Louthan 和 Raymond James。

Right. Great. So on the traffic thing, just to be clear, this isn't end user slowing down with the pie shrinking. It's just more of the pie is growing more slowly. And -- or is some of this traffic going elsewhere? And if that's the case, who are you losing share to?

對。偉大的。因此，在流量方面，需要明確的是，這並不是最終用戶隨著餡餅的縮小而放慢速度。只是更多的餡餅增長得更慢。而且 - 或者這些流量中的一部分是否會流向其他地方？如果是這樣的話，你的份額會輸給誰？

No, you're right. It's just the pie is not growing as fast. The pie is not shrinking. The pie is just not growing as fast. And we believe, based on talking to our customers and our carrier partners and what we see that our share of the pie is stable or growing, and that we are not on balance losing share of the pie.

不，你是對的。只是餡餅沒有那麼快增長。餡餅沒有縮小。餡餅只是沒有增長得那麼快。我們相信，基於與我們的客戶和我們的運營商合作夥伴的交談以及我們所看到的我們在蛋糕中的份額是穩定的或在增長的，而且我們並沒有失去平衡。

Okay. Great. And what sales investments do you need to make for the rest of the year to sell more sell-through with Linode and to sell more Guardicore, et cetera. Where are you on that?

好的。偉大的。您需要在今年餘下的時間裡進行哪些銷售投資才能通過 Linode 進行更多的銷售並銷售更多的 Guardicore 等等。你在哪裡？

Yes. So the nice thing with the Linode acquisition is we're not required to make any additional investments in sales per se. We're going to be obviously bringing this to our channel partners and our sales reps can sell it. As a matter of fact, a lot of our customers, if you look at their CDN spend to cloud spend, it's orders of magnitude, larger on the cloud side. So we're talking to the same people that are spending money there. Our teams are -- will be trained up and ready to go for being able to sell Linode.

是的。因此，收購 Linode 的好處是我們不需要對銷售本身進行任何額外投資。顯然，我們將把它帶給我們的渠道合作夥伴，我們的銷售代表可以出售它。事實上，我們的很多客戶，如果你看看他們的 CDN 支出到雲支出，它是數量級的，在雲端更大。因此，我們正在與在那里花錢的人交談。我們的團隊正在接受培訓並準備好銷售 Linode。

On the security side, you do tend to hire more specialists. And if I look at sort of where PJ is investing in sales, we are investing a lot in Guardicore, not only just with sales reps, but also with technical specialists that help the sales team and professional services folks as well. So you're seeing the investment more leaning in towards the sales side and you're getting a lot of leverage from a Linode standpoint.

在安全方面，您確實傾向於僱用更多的專家。如果我看一下 PJ 在銷售方面的投資，我們在 Guardicore 上進行了大量投資，不僅與銷售代表有關，而且還與幫助銷售團隊和專業服務人員的技術專家一起投資。因此，您看到投資更傾向於銷售方面，並且從 Linode 的角度來看，您獲得了很大的影響力。

Thank you. We have a question from Rudy Kessinger with D.A. Davidson.

謝謝你。我們有一個來自 D.A. 的 Rudy Kessinger 的問題。戴維森。

Great. On the OTT or Media, just how are your OTT customers attributing that slower traffic growth maybe between end users eliminating or reducing the number of OTT services they subscribe to, a shortage of new content or just people getting out more with COVID mandates lifted?

偉大的。在 OTT 或媒體上，您的 OTT 客戶如何將緩慢的流量增長歸因於最終用戶消除或減少他們訂閱的 OTT 服務的數量、新內容的短缺或只是人們在解除 COVID 授權後獲得更多信息？

Well, as best we're hearing as sort of the first and third, there's fewer subscriptions in some cases. Some cases, subscriptions reversing. Some cases, when the subscriptions are okay, there's traffic growth, but slower traffic growth than they had anticipated and that they had seen before.

好吧，正如我們所聽到的第一和第三一樣，在某些情況下訂閱較少。在某些情況下，訂閱反轉。在某些情況下，當訂閱沒問題時，流量會增長，但流量增長比他們預期的要慢，而且他們以前見過。

And so I think part of that is that people are just out more right now. Also on the commerce side, and there's been public reports about this, that more brick-and-mortar sales than there have been and a little bit less on the online side, which is understandable, I think, given that people are apparently out and about more with less restrictions.

所以我認為部分原因是人們現在更多了。同樣在商業方面，有公開報導說，實體銷售比以往更多，而在線銷售則少一些，我認為這是可以理解的，因為人們顯然已經出局了關於更多，更少限制。

So I think there's sort of a variety of factors and it's early days here, and probably we'll learn a lot more over the next couple of months.

所以我認為有各種各樣的因素，現在還處於早期階段，可能我們會在接下來的幾個月裡學到更多。

Got it. And then just on delivery, you said the pricing on those large customers that renewed this quarter was about as expected. But just as you look more broadly in delivery, how is pricing pressure faring versus years past? I guess just as I piece it together, understanding traffic growth growing more slowly, but still growing and your guys' position that you're still gaining share of that growing pie, but delivery revenue being down several points. Just how is pricing pressure faring in the broader market?

知道了。然後就在交貨時，您說本季度續訂的那些大客戶的定價與預期相符。但是，正如您更廣泛地看待交付一樣，定價壓力與過去幾年相比如何？我想就像我拼湊起來一樣，了解流量增長速度較慢，但仍在增長以及你們的立場是，你們仍在獲得不斷增長的蛋糕的份額，但交付收入下降了幾個點。價格壓力在大盤中表現如何？

Yes. Good question. So I would say a couple of things to respond to that. So the renewals, like I said, are coming in largely as expected. The big change is the rate of growth. So that also impacts your conversations going forward. So we've talked for years about how the pricing in the market is fairly efficient in terms especially with the high-volume media environment.

是的。好問題。所以我想說幾句話來回應。因此，就像我說的那樣，續約基本上按預期進行。最大的變化是增長率。因此，這也會影響您今後的對話。因此，我們多年來一直在討論市場定價如何相當有效，尤其是在大容量媒體環境下。

And it's really driven by volume. So to the extent that customers have less volume, the discount rates will start to come down going forward. So I would expect to see over time, if customers aren't growing at the same type of rate, they're not going to get the same kind of discount. So we may see that take hold over the next several quarters as we go through more renewals and that sort of thing.

它實際上是由數量驅動的。因此，在客戶數量減少的情況下，折扣率將開始下降。所以我希望隨著時間的推移，如果客戶沒有以相同的速度增長，他們將不會獲得相同的折扣。因此，隨著我們進行更多的續約之類的事情，我們可能會在接下來的幾個季度中看到這種情況。

We have a question from Fatima Boolani with Citi.

我們有一個來自花旗的 Fatima Boolani 的問題。

Just a really quick one for you in the security business. I think we -- you spent a lot of time sort of flushing out the Guardicore performance in the quarter, which was pretty substantial. I think you also tipped your hat on the recovery or reacceleration on the application security side of the security portfolio. But I'm curious if you have any comments or observations around what the network security side of the fence within that business segment is doing? Just any color there with respect to sort of competitive dynamics, sales dynamics, that would be really helpful.

在安全業務中為您提供一個非常快速的解決方案。我認為我們 - 你花了很多時間來刷新本季度的 Guardicore 表現，這是相當可觀的。我認為您還對安全產品組合的應用程序安全方面的恢復或重新加速表示讚賞。但我很好奇您是否對該業務部門的網絡安全方面的工作有任何意見或觀察？任何關於競爭動態、銷售動態的顏色都會非常有幫助。

Yes. This is Tom. On the network side, that would be Prolexic, which is our DDoS mitigation service doing very well. And we've seen a lot of attacks over the last year, especially around ransom or extortion DDoS attacks, and we've been in a great position to -- I had a lot of customers, major enterprises that were going to be potential victims of those attacks. Also, we have DNS capabilities, which are widely used as part of the network security product lines. And I would say, doing very well.

是的。這是湯姆。在網絡方面，那就是 Prolexic，我們的 DDoS 緩解服務做得很好。去年我們看到了很多攻擊，尤其是圍繞贖金或勒索 DDoS 攻擊，我們處於有利位置——我有很多客戶，大型企業將成為潛在受害者那些攻擊。此外，我們還擁有 DNS 功能，廣泛用作網絡安全產品線的一部分。我會說，做得很好。

One other thing I would add, Tom, just that if I look at the product portfolio, Bot Manager continues to do extremely well and growing at a very, very healthy clip. And we introduced our account protector this quarter and saw a very, very high uptake with that. And early returns on that look great. Obviously, it's a newer product, so it will take time for that to become a material contributor to revenue. But so far, the early returns on that have been very good.

湯姆，我要補充的另一件事是，如果我查看產品組合，Bot Manager 繼續做得非常好，並且以非常非常健康的速度增長。我們在本季度推出了我們的帳戶保護器，並看到了非常非常高的使用率。早期的回報看起來很棒。顯然，它是一種較新的產品，因此它需要時間才能成為收入的重要貢獻者。但到目前為止，早期的回報非常好。

Yes. And those are all part of our app and API protection group, which is where we're seeing the reacceleration Ed talked about.

是的。這些都是我們的應用程序和 API 保護組的一部分，這就是我們看到 Ed 談到的重新加速的地方。

Got it. And just a quick one for you in terms of the housekeeping around free cash flow. So I appreciate some of the puts and takes on the margin side of things, mostly stable, but curious about how we should think about free cash flow kind of given the near-term step-up in CapEx, which is expected to moderate based on your guidance over the course of the year. But anything you can help us from the free cash flow margin side, given the FX movements as well. And that's it for me.

知道了。就自由現金流的內務管理而言，這對您來說只是一個快速的過程。所以我很欣賞一些看跌期權和邊際收益，大部分是穩定的，但很好奇我們應該如何考慮自由現金流，考慮到資本支出的近期增長，預計資本支出將緩和您在一年中的指導。但是，考慮到外匯走勢，您可以從自由現金流邊際方面為我們提供任何幫助。對我來說就是這樣。

Yes, sure. So the -- on the free cash flow side, you'll notice that Q1 tends to be a little bit lighter on the free cash flow side, and a lot of it has to do with the timing of when bonuses get paid. You could look -- if you look kind of year-over-year, it's sort of in line Q1 to Q1. It will expand as we go out throughout the year. But I think one big key takeaway, if you go to the CapEx section, which, obviously, impacts free cash flow quite a bit . We had originally talked about the sort of, call it, Akamai, excluding Linode being 13% to 14% from a CapEx perspective and that Linode would add about 2 points.

是的，當然。所以 - 在自由現金流方面，你會注意到第一季度在自由現金流方面往往會稍微輕一些，這在很大程度上與支付獎金的時間有關。你可以看看 - 如果你看起來有點年復一年，它有點在第一季度到第一季度的線上。隨著我們全年外出，它會擴大。但我認為一個重要的關鍵點是，如果你去資本支出部分，這顯然會對自由現金流產生相當大的影響。我們最初談到了那種，稱之為 Akamai，不包括 Linode 從資本支出的角度來看是 13% 到 14%，並且 Linode 會增加大約 2 個點。

One of the things that we're able to do is take advantage of the slowdown in growth rate of traffic to be able to pull in some of the CapEx associated with Linode and build out a little bit faster. But in addition to that, we've taken down our total CapEx. So I gave guidance for about 14% of total revenue for the year, which is about 2% better than what we had expected. So think of it as sort of folding in the Linode CapEx under the original umbrella. So that will obviously help our free cash flow.

我們能夠做的一件事是利用流量增長放緩的機會，能夠吸引一些與 Linode 相關的資本支出，並加快建設速度。但除此之外，我們還降低了總資本支出。所以我給出了今年總收入的 14% 左右的指導，這比我們預期的要好 2% 左右。因此，可以將其視為在原始保護傘下的 Linode 資本支出中的一種折疊。因此，這顯然將有助於我們的自由現金流。

Our next question comes from Michael Elias with Cowen and Company.

我們的下一個問題來自 Cowen and Company 的 Michael Elias。

Two, if I may. So you're expecting to hold an Analyst Day later this month. Any color on what we should expect to hear? And as part of that, should we expect similar long-term guidance to what you gave your last Analyst Day, just including the new compute segment. That's my first question.

二，如果可以的話。因此，您預計本月晚些時候將舉行分析師日。我們應該期待聽到什麼？作為其中的一部分，我們是否應該期待與您上次分析師日提供的類似的長期指導，僅包括新的計算部分。這是我的第一個問題。

And the second question is you highlighted at the beginning of the call, the inflation, and you said that you aren't seeing the impact of that. I'm just wondering, as you think of the business and to the extent that did become a bigger issue, what are the levers that you could pull vis-a-vis pricing in order to combat inflation to the extent that had manifested itself?

第二個問題是你在電話會議開始時強調了通貨膨脹，你說你沒有看到它的影響。我只是想知道，當您想到業務時，以及在某種程度上這確實成為一個更大的問題時，您可以利用哪些槓桿來對抗已經表現出來的通貨膨脹？

Yes. On the first question, I think Analyst Day structurally look a lot like it did last year. So we will look at long-term CAGRs, what we're trying to achieve. We'll talk a lot about the compute business and our overall strategy. So high level, similar to what you saw last year in terms of the structure. Obviously, there's a lot of cool new things to talk about with our new products, the acquisitions, Guardicore, Linode and the compute product line, we're pretty excited about.

是的。關於第一個問題，我認為分析師日在結構上看起來很像去年。因此，我們將著眼於長期的複合年增長率，即我們正在努力實現的目標。我們將談論很多關於計算業務和我們的整體戰略。如此高的水平，與您去年在結構方面看到的相似。顯然，我們的新產品、收購、Guardicore、Linode 和計算產品線有很多很酷的新事物可以談論，我們對此感到非常興奮。

Yes. On the inflation front, a couple of things there. Obviously, I guess you could argue that inflation is causing rates to go higher, which is impacting the U.S. dollar. So there's the FX impact of that. So that's one thing to keep in mind, I guess. But one the advantages of sort of the hybrid work environment is it enables you to look at acquiring talent from all over the place instead of just on the coast, you can look in the middle of the country and look at other lower-cost areas. So that's 1 tool in our toolkit.

是的。在通貨膨脹方面，有幾件事。顯然，我猜你可能會爭辯說通貨膨脹正在導致利率走高，這正在影響美元。所以這會產生外匯影響。所以我想這是要記住的一件事。但是，混合工作環境的一個優點是它使您能夠從各地而不是僅僅在沿海地區招聘人才，您可以在該國中部尋找其他成本較低的地區。這是我們工具包中的 1 個工具。

The team has done a great job on the network side with our supply chain in terms of negotiating and leverage power. A lot of our traffic on our network today is free in terms of bandwidth. So we're somewhat insulated from that. Obviously, we'll keep a close eye on the labor market.

在談判和槓桿作用方面，該團隊在我們的供應鏈的網絡方面做得很好。今天我們網絡上的很多流量在帶寬方面都是免費的。所以我們對此有點絕緣。顯然，我們將密切關注勞動力市場。

But as Tom mentioned, there could be some impact to some of our customers and the decisions that they make in terms of their spending. Are they going to be spending on subscriptions for video or buying the next title for gaming or the gaming console and that sort of thing? So that could have an impact on traffic.

但正如湯姆所說，可能會對我們的一些客戶以及他們在支出方面做出的決定產生一些影響。他們是否會花在訂閱視頻或購買下一個遊戲或遊戲機之類的東西上？所以這可能會對交通產生影響。

So what we're doing there is obviously pulling back a little bit on our CapEx for the core network. We're actually able to redeploy some of those resources that we have that know how to build out and scale the network and just go faster in Linode, which is great.

因此，我們在那裡所做的顯然是在我們的核心網絡資本支出上有所縮減。實際上，我們能夠重新部署我們擁有的一些資源，這些資源知道如何構建和擴展網絡，並且在 Linode 中運行得更快，這很棒。

So we're sort of taking advantage of some of the opportunities that this gives us and trying to insulate ourselves from any significant impact that inflation may have on the business.

因此，我們正在利用這給我們帶來的一些機會，並試圖使自己免受通貨膨脹可能對業務產生的任何重大影響。

Yes. And that's one of the really nice things about our business now as we really are diversified. The majority of our revenue is now security and compute, not delivery, which is a pretty big milestone for a company that not too long ago was known as a CDN or a delivery company. And so when you do have these external factors that can hurt one side of the business, they might help other sides of the business. For example, security being tied to the war in Ukraine, or inflation driving a need to cut costs and now we have a really good answer for our customers with Linode. So it puts our business in a much stronger position, and we're much more diversified than we've ever been.

是的。這是我們現在業務的真正好處之一，因為我們確實是多元化的。我們現在的大部分收入是安全和計算，而不是交付，這對於不久前被稱為 CDN 或交付公司的公司來說是一個相當大的里程碑。因此，當您確實有這些外部因素會損害業務的一方面時，它們可能會幫助業務的其他方面。例如，安全與烏克蘭戰爭有關，或者通貨膨脹導致需要削減成本，現在我們通過 Linode 為我們的客戶提供了一個非常好的答案。因此，它使我們的業務處於更強大的地位，而且我們比以往任何時候都更加多元化。

We have a question from Jeff Van Rhee with Craig Hallum.

我們有一個來自 Jeff Van Rhee 和 Craig Hallum 的問題。

Just a couple of cleanups for me. On the -- on Guardicore in terms of the term licenses, were there any terms in Q4?

對我來說只是一些清理工作。關於 Guardicore 的許可條款，第四季度是否有任何條款？

Nothing material. There may have been about $1 million or so, but nothing really material there.

沒什麼材料。可能有大約 100 萬美元左右，但那裡沒有什麼真正重要的東西。

Okay. And then as it relates to Linode, how should we think about sales cycles there? As obviously we're going to try to blow out the sales effort and take that into the enterprise base. Just how do we think about 2 things there. One, the sales cycles? And then two, to date, for Linode, what was a large customer? I mean if you take a look at kind of the -- maybe their top 10 customers, what would it take for somebody to crack that large customer criteria sort of into the top 10, obviously, thinking to being able to measure your success in bringing that product to your enterprise base?

好的。然後與 Linode 相關，我們應該如何考慮那裡的銷售週期？很明顯，我們將嘗試加大銷售力度，並將其納入企業基礎。我們如何看待那裡的兩件事。一、銷售週期？然後兩個，迄今為止，對於 Linode，什麼是大客戶？我的意思是，如果你看一下——也許是他們的前 10 名客戶，那麼顯然，如果有人想能夠衡量你在帶來那個產品到你的企業基地？

Yes. Good question. So the sales cycles will vary. As Tom mentioned, there are certain workloads that are built in a container that's easy to move, so those can move relatively quickly. We've started our training, rolled out our compensation plan, so our sales team is starting to build the funnel. We're having good conversations with customers. We're starting to build out additional functionality. We put out a press release about our managed database capabilities the other day. We'll be building out more locations. You'll hear a lot more from Adam when we get to the Analyst Day about specifically what we're doing and where we're heading.

是的。好問題。所以銷售週期會有所不同。正如 Tom 所提到的，某些工作負載構建在一個易於移動的容器中，因此它們可以相對快速地移動。我們已經開始了培訓，推出了薪酬計劃，因此我們的銷售團隊開始構建漏斗。我們正在與客戶進行良好的對話。我們開始構建額外的功能。前幾天，我們發布了一份關於我們的託管數據庫功能的新聞稿。我們將建造更多的地點。當我們進入分析師日時，你會從亞當那裡聽到更多關於我們正在做什麼以及我們要去哪裡的具體信息。

I would say you start -- in terms of how I'm looking at success, which we should start to see some of that materialize towards the back half of the year and really looking at what is our exit run rate going into next year and then what does that funnel look like. But we should start to see a lot of this materialize towards the back half of the year. It's probably a normal sales cycle. You got some early wins. You've got developers from customers that can start playing around adding new applications and that sort of stuff. But I think in terms of the more meaningful, impactful deal sizes, those should happen towards the back half of the year and into next year.

我會說你開始 - 就我如何看待成功而言，我們應該開始看到其中一些在今年下半年實現，並真正關注我們明年的退出運行率和那麼那個漏斗是什麼樣子的。但我們應該開始看到很多這種情況在今年下半年實現。這可能是一個正常的銷售週期。你獲得了一些早期的勝利。你有來自客戶的開發人員，他們可以開始嘗試添加新的應用程序和類似的東西。但我認為，就更有意義、更有影響力的交易規模而言，這些交易應該會在今年下半年和明年發生。

Okay. That's helpful. Last one for me. I think on the traffic side, you mentioned OTT as well as gaming and in particular, in general, being most visible in the most recent quarter. I mean, anything notable difference in the trends of those 2 traffic types. Or is it just generally, behavior you would expect from people getting outside and unlocking? Any differences there?

好的。這很有幫助。最後一個給我。我認為在流量方面，您提到了 OTT 和遊戲，特別是在最近一個季度中最為明顯。我的意思是，這兩種流量類型的趨勢有任何顯著差異。還是只是一般情況下，您期望人們外出並解鎖的行為？那裡有什麼不同嗎？

Yes. Good question. I'd say sort of the latter, what you just said there that is probably more of that people getting out. That's -- you see that more on the video side in terms of less hours streamed, if you're watching 10 hours a day, you're maybe doing 8 or 6 or whatever.

是的。好問題。我想說的是後者，你剛才說的可能更多的人出去了。那就是——你在視頻方面看到的更多是更少的流媒體時間，如果你每天看 10 個小時，你可能會做 8 個或 6 個或其他什麼。

But gaming is more of a seasonal issue. I'd say we saw more of an impact on gaming, not as many releases that had probably a bit weaker than we would have expected. I think in terms of the trends, it depends on what the cycle looks like going into the back half of the year in terms of major gaming releases. But the video side, I think, is a lot more behavioral.

但遊戲更像是一個季節性問題。我想說我們看到了對遊戲的更多影響，而不是可能比我們預期的要弱一些的版本。我認為就趨勢而言，這取決於主要遊戲版本進入下半年的周期。但我認為，視頻方面更具行為性。

Our last question comes from Will Power with Baird.

我們的最後一個問題來自 Will Power 和 Baird。

Okay. Great. Maybe, Tom, I'd love to get a little more color on the strength within compute. Anything else you could provide with respect to key drivers in the quarter would be great.

好的。偉大的。也許，湯姆，我很想對計算的力量有更多的了解。對於本季度的關鍵驅動因素，您可以提供的任何其他內容都會很棒。

Yes. We've been working on edge computing, doing edge computing services for close to 20 years. We have the edge worker solution that has function as a service and thousands of POPs around the world, HKB database capability. And more and more applications having -- our customers having an interest in having them work at the edge. You get tremendous scalability, instant scalability, you can spin up your edge worker app a few milliseconds and be really close to the end user. And I think we get more business there as you go forward, more and more of our customers are using it as they move to the -- an API model and as you get 5G and as you get IoT and you have more demand for lower latency and scalability at the edge.

是的。我們一直致力於邊緣計算，從事邊緣計算服務近 20 年。我們擁有具有服務功能的邊緣工作者解決方案和全球數千個 POP，以及 HKB 數據庫功能。越來越多的應用程序擁有——我們的客戶有興趣讓他們在邊緣工作。您可以獲得巨大的可擴展性、即時可擴展性，您可以在幾毫秒內啟動邊緣工作者應用程序並真正接近最終用戶。而且我認為隨著您的發展，我們會在那裡獲得更多業務，我們越來越多的客戶正在使用它，因為他們轉向 API 模型，隨著您獲得 5G 和物聯網，您對更低延遲的需求也越來越多和邊緣的可擴展性。

And of course, Linode is really exciting because now you get the core cloud compute capability. So you can just take your container -- your app and the container and move it over to Akamai, and have the whole thing end-to-end from the core of the cloud to the edge. You can build your app on Akamai. You can run it on Akamai. You could deliver it on Akamai. You can do the compute you need at the real edge in thousands of places. And of course, we'll wrap it all in security for you.

當然，Linode 確實令人興奮，因為現在您獲得了核心雲計算能力。因此，您可以只使用您的容器——您的應用程序和容器，然後將其移至 Akamai，並讓整個事情從雲的核心到邊緣都是端到端的。您可以在 Akamai 上構建您的應用程序。您可以在 Akamai 上運行它。您可以在 Akamai 上交付它。您可以在數千個地方的真實邊緣進行所需的計算。當然，我們會為您提供安全保護。

So I think compute is strong on its own from what we had. Now you get more strength with Linode and then you wrap it all together in the Akamai platform, which is really unique in terms of having 4,000 POPs. There is nothing like it in terms of having a true edge network, the scalability you get and the performance you get from that.

所以我認為計算本身就很強大。現在，您可以通過 Linode 獲得更多的力量，然後將其全部封裝在 Akamai 平台中，這在擁有 4,000 個 POP 方面確實是獨一無二的。就擁有真正的邊緣網絡、您獲得的可擴展性和從中獲得的性能而言，沒有什麼能比得上它。

Okay. Great. And then maybe just a quick question on thoughts around potential M&A from here given valuation compressions in the market. How does that change the landscape for you? How you look at things and maybe appetite here, particularly coming on the heels of the Linode deal?

好的。偉大的。鑑於市場估值壓縮，可能只是一個關於潛在併購的想法的快速問題。這對你有什麼改變？你如何看待這裡的事情和胃口，尤其是在 Linode 交易之後？

Yes. We're continuing to look at possible acquisitions. Obviously, we've done 2 large ones in a short period of time. I don't expect that to be the norm. We're generating a lot of cash, and we're going to use that to reinvest in the business, particularly in security and compute. So it's not impossible over time. You'll see other acquisitions like that. And probably, several smaller acquisitions like we've always done. Tech tuck-ins, adjacent products.

是的。我們正在繼續考慮可能的收購。顯然，我們在短時間內完成了 2 個大型項目。我不希望這成為常態。我們正在產生大量現金，我們將用它來對業務進行再投資，特別是在安全和計算方面。因此，隨著時間的推移，這並非不可能。你會看到其他類似的收購。並且可能像我們一直在做的幾次較小的收購。技術小插件，相鄰產品。

So I think what you've seen is what you'll get, but not 2 big ones right away. That's not the norm. But we saw a real chance to have a game changer in enterprise security with Guardicore. Really, the right product to stop ransomware and a game changer in Linode, a leading alternative cloud that gives us -- really completes the Akamai picture, I would say, in terms of powering and protecting life online, being able to build, run, deliver, accelerate and secure your app all in 1 platform is really exciting for us.

所以我認為你所看到的就是你將得到的，但不是馬上就能得到兩個大的。那不是常態。但是我們看到了一個真正的機會，可以通過 Guardicore 在企業安全領域改變遊戲規則。真的，阻止勒索軟件的正確產品和 Linode 中的遊戲規則改變者，一個領先的替代云，為我們提供了 - 真正完成了 Akamai 的圖片，我想說，在為在線生活提供動力和保護方面，能夠構建、運行、在 1 個平台上交付、加速和保護您的應用程序對我們來說真的很令人興奮。

Thank you, everyone, for joining us tonight. I know we ran a little long, so we appreciate your patience. And in closing, we will be presenting at several investor conferences and road shows throughout the rest of the second quarter, including our Analyst Day in New York City on May 18. Details of all these events can be found in the Investor Relations section of akamai.com. Thanks for joining us and all of us here at Akamai wish you and yours continue good health. Have a great evening.

謝謝大家，今晚加入我們。我知道我們跑的有點長，所以我們感謝您的耐心。最後，我們將在第二季度剩下的時間裡出席多個投資者會議和路演，包括 5 月 18 日在紐約市舉行的分析師日。所有這些活動的詳細信息可以在 Akamai 的投資者關係部分找到.com。感謝您加入我們，Akamai 的所有人都希望您和您的家人身體健康。有一個美好的夜晚。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。