Fastly Inc (FSLY) 2025 Q2 法說會逐字稿

Good afternoon. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly second-quarter 2025 earnings conference call.

午安.我叫貝利，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Fastly 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Vernon Essi, Investor Relations at Fastly. Please go ahead.

現在，我想將會議交給 Fastly 投資者關係部的 Vernon Essi。請繼續。

Thank you, and welcome, everyone, to our second-quarter 2025 earnings conference call. We have Fastly's CEO, Kip Compton, and CFO, Ron Kisling, with us today. The webcast of this call can be accessed through our website, Fastly.com and will be archived for one year. Also, a replay will be available by dialling 800-770-2030 and referencing conference ID number 7543239 shortly after the conclusion of today's call. A copy of today's earnings press release, related financial tables and investor supplement, all of which are furnished in our 8-K filing today, can be found in the Investor Relations portion of Fastly's website.

謝謝大家，歡迎大家參加我們的 2025 年第二季財報電話會議。今天我們邀請了 Fastly 的執行長 Kip Compton 和財務長 Ron Kisling。本次電話會議的網路直播可透過我們的網站 Fastly.com 訪問，並將存檔一年。此外，今天電話會議結束後不久，撥打 800-770-2030 並參考會議 ID 號 7543239 即可收聽重播。今天的收益新聞稿、相關財務表和投資者補充資料的副本（均在我們今天的 8-K 文件中提供）可在 Fastly 網站的投資者關係部分找到。

During this call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, product sales, strategy, long-term growth and overall future prospects. These statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those projected or implied during the call.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們業務預期表現、未來財務表現、產品銷售、策略、長期成長和整體未來前景相關的陳述。這些聲明受已知和未知的風險、不確定性和假設的影響，可能導致實際結果與電話會議期間預測或暗示的結果有重大差異。

For further information regarding risk factors for our business, please refer to our filings with the SEC, including our most recent annual report filed on Form 10-K and quarterly report filed on Form 10-Q filed with the SEC and our second quarter 2025 earnings release and supplement for a discussion of the factors that could cause our results to differ. Please refer, in particular, to the section entitled Risk Factors. We encourage you to read these documents.

有關我們業務風險因素的更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括我們向美國證券交易委員會提交的最新 10-K 表年度報告和 10-Q 表季度報告以及我們的 2025 年第二季度收益報告和補充文件，其中討論了可能導致我們的結果不同的因素。請特別參閱題為「風險因素」的部分。我們鼓勵您閱讀這些文件。

Also note that the forward-looking statements on this call are based on the information available to us as of today's date. We undertake no obligation to update any forward-looking statements, except as required by law. Also during this call, we will discuss certain non-GAAP financial measures. Unless otherwise noted, all numbers we discuss today other than revenue will be on an adjusted non-GAAP basis. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings release and supplement on our Investor Relations website.

另請注意，本次電話會議中的前瞻性陳述是基於我們截至今天所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。除非另有說明，我們今天討論的除收入以外的所有數字都將基於調整後的非 GAAP 基礎。我們的投資者關係網站上的收益報告和補充資料中提供了與最直接可比較的 GAAP 財務指標的對帳。

These non-GAAP measures are not intended to be a substitute for our GAAP results. Before we begin our prepared comments, please note that we will be attending two conferences in the third quarter, the KeyBanc Technology Leadership Forum on August 12 in Park City and the Piper Sandler Fourth Annual Growth Frontiers conference in Nashville on September 10.

這些非公認會計準則 (non-GAAP) 指標並非旨在取代我們的公認會計準則 (GAAP) 結果。在我們開始準備好的評論之前，請注意，我們將在第三季度參加兩場會議，即 8 月 12 日在帕克城舉行的 KeyBanc 技術領導力論壇和 9 月 10 日在納什維爾舉行的 Piper Sandler 第四屆年度增長前沿會議。

Now, I'll turn the call over to Kip.

現在，我將把電話轉給 Kip。

Kip?

基普？

Thanks, Vern. Hi, everyone, and thank you for joining us today. I'm delighted to join you today in my first earnings call as CEO, and I'm excited about the road ahead for Fastly. We continue to see momentum in the business and have a strong Q2. We look forward to sharing the details of the quarter and our updated view for the year in today's call.

謝謝，弗恩。大家好，感謝大家今天加入我們。我很高興今天能以執行長的身份參加我的第一次財報電話會議，我對 Fastly 未來的道路感到興奮。我們繼續看到業務發展勢頭，第二季表現強勁。我們期待在今天的電話會議上分享本季的詳細資訊以及我們對今年的最新看法。

In my first 45 days as CEO, my top priority has been building on the momentum we established in the first half of the year as well as looking ahead with a focus on clear execution for the second half. Since joining Fastly about 18 months ago, I've been deeply involved in leading the product organization and working closely with the executive team and the Board in developing and driving our strategy.

在我擔任執行長的頭 45 天裡，我的首要任務是鞏固我們在上半年建立的勢頭，並展望未來，重點關注下半年的明確執行。自從大約 18 個月前加入 Fastly 以來，我一直深入參與領導產品組織，並與執行團隊和董事會密切合作，制定和推動我們的策略。

My role as Chief Product Officer here at Fastly, together with my prior experience running large-scale organizations and growing SaaS businesses is enabled by seamless transition to CEO. Throughout this transition and as we look ahead, we remain committed to delivering long-term value to all of our stakeholders by keeping customers at the center of our decision-making and building products that are responsive to their evolving needs.

我在 Fastly 擔任首席產品官，加上我之前管理大型組織和發展 SaaS 業務的經驗，使我能夠無縫過渡到執行長。在整個轉型過程中以及展望未來，我們始終致力於將客戶置於決策的中心，打造能夠滿足客戶不斷變化的需求的產品，從而為所有利害關係人提供長期價值。

Going forward, I'm excited to share my vision for Fastly with a keen focus on accelerating our growth rate and driving to profitability in the near term. We will continue to evolve our strategy and sharpen our execution, dedicating significant time to understanding and responding to the needs of our customers. I firmly believe that understanding our customers' business challenges and solving problems together is what Fastly does best. Before we begin a review of the quarter, I want to discuss two changes to our leadership team.

展望未來，我很高興與大家分享我對 Fastly 的願景，並專注於加快我們的成長率並在短期內實現盈利。我們將繼續改進我們的策略並加強我們的執行力，投入大量時間來了解和回應客戶的需求。我堅信，了解客戶的業務挑戰並共同解決問題是 Fastly 最擅長的。在我們開始回顧本季之前，我想討論一下我們領導團隊的兩項變動。

Earlier today, we announced that our Chief Financial Officer, Ron Kisling is stepping down. After four years, he is moving on to explore new opportunities. On behalf of the Board and all of our employees, I want to thank Ron for his dedication, commitment and many contributions to Fastly. We wish him all the best. Ron's departure creates an opportunity to evolve the leadership team.

今天早些時候，我們宣布財務長 Ron Kisling 即將卸任。四年後，他繼續探索新的機會。我謹代表董事會和全體員工感謝 Ron 對 Fastly 的奉獻、承諾和許多貢獻。我們祝他一切順利。羅恩的離職為領導團隊的升級創造了機會。

I'm pleased to welcome Richard Wong to Fastly as our new Chief Financial Officer. Rich joins us with three decades of financial leadership experience. He has held a number of senior leadership roles at platform and SaaS companies, including CFO of Benchling, CFO of Houzz and senior finance roles at LinkedIn and Yahoo.

我很高興歡迎 Richard Wong 加入 Fastly 擔任我們的新任財務長。Rich 加入我們，擁有三十年的財務領導經驗。他曾在平台和 SaaS 公司擔任過多個高階領導職務，包括 Benchling 的財務長、Houzz 的財務長以及 LinkedIn 和雅虎的高級財務職務。

Rich has a strong combination of strategic financial planning experience and vision, combined with a robust foundation in investment banking. He will be an excellent addition to our leadership team as we grow and scale the business, and I look forward to him engaging with our investor community.

Rich 擁有豐富的策略財務規劃經驗和遠見，以及堅實的投資銀行基礎。隨著我們業務的成長和擴大，他將成為我們領導團隊的優秀補充，我期待他與我們的投資者社群互動。

Rich will join Fastly on August 7 as an adviser and officially assume the CFO role on August 11. Separately, as we build on our market momentum and focus on accelerating growth, we must continue to deliver even stronger go-to-market execution and provide a seamless experience for our customers. With that in mind, I've asked Scott Lovett, our Chief Revenue Officer, to expand his responsibilities and take on a new role as President, go-to-market, bringing together all of our revenue functions and our marketing organization under his leadership.

Rich 將於 8 月 7 日加入 Fastly 擔任顧問，並於 8 月 11 日正式擔任財務長。另外，隨著我們鞏固市場勢頭並專注於加速成長，我們必須繼續提供更強大的市場執行力並為我們的客戶提供無縫體驗。考慮到這一點，我已要求我們的首席營收長 Scott Lovett 擴大他的職責，並擔任總裁的新職務，負責行銷，將我們所有的營收職能和行銷組織整合到他的領導之下。

Since joining Fastly, Scott has recruited world-class leadership to accelerate the transformation of our go-to-market motion. We segmented our customer base to better align our sales resources around customers who value performance. This realignment has increased both our new customer revenue and our cross-sell and upsell results across our existing customer base. I'm confident that this combined go-to-market team will better serve new and existing customers and, importantly, elevate Fastly's visibility in the marketplace.

自從加入 Fastly 以來，Scott 招募了世界一流的領導者來加速我們行銷策略的轉變。我們對客戶群進行了細分，以便更好地圍繞重視績效的客戶調整銷售資源。此次調整不僅增加了我們的新客戶收入，也增加了我們現有客戶群的交叉銷售和追加銷售表現。我相信，合併後的市場團隊將更能服務新舊客戶，更重要的是，提升 Fastly 在市場上的知名度。

We believe this will also result in greater internal efficiencies and improve coordination across our product, marketing and revenue teams. I'm excited about these changes and believe Rich and Scott will each have a significant impact in their new roles.

我們相信這也將提高內部效率並改善我們的產品、行銷和收入團隊之間的協調。我對這些變化感到非常興奮，並相信 Rich 和 Scott 都將在新的角色中發揮重大作用。

Now let's review our Q2 results and forward guidance. Our Q2 revenue was $148.7 million, above the high end of our guidance range with a growth rate of 12% year-over-year, an improvement compared to 8% year-over-year in the first quarter. This was the result of new customer acquisition, share gains due to competitive takeout strategies as well as favorable pricing.

現在讓我們回顧一下第二季的業績和前瞻性指引。我們第二季的營收為 1.487 億美元，高於我們預期範圍的高端，年增 12%，與第一季 8% 的同比增長相比有所提高。這是由於新客戶的獲得、由於有競爭力的外賣策略而帶來的份額增長以及優惠的定價。

Security revenue reached a record high and accounted for 20% of total revenue. This represents 15% year-over-year growth, driven by increasing adoption of our new security products launched over the last year. We posted a gross margin of 59%, a 170 basis point gain quarter-over-quarter as we experienced margin leverage on our revenue upside along with improved network efficiency, resulting from technology enhancements and optimized networking. Additionally, we experienced favorable pricing, which we expect to continue into the second half of 2025. Our operating loss of $4.6 million outperformed the guidance midpoint of a $6 million loss.

安防收入創歷史新高，佔總收入的20%。這比去年同期成長了 15%，這得益於我們去年推出的新安全產品的採用率不斷提高。我們的毛利率為 59%，比上一季成長了 170 個基點，這是因為我們在營收成長的同時實現了利潤率槓桿，同時由於技術改進和網路優化而提高了網路效率。此外，我們還獲得了優惠的定價，預計這種情況將持續到 2025 年下半年。我們的營業虧損為 460 萬美元，超過了 600 萬美元的指導中位數。

We achieved notable operating leverage this quarter with OpEx up just 2% year-over-year compared to 12% revenue growth. Continued cost optimizations and cash collection management yielded better-than-expected results and contributed to our healthy cash flow from operations of $26 million or 17% of revenue. We are raising both our 2025 revenue guidance and operating loss guidance by $8 million and $3 million at their respective midpoints.

本季我們實現了顯著的營運槓桿，營運支出較去年同期僅成長 2%，而營收成長了 12%。持續的成本優化和現金收款管理取得了好於預期的結果，並為我們帶來了 2,600 萬美元或 17% 的健康經營現金流。我們將 2025 年的營收預期和營業虧損預期分別上調 800 萬美元和 300 萬美元。

Similar to Q2, we anticipate double-digit growth rates year-over-year for our third quarter revenue, consistent with prior commentary on the 2025 quarterly progression, we expect operating loss to improve through 2025 and to deliver operating profit during the second half. Moreover, we are now guiding to positive free cash flow for the year and anticipate the range to be between breakeven and positive $10 million.

與第二季類似，我們預計第三季營收將年增兩位數，與先前對 2025 年季度進展的評論一致，我們預計到 2025 年營業虧損將有所改善，並在下半年實現營業利潤。此外，我們目前預計今年的自由現金流將為正，並預計範圍在損益兩平點至正 1,000 萬美元之間。

Ron will review our financial results and guidance in more detail later in the call.

羅恩將在稍後的電話會議中更詳細地回顧我們的財務表現和指導。

Total customer count was 3,097, and an enterprise customer count was 622, an increase of 27% from last quarter. Additionally, we saw our LTM NRR increased to 104% from 100% in the first quarter, reflecting this recovery momentum.

總客戶數為3,097家，企業客戶數為622家，較上一季成長27%。此外，我們發現 LTM NRR 從第一季的 100% 上升至 104%，反映了這一復甦勢頭。

Our top 10 customers represented 31% of revenue, down from 33% in the first quarter. Revenue outside the top 10 grew 17% year-over-year, outpacing overall revenue growth and continuing to drive revenue diversification.

我們前十大客戶的營收佔比為 31%，低於第一季的 33%。前十名以外的營收年增17％，超過整體收入成長並繼續推動營收多元化。

This marks the fifth quarter in a row where revenue outside the top 10 grew faster than overall revenue. During the second half of the year, Scott will drive three pillars of expansion in his new role as President of go-to-market.

這是連續第五個季度前十名以外的企業收入成長速度超過整體收入。今年下半年，史考特將以市場總裁的新角色推動三大擴張支柱。

First, we will continue to target customers where performance matters. This extends beyond delivery and into newer intelligent features within our platform, including adaptive security and observability analytics features that can only exist on the edge. Our DDoS attack Insights launched in April, further exemplifies our unique edge positioning.

首先，我們將繼續瞄準那些注重性能的客戶。這不僅限於交付，還擴展到我們平台內更新的智慧功能，包括只能存在於邊緣的自適應安全性和可觀察性分析功能。我們在 4 月推出的 DDoS 攻擊洞察進一步體現了我們獨特的優勢定位。

Beyond our largest customers, there is a target-rich environment of Fortune 1000 digitally native organizations that are in play as incumbents have been slow to evolve. We are continuing to gain share and are driving competitive takeouts.

除了我們最大的客戶之外，還有一個以財富 1000 強數位原生組織為目標的豐富環境，由於現有企業發展緩慢，它們正在發揮作用。我們正在繼續擴大市場份額並推動競爭。

Second, we will continue to cross-sell and upsell within our installed base of customers. This is a high priority for our revenue team, and Scott has driven great results and expanding wallet share this year by incentivizing the teams to grow more within our existing base. Customers that purchase more than one product from Fastly continue to increase.

其次，我們將繼續在現有客戶群內進行交叉銷售和追加銷售。這是我們收入團隊的首要任務，今年，史考特透過激勵團隊在現有基礎上實現更大發展，取得了出色的業績，並擴大了錢包份額。從 Fastly 購買多件產品的客戶持續增加。

In the second quarter, almost 50% of our customers used two or more products, and those customers generate more than 75% of our revenue.

在第二季度，我們幾乎有50%的客戶使用了兩種或兩種以上的產品，這些客戶創造了我們75%以上的收入。

Third, we will unlock further revenue growth via geographic expansion. Fastly is underexposed to international revenue, and we see this as an incremental revenue opportunity. To increase our focus in this area, we have created a new leadership position to drive opportunities in APJ. Nicola Gerber is now head of our APJ region, bringing more than 20 years of experience in networking and cloud services at AWS and Cisco.

第三，我們將透過地理擴張來進一步實現收入成長。Fastly 的國際收入不足，我們認為這是一個增加收入的機會。為了加強對這一領域的關注，我們設立了一個新的領導職位來推動亞太及日本地區的機會。Nicola Gerber 現任我們 APJ 地區的負責人，擁有在 AWS 和思科從事網路和雲端服務工作 20 多年的經驗。

Additionally, we recently brought on board a new regional Vice President for Southern Europe. You will hear more about our international go-to-market expansion later this year with targeted impact in 2026. All three of these pillars of expansion will be built on a simple customer acquisition motion. We will continue to drive simplicity in both pricing and ease of implementation, reducing customer onboarding friction.

此外，我們最近也任命了一位新的南歐地區副總裁。您將在今年稍後聽到有關我們國際市場擴張的更多信息，目標是在 2026 年產生影響。所有這三個擴張支柱都將建立在簡單的客戶獲取動議之上。我們將繼續推動定價和實施的簡化，減少客戶入職摩擦。

Packages are part of the simplified approach. And in the second quarter, the number of packages sold increased more than 50% year-over-year and package renewals grew over 130% year-over-year. Our high-touch customer success motion has helped our top 10 cohort return to year-over-year growth with strong revenue commitments across these customers. Our recent strength in RPO reflects the success. RPO grew 41% year-over-year and now sits at a record high.

包是簡化方法的一部分。第二季度，套餐銷售數量較去年同期成長超過50%，套餐續約數量較去年同期成長超過130%。我們高度接觸的客戶成功舉措幫助我們的前十大客戶群實現了同比增長，並對其中的客戶做出了強勁的收入承諾。我們最近在 RPO 方面的優勢反映了這一成功。RPO 年成長 41%，目前達到歷史最高水準。

While I'm very pleased with this progress, we are continuing to look for ways to improve our customer acquisition motion and drive even greater simplicity, velocity and success.

雖然我對這項進展感到非常高興，但我們仍在繼續尋找方法來改善我們的客戶獲取機制，並推動更大的簡化、速度和成功。

In the second quarter, we continued our momentum in penetrating key industry verticals and mainly at the expense of incumbents. Financial services and health care are both security-rich verticals and are often early adopters of advanced threat detection and observability technologies.

在第二季度，我們繼續保持滲透關鍵產業垂直領域的勢頭，並且主要以犧牲現有企業為代價。金融服務和醫療保健都是安全性要求較高的垂直行業，並且通常是先進威脅檢測和可觀察性技術的早期採用者。

Omnichannel retail continues to be a Fastly strength as customers demand edge-based capabilities to process secure transactions and enhance their customers' digital experiences to drive better business outcomes.

全通路零售繼續成為 Fastly 的優勢，因為客戶需要基於邊緣的功能來處理安全交易並增強客戶的數位體驗，以推動更好的業務成果。

Examples of key wins across these verticals include: a leading provider of ambulatory health care technology solutions selected Fastly for our security offerings. A premier programmable financial services company selected Fastly's DDoS technology and a key cross-selling opportunity expanding the use of our platform.

這些垂直領域的關鍵勝利範例包括：領先的門診醫療技術解決方案提供者選擇 Fastly 作為我們的安全產品。一家頂級可程式金融服務公司選擇了 Fastly 的 DDoS 技術和一個關鍵的交叉銷售機會，擴大了我們平台的使用範圍。

A cloud-native SaaS banking platform selected Fastly for their security needs replacing a competitor's WAF with our comprehensive next-gen WAF solution. A leading global omnichannel retailer of sports, fashion and outdoor brands selected Fastly for our complete platform, replacing an incumbent's delivery and WAF offerings as well as a third-party bot detection solution.

雲端原生 SaaS 銀行平台選擇了 Fastly 來滿足其安全需求，並以我們全面的下一代 WAF 解決方案取代了競爭對手的 WAF。一家領先的全球全通路運動、時尚和戶外品牌零售商選擇 Fastly 作為我們的完整平台，取代現有供應商的交付和 WAF 產品以及第三方機器人檢測解決方案。

And a major international warehouse club selected Fastly's full platform to modernize its entire technology stack. The go-to-market transformation Scott and his team are driving has contributed to our favorable results, and we believe that, that momentum will continue. Additionally, our platform strategy remains a core part of our success. We've established momentum in our product releases and feature improvements. This is especially true in security, where we launched several new products in the last year.

一家大型國際倉儲俱樂部選擇了 Fastly 的完整平台來實現其整個技術堆疊的現代化。史考特和他的團隊正在推動的市場轉型為我們帶來了良好的業績，我們相信，這種勢頭將會持續下去。此外，我們的平台策略仍然是我們成功的核心部分。我們在產品發布和功能改進方面已經建立了良好的勢頭。在安全領域尤其如此，去年我們推出了幾款新產品。

You can expect to see more releases across the platform in the coming quarters.

您可以期待在未來幾季看到該平台的更多版本發布。

And now I'll ask Ron to discuss the financial details of this quarter and our guidance.

現在我請羅恩討論本季的財務細節和我們的指導。

Ron?

羅恩？

Thank you, Kim, and thanks, everyone, for joining us today. I'll discuss our financial results and business metrics before turning to our forward guidance. Note that unless otherwise stated, all financial results in my discussion are non-GAAP based. Revenue for the second quarter increased 12% year-over-year to $148.7 million, coming in above the high end of our guidance range of $143 million to $147 million.

謝謝你，金，也謝謝大家今天加入我們。在談到我們的前瞻性指引之前，我將討論我們的財務表現和業務指標。請注意，除非另有說明，我討論的所有財務結果均非基於 GAAP。第二季營收年增 12% 至 1.487 億美元，高於我們預期的 1.43 億美元至 1.47 億美元的高端範圍。

Increased new customer acquisition from our go-to-market initiatives and share gains from our competitive takeout strategies, coupled with a favorable pricing environment contributed to this upside. Network Services revenue of $114.9 million grew 10% year-over-year. Security revenue of $29.3 million grew 15% year-over-year, comprising a record 20% of total revenue and our other products revenue of $4.5 million grew 60% year-over-year, driven primarily by sales of our compute products.

透過我們的行銷措施增加新客戶獲取，並透過我們的競爭性外送策略增加市場份額，再加上有利的定價環境，促成了這一上漲。網路服務收入為 1.149 億美元，年增 10%。安全收入為 2,930 萬美元，年增 15%，佔總收入的 20%，創歷史新高；其他產品收入為 450 萬美元，年增 60%，主要得益於計算產品的銷售。

In the second quarter, our top 10 customers represented 31% of our revenue. We continue to see strength in our broader customer base with revenue from customers outside our top 10 customers growing 17% year-over-year and 6% sequentially.

第二季度，我們的前十大客戶貢獻了我們31%的收入。我們繼續看到更廣泛的客戶群的強勁增長，來自前十大客戶以外的客戶的收入同比增長 17%，環比增長 6%。

We anticipate revenue from our top 10 customers will remain in the low 30s percent range throughout 2025. Also, no single customer accounted for more than 10% of revenue in the second quarter and affiliated customers that are business units of a single company generated an aggregate of 10% of the company's revenue for the quarter.

我們預計，到 2025 年，來自前十大客戶的收入將保持在 30% 左右。此外，第二季沒有任何單一客戶的收入占公司總收入的 10% 以上，而作為單一公司業務部門的關聯客戶合計創造了公司本季收入的 10%。

Our trailing 12-month net retention rate was 104%, up from 100% in the prior quarter and down from 110% in the year ago quarter. The quarter-over-quarter increase was primarily due to revenue increases from a few of our largest customers in prior quarters and closely follows our overall growth rate trends.

我們過去 12 個月的淨留存率為 104%，高於上一季的 100%，但低於去年同期的 110%。環比成長主要歸因於前幾季我們幾個最大客戶的營收成長，並且與我們的整體成長率趨勢緊密相關。

We exited the second quarter with record RPO of $315 million growing 41% year-over-year. This growth reflects progress in our efforts to increase the number of customers with revenue commitments and to drive higher commitment levels with our largest customers coupled with an increasing share of predictable revenue packages as a proportion of our revenue.

我們在第二季結束時的 RPO 達到創紀錄的 3.15 億美元，年增 41%。這一增長反映了我們在增加具有收入承諾的客戶數量、提高最大客戶的承諾水平以及增加可預測收入方案在我們收入中所佔比例方面的努力所取得的進展。

I will now turn to the rest of our financial results for the second quarter. Our gross margin was 59% in the second quarter coming in 120 basis points above our implied guidance and down 40 basis points from 59.4% in Q2 2024. The upside to our guidance was margin leverage from the higher revenue and moderation in price declines.

現在我將介紹第二季的其餘財務表現。我們第二季的毛利率為 59%，比我們的隱含指引高出 120 個基點，比 2024 年第二季的 59.4% 下降了 40 個基點。我們預期的優勢在於收入增加和價格下跌放緩帶來的利潤率槓桿。

We are also seeing the benefits of increasing international traffic, enabling network efficiencies, including increased network period. We believe moderation in price declines and network efficiencies will continue into the second half, and coupled with the increase in our revenue guidance, we expect to maintain these improved gross margins through the remainder of 2025.

我們也看到了增加國際流量、提高網路效率（包括延長網路週期）的好處。我們相信，價格下降和網路效率的放緩將在下半年持續，再加上我們收入預期的增加，我們預計在 2025 年剩餘時間內毛利率將保持成長。

Operating expenses were $92.3 million in the second quarter, coming in as expected relative to our revenue upside and reflected 4% sequential growth due to the impact of increased payroll-related expenses and IT spend. We are continuing our focus on our operating expenses and driving leverage in our operating results.

第二季的營運費用為 9,230 萬美元，相對於我們的收入成長符合預期，並且由於工資相關費用和 IT 支出增加的影響，環比增長 4%。我們將繼續關注我們的營運費用並提高我們的營運績效。

Due to these efforts and the abating of seasonally high payroll taxes we see in the first half, we expect our operating expenses to decline in the second half, which is reflected in our guidance I will discuss in a moment.

由於這些努力以及上半年季節性高工資稅的減輕，我們預計下半年的營運費用將會下降，這反映在稍後我將討論的指導中。

We reported an operating loss of $4.6 million in the second quarter coming in better than the $6 million midpoint of our operating loss guidance range of $8 million to $4 million. In the second quarter, we reported a net loss of $5 million or a $0.03 loss per basic and diluted share compared to a net loss of $8.1 million or a $0.06 loss per basic and diluted share in Q2 2024. Our adjusted EBITDA was $8.9 million in the second quarter compared to $2 million in the second quarter of 2024.

我們報告第二季的營業虧損為 460 萬美元，優於我們 800 萬至 400 萬美元營業虧損預測範圍的中點 600 萬美元。在第二季度，我們報告淨虧損 500 萬美元，即每股基本虧損和稀釋虧損 0.03 美元，而 2024 年第二季度的淨虧損為 810 萬美元，即每股基本虧損和稀釋虧損 0.06 美元。我們第二季的調整後 EBITDA 為 890 萬美元，而 2024 年第二季為 200 萬美元。

Turning to the balance sheet. We ended the quarter with approximately $321 million in cash, cash equivalents, marketable securities and investments, including those classified as long term, a sequential increase of $14 million over Q1 2025.

轉向資產負債表。本季末，我們擁有約 3.21 億美元的現金、現金等價物、有價證券和投資（包括歸類為長期的證券和投資），比 2025 年第一季環比增加 1,400 萬美元。

As a reminder, our March 2026, 0% coupon convertible notes balance of $188 million became current in the first quarter and is now reflected in our current liabilities. We have adequate liquidity to cover our working capital operating requirements and to pay the March 2026 convertible notes when they become due.

提醒一下，我們 2026 年 3 月的 0% 票面利率可轉換票據餘額為 1.88 億美元，已於第一季到期，並反映在我們的流動負債中。我們擁有充足的流動資金來滿足我們的營運資金營運需求，並在 2026 年 3 月到期時支付可轉換票據。

Our cash flow from operations was positive $25.8 million in the second quarter compared to negative $4.9 million in Q2 2024. Our free cash flow for the second quarter was $10.9 million, representing a $29.5 million increase from negative $18.5 million in Q2 2024 quarter. While cash capital expenditures were approximately 12% of revenue in the second quarter, we anticipate our cash CapEx will be in the range of 9% to 10% of revenue for the full year with our medium to long-term cash CapEx declining to 6% to 8% of revenue. As a reminder, our cash capital expenditures include capitalized internal use software.

我們第二季的經營現金流為正 2,580 萬美元，而 2024 年第二季為負 490 萬美元。我們第二季的自由現金流為 1,090 萬美元，比 2024 年第二季的負 1,850 萬美元增加了 2,950 萬美元。雖然第二季的現金資本支出約佔收入的 12%，但我們預計全年現金資本支出將佔收入的 9% 至 10%，而中長期現金資本支出將下降至收入的 6% 至 8%。提醒一下，我們的現金資本支出包括資本化的內部使用軟體。

I will now discuss our outlook for the third quarter and full year 2025. I'd like to remind everyone again that the following statements are based on current expectations as of today and include forward-looking statements. Actual results may differ materially, and we undertake no obligation to update these forward-looking statements in the future, except as required by law. Our revenue guidance reflects these dynamics in our business and is based on the visibility we have today.

我現在將討論我們對 2025 年第三季和全年的展望。我想再次提醒大家，以下聲明是基於截至今天的當前預期，並包含前瞻性陳述。實際結果可能存在重大差異，除非法律要求，否則我們不承擔將來更新這些前瞻性聲明的義務。我們的收入預期反映了我們業務中的這些動態，並基於我們今天的知名度。

I'd like to note that on June 19, the current administration extended the prior nonenforcement instructions on TikTok's US operations until September 17. Globally, ByteDance, the parent company of TikTok represented less than 10% of our revenue in the second quarter of 2025 and the United States traffic represented less than 2% of our revenue in the same period. While we do not know the outcome of US policy on TikTok, to be consistent with our practice in the first half of 2025, we are excluding TikTok's US forecasted revenue beyond September 17 from our guide. As Kip discussed, we saw revenue strength from new customer acquisition, share gains due to competitive takeout strategies as well as favorable pricing.

我想指出的是，6月19日，美國現任政府將先前針對TikTok美國業務的非執行指令延長至9月17日。在全球範圍內，TikTok 的母公司位元組跳動在 2025 年第二季的營收占我們總營收的不到 10%，而美國流量在我們同期的營收佔不到 2%。雖然我們不知道美國對 TikTok 的政策結果，但為了與我們 2025 年上半年的做法保持一致，我們將 TikTok 在 9 月 17 日之後的美國預測收入排除在我們的指南之外。正如 Kip 所討論的，我們看到了新客戶獲取帶來的收入成長、競爭性外送策略帶來的份額成長以及優惠的價格。

We expect these dynamics to continue into the second half and as a result, we expect to see modest upside to our typical flattish sequential seasonal growth in the third quarter. For the third quarter, we expect revenue in the range of $149 million to $153 million representing 10% annual growth at the midpoint. Given the ongoing network efficiency improvements in our cost of revenue, we anticipate our gross margins for the third quarter will improve 50 basis points relative to the second quarter to 59.5% plus or minus 50 basis points.

我們預計這些動態將持續到下半年，因此，我們預計第三季我們典型的平穩連續季節性成長將略有上升。對於第三季度，我們預計營收將在 1.49 億美元至 1.53 億美元之間，相當於年增長率為 10%。鑑於我們收入成本中網路效率的持續改善，我們預計第三季的毛利率將比第二季提高 50 個基點，達到 59.5%（上下浮動 50 個基點）。

Guidance for our third quarter operating results reflect the impact of a sequential increase in revenue and gross margin and the benefit of a sequential decrease in operating expenses. As I described earlier, we will benefit from seasonal declines in payroll taxes as well as the seasonal declines in our marketing spend on events and an increase in capitalized internal use software related expenses in R&D. As a result, for the third quarter, we expect a non-GAAP operating loss of $1 million to a non-GAAP profit of $3 million.

我們第三季經營業績的指引反映了營收和毛利率持續成長的影響以及經營費用連續下降的好處。正如我之前所描述的，我們將受益於工資稅的季節性下降以及活動行銷支出的季節性下降以及研發中資本化內部使用軟體相關費用的增加。因此，我們預計第三季非公認會計準則營業虧損為 100 萬美元，非公認會計準則利潤為 300 萬美元。

We expect a non-GAAP net loss of $0.02 per basic and diluted share to a non-GAAP net profit of $0.02 per diluted share. Note that for the third quarter, fully diluted shares for positive EPS will increase approximately 5 million shares over our basic share count of 148 million shares. The recent momentum in our business and gains in profitability position us well to achieve profitability on a non-GAAP basis.

我們預計非公認會計準則每股基本淨虧損和稀釋淨虧損為 0.02 美元，非公認會計準則每股稀釋淨利為 0.02 美元。請注意，第三季度，實現正每股收益的完全稀釋股份將比我們的基本股份數量 1.48 億股增加約 500 萬股。我們業務的近期發展勢頭和盈利能力的提升使我們能夠在非公認會計準則基礎上實現盈利。

For calendar year 2025, we are raising our revenue guidance to a range of $594 million to $602 million, reflecting annual growth of 10% at the midpoint.

對於 2025 日曆年，我們將營收預期上調至 5.94 億美元至 6.02 億美元，中間值為年增長率 10%。

We anticipate our 2025 gross margins will be approximately flat, plus or minus 50 basis points relative to 2024 gross margins of 58.8%. We are reducing our non-GAAP operating loss expectations to a range of $9 million to $3 million, reflecting an operating margin of negative 1% at the midpoint, an improvement of approximately 73% in dollar terms over 2024's operating loss margin of 4%. For modeling purposes, this implies 2025 operating expenses are approximately $355 million to $360 million.

我們預計 2025 年的毛利率將基本持平，相對於 2024 年 58.8% 的毛利率上下浮動 50 個基點。我們將非公認會計準則營業虧損預期下調至 900 萬美元至 300 萬美元之間，反映出中間點的營業利潤率為負 1%，以美元計算比 2024 年 4% 的營業虧損率改善了約 73%。為了建模目的，這意味著 2025 年的營運費用約為 3.55 億美元至 3.6 億美元。

We expect our non-GAAP loss per share to be in the range of $0.10 to $0.04, and we expect free cash flow to be in the range of breakeven to positive $10 million compared to negative $36 million in 2024, an improvement of $41 million year-over-year at the midpoint. Before we open the line for questions, I'd like to thank Kip, the Fastly Board and all Fastly employees for their support. I'm confident in Fastly's future and thank you for your interest and your support in Fastly.

我們預計非公認會計準則每股虧損將在 0.10 美元至 0.04 美元之間，我們預計自由現金流將在盈虧平衡至正 1000 萬美元之間，而 2024 年為負 3600 萬美元，按中間值計算，同比去年同期改善 4100 萬美元。在我們開始提問之前，我想感謝 Kip、Fastly 董事會和所有 Fastly 員工的支持。我對 Fastly 的未來充滿信心，感謝您對 Fastly 的關注和支持。

Operator?

操作員？

(Operator Instructions)

（操作員指示）

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Good afternoon and congratulations on the strong results. Ron, it's really been great to work with you these past few years, and we really wish you the best for the future as well. Welcome on Board, Kip and Rich as well. Just maybe to start out, clearly, there's been significant change at the management level. It seems in many of the key leadership positions, should we view this as a new chapter in the Fastly story?

下午好，恭喜您取得優異的成績。羅恩，過去幾年和你一起工作真的很愉快，我們也真心祝福你未來一切順利。歡迎 Kip 和 Rich 加入。首先，顯然，管理層已經發生了重大變化。在許多關鍵領導職位上，我們是否應該將此視為 Fastly 故事的新篇章？

And if it isn't maybe too early, what does that opportunity set maybe look like as you look a little bit longer term, I know you've outlined some of the strategic and tactical opportunities here. But how should we think about the opportunity to unlock that faster growth for Fastly?

如果現在還不算太早，那麼從更長遠的角度來看，這個機會集會是什麼樣子呢？我知道您已經在這裡概述了一些戰略和戰術機會。但是，我們該如何看待為 Fastly 開啟更快成長的機會呢？

Yeah, thanks for the question. I think new chapter is probably right. I feel like we have an opportunity to build on what we have achieved including Ron's mini contributions. We've established a strategy that's beginning to show results. And I think this quarter exemplifies that.

是的，謝謝你的提問。我認為新篇章可能是正確的。我覺得我們有機會在已取得的成就的基礎上再接再厲，包括羅恩的微小貢獻。我們已經制定了一項開始顯現成效的策略。我認為本季就體現了這一點。

Of course, we're looking forward to more results to come. But we have an opportunity, I think, to lean into where we've established momentum, particularly in go-to-market and product velocity and really just overall increase our focus and speed in executing our strategy and accelerate results and accelerate towards profitability as soon as possible.

當然，我們期待更多成果的出現。但我認為，我們有機會依靠我們已經建立的勢頭，特別是在上市和產品速度方面，真正全面提高我們執行策略的重點和速度，加快成果，盡快實現盈利。

And I think longer term, that strategy will open up significant opportunities for us, obviously, in security and compute. And we'll have more to say about that in future calls.

我認為從長遠來看，該戰略將為我們帶來重大機遇，尤其是在安全和運算領域。我們將在未來的電話會議中對此進行更多討論。

Got it. And just as a quick follow-up, can you talk a little bit about the pricing environment? And what's maybe giving you the optimism that this can hold? Any additional color would be valuable.

知道了。作為快速的跟進，您能否稍微談談定價環境？那麼什麼可能讓您對此抱持樂觀態度呢？任何額外的顏色都是有價值的。

Thank you.

謝謝。

Yeah. I'll comment, and I'm sure Ron will have a perspective on this as well. I think that we've seen -- we talked about an improving pricing environment I think, for a couple of quarters now. I think one thing that started to kick in for us is the increased discipline and focus that Scott and his leadership team on the go-to-market side have brought where we're being very thoughtful about how we're negotiating discounts with our customers as well as how we're negotiating commitments, committed revenue from those customers. And then that's very important.

是的。我會發表評論，我相信羅恩也會對此有自己的看法。我認為我們已經看到——我們談論過一個正在改善的定價環境，我想，已經有幾個季度了。我認為，對我們開始產生影響的一件事是，史考特和他的領導團隊在行銷方面提高了紀律和專注度，我們非常認真地考慮如何與客戶協商折扣，以及如何協商承諾，從這些客戶那裡獲得承諾的收入。這非常重要。

And I think you can see that in our record RPO.

我想您可以在我們的記錄 RPO 中看到這一點。

Yeah. And I think the only thing I would add to that, in addition to kind of that internal discipline is kind of what we're seeing in the macro one, I think with the consolidation in the industry that's created some stability. I think we're also seeing just kind of a post 2024, where we did see some acceleration. I think we're seeing stability. We're seeing that not only in the second quarter, but in the negotiations and renewal conversations we're having for Q3 and Q4, where we're seeing stability.

是的。我認為我唯一要補充的是，除了內部紀律之外，我們在宏觀上看到的是，產業整合創造了一定的穩定性。我認為我們也會看到 2024 年後的一個趨勢，我們確實看到了一些加速。我認為我們正在看到穩定。我們不僅在第二季度看到了這一點，而且在第三季和第四季的談判和續約對話中也看到了穩定性。

And so I think that trend line we see being favorable through at least the end of the year.

因此我認為我們看到的趨勢線至少在年底前是有利的。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hey, congrats on the new promotion here and Ron, I'll echo Jonathan's comments, but it was great to work with you and best of luck on your next endeavor. I did want to dive into the cross-sell initiative for the '25 comp plan.

嘿，恭喜你在這裡獲得晉升，羅恩，我贊同喬納森的評論，但很高興與你合作，祝你在接下來的工作中好運。我確實想深入研究‘25’計劃的交叉銷售計劃。

Anything you guys can share beyond the greater than 50% and greater than 130% metric wise on how this cross-sell, upsell is going, what I'm backing into on the in-period NRR, it looked actually exceptionally strong. So anything else you guys can share? How is productivity of the new security specialists, things like that?

除了超過 50% 和超過 130% 的指標之外，你們還能分享什麼關於交叉銷售和追加銷售的進展情況，以及我對期內 NRR 的支持，它看起來實際上非常強勁。那你們還有什麼可以分享的嗎？新安全專家的生產力如何，諸如此類？

Yeah, again, I'll comment, and I'm sure Ron will have a perspective. And I'll just comment maybe qualitatively. I spend a lot of time with customers, and I can kind of share with you what I've seen from customers. Our platform strategy is really starting to have a meaningful impact on the way that they think about us as a partner and as a vendor. And we see more and more situations where our existing customers pick up new products for the -- to enhance the use cases or even to go into new use cases that Fastly wasn't previously involved in.

是的，我會再次發表評論，我相信羅恩會有自己的看法。我可能只是從質量上進行評論。我花了很多時間與客戶相處，我可以與你們分享我從客戶身上看到的東西。我們的平台策略確實開始對他們將我們視為合作夥伴和供應商的方式產生有意義的影響。我們看到越來越多的情況，我們的現有客戶選擇新產品來增強用例，甚至進入 Fastly 以前沒有涉及的新用例。

And a lot of the feedback we get is that they're very happy with the performance and the support or opted to call-outs.

我們收到的許多回饋是，他們對性能和支援非常滿意，或者選擇呼叫。

And they're looking for more opportunities to leverage Fastly. And as we've launched particularly the additional security products over the last year, that's been a little bit of a recurring theme, some of our existing customers expanding into new use cases with us. But Ron may have some other more quantitative thought.

他們正在尋找更多機會來利用 Fastly。並且，隨著我們在過去一年中推出了特別是附加安全產品，這已經成為一個反覆出現的主題，我們的一些現有客戶正在與我們一起擴展新的用例。但羅恩可能還有其他更量化的想法。

The only thing I would add to that, we've talked about this for a while. I think the industry as a whole has been moving more toward a platform where people do want to buy a platform with their security with compute all on a single platform. That evolving as we continue to do our platform unification making it a lot easier to add those products. And then just to add what Kip said, we've expanded our product portfolio, particularly around security. It's really enabled us to start to kind of gain from those trends in the market and accelerate the number of products that people have.

我唯一想補充的是，我們已經討論這個問題有一段時間了。我認為整個產業已經越來越傾向於平台化，人們確實希望購買一個平台，將安全性和運算功能集中在一個平台上。隨著我們不斷進行平台統一，這個過程也在不斷發展，使得添加這些產品變得更加容易。然後補充 Kip 所說的，我們擴大了我們的產品組合，特別是在安全方面。它確實使我們能夠開始從市場趨勢中獲益，並加速人們擁有的產品數量。

And we certainly built a sales plan around leveraging that capability.

我們確實圍繞著利用這一能力製定了銷售計劃。

Got it. Makes sense. And look, I was on the higher revenue commitments from the top 10, it looks like it drove a decent acceleration here on the RPO side of things. So how should we think about some of the bookings from them this quarter? And any vertical strength you saw within those top 10, 4 looking at those in commitments.

知道了。有道理。看看，我對前 10 名的收入承諾更高，看起來它在 RPO 方面推動了相當大的加速。那麼我們應該如何看待本季他們的一些預訂呢？您在前 10 名中看到的任何垂直實力，4 都是在考慮承諾。

Is it -- I'm trying to understand how much of it is really just the Edgio benefit here of then kind of exiting the market that it's kind of onetime bookings kind of higher commitments there versus you guys seeing more durable tailwinds outside of Edgio. Thanks guys.

是嗎——我想了解其中有多少實際上是 Edgio 帶來的好處，然後退出市場，這是一種一次性預訂，是一種更高的承諾，而你們在 Edgio 之外看到了更持久的順風。謝謝大家。

Yeah. I mean I think there's a couple of drivers here, like a lot of things. I think one, certainly, the exit of Edgio does improve kind of the traffic allocation and improve the commitment levels. I think our performance differentiation and a number of customers has sort of solidified our position in terms of traffic allocation where customers are willing to make that commitment.

是的。我的意思是我認為這裡有很多驅動因素，就像很多事情一樣。我認為，首先，Edgio 的退出確實改善了交通分配並提高了承諾水準。我認為，我們的效能差異和大量客戶鞏固了我們在流量分配方面的地位，客戶願意做出這樣的承諾。

On the heels of, I think, is taking a very position that if you want the bigger discount, you've got to sign up for a bigger commit. And we're seeing success from that.

我認為，接下來的立場是，如果你想要更大的折扣，你必須簽署更大的承諾。而我們已經看到了成功。

Yeah. I mean I think Edgio clearly, is perhaps a onetime event in terms of capacity shift within the industry. But I think Scott and the team have really shifted the compensation and the focus to where there's a greater emphasis on negotiating commits with those customers. And that obviously helps us stabilize revenue and drive investment in the business to meet those customers' needs.

是的。我的意思是，我認為 Edgio 顯然可能是產業內產能轉變的一次性事件。但我認為史考特和他的團隊確實已經將薪資和重點轉移到更重視與客戶協商承諾的地方。這顯然有助於我們穩定收入並推動業務投資以滿足這些客戶的需求。

So I think there could be a onetime effect from Edgio, but I think that the focus on commitments is part of the story here, and that's certainly going to continue.

所以我認為 Edgio 可能會產生一次性的影響，但我認為對承諾的關注是這裡故事的一部分，而且這種情況肯定會持續下去。

Great, thanks.

太好了，謝謝。

Frank Louthan, Raymond James.

法蘭克洛森、雷蒙詹姆斯。

Great. Thank you. So maybe walk us through sort of how you're viewing the company coming in and maybe some broader strategic things you think that you needed to change reach more better growth and profitability? And do you think you have the team you need in place now? Or do we expect some more management changes going forward? Thanks.

偉大的。謝謝。那麼，您能否向我們介紹一下您對公司未來發展的看法，以及您認為需要改變哪些更廣泛的策略，以實現更好的成長和獲利能力？您認為現在已經擁有所需的團隊了嗎？或者我們預期未來還會有更多的管理變革？謝謝。

Appreciated. Great question. And while I'm new to the CEO role, of course, I'm not new to Fastly, been here for a little while as previously as the Chief Product Officer and worked very closely with the executive team and the Board on our strategy and other matters across the company. I think the team will continue to evolve. I think as our business changes and grows, we'll expect changes in our leadership teams.

非常感謝。好問題。雖然我是新上任的首席執行官，但我對 Fastly 並不陌生，我之前曾在這裡擔任首席產品官一職，並與執行團隊和董事會就我們的策略和整個公司的其他事務密切合作。我認為球隊將繼續進步。我認為，隨著我們業務的變化和發展，我們的領導團隊也會改變。

And I'm not here to forecast any additional imminent change. But I would just say I view it as a healthy part of the evolution of the company and change always brings an opportunity and so we look at it that way, and I'm focused on building a world-class team that's oriented around executing our strategy. In terms of sort of what's next. I mean I was here to help formulate the strategy, and I believe the results this quarter show elements of the strategy working, I think it's really a matter of leaning in and accelerating the results there.

我在這裡並不是要預測任何即將發生的額外變化。但我只想說，我認為這是公司發展的一個健康部分，變化總是帶來機遇，所以我們以這種方式看待它，我專注於建立一支以執行我們的策略為導向的世界級團隊。關於下一步該做什麼。我的意思是，我來這裡是為了幫助制定策略，我相信本季的結果表明該戰略的各項要素正在發揮作用，我認為這實際上是一個傾斜並加速結果的問題。

There's an opportunity with the momentum that Scott is building for us to get more results on go-to-market. And I'm working with the leadership team to just increase our focus and velocity as we execute on these things. I think we are making some progress on security. You saw the record revenue there. We certainly have big aspirations going forward.

斯科特正在營造的勢頭為我們帶來了在市場進入方面取得更多成果的機會。我正在與領導團隊合作，在執行這些事情時提高我們的關注和速度。我認為我們在安全方面取得了一些進展。您看到了那裡創紀錄的收入。我們當然對未來抱持著遠大的期望。

So we'll be continuing to drive that. And I think compute is somewhat partially tapped or even untapped opportunity for the company.

因此我們將繼續推動這項進程。我認為計算對於公司來說是一個尚未開發甚至尚未利用的機會。

And we've got some ideas of how we can grow that business that we'll be able to talk about more in the future. So I'm excited about where the company is at. I played a role in positioning us prior to becoming CEO. And frankly, I've really enjoyed the support I've received from the Board and from our leadership team and our employees as I stepped into the role.

我們對如何發展業務有一些想法，將來我們會進一步討論。所以我對公司的現況感到很興奮。在成為執行長之前，我為我們定位發揮了作用。坦白說，當我擔任這個職務時，我非常感激董事會、領導團隊和員工給予我的支持。

That's great. How long do you think it will be before you replace someone in Scott's position?

那太棒了。您認為多久之後才會有人取代史考特的位置？

How long will it be before I replaced someone in Scott's position?

我還要多久才能找到人來取代斯科特的位置？

Well, you've moved I'm sorry, the--

嗯，你已經搬走了，很抱歉，這——

No, I don't think -- I think actually that -- I'm sorry, that's probably not how we're thinking about it. We're elevating Scott and his direct reports will continue reporting to him, and he will -- and he's gaining the marketing function. So I don't anticipate having a President of go-to-market and a Chief Revenue Officer.

不，我不這麼認為——實際上我認為——抱歉，我們可能不是這麼想的。我們正在提升斯科特的職位，他的直接下屬將繼續向他匯報，而且他將獲得行銷職能。所以我不希望有行銷總裁和首席營收長。

So Scott's going to be in this position for a long time. We're really excited about this leadership.

所以斯科特將長期擔任這個職位。我們對這項領導力感到非常興奮。

Great . All right. And Ron, thank you very much for all your help over the years. I appreciate it.

偉大的。好的。羅恩，非常感謝您多年來的幫助。我很感激。

Rudy Kessinger, DA Davidson.

魯迪·凱辛格，DA 戴維森。

Great guys, thanks for taking my questions. Congrats over the new roles and Ron similar to everybody else, I miss working with you and best of luck on what's next. On securities revenue, the growth rate has been rather volatile. Last year, it decelerated from 16% Q1 to 4% in Q4. Now, it's accelerated back to 15% over the last two quarters. Just any color on what's driving the volatility there?

太棒了，謝謝你們回答我的問題。恭喜羅恩獲得新的職位，和其他人一樣，我很想念和你一起工作，祝你接下來一切順利。就證券收入而言，成長率相當不穩定。去年，該成長率從第一季的 16% 下降至第四季的 4%。現在，過去兩個季度，這一增速又回升至 15%。您能解釋一下造成這種波動的原因嗎？

And in particular, what drove the acceleration in Q2 and how should we be modeling or thinking about security growth in the second half of this year and into 2026?

特別是，是什麼推動了第二季的安全成長？我們該如何建模或思考今年下半年和 2026 年的安全成長？

Yeah. I think one of the ways to understand the revenue volatility, I think, really has to do with kind of the history of what we saw in 2024. We had -- we went into the year with very high revenue concentration. We saw some big dislocations from what our historical trends were with just a handful of customers that had an outside impact that had a significant adverse impact on 2024.

是的。我認為，理解收入波動的方法之一實際上與我們在 2024 年所看到的歷史有關。我們—我們今年的營收集中度非常高。我們發現與歷史趨勢相比存在很大差異，少數客戶產生的外部影響對 2024 年產生了重大不利影響。

I mean if you kind of look at the breakout that we've shared top 10 versus everyone else, you can really see the impact that, that had while customers outside of the top 10 continue to grow in the mid- to high teens.

我的意思是，如果你看一下我們分享的前 10 名與其他人的對比情況，你就能真正看到其產生的影響，而前 10 名之外的客戶數量則繼續以 15% 到 19% 的速度增長。

And so that created a lot of the 2024 volatility. I think what you're seeing this year is a recovery and more stability in the top 10 from some of the efforts we've put in place to engage with those top 10 customers, some of the commitments that we've been able to achieve with those top 10 customers and the success of the efforts of the go-to-market efforts that Scott's brought into in terms of accelerating new customer acquisition. As you can see that we saw a big acceleration kind of the largest acceleration we've seen in 2023 in new customers.

這造成了 2024 年的很大波動。我認為，今年您看到的是前 10 名的復甦和更加穩定，這得益於我們為與前 10 名客戶互動而做出的一些努力、我們對前 10 名客戶做出的一些承諾以及 Scott 在加速獲取新客戶方面採取的市場營銷措施的成功。正如您所看到的，我們看到 2023 年新客戶數量出現了有史以來最大的成長。

And while it's not going to be a straight line, we expect to continue to see increasing new customers and that will build on our revenue growth rates going forward. So I think that's really kind of the lens that we're looking at. I think when you look at our outlook for the second half with the raise, we brought that number up to where at the midpoint, we're at 10%, grow better than the midpoint. But I think we are starting to see some stability after 2024.

雖然這不會是一條直線，但我們預計新客戶數量將繼續增加，這將有助於我們未來的收入成長率。所以我認為這確實是我們正在關注的鏡頭。我認為，當你看到我們對下半年的展望時，我們會把這個數字提高到中間點，即 10%，成長率高於中間點。但我認為 2024 年後我們將開始看到一些穩定。

Okay. Got it. And then you guys had called out in the prepared remarks, maybe some competitive displacements on the DDoS with the new DDoS and bot mitigation product. Could you expand on that? Maybe what vendors did you displace?

好的。知道了。然後你們在準備好的評論中呼籲，也許使用新的 DDoS 和機器人緩解產品對 DDoS 進行一些競爭性取代。能詳細闡述嗎？也許您取代了哪些供應商？

Would be the typical vendors we would think of? Or any more color you can share there?

我們會想到哪些典型的供應商？或者您可以分享更多顏色嗎？

Yeah. I probably won't get into specific deals or competitors, but I think we're seeing two patterns and perhaps this is a helpful sort of detail. Often, a customer is using a third-party stand-alone, if you will, bot mitigation vendor. And as we've launched those capabilities on our platform, they've often done a proof of concept and consolidate that into their Fastly relationship.

是的。我可能不會談論特定的交易或競爭對手，但我認為我們看到了兩種模式，也許這是一個有用的細節。通常，客戶會使用第三方獨立機器人緩解供應商。當我們在平台上推出這些功能時，他們經常會進行概念驗證，並將其整合到他們的 Fastly 關係中。

And that gives them a simpler experience and better performance of doing all that processing in one platform at the edge.

這為他們提供了更簡單的體驗和更好的性能，可以在邊緣的一個平台上完成所有處理。

The other example that I've seen a bunch of times is the presence of our bot capabilities opening up opportunities for us to sell a broader set of the platform capabilities, where perhaps we weren't able to position ourselves before.

我多次看到的另一個例子是，我們的機器人功能為我們銷售更廣泛的平台功能提供了機會，而以前我們可能無法定位自己。

So in some cases, customers have that as a requirement. And that new product has unlocked broader opportunities for us. So those are two patterns we're seeing.

因此在某些情況下，客戶有此要求。這款新產品為我們帶來了更廣闊的機會。這就是我們看到的兩種模式。

(Operator Instructions)

（操作員指示）

Jeff Van Rhee, Craig-Hallum.

傑夫·範·裡、克雷格·哈勒姆。

Hey, this is Daniel Hibshman on for Jeff Van Rhee. Maybe just opening a question for Kip on your strategic priorities here coming in. You mentioned velocity and product velocity a few times on this call. Maybe you could just expand a little bit on that, what that means to you at Fastly and then I think in the Q&A, you also mentioned accelerating the path towards profitability and OpEx did get guided to be down the back half, your free cash flow was revised up. So seeing some nice movement on profitability already.

嘿，我是 Daniel Hibshman，代替 Jeff Van Rhee。也許只是想向 Kip 提出一個問題，關於您接下來的策略重點。您在這次通話中多次提到了速度和產品速度。也許您可以稍微擴展一下這一點，這對 Fastly 來說意味著什麼，然後我認為在問答中，您還提到了加速實現盈利的道路，並且運營支出確實被引導到下半年下降，而您的自由現金流被上調了。因此，我們已經看到盈利能力的一些良好變化。

Maybe just any thoughts on if that changes that were you're already making? Just your thoughts on priorities and with regards to the profitability as well?

也許您只是對已經做出的改變有什麼想法嗎？您對優先事項和獲利能力有何看法？

Absolutely. No. As the former Chief Product Officer, the product velocity is dear to my heart and one thing we've heard from a lot of our customers, is they like more products and more feature releases from us so that they can do more and take advantage of those. And that's what I'm referring to. And we've had a notable increase particularly over the last 12 months versus the prior periods.

絕對地。不。身為前首席產品官，我非常重視產品速度，我們從許多客戶那裡聽到的一件事是，他們喜歡我們發布更多的產品和更多的功能，這樣他們就可以做更多的事情並利用這些功能。這就是我所指的。與前幾個時期相比，我們在過去 12 個月中取得了顯著的成長。

In the number of new products and features that we've shipped. In fact, I think today, we launched a new feature in our WAF for account takeover using our deception technology, which a number of customers are pretty excited about.

我們已推出的新產品和新功能的數量。事實上，我認為今天我們在 WAF 中推出了一項新功能，使用我們的欺騙技術進行帳戶接管，許多客戶對此都非常興奮。

So both in terms of new products and enhancing our current products, we're focused on picking up the pace there and our engineering and product teams are doing a great job and are also focused on how they can find additional ways to get more value to our customers faster.

因此，無論是在新產品還是增強現有產品方面，我們都專注於加快步伐，我們的工程和產品團隊做得很好，同時也專注於如何找到其他方法更快地為我們的客戶帶來更多價值。

And of course, that is ultimately value that we can capture as a company. In terms of the profitability and just the trajectory we're on longer term. I think we are in a good place. I mean, we have -- we're forecasting lower OpEx. I think there's some seasonal effects there, but we have been -- I think as Todd spoke about and Champion of making our company more efficient and making sure that we're investing where we need to, to grow, but that the investments we're making are ones that do drive growth and a good ROI.

當然，這最終是我們作為一家公司能夠獲得的價值。就獲利能力和發展軌跡而言，我們的目標更為長期。我認為我們處境很好。我的意思是，我們預測營運支出會降低。我認為這其中存在一些季節性的影響，但我們一直——我認為正如托德所說的那樣，我們要提高公司的效率，確保我們在需要的地方進行投資，以實現增長，但我們所做的投資確實能夠推動增長並獲得良好的投資回報率。

And I think that's a journey of continuous improvement.

我認為這是一個不斷進步的旅程。

We can always look for ways to be more efficient. But the mindset is kind of almost as an investor, not necessarily minimizing spend, but investing where it's going to make a difference for the company and making sure that, that's done efficiently. We saw improved cash collection. We saw improved gross margins. So I think that our path to profitability is clear that it's been in a long time, certainly since I joined at the beginning of 2024.

我們總是可以尋找更有效率的方法。但這種心態幾乎就像投資者，不一定要盡量減少支出，而是投資能為公司帶來改變的地方，並確保有效率地完成投資。我們看到現金收集情況有所改善。我們看到毛利率有所提高。因此，我認為我們的獲利之路很明確，已經走了很長時間了，當然自從我在 2024 年初加入以來。

And I think the team -- the leadership team is very excited about that.

我認為團隊－領導團隊對此感到非常興奮。

That's a major priority of the goal for us. And it's excited, frankly, a lot of excitement at the progress we're making, and we're going to double down on that. And I believe that we can drive to that goal without sacrificing key investments to enable our growth.

這是我們目標的首要任務。坦白說，我們對所取得的進展感到非常興奮，我們將加倍努力。我相信，我們可以實現這一目標，而無需犧牲實現成長的關鍵投資。

That's helpful. And then kind of a follow-up off of that for Ron, again, on the free cash flow. The two quarters now where we've gotten the free cash flow guide increased $10 million, so real nice at the midpoint. So it's real nice improvements to the guide on free cash flow. That's getting revised upwards faster than the changes to the operating income guide.

這很有幫助。然後，羅恩再次就自由現金流進行了跟進。目前，我們獲得的這兩個季度的自由現金流指南增加了 1000 萬美元，因此在中間點表現非常好。因此，這對於自由現金流指南來說確實是一個很大的改進。此修訂速度比營業收入指南的修訂速度更快。

So maybe if you can just walk us through some of the mechanics there. Is there any kind of change in sort of the assumptions on, like Kip just mentioned, cash collection, working capital, CapEx and whatever those factors are, do you see that as sustainable going forward? Thanks.

所以也許您可以向我們介紹其中的一些機制。正如 Kip 剛才提到的，現金收集、營運資金、資本支出等假設是否有任何變化，無論這些因素是什麼，您認為這些變化在未來是否可持續？謝謝。

Yeah, it's a good point. I think if you really dig into it, you can see that we have seen improving cash flow from operations. I think that's been what effort we've had in place, making sure we're being disciplined around payment terms, but also really increasing our engagement with customers just to drive timely payment. Similarly, across the purchasing team, we've been very focused on efficient payment terms and cash management.

是的，這是一個很好的觀點。我想如果你深入研究一下，你會發現我們的經營現金流正在改善。我認為這就是我們一直在努力做到的，確保我們嚴格遵守付款條款，同時也真正增加與客戶的互動，以推動及時付款。同樣，在整個採購團隊中，我們非常注重高效的付款條件和現金管理。

I think those are some of the drivers that I think will be sustainable. It's not going to be a straight line, but overall, we expect to continue to drive efficiency in our cash management and hopefully continue to drive more favorable results across our cash flow relative to the P&L, which as that improves, that's just going to be a contributor to that cash flow.

我認為這些是一些可持續的驅動因素。這不會是一條直線，但總體而言，我們預計將繼續提高現金管理效率，並希望繼續推動現金流量相對於損益表取得更有利的結果，隨著這種情況的改善，這將成為現金流的貢獻者。

Thanks, Ron.

謝謝，羅恩。

(Operator Instructions)

（操作員指示）

And there are no further questions at this time, Kip Compton, CEO, I turn it back over to you for closing remarks.

現在沒有其他問題了，執行長基普康普頓，我把時間交還給您，請您做最後發言。

Thank you. As the new CEO, I am honored to be leading Fastly, we're building strong momentum in the business. As you heard today, we reported record security revenue, improving margins and record RPO in Q2 among other highlights.

謝謝。作為新任首席執行官，我很榮幸能夠領導 Fastly，我們正在為業務創造強勁的發展勢頭。正如您今天所聽到的，我們報告了第二季度創紀錄的安全收入、提高的利潤率和創紀錄的 RPO 等亮點。

We remain focused on accelerating growth, driving towards profitability and delivering lasting value for all of our stakeholders. I want to thank the Fastly employees, customers and investors for all of their support.

我們始終致力於加速成長、提高獲利能力並為所有利害關係人創造持久價值。我要感謝 Fastly 員工、客戶和投資者的所有支持。

Thank you so much for your time today.

非常感謝您今天抽出時間。

Thank you. This does conclude today's presentation. You may now disconnect.

謝謝。今天的演講到此結束。您現在可以斷開連線。