Fastly Inc (FSLY) 2025 Q4 法說會逐字稿

Good afternoon. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly fourth-quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Vern Essi, Investor Relations at Basle. Please go ahead.

午安.我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 Fastly 公司歡迎各位參加 2025 年第四季財報電話會議。（操作員指示）現在我將把會議交給巴塞爾投資者關係部的Vern Essi。請繼續。

Thank you, and welcome, everyone, to our fourth-quarter 2025 earnings conference call. We have Fastly's CEO, Kip Compton, and CFO, Rich Wong with us today. The webcast of this call can be accessed through our website, fastly.com will be archived for one year.

謝謝各位，歡迎參加我們2025年第四季財報電話會議。今天我們邀請了 Fastly 的執行長 Kip Compton 和財務長 Rich Wong。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。

Also, a replay will be available by dialling (800) 770-2030 and referencing conference ID number 754-3239 shortly after the conclusion of today's call. A copy of today's earnings press release, related financial tables and supplements, all of which are furnished in our 8-K filing today, can be found in the Investor Relations portion of Fastly's website along with the investor presentation.

此外，在今天的電話會議結束後不久，撥打 (800) 770-2030 並輸入會議 ID 號 754-3239 即可收聽重播。今天發布的收益新聞稿、相關財務表格和補充資料的副本，以及我們今天提交的 8-K 文件，都可以在 Fastly 網站的投資者關係部分找到，投資者演示文稿也包含在內。

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，我們將發表前瞻性聲明，包括與我們業務的預期表現、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聲明。這些聲明受到已知和未知風險、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 reports filed on Form 10-Q filed with the SEC and our fourth-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 sections entitled Risk Factors.

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提交的文件，包括我們最近向美國證券交易委員會提交的 10-K 表格年度報告和 10-Q 表格季度報告，以及我們 2025 年第四季度收益發布和補充報告，其中討論了可能導致我們業績出現差異的因素。請特別參閱題為「風險因素」的章節。

We encourage you to read these documents. Also note that the forward-looking statements on this call are based on information available to us as of today. 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.

我們建議您閱讀這些文件。另請注意，本次電話會議中的前瞻性陳述均基於我們截至今日所掌握的資訊。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，我們也將討論一些非GAAP財務指標。

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. These non-GAAP measures are not intended to be a substitute for our GAAP results.

除非另有說明，我們今天討論的所有數字（收入除外）都將是經調整的非GAAP數據。與最直接可比較的 GAAP 財務指標的調整表已在投資者關係網站的獲利報告和補充文件中提供。這些非GAAP指標並非旨在取代我們的GAAP績效。

Before we begin our prepared comments, please note that during the first-quarter, we will be attending the Raymond James 47 Annual Institutional Investors Conference in Orlando on March 2.

在我們開始發表準備好的評論之前，請注意，在第一季度，我們將於 3 月 2 日在奧蘭多參加 Raymond James 第 47 屆年度機構投資者大會。

Now I'll turn the call over to Kip.

現在我把電話交給基普。

Thanks, Ferd. Hi, everyone, and thank you for joining us. When I became Chief Executive Officer seven months ago, I shared a vision to accelerate our growth and drive towards profitability through disciplined execution. Thanks to our team's strong performance that vision is becoming a reality. Our exceptional Q4 results reflect this reality as we exceeded expectations across the board.

謝謝你，費爾德。大家好，感謝各位的參與。七個月前我擔任執行長時，我提出了一個願景，透過嚴謹的執行來加速公司成長並實現獲利。感謝我們團隊的出色表現，這個願景正逐步成為現實。我們第四季優異的業績反映了這一現實，我們在各個方面都超出了預期。

We delivered our fourth consecutive quarter of revenue acceleration closing out the year with record revenue of $173 million in the fourth-quarter. This represented 23% annual growth, the highest in over three years and exceeded the top end of our guidance.

我們連續第四個季度實現了營收成長，第四季營收達到創紀錄的 1.73 億美元，為全年畫下了圓滿的句點。這相當於 23% 的年增長率，是三年多來的最高水平，並超過了我們預期的上限。

Our stronger-than-expected top line results drove strong incremental flow-through. This resulted in record gross margins of 64%, demonstrating the operating leverage and efficiency in our business. This enabled our operating margin and operating income to both reach all-time highs in absolute dollars and as a percentage of revenue, leading to our fourth straight quarter of positive free cash flow.

我們超越預期的營收成長帶動了強勁的增量銷售。這使得毛利率達到了創紀錄的 64%，證明了我們業務的營運槓桿和效率。這使得我們的營業利潤率和營業收入無論以絕對美元還是佔收入的百分比都達到了歷史新高，從而實現了連續第四個季度的正自由現金流。

Our stellar Q4 results also capped off a strong 2025, marking our first profitable fiscal year. Our teams drove this success with discipline, focus and execution and we are excited to carry this momentum into 2026. In the fourth-quarter, Network Services grew 19% year-over-year, outpacing market growth. This is attributable to stronger-than-expected event performance and larger customers directing traffic to our platform due to their prioritization of network stability, performance, and resilience.

我們第四季出色的業績也為強勁的 2025 年畫上了圓滿的句號，標誌著我們第一個盈利的財年。我們的團隊憑藉著嚴明的紀律、專注的精神和高效的執行力取得了這一成功，我們很高興能夠將這種勢頭延續到 2026 年。第四季度，網路服務年增 19%，超過了市場整體成長速度。這歸功於活動表現超出預期，以及大型客戶由於優先考慮網路穩定性、效能和彈性而將流量引導至我們的平台。

Our go-to-market motion is operating with increased rigor and clarity. At the same time, our new product launches, especially in security, have allowed us to deliver more business outcomes for our customers, enabling us to grow faster than the market.

我們的市場推廣策略正在以更嚴謹和清晰的方式運作。同時，我們的新產品發布，尤其是在安全領域，使我們能夠為客戶帶來更多業務成果，從而實現比市場更快的成長。

Security revenue growth accelerated to 32% year-over-year, up from 30% in the third-quarter and notching another record high. As we discussed on previous calls, we are focused on building a more comprehensive ever-growing suite of security products aligned with customer requirements. This enables a stronger security-led sales motion supplementing our well-established differentiation and performance and better positing Fastly to engage with customers on their critical security needs, all while providing an additional entry point into high-value, long-term customer relationships.

安全業務收入年增至 32%，高於第三季的 30%，再創歷史新高。正如我們在先前的電話會議中所討論的那樣，我們致力於建立一套更全面、不斷增長的安全產品套件，以滿足客戶的需求。這使得我們能夠採取更強有力的安全導向型銷售策略，補充我們已建立的差異化優勢和業績，並更好地使 Fastly 能夠與客戶就其關鍵安全需求進行互動，同時為建立高價值的長期客戶關係提供額外的切入點。

In Q4, we continued investment in our platform strategy to drive multiproduct adoption and build upon our cross-sell momentum. We're investing heavily in security and resilience with the latter becoming top of mind for customers in recent months. These efforts drove meaningful feature launch momentum highlighted by several fourth-quarter releases, including API inventory, enabling customers to review catalog and manage APIs to identify ownership prioritize proactive optimization and accelerate incident response.

第四季度，我們繼續投資於平台策略，以推動多產品採用，並鞏固交叉銷售動能。我們正在大力投資安全性和韌性，而韌性在近幾個月來已成為客戶最關心的問題。這些努力推動了功能發布的重要勢頭，第四季度發布的幾個版本尤其突出，其中包括 API 清單，使客戶能夠查看目錄和管理 API，以確定所有權，優先考慮主動優化並加快事件回應。

API inventory builds upon API discovery launched in Q3 of 2025 to expand Fastly's API security and management offerings. We're proud of the remarkable progress in building out our API suite. And in the fourth-quarter, Gartner Peer Insights recognized fastly with a 2025 Customer's Choice Award for cloud web application and API protection.

API 清單建立在 2025 年第三季推出的 API 發現之上，旨在擴展 Fastly 的 API 安全和管理產品。我們為在建立 API 套件方面取得的顯著進展感到自豪。第四季度，Gartner Peer Insights 授予 fast 2025 年雲端 Web 應用程式和 API 保護客戶選擇獎。

We are the only company to have earned this recognition seven straight years. Also now available are custom dashboards and alerts, all customers across the Firstly platform can tailor at-a-glance insights that they need for intelligent execution and access the actual alerts that they need to accelerate incident response.

我們是唯一一家連續七年獲得此項殊榮的公司。現在還提供自訂儀表板和警報，Firstly 平台上的所有客戶都可以自訂他們所需的概覽信息，以便進行智慧執行，並訪問他們所需的實際警報，從而加快事件響應速度。

We also launched AI assistant in beta this context to where in console agentic feature accelerates faster platform adoption by enterprise software engineering teams with step-by-step guidance and personalized recommendations. Our go-to-market team has focused on customers and verticals best aligned to our platform strength, particularly performance and resiliency. These efforts were reflected in balanced revenue growth across product lines, geographic regions, and customer segments in 2025, positioning us to drive continued growth in 2026.

在此背景下，我們也推出了 AI 助理測試版，其中控制台代理功能透過逐步指導和個人化建議，加速企業軟體工程團隊對平台的採用。我們的市場推廣團隊專注於最符合我們平台優勢的客戶和垂直產業，特別是性能和彈性。這些努力在 2025 年實現了產品線、地理區域和客戶群的均衡收入成長，為我們在 2026 年繼續成長奠定了基礎。

Given this momentum, our go-to-market teams are focused on accelerating customer acquisition to further support our future growth. Our go-to-market focus also enabled us to accelerate upsell and cross-sell engagement, maximizing value with our largest customers.

鑑於目前的良好勢頭，我們的市場推廣團隊正致力於加快客戶獲取速度，以進一步支持我們未來的成長。我們以市場為導向的策略也使我們能夠加快追加銷售和交叉銷售的步伐，從而最大限度地提高我們最大客戶的價值。

This is evidenced by several recent expansions and new customers where the Fastly platform address mission-critical performance and security requirements for our customers. For example, a Fortune 500 restaurant chain recently selected the Fastly platform to secure and deliver their application traffic by displacing a legacy provider, they simplified their architecture and reduced management overhead.

最近幾次的業務拓展和新客戶證明了這一點，Fastly 平台能夠滿足客戶的關鍵任務效能和安全要求。例如，財富 500 強連鎖餐廳最近選擇 Fastly 平台來保護和交付其應用程式流量，透過取代傳統供應商，他們簡化了架構並降低了管理開銷。

This is also a case where performance mattered. After switching to Fastly, the customer experienced their best Digital Day on record. A Fortune 500 home retailer expanded their use of the Fastly platform, displacing their security incumbent after a rigorous review of our next-gen WAF and managed security service.

這是一個表現至關重要的案例。改用 Fastly 後，該客戶體驗了有史以來最好的數位日。財富 500 強家居零售商擴大了 Fastly 平台的使用範圍，在對我們的下一代 WAF 和託管安全服務進行嚴格審查後，取代了他們原有的安全供應商。

In addition to a stronger security posture, because were offloaded complex traffic control management to Fastly platform, freeing their teams to focus on innovation. A leading cloud observability and security provider expanded their use of the Fastly platform to include fast compute as well as fast security portfolio.

除了增強安全態勢外，由於將複雜的流量控制管理卸載到 Fastly 平台，他們的團隊得以專注於創新。一家領先的雲端可觀測性和安全性供應商擴大了其對 Fastly 平台的使用範圍，使其涵蓋快速運算和快速安全產品組合。

Our platform enables them to execute complex workloads and rapid product iterations while maintaining granular data protection. A leading print on-demand marketplace recently expanded its use of the Fastly platform to include fastly bought management and fastly compute.

我們的平台使他們能夠在保持精細資料保護的同時，執行複雜的工作負載和快速的產品迭代。一家領先的隨選印刷市場最近擴展了其對 Fastly 平台的使用，包括 fastly 採購管理和 fastly 運算。

They required the high granularity visibility and control that our platform provides to manage complex traffic and security requirements. As the Internet moves into the age of an agentic AI, it's clear that the edge will play a pivotal role. Our infrastructure is designed to power this edge intelligent layer optimizing authorized AI agents and blocking abuse.

他們需要我們平台提供的精細化可見性和控制力，以管理複雜的流量和安全需求。隨著網路邁入人工智慧自主化的時代，邊緣運算顯然將發揮關鍵作用。我們的基礎設施旨在為這一邊緣智慧層提供支持，優化授權的 AI 代理並阻止濫用行為。

As one of the leading edge cloud providers, Fastly is well positioned to capitalize on this transition. We see AI increasingly as a tailwind for our business with increasing agentic AI traffic, AI bot management opportunities and AI workloads running on our platform. As we look to our 2026 guidance, we are leaning into our momentum and see continued upside in the business.

作為領先的前沿雲端服務供應商之一，Fastly 已做好充分準備，把握這項轉型機會。我們看到人工智慧正日益成為我們業務的助力，智慧AI流量不斷增長，AI機器人管理機會增多，以及AI工作負載在我們的平台上運作。展望 2026 年的業績指引，我們正乘勢而上，並認為業務將持續成長。

Our first-quarter and 2026 revenue growth guidance of 18% and 14%, respectively, reflect confidence that our business will outpace market growth while maintaining a prudent approach to longer-term visibility, especially amid greater macroeconomic and geopolitical uncertainty. Rich will now walk through our financial results and 2026 guidance in more detail.

我們第一季和 2026 年的營收成長預期分別為 18% 和 14%，這反映出我們有信心，我們的業務成長速度將超過市場成長速度，同時保持對長期前景的謹慎態度，尤其是在宏觀經濟和地緣政治不確定性加劇的情況下。接下來，Rich 將更詳細地介紹我們的財務表現和 2026 年的業績展望。

Rich, over to you.

Rich，該你了。

Thank you, Kip, and thank you, everyone, for joining us today. Before diving into the financials, I want to say that I'm really excited to wrap up my second-quarter fastly and I to build our results. We continue to accelerate our revenue growth momentum while demonstrating strong incremental revenue flow-through to drive profitability.

謝謝Kip，也謝謝各位今天能來參加。在深入探討財務數據之前，我想說我非常興奮能夠盡快完成第二季的工作，並且取得良好的表現。我們持續加快營收成長動能，同時展現強勁的增量營收流向，進而推動獲利能力。

This is driven by our strong focus on our go-to-market execution, our broader product portfolio, especially in security and our fiscal discipline. In addition, we recapitalized our balance sheet to specifically improve our liquidity and prepare us for our next phase of growth.

這得益於我們對市場推廣執行的重視、我們更廣泛的產品組合（尤其是在安全領域）以及我們的財務紀律。此外，我們還對資產負債表進行了資本重組，以改善流動性，並為下一階段的成長做好準備。

Now on to our Q4 and year-end results. I'd like to remind you that unless otherwise stated, all financial results of my discussion are non-GAAP based. Revenue for the fourth-quarter increased 23% year-over-year to $172.6 million, coming in above the high end of our guidance range of $159 million to $163 million.

接下來公佈我們的第四季和全年業績。我想提醒各位，除非另有說明，我討論的所有財務結果均基於非GAAP準則。第四季營收年增 23% 至 1.726 億美元，高於我們先前預測的 1.59 億美元至 1.63 億美元區間的上限。

This result was a record high for fast and also represented the largest sequential dollar growth in the company's history. These results were driven by balanced performance across our customer mix and expanded product platform, along with continued success in our go-to-market upsell and cross-sell motions.

這一結果創下了快速成長的歷史新高，同時也代表了該公司歷史上最大的連續美元成長。這些成果得益於我們客戶群均衡的績效和不斷擴展的產品平台，以及我們在市場推廣中的追加銷售和交叉銷售策略的持續成功。

These drivers also contributed to accelerated revenue performance throughout 2025 and we are now at an inflection point where we believe we are a strong share gainer in our markets and demonstrating consistent profit expansion of scale. Our annual revenue was $624 million, representing 15% growth over 2024. Coming in above our original guidance range of $575 million to $585 million provided one year ago.

這些因素也促成了 2025 年全年營收的加速成長，我們現在正處於一個轉折點，我們相信我們在市場中取得了強勁的份額成長，並展現出持續的規模利潤擴張。我們的年度收入為 6.24 億美元，比 2024 年成長 15%。高於我們一年前給出的 5.75 億美元至 5.85 億美元的預期範圍。

In the fourth-quarter, Network Services revenue of $130.8 million grew 19% year-over-year. We saw healthy traffic levels in the fourth-quarter due to stronger market conditions and the success of our upsell motion. Security revenue of $35.4 million grew 32% year-over-year, comprising 21% of our total revenue. This was due to the expansion of our security portfolio over the past year, coupled with the success of our cross-sell motion. Our other products revenue of $6.4 million grew 78% year-over-year, driven primarily by sales of our compute products.

第四季度，網路服務營收為 1.308 億美元，年增 19%。由於市場環境走強以及追加銷售策略的成功，我們在第四季度實現了健康的流量水準。安保收入為 3,540 萬美元，年增 32%，佔總收入的 21%。這得歸功於過去一年我們安全產品組合的擴展，以及交叉銷售策略的成功。我們其他產品的收入為 640 萬美元，年增 78%，主要得益於計算產品的銷售。

In the fourth-quarter, our top 10 customers represented 34% of revenue, a modest increase from 32% in the prior quarter. Revenue from customers outside of 10 grew 20% year-over-year, an acceleration from 17% annual growth from our prior quarter.

第四季度，我們前 10 位客戶的營收佔總營收的 34%，比上一季的 32% 略有成長。來自 10 家以上客戶的營收年增 20%，比上一季的 17% 年增長率有所加快。

We were pleased to see that both cohorts accelerated their annual growth compared to the third-quarter, providing balanced out performance in the quarter. Also, no single customer accounted for more than 10% of revenue in the fourth-quarter. Affiliated customers that are business units of a single company generated an aggregate of 11% in the company's revenue for the quarter.

我們很高興地看到，與第三季度相比，這兩個群體的年度成長速度均有所加快，在本季度實現了均衡的業績。此外，第四季沒有任何一位客戶的營收佔比超過 10%。由同一公司旗下各業務部門組成的關聯客戶，在本季為公司創造了 11% 的收入。

Our fourth-quarter total customer count was 3,092 customers. Our enterprise customer count, which represents customers with more than $100,000 in annualized revenue in the quarter with customers.

我們第四季的客戶總數為 3,092 位客戶。我們的企業客戶數量，代表本季年化收入超過 10 萬美元的客戶。

Given that typically over 90% of our revenue has historically been generated by our enterprise customers we believe it is a much more meaningful metric to track our customer acquisition. For this revamp, start next quarter when we begin reporting our Ban26 results, we will no longer disclose our total customer count metric on a go-forward basis. Our trailing 12-month net retention rate was 110%, up from 106% in the prior quarter and up from 102% in the year ago quarter.

鑑於我們過去 90% 以上的收入通常都來自企業客戶，我們認為追蹤客戶獲取情況是一個更有意義的指標。為了進行這項改革，從下個季度開始，當我們開始公佈 Ban26 的業績時，我們將不再揭露我們的客戶總數指標。過去 12 個月的淨留存率為 110%，高於上一季的 106%，也高於去年同期的 102%。

The quarter-over-quarter and year-over-year increases were primarily due to revenue increases from our larger customers in prior quarters. Our last 12-month NRR closely follows our overall revenue growth rate trend. Our annual revenue retention rate, which we reported at fiscal year-end was 98.7% for 2025, a slight decline from 99.0% in 2024.

季度環比和年度同比增長主要歸功於前幾季大客戶帶來的收入成長。我們過去 12 個月的淨收入成長率與整體營收成長率趨勢密切相關。我們在財政年度結束時公佈的年度收入留存率為 2025 年 98.7%，較 2024 年的 99.0% 略有下降。

We believe this metric is not as meaningful as an indicator to the health of our business as LTM NRR, and it's once a year disclosure limits its value. As such, we will no longer report this annual revenue retention rate metric on a go-forward basis.

我們認為，與 LTM NRR 相比，該指標作為衡量我們業務健康狀況的指標意義不大，而且它每年只披露一次，限制了其價值。因此，我們將不再按計劃報告這項年度收入留存率指標。

We exited the fourth-quarter with record RPO $353.8 million, growing 55% year-over-year. The current portion of RPO was 70% of total RPO and that balance grew 37% year-over-year. Our improved RPO is benefiting from improved go-to-market discipline with our customer onboarding, which resulted in larger upfront commitments. I will now turn to the rest of our financial results for the fourth-quarter.

第四季末，我們的 RPO 收入達到創紀錄的 3.538 億美元，年增 55%。目前 RPO 佔總 RPO 的 70%，且這一比例年增了 37%。我們改進的 RPO 得益於我們在客戶入職方面改進的市場推廣紀律，從而獲得了更大的前期投入。接下來，我將介紹我們第四季的其他財務表現。

Our gross margin was 64% in the fourth-quarter, a record high for Fastly, gross margin was 250 basis points above our guidance midpoint of 61.5% and up 650 basis points from 57.5% in Q4 2024. This outperformance was primarily due to gross margin flow-through on higher revenue due to a stronger balanced traffic mix with customers in delivery and security.

第四季度，我們的毛利率為 64%，創下 Fastly 的歷史新高，比我們先前預期的 61.5% 的中位數高出 250 個基點，比 2024 年第四季的 57.5% 高出 650 個基點。這一優異表現主要歸功於更高的收入帶來的毛利率提升，而這又得益於更均衡的客流量組合，其中配送和安保客戶佔比較高。

Underscoring this impact, our incremental gross margin on a trailing basis calculation increased to 76% in the fourth-quarter, up from 58% in the third-quarter. Our gross margin for the 2025 full year was 60.9%, up from 58.8% in 2024 and also coming in 210 basis points above our original 2025 implied gross margin guidance of flat to 2024.

為了強調這一影響，我們以滾動平均計算的增量毛利率在第四季度增長至 76%，高於第三季的 58%。我們 2025 年全年的毛利率為 60.9%，高於 2024 年的 58.8%，也比我們最初對 2025 年毛利率與 2024 年持平的預期高出 210 個基點。

This increase was due to better cost discipline and strategy and our cost of revenue, coupled with gross margin flow-through on higher revenue levels. Operating expenses were $89.2 million in the fourth-quarter, coming in line with our guidance expectations. We are continuing our sharp focus on managing our OpEx spend while balancing our growth investments.

這一增長是由於成本控制和策略的改進以及收入成本的降低，再加上更高的收入水準所帶來的毛利率提升。第四季營運支出為 8,920 萬美元，符合我們的預期。我們將繼續專注於營運支出管理，同時平衡成長投資。

We had an operating income of $21.2 million in the fourth-quarter, coming in better than the $10 million midpoint of our operating guidance range of $8 million to $12 million. We intend to continue to drive greater leverage in our operating results as we scale our revenue.

第四季我們的營業收入為 2,120 萬美元，高於我們先前設定的 800 萬美元至 1,200 萬美元營業指導範圍的中點 1,000 萬美元。隨著收入規模的擴大，我們計劃繼續提高經營績效的槓桿作用。

This is demonstrated by our operating margin expanding 500 basis points sequentially from 7.3% in the third-quarter to 12.3% in the fourth-quarter. In the fourth-quarter, we reported a net profit of $20.1 million or $0.12 per diluted share compared to a net loss of $2.4 million or $0.02 per diluted share in Q4 2024. For the full year 2025, we reported a net profit of $19.7 million or $0.13 per diluted share compared to a net loss of $12.1 million or $0.09 per basic and diluted share in 2024.

從第三季的 7.3% 到第四季的 12.3%，我們的營業利潤率較上季成長了 500 個基點，證明了這一點。第四季度，我們實現淨利潤 2,010 萬美元，即每股攤薄收益 0.12 美元，而 2024 年第四季淨虧損 240 萬美元，即每股攤薄虧損 0.02 美元。2025 年全年，我們實現淨利潤 1,970 萬美元，即每股攤薄收益 0.13 美元，而 2024 年則淨虧損 1,210 萬美元，即每股基本及攤薄虧損 0.09 美元。

Our adjusted EBITDA was $35 million in the fourth-quarter compared to $11.1 million in the fourth-quarter of 2024. For the full year 2025, adjusted EBITDA was $77.4 million compared to $32.6 million in 2024.

我們第四季的調整後 EBITDA 為 3,500 萬美元，而 2024 年第四季為 1,110 萬美元。2025 年全年調整後 EBITDA 為 7,740 萬美元，而 2024 年為 3,260 萬美元。

Turning to the balance sheet. We ended the quarter with approximately $362 million in cash, cash equivalents, marketable securities, and investments, including those classified as long term. A sequential increase of $19 million over Q3 2025.

接下來看一下資產負債表。本季末，我們持有約 3.62 億美元的現金、現金等價物、有價證券和投資，其中包括被歸類為長期投資的資產。與 2025 年第三季相比，季增 1,900 萬美元。

In the fourth-quarter, we raised $180 million in 0% notes due in 2030 that carry a 32.5% conversion premium. We also privately negotiated cap call transactions totalling $18 million, which represent a 100% conversion premium or a share price of $23.4.

第四季度，我們發行了 1.8 億美元的 0% 債券，將於 2030 年到期，轉換溢價為 32.5%。我們也私下協商了總額為 1800 萬美元的資本利得交易，相當於 100% 的轉換溢價或每股 23.4 美元的價格。

We believe these capital strategy measure significantly improve our liquidity and offers greater flexibility to manage our growth and bolster companies in our customers and shareholders. Our cash flow from operations was positive $22.4 million in the fourth-quarter compared to positive $5.2 million in Q4 2024.

我們相信這些資本策略措施將顯著提高我們的流動性，並為管理我們的成長提供更大的靈活性，從而增強我們客戶和股東對公司的信心。我們第四季的經營活動現金流為正 2,240 萬美元，而 2024 年第四季為正 520 萬美元。

Our free cash flow for the fourth-quarter was positive $8.6 million representing a $16.5 million increase from negative $7.9 million in the Q4 2024 quarter. For full year 2025, cash flow from operations was $94.4 million compared to $16.4 million in 2024. Our free cash flow in 2025 was positive $45.8 million compared to negative $35.7 million in 2024.

我們第四季的自由現金流為正 860 萬美元，比 2024 年第四季的負 790 萬美元增加了 1,650 萬美元。2025 年全年經營活動產生的現金流量為 9,440 萬美元，而 2024 年為 1,640 萬美元。我們2025年的自由現金流為正4,580萬美元，而2024年為負3,570萬美元。

Coming in materially higher than our original guidance midpoint of negative $15 million established one year ago. Also, this represents an $81.6 million increase in free cash flow in 2025 underscoring our revenue outperformance and cost discipline, expanding our bottom line.

遠高於我們一年前設定的負 1500 萬美元的預期中位數。此外，這意味著 2025 年自由現金流將增加 8,160 萬美元，凸顯了我們超額的收入表現和成本控制，從而擴大了我們的利潤。

As one of the world's leading distributed edge platforms, we continue to scale our global network to support Fastly growth. We are closely monitoring supply chain dynamics particularly regarding memory components and have taken strategic actions to mitigate potential impact.

作為全球領先的分散式邊緣平台之一，我們不斷擴展全球網絡，以支援 Fastly 的發展。我們正在密切關注供應鏈動態，特別是記憶體組件方面的動態，並已採取策略措施來減輕潛在影響。

Our software-defined infrastructure is continuously improving, typically with Golar capital requirements for expansion of legacy providers -- this structural efficiency underpins our expanding gross margins, positioning us to stay ahead of global traffic trends while maintaining strict capital discipline.

我們的軟體定義基礎設施不斷改進，通常需要 Golar 資本來擴展傳統供應商——這種結構效率支撐著我們不斷擴大的毛利率，使我們能夠在保持嚴格資本紀律的同時，保持全球流量趨勢的領先地位。

Our cash capital expenditures were approximately 8% of revenue in the fourth-quarter and 9% for full year 2025. This annual spend was below our 10% to 11% expectation due to the timing of approximately $10 million in CapEx anticipated in the fourth-quarter, which will now incur in 2026.

第四季我們的現金資本支出約佔收入的 8%，2025 年全年約為 9%。由於預計在第四季度發生的約 1000 萬美元資本支出現在將在 2026 年發生，因此今年的支出低於我們 10% 至 11% 的預期。

Let me take a moment to update you on our CapEx plans and strategy. For starters, two quick housekeeping points. First, in the fourth-quarter, we did not deploy any prepaid capital equipment as we work down the remaining balance.

讓我花點時間向您報告我們的資本支出計畫和策略。首先，有兩點需要注意的地方。首先，在第四季度，由於我們正在努力償還剩餘餘額，因此我們沒有部署任何預付資本設備。

Also, our repayment and financial leases for equipment have terminated we anticipate no further payments will occur for either these categories for the foreseeable future. As a result, we wrapped up 2025 with a cleaner simplified CapEx profile.

此外，我們的設備還款和融資租賃已終止，我們預計在可預見的未來，這兩類款項都不會再發生任何付款。因此，我們在 2025 年結束時，制定了一個更清晰、更簡化的資本支出計畫。

Second, -- as a reminder, our cash capital expenditures include capitalized internal use software. To recap 2025, we spent 9% of revenue on cash CapEx, which represented approximately 3% in capitalized internally used software purchases of infrastructure capital equipment and 1% was in prepaid to plans.

其次，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。回顧 2025 年，我們將收入的 9% 用於現金資本支出，其中約 3% 用於資本化的內部使用軟體購買基礎設施資本設備，1% 用於預付計劃。

Going forward, we will post only on the infrastructure capital expenditures with investors and removed capitalized internal use software, which is not a meaningful indicator of our capital spend. We believe this change will more accurately represent the inherent capital costs in growing our business and more aligns reporting to our peers.

今後，我們將隻公佈與投資者相關的基礎設施資本支出，並剔除資本化的內部使用軟體支出，因為該支出不能有效反映我們的資本支出。我們相信，這項變更將更準確地反映我們業務成長中固有的資本成本，並使我們的報告與同行更加一致。

Note that our infrastructure CapEx is reported in our free cash flow bridge in our press release and supplement as property and equipment. For 2026, we anticipate our infrastructure capital spend will be in the range of 10% to 12% of revenue compared to 5% in 2025.

請注意，我們的基礎設施資本支出在新聞稿和補充文件中作為固定資產和設備列示於自由現金流橋表中。我們預計 2026 年基礎設施資本支出將佔收入的 10% 至 12%，而 2025 年為 5%。

As I said a moment ago, approximately $10 million of infrastructure CapEx will now incur in 2026 instead of the fourth-quarter 2025. And which equates to roughly 1.5% of annual revenue, impacting 2026 instead of 2025. Normalizing this timing impact, we anticipate our 2026 infrastructure CapEx will be increasing approximately 65% over 2025 as we run our capacity to meet our growth objectives and perform upgrades to our fleet.

正如我剛才所說，大約 1000 萬美元的基礎設施資本支出現在將在 2026 年發生，而不是在 2025 年第四季發生。這相當於年度收入的約 1.5%，影響時間將持續到 2026 年，而不是 2025 年。考慮到時間上的影響，我們預計 2026 年的基礎設施資本支出將比 2025 年增加約 65%，因為我們將利用產能來實現成長目標並對我們的機隊進行升級。

This spend will be friend voted to ensure we have adequate equipment given recent supply chain constraints. I will now discuss our outlook for the first-quarter and full year 2026. I'd like to remind everyone again that the following statements are based on current expectations as of today and include forward-looking statements.

鑑於近期供應鏈受限的情況，這項支出將由朋友投票決定，以確保我們擁有足夠的設備。接下來，我將討論我們對 2026 年第一季和全年的展望。我想再次提醒大家，以下陳述均基於截至今日的當前預期，其中包含前瞻性陳述。

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 model is primarily based on customer consumption, which can lead to variability in our quarterly results.

實際結果可能與預期有重大差異，除法律要求外，我們不承擔未來更新這些前瞻性聲明的義務。我們的收入模式主要基於客戶消費，這可能會導致我們季度業績出現波動。

Our revenue guidance reflects these dynamics in our business and is based on the visibility that we have today. Note that in January, finalized the deal to restructure its US business, the platform can continue operating in the United States. Our guidance going forward will incorporate by Dam's revenue unless specified otherwise. As Kip discussed, we saw revenue strength from successful upsell motions and share gains broadly across our customer base.

我們的營收預期反映了我們業務的這些動態，並且是基於我們目前所掌握的資訊。請注意，該公司已於 1 月完成了重組其美國業務的交易，因此該平台可以繼續在美國運營。除非另有規定，我們今後的指導意見將以大壩的收入為依據。正如 Kip 所討論的那樣，我們看到了來自成功的追加銷售策略和客戶群廣泛份額成長帶來的收入成長。

A portion of this business was also driven by traffic strength that came in stronger than anticipated, and we are not anticipating seasonal strength in the first-quarter. As a result, we expect revenue in the range of $168 million to $174 million in the first-quarter, representing 18% annual growth at the midpoint. We anticipate our gross margins for the first-quarter will be 64%, plus or minus 50 basis points.

部分業務成長也得益於超出預期的強勁客流量，我們預期第一季不會出現季節性成長。因此，我們預計第一季營收將在 1.68 億美元至 1.74 億美元之間，中位數為 18% 的年增長率。我們預計第一季的毛利率為 64%，上下浮動 50 個基點。

As a reminder, our gross margin performance is dependent upon incremental revenue increases or declines as demonstrated by our improving gross margin through 2025 on accelerating revenue growth. For the first-quarter, we expect a non-GAAP operating profit of $14 million to $18 million. We expect a non-GAAP net earnings per diluted share of $0.07 to $0.10.

需要提醒的是，我們的毛利率表現取決於收入的增量成長或下降，正如我們到 2025 年毛利率的提高取決於收入的加速成長所證明的那樣。我們預計第一季非GAAP營業利潤為1400萬美元至1800萬美元。我們預計非GAAP每股攤薄淨收益為0.07美元至0.10美元。

Note that for the first-quarter, fully diluted share count for positive EPS and will be approximately 175 million shares. As Kip mentioned, our 2026 guidance reflects confidence that our business will outpace market growth while maintaining prudence on our longer-term visibility amid greater macroeconomic and geopolitical uncertainty. For calendar year 2026, we expect our revenue to be in the range of $700 million to $720 million reflecting annual growth of 14% at the midpoint.

請注意，第一季實現正每股收益的完全稀釋股份數約為 1.75 億股。正如 Kip 所提到的，我們對 2026 年的業績預期反映了我們對業務成長速度將超過市場成長速度的信心，同時在宏觀經濟和地緣政治不確定性加劇的情況下，我們對長期發展前景保持謹慎態度。我們預計 2026 年的營收將在 7 億至 7.2 億美元之間，年增率中位數為 14%。

We anticipate our 2026 gross margins will be 63%, plus or minus 50 basis points. We expect our non-GAAP operating profit to be in the range of $50 million to $60 million, reflecting an operating margin of 8% at the midpoint, a doubling in our profitability compared to 2025's operating margin of 4%.

我們預計 2026 年毛利率將達到 63%，上下浮動 50 個基點。我們預計非GAAP營業利潤將在5,000萬美元至6,000萬美元之間，其中點營業利潤率為8%，與2025年4%的營業利潤率相比，我們的獲利能力將翻倍。

We expect our non-GAAP net earnings per diluted share to be in the range of $0.23 to $0.29, and we expect free cash flow to be in the range of $40 million to $50 million. And finally, as I mentioned earlier, we anticipate our infrastructure CapEx to be in the range of 10% to 12% of revenue for the full year. Before we open the line for questions, we would like to thank you for your interest in this morning Fastly. Operator?

我們預計非GAAP每股攤薄淨收益將在0.23美元至0.29美元之間，預計自由現金流將在4000萬美元至5000萬美元之間。最後，正如我之前提到的，我們預計全年基礎設施資本支出將佔收入的 10% 至 12%。在開放提問環節之前，我們想感謝您今天早上對 Fastly 的關注。操作員？

(Operator Instructions)

（操作說明）

Jeffrey Van Rhee, Craig Hallum.

傑弗裡·範·瑞，克雷格·哈勒姆。

Congrats -- Great numbers. Just a couple of questions. First, -- maybe you talked about the. Can you just expand on that a bit? What are you seeing at the edge right now at agentic AI? I mean I don't know, put some numbers on it, but just what are you seeing so far?

恭喜——數據很棒。幾個問題。首先，——也許你談到了。能再詳細解釋一下嗎？您目前在智慧體人工智慧領域看到了哪些前沿發展趨勢？我的意思是，我不知道，也說不出個所以然，但你目前看到了什麼？

Thanks. We're seeing a lot with respect to AI on our platform, and it really breaks into a number of categories. First of all, just we're seeing an increase in traffic related to agents. I think in the past, the saving called machine to machine. And as you -- if you've used AI tools, I think you would appreciate that they often check a lot more websites, for instance, than you might.

謝謝。我們在平台上看到了很多與人工智慧相關的應用，而且這些應用實際上可以分為許多類別。首先，我們看到與代理商相關的流量增加。我認為在過去，這種節省被稱為機器對機器。就像你一樣——如果你使用過人工智慧工具，我想你會意識到，例如，它們通常會檢查比你多得多的網站。

And that's more traffic and all of that traffic is processed through the Fastly network for our Fastly customers. So we're seeing decreased activity there. And a quarter or two ago, we actually published a report outlining the statistics on that and actually going into which models we're seeing the most traffic from an interesting report on our website with lots of numbers. We're also seeing AI workloads on our platform, and that can take a number of different forms.

這意味著更多的流量，而所有這些流量都將透過 Fastly 網路為我們的 Fastly 客戶進行處理。所以我們看到那裡的活動減少。大約一兩個季度前，我們發布了一份報告，概述了相關統計數據，並詳細介紹了我們網站上哪些型號的流量最高，這是一份很有趣的報告，其中包含了大量數據。我們還在我們的平台上看到了人工智慧工作負載，它可以採取多種不同的形式。

We've talked in the past about a use case starting an extremely large training data set. We also have customers using our compute edge for inference and other AI-related tasks. And then maybe a third example of where we're seeing AI as a tailwind for our business is AI specific offers. So I'm thinking of our AI bot mitigation.

我們之前討論過一個使用場景，即如何建立一個非常大的訓練資料集。我們也有客戶使用我們的運算邊緣進行推理和其他人工智慧相關任務。第三個例子或許可以說明人工智慧如何為我們的業務帶來助力，那就是人工智慧相關的產品和服務。所以，我正在考慮如何緩解人工智慧機器人帶來的威脅。

As we're processing all of that traffic for our customers, it's creating opportunities for us to help manage crawlers and other AI bots to ensure that the right ones get through because our customers want to be relevant in the AI world but block the ones that are harmful. So we're seeing across the board in a number of different ways. AI inflating the business in a very positive way, and we think the edge will be very important for AI going forward.

在為客戶處理所有這些流量的過程中，我們也創造了機會來幫助管理爬蟲和其他人工智慧機器人，以確保合適的機器人能夠通過，因為我們的客戶希望在人工智慧領域保持相關性，但同時阻止那些有害的機器人。所以我們在許多不同的方面都看到了這種情況。人工智慧正在以非常積極的方式推動業務成長，我們認為優勢對於人工智慧的未來發展至關重要。

And on the traffic routing, I think you called out you saw some very strong traffic flows as customers optimized or are optimizing their traffic and selected you based on performance. Just what drove the widening of the gap in respect of performance between you and the peers to attract more traffic this quarter versus maybe in the past?

關於流量路由，我認為您提到過，由於客戶優化或正在優化他們的流量並根據性能選擇了您，因此您看到了一些非常強勁的流量。究竟是什麼原因導致您與同業之間的業績差距在本季擴大，從而吸引了更多流量，而過去可能並非如此？

Yes, it's a great question. I mean, we've maintained a performance edge. It's the namesake of our company. It's something our teams take very seriously. I think recent events in the industry that is called more attention to the value of resiliency in an edge platform.

是的，這是一個很好的問題。我的意思是，我們一直保持著效能優勢。這是我們公司的名稱由來。我們的團隊非常重視這件事。我認為最近產業內發生的一些事件讓人們更加關注邊緣平台彈性的價值。

And we're very serious about that and have taken a number of architectural steps that we think enable us to deliver a more resilient platform. And I think some customers have directed traffic our way because of that.

我們對此非常重視，並已採取一系列架構措施，我們認為這些措施能夠幫助我們打造一個更具彈性的平台。我認為正是因為這個原因，有些顧客才會把流量吸引到我們這裡。

Last one for me, and I'll let somebody else jump on. The just obviously exclusive. I think last quarter, you called out an eight-figure customer. But I'm just curious, if I look at the 12-month RPOs, to what degree is that concentrated? So if I looked at the absolute dollars of 12-month ARPU increase, from Q3 to Q4, how much of that is driven by, say, maybe your three largest customers that were signed or expanded in the quarter?

這是我最後一個了，我讓其他人來接手​​吧。顯然是獨家的。我覺得上個季度你提到了一位價值數千萬美元的客戶。但我很好奇，如果我查看 12 個月的 RPO（招募流程外包），這種集中程度如何？那麼，如果我查看 12 個月內 ARPU 的絕對增長金額（從第三季度到第四季度），其中有多少是由例如本季度簽約或擴展的三大客戶推動的呢？

Yes. With RPO, it's kind of broad-based across a number of our customers. What we do, do is we do focus on the variety of customers, our largest enterprise, of course, historically, had not wanted to make some commitments on to us. And I think that what you're seeing here is a change in mentality and a change in shift. So now the RPO that you see is kind of broad-based across our entire customer is much kind of smaller.

是的。RPO 在我們眾多客戶中應用廣泛。我們所做的，就是專注於各種類型的客戶，當然，我們最大的企業，從歷史上看，一直不願意對我們做出某些承諾。我認為你現在看到的是一種心態的轉變和一種觀念的轉變。所以現在您看到的 RPO 在我們所有客戶中都比較普遍，而且規模也小得多。

Yes. I'll just add, it's been a very deliberate and intentional part of our market strategy and in the way that we framed negotiations with all of our customers and the way that we thought about pricing and discounting across our entire customer base to encourage more revenue commitments to us. To help manage or mitigate the volatility that comes from a purely utility-based pricing model.

是的。我還要補充一點，這是我們市場策略中經過深思熟慮和有意為之的一部分，體現在我們與所有客戶進行談判的方式，以及我們考慮面向所有客戶群的定價和折扣的方式上，以鼓勵他們向我們做出更大的收入承諾。為了幫助管理或減輕純粹基於效用的定價模式所帶來的波動性。

Of course, we also, in the security side, have a lot of subscription revenue, which helps with that as well. But the driving RPO growth and really just committed revenue overall is a major part of our strategy in terms of managing and mitigating volatility on the top line.

當然，在安全性方面，我們也有很多訂閱收入，這也有助於解決這個問題。但推動 RPO 成長以及整體承諾收入是我們管理和減輕營收波動的重要策略組成部分。

I mean, great, you can capture that increased commit. I appreciate it.

我的意思是，太好了，你可以捕捉到增加的提交量。謝謝。

Frank Louthan, Raymond James.

弗蘭克·盧森，雷蒙德·詹姆斯。

Can you give us an idea of what's giving you the confidence with the nice increase in the guidance there. Is it a combination of some new customers or just some better commitments from them? And what kind of gives you the confidence in the guide going into next year?

您能否告訴我們，是什麼讓您對指導方針的顯著提升充滿信心？是新增客戶帶來的收益，還是現有客戶承諾力道加大帶來的收益？是什麼讓你對明年的指南充滿信心？

Sure. I mean, I'll comment and then Rich has obviously put a tremendous amount of detailed thought into the guidance. You may have some additional things. I mean I think if we look at the momentum that we've established in 2025, and the customer contracts and relationships that we've established and obviously, the RPO number that we just discussed as well as the overall market trends and what we're seeing coming into the new year. we're very confident in terms of how we're positioned.

當然。我的意思是，我會發表意見，而且很明顯，Rich 在製定指導方針方面進行了大量的深入思考。您可能還有一些其他的東西。我的意思是，如果我們看看我們在2025年建立起來的發展勢頭，以及我們已經建立的客戶合約和關係，當然還有我們剛才討論的RPO數據，以及整體市場趨勢和我們對新一年的展望，我們對自身的市場定位非常有信心。

And so we were able to issue guidance that reflects growth substantially above the market growth. As we continue to take more share -- the caution, and I think Rich mentioned this, and I alluded to it, too, in my commentary was we are in an era of what I would consider elevated geopolitical and macroeconomic dynamics. And there could be, for example, situations with our international customers around the world where their purchasing patterns are affected by that. And we're also very wary of supply chain dynamics, although as we believe we have a very capital-efficient infrastructure, it's too early to tell, but that could play out in our favor.

因此，我們能夠發布業績指引，反映出遠高於市場平均的成長。隨著我們不斷擴大市場份額——謹慎起見，我認為里奇也提到了這一點，我在評論中也暗示了這一點，那就是我們正處於一個我認為地緣政治和宏觀經濟動態高度活躍的時代。例如，我們世界各地的國際客戶的購買模式可能會受到影響。我們也對供應鏈動態非常謹慎，儘管我們相信我們擁有非常有效率的資本基礎設施，但現在下結論還為時過早，但這可能對我們有利。

So we try to take a balanced approach on that guidance, but we were able to get to those numbers, and Rich can provide more detail.

因此，我們努力採取平衡的指導方針，但我們最終得出了這些數字，Rich 可以提供更多細節。

Yes, Frank. It's a really good question just because if you look at the midpoint of our guidance, That's a year-over-year increase of $86 million at the midpoint, and that would be the largest kind of year-over-year increase that we would ever have. The reason we feel more comfortable and confident in the guidance is because we -- as you know, we went through a go-to-market transformation over the past kind of 12 to 18 months.

是的，弗蘭克。這是一個非常好的問題，因為如果你看一下我們預期的中點，那就是同比增長 8600 萬美元，這將是我們有史以來最大的同比增長。我們之所以對指導方針感到更加安心和有信心，是因為——正如您所知——在過去的 12 到 18 個月裡，我們經歷了市場進入策略的轉變。

Part of that go-to-market transformation has been around getting to know our customers better, really aligning our sales team to the customer accounts and really being more diligent in watching kind of the traffic and what they're buying and what they're doing. So I think it's really the closeness of the -- with the customers and that go-to-market transformation that gives us that confidence.

市場轉型的一部分在於更好地了解我們的客戶，真正將我們的銷售團隊與客戶帳戶相匹配，並更加認真地觀察流量、他們的購買行為和他們的行為。所以我認為，正是與客戶的緊密聯繫以及市場轉型，才給了我們這種信心。

Is there anything about the mix of that traffic that's maybe shifted a bit maybe away from traditional media and towards AI type traffic or something like that? How should we think about that?

流量構成方面是否有所變化，例如從傳統媒體轉向人工智慧類型的流量或其他類似類型？我們該如何看待這個問題？

I think one development that I would point to that we discussed at some length on our last quarter call is we have seen material cross-sell activity in our large accounts. And that cross-sell activity brings in portfolios like security and compute. And that starts to transform the relationship in many ways, we believe, with those customers to one that's more strategic for them and covering more use cases.

我認為我想指出的一點是，我們在上個季度的電話會議上詳細討論過的一點是，我們的大客戶出現了大量的交叉銷售活動。這種交叉銷售活動會引入證券和計算等產品組合。我們相信，這將從多方面改變我們與客戶之間的關係，使之對他們來說更具戰略意義，並涵蓋更多用例。

And that does give us some confidence. So we see different mixes of growth and there's a seasonal factor there as well. I think you appreciate in terms of media versus non-media. But I think one bigger trend is an increasing consumption of multiple services from us by those large customers.

這確實給了我們一些信心。因此，我們看到不同的成長組合，而且也存在季節性因素。我認為你能夠區分媒體和非媒體。但我認為一個更大的趨勢是，這些大客戶越來越多地從我們身上消費多種服務。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Let me congratulate you on quite an impressive quarter. Just wanted to maybe just build on sort of the AI question again. Can you help us understand -- and just given how early we are in a agentic adoption, like what are some of the indications that you're getting from your customers in terms of that rate of growth and what that could look like in 2026.

恭喜你，這個季度業績非常出色。我只是想再深入探討一下人工智慧的問題。您能否幫助我們理解——鑑於我們目前還處於代理採用的早期階段——您從客戶那裡得到的關於增長速度的一些跡象，以及到 2026 年可能會是什麼樣子？

Sure. Appreciate the question. We can see the rate of growth in the telemetry coming off of our infrastructure. And we can tell generally speaking, when it's in an agentic request versus a traditional user on a browser, for instance. So we can see that traffic growing each quarter.

當然。感謝您的提問。我們可以看到從我們的基礎設施傳出的遙測資料的成長速度。一般來說，我們可以透過以下方式區分：例如，當請求來自代理用戶還是來自瀏覽器的傳統用戶時。因此我們可以看到，流量每季都在成長。

And that is driving volume on our platform. We can also see it in the conversations we have with our customers, particularly with our media customers. We have some of the most sophisticated media companies in the world as our customers. And this is a very top of mind topic for them.

這就是我們平台交易量成長的原因。我們也可以從與客戶的對話中看出這一點，尤其是與媒體客戶的對話。我們的客戶包括一些世界上最頂尖的媒體公司。這是他們非常關心的話題。

And what I can share is that discussion has shifted from perhaps last summer, how do you block it to a much more nuanced and sophisticated conversation now about how do you optimize for it. We want to be relevant, but we want to manage how this works.

我可以分享的是，討論的焦點已經從去年夏天的“如何阻止它”轉移到了現在更加細緻和復雜的“如何優化它”的討論。我們希望保持相關性，但我們也希望掌控這種相關性的運作方式。

We want to be able to enforce agreements with people that the media companies have agreed with -- so we've adapted our approach there, and we have, as I mentioned earlier, our AI bot mitigation technology, but we also have the -- we were the first in the industry to support a new protocol called RSL a really simple licensing that was an industry developed protocol to essentially enforce content rights agreements related to AI models.

我們希望能夠強制執行媒體公司與相關人員達成的協議——因此我們調整了這方面的做法，而且正如我之前提到的，我們擁有人工智慧機器人緩解技術，此外，我們也是業內首家支援名為 RSL 的新協議的公司，RSL 是一種非常簡單的許可協議，是由行業開發的，旨在強制執行與人工智慧模型相關的內容版權協議。

And so we're taking an industry-wide approach with our largest customers to manage this complex problem. And I appreciate your point that it's very early. We see it that way as well. And we're staying close to our customers and understanding how we can solve their problems in many cases, working with them as what we call as we call design partners for our new products in this area.

因此，我們正與最大的客戶一起採取全行業統一的方法來應對這一複雜的問題。我理解你的意思，現在確實還為時過早。我們也這麼認為。我們與客戶保持密切聯繫，了解如何在許多情況下解決他們的問題，與他們合作，就像我們在這個領域稱之為新產品的設計合作夥伴一樣。

And then just in terms of the CapEx, I appreciate the additional disclosure and sort of the alignment with other industry players as well. when you talked a little bit about sort of higher cost and potentially shortages in terms of supply, can you help us understand how much of that increase in CapEx is maybe going to be eaten up by higher component costs as opposed to just pure capacity addition?

就資本支出而言，我很欣賞貴方提供的額外資訊揭露，以及與其他業內人士的溝通協調。您剛才提到成本上升和潛在的供應短缺問題，能否幫我們了解一下，資本支出增加中有多少是由於零件成本上漲，又有多少僅僅是產能擴張造成的？

Yes. I would say the increase in CapEx is going to be both of it, right? It's going to be -- we do need CapEx because of the growth that we're seeing. We saw this in Q4. And so at the last Q3 earnings call, we did talk about raising our CapEx spend to 10% to 11%.

是的。我認為資本支出的增加將同時包含這兩方面因素，對嗎？確實需要資本支出，因為我們看到了成長。我們在第四季就看到了這種情況。因此，在上一次第三季財報電話會議上，我們確實討論了將資本支出提高到 10% 到 11%。

What you're seeing here is a function of both component prices going up. And so in some cases, especially with memory, we're seeing potentially 25% to 75% increases year-on-year on that pricing. But -- so you take the price increase and you take the additional upside in revenue that we're putting here, and it drives the CapEx increase year-on-year.

你現在看到的現像是因為零件價格上漲造成的。因此，在某些情況下，特別是記憶體方面，我們看到價格可能會逐年上漲 25% 到 75%。但是——所以，考慮到價格上漲以及我們在這裡投入的額外收入成長，這將推動資本支出逐年增加。

I would the 25% to 75%, Rich, you can correct me if I'm wrong, is on the memory component itself . Not the overall unit cost of infrastructure for us, for instance.

Rich，如果你理解有誤，請指正，我指的是記憶體組件本身的25%到75%。。例如，對我們來說，這並非基礎設施的整體單位成本。

That's right.

這是正確的。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Super Rich, for both of you, actually. I wanted to zero in on the network services strength you called out that is quarter of acceleration in that business. You've identified a lot of quantity and volume level input. I wanted to understand and have you help us with what are some of the more durable inputs to traffic growth and then also relatedly, on the pricing front, I mean, all of this incremental growth is coming in very incrementally impressive margins and unit economics.

你們兩個都超級有錢了。我想重點談談您提到的網路服務優勢，這是該業務成長的一個季度。你已經確定了很多數量和規模水準的投入。我想了解並請您幫我們找出一些更持久的流量成長因素，以及相關的定價方面，我的意思是，所有這些增量成長都帶來了非常可觀的利潤率和單位經濟效益。

So what is a little bit around the pricing side of the equation that allowing -- that is allowing you to deliver a lot more of this traffic a lot more profitable.

那麼，在定價方面，允許你帶來更多更有利可圖的流量，這其中蘊含著什麼呢？

Yes. So I think when we look at traffic trends and what we're seeing for the year, we are still -- for Q4, we're still seeing kind of in the mid-20s in terms of traffic growth. I think the traffic growth is kind of spread across the different types. And so it's not any one particular to call out. In terms of the price erosion, what we've seen is actually a very nice contraction on price erosion.

是的。所以我覺得，當我們觀察交通趨勢以及我們今年所看到的情況時，我們仍然——就第四季度而言，我們仍然看到交通成長在 20% 左右。我認為流量成長是分散在各種類型的流量上的。所以，不該指責任何人。就價格侵蝕而言，我們看到的實際上是價格侵蝕出現了非常不錯的收縮。

We have historically talked about like mid-teens price erosion. For the quarter, I think we've been very focused on great discipline around maintain price, really selling where its performance really matters and where we really win. Our price erosion in kind of Q4 was in the mid-single digits this quarter. So definitely seeing less price erosion in the space.

我們過去經常談到價格侵蝕，幅度大約在十幾個百分點左右。我認為本季我們一直非常注重價格控制，真正專注於那些業績真正重要且我們真正能贏的領域進行銷售。本季我們的價格跌幅在個位數中段。因此，該領域的價格侵蝕明顯減少。

I'm sorry. I would note -- I would just add to Richard's comments. But in terms of the -- as you put it, very impressive profitability, we believe we have a very efficient infrastructure. And the number one thing that drives our margins up is volume as we're able to get more economies of scale. So you're asking about things that are durable. We certainly think that's durable.

對不起。我想補充一點——我只是想補充理查德的評論。但就獲利能力而言——正如你所說，非常可觀的獲利能力——我們相信我們擁有非常有效率的基礎設施。而推動我們利潤率上升的首要因素是銷售量，因為我們能夠獲得更大的規模經濟效益。所以你是在問那些經久耐用的東西。我們認為它確實經久耐用。

Yes. And Tami, just for clarification, it's hard to hear the first part of your question. Did we answer both parts of your question, and we may limit.

是的。塔米，為了澄清一下，你問題的第一部分我聽不太清楚。我們是否回答了您問題的兩個部分？我們可能會有所限制。

Yes. So it was very clear. It was very clear -- and just a follow-up for you on the Surety business, nice to continue to see that acceleration there. And it does appear that these are the fruits of your own labor with respect to seeing the yield on the cross-sell motion and the rigor that you've introduced and matured into the organization. But I was hoping you could maybe opine on how much of that momentum in the security services franchise kind of riding on the coattails of the network services business having accelerated.

是的。所以這一點非常清楚。非常清楚——關於擔保業務，我再跟進一下，很高興看到該業務繼續加速發展。看來，這些確實是您在交叉銷售策略和您在組織中引入並完善的嚴格措施方面所付出努力的成果。但我希望您能就安全服務特許經營業務的成長勢頭在多大程度上是得益於網路服務業務的加速發展發表一些看法。

So is there a little bit of a coupling happening whereby if we do see maybe a deceleration on the network services side, we should expect to see maybe a little bit more of a drop off on the security services side. I'd love to kind of understand the interplay and the coupling and the couple.

所以是否存在某種耦合關係，即如果我們看到網路服務方面出現減速，我們應該預期安全服務方面也會出現更大幅度的下降。我很想了解他們之間的互動、結合以及這對伴侶的關係。

Sure. I mean we do -- we have a lot of customers who consume both Network Services and security from us. So at that level, there's probably some coupling. If those customers have less demand, we might see less demand across both. I will note though that I think the primary driver has been the expansion of our security portfolio over the last year and we are now landing customers who are essentially security first customers onto the platform and then expanding them into Network Services, in some cases, for instance.

當然。我的意思是，我們的確有許多客戶同時使用我們的網路服務和安全服務。所以在這個層面上，可能存在一些耦合作用。如果這些客戶的需求減少，我們可能會看到兩者的需求都減少。不過，我認為主要驅動力是過去一年我們安全產品組合的擴展，我們現在正在吸引那些本質上以安全為先的客戶加入平台，然後在某些情況下，將他們擴展到網路服務領域。

So I think there is some coupling as there is when you have a platform strategy and you have customers consuming multiple product lines, but we're seeing our security portfolio come into its own as a demand driver for us.

所以我認為這其中存在一些關聯，就像你制定了平台策略，而你的客戶正在使用多條產品線一樣，但我們看到我們的安全產品組合正在成為我們自身需求的驅動力。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

The first one is on the outlook for 2026. Just curious about maybe the balance of given kind of the upside to consensus or just how you're feeling about momentum into this coming year? The balance between security strength versus network strength and understanding the team as questions about coupling. But just give us a sense of which one of those line items really is going to be the lion's share of the growth next year.

第一份報告展望的是2026年。我只是好奇，考慮到目前的情況，您對市場共識的利多因素有何看法？或者您對來年的發展動能有何感想？安全強度與網路強度之間的平衡，以及對團隊的理解，都是關於耦合的問題。但請您大致說明一下，明年這些項目中哪一個才是成長的主要部分。

Yes. I think when we look at kind of the guidance that we provided, we do believe that in all of our businesses, we should be growing faster than the market. And so when we think about Network Services, I think the market that we see is about 6% to 7% year-over-year growth. We -- our expectation fully is that we would be north of that. I would say that it's going to -- from an increased perspective, you're going to see increases in both Network Services and Security.

是的。我認為，當我們回顧我們提供的指導方針時，我們確實相信，在我們所有的業務中，我們的成長速度都應該超過市場平均水平。因此，當我們考慮網路服務時，我認為我們看到的市場年增長率約為 6% 至 7%。我們——我們完全預期我們會比那更高。從整體來看，我認為網路服務和安全方面都會有所提升。

I wouldn't say that one drives it more than the other. I would say it's going to be broad-based across Security and Network Security. We say 12% to 13% year-over-year growth. I mean we're going to -- we will be growing north of that as well.

我不會說哪一個比另一個更能推動這件事。我認為它將廣泛影響安全和網路安全領域。我們預計將年增12%至13%。我的意思是，我們將會——我們也會向北發展。

Rich, given that this is kind of your first full year guide for -- on the Fastly platform. Do you mind just giving us a sense for your kind of process, maybe your philosophy? Are you looking at a pipeline coverage ratio as you kind of look out? Just any sense in terms of what your initial guidance philosophy might look like?

Rich，鑑於這是你在 Fastly 平台上的第一個完整年度指南。您能否簡單介紹一下您的工作流程和理念？你在觀察的時候，會注意管道覆蓋率嗎？您能否大致描述一下您最初的指導理念？

Yes. So I think we do a very robust kind of planning process when we kind of plan for 2026. And when we do that, we're looking at multiple angles. We have byproduct views. We also have perspectives around the different pods that our sales teams sell under we look at on a customer-by-customer basis. And so we know from a customer-by-customer basis, what our contracts are like, and we do a lot of traffic and kind of pricing and when pricing is up for renewal.

是的。所以我認為，我們在製定 2026 年計畫時，會進行非常完善的規劃流程。當我們這樣做時，我們會從多個角度進行觀察。我們有副產品視圖。我們也針對銷售團隊銷售的不同產品系列，逐一客戶進行分析。因此，我們逐一客戶了解我們的合約情況，我們進行大量的流量和定價工作，以及何時續約。

So we really build a robust model. We do look at it and say, okay, what kind of macro environment are we in? And what kind of commitments do we have from an RPO perspective -- and then we layer in that kind of existing customer base with our expectations around new customer lands to kind of really build our model.

因此，我們確實建立了一個穩健的模型。我們會審視它，然後說，好吧，我們處於什麼樣的宏觀環境？從 RPO 的角度來看，我們有哪些承諾？然後，我們將現有的客戶群與我們對新客戶群的期望結合起來，從而真正建立我們的模型。

And then we kind of stress test it around the macro environment around like what are the risks and opportunities that we potentially have I think my goal on the kind of guide is to hit the numbers that we say we're going to hit, right? I don't -- the expectation is that for me, I'd like to just be fully transparent. This is what we think and what we will do. And so we really go for what do we think is going to be risk adjusted for the macro environment that we're in?

然後，我們會圍繞宏觀環境進行壓力測試，看看我們可能面臨的風險和機會是什麼。我認為，這份指南的目標是達到我們所說的目標，對吧？我不這麼認為——大家的期望是，對我來說，我希望做到完全透明。這就是我們的想法，也是我們將要做的事。所以，我們真正要考慮的是，在目前的宏觀環境下，哪些因素能帶來風險調整？

Look, I mean that's a great answer from Rich, but I'll tell you it's been great working with him on this guy one point, I think you had 18 different calibrations from his team, and we're lining them up. So I mean I'm extremely comfortable that Rich has taken a very thorough approach here. nobody has a crystal ball, but I'm very confident in the quality of work that went into our guide.

你看，Rich 的回答很棒，但我必須說，和他一起研究這個人真是太好了。有一次，他的團隊提供了 18 種不同的校準方案，我們正在把它們整理好。所以我的意思是，我對Rich採取的周全細緻的工作方式非常放心。雖然沒人能預知未來，但我對我們指南的品質非常有信心。

Was going to say go to customer by customer. It's -- you're getting into the weeds.

本來想說要一個一個去拜訪客戶。你這是——鑽牛角尖了。

We take it very seriously in terms of what we project into the financial community. But frankly, it's also something that helps us run the business, obviously. So it's for this audience and the investors, obviously, but frankly, we view it as core to how we plan and build the business into the future. So it's a core part of what Richard's team does.

我們非常重視我們向金融界傳遞的訊息。但坦白說，這顯然也有助於我們經營業務。所以，這顯然是面向受眾和投資者的，但坦白說，我們認為這是我們規劃和發展未來業務的核心。所以這是理查德團隊工作的核心部分。

That's right. I mean, literally, as we build a plan, we're looking week-by-week also just on traffic patterns, and we just have updated views throughout the kind of process. And so I just think that being close to the customer is so important to Fastly. The work that they do is so important to us. And so for us, the best thing we can do for them is to actually do the right forecast, make sure the capacity is there and make sure that the quality of service that we provide is high.

這是正確的。我的意思是，實際上，在製定計劃的過程中，我們也會每週關注交通模式，並且在整個過程中不斷更新我們的觀點。所以我認為，對於 Fastly 來說，與客戶保持密切聯繫至關重要。他們所做的工作對我們非常重要。因此，對我們來說，我們能為他們做的最好的事情就是做出正確的預測，確保產能充足，並確保我們提供的服務品質高。

Param Singh, Oppenheimer.

Param Singh，奧本海默。

I think I really wanted to focus on the security side. Obviously, you talked about good attach rates here. Maybe you could give me some color on the current penetration of the newer products in DDoS and bot management. And maybe also talk about your API capabilities here. I know you expanded that.

我想真正關注的是安全方面。顯然，你在這裡談到了良好的附加率。能否介紹一下目前DDoS攻擊和機器人管理領域新產品的市場滲透情況？或許還可以在這裡談談你們的API功能。我知道你對此進行了擴展。

What's the adoption rate of API? And what are some of the technical capabilities you'd like to add on the API side, especially as you talk about an evolving traffic landscape with agentic AI?

API 的採用率是多少？那麼，在 API 方面，您希望添加哪些技術功能，尤其是在談到具有智慧體的 AI 所帶來的不斷變化的交通格局時？

Sure. From a Security perspective, we're really proud because we do have kind of the five products. Our WAF product is kind of the one that we started with and that we had I would say that a large portion of our security revenues is still kind of WAF. We are very happy with the kind of traction that we are seeing with bot management and API security. We haven't broken it out yet in terms of like specifically between the security products where it is, but I would say that the majority of our security revenues are still our world-class lab product.

當然。從安全角度來看，我們非常自豪，因為我們確實擁有五款產品。我們的 WAF 產品是我們最初推出的產品，可以說，我們安全收入的很大一部分仍然來自 WAF。我們對機器人管理和 API 安全的進展感到非常滿意。我們還沒有具體區分各個安全產品之間的收入狀況，但我認為，我們大部分的安全收入仍然來自我們世界一流的實驗室產品。

Yes. I would just add that some of our largest new deals are on API use cases. So we've got -- in the security business, certainly, the core business is the WAF, which is a phenomenal product. It continues to grow well. But we're seeing strong interest and demand on the API side of the equation. And we're excited about that because we're still, as we mentioned, building out the portfolio there. And so there's more to come.

是的。我還要補充一點，我們一些最大的新交易都與 API 應用案例有關。所以，在安全業務領域，我們當然有核心業務——WAF，這是一款非常棒的產品。它持續良好生長。但我們看到，API方面的需求非常強勁。我們對此感到興奮，因為正如我們之前提到的，我們仍在不斷拓展那裡的投資組合。所以，還有更多精彩內容即將到來。

I mean I really wanted to maybe drive a little bit more. I know you talked about your API discovery that you expanded with. So from a technical standpoint, where do you feel you stand now as a larger API platform that could help as you cross board not just with security, but even on the delivery side? And I guess it should be more important in agentic world. And please correct me if I'm wrong.

我的意思是，我真的很想再開一會兒車。我知道你談到了你對 API 的探索以及你如何擴展這些探索。那麼從技術角度來看，您認為您現在作為一個更大的 API 平台，在跨界合作中，不僅在安全方面，甚至在交付方面，您認為自己處於什麼位置？我想這在智能體領域應該會更重要。如果我錯了，請指正。

Yes, absolutely. I mean our approach to our security portfolio has been one that has agentic in mind. The features that we're building generally work, for example, for regular APIs as well as APIs. And that's based on some of the work we've been doing with our customers in this area, where they don't want a separate AI capability. They want a single edge platform that addresses all of their API needs across agenetic AI and traditional workloads as well.

是的，絕對的。我的意思是，我們對待安全產品組合的態度一直都以主動性為導向。我們正在建立的功能通常適用於常規 API 和 API。這是基於我們與客戶在該領域開展的一些工作，他們不希望擁有單獨的人工智慧功能。他們想要一個單一的邊緣平台，能夠滿足他們在人工智慧和傳統工作負載方面的所有 API 需求。

And so I think AI bot management is an area where we made a distinction there. There are some other features. But our security portfolio is designed with AI workloads in mind, and we are seeing those workloads on the platform. In terms of where we are, I feel like we may be about halfway through the journey. We are covering a lot of use cases, and we're seeing traction that we're very pleased with on API security and API use cases more broadly on the platform.

所以我認為，人工智慧機器人管理是我們做出區分的一個領域。還有一些其他功能。但是我們的安全產品組合在設計時就考慮到了 AI 工作負載，而且我們已經在該平台上看到了這些工作負載。就我們目前所處的位置而言，我覺得我們可能已經走完了旅程的一半。我們正在涵蓋許多用例，並且在 API 安全性和平台上更廣泛的 API 用例方面取得了令我們非常滿意的進展。

And we're actually excited about the momentum we're seeing because -- as I mentioned earlier, we're planning to bring additional capabilities in the portfolio into this space that we think will expand the addressable TAM for us further.

我們對目前的發展勢頭感到非常興奮，因為——正如我之前提到的，我們計劃將產品組合中的其他功能引入這個領域，我們認為這將進一步擴大我們的目標市場規模。

And then maybe just one last one, if I could. Just looking at your CapEx, I understand the incremental $10 million, but really if you could help me parse through what is maintenance CapEx in that level or posted especially in this higher memory environment versus what were expanding new POPs or adding more compute capabilities around accelerated servers. If you could just big that out and help me understand how you are thinking about your CapEx longer term. I'd really appreciate it.

如果可以的話，也許還能再來一個。單看你們的資本支出，我理解新增的 1000 萬美元，但如果你能幫我分析一下，在這個級別的維護性資本支出中，哪些是維護性的，哪些是已發布的，尤其是在這種高內存環境下，哪些是用於擴展新的 POP 或圍繞加速服務器增加更多計算能力的，那就太好了。如果您能詳細解釋一下，幫助我理解您對長期資本支出的考慮，那就太好了。我將不勝感激。

Yes. So the infrastructure CapEx, we talked about, which was 10% to 12% of 2026 revenue, I would say the majority of that CapEx is going to be for growth CapEx and not for the maintenance and replacement side. I would say that we are continuing to invest.

是的。所以我們談到的基礎設施資本支出，佔 2026 年收入的 10% 到 12%，我認為其中大部分資本支出將用於成長資本支出，而不是用於維護和更換方面。我想說，我們仍在繼續投資。

I think one of the areas that we are investing is going to be kind of in the APJ area. And so we are opening up additional tops out there to support the business. And so I would say the vast majority of that infrastructure CapEx is not necessarily for the maintenance side but more for the kind of growth those.

我認為我們投資的領域之一將是亞太地區。因此，我們正在增設更多上架職位以支持業務發展。因此，我認為絕大多數基礎設施資本支出並不一定是用於維護方面，而更多的是為了實現那種成長。

Rudy Kitzinger, D.A. Davison.

魯迪·基辛格，D.A.戴維森。

Congrats on the Verizon results. As we look to the 2026 guidance, top 10 customer as a percentage of revenue where is that estimated to fall for the year within that revenue guide?

恭喜你們在Verizon的比賽中取得好成績。展望 2026 年的業績指引，前十大客戶佔收入的百分比預計在當年的收入指引中會處於什麼位置？

Yes. Right now, just as a background for those who are on the call. Right now, our top 10 customers is 34% of revenues. It was up from 32%. And -- the good news here is that we have been investing in our top 10 as well as outside of our top 10. So the top 10 customers grew their revenues by 30% year-over-year with the non-top 10 grew 20%. Both of those were acceleration.

是的。現在，這只是給正在通話的人提供一些背景資訊。目前，我們前十大客戶貢獻了 34% 的收入。比之前上升了32%。好消息是，我們不僅投資了前 10 名公司，也投資了前 10 名以外的公司。因此，前 10 位客戶的營收年增了 30%，而前 10 位客戶的營收年增了 20%。這兩種情況都是加速度。

And so we're still making big investments on both cores to make sure that we are looking at all of our customers in aggregate. I would say that as we go further, we are doing a few things on our go-to-market transformation. One is that we're focusing our efforts on customers that really get the value that we want from our platform.

因此，我們仍在兩個核心領域進行大量投資，以確保我們能夠全面地考慮所有客戶的需求。我想說，隨著我們不斷深入，我們正在進行一些市場轉型的工作。一方面，我們將精力集中在真正能從我們的平台獲得我們所期望價值的客戶。

And some of that happens to be the top 10. And I could see top 10 staying at 34%. I can see it going up just because they are. But I would say that the non-top 10 growth is still going to be high and should be continuing to grow as well. So it's hard for me to say it's going to be 34% 323 -- but I would say that we are very happy with the performance and additional 2-percentage-points in the top 10 just because those top 10 customers are still super valuable to us and very profitable to us.

其中一些恰好位列前十。我認為前十名的佔比可能會保持在 34%。我覺得它上漲是必然的，因為他們就是這麼打算的。但我認為，前十名以外的企業的成長速度仍然會很快，而且應該會繼續成長。所以，我很難說最終會是 34% 323——但我可以說，我們對業績非常滿意，前 10 名客戶額外增長了 2 個百分點，因為這 10 名客戶對我們來說仍然非常有價值，而且利潤豐厚。

Yes. I would just add two things. And I mean, Rich hit one at the very end there. But if you see that we grew last quarter, our top 10 faster than our non-top 10, you saw the behaviour of the business in terms of profitability, gross margin, et cetera, you can see that those top 10 customers are profitable business for us. We recognize the revenue concentration risk that they represent, but they are profitable -- a significant part of our business.

是的。我只想補充兩點。我的意思是，里奇在最後時刻打進了一個球。但如果你看到我們上個季度的成長情況，前 10 名客戶的成長速度比非前 10 名客戶更快，你就會明白，從獲利能力、毛利率等方面來看，這 10 名客戶對我們來說都是獲利業務。我們認識到它們帶來的收入集中風險，但它們是盈利的——是我們業務的重要組成部分。

I think the second thing I'd add is we've historically talked about that percentage of top 10 being in the low 30s to mid-30s and thinking that that was likely to remain the case for some period of time. we don't provide that formally as part of our guidance, but I don't think our view on that has changed at this time.

我想補充的第二點是，我們過去一直認為前十名企業所佔的比例會在30%到30%左右，並且認為這種情況可能會持續一段時間。雖然我們沒有正式將這一點納入我們的業績指引，但我認為我們目前的看法並沒有改變。

And as I mentioned earlier, we're excited about the cross-sell opportunities as well as the contribution to RPO that those top 10 customers can make. So we continue to drive profitable, higher quality revenue in that cohort.

正如我之前提到的，我們對交叉銷售機會以及前 10 位客戶對 RPO 的貢獻感到非常興奮。因此，我們繼續在該群體中推動盈利能力更強、品質更高的收入。

And then on gross margins, obviously, a very impressive trend here over the last year, getting up to 64%. But 6% to 4% in Q1, you've got the guide at 63% for the year. I understand that with some of this CapEx coming online and some that pushed out from last year. But just how should that trend seasonally? I mean should we see like a big step down in Q2? And then recovery throughout the year? Or just how should that trend on a quarter-to-quarter basis?

然後是毛利率，顯然，過去一年來，這方面呈現出非常令人印象深刻的趨勢，毛利率已達到 64%。但第一季降幅為 6% 至 4%，全年目標降幅為 63%。我了解到，其中一些資本支出項目已經上線，而另一些項目則從去年推遲了下來。但這種趨勢究竟會如何隨季節變化呢？我的意思是，我們是否會看到第二季大幅下滑？那麼，全年的恢復情況如何呢？或者說，按季度來看，這種趨勢該如何改變？

Yes, Rudy, actually, really good call out. I do think that we did give the guide for Q1 gross margins to be up about 6% we will see kind of a drop into Q2 and Q3 as we have additional cost POPs kind of coming online. And then we would again see a bump up again in Q4. And so kind of that's the trend where Q1 and Q4 will be a bit higher in Q2 and Q3 should be a little bit of a drop.

是的，魯迪，確實，指出得非常好。我認為，雖然我們先前給出的第一季毛利率預期會成長約 6%，但隨著一些額外的成本支出項目陸續上線，第二季和第三季的毛利率將會出現一定程度的下降。然後我們在第四季又看到了一次成長。所以大致趨勢是，第一季和第四季會比第二季略高，第三季應該會略有下降。

That concludes our question-and-answer session. I will now turn the call back over to Chief Executive Officer, Kip Compton, for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給執行長基普·康普頓，請他作總結發言。

Thank you. We believe this quarter demonstrates tangible progress in our ongoing transformation. We are committed to building the world's most powerful and flexible edge platform. We're pleased with the strong momentum we saw this quarter and are focused on building sustainable, profitable growth.

謝謝。我們相信，本季的數據表明，我們在持續轉型方面取得了實際進展。我們致力於打造全球最強大、最靈活的邊緣平台。我們對本季強勁的成長動能感到滿意，並將專注於實現可持續的獲利成長。

I want to thank our Fastly employees for all their contributions, our customers for their trust and partnership and investors for their continued support. Thank you for your interest in Pasley and thank you for joining us today.

我要感謝 Fastly 全體員工的貢獻，感謝客戶的信任與合作，並感謝投資人的持續支持。感謝您對帕斯利的關注，也感謝您今天蒞臨現場。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。