Fastly, Inc. (FSLY) 2026 Q2 法說會逐字稿

Good afternoon. My name is Corey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly second quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

下午好。我叫 Corey，今天將擔任各位的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 Fastly 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想將會議交給 Fastly 投資人關係部的 Vern Essi。請開始。

Thank you, and welcome, everyone, to our second quarter 2026 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, and will be archived for one quarter. A copy of today's earnings press release, related financial tables and supplement, 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.

謝謝，並歡迎各位參加我們 2026 年第二季財報電話會議。今天與會的有 Fastly 執行長 Kip Compton，以及財務長 Rich Wong。本次電話會議的網路直播可透過我們的網站 fastly.com 收看，並將封存一季供回放。今日的財報新聞稿、相關財務表格與補充資料（皆已於今日提交的 8-K 文件中提供），可在 Fastly 官網的投資人關係專區找到，並包含投資人簡報。

During this call, we will make forward-looking statements, including statements related to the expected performance of our business, future financial results, product and services, sales and growth, 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. 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 second quarter 2026 earnings press 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. 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's date. We undertake no obligation to update any forward-looking statements, except as required by law.

在本次電話會議中，我們將發表前瞻性陳述，包括與我們業務預期表現、未來財務結果、產品與服務、銷售與成長、策略、長期成長以及整體未來展望相關的陳述。這些陳述受到已知與未知的風險、不確定性與假設影響，可能導致實際結果與本次電話會議中所預測或暗示者存在重大差異。如需進一步了解與我們業務相關的風險因素，請參閱我們向美國證券交易委員會（SEC）提交的文件，包括最近一期的 Form 10-K 年度報告與 Form 10-Q 季度報告，以及我們 2026 年第二季財報新聞稿與補充資料中對可能導致結果差異之因素的討論。請特別參閱其中名為「風險因素」的章節。我們鼓勵各位閱讀這些文件。另外請注意，本次電話會議中的前瞻性陳述係基於截至今日我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

Also, during this call, we will discuss certain non-GAAP financial measures and certain key performance indicators. Unless otherwise noted, all numbers we discuss today other than revenue will be on an adjusted non-GAAP basis. We do not provide reconciliations of forward-looking non-GAAP measures because quantitative reconciling of information for these measures is unavailable without unreasonable effort. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings release and supplement in our Investor Relations website and filed with the SEC. These non-GAAP measures are not intended to be a substitute for our GAAP results.

此外，在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標以及若干關鍵績效指標。除非另有說明，今天我們討論的所有數字（營收除外）皆以調整後的非 GAAP 基礎呈現。我們不提供前瞻性非 GAAP 指標的調節表，因為若要量化取得這些指標的調節資訊，將需要不合理的努力且相關資訊無法取得。與最直接可比的 GAAP 財務衡量指標之調節表，已載於財報新聞稿與補充資料中，並公布於我們投資人關係網站且已向 SEC 提交。這些非 GAAP 指標並非用以取代我們的 GAAP 結果。

Before we begin our prepared comments, please note that during the third quarter, we will be attending the KeyBanc Capital Markets Technology Leadership Forum in Park City on August 10; the Citi 2026 Global TMT Conference on September 9 in New York; and the Piper Sandler Growth Frontiers Conference in Nashville on September 15. And we will also be hosting our Investor Day on September 22 at the Nasdaq MarketSite in New York.

在開始我們的預先準備發言之前，請注意第三季期間我們將出席：8 月 10 日於 Park City 舉行的 KeyBanc Capital Markets Technology Leadership Forum；9 月 9 日於紐約舉行的 Citi 2026 Global TMT Conference；以及 9 月 15 日於 Nashville 舉行的 Piper Sandler Growth Frontiers Conference。此外，我們也將於 9 月 22 日在紐約的 Nasdaq MarketSite 舉辦投資人日（Investor Day）。

Now I'll turn the call over to Kip.

現在我把電話交給 Kip。

Good afternoon, everyone, and thank you for joining us today. Fastly delivered another exceptional quarter, demonstrating the success of our platform strategy efforts. As customers continue to adopt more products on our platform, we posted our fifth consecutive quarter of improving net retention rate and our sixth consecutive quarter of positive free cash flow.

各位下午好，感謝今天加入我們。Fastly 再次交出一個表現出色的季度，展現我們平台策略推動工作的成功。隨著客戶持續在我們的平台上採用更多產品，我們連續第五季實現淨留存率改善，並連續第六季達成正向自由現金流。

Revenue reached a record $183 million, up 23% year-over-year, exceeding the high end of our guidance. Gross margin hit a record 65.8%, and operating income came in at $27 million, both above the high end of our guidance range. These results marked the fourth consecutive quarter of operating profit capped by a record operating margin of 14.7%.

營收達到創紀錄的 1.83 億美元，年增 23%，超越我們指引區間的上緣。毛利率創新高達 65.8%，營業利益為 2,700 萬美元，兩者皆高於我們指引區間的上緣。這些結果標誌著我們連續第四季實現營業獲利，並以創紀錄的 14.7% 營業利益率作結。

Our Q2 results continue a clear trend, delivering growth and profitability together. These results reflect operational discipline and a continued investment in our highest value growth opportunities. Our trailing 12-month net retention rate rose again to 117%, the highest level in over three years, as customers look to our platform to support their infrastructure needs and standardize more of their stack on Fastly.

我們第二季的結果延續一個明確趨勢：同時實現成長與獲利。這些成果反映了營運紀律，以及持續投資於我們最高價值的成長機會。我們過去 12 個月的淨留存率再次上升至 117%，為三年多來的最高水準；客戶正透過我們的平台支援其基礎架構需求，並在 Fastly 上將更多技術堆疊標準化。

Our platform strategy is foundational to our success. We build, sell and operate a single unified platform, which means better consistency and performance for our customers and a more efficient network for us to run. It also means that when customers face a new threat or business opportunity, they don't need to bolt on another tool. Fastly enables them to solve their problems on one flexible platform. This results in deeper customer relationships, greater wallet share and a more durable revenue model over time.

我們的平台策略是成功的基石。我們建置、銷售並營運單一且統一的平台，這代表客戶可獲得更佳的一致性與效能，也讓我們能以更高效率營運網路。這也意味著當客戶面臨新的威脅或商業機會時，不需要再外掛另一套工具。Fastly 讓他們能在一個具彈性的單一平台上解決問題。這將帶來更深的客戶關係、更高的錢包占比（wallet share），以及隨時間更具韌性的營收模式。

You can see that strategy working in the numbers. Security grew 43% year-over-year, driven by cross-sell and upsell. The demand for edge threat defense, intelligence and governance is driving rapid adoption of our security products. Solutions like DDoS protection and bot management grew at triple-digit rates year-over-year.

你可以從數字中看到這項策略正在發揮作用。資安業務年增 43%，主要由交叉銷售與加購（upsell）帶動。對邊緣威脅防禦、情報與治理的需求，正推動我們資安產品快速被採用。例如 DDoS 防護與機器人管理等解決方案，年增率皆達三位數。

Over time, we expect our differentiated security capabilities to represent a larger portion of the business. We integrate these newer features with our core capabilities and industry-leading NG WAF, broadening the customer footprint and wallet share with Fastly. That's our platform strategy in action, leveraging targeted capabilities in one product category to deepen relationships and drive overall platform expansion across categories.

隨著時間推進，我們預期具差異化的資安能力將占業務更大比重。我們把這些較新的功能與核心能力及業界領先的次世代 WAF（NG WAF）整合，擴大客戶在 Fastly 的使用範圍與錢包占比。這正是我們平台策略的具體展現：在單一產品類別中運用具針對性的能力來深化關係，並推動跨類別的整體平台擴張。

We continue to see AI-driven traffic as a tailwind with our compute offering emerging as an expansion engine. As customers face increasing scale and complexity, they are buying more of our platform to handle these demands, weaving custom edge functions directly into their traffic flows alongside our industry-leading NG WAF. Additionally, as machine traffic and automated agents grow, tools that distinguish wanted traffic from unwanted traffic become essential. These trends contributed to our security and other revenue growth of 46% year-over-year on a combined basis, now at nearly $200 million annual run rate.

我們持續看到 AI 驅動的流量成為順風因素，而我們的運算（compute）產品正逐步成為擴張引擎。隨著客戶面臨日益增加的規模與複雜度，他們購買我們平台的更多功能以因應這些需求，並將自訂的邊緣函式直接編織到其流量流程中，與我們業界領先的次世代 WAF（NG WAF）並行。此外，隨著機器流量與自動化代理（automated agents）成長，能區分「需要的流量」與「不需要的流量」的工具變得至關重要。這些趨勢推動我們資安與其他營收合計年增 46%，目前年化執行率已接近 2 億美元。

We continue to win in our Network Services business, which posted strong 17% year-over-year growth. This is where customers choose Fastly when performance matters. This summer, our platform strength showed up on the biggest stage in the world. Major global sporting events pushed record-breaking traffic through our infrastructure. Fastly delivered reliably at scale and without missing a beat.

我們在網路服務（Network Services）業務方面持續取勝，年增 17%，表現強勁。當效能至關重要時，客戶就會選擇 Fastly。今年夏天，我們的平台實力在全球最大的舞台上展現無遺。多項全球大型體育賽事將破紀錄的流量推送至我們的基礎設施。Fastly 在大規模情境下仍能可靠交付，毫不失誤。

But performance is only part of the story. The same platform that delivered that traffic also governed it, making real-time stream-by-stream decisions about what should flow and what shouldn't. LALIGA, Spain's top football league, is a good example. Illegal streaming costs its clubs an estimated $700 million a year. Working directly with LALIGA, we built an AI-driven real-time detection system that identifies and shuts down pirated streams as they happen in the moment right in a request path.

但效能只是故事的一部分。同一個承載該流量的平台也同時對其進行治理，針對每一條串流即時做出「哪些應該通行、哪些不應該」的決策。西班牙頂級足球聯賽 LALIGA 就是一個很好的例子。非法串流每年讓其各俱樂部估計損失 7 億美元。我們與 LALIGA 直接合作，建置一套 AI 驅動的即時偵測系統，在請求路徑中即時識別並關閉盜版串流。

As the market evolves, the need is shifting from centralized AI platforms to real-time edge decisions. This kind of value add for our customers, alongside our market-leading performance is why so many of the world's top brands rely on the Fastly platform to deliver their mission-critical content. And you can see the power of our platform and other key customer wins this quarter. Let me share a few examples.

隨著市場演進，需求正從集中式 AI 平台轉向即時的邊緣決策。這類為客戶帶來的附加價值，加上我們市場領先的效能，正是全球眾多頂尖品牌仰賴 Fastly 平台來交付其關鍵任務內容的原因。而你也可以在本季看到我們平台的力量，以及其他重要的客戶贏單。我來分享幾個例子。

A leading fintech platform serving more than 0.5 million businesses chose Fastly following a rigorous competitive evaluation. Last year, a number of catastrophic outages put their critical partnerships at risk. The deciding factors included increased security capabilities, platform flexibility and resilience. A global education technology customer suffered a significant data breach, affecting millions of user records when their prior WAF failed to adequately mitigate attacks. They chose Fastly's NG WAF, managed security service and network services to handle their application traffic without disrupting their large active user base.

一家領先的金融科技平台在經過嚴格的競爭性評估後，選擇了 Fastly；該平台服務超過 50 萬家企業。去年，多起災難性中斷事件使其關鍵合作夥伴關係面臨風險。決定性因素包括更強的安全能力、平台彈性與韌性。一位全球教育科技客戶在其先前的 WAF 未能充分緩解攻擊時，發生重大資料外洩事件，影響數百萬筆使用者紀錄。他們選擇 Fastly 的 NG WAF、受管理的安全服務與網路服務，在不干擾其龐大活躍使用者基礎的情況下處理其應用程式流量。

A leading UK health and beauty retailer expanded their use of Fastly's platform with a multiyear, multimillion-dollar commitment. The customer replaced a long-time incumbent security vendor as part of a broader platform modernization and consolidated all of their edge services on Fastly. And working through a managed service partner, Fastly now powers live and on-demand streaming delivery for a national public broadcaster in Europe.

一家英國領先的健康與美容零售商以多年期、數百萬美元的承諾，擴大使用 Fastly 平台。該客戶在更廣泛的平台現代化計畫中，汰換了長期合作的既有安全供應商，並將所有邊緣服務整合至 Fastly。此外，透過受管理服務合作夥伴的協作，Fastly 現在為歐洲某國家級公共廣播機構提供直播與隨選串流傳輸。

I mentioned AI as a tailwind behind our fastest-growing products a moment ago. But it's showing up well beyond that and how we think about our network, our compute platform and where we're investing next. We shared in Q2 that AI-generated traffic is growing at roughly 6.5 times the rate of human traffic.

我剛才提到，AI 是推動我們成長最快產品的順風因素。但 AI 的影響遠不止於此，也體現在我們如何思考網路、運算平台，以及下一步投資方向。我們在第二季分享過，AI 生成的流量成長速度約為人類流量的 6.5 倍。

Machines don't browse the way people do. They query, scrape or act on someone else's behalf, and that makes every request more complicated. This means every request requires an immediate decision. Is this an authorized agent, should it be cached, throttled, monetized and/or blocked? That's why we see our security and compute products accelerating right alongside this machine traffic. Fastly was built to be that trusted control plane for those decisions.

機器瀏覽的方式與人不同。它們會查詢、抓取，或代表他人採取行動，這使得每一次請求都更為複雜。這表示每一次請求都需要立即做出決策。這是否為授權代理？是否應該快取、限流、變現，及／或封鎖？因此，我們看到安全與運算產品與這類機器流量同步加速成長。Fastly 的設計初衷，就是成為這些決策的可信控制平面。

In an AI-powered world, our customers are moving from reactive blocking to active governance. Le Monde is a good example. They use ContentGuard, part of our bot management solution, to set the terms for how their content gets accessed, turning what used to be a scraping problem into controlled, licensed, revenue-generating relationships. A major auto shopping platform saw AI-based traffic as both an existential challenge and an opportunity for their business. They added Fastly's bot management and DDoS protection to gain visibility and control over the automated traffic hitting their platform, giving them the governance capabilities they need to run their business.

在 AI 驅動的世界中，我們的客戶正從被動封鎖轉向主動治理。《Le Monde》就是一個很好的例子。他們使用 ContentGuard（我們機器人管理解決方案的一部分）來設定其內容被存取的條款，將過去的抓取問題轉化為可控、可授權、可創收的合作關係。某大型汽車購物平台將 AI 型流量視為對其業務既是生存性挑戰也是機會。他們導入 Fastly 的機器人管理與 DDoS 防護，以提升對打到其平台之自動化流量的可視性與控制力，賦予其經營業務所需的治理能力。

We also announced a partnership with Skyfire. Leveraging the structural shift towards agentic traffic at the edge, Skyfire uses Fastly compute and integrate their verified agent identity and payment-backed credentials directly into our platform, transforming agent traffic from anonymous automation into accountable economic activity. I look forward to sharing more about the evolving needs of the market, how our platform meets those needs and how that translates into momentum in our business strategy at our Investor Day in September.

我們也宣布與 Skyfire 建立合作夥伴關係。藉由利用邊緣端朝向代理型（agentic）流量的結構性轉變，Skyfire 使用 Fastly 的運算能力，並將其已驗證的代理身分與以支付作背書的憑證直接整合到我們的平台中，把代理流量從匿名自動化轉變為可追責的經濟活動。我期待在 9 月的投資人日分享更多內容，包括市場需求的演進、我們的平台如何滿足這些需求，以及這如何轉化為我們商業策略的動能。

When I became CEO 14 months ago, I outlined our commitment to accelerating growth, driving profitability and delivering lasting value for our shareholders. Thanks to the trust of our customers, partners and the exceptional dedication of our team, we are delivering on those priorities as demonstrated by our delivering the highest revenue growth quarter in almost four years.

我在 14 個月前成為 CEO 時，闡述了我們致力於加速成長、推動獲利並為股東創造長期價值的承諾。憑藉客戶與合作夥伴的信任，以及團隊卓越的投入，我們正落實這些優先事項；本季我們交出近四年來最高的營收成長季度，便是明證。

We remain focused on our customers and on disciplined execution. The results this quarter, record margins alongside strong growth show that discipline compounding. We have fine-tuned our innovation engine and are co-innovating with partners across the entire platform, driving a new level of customer value and engagement. I'm proud of this team and as optimistic as ever about the future of Fastly.

我們仍專注於客戶與紀律性的執行。本季的成果——在強勁成長的同時創下紀錄的利潤率——顯示這份紀律正在產生複利效應。我們已微調創新引擎，並與合作夥伴在整個平台上共同創新，推動更高層次的客戶價值與互動。我為這支團隊感到自豪，並對 Fastly 的未來一如既往地樂觀。

And now I'm going to hand it over to Rich to walk us through the numbers in the quarter in detail. Rich?

接下來我將把時間交給 Rich，請他帶我們詳細檢視本季的數字。Rich？

Thank you, Kip, and thank you, everyone, for joining us today. This month is my one-year anniversary since joining Fastly in August 2025. Reflecting upon my first year, I'm very proud of the progress we have made as a company. One year ago, I chose to join Fastly because I was excited by our leading technology and superior performance with the belief that we are positioned at the right place in the edge cloud at the right time as we see workloads shifting to the edge to complement central clouds. I also saw an opportunity to unlock value for our customers and shareholders by mobilizing the finance team to be true strategic partners to the business.

謝謝你，Kip，也謝謝各位今天加入我們。本月是我在 2025 年 8 月加入 Fastly 滿一週年的紀念。回顧第一年，我對公司所取得的進展感到非常自豪。一年前我選擇加入 Fastly，是因為我對我們領先的技術與卓越的效能感到振奮，並相信隨著工作負載轉向邊緣以補充中心雲，我們正處於邊緣雲的正確位置與正確時機。我也看到了透過動員財務團隊成為業務真正的策略夥伴，為客戶與股東釋放價值的機會。

There is no doubt that our position has improved over the last year as we continue to partner with our large customer base and expand our platform. I've deepened the executive strength of our finance team, bringing on a new Head of Strategic Finance and a new Chief Accounting Officer. They, in turn, have filled out their talent bench, resulting in many improvements to the business from accelerated close times to providing greater financial and strategic insights to our business. These provide cross-functional financial discipline and leverage to Fastly's performance, enabling investment and optimizing the return to our shareholders.

毫無疑問，過去一年我們的定位已改善，因為我們持續與龐大的客戶群合作並擴展平台。我強化了財務團隊的高階主管陣容，延攬新的策略財務主管與新的首席會計官。他們也進一步充實人才梯隊，帶來多項業務改善，從加速結帳流程到為業務提供更深入的財務與策略洞見。這些改善為 Fastly 的表現帶來跨部門的財務紀律與槓桿效應，使我們得以投資並最佳化對股東的回報。

This has been reflected in our results over the last year. We have reaccelerated growth to north of 20%, have generated $79 million in positive EBIT over the last four quarters and have maintained six straight quarters of positive free cash flow.

這些成果已反映在我們過去一年的表現上。我們已將成長重新加速至 20% 以上，過去四個季度累計產生 7,900 萬美元的正向 EBIT，並連續六個季度維持正向自由現金流。

Now on to our Q2 results. I'd like to remind you that unless otherwise stated, all financial results in my discussion are non-GAAP based. Revenue for the second quarter increased 23% year-over-year to $183.3 million, exceeding the high end of our guidance range of $170 million to $176 million. This result was a record high for Fastly and was driven by continued success in our go-to-market upsell and cross-sell motions as we see customers adopt more products within our platform.

接下來談我們的第二季業績。我想提醒各位，除非另有說明，我在討論中的所有財務結果皆以非 GAAP 為基礎。第二季營收年增 23% 至 1.833 億美元，超越我們指引區間 1.70 億至 1.76 億美元的上緣。此結果創下 Fastly 歷史新高，主要受惠於我們在市場拓展（go-to-market）上的加購（upsell）與交叉銷售（cross-sell）持續成功，客戶在平台內採用更多產品。

In the second quarter, Network Services revenue of $133.9 million grew 17% year-over-year, an acceleration from the prior quarter. Security revenue was $41.7 million, which represented growth of 43% year-over-year and 8% sequentially. Security now represents 23% of revenue compared to 20% in the year-ago quarter. This increased mix supports our long-term objective of building a diversified, higher-value business.

第二季，網路服務營收為 1.339 億美元，年增 17%，較前一季加速。安全營收為 4,170 萬美元，年增 43%，季增 8%。安全業務目前占營收 23%，高於去年同期的 20%。此一組合占比提升，支持我們長期目標：打造多元化、價值更高的業務。

Our other products revenue of $7.7 million grew 69% year-over-year, driven primarily by sales of our compute products, supporting new customer requirements in AI and related areas. Our revenue upside in the quarter was driven by increased traffic at our largest customers and, to a lesser extent, a couple of live sporting events that were episodic in nature.

我們其他產品營收為 770 萬美元，年增 69%，主要由運算產品銷售帶動，以支援 AI 及相關領域的新客戶需求。本季營收超預期主要來自最大客戶的流量增加，此外也有少部分來自幾場具偶發性的現場體育賽事。

In the second quarter, our top 10 customers represented 37% of revenue. Revenues from our top 10 grew 48% year-over-year. Revenue from customers outside our top 10 grew 12% year-over-year. Also, no single entity accounted for 10% or more of revenue in the second quarter. A group of entities under common control of a single customer accounted for 11% of the company's revenue for the quarter. Our large customer count, which represents customers with more than $100,000 in annualized revenue in the quarter was 624 customers.

第二季，我們前十大客戶占營收 37%。前十大客戶的營收年增 48%。前十大以外客戶的營收年增 12%。此外，第二季沒有任何單一實體占營收 10% 或以上。某一客戶在共同控制下的一組實體合計占公司本季營收 11%。我們的大型客戶數（指本季年化營收超過 10 萬美元的客戶）為 624 家。

Our trailing 12-month net retention rate was 117%, up from 113% in the prior quarter and up from 104% in the year-ago quarter. The quarter-over-quarter and year-over-year increases were due to revenue increases across a broad range of customers as they expand their use of our platform.

我們過去 12 個月的淨留存率為 117%，高於前一季的 113%，也高於去年同期的 104%。季增與年增主要來自廣泛客戶群的營收提升，因為他們擴大使用我們的平台。

We exited the second quarter with RPO of $341 million, growing 38% year-over-year. The current portion of RPO was 79% of total RPO and grew 44% year-over-year. Our improved RPO continues to benefit from improved go-to-market discipline with our customer onboarding, which resulted in larger upfront commitments.

我們在第二季結束時的剩餘履約義務（RPO）為3.41億美元，年增38%。RPO的流動部分占總RPO的79%，年增44%。我們改善的RPO持續受惠於在客戶導入（onboarding）方面更佳的市場推進（go-to-market）紀律，帶來更大的前期承諾。

I will now turn to the rest of our financial results for the second quarter. Our gross margin was 65.8% in the second quarter, a record high for Fastly. Gross margin was 180 basis points above our guidance midpoint of 64% and up 680 basis points from 59% in Q2 2025. The upside in our gross margin was driven by higher revenue relative to our infrastructure costs.

接下來我將說明第二季其餘的財務結果。第二季毛利率為65.8%，創Fastly歷史新高。毛利率較我們指引中位數64%高出180個基點，並較2025年第二季的59%提升680個基點。毛利率優於預期主要由於營收相對於基礎設施成本更高。

Combined with our continued financial discipline in our cost of revenue, we believe our gross margins are sustainable at these levels. This is further substantiated by our incremental gross margin flow-through on a trailing 12-month basis, increasing to 96% in the second quarter, up from 47% a year ago.

結合我們在營收成本上的持續財務紀律，我們認為毛利率可在此水準上維持。這也可由過去12個月（TTM）口徑的增量毛利率流轉（flow-through）進一步佐證：第二季提升至96%，高於一年前的47%。

Operating expenses were $93.7 million in the second quarter, coming in better than anticipated due to disciplined expense management and less-than-anticipated benefits in discretionary spend as well as the timing of new hires being biased towards the third quarter, which I will touch upon later in the call.

第二季營業費用為9,370萬美元，優於預期，原因在於嚴謹的費用管理、可自由支配支出（discretionary spend）的效益低於預期，以及新進人員聘用時點偏向第三季；我稍後會在電話會議中提到。

We had operating income of $27 million in the second quarter, exceeding the high end of our operating income guidance range of $12 million to $16 million. As mentioned, this upside was a combination of higher revenue and resulting gross margin flow-through as well as less-than-anticipated operating expenses. This reflects the inherent operating leverage in our business model. This is demonstrated by our operating margin expanding from negative 3% to positive 15% in the second quarter, an expansion of approximately 1,800 basis points year-over-year. This is underscored by our incremental operating margin flow-through of 79% of revenue on a trailing 12-month basis, significantly above our long-term target of 25% to 40%.

第二季營業利益為2,700萬美元，超出我們營業利益指引區間1,200萬至1,600萬美元的上緣。如前所述，這項優於預期的表現來自較高的營收及其帶動的毛利率流轉，以及低於預期的營業費用。這反映了我們商業模式內在的營運槓桿。第二季營業利益率由負3%擴張至正15%，年增約1,800個基點。此外，過去12個月口徑的增量營業利益率流轉達到營收的79%，顯著高於我們25%至40%的長期目標。

In the second quarter, we reported a net profit of $26.2 million or $0.15 per diluted share compared to a net loss of $5 million or negative $0.03 per diluted share in Q2 2025. Our adjusted EBITDA was $38.1 million or 21% of revenues in the second quarter compared to $8.9 million or 6% of revenues in the second quarter of 2025.

第二季我們錄得淨利2,620萬美元，或稀釋後每股0.15美元；相較之下，2025年第二季為淨損500萬美元，或稀釋後每股負0.03美元。第二季調整後EBITDA為3,810萬美元，約占營收21%；相較之下，2025年第二季為890萬美元，約占營收6%。

Turning to the balance sheet. We ended the quarter with approximately $337 million in cash, cash equivalents, marketable securities and investments, including those classified as long term, a sequential increase of $7 million over Q1 2026. We also ended the quarter with a positive net cash balance of $14 million.

接著看資產負債表。本季末我們持有約3.37億美元的現金、約當現金、有價證券及投資（包含列為長期者），較2026年第一季季增700萬美元。本季末我們的淨現金餘額為正1,400萬美元。

Our cash flow from operations was positive $39.3 million in the second quarter compared to positive $25.8 million in Q2 2025. Our free cash flow for the second quarter was $3.6 million, representing our sixth consecutive quarter of positive free cash flow. Our infrastructure capital expenditures were approximately 17% of revenue in the second quarter. As we discussed in prior quarters, we frontloaded our 2026 CapEx to ensure we had adequate equipment given supply chain constraints. We anticipate our CapEx spend will moderate in the back half of 2026, as I will discuss in a moment.

第二季營運活動現金流為正3,930萬美元，相較2025年第二季為正2,580萬美元。第二季自由現金流為360萬美元，為連續第六季自由現金流為正。第二季基礎設施資本支出約占營收17%。如我們在前幾季所討論，鑑於供應鏈限制，我們將2026年的資本支出（CapEx）提前投入，以確保設備充足。我們預期2026年下半年CapEx支出將趨於緩和，我稍後會再說明。

In summary, the first half of the year demonstrates that disciplined execution and platform adoption continue to strengthen our financial model and give us higher conviction on our 2026 guidance.

總結而言，上半年顯示嚴謹的執行與平台採用持續強化我們的財務模型，並使我們對2026年指引更具信心。

I will now discuss our outlook in the third 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. Actual results may differ materially, and we undertake no obligation to update these forward-looking statements in the future, except as required by law.

接下來我將說明我們對第三季與2026年全年的展望。我想再次提醒各位，以下陳述係基於截至今日的目前預期，並包含前瞻性陳述。實際結果可能有重大差異；除法律要求外，我們不承擔未來更新這些前瞻性陳述的義務。

Our revenue model is primarily based on customer consumption, which can lead to variability in our quarterly results. Our revenue guidance reflects these dynamics in our business and is based on the visibility that we have today.

我們的營收模式主要以客戶使用量（consumption）為基礎，這可能導致季度結果出現波動。我們的營收指引反映了這些業務動態，並以我們目前所掌握的能見度為基礎。

As Kip discussed, our platform strategy is foundational to our success, enabling customers to solve their problems on one flexible platform. This results in deeper customer relationships, greater wallet share and a more durable revenue model over time. The strategy is working and providing a stronger assurance in our value proposition and growth opportunities with customers.

如Kip所談，我們的平台策略是成功的基石，使客戶能在單一且具彈性的平臺上解決其問題。這將帶來更深的客戶關係、更高的錢包占有率（wallet share），並隨時間形成更具韌性的營收模式。該策略正在奏效，並讓我們對自身價值主張與客戶成長機會更有把握。

In the third quarter, we expect revenue in the range of $184 million to $190 million, representing 18% annual growth at the midpoint. We anticipate our gross margins for the third quarter will be 65%, plus or minus 50 basis points. As a reminder, our gross margin performance is highly dependent upon incremental revenue increases or declines relative to our infrastructure costs.

第三季我們預期營收介於1.84億至1.90億美元，中位數代表年增18%。我們預期第三季毛利率為65%，上下浮動50個基點。提醒各位，我們的毛利率表現高度取決於增量營收相對於基礎設施成本的增減。

For the third quarter, we expect a non-GAAP operating profit of $20 million to $24 million, reflecting an operating margin of 12% at the midpoint. As I mentioned earlier, we expect head count additions along with discretionary spend to bring OpEx back to normalized growth levels for the third and fourth quarter. We expect a non-GAAP net earnings per diluted share of $0.11 to $0.13.

第三季我們預期非GAAP營業利益為2,000萬至2,400萬美元，中位數對應的營業利益率為12%。如我先前提到，我們預期人力編制增加以及可自由支配支出，將使第三季與第四季的營業費用回到正常化的成長水準。我們預期非GAAP稀釋後每股淨利為0.11至0.13美元。

For calendar year 2026, we are raising our revenue guidance to a range of $732 million to $746 million, reflecting annual growth of 18% at the midpoint. We anticipate our 2026 gross margins will be 65%, plus or minus 50 basis points. We are increasing our non-GAAP operating profit expectations to a range of $88 million to $96 million, reflecting an operating margin of 12% at the midpoint and highlighting our improved profitability compared to 2025's operating margin of 4%. We expect our non-GAAP net earnings per diluted share to be in the range of $0.50 to $0.54. We continue to closely monitor supply chain dynamics, particularly regarding memory components and have taken strategic actions to mitigate potential impact.

就2026曆年而言，我們將營收指引上調至7.32億至7.46億美元，中位數代表年增18%。我們預期2026年毛利率為65%，上下浮動50個基點。我們將非GAAP營業利益預期上調至8,800萬至9,600萬美元，中位數對應的營業利益率為12%，並凸顯相較於2025年4%營業利益率的獲利能力改善。我們預期非GAAP稀釋後每股淨利介於0.50至0.54美元。我們持續密切監控供應鏈動態，特別是記憶體元件，並已採取策略性行動以降低潛在影響。

Our software-defined infrastructure is continuously improving, typically with lower capital requirements for expansion than legacy competitors. We are also implementing server component upgrades in our fleet to efficiently expand our capacity. 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持續改善，通常相較傳統競爭對手，擴張所需資本更低。我們也正在對機群（fleet）進行伺服器元件升級，以更有效率地擴充容量。這種結構性效率支撐我們毛利率的擴張，使我們在維持嚴格資本紀律的同時，得以領先全球流量趨勢。

For 2026, we continue to anticipate our infrastructure capital spend will be in the range of 10% to 12% of revenue compared to 5% in 2025 as we ramp up capacity to meet our growth objectives. As discussed, this 2026 spend is front loaded in the first half to ensure we have adequate equipment given recent supply chain constraints. We have a rigorous planning process to ensure that our capital investments align with demand. As a result, we will maintain our 2026 free cash flow guidance in the range of $40 million to $50 million.

對於2026年，我們仍預期基礎設施資本支出將占營收10%至12%，相較2025年的5%，因我們將提升容量以達成成長目標。如前所述，鑑於近期供應鏈限制，2026年的支出在上半年提前投入，以確保設備充足。我們有嚴謹的規劃流程，以確保資本投資與需求一致。因此，我們將維持2026年自由現金流指引在4,000萬至5,000萬美元。

To recap, we're seeing continued evidence that disciplined execution, growing platform adoption and a richer mix of security and compute are translating into stronger financial performance. Our refined strategy to focus on the power of our platform is working, and we are evaluating ways to better align our financial disclosures to our success. I look forward to sharing more at our Investor Day in September.

回顧一下，我們持續看到證據顯示：嚴謹的執行、平台採用的成長，以及更豐富的資安與運算產品組合，正轉化為更強勁的財務表現。我們聚焦平台力量的精煉策略正在奏效，我們也在評估如何讓財務揭露更能與我們的成功對齊。我期待在九月的投資人日分享更多內容。

Before we open the line for questions, we would like to thank you for your interest and your support in Fastly. Operator?

在我們開放提問之前，我們想感謝各位對 Fastly 的關注與支持。接線員？

(Operator Instructions) Jackson Ader, KeyBanc Capital Markets.

(接線員指示) Jackson Ader，KeyBanc Capital Markets。

This is Aidan Daniels on for Jackson. On the Network Services jump in the quarter, I would love to just dig a little deeper here. 2Q seasonally hasn't been the best quarter in the past for CDN revenues. I know you mentioned some increased traffic from the largest customers. Was there a positive impact from agentic traffic driving this outperformance? And then did you experience any share gains from competitors? And just a follow-up.

我是 Aidan Daniels，代替 Jackson 發問。關於本季 Network Services 的跳升，我想再深入了解一些。過去第二季在 CDN 營收方面季節性通常不是最好的季度。我知道你們提到來自最大客戶的一些流量增加。這次優於預期是否有來自 agentic 流量的正面影響？另外，你們是否從競爭對手那裡取得了任何市占提升？以及一個追問。

One moment, please.

請稍等。

I'm sorry, we were interrupted there. In terms of agentic traffic, we don't necessarily break that out. However, we have seen signs of traffic driven by AI tool usage among some of our fastest-growing accounts. And so we do believe that AI remains a tailwind for the business and is showing up most predominantly in Security and Compute, but also in Network Services.

抱歉，剛才我們被打斷了。就 agentic 流量而言，我們不一定會把它單獨拆分揭露。不過，我們確實在一些成長最快的客戶中看到由 AI 工具使用所驅動的流量跡象。因此我們相信 AI 仍是業務的順風，最明顯地體現在 Security 與 Compute，但也反映在 Network Services。

And then I just wanted to follow up on your NRR expansion.

另外我想追問一下你們的 NRR 擴張。

I'm sorry. Can we just -- I think we might have a technical difficulty. Did you hear the whole answer to that question?

抱歉。我們可以先——我想我們可能遇到技術問題。你有聽到剛才那個問題的完整回答嗎？

Maybe if we could start from the beginning. I think we had a little. I'm not sure.

也許我們可以從頭開始。我想剛才有點——我不太確定。

Can you hear us now all right?

你現在聽得到我們嗎？

Yes, all good.

是的，都沒問題。

Great. So I think there are two parts to the question. One was whether or not we thought we were gaining share in the Network Services segment. And the second was whether we were seeing signs of AI or agentic traffic helping drive that growth.

很好。我想這個問題有兩個部分。第一個是我們是否認為在 Network Services 部門正在取得市占。第二個是我們是否看到 AI 或 agentic 流量的跡象在推動該成長。

On the first question, yes, we do believe that we're gaining share, particularly as we like to say, where performance matters. And I think there were some third-party research that's come out in the last few months that agreed with that assessment.

針對第一個問題，是的，我們確實相信我們正在取得市占，特別是我們常說的「在效能至關重要的地方」。而且我認為過去幾個月有一些第三方研究也同意這個評估。

On the AI and agentic question, we don't necessarily break that out as a distinct set of traffic. It drives demand in our existing products and across our platform. However, in looking at the traffic patterns among our customers, we've identified a number of customers where AI tools and use of AI seem to be the catalyst behind traffic growth. So we continue to see AI and agentic traffic as a tailwind for the business across our existing products as well as products like bot management and DDoS that help mitigate that as well as some additional products that we'll announce in the coming months.

至於 AI 與 agentic 的問題，我們不一定會把它作為一個獨立的流量類別來拆分。它會在我們既有產品以及整個平台上推動需求。不過，從客戶的流量型態來看，我們已辨識出多家客戶，其流量成長的催化劑似乎是 AI 工具與 AI 的使用。因此，我們持續將 AI 與 agentic 流量視為公司在既有產品上的順風，同時也帶動像是機器人管理與 DDoS 等產品的需求，這些產品有助於緩解相關影響；此外，我們也會在未來幾個月宣布一些額外產品。

Kip, good to hear both parts. I appreciate the repeat. And then just following up on the NRR expansion, and I saw up to 117%. You mentioned customers standardizing more of their full stack on Fastly. Could you unpack maybe a little more of what's driving the most expansion there? Is it Security and Compute cross-sell into existing accounts? Better renewal pricing on CDN or anything else maybe to highlight there?

Kip，很高興兩個部分都有回答到。謝謝你重述一遍。接著追問 NRR 的擴張，我看到提升到 117%。你提到客戶正在把更多全端（full stack）標準化到 Fastly 上。能否再多拆解一下，主要是什麼在推動那邊的擴張？是把 Security 與 Compute 交叉銷售到既有客戶嗎？還是 CDN 續約定價更好，或有其他值得強調的因素？

Yes. When we think about our products, Jackson, it's kind of a broad portfolio that goes -- cuts across multiple products in Network Services as well as multiple products in Security. I would say that the cross-sells and upsells tend to be -- I think that we've had a WAF, web application firewall, and that's been doing really well. Our WAF continues to gain share and continue to grow faster than the market. And so I think that's a pretty big driver. It's also the new products that we've launched. I think I wouldn't say new, but newer with the DDoS and bot management. I think those two are also picking up a lot of traction.

是的。Jackson，當我們看我們的產品時，這是一個相當廣泛的產品組合，橫跨 Network Services 的多項產品以及 Security 的多項產品。我會說交叉銷售與加購（upsell）方面——我們的 WAF（Web Application Firewall，網頁應用程式防火牆）表現一直很好。我們的 WAF 持續取得市占，且成長速度持續快於市場。因此我認為這是一個相當大的驅動因素。另外也包括我們推出的新產品。我不會說是全新，但相對較新的 DDoS 與機器人管理。我認為這兩項也正在獲得很大的動能。

And so I would say Security is doing a lot. I think that -- on the compute side, there is some traction there, but it's still early days. I think Kip had mentioned on the call that we're doing a lot of co-innovation with our customers on Compute and Compute@Edge.

所以我會說 Security 貢獻很大。我認為——在 Compute 方面也有一些進展，但仍屬早期階段。我想 Kip 在電話會議中提到，我們在 Compute 與 Compute@Edge 上正與客戶進行大量共同創新（co-innovation）。

Frank Louthan, Raymond James.

Frank Louthan，Raymond James。

So as far as some of the AI-related traffic, what is sort of the nature of the workloads that you're having success there? And do you think you're taking share in that market? Or are you just seeing sort of an overall lift in demand? And then similarly for Security, what are some of the things that are driving that success in Security?

關於一些與 AI 相關的流量，你們在那裡成功的工作負載（workloads）性質大概是什麼？你們認為自己在那個市場正在取得市占嗎？還是只是看到整體需求的普遍提升？另外同樣在 Security 方面，是哪些因素在推動你們在 Security 的成功？

Frank, I don't know if I can comment on whether we're taking share or not specifically with respect to AI traffic because I think the data on the size of that market and the composition of it is somewhat thin. But we do see that traffic is growing the markets that we participate in, and we certainly believe that we're taking share in those markets.

Frank，我不確定我是否能就 AI 流量是否取得市占做出具體評論，因為我認為關於該市場規模及其組成的資料相對不足。但我們確實看到流量正在推升我們所參與的市場，而我們也確信我們正在那些市場中取得市占。

In terms of workloads, there's really a variety of things across our platform. We've seen some increase in traffic related to the use of AI tools for software development. We've also seen increase in our privacy suite of products related to agentic workloads. And so it's really across the board. So of course, we've seen increasing adoption of bot and DDoS as our customers look to manage the agentic and bot traffic as well. So it's really across the board.

就工作負載而言，我們平台上涵蓋的類型非常多元。我們看到一些與使用 AI 工具進行軟體開發相關的流量增加。我們也在隱私套件（privacy suite）產品中看到與 agentic 工作負載相關的成長。因此基本上是全面性的。當然，隨著客戶也希望管理 agentic 與機器人流量，我們也看到機器人與 DDoS 產品的採用增加。所以確實是全方位的。

I'll let Rich comment on the second part of your question.

我讓 Rich 來回答你問題的第二部分。

Yes, I think the second part is what's driving security? I would say what's driving security really is just the complexity and the complications of the traffic. As traffic gets harder and more complex, there are more and more threat actors that come along. We do have some really good products leveraging our total network to really do amazing things with it. I think that we have a lot of different features that allow our customers to be like either block the traffic or rate limit the traffic as well as kind of even like use AI to detect whether the traffic is good or bad. So I think I would say that AI is helping accelerate some of the security adoption, but I would also say just the prevalence of more threat actors out there.

是的，我想第二部分是：什麼在推動安全業務？我會說，推動安全業務的核心其實就是流量的複雜度與其帶來的各種問題。當流量變得更難、更複雜時，就會出現越來越多的威脅行為者。我們確實有一些非常好的產品，能夠運用我們的整體網路來做出很驚人的效果。我認為我們有許多不同功能，讓客戶可以封鎖流量或對流量進行速率限制（rate limit），甚至也能使用 AI 來偵測流量是良性還是惡意。所以我會說 AI 正在加速部分安全產品的採用，但我也會說，外部威脅行為者的普遍增加同樣是原因之一。

Yes. And I'll comment. I mean I mentioned it in a couple of the customer examples in my prepared remarks. But we are seeing customers looking to simplify and consolidate. And in -- there's a lot of cases, they are very happy with the performance and the resiliency that they get from Fastly, and they look at the effectiveness of our WAF products.

是的。我也補充一下。我在事先準備的發言中提到幾個客戶案例。但我們確實看到客戶希望簡化並整合。而在——很多情況下，他們對 Fastly 所提供的效能與韌性（resiliency）非常滿意，也會評估我們 WAF 產品的有效性。

And as I think you heard in my comments in a number of cases, we picked up significant business from customers who were not happy with the effectiveness of their existing security solutions and decided to consolidate onto Fastly for the performance and resiliency and then the effectiveness of those security solutions. So that's certainly a trend as well.

而且如同你在我評論中聽到的，在不少案例中，我們從一些對既有安全解決方案有效性不滿意的客戶那裡拿下了可觀的業務；他們決定整合到 Fastly，是看重效能與韌性，以及這些安全解決方案的有效性。所以這也確實是一個趨勢。

And if we look at the breakdown of your top 10 customers, is it generally representative of your -- the breakdown between the network services and security? Or are they more over underweight to those? Is there some opportunity there?

如果我們看一下你們前 10 大客戶的組成，整體上是否能代表你們——網路服務與資安之間的占比拆分？還是說他們在這兩者上的比重更偏高或偏低？那裡是否存在一些機會？

Yes. I mean if you look at the top 10, I mean 73% of our revenues today come from Network Services. And so I would say that it's pretty close to that, maybe slightly a little bit higher, but it is a -- top 10 does buy multiple products. I think we've mentioned in prior earnings calls that we've done a good job landing cross-sell opportunities into security with some of our top 10 customers as well.

是的。我的意思是，如果你看前 10 大客戶，目前我們 73% 的營收來自網路服務。所以我會說那個占比非常接近，可能略微高一點，但——前 10 大客戶確實會購買多種產品。我想我們在先前的財報電話會議中也提到過，我們在一些前 10 大客戶上，把交叉銷售導入資安方面的機會做得不錯。

Peter Levine, Evercore.

Peter Levine，Evercore。

Maybe I want to follow-up with the prior question that was asked, your commentary around co-innovation on the edge or within the other revenue line item. But maybe, can you maybe just walk us through like what does that entail? Like what are customers coming to you and asking for? What does that co-innovation look like? And when could we see products come to market?

我想跟進一下剛才的問題，你提到在邊緣端的共同創新，或是在「其他營收」這個科目裡的共同創新。不過也許你能帶我們走一遍：那實際上包含哪些內容？客戶會來找你們、要求什麼？那種共同創新長什麼樣子？以及我們何時可能看到產品上市？

Sure. I mean I think that co-innovation takes a lot of forms, and it's something that we have sort of the foundation of our product development process is working with some of our more innovative customers on their business problems and building sustainable solutions that we believe, have the potential to then become market-leading products.

當然。我的意思是，我認為共同創新有很多種形式，而我們的產品開發流程的基礎之一，就是與一些更具創新性的客戶一起合作，針對他們的業務問題，打造我們相信具備可持續性的解決方案，並且有潛力進一步成為市場領先的產品。

I mentioned, I think, a couple of examples during my prepared remarks. LALIGA perhaps is a good example where we co-innovated with them on a way of dealing with some pretty thorny piracy problems, using AI technologies. And the tricky situations where pirates are going to great lengths to hide their streams and deliver content illegally through our platform, and using some AI technologies, we were able to identify and stop those. And that antipiracy type technology, as you can imagine, is of great interest to many of our customers.

我想我在事先準備的發言中提到過幾個例子。LALIGA 也許是一個很好的例子：我們與他們共同創新，利用 AI 技術來處理一些相當棘手的盜版問題。在那些棘手的情境中，盜版者會費盡心思隱藏他們的串流，並透過我們的平台非法傳送內容；透過一些 AI 技術，我們得以識別並阻止這些行為。而你可以想像，這類反盜版技術對我們許多客戶都非常有吸引力。

We're also engaged in a number of co-innovation projects with different customers around AI and agentic traffic. We'll say more about that in the coming months. But suffice to say that we really think that we're our best when we're working shoulder to shoulder with our customers on business problems and applying the capabilities of our platform to solve them and then taking those to market.

我們也正與不同客戶在 AI 與代理式（agentic）流量方面，進行多個共同創新專案。我們會在接下來幾個月分享更多內容。但簡而言之，我們真的認為，當我們與客戶並肩合作、針對業務問題運用我們平台的能力來解決，並把成果推向市場時，我們表現得最好。

Yes. The only thing I'd add on that is that I think if you think about where we've won in the past, we've always won where performance matters. Our technology, given where it's at, we're a very good co-innovation partner to these customers because these are the more complex technical customers who need massive amounts of support and innovation with them. And so I think those are the opportunities that are really in the future.

是的。我唯一想補充的是，我認為如果你回顧我們過去贏在哪裡，我們總是在「效能很重要」的地方勝出。以我們目前的技術水準，我們是這些客戶非常好的共同創新夥伴，因為他們是更複雜的技術型客戶，需要大量的支援與共同創新。所以我認為那些才是真正屬於未來的機會。

And maybe, Rich, a follow-up there. If you think about some of your CDN competitors and the investments they're making around their infrastructure, maybe help us understand. If we look out over the next one, two, three years, how do you envision the edge compute business? What does it look like? And what -- how much of an investment do you guys need to put forth to kind of maybe keep up with some of this demand that potentially you see on the pipeline today?

Rich，我再追問一下。如果你看一些 CDN 競爭對手，以及他們在基礎設施上的投資，能否幫我們理解一下：若展望未來一到三年，你如何想像邊緣運算業務的樣貌？它會是什麼樣子？以及——你們需要投入多少投資，才能在某種程度上跟上你們目前在管線中可能看到的需求？

Yes, I'll start and comment a little bit about on the trajectory of the compute business, and Rich can comment on how we're thinking about the investment needs there. We're focused on a, what I'll call, a true edge compute business. We're not building regional data centers or spending a lot of money on capital outside of our world-class high-performance global edge network. And we're really focused on the use cases where being able to process that information and run that workload at the edge really makes a difference. So I think that's one of the things you see as maybe a difference between us and some of our competitors.

是的，我先開始，稍微談一下運算業務的發展軌跡，然後 Rich 可以補充我們如何看待那裡的投資需求。我們專注於我所稱的「真正的邊緣運算」業務。我們不會去建置區域資料中心，也不會在我們世界級高效能的全球邊緣網路之外投入大量資本支出。我們真正聚焦在那些使用情境：能在邊緣端處理資訊並執行工作負載，確實能帶來顯著差異。所以我想這是你看到我們與部分競爭對手之間的一個差異點。

We also run a single network. So Rich does not have in its spreadsheet a separate line for the capital for compute. We run everything on a consolidated platform on a global basis. And that means that we're able to use compute resources, for instance, that may not be fully utilized by network services or compute workloads -- or excuse me, security workloads to drive compute workloads. And so I think that's one of the reasons why we've been able to be a little bit more capital efficient.

我們也只運行一張網路。所以 Rich 的試算表裡，並沒有一條獨立的「運算資本支出」項目。我們在全球範圍內，於一個整合的平台上運行所有業務。這意味著我們能夠利用運算資源——例如那些可能未被網路服務或運算工作負載充分使用的資源——或不好意思，是資安工作負載——來承載運算工作負載。因此我認為這也是我們能在資本效率上做得更好的原因之一。

That said, we're committed to driving growth in the business. And where we need to make investments, we will. And I think you saw our CapEx tick up this quarter as we said it would for our front-loaded approach to capital this year, but we will make the investments we need to, to drive growth in the business.

話雖如此，我們致力於推動業務成長。在需要投資的地方，我們就會投資。而且我想你也看到本季我們的資本支出（CapEx）如我們所說有所上升，因為今年我們採取前置投入的資本配置方式；但我們會做出必要的投資，以推動業務成長。

James Fish, Piper Sandler.

James Fish，Piper Sandler。

I'm just getting asked here in terms of, obviously, you guys did a phenomenal job at the World Cup. I wish our US team would have done a little bit better. But can you walk us through what the impact of World Cup was to Q2 and on the Q3 guide, just kind of given its split as well as that we had that seasonality shift of Prime Day into Q2 here. Just can you walk us through some of those events that you saw that really helped traffic?

我這邊想問的是，顯然你們在世界盃的表現非常出色。我希望我們美國隊能踢得更好一點。但你能否帶我們了解一下世界盃對 Q2 的影響，以及對 Q3 指引的影響——考量到它在季度間的分布，以及 Prime Day 的季節性移轉到 Q2？你能否帶我們走一遍你們看到的、真正推升流量的那些事件？

Yes. Jim, thank you for asking that question. I would say that for Q2, with our prepared remarks, we had a $10 million upside to the guide midpoint that we had. I think a little less than half was given to -- driven by the episodic nature of the business, episodic meaning partly World Cup. We also had a few -- another live event on the White House lawn. We also had a few other customers have onetime activities. And so think of that as a little bit less than half as driving the episodic activity.

是的。Jim，謝謝你問這個問題。我會說，就 Q2 而言，依照我們事先準備的發言，我們相對於指引中位數有 1,000 萬美元的上行。我想其中略少於一半是由業務的事件性（episodic）特質所帶動；事件性部分意味著其中一部分來自世界盃。我們也有幾個——另一場在白宮草坪上的現場活動。另外也有幾位客戶有一次性的活動。所以可以把略少於一半視為由事件性活動所驅動。

I would say that our -- if you strip that out and you say, look at the Q3 guide, and the Q3 guide being up sequentially, and you take that into account. I think it's back to kind of normal seasonality between Q2 and Q3. The only other thing to note is that when you look at World Cup, 75% of the games happened in Q2 and only 25% will happen in Q3. And so that kind of goes into the forecast that we have. And then on the viewership perspective, about 2/3 of the games are viewed in Q2 and about 1/3 in Q3.

我會說，如果你把那部分剔除，然後看 Q3 指引——而 Q3 指引是季對季成長——並把這點納入考量，我認為 Q2 到 Q3 之間就回到比較正常的季節性。另外唯一要注意的是，從世界盃來看，75% 的比賽發生在 Q2，只有 25% 會發生在 Q3。所以這也反映在我們的預測之中。而從收視角度來看，大約 2/3 的比賽在 Q2 被觀看，約 1/3 在 Q3。

Perfect. Thanks for that extra detail there, Rich. And maybe just as we think about security penetration, you guys have done a good job here in terms of the packaging. But any update as to how we should think about penetration on security with more than one product as well as north of two products as it seems like you guys are benefiting off consolidation.

太好了。謝謝你補充這些細節，Rich。另外，談到資安滲透率，你們在產品打包方面做得很好。但對於資安端「多於一個產品」以及「超過兩個產品」的滲透率，我們應該如何看待，有沒有最新進展？看起來你們也正受益於整合趨勢。

Thanks, Jim. Yes, I mean security is still -- you can tell with the numbers, it's a $42 million Q2 number. We still have room to grow given that $42 million. We will continue to be market share takers. Our WAF has, I think, been updated over the last two years. And I think with the launch of DDoS and bot management, I think that we're going to continue to be big market share takers in security. I think the multi-product disclosure question is a very interesting one. And I think that without saying too much, stay tuned for our Investor Day coming up in September.

謝謝，Jim。是的，我的意思是，安全業務仍然——從數字就看得出來，第二季是4,200萬美元。以這4,200萬美元來看，我們仍然有成長空間。我們會持續搶占市占。我認為我們的WAF在過去兩年已經更新。而且我認為，隨著DDoS與機器人管理的推出，我們將會在安全領域持續大幅搶占市占。我覺得多產品揭露（multi-product disclosure）這個問題非常有意思。在不多說的前提下，請期待我們9月即將舉行的投資人日。

Param Singh, Oppenheimer.

Param Singh，Oppenheimer。

So first, really good to see the strength in security. I wanted to understand how much of your installed base already uses your DDoS and bot management? And if you could quantify that in terms of innings and how much upside you see just from cross-sell versus selling into new opportunities? And then I have a follow-up.

首先，看到安全業務的強勁表現真的很好。我想了解你們的既有客戶基礎中，有多少已經在使用你們的DDoS與機器人管理？如果可以的話，能否用「局數」（innings）來量化一下，並說明你們認為僅靠交叉銷售相較於開拓新機會，還有多少上行空間？然後我還有一個追問。

Great questions. DDoS and bot are newer products for us. So I would say, maybe second inning -- in terms of the penetration there, we're seeing -- I think I mentioned in my prepared remarks, we're seeing triple-digit growth in those two products right now. So we're excited about the increasing penetration of those, and our customers are finding them directly responsive to some of the AI traffic opportunities and challenges that they're finding.

問題問得很好。DDoS和機器人對我們來說是較新的產品。所以我會說，可能在第二局——就滲透率而言，我們看到——我想我在事先準備的發言中提到過，這兩個產品目前都呈現三位數成長。因此我們對它們滲透率的提升感到興奮，而客戶也發現它們能直接回應他們在AI流量方面所遇到的一些機會與挑戰。

That's great. And a second question, I want to understand way to think about Agentic AI traffic, right? I mean, it benefits you across the entire platform. There's compute, there's different security modules, including API security, obviously, network traffic also benefits. Is there a way to quantify or think about how much upside we could see per unit traffic on Agentic AI versus, let's say, your traditional bot traffic or human traffic?

太好了。第二個問題，我想了解該如何看待Agentic AI流量，對吧？我的意思是，它會讓你們整個平台都受益。有運算（compute）、有不同的安全模組（包括API安全），當然網路流量也會受益。有沒有辦法量化或思考：相較於你們傳統的機器人流量或人類流量，Agentic AI每單位流量可能帶來多少上行空間？

Yes. I mean it's hard to say. I wish I had a quantitative answer for you there. What we're seeing is probably a bigger impact in the Compute and Security businesses, the Network Services business at the moment. That is partially driven, I think, by the fact that the -- while the request per second or volume of requests can be extremely high.

是的。我的意思是，這很難說。我希望我能給你一個量化的答案。我們目前看到的影響可能在運算與安全業務、以及網路服務業務上更大。我想這部分原因是——雖然每秒請求數或請求量可能非常高。

We talked about the growing 6.5 times faster than the human traffic. The bandwidth, which network services tends to have as a billing component, is a little bit lower than streaming events. And so we're seeing greater effects in Security and Compute, although we are absolutely also seeing effects in network services. And just given the growth rate of that traffic, we believe that over time, it becomes significant for the business.

我們談到它的成長速度比人類流量快6.5倍。但頻寬——而網路服務通常會把頻寬作為計費構成之一——相較於串流事件（streaming events）會低一些。因此我們在安全與運算上看到更大的影響，儘管我們在網路服務上也確實看到影響。而且考量到這類流量的成長率，我們相信隨著時間推移，它會對業務變得重要。

Rudy Kessinger, D.A. Davidson.

Rudy Kessinger，D.A. Davidson。

The top 10 customers as a percentage of revenue increased 3 points versus Q1. I know, obviously, some of the World Cup live events contributed to that, but they were 87% of your quarter-over-quarter revenue growth, while at the same time, the growth in your all other customers' revenue decel’d about 6 points year-over-year versus Q1.

前十大客戶占營收的比重相較第一季提高了3個百分點。我知道，顯然有一些世界盃直播活動對此有所貢獻，但它們占你們季對季營收成長的87%；同時，你們其餘所有客戶的營收成長率相較第一季，年對年放緩了大約6個百分點。

So I guess I'm interested on both fronts. Just as you look to the second half of the year, what kind of concentration are you expecting from the top 10 customers in Q3 and Q4? And then on the flip side, the growth in all other customers, are you expecting that to bounce back up in the second half or what's your expectation there?

所以我想我對兩個面向都很感興趣。就你們展望下半年而言，你們預期第三季與第四季前十大客戶的集中度會是什麼樣子？另一方面，其餘所有客戶的成長，你們預期下半年會回升嗎？還是你們的預期是什麼？

No, it's a good observation. I mean I think we clearly had -- we're really pleased with the growth overall this quarter with 23%, the fastest in four years. And we think that shows the go-to-market transformation that Scott Lovett and his team have been driving and that we've been talking about for a bunch of quarters now is making progress.

不，這是個很好的觀察。我的意思是，我們這一季整體23%的成長——四年來最快——我們非常滿意。我們認為這顯示Scott Lovett和他的團隊一直在推動、而我們也已經談了好幾季的市場推進（go-to-market）轉型正在取得進展。

That said, there's more work to be done there. We're not done with our go-to-market. And you saw us bring on, for instance, the new Chief Marketing Officer about a quarter ago. And Scott and his leadership team continue to make changes and improvements in various parts of the organization and the process and how we're structuring our go-to-market investments. And I think it's fair to say that we'd like to see more new logos and more growth outside of those top customers to complement the robust growth that we're seeing with the top customers.

話雖如此，這方面還有更多工作要做。我們的市場推進還沒完成。例如，你們看到我們大約一季前聘任了新的行銷長（Chief Marketing Officer）。Scott和他的領導團隊也持續在組織的各個部分、流程，以及我們如何配置市場推進投資等方面做出調整與改善。我想可以公平地說，我們希望看到更多新客戶（new logos），以及在那些大客戶之外有更多成長，來補足我們在大客戶端所看到的強勁成長。

The last thing I'll say is sometimes there's some confusion about the large customers and economics. I think our record gross margins this quarter shows that we're able to serve all of our customers very profitably.

我最後想說的是，有時大家對大型客戶與經濟性（economics）之間會有一些混淆。我認為我們本季創下的毛利率新高顯示，我們能以非常有利可圖的方式服務所有客戶。

Rudy, I think the second part of your question was around where do we see it going in the second half of the year. I would say that 37% in this current quarter, I think the impact that Joan and Scott, that transformation is still going on. And we do think that it will take a little bit of time. I wouldn't be surprised, given the strength of our top 10 customers and even the top 20 customers who really love the performance that we've been giving them. I wouldn't be surprised if the 37% kind of stays there or maybe it ticks up a point or two.

Rudy，我想你問題的第二部分是關於我們如何看待下半年走勢。我會說，本季的37%——我認為Joan和Scott所帶來的影響、那個轉型仍在進行中。而我們確實認為這需要一點時間。考量到前十大、甚至前二十大客戶的強勁表現，他們非常喜歡我們提供的效能。所以如果37%大致維持在那裡，或是再上升一到兩個百分點，我也不會感到意外。

Okay. Got it. Super helpful. And then just on AI traffic. I mean, look, you guys are obviously tracking it. You said it's growing 6.5 times faster than all other traffic. So I mean, what percent of the traffic on your network today is coming from AI traffic?

好的。了解。非常有幫助。接著談AI流量。我的意思是，你們顯然在追蹤它。你們說它的成長速度比其他所有流量快6.5倍。那麼，你們網路上今天的流量中，有多少百分比是來自AI流量？

Yes, we don't have -- I mean, we track the growth of it. I don't have a breakout that I can share with you at this time. We do believe it's relatively modest in a lot of parts of our business, but rapidly growing.

是的，我們沒有——我的意思是，我們會追蹤它的成長。但我目前沒有可以對外分享的拆分數據。我們確實認為在我們業務的許多部分，它目前占比相對不高，但正在快速成長。

Fatima Boolani, Citi.

Fatima Boolani，Citi。

Kip or Rich, jump ball for either one of you. You've talked about the pricing vector and the volume vector in a pretty explicit detail for the last several quarters. So I was hoping to revisit what you're seeing from a traffic, so non-AI traffic growth perspective and also the realization from a pricing perspective. A lot of your peers have either dissipated and/or are raising prices. So I wanted to understand what your response to that externality is? Are you raising prices as well? Has that been a contributing factor to the gross profit accretion? I'd love to get maybe more of a granular update on how you're thinking about those two vectors and how to internalize that in that acceleration you saw in the Network Services business, understanding that, about half of that was more episodic. But would love to get a little bit more detail on kind of the structural inputs there. And then I have a follow-up, please.

Kip或Rich，你們任何一位都可以回答。過去幾季你們相當明確地談到價格向量（pricing vector）與量的向量（volume vector）。所以我希望再回頭確認一下：從流量、也就是非AI流量成長的角度，以及從定價角度的實現（realization），你們目前看到的是什麼？你們很多同業要嘛已經消退，和／或正在漲價。所以我想了解你們對這個外部因素（externality）的回應是什麼？你們也在漲價嗎？這是否是毛利增加（gross profit accretion）的貢獻因素之一？我希望能更細緻地更新一下你們如何看待這兩個向量，以及如何把它內化到你們在網路服務業務看到的加速之中——理解其中大約一半更偏向事件性（episodic）。但我也希望能多了解一些那裡的結構性驅動因素（structural inputs）。然後我還有一個追問，謝謝。

Sure. So pricing in Q2, I'd say it was very consistent with Q1 and even the prior year Q4. We are in a very kind of rational pricing environment with really rational players since the exits. Price erosion, I would say, would still be in the kind of the mid-single digits, consistent with last quarter. And I think our traffic growth continues to be in the low like 20% range.

當然。所以就第二季的定價而言，我會說它與第一季、甚至前一年度第四季都非常一致。自從一些業者退出後，我們處在一個非常理性的定價環境中，參與者也都相當理性。我認為價格侵蝕仍會落在中個位數百分比左右，與上季一致。而我認為我們的流量成長仍維持在約 20% 出頭的區間。

I just want to also remind you that like when we talk about price erosion, this is network services divided by the total traffic served. And what tends to happen with that is because it's an aggregate number, it's kind of like it depends on the customer mix and how it's going. The price erosion that you see is kind of based on also volume discounts that we get as long as these customers continue to add volume to our network, they actually might hit the next pricing tier discount that we give them.

我也想提醒各位，當我們談到價格侵蝕時，這是指網路服務收入除以所服務的總流量。而這種情況往往會發生的是，因為它是一個彙總數字，所以會取決於客戶組合以及其變化趨勢。你看到的價格侵蝕，也部分是基於我們提供的量大折扣；只要這些客戶持續在我們的網路上增加用量，他們實際上可能會達到我們提供的下一個定價級距折扣。

So even though we're saying there's a mid-single-digit price erosion, a lot of it's due to hitting the next volume tier. In terms of like what we're doing about pricing, given what our competitors are doing or what Akamai had announced that they were doing, we feel like it's really important to continue to honor the commitments that we have. We have no plans to do kind of surcharge pricing on that.

所以即使我們說有中個位數的價格侵蝕，其中很大一部分是因為達到下一個用量級距。就我們在定價方面的作法而言，考量競爭對手的作法或 Akamai 宣布的措施，我們認為持續履行我們既有的承諾非常重要。我們沒有計畫在這方面採取附加費（surcharge）式的定價。

When we look at renewals and when the renewals come up, we don't make unilateral rules around it. We actually look at the customer value that we provide to them as well as what they're buying from us with the goal of really just unlocking more value and getting -- and doing that on a case-by-case basis. So the conversations tend to be more about how we help our customers using the full suite of our products and less about like unilateral rules that we set around where the prices go.

當我們看續約、以及續約到期時，我們不會單方面制定規則。我們會同時評估我們為客戶提供的價值，以及他們向我們購買的內容，目標是真正釋放更多價值，並且——以個案方式來處理。因此，對話通常更聚焦在我們如何協助客戶使用我們完整的產品組合，而較少是圍繞我們單方面設定的價格走向規則。

And just a follow-up on net retention rate. Obviously, very strong in the quarter. I'm curious to get your thoughts on the trends from here. Is this a high watermark? Can we push the envelope and see a better yield on this continuing to expand, especially as you lap some very strong revenue performance from last year and appreciating the net retention rate metric is a trailing 12 plus month metric. So how should we think about this watermark continuing to increase, if at all?

另外追問一下淨留存率。顯然，本季表現非常強勁。我想聽聽你對後續趨勢的看法。這會是高水位嗎？我們是否能再更進一步、看到它持續擴張並帶來更好的成果，特別是當你們將面臨去年非常強勁的營收表現基期，而且也理解淨留存率指標是過去 12 個月以上的滾動指標。那我們應該如何看待這個高水位是否還會繼續上升（如果會的話）？

Yes. Thank you for that. Yes, this is our fifth consecutive quarter of increasing NRR. So we're really proud of the progress we've made here. I think Scott -- and the go-to-market transformation that Kip mentioned that Scott is doing in this organization has really helped, and it's helped not just with kind of the metrics, but also the customer love that they're showing us.

是的。謝謝你的提問。是的，這是我們連續第五個季度 NRR 持續提升。所以我們對於在這方面取得的進展感到非常自豪。我認為 Scott——以及 Kip 提到 Scott 在組織內推動的 go-to-market（市場推進）轉型——確實帶來很大幫助；它不僅改善了各項指標，也提升了客戶對我們的喜愛與認同。

We don't necessarily guide where NRR is going to be, but I will say that our customers continue to grow with us, and we're really pleased with the improvement that we're seeing. You're absolutely right to call out that coming up Q4, it will be a harder comp given the strength of our Q4 2025. And so it's definitely something to kind of factor in as you think about building your model out. But I would say that customers continue to grow with us because they're happy with what we are providing them.

我們不一定會對 NRR 的走向提供指引，但我會說，我們的客戶持續與我們一起成長，我們也對看到的改善感到非常滿意。你指出得完全正確：到了第四季，因為 2025 年第四季表現很強，對比基期會更具挑戰。因此，當你建立模型時，這絕對是需要納入考量的因素。但我會說，客戶之所以持續與我們一起成長，是因為他們對我們提供的內容感到滿意。

(Operator Instructions) Jeff Van Rhee, Craig-Hallum Capital Group.

（接線員指示）Jeff Van Rhee，Craig-Hallum Capital Group。

This is Daniel on for Jeff. Just on the hiring that you mentioned, Rich, that it slipped from Q2 into Q3 and maybe some other expenses there. Maybe if you could just expand a little bit on what those functions, what those investments are that you're planning on making?

我是 Daniel，代 Jeff 提問。關於你提到的招募，Rich，原本在第二季、後來延後到第三季，可能也有一些其他費用。你是否可以再多說一點，你們計畫投入的職能領域、以及這些投資具體是什麼？

Yes. From a hiring perspective, the areas that we've highlighted in the past on our earnings call have been around the APAC go-to-market. I think a year ago, we were serving a lot of our APAC customers from San Francisco and our office in London. And so the time zones were just way off. I think that we want to really improve that quality of the relationship with our customers and have more on the ground there. And so we announced that we hired Nicola, who kind of leads up our APAC function.

好的。就招募而言，我們過去在法說會上強調的領域之一，是亞太（APAC）的 go-to-market。我想一年前，我們有不少亞太客戶是由舊金山以及倫敦辦公室在服務。因此時區差異非常不利。我們希望真正提升與客戶關係的品質，並在當地配置更多人力。因此我們宣布已聘用 Nicola，由她來領導我們的亞太職能。

I think that we're also talking about more recent investments this year around our marketing efforts with Joan and bringing on CMO. With Joan and the CMO, I think the focus on our go-to-market transformation has been how do we maximize the value we create for some of our largest customers. And what you're going to see with the shift with Joan is kind of like how do we continue to add more logos and how do we continue to go down and create value for that next set of customers. And so I would say those are the two kind of big areas of investment that we're making.

我想我們今年也談到較近期在行銷方面的投入，包括 Joan，以及延攬一位 CMO。在 Joan 與 CMO 的帶領下，我認為我們 go-to-market 轉型的重點在於：如何最大化我們為部分最大客戶創造的價值。而你將會看到在 Joan 的調整之下，我們會更著重於如何持續增加更多客戶標誌（logos），以及如何向下延伸、為下一批客戶創造價值。所以我會說，這就是我們正在投入的兩個主要領域。

That's helpful, Rich. And then Kip, on the top customers and some traffic share shifting towards you. Just any thoughts on what's driving that? If to Fatima's question that has to do with pricing or any other factors that have to do with traffic gain, specifically share gain?

這很有幫助，Rich。接著 Kip，關於前幾大客戶以及部分流量份額轉向你們。你對背後的驅動因素有什麼看法？是否如 Fatima 的問題所提，與定價有關，或是還有其他與流量成長、特別是份額提升相關的因素？

Yes. Thanks for the question. I think there's a few things. The two that come up most frequently are reliability or resilience. We certainly have incidents where we've picked up business because incumbent solution had issues in terms of an outage or other reliability issues.

是的。謝謝你的問題。我認為有幾個因素。最常被提到的兩個是可靠性或韌性。我們確實遇過一些案例：因為既有供應商的解決方案在停機或其他可靠性方面出現問題，我們因此承接到相關業務。

The other area is performance. So we consistently hear from our customers who are adding traffic that our performance is better than our competitors.

另一個領域是效能。我們持續聽到正在增加流量的客戶回饋：我們的效能優於競爭對手。

I would say that with respect to pricing, obviously, that's a factor. You have to be market competitive in terms of pricing, but it's not generally the way that we're picking up traffic by discounting or lowering prices. We believe that the effectiveness of our security products and the performance and resiliency of our overall platform is the dominant thing driving people to switch.

至於定價，我會說顯然這也是一個因素。在定價上你必須具備市場競爭力，但一般而言，我們並不是透過打折或降價來取得更多流量。我們相信，驅動客戶轉換的主因，是我們資安產品的有效性，以及整體平台的效能與韌性。

At this time, I am showing no further questions. And I would like to turn it back to Kip Compton for closing remarks.

目前我這邊顯示沒有其他問題。接下來我想把時間交回給 Kip Compton 做結語。

Thank you for your questions and your interest in Fastly. We're looking forward to seeing you at our Investor Day on September 22 at the Nasdaq MarketSite in New York. I want to thank our Fastly employees for all their contributions, our customers for their trust and partnership and our investors for their continued support. Thank you.

感謝各位的提問以及對 Fastly 的關注。我們期待在 9 月 22 日於紐約 Nasdaq MarketSite 舉行的投資人日與各位見面。我要感謝 Fastly 員工的所有貢獻、感謝客戶的信任與合作夥伴關係，也感謝投資人持續的支持。謝謝。

Thank you for your participation in today's conference. This does conclude our program. You may now disconnect.

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以掛線。