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Core Viewpoint - The withdrawal of Akamai from the Chinese market signals a shift towards localized internet infrastructure and raises concerns about dependency on foreign technology providers [3][10][14]. Industry Summary - Akamai, a leading global cloud acceleration service provider, will cease operations in China by June 30, 2025, marking a significant strategic withdrawal [3][4]. - The company is not reducing its services but is completely cutting off its supply to China, indicating a serious shift in its operational strategy [5][10]. - Despite Akamai's size and technological leadership, it is no longer irreplaceable, as China has developed its own content delivery network (CDN) ecosystem with major players like Tencent Cloud and Alibaba Cloud [7][8][9]. Company Summary - The official reason for Akamai's exit is vague, described as a "strategic adjustment," but it reflects a broader trend of decoupling due to increasing compliance costs and geopolitical tensions [10][11]. - The withdrawal of Akamai is part of a larger pattern where foreign tech companies are reassessing their operations in China, influenced by stricter data regulations and the need for risk mitigation [11][12]. - The shift from a globally interconnected network to a more regionally autonomous structure is evident, with a focus on local control over digital infrastructure [12][13]. Future Implications - The exit of Akamai serves as a wake-up call for the industry, emphasizing the need for self-reliance in critical digital infrastructure and the importance of having control over key technological components [14][15]. - This situation presents an opportunity for the industry to enhance its capabilities, such as developing proprietary CDN systems and investing in edge computing [16]. - The crisis induced by Akamai's withdrawal may drive the industry towards necessary upgrades and innovations, reinforcing the importance of domestic technological sovereignty [15][16][17].

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Company Overview - Akamai Technologies, Inc. has partnered with Aptum, a managed hybrid cloud services provider, to address IT challenges and streamline cloud transition processes [1][8] - The partnership aims to enhance cloud-based application development and ensure cost efficiency [1] Industry Trends - Enterprises are increasingly focusing on cloud repatriation and sustainable cloud operations, with a notable rise in investments in cloud platforms that support generative AI workloads [2] - Hybrid cloud systems and edge computing applications with low latency requirements are driving demand for cloud services [2] Market Projections - The cloud computing market is expected to grow from $912.77 billion in 2025 to $5,150.92 billion in 2034, reflecting a compound annual growth rate of 21.2% [3] - Akamai is expanding its portfolio to leverage this market trend through innovation and strategic collaborations [3] Financial Performance - In Q2 2025, Akamai's Compute segment reported revenues of $171.4 million, an increase from $151.5 million in the same quarter the previous year [4] - The company is projected to generate $725 million in revenues for 2025, indicating a year-over-year growth of 15% [4]

Core Insights - Akamai Technologies has partnered with LevelBlue to launch a Managed Web Application and API Protection (WAAP) service aimed at enhancing web application and API security [1][10] - The service integrates advanced security features including a next-generation web application firewall, DDoS mitigation, bot protection, and core API security, supported by LevelBlue's dedicated operations team [1][4] Industry Trends - Organizations are increasingly adopting digital-first strategies, leading to a rise in the average number of web applications per company from 145 to over 200 in two years, with API usage expected to grow significantly [2] - 80% of organizations are projected to have more than half of their applications connected via APIs, up from 32%, indicating a growing reliance on API connectivity [2] Service Features - LevelBlue's Managed WAAP service is available in two tiers: Essential and Advanced, providing 24/7 access to WAAP specialists, automated discovery and classification of critical web apps and APIs, and AI-powered threat detection [4] - The service aims to help organizations secure sensitive assets automatically, adapt to emerging attack vectors, and reduce false positives through expert-led policy tuning [4] Strategic Initiatives - Akamai is enhancing its AI-powered API security solutions through acquisitions, including Neosec and Noname Security, to analyze APIs, detect vulnerabilities, and minimize risks [5] - The company has also formed a collaboration with Aqua Security to develop integrated solutions for comprehensive protection of AI applications [6] Financial Performance - Akamai reported strong second-quarter 2025 results, exceeding Zacks Consensus Estimates, with growth driven by demand for its Guardicore platform, API security solutions, and cloud infrastructure services [7] - For 2025, Akamai anticipates revenues between $4.135 billion and $4.2 billion, with a projected non-GAAP operating margin of 29% and earnings per share in the range of $6.60-$6.80 [8] Market Position - Despite strong performance, Akamai's shares have declined by 26.6% over the past year, contrasting with a 27.3% growth in the Internet – Services industry [9]

Core Insights - Akamai Technologies has announced a partnership with Aptum to enhance cloud services and infrastructure solutions for businesses [1][4] - The collaboration aims to support cloud migration, transformation initiatives, and cost reduction for SMB and enterprise customers [2][3] Company Overview - Aptum is a managed hybrid cloud services provider with over 25 years of experience, focusing on tailored infrastructure design, consulting, and managed services [6] - Akamai is a leading cybersecurity and cloud computing company known for its performance, security, and reliability in safeguarding enterprise data and applications [7] Partnership Benefits - The partnership will enable Aptum to offer day 0–2 services to customers utilizing Akamai Cloud, enhancing the overall cloud experience [1] - Both companies are investing in technology services distributors (TSDs) to create new opportunities for sub-agents, allowing for more comprehensive cloud solutions [4] Strategic Goals - The collaboration is designed to help businesses focus on growth while ensuring their infrastructure is managed effectively [3] - Aptum's vendor-agnostic approach allows for flexible cloud decisions, catering to businesses at various stages of cloud maturity [3]

Summary of Akamai's Conference Call Company Overview - **Company**: Akamai Technologies - **Industry**: Digital Infrastructure, Cloud Services, Cybersecurity Key Points and Arguments Company Evolution and Strategy - Akamai has evolved significantly over the past 25 years, transitioning from a CDN (Content Delivery Network) to a major player in security and cloud computing [2][5][6] - The company’s strategy includes leveraging a common platform across various services, which enhances performance and reduces costs [5][6][10] - Security has become a major revenue driver, accounting for over half of the company's revenue [6][8] Business Segments - **CDN**: Currently experiencing flat to slightly declining growth, but remains a strategic asset for security and compute services [7][8] - **Security**: The enterprise security segment is growing rapidly, with a reported 32% year-over-year growth, contributing $67 million in revenue [61][62] - **Compute Services**: Expected to be a significant growth area, with ongoing innovation and potential for mergers and acquisitions [8][19][82] AI and Technology Integration - Akamai has launched an AI firewall product to address new security challenges posed by AI technologies [16][17] - The company is exploring opportunities in GPU as a service and edge computing to meet the demands of AI applications [19][20][33] Market Dynamics and Traffic Trends - Internet traffic growth has slowed recently, attributed to factors like content availability and changes in streaming services [35][36] - Akamai is seeing improved traffic trends, particularly in streaming, with a noticeable recovery in the last two quarters [37][38] - The company anticipates that AI could either reduce or accelerate traffic growth depending on the application [34] Competitive Landscape - Akamai faces competition from companies like Fastly and Cloudflare, but maintains a strong position due to its comprehensive service offerings and established customer relationships [49][55][56] - The company has a low customer churn rate of less than 0.5%, indicating strong customer retention [56] Financial Outlook - Akamai aims to achieve sustainable double-digit revenue growth, particularly in the security and compute segments [81][82] - The company expects to maintain stable EBITDA and free cash flow margins, with potential for slight expansion over time [84][88] Future Growth Opportunities - Akamai is focused on expanding its enterprise security offerings and enhancing its cloud infrastructure services, which have shown significant growth [74][75] - The company is investing in becoming FedRAMP high certified to capture federal government business opportunities [79] Additional Important Insights - The integration of various product lines into a unified platform is a key focus for Akamai, enhancing operational efficiency and customer experience [68][69] - The company is actively pursuing acquisitions to bolster its growth strategy, particularly in the enterprise security space [63][64] This summary encapsulates the critical insights from Akamai's conference call, highlighting the company's strategic direction, market dynamics, and financial outlook.

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company's unaudited statements show total assets of $10.54 billion, six-month revenue of $2.06 billion, and net income of $226.8 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) - Total assets increased to **$10.54 billion** as of June 30, 2025, while total liabilities grew to **$6.07 billion**, driven by an increase in long-term convertible senior notes[10](index=10&type=chunk)[11](index=11&type=chunk) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $850,302 | $517,707 | | Total current assets | $2,033,827 | $2,578,097 | | Total assets | $10,536,135 | $10,368,785 | | **Liabilities & Equity** | | | | Total current liabilities | $880,519 | $2,091,323 | | Convertible senior notes (long-term) | $4,100,977 | $2,396,695 | | Total liabilities | $6,068,627 | $5,490,428 | | Total stockholders' equity | $4,467,508 | $4,878,357 | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) - Q2 2025 revenue increased to **$1.04 billion**, but net income decreased to **$103.6 million** due to a higher tax provision, resulting in a diluted EPS of **$0.71**[12](index=12&type=chunk) Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,043,494 | $979,580 | $2,058,633 | $1,966,550 | | Income from operations | $151,461 | $147,986 | $306,044 | $314,714 | | Net income | $103,618 | $131,688 | $226,789 | $307,106 | | Diluted EPS | $0.71 | $0.86 | $1.53 | $1.97 | [Condensed Consolidated Statements of Comprehensive Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) - Comprehensive income for Q2 2025 rose to **$151.6 million**, driven by a significant positive foreign currency translation adjustment of **$46.7 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) - For the first six months of 2025, operating cash flow decreased to **$710.3 million**, while higher stock repurchases drove an increase in cash used in financing activities[15](index=15&type=chunk)[17](index=17&type=chunk) Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $710,349 | $782,841 | | Net cash provided by (used in) investing activities | $193,980 | $(438,265) | | Net cash used in financing activities | $(593,455) | $(376,426) | | Net increase (decrease) in cash | $332,375 | $(41,156) | [Condensed Consolidated Statements of Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) - Total stockholders' equity decreased to **$4.47 billion** by June 30, 2025, primarily due to **$805.3 million** in common stock repurchases[22](index=22&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) - In May 2025, the company issued **$1.725 billion** of convertible senior notes due 2033 and repaid **$1.15 billion** of matured notes[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - For the first six months of 2025, Security revenue was **$1.08 billion**, Delivery was **$639.1 million**, and Cloud Computing was **$336.9 million**[69](index=69&type=chunk) - The effective income tax rate for the first half of 2025 was **30.3%**, a significant increase from 13.5% in the prior year period[73](index=73&type=chunk) - The company repurchased **10.0 million shares for $800.0 million** in the first half of 2025, with **$1.18 billion** remaining under the repurchase program[64](index=64&type=chunk)[65](index=65&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth from Security and Cloud solutions, profitability pressures, and capital management strategies [Overview and Key Trends](index=28&type=section&id=MD&A%20Overview) - The company's financial success depends on recurring revenue from its security and compute portfolios amid moderating network traffic growth[83](index=83&type=chunk) - Revenue trends show strong sales of security and cloud solutions, though some media and gaming customers are optimizing traffic due to macroeconomic headwinds[85](index=85&type=chunk) - Profitability is impacted by **declining prices on renewals**, rising co-location costs for the new compute platform, and increased payroll expenses[86](index=86&type=chunk) [Results of Operations](index=30&type=section&id=Results%20of%20Operations) Revenue by Solution Category (in thousands) | Solution | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Security | $551,914 | $498,708 | 11% | | Delivery | $320,125 | $329,399 | (3)% | | Cloud computing | $171,455 | $151,473 | 13% | | **Total revenue** | **$1,043,494** | **$979,580** | **7%** | - Security revenue growth was driven by API security, web application, and Guardicore segmentation solutions[92](index=92&type=chunk) - Delivery revenue declined due to **downward pricing on renewals** and customer cost optimization, partially offset by acquisitions[93](index=93&type=chunk) - Cost of revenue increased **6%** for the first six months of 2025, driven by higher costs related to the compute platform expansion[96](index=96&type=chunk) - R&D expenses increased **8%** for the six-month period due to higher payroll and stock compensation costs[99](index=99&type=chunk) [Use of Non-GAAP Financial Measures](index=36&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) - Management uses non-GAAP measures like Adjusted EBITDA to evaluate performance, excluding items such as stock-based compensation and restructuring charges[117](index=117&type=chunk)[118](index=118&type=chunk) Reconciliation of GAAP to Non-GAAP Net Income (in thousands) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | GAAP Net Income | $226,789 | $307,106 | | Non-GAAP Adjustments (net of tax) | $280,663 | $191,037 | | **Non-GAAP Net Income** | **$507,452** | **$498,143** | Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | GAAP Net Income | $226,789 | $307,106 | | Adjustments | $658,908 | $518,933 | | **Adjusted EBITDA** | **$885,697** | **$826,039** | | Adjusted EBITDA Margin | 43% | 42% | [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company held **$1.6 billion** in cash, cash equivalents, and marketable securities[129](index=129&type=chunk) - Net cash from operating activities decreased to **$710.3 million** for the first half of 2025 from $782.8 million in 2024[133](index=133&type=chunk) - In May 2025, the company issued **$1.725 billion** in convertible senior notes due 2033 and repaid **$1.15 billion** of matured notes[136](index=136&type=chunk)[138](index=138&type=chunk) - The company repurchased **10.0 million shares for $800.0 million** in the first half of 2025, with **$1.2 billion** remaining under its authorization[137](index=137&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from interest rates, foreign currency exchange, and customer credit - A hypothetical **100 basis point increase** in interest rates would cause the fair value of the investment portfolio to decline by approximately **$10.4 million**[149](index=149&type=chunk) - The company has significant exposure to foreign currency risk, as a **strengthening U.S. dollar negatively impacts reported revenue**[153](index=153&type=chunk)[214](index=214&type=chunk) - Credit risk is considered limited due to a large, dispersed customer base, with **no single customer accounting for 10% or more** of accounts receivable[157](index=157&type=chunk) [Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were **effective at the reasonable assurance level**[159](index=159&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended June 30, 2025[160](index=160&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation matters not expected to have a material effect on its financial condition - The company does not currently expect any litigation matters to have a **material effect** on its business, financial condition, or cash flows[161](index=161&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks related to operations, regulations, and investments, including competition and cybersecurity threats [Financial and Operational Risks](index=47&type=section&id=Financial%20and%20Operational%20Risks) - **Slowing revenue growth**, particularly in the delivery solutions segment due to pricing pressure and customer DIY initiatives, poses a significant risk[163](index=163&type=chunk)[164](index=164&type=chunk) - The business is **intensely competitive**, especially in cloud computing, where failure to compete could lead to loss of market share[175](index=175&type=chunk)[177](index=177&type=chunk) - **Cybersecurity breaches** are a major risk that could damage reputation, lead to customer loss, and result in significant costs[187](index=187&type=chunk)[191](index=191&type=chunk) - The business depends on sourcing adequate transmission capacity and co-location facilities, and **hardware supply chain disruptions** could harm service quality[197](index=197&type=chunk)[198](index=198&type=chunk) [Legal and Regulatory Risks](index=58&type=section&id=Legal%20and%20Regulatory%20Risks) - Evolving global privacy laws like **GDPR and CCPA** could increase compliance costs and reduce demand for offerings[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk) - Changes to laws governing internet content liability, such as **Section 230**, could expose the company to greater legal liability[227](index=227&type=chunk)[228](index=228&type=chunk) - The company faces risks from potential **patent or copyright infringement claims**, which could result in substantial costs and damages[231](index=231&type=chunk) [Investment-Related Risks](index=60&type=section&id=Investment-Related%20Risks) - The company's **stock price has been and may continue to be volatile** due to variations in operating results and market fluctuations[237](index=237&type=chunk)[240](index=240&type=chunk) - The company has a significant amount of debt (**$4.14 billion in convertible senior notes**), and an inability to meet obligations could harm the business[241](index=241&type=chunk) - **Failure to maintain an effective system of internal controls** could lead to inaccurate financial reporting and loss of investor confidence[245](index=245&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 3.9 million shares in Q2 2025, with $1.18 billion remaining under its repurchase program Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | Dollar Value Remaining in Program | | :--- | :--- | :--- | :--- | | April 2025 | — | $— | $1,480,514,000 | | May 2025 | 3,870,468 | $77.51 | $1,180,514,000 | | June 2025 | — | $— | $1,180,514,000 | | **Total** | **3,870,468** | **$77.51** | | - The board of directors authorized a **$2.0 billion share repurchase program** effective May 2024 through June 2027[249](index=249&type=chunk) [Other Information](index=64&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the second quarter - **No director or officer** adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[249](index=249&type=chunk) [Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including indentures, credit agreements, and certifications - Key exhibits filed include the indenture for the **0.25% Convertible Senior Notes due 2033** and amendments to the 2022 credit facility and 2013 Stock Incentive Plan[250](index=250&type=chunk)

Financial Performance - Akamai's cloud infrastructure services revenue is up 30% year-over-year and is expected to accelerate to 40%+ year-over-year by the end of the year [1] - Akamai achieved a strong beat on the quarter with earnings per share up 9% at $1.73 [2] Strategic Direction & Market Opportunity - Akamai is pursuing a tremendous market opportunity in cloud infrastructure, driven by customer demand and strong tailwinds from Gen AI [1][3] - Akamai's distributed platform, with points of presence in 750 cities, allows it to offer enterprise compute instances and containers closer to end users, resulting in lower latency, better performance, and potentially lower prices [3] - A hyperscaler is an early adopter of Akamai's new managed container service, seeking to have compute instances in hundreds of cities [4] Security Landscape - Security is a major revenue driver for Akamai, with market-leading solutions for web app firewall, bot management, API security, and ransomware protection [1][7] - Attack rates and penetrations are increasing, driving demand for Akamai's security solutions that stop damage caused by attacks, including ransomware [7][8] Generative AI & Skills - Generative AI is making the field of security more evolving and nimble [9] - Akamai is seeing tremendous efficiencies across most job types by leveraging Gen AI, and is providing training to employees to use Gen AI tools [10] TikTok Situation - While there's always risk, Akamai believes a deal regarding TikTok has been structured, and the ban has been postponed several times [5][6]

Core Insights - Akamai Technologies, Inc. (AKAM) reported strong second-quarter 2025 results, with both revenue and net income exceeding the Zacks Consensus Estimate [1][2] Financial Performance - GAAP net income decreased to $103.6 million or 71 cents per share from $131.7 million or 86 cents per share year-over-year, impacted by high operating expenses [2] - Non-GAAP net income increased to $251.4 million or $1.73 per share compared to $242.6 million or $1.58 per share a year ago, beating the Zacks Consensus Estimate by 18 cents [2] - Quarterly net sales reached $1.04 billion, a 7% increase from $979.6 million in the prior year, driven by strong momentum in the Security and Compute verticals, surpassing the Zacks Consensus Estimate of $1.02 billion [3] Revenue Breakdown - Security Technology Group revenues were $551.9 million, up 11% from $498.7 million year-over-year, primarily due to demand for Guardicore Segmentation Solution and API security solutions [4] - Delivery segment revenues fell to $320 million from $329.4 million year-over-year, but exceeded the estimate of $301.6 million [5] - Compute segment revenues increased to $171.4 million from $151.5 million in the prior year, driven by demand for cloud infrastructure services, beating the estimate of $165.7 million [5] Regional Performance - Net sales from the United States were $527.6 million, a 4% year-over-year increase, while international revenues totaled $515.9 million, up from $470.8 million in the previous year [6] Operating Expenses and Margins - Total operating expenses rose to $892 million from $831.6 million year-over-year, while non-GAAP income from operations improved to $308.6 million from $281.5 million, with margins of 30% and 29% respectively [7] - Adjusted EBITDA increased to $444.4 million from $408.9 million in the prior year [7] Cash Flow and Share Repurchase - Akamai generated $459.1 million in cash from operating activities compared to $430.9 million in the prior year [8] - As of June 30, 2025, the company had $850.3 million in cash and cash equivalents and repurchased approximately 3.9 million shares for around $300 million [9] Future Outlook - For Q3 2025, Akamai expects revenues between $1.03 billion and $1.05 billion, with a non-GAAP operating margin projected at 28% [10] - For the full year 2025, revenues are expected to be in the range of $4.135 billion to $4.2 billion, with non-GAAP earnings projected between $6.60 and $6.80 per share [11]