CAMBRIDGE, Mass., Oct. 24, 2017 /PRNewswire/ -- Akamai
Technologies, Inc. (NASDAQ: AKAM), the world's largest and most
trusted cloud delivery platform, today reported financial results
for the third quarter ended September 30, 2017.
"Akamai delivered another strong quarter of top and bottom line
performance," said Dr. Tom Leighton,
CEO of Akamai. "Revenue achievement in the quarter was driven
by continued strong growth of our Cloud Security Solutions and an
acceleration of traffic growth in our Media business."
Akamai delivered the following financial results for the third
quarter ended September 30, 2017:
Revenue: Revenue was $621
million, a 6% increase over third quarter 2016 revenue of
$584 million and a 6% increase when
adjusted for foreign exchange.*
Customer Revenue by Division(1):
- Web Division revenue was $328
million, up 14% year-over-year and when adjusted for foreign
exchange*
- Media Division revenue was $273
million, down 1% year-over-year and when adjusted for
foreign exchange*
- Enterprise and Carrier Division revenue was $20 million, up 2% year-over-year and up 1% when
adjusted for foreign exchange*
Revenue by Solution Category(2):
- Performance and Security Solutions revenue was $381 million, up 11% year-over-year and up 10%
when adjusted for foreign exchange*
- Cloud Security Solutions revenue, a component of Performance
and Security, was $121 million, up
27% year-over-year and when adjusted for foreign exchange*
- Media Delivery Solutions revenue was $183 million, down 3% year-over-year and when
adjusted for foreign exchange*
- Services and Support Solutions revenue was $57 million, up 12% year-over-year and when
adjusted for foreign exchange*
Revenue by Geography:
- U.S. revenue was $409 million, up
1% year-over-year
- International revenue was $213
million, up 18% year-over-year and when adjusted for foreign
exchange*
Revenue from Internet Platform
Customers(3):
- Revenue from Internet Platform Customers was $51 million, down 13% year-over-year and when
adjusted for foreign exchange*
- Revenue excluding Internet Platform Customers was $571 million, up 9% year-over-year and up 8% when
adjusted for foreign exchange*
Income from operations: GAAP income from operations was
$86 million, a 23% decrease from
third quarter 2016. GAAP operating margin for the third quarter was
14%, down 5 percentage points from the same period last year.
Non-GAAP income from operations* was $142
million, a 13% decrease from third quarter 2016. Non-GAAP
operating margin* for the third quarter was 23%, down 5 percentage
points from the same period last year.
Net income: GAAP net income was $61 million, a 20% decrease from third quarter
2016. Non-GAAP net income* was $107
million, an 11% decrease from third quarter 2016.
EPS: GAAP EPS was $0.35 per
diluted share, a 19% decrease from third quarter 2016 and a 17%
decrease when adjusted for foreign exchange.* The
year-over-year GAAP EPS growth rate, when adjusted for both foreign
exchange* and the dilutive impact of the Company's acquisition of
Soasta, Inc.,* was a decrease of 10%.
Non-GAAP EPS was $0.62 per diluted
share, a 9% decrease from third quarter 2016 and an 8% decrease
when adjusted for foreign exchange.* The year-over-year non-GAAP
EPS growth rate, when adjusted for both foreign exchange* and the
dilutive impact of the Company's acquisition of Soasta, Inc.,* was
a decrease of 5%.
Adjusted EBITDA*: Adjusted EBITDA was $226 million, a 5% decrease from third quarter
2016. Adjusted EBITDA margin* was 36%, down 5 percentage points
from the third quarter of 2016.
Other third quarter 2017 results:
- Cash from operations was $236
million, or 38% of revenue
- Cash, cash equivalents and marketable securities as of
September 30, 2017 was $1.4 billion
- The Company spent $129 million to
repurchase 2.7 million shares of its common stock at an average
price of $47.75 per share
- The Company had approximately 170 million shares of common
stock outstanding as of September 30,
2017
* See Use of Non-GAAP Financial
Measures below for definitions
(1) Customer revenue by division – A
customer-focused reporting view that reflects revenue from
customers that are managed by the division. During the first
quarter of 2017, the divisional categorization of certain customers
was adjusted based on how those customer categorizations are
currently being managed. The historical presentation of divisional
revenue was revised in order to reflect the most recent
categorization and to provide a comparable view for all periods
presented.
(2) Revenue by solution category – A product-focused
reporting view that reflects revenue by solution purchased
(3) Internet Platform Customers – Six customers that
are large Internet platform companies: Amazon, Apple, Facebook,
Google, Microsoft and Netflix
Quarterly Conference Call
Akamai will host a
conference call today at 4:30 p.m. ET
that can be accessed through 1-844-578-9671 (or 1-508-637-5655 for
international calls) and using passcode 89360127. A live webcast of
the call may be accessed at www.akamai.com in the Investor
section. In addition, a replay of the call will be available for
two weeks following the conference by calling 1-855-859-2056 (or
1-404-537-3406 for international calls) and using passcode
89360127. The archived webcast of this event may be accessed
through the Akamai website.
About Akamai
As the world's largest and most trusted
cloud delivery platform, Akamai makes it easier for its customers
to provide the best and most secure digital experiences on any
device, anytime, anywhere. Akamai's massively distributed
platform is unparalleled in scale with over 200,000 servers across
130 countries, giving customers superior performance and threat
protection. Akamai's portfolio of web and mobile performance, cloud
security, enterprise access, and video delivery solutions are
supported by exceptional customer service and 24/7 monitoring.
To learn why the top financial institutions, e commerce
leaders, media & entertainment providers, and government
organizations trust Akamai please
visit www.akamai.com, blogs.akamai.com, or @Akamai on
Twitter.
AKAMAI
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS
|
|
(in
thousands)
|
September 30,
2017
|
|
December 31,
2016
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
368,152
|
|
|
$
|
324,169
|
|
Marketable
securities
|
383,849
|
|
|
512,849
|
|
Accounts receivable,
net
|
400,839
|
|
|
368,596
|
|
Prepaid expenses and
other current assets
|
142,943
|
|
|
104,303
|
|
Total current
assets
|
1,295,783
|
|
|
1,309,917
|
|
Property and
equipment, net
|
883,754
|
|
|
801,017
|
|
Marketable
securities
|
661,929
|
|
|
779,311
|
|
Goodwill
|
1,358,762
|
|
|
1,228,503
|
|
Acquired intangible
assets, net
|
176,288
|
|
|
149,463
|
|
Deferred income tax
assets
|
18,930
|
|
|
8,982
|
|
Other
assets
|
113,688
|
|
|
95,953
|
|
Total
assets
|
$
|
4,509,134
|
|
|
$
|
4,373,146
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
88,339
|
|
|
$
|
76,120
|
|
Accrued
expenses
|
267,966
|
|
|
238,777
|
|
Deferred
revenue
|
64,716
|
|
|
52,972
|
|
Other current
liabilities
|
9,285
|
|
|
6,719
|
|
Total current
liabilities
|
430,306
|
|
|
374,588
|
|
Deferred
revenue
|
4,224
|
|
|
3,758
|
|
Deferred income tax
liabilities
|
15,984
|
|
|
11,652
|
|
Convertible senior
notes
|
657,131
|
|
|
640,087
|
|
Other
liabilities
|
128,834
|
|
|
118,691
|
|
Total
liabilities
|
1,236,479
|
|
|
1,148,776
|
|
Total stockholders'
equity
|
3,272,655
|
|
|
3,224,370
|
|
Total liabilities and
stockholders' equity
|
$
|
4,509,134
|
|
|
$
|
4,373,146
|
|
AKAMAI
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
except per share data)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Revenue
|
$
|
621,399
|
|
|
$
|
608,908
|
|
|
$
|
584,065
|
|
|
$
|
1,839,544
|
|
|
$
|
1,723,925
|
|
Costs and operating
expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenue(1) (2)
|
225,468
|
|
|
214,650
|
|
|
204,467
|
|
|
645,821
|
|
|
605,526
|
|
Research and
development(1)
|
57,226
|
|
|
53,373
|
|
|
42,341
|
|
|
162,761
|
|
|
120,873
|
|
Sales and
marketing(1)
|
120,220
|
|
|
119,432
|
|
|
102,626
|
|
|
353,218
|
|
|
308,060
|
|
General and
administrative(1) (2)
|
124,523
|
|
|
123,518
|
|
|
113,320
|
|
|
363,050
|
|
|
323,141
|
|
Amortization of
acquired intangible assets
|
7,753
|
|
|
7,753
|
|
|
6,598
|
|
|
23,075
|
|
|
20,025
|
|
Restructuring
charges
|
332
|
|
|
2,971
|
|
|
2,948
|
|
|
3,303
|
|
|
10,236
|
|
Total costs and
operating expenses
|
535,522
|
|
|
521,697
|
|
|
472,300
|
|
|
1,551,228
|
|
|
1,387,861
|
|
Income from
operations
|
85,877
|
|
|
87,211
|
|
|
111,765
|
|
|
288,316
|
|
|
336,064
|
|
Interest
income
|
4,463
|
|
|
4,281
|
|
|
3,809
|
|
|
13,368
|
|
|
10,522
|
|
Interest
expense
|
(4,746)
|
|
|
(4,646)
|
|
|
(4,666)
|
|
|
(13,989)
|
|
|
(13,958)
|
|
Other income,
net
|
535
|
|
|
563
|
|
|
778
|
|
|
414
|
|
|
1,004
|
|
Income before
provision for income taxes
|
86,129
|
|
|
87,409
|
|
|
111,686
|
|
|
288,109
|
|
|
333,632
|
|
Provision for income
taxes
|
25,617
|
|
|
29,637
|
|
|
35,686
|
|
|
88,895
|
|
|
109,139
|
|
Net income
|
$
|
60,512
|
|
|
$
|
57,772
|
|
|
$
|
76,000
|
|
|
$
|
199,214
|
|
|
$
|
224,493
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.35
|
|
|
$
|
0.33
|
|
|
$
|
0.44
|
|
|
$
|
1.16
|
|
|
$
|
1.28
|
|
Diluted
|
$
|
0.35
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
1.15
|
|
|
$
|
1.27
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in per
share calculations:
|
|
|
|
|
|
|
|
|
|
Basic
|
170,976
|
|
|
172,674
|
|
|
174,429
|
|
|
172,269
|
|
|
175,444
|
|
Diluted
|
171,505
|
|
|
173,439
|
|
|
175,617
|
|
|
173,371
|
|
|
176,525
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes stock-based
compensation (see supplemental table for figures)
|
(2)
|
Includes depreciation
and amortization (see supplemental table for figures)
|
AKAMAI
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
thousands)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Cash flows from
operating activities(1):
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
60,512
|
|
|
$
|
57,772
|
|
|
$
|
76,000
|
|
|
$
|
199,214
|
|
|
$
|
224,493
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
97,178
|
|
|
89,206
|
|
|
84,511
|
|
|
272,917
|
|
|
250,294
|
|
Stock-based
compensation
|
41,848
|
|
|
41,269
|
|
|
38,652
|
|
|
122,103
|
|
|
105,304
|
|
(Benefit) provision
for deferred income taxes
|
(14,066)
|
|
|
7,396
|
|
|
(16,646)
|
|
|
25,302
|
|
|
(13,861)
|
|
Amortization of debt
discount and issuance costs
|
4,746
|
|
|
4,646
|
|
|
4,666
|
|
|
13,989
|
|
|
13,958
|
|
Other non-cash
reconciling items, net
|
2,046
|
|
|
1,738
|
|
|
4,866
|
|
|
3,655
|
|
|
8,367
|
|
Changes in operating
assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(1,326)
|
|
|
12,273
|
|
|
4,691
|
|
|
(19,199)
|
|
|
22,477
|
|
Prepaid expenses and
other current assets
|
15,913
|
|
|
(3,043)
|
|
|
15,005
|
|
|
(34,195)
|
|
|
4,014
|
|
Accounts payable and
accrued expenses
|
39,691
|
|
|
6,399
|
|
|
42,610
|
|
|
22,150
|
|
|
54,892
|
|
Deferred
revenue
|
(9,415)
|
|
|
(470)
|
|
|
(5,241)
|
|
|
991
|
|
|
6,885
|
|
Other current
liabilities
|
(2,250)
|
|
|
2,385
|
|
|
(2,301)
|
|
|
3,651
|
|
|
4,670
|
|
Other non-current
assets and liabilities
|
1,414
|
|
|
5,062
|
|
|
5,035
|
|
|
(7,036)
|
|
|
6,097
|
|
Net cash provided by
operating activities
|
236,291
|
|
|
224,633
|
|
|
251,848
|
|
|
603,542
|
|
|
687,590
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
|
Cash paid for
acquired businesses, net of cash acquired
|
—
|
|
|
(197,191)
|
|
|
(2,936)
|
|
|
(197,201)
|
|
|
(2,936)
|
|
Purchases of property
and equipment and capitalization of internal-use software
development costs
|
(119,740)
|
|
|
(97,005)
|
|
|
(79,870)
|
|
|
(307,926)
|
|
|
(240,351)
|
|
Purchases of short-
and long-term marketable securities
|
(67,879)
|
|
|
(88,913)
|
|
|
(230,223)
|
|
|
(249,098)
|
|
|
(614,808)
|
|
Proceeds from sales
and maturities of short- and long-term marketable
securities
|
85,263
|
|
|
88,978
|
|
|
204,190
|
|
|
498,379
|
|
|
556,533
|
|
Other non-current
assets and liabilities
|
(646)
|
|
|
(19)
|
|
|
(1,633)
|
|
|
(1,895)
|
|
|
(3,145)
|
|
Net cash used in
investing activities
|
(103,002)
|
|
|
(294,150)
|
|
|
(110,472)
|
|
|
(257,741)
|
|
|
(304,707)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from the
issuance of common stock under stock plans
|
16,060
|
|
|
8,150
|
|
|
15,244
|
|
|
41,740
|
|
|
42,339
|
|
Employee taxes paid
related to net share settlement of stock-based awards
|
(6,784)
|
|
|
(7,417)
|
|
|
(6,150)
|
|
|
(48,122)
|
|
|
(38,560)
|
|
Repurchases of common
stock
|
(129,014)
|
|
|
(105,148)
|
|
|
(95,157)
|
|
|
(306,629)
|
|
|
(294,867)
|
|
Other non-current
assets and liabilities
|
—
|
|
|
(1,096)
|
|
|
—
|
|
|
(1,096)
|
|
|
—
|
|
Net cash used in
financing activities
|
(119,738)
|
|
|
(105,511)
|
|
|
(86,063)
|
|
|
(314,107)
|
|
|
(291,088)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
2,100
|
|
|
5,210
|
|
|
(154)
|
|
|
12,289
|
|
|
535
|
|
Net increase
(decrease) in cash and cash equivalents
|
15,651
|
|
|
(169,818)
|
|
|
55,159
|
|
|
43,983
|
|
|
92,330
|
|
Cash and cash
equivalents at beginning of period
|
352,501
|
|
|
522,319
|
|
|
326,644
|
|
|
324,169
|
|
|
289,473
|
|
Cash and cash
equivalents at end of period
|
$
|
368,152
|
|
|
$
|
352,501
|
|
|
$
|
381,803
|
|
|
$
|
368,152
|
|
|
$
|
381,803
|
|
|
|
|
|
(1)
|
On January 1, 2017,
the Company adopted Accounting Standards Update No. 2016-09,
Improvements to Employee Share-Based Payment Accounting.
Under this standard, excess tax benefits are no longer classified
as a reduction of cash flows from operating activities. The Company
retrospectively adopted this standard and revised cash flows from
operating activities by $0.4 million and $3.1 million for the three
and nine months ended September 30, 2016, respectively. The
increase caused a corresponding decrease to cash flows from
financing activities.
|
AKAMAI
TECHNOLOGIES, INC. SUPPLEMENTAL REVENUE DATA BY
DIVISION
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
thousands)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Customer revenue
by division(1):
|
|
|
|
|
|
|
|
|
|
Web
Division
|
$
|
327,926
|
|
|
$
|
314,988
|
|
|
$
|
288,104
|
|
|
$
|
947,600
|
|
|
$
|
828,662
|
|
Media
Division
|
273,415
|
|
|
276,071
|
|
|
276,205
|
|
|
834,887
|
|
|
843,756
|
|
Enterprise and
Carrier Division
|
20,058
|
|
|
17,849
|
|
|
19,756
|
|
|
57,057
|
|
|
51,507
|
|
Total
revenue
|
$
|
621,399
|
|
|
$
|
608,908
|
|
|
$
|
584,065
|
|
|
$
|
1,839,544
|
|
|
$
|
1,723,925
|
|
Revenue growth
rates year-over-year:
|
|
|
|
|
|
|
|
|
|
Web
Division
|
14
|
%
|
|
15
|
%
|
|
17
|
%
|
|
14
|
%
|
|
16
|
%
|
Media
Division
|
(1)
|
|
|
(2)
|
|
|
(5)
|
|
|
(1)
|
|
|
(2)
|
|
Enterprise and
Carrier Division
|
2
|
|
|
9
|
|
|
41
|
|
|
11
|
|
|
32
|
|
Total
revenue
|
6
|
%
|
|
6
|
%
|
|
6
|
%
|
|
7
|
%
|
|
7
|
%
|
Revenue growth
rates year-over-year, adjusted for the impact of foreign exchange
rates(2):
|
|
|
|
|
|
|
|
|
|
Web
Division
|
14
|
%
|
|
16
|
%
|
|
16
|
%
|
|
15
|
%
|
|
16
|
%
|
Media
Division
|
(1)
|
|
|
(1)
|
|
|
(5)
|
|
|
(1)
|
|
|
(2)
|
|
Enterprise and
Carrier Division
|
1
|
|
|
10
|
|
|
41
|
|
|
11
|
|
|
33
|
|
Total
revenue
|
6
|
%
|
|
7
|
%
|
|
5
|
%
|
|
7
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
AKAMAI
TECHNOLOGIES, INC. SUPPLEMENTAL REVENUE DATA BY SOLUTION
CATEGORY
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
thousands)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Revenue by
solution category(3):
|
|
|
|
|
|
|
|
|
|
Performance and
Security Solutions
|
$
|
381,461
|
|
|
$
|
375,807
|
|
|
$
|
345,118
|
|
|
$
|
1,126,416
|
|
|
$
|
987,623
|
|
Media Delivery
Solutions
|
182,753
|
|
|
178,905
|
|
|
188,075
|
|
|
549,054
|
|
|
591,091
|
|
Services and Support
Solutions
|
57,185
|
|
|
54,196
|
|
|
50,872
|
|
|
164,074
|
|
|
145,211
|
|
Total
revenue
|
$
|
621,399
|
|
|
$
|
608,908
|
|
|
$
|
584,065
|
|
|
$
|
1,839,544
|
|
|
$
|
1,723,925
|
|
Cloud Security
Solutions revenue
|
$
|
121,420
|
|
|
$
|
115,135
|
|
|
$
|
95,232
|
|
|
$
|
346,313
|
|
|
$
|
262,872
|
|
Revenue growth
rates year-over-year:
|
|
|
|
|
|
|
|
|
|
Performance and
Security Solutions
|
11
|
%
|
|
15
|
%
|
|
19
|
%
|
|
14
|
%
|
|
17
|
%
|
Media Delivery
Solutions
|
(3)
|
|
|
(9)
|
|
|
(14)
|
|
|
(7)
|
|
|
(9)
|
|
Services and Support
Solutions
|
12
|
|
|
12
|
|
|
17
|
|
|
13
|
|
|
17
|
|
Total
revenue
|
6
|
%
|
|
6
|
%
|
|
6
|
%
|
|
7
|
%
|
|
7
|
%
|
Cloud Security
Solutions revenue growth rates
|
27
|
%
|
|
32
|
%
|
|
46
|
%
|
|
32
|
%
|
|
45
|
%
|
Revenue growth
rates year-over-year, adjusted for the impact of foreign exchange
rates(2):
|
|
|
|
|
|
|
|
|
|
Performance and
Security Solutions
|
10
|
%
|
|
16
|
%
|
|
19
|
%
|
|
15
|
%
|
|
17
|
%
|
Media Delivery
Solutions
|
(3)
|
|
|
(9)
|
|
|
(15)
|
|
|
(7)
|
|
|
(9)
|
|
Services and Support
Solutions
|
12
|
|
|
13
|
|
|
16
|
|
|
13
|
|
|
17
|
|
Total
revenue
|
6
|
%
|
|
7
|
%
|
|
5
|
%
|
|
7
|
%
|
|
7
|
%
|
Cloud Security
Solutions revenue growth rates
|
27
|
%
|
|
34
|
%
|
|
46
|
%
|
|
33
|
%
|
|
45
|
%
|
|
|
|
|
(1)
|
See customer revenue
by division definition in press release
|
(2)
|
See Use of Non-GAAP
Financial Measures below for a definition
|
(3)
|
See revenue by
solution category definition in press release
|
AKAMAI
TECHNOLOGIES, INC. SUPPLEMENTAL REVENUE DATA BY
GEOGRAPHY
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
thousands)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Revenue by
geography:
|
|
|
|
|
|
|
|
|
|
U.S.
|
$
|
408,544
|
|
|
$
|
403,085
|
|
|
$
|
404,065
|
|
|
$
|
1,218,194
|
|
|
$
|
1,196,433
|
|
International
|
212,855
|
|
|
205,823
|
|
|
180,000
|
|
|
621,350
|
|
|
527,492
|
|
Total
revenue
|
$
|
621,399
|
|
|
$
|
608,908
|
|
|
$
|
584,065
|
|
|
$
|
1,839,544
|
|
|
$
|
1,723,925
|
|
Revenue growth
rates year-over-year:
|
|
|
|
|
|
|
|
|
|
U.S.
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
International
|
18
|
%
|
|
16
|
|
|
20
|
|
|
18
|
|
|
23
|
|
Total
revenue
|
6
|
%
|
|
6
|
%
|
|
6
|
%
|
|
7
|
%
|
|
7
|
%
|
Revenue growth
rates year-over-year, adjusted for the impact of foreign exchange
rates(1):
|
|
|
|
|
|
|
|
|
|
U.S.
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
International
|
18
|
|
|
19
|
|
|
17
|
|
|
20
|
|
|
23
|
|
Total
revenue
|
6
|
%
|
|
7
|
%
|
|
5
|
%
|
|
7
|
%
|
|
7
|
%
|
|
|
|
|
|
|
AKAMAI
TECHNOLOGIES, INC. SUPPLEMENTAL REVENUE DATA FOR INTERNET
PLATFORM CUSTOMERS
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in
thousands)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Revenue from Internet
Platform Customers(2)
|
$
|
50,567
|
|
|
$
|
51,169
|
|
|
$
|
58,012
|
|
|
$
|
153,103
|
|
|
$
|
192,014
|
|
Revenue excluding
Internet Platform Customers
|
570,832
|
|
|
557,739
|
|
|
526,053
|
|
|
1,686,441
|
|
|
1,531,911
|
|
Total
revenue
|
$
|
621,399
|
|
|
$
|
608,908
|
|
|
$
|
584,065
|
|
|
$
|
1,839,544
|
|
|
$
|
1,723,925
|
|
Revenue growth
rates year-over-year:
|
|
|
|
|
|
|
|
|
|
Revenue from Internet
Platform Customers
|
(13)
|
%
|
|
(17)
|
%
|
|
(39)
|
%
|
|
(20)
|
%
|
|
(33)
|
%
|
Revenue excluding
Internet Platform Customers
|
9
|
|
|
9
|
|
|
15
|
|
|
10
|
|
|
15
|
|
Total
revenue
|
6
|
%
|
|
6
|
%
|
|
6
|
%
|
|
7
|
%
|
|
7
|
%
|
Revenue growth
rates year-over-year, adjusted for the impact of foreign exchange
rates(1):
|
|
|
|
|
|
|
|
|
|
Revenue from Internet
Platform Customers
|
(13)
|
%
|
|
(17)
|
%
|
|
(40)
|
%
|
|
(20)
|
%
|
|
(33)
|
%
|
Revenue excluding
Internet Platform Customers
|
8
|
|
|
10
|
|
|
15
|
|
|
11
|
|
|
15
|
|
Total
revenue
|
6
|
%
|
|
7
|
%
|
|
5
|
%
|
|
7
|
%
|
|
7
|
%
|
|
|
|
|
(1)
|
See Use of Non-GAAP
Financial Measures below for a definition
|
(2)
|
See Internet Platform
Customers definition in press release
|
AKAMAI
TECHNOLOGIES, INC. OTHER SUPPLEMENTAL FINANCIAL
DATA
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
except end of period statistics)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Stock-based
compensation:
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
5,296
|
|
|
$
|
5,074
|
|
|
$
|
4,701
|
|
|
$
|
15,055
|
|
|
$
|
13,224
|
|
Research and
development
|
10,100
|
|
|
9,614
|
|
|
7,727
|
|
|
28,743
|
|
|
20,917
|
|
Sales and
marketing
|
15,672
|
|
|
13,951
|
|
|
14,729
|
|
|
44,780
|
|
|
40,340
|
|
General and
administrative
|
10,780
|
|
|
12,630
|
|
|
11,495
|
|
|
33,525
|
|
|
30,823
|
|
Total stock-based
compensation
|
$
|
41,848
|
|
|
$
|
41,269
|
|
|
$
|
38,652
|
|
|
$
|
122,103
|
|
|
$
|
105,304
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
|
Network-related
depreciation
|
$
|
64,369
|
|
|
$
|
59,170
|
|
|
$
|
57,521
|
|
|
$
|
180,383
|
|
|
$
|
171,310
|
|
Other depreciation
and amortization
|
19,320
|
|
|
17,727
|
|
|
16,409
|
|
|
55,256
|
|
|
47,297
|
|
Depreciation of
property and equipment
|
83,689
|
|
|
76,897
|
|
|
73,930
|
|
|
235,639
|
|
|
218,607
|
|
Capitalized
stock-based compensation amortization
|
5,046
|
|
|
3,972
|
|
|
3,544
|
|
|
12,489
|
|
|
10,429
|
|
Capitalized interest
expense amortization
|
690
|
|
|
584
|
|
|
439
|
|
|
1,714
|
|
|
1,233
|
|
Amortization of
acquired intangible assets
|
7,753
|
|
|
7,753
|
|
|
6,598
|
|
|
23,075
|
|
|
20,025
|
|
Total depreciation
and amortization
|
$
|
97,178
|
|
|
$
|
89,206
|
|
|
$
|
84,511
|
|
|
$
|
272,917
|
|
|
$
|
250,294
|
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures, excluding stock-based compensation and interest
expense(1)(2):
|
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
$
|
62,755
|
|
|
$
|
64,522
|
|
|
$
|
51,332
|
|
|
$
|
183,777
|
|
|
$
|
152,125
|
|
Capitalized
internal-use software development costs
|
45,213
|
|
|
40,957
|
|
|
35,507
|
|
|
123,255
|
|
|
106,967
|
|
Total capital
expenditures, excluding stock-based compensation and interest
expense
|
$
|
107,968
|
|
|
$
|
105,479
|
|
|
$
|
86,839
|
|
|
$
|
307,032
|
|
|
$
|
259,092
|
|
|
|
|
|
|
|
|
|
|
|
End of period
statistics:
|
|
|
|
|
|
|
|
|
|
Number of
employees
|
7,438
|
|
|
7,084
|
|
|
6,334
|
|
|
|
|
|
|
|
|
|
(1)
|
Capital expenditures
presented in this table are reported on an accrual basis, which
differs from the cash-basis presentation in the statements of cash
flows. The primary difference between the two is the change
in purchases of property and equipment and capitalization of
internal-use software development costs accrued for, but not paid,
at period end.
|
(2)
|
See Use of Non-GAAP
Financial Measures below for a definition
|
AKAMAI
TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP
INCOME FROM OPERATIONS, NET INCOME AND NET INCOME PER DILUTED
SHARE
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
except per share data)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Income from
operations
|
$
|
85,877
|
|
|
$
|
87,211
|
|
|
$
|
111,765
|
|
|
$
|
288,316
|
|
|
$
|
336,064
|
|
GAAP operating
margin
|
14
|
%
|
|
14
|
%
|
|
19
|
%
|
|
16
|
%
|
|
19
|
%
|
Amortization of
acquired intangible assets
|
7,753
|
|
|
7,753
|
|
|
6,598
|
|
|
23,075
|
|
|
20,025
|
|
Stock-based
compensation
|
41,848
|
|
|
41,269
|
|
|
38,652
|
|
|
122,103
|
|
|
105,304
|
|
Amortization of
capitalized stock-based compensation and capitalized interest
expense
|
5,736
|
|
|
4,556
|
|
|
3,983
|
|
|
14,203
|
|
|
11,662
|
|
Restructuring
charges
|
332
|
|
|
2,971
|
|
|
2,948
|
|
|
3,303
|
|
|
10,236
|
|
Acquisition-related
costs
|
530
|
|
|
3,057
|
|
|
241
|
|
|
3,379
|
|
|
523
|
|
Legal matter
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
890
|
|
Operating
adjustments
|
56,199
|
|
|
59,606
|
|
|
52,422
|
|
|
166,063
|
|
|
148,640
|
|
Non-GAAP income from
operations
|
$
|
142,076
|
|
|
$
|
146,817
|
|
|
$
|
164,187
|
|
|
$
|
454,379
|
|
|
$
|
484,704
|
|
Non-GAAP operating
margin
|
23
|
%
|
|
24
|
%
|
|
28
|
%
|
|
25
|
%
|
|
28
|
%
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
60,512
|
|
|
$
|
57,772
|
|
|
$
|
76,000
|
|
|
$
|
199,214
|
|
|
$
|
224,493
|
|
Operating adjustments
(from above)
|
56,199
|
|
|
59,606
|
|
|
52,422
|
|
|
166,063
|
|
|
148,640
|
|
Amortization of debt
discount and issuance costs
|
4,746
|
|
|
4,646
|
|
|
4,666
|
|
|
13,989
|
|
|
13,958
|
|
Income tax-effect of
above non-GAAP adjustments and certain discrete tax
items
|
(14,802)
|
|
|
(13,974)
|
|
|
(12,939)
|
|
|
(44,243)
|
|
|
(37,094)
|
|
Non-GAAP net
income
|
$
|
106,655
|
|
|
$
|
108,050
|
|
|
$
|
120,149
|
|
|
$
|
335,023
|
|
|
$
|
349,997
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
diluted share
|
$
|
0.35
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
1.15
|
|
|
$
|
1.27
|
|
Amortization of
acquired intangible assets
|
0.05
|
|
|
0.04
|
|
|
0.04
|
|
|
0.13
|
|
|
0.11
|
|
Stock-based
compensation
|
0.24
|
|
|
0.24
|
|
|
0.22
|
|
|
0.70
|
|
|
0.60
|
|
Amortization of
capitalized stock-based compensation and capitalized interest
expense
|
0.03
|
|
|
0.03
|
|
|
0.02
|
|
|
0.08
|
|
|
0.07
|
|
Restructuring
charges
|
—
|
|
|
0.02
|
|
|
0.02
|
|
|
0.02
|
|
|
0.06
|
|
Acquisition-related
costs
|
—
|
|
|
0.02
|
|
|
—
|
|
|
0.02
|
|
|
—
|
|
Legal matter
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
Amortization of debt
discount and issuance costs
|
0.03
|
|
|
0.03
|
|
|
0.03
|
|
|
0.08
|
|
|
0.08
|
|
Income tax effect of
above non-GAAP adjustments and certain discrete tax
items
|
(0.09)
|
|
|
(0.08)
|
|
|
(0.07)
|
|
|
(0.26)
|
|
|
(0.21)
|
|
Non-GAAP net income
per diluted share
|
$
|
0.62
|
|
|
$
|
0.62
|
|
|
$
|
0.68
|
|
|
$
|
1.93
|
|
|
$
|
1.98
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
diluted per share calculations
|
171,505
|
|
|
173,439
|
|
|
175,617
|
|
|
173,371
|
|
|
176,525
|
|
AKAMAI
TECHNOLOGIES, INC. RECONCILIATION OF GAAP NET INCOME TO
ADJUSTED EBITDA
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
(in thousands,
except per share data)
|
September
30, 2017
|
|
June 30,
2017
|
|
September
30, 2016
|
|
September
30, 2017
|
|
September
30, 2016
|
Net income
|
$
|
60,512
|
|
|
$
|
57,772
|
|
|
$
|
76,000
|
|
|
$
|
199,214
|
|
|
$
|
224,493
|
|
Interest
income
|
(4,463)
|
|
|
(4,281)
|
|
|
(3,809)
|
|
|
(13,368)
|
|
|
(10,522)
|
|
Provision for income
taxes
|
25,617
|
|
|
29,637
|
|
|
35,686
|
|
|
88,895
|
|
|
109,139
|
|
Depreciation and
amortization
|
83,689
|
|
|
76,897
|
|
|
73,930
|
|
|
235,639
|
|
|
218,607
|
|
Amortization of
capitalized stock-based compensation and capitalized interest
expense
|
5,736
|
|
|
4,556
|
|
|
3,983
|
|
|
14,203
|
|
|
11,662
|
|
Amortization of
acquired intangible assets
|
7,753
|
|
|
7,753
|
|
|
6,598
|
|
|
23,075
|
|
|
20,025
|
|
Stock-based
compensation
|
41,848
|
|
|
41,269
|
|
|
38,652
|
|
|
122,103
|
|
|
105,304
|
|
Restructuring
charges
|
332
|
|
|
2,971
|
|
|
2,948
|
|
|
3,303
|
|
|
10,236
|
|
Acquisition-related
costs
|
530
|
|
|
3,057
|
|
|
241
|
|
|
3,379
|
|
|
523
|
|
Legal matter
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
890
|
|
Amortization of debt
discount and issuance costs
|
4,746
|
|
|
4,646
|
|
|
4,666
|
|
|
13,989
|
|
|
13,958
|
|
Other income,
net
|
(535)
|
|
|
(563)
|
|
|
(778)
|
|
|
(414)
|
|
|
(1,004)
|
|
Adjusted
EBITDA
|
$
|
225,765
|
|
|
$
|
223,714
|
|
|
$
|
238,117
|
|
|
$
|
690,018
|
|
|
$
|
703,311
|
|
Adjusted EBITDA
margin
|
36
|
%
|
|
37
|
%
|
|
41
|
%
|
|
38
|
%
|
|
41
|
%
|
Use of Non-GAAP Financial Measures
In addition to
providing financial measurements based on generally accepted
accounting principles in the United
States of America (GAAP), Akamai provides additional
financial metrics that are not prepared in accordance with GAAP
(non-GAAP). Management uses non-GAAP financial measures, in
addition to GAAP financial measures, to understand and compare
operating results across accounting periods, for financial and
operational decision making, for planning and forecasting purposes,
to measure executive compensation and to evaluate Akamai's
financial performance. These non-GAAP financial measures are
non-GAAP income from operations, non-GAAP operating margin,
non-GAAP net income, non-GAAP net income per share, Adjusted
EBITDA, Adjusted EBITDA margin, capital expenditures and impact of
foreign currency exchange rates, as discussed below.
Management believes that these non-GAAP financial measures
reflect Akamai's ongoing business in a manner that allows for
meaningful comparisons and analysis of trends in the business, as
they facilitate comparing financial results across accounting
periods and to those of peer companies. Management also believes
that these non-GAAP financial measures enable investors to evaluate
Akamai's operating results and future prospects in the same manner
as management. These non-GAAP financial measures may exclude
expenses and gains that may be unusual in nature, infrequent or not
reflective of Akamai's ongoing operating results.
The non-GAAP financial measures do not replace the presentation
of Akamai's GAAP financial results and should only be used as a
supplement to, not as a substitute for, Akamai's financial results
presented in accordance with GAAP. Akamai has provided a
reconciliation of each non-GAAP financial measure used in its
financial reporting and investor presentations to the most directly
comparable GAAP financial measure. This reconciliation captioned
"Reconciliation of GAAP to Non-GAAP Financial Measures" can be
found on the Investor Relations section of Akamai's website.
The non-GAAP adjustments, and Akamai's basis for excluding them
from non-GAAP financial measures, are outlined below:
- Amortization of acquired intangible assets – Akamai has
incurred amortization of intangible assets, included in its GAAP
financial statements, related to various acquisitions Akamai has
made. The amount of an acquisition's purchase price allocated to
intangible assets and term of its related amortization can vary
significantly and are unique to each acquisition; therefore, Akamai
excludes amortization of acquired intangible assets from its
non-GAAP financial measures to provide investors with a consistent
basis for comparing pre- and post-acquisition operating
results.
- Stock-based compensation and amortization of capitalized
stock-based compensation – Although stock-based compensation is
an important aspect of the compensation paid to Akamai's employees,
the grant date fair value varies based on the stock price at the
time of grant, varying valuation methodologies, subjective
assumptions and the variety of award types. This makes the
comparison of Akamai's current financial results to previous and
future periods difficult to interpret; therefore, Akamai believes
it is useful to exclude stock-based compensation and amortization
of capitalized stock-based compensation from its non-GAAP financial
measures in order to highlight the performance of Akamai's core
business and to be consistent with the way many investors evaluate
its performance and compare its operating results to
peer companies.
- Acquisition-related costs – Acquisition-related costs
include transaction fees, advisory fees, due diligence costs and
other direct costs associated with strategic activities. In
addition, subsequent adjustments to Akamai's initial estimated
amounts of contingent consideration and indemnification associated
with specific acquisitions are included within acquisition-related
costs. These amounts are impacted by the timing and size of the
acquisitions. Akamai excludes acquisition-related costs from its
non-GAAP financial measures to provide a useful comparison of
Akamai's operating results to prior periods and to its peer
companies because such amounts vary significantly based on the
magnitude of the acquisition transactions.
- Restructuring charges – Akamai has incurred
restructuring charges that are included in its GAAP financial
statements, primarily related to workforce reductions and estimated
costs of exiting facility lease commitments. Akamai excludes these
items from its non-GAAP financial measures when evaluating its
continuing business performance as such items vary significantly
based on the magnitude of the restructuring action and do not
reflect expected future operating expenses. In addition, these
charges do not necessarily provide meaningful insight into the
fundamentals of current or past operations of
its business.
- Amortization of debt discount and issuance costs and
amortization of capitalized interest expense – In February 2014, Akamai issued $690 million of convertible senior notes due 2019
with a coupon interest rate of 0%. The imputed interest rate of the
convertible senior notes was approximately 3.2%. This is a result
of the debt discount recorded for the conversion feature that is
required to be separately accounted for as equity under GAAP,
thereby reducing the carrying value of the convertible debt
instrument. The debt discount is amortized as interest expense
together with the issuance costs of the debt. All of Akamai's
interest expense is comprised of these non-cash components and is
excluded from management's assessment of the company's operating
performance because management believes the non-cash expense is not
representative of ongoing operating performance.
- Legal matter costs – Akamai has incurred losses from the
settlement of legal matters and costs with respect to its internal
U.S. Foreign Corrupt Practices Act ("FCPA") investigation in
addition to the disgorgement Akamai was required to pay to resolve
it. Akamai believes excluding these amounts from its non-GAAP
financial measures is useful to investors as the types of events
giving rise to them are not representative of Akamai's core
business operations.
- Income tax effect of non-GAAP adjustments and certain
discrete tax items – The non-GAAP adjustments described above
are reported on a pre-tax basis. The income tax effect of non-GAAP
adjustments is the difference between GAAP and non-GAAP income tax
expense. Non-GAAP income tax expense is computed on non-GAAP
pre-tax income (GAAP pre-tax income adjusted for non-GAAP
adjustments) and excludes certain discrete tax items (such as
recording or releasing of valuation allowances), if any. Akamai
believes that applying the non GAAP adjustments and their related
income tax effect allows Akamai to highlight income attributable to
its core operations.
Akamai's definitions of its non-GAAP financial measures are
outlined below:
Non-GAAP income from operations – GAAP income from
operations adjusted for the following items: amortization of
acquired intangible assets; stock-based compensation; amortization
of capitalized stock-based compensation; amortization of
capitalized interest expense; acquisition-related costs;
restructuring charges; benefit from adoption of software
development activities; gains and other activity related to
divestiture of a business; gains and losses on legal settlements;
costs incurred with respect to Akamai's internal FCPA
investigation; and other non-recurring or unusual items that may
arise from time to time.
Non-GAAP operating margin – Non-GAAP income from
operations stated as a percentage of revenue.
Non-GAAP net income – GAAP net income adjusted for
the following tax-affected items: amortization of acquired
intangible assets; stock-based compensation; amortization of
capitalized stock-based compensation; acquisition-related costs;
restructuring charges; benefit from adoption of software
development activities; gains and other activity related to
divestiture of a business; gains and losses on legal settlements;
costs incurred with respect to Akamai's internal FCPA
investigation; loss on early extinguishment of debt; amortization
of debt discount and issuance costs; amortization of capitalized
interest expense; certain gains and losses on investments; and
other non-recurring or unusual items that may arise from time to
time.
Non-GAAP net income per share – Non-GAAP net income
divided by basic weighted average or diluted common shares
outstanding. Basic weighted average shares outstanding are those
used in GAAP net income per share calculations. Diluted weighted
average shares outstanding are adjusted in non-GAAP per share
calculations for the shares that would be delivered to Akamai
pursuant to the note hedge transaction entered into in connection
with the issuance of $690 million of
convertible senior notes due 2019. Under GAAP, shares delivered
under hedge transactions are not considered offsetting shares in
the fully-diluted share calculation until they are delivered.
However, the company would receive a benefit from the note hedge
transaction and would not allow the dilution to occur, so
management believes that adjusting for this benefit provides a
meaningful view of operating performance. Unless and until Akamai's
weighted average stock price is greater than $89.56, the initial conversion price, there will
be no difference between GAAP and non-GAAP diluted weighted average
common shares outstanding.
Adjusted EBITDA – GAAP net income excluding the following
items: interest income; income taxes; depreciation and amortization
of tangible and intangible assets; stock-based compensation;
amortization of capitalized stock-based compensation;
acquisition-related costs; restructuring charges; benefit from
adoption of software development activities; gains and other
activity related to divestiture of a business; gains and losses on
legal settlements; costs incurred with respect to Akamai's internal
FCPA investigation; foreign exchange gains and losses; loss on
early extinguishment of debt; amortization of debt discount and
issuance costs; amortization of capitalized interest expense;
certain gains and losses on investments; and other non-recurring or
unusual items that may arise from time to time.
Adjusted EBITDA margin – Adjusted EBITDA stated as a
percentage of revenue.
Capital expenditures, or capex, excluding stock-based
compensation and interest expense – Purchases of property and
equipment and capitalization of internal-use software development
costs presented on an accrual basis, which differs from the
cash-basis presentation included in the statements of cash flows.
The primary difference between the two is the change in purchases
of property and equipment and capitalization of internal-use
software development costs accrued for, but not paid, at period
end.
Impact of Foreign Currency Exchange Rates – Revenue and
earnings from international operations have historically been an
important contributor to Akamai's financial results. Consequently,
Akamai's financial results have been impacted, and management
expects they will continue to be impacted, by fluctuations in
foreign currency exchange rates. For example, when the local
currencies of our foreign subsidiaries weaken, our consolidated
results stated in U.S. dollars are negatively impacted.
Because exchange rates are a meaningful factor in understanding
period-to-period comparisons, management believes the presentation
of the impact of foreign currency exchange rates on revenue and
earnings enhances the understanding of our financial results and
evaluation of performance in comparison to prior periods. The
dollar impact of changes in foreign currency exchange rates
presented is calculated by translating current period results using
monthly average foreign currency exchange rates from the
comparative period and comparing them to the reported amount.
The percentage change at constant currency presented is calculated
by comparing the prior period amounts as reported and the current
period amounts translated using the same monthly average foreign
currency exchange rates from the comparative period.
EPS growth rates, adjusted for the Soasta acquisition –
Earnings per share adjusted for the April 6,
2017 acquisition of Soasta, Inc.
Akamai Statement Under the Private Securities Litigation
Reform Act
This release and/or our quarterly earnings
conference call scheduled for later today contain information about
future expectations, plans and prospects of Akamai's management
that constitute forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995, including statements about expected revenue growth and
future profitability levels. Actual results may differ materially
from those indicated by these forward-looking statements as a
result of various important factors including, but not limited to,
failure of our investments in innovation to generate solutions that
are accepted in the market; inability to increase our revenue at
the same rate as in the past and keep our expenses from increasing
at a greater rate than our revenues; delay in developing or failure
to develop new service offerings or functionalities, and if
developed, lack of market acceptance of such service offerings and
functionalities or failure of such solutions to operate as
expected, and other factors that are discussed in the Company's
Annual Report on Form 10-K, quarterly reports on Form 10-Q, and
other documents periodically filed with the SEC.
In addition, the statements in this press release and on such
call represent Akamai's expectations and beliefs as of the date of
this press release. Akamai anticipates that subsequent events and
developments may cause these expectations and beliefs to change.
However, while Akamai may elect to update these forward-looking
statements at some point in the future, it specifically disclaims
any obligation to do so. These forward-looking statements should
not be relied upon as representing Akamai's expectations or beliefs
as of any date subsequent to the date of this press release.
Contacts:
|
|
Jeff
Young
|
Tom Barth
|
Media
Relations
|
Investor
Relations
|
Akamai
Technologies
|
Akamai
Technologies
|
617-444-3913
|
617-274-7130
|
jyoung@akamai.com
|
tbarth@akamai.com
|
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SOURCE Akamai Technologies, Inc.