AKAM - Akamai Technologies Inc. (AKAM) Q1 2024 Earnings Call Transcript

2024-05-09 19:52:12 ET

Akamai Technologies, Inc. (AKAM)

Q1 2024 Earnings Conference Call

May 09, 2024 04:30 PM ET

Company Participants

Mark Stoutenberg - Head of IR

Tom Leighton - CEO & Co-Founder

Ed McGowan - EVP, CFO

Conference Call Participants

Madeline Brooks - Bank of America

Joshua Baer - Morgan Stanley

James Fish - Piper Sandler

Fatima Boolani - Citi

Mark Murphy - JPMorgan

Frank Louthan - Raymond James

Jonathan Ho - William Blair

Alex Henderson - Needham

Rudy Kessinger - D.A. Davidson

Tom Blakey - KeyBanc Capital Markets

Presentation

Operator

Good day and welcome to the First Quarter 2024 Akamai Technologies Incorporated Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]

Please note this event is being recorded. I would now like to turn the conference over to Mark Stoutenberg, Head of Investor Relations. Please go ahead.

Mark Stoutenberg

Thank you, operator. Good afternoon, everyone, and thank you for joining Akamai's First Quarter 2024 Earnings Call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer and Ed McGowan, Akamai's Chief Financial Officer. Please note that today's comments include forward-looking statements, including statements regarding revenue and earnings guidance. These forward-looking statements are subject to risks and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements.

The factors include any impact from macroeconomic trends, the integration of any acquisitions, and any impact from geopolitical developments. Additional information concerning these factors is contained in Akamai's filings with the SEC, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. The forward-looking statements included in this call represent the company's view on May 9th, 2024.

Akamai disclaims any obligation to update these statements to reflect new information, future events, or circumstances, except as required by law. As a reminder, we will be referring to certain non-GAAP financial metrics during today's call. A detailed reconciliation of GAAP and non-GAAP metrics can be found under the financial portion of the Investor Relations section of akamai.com. I will now hand the call off to our CEO, Dr. Tom Leighton.

Tom Leighton

Thanks, Mark. Akamai got off to a strong start for the year with our Security and Compute portfolios. And we continued to experience industry headwinds with our delivery product-line. First quarter revenue grew to $987 million, up 8% year-over-year as reported and in constant currency. Non-GAAP operating margin was 30% and non-GAAP earnings per share was $1.64, up 17% year-over-year and up 18% in constant currency....

For further details see: