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AKAMAI TECHNOLOGIES (AKAM)

Akamai Technologies operates a massively distributed edge and cloud platform known as Akamai Connected Cloud, which supports their cloud computing, security, and content delivery solutions. The company's primary business activities are centered around these three areas, with security being the largest contributor to revenue. Akamai sells security solutions, including web application firewall, bot management, and Guardicore's micro-segmentation, as well as content delivery network services and compute solutions bolstered by the acquisition of Linode .

  1. Security Solutions - Provides web application firewall, bot management, and Guardicore's micro-segmentation services, contributing significantly to the company's revenue .
  2. Compute Solutions - Offers cloud computing services, enhanced by the acquisition of Linode, and plays a substantial role in the company's growth .
  3. Content Delivery Network (CDN) - Delivers content delivery services, which remain a profitable part of the business despite facing challenges from slower internet traffic growth and increased competition .

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NamePositionExternal RolesShort Bio

F. Thomson Leighton

ExecutiveBoard

Chief Executive Officer, President, and Director

N/A

Co-founder of Akamai, instrumental in developing CDN technology, CEO since 2013.

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Aaron Ahola

Executive

Executive Vice President, General Counsel, and Corporate Secretary

Member of Nasdaq Listing and Hearing Review Council

Joined Akamai in 2000, significant role in legal and corporate governance, promoted to EVP in 2019.

Adam Karon

Executive

Chief Operating Officer and General Manager of the Cloud Technology Group

N/A

Joined Akamai in 2005, significant role in Media and Carrier Division, COO since 2021.

Anthony Williams

Executive

Executive Vice President and Chief Human Resources Officer

N/A

Joined Akamai in 2015, focuses on talent acquisition and diversity, CHRO since 2020.

Edward McGowan

Executive

Executive Vice President, Chief Financial Officer, and Treasurer

Board Member at WinVest Acquisition Corp.

Joined Akamai in 2000, CFO since 2019, oversees global IT organization.

Kim Salem-Jackson

Executive

Executive Vice President and Chief Marketing Officer

Board Member at Akamai Foundation, Forbes Communications Council, Chief, Fast Company Executive Board

Joined Akamai in 2017, leads global marketing strategies, CMO since 2021.

Mani Sundaram

Executive

Executive Vice President and General Manager of the Security Technology Group

N/A

Joined Akamai in 2007, significant role in security technology, EVP since 2021.

Paul Joseph

Executive

Executive Vice President, Global Sales and Services

N/A

Joined Akamai in 2000, promoted to EVP in 2021, oversees global sales and services.

Robert Blumofe

Executive

Executive Vice President and Chief Technology Officer

N/A

Joined Akamai in 1999, widely published in distributed computing, CTO since 2021.

Bernardus Verwaayen

Board

Director

General Partner at Keen Venture Partners, Board Member at Renewi plc, Ofcom

Director since 2013, former CEO of Alcatel-Lucent, expertise in telecommunications.

Daniel R. Hesse

Board

Independent Chair of the Board

Board Member at PNC Corporation

Director since 2016, Chair since 2021, former CEO of Sprint Corporation.

Jonathan F. Miller

Board

Director

CEO of Integrated Media Co., Advisor at Advancit Capital, Board Member at Interpublic Group

Director since 2015, insight into media and technology developments.

Madhu Ranganathan

Board

Director

Board Member at Bank of Montreal

Director since 2019, Chair of Audit Committee, CFO of Open Text Corporation.

Marianne C. Brown

Board

Director

Board Member at Charles Schwab, Northrop Grumman, IBM

Director since 2020, extensive leadership experience in technology sales and strategy.

Monte E. Ford

Board

Director

Principal Partner at CIO Strategy Exchange, Network Partner at Brightwood Capital, Board Member at Iron Mountain, JetBlue, Centene

Director since 2013, expertise in IT and business analytics.

Peter T. Killalea

Board

Director

Founder and President of Aionle LLC, Board Member at Capital One, Chair of MongoDB, Board Member at Satellogic

Director since 2018, expertise in internet security and cloud computing.

Sharon Y. Bowen

Board

Director

Chair of NYSE, Board Member at Intercontinental Exchange, Bakkt Trust Company, Neuberger Berman Group

Director since 2021, brings regulatory and public policy expertise.

William R. Wagner

Board

Director

Board Member at Avery Dennison, Semrush Holdings, Blackline

Director since 2018, former CEO of a software company, expertise in sales and marketing.

  1. Given the ongoing consolidation in the delivery market and the bankruptcy of competitors like EdgeCast and Limelight, how do you see this impacting Akamai's delivery business in the near and long term, and what strategies are you implementing to capitalize on potential market stabilization?
  2. With the increased investment in cloud computing capabilities and new security products, including the addition of go-to-market positions and specialists, how do you plan to manage the potential strain on operating margins, especially considering the elimination of 2.5% of roles and the need to maintain a 30% operating margin target?
  3. Despite strong growth in the compute segment, with a 28% year-over-year increase and plans to reach $100 million in ARR by year-end, why aren't we seeing greater evidence of operating leverage and improved profitability, given that compute commands better gross profit characteristics than the declining delivery segment?
  4. Can you elaborate on the challenges you're facing in the delivery business due to macroeconomic headwinds and slowed traffic growth, and how you plan to address these issues to sustain profitability and market leadership?
  5. Your strategy includes shifting investments toward hunters and sales specialists as well as strengthening your partner ecosystem to support the new compute and security products; how do you plan to balance this with your existing customer base and ensure that traditional services are not neglected while pursuing new markets?

Research analysts who have asked questions during AKAMAI TECHNOLOGIES earnings calls.

Frank Louthan

Raymond James

3 questions for AKAM

Also covers: ATUS, CABO, CCOI +12 more

Jonathan Ho

William Blair & Company

3 questions for AKAM

Also covers: ALLT, AXON, CHKP +14 more

Amit Daryanani

Evercore

2 questions for AKAM

Also covers: AAPL, ANET, APH +20 more

Fatima Boolani

Citi

2 questions for AKAM

Also covers: AVPT, CHKP, CRWD +14 more

James Fish

Piper Sandler Companies

2 questions for AKAM

Also covers: ANET, BAND, CSCO +15 more

John DiFucci

Guggenheim Securities

2 questions for AKAM

Also covers: ARM, CHKP, CRWD +10 more

Mark Murphy

JPMorgan Chase & Co.

2 questions for AKAM

Also covers: ADBE, CRM, CRWV +21 more

Rishi Jaluria

RBC Capital Markets

2 questions for AKAM

Also covers: BOX, COUR, CWAN +18 more

Rudy Kessinger

D.A. Davidson & Co.

2 questions for AKAM

Also covers: BASE, CFLT, CVLT +11 more

William Power

Baird

2 questions for AKAM

Also covers: AXON, BAND, DOCU +9 more

Andres Miranda Lopez

D.A. Davidson & Co.

1 question for AKAM

Also covers: BASE, TENB

Daniel Hibshman

Craig-Hallum Capital Group LLC

1 question for AKAM

Also covers: BKSY, CRNC, EGAN +6 more

Jackson Ader

KeyBanc Capital Markets

1 question for AKAM

Also covers: AMPL, ASAN, CXM +12 more

Jeff Van Rhee

Craig-Hallum Capital Group LLC

1 question for AKAM

Also covers: ALKT, ASUR, BKSY +17 more

Jonathan Eisenson

Morgan Stanley

1 question for AKAM

Also covers: JAMF

Kate Fitzsimons

Piper Sandler

1 question for AKAM

Kevin Kumar

Goldman Sachs

1 question for AKAM

Also covers: DCBO, GWRE, SPNS

Lawrence Vensko

Guggenheim Securities

1 question for AKAM

Madeline Brooks

Bank of America

1 question for AKAM

Also covers: CYBR, FSLY, OKTA +1 more

Matt Dizort

Needham & Company, LLC

1 question for AKAM

Mike Cikos

Needham & Company, LLC

1 question for AKAM

Also covers: BASE, CFLT, CGNT +17 more

Patrick Colville

Scotiabank

1 question for AKAM

Also covers: CHKP, CRWD, DDOG +13 more

Robert Palmisano

Raymond James

1 question for AKAM

Also covers: ATUS, FYBR, RXT +3 more

Roger Boyd

UBS

1 question for AKAM

Also covers: CHKP, CRWD, CYBR +10 more

Sagar Vachhani

Scotiabank

1 question for AKAM

Program DetailsProgram 1Program 2
Approval DateJanuary 2022 May 2024
End Date/DurationDecember 2024 June 2027
Total additional amount$1.8 billion $2.0 billion
Remaining authorization amount$118.8 million $2.0 billion
DetailsOffset dilution from employee equity compensation and provide flexibility to return capital to shareholders Offset dilution from employee equity compensation and provide flexibility to return capital to shareholders
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2025$1,150.0Convertible Senior Notes0.12532.3% = (1,150.0 / 3,565.0) * 100
2027$1,150.0Convertible Senior Notes0.37532.3% = (1,150.0 / 3,565.0) * 100
2029$1,265.0Convertible Senior Notes1.12535.5% = (1,265.0 / 3,565.0) * 100
NameStart DateEnd DateReason for Change
PricewaterhouseCoopers LLP1998 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Select Assets from Edgio

2024

Akamai acquired selected customer contracts in content delivery and security, along with non‐exclusive license rights to Edgio’s full patent portfolio during a Chapter 11 bankruptcy sale process; the deal is expected to generate $9–11 million in Q4 revenue and $80–100 million in FY2025 revenue while enabling cross-selling of its security and cloud solutions.

Noname Security

2024

Akamai acquired Noname Security for $452.3 million in cash in June 2024 to expand its API security offerings with enhanced deployment options and vendor integrations; the deal, which brought in about $20 million in revenue for 2024 and significant goodwill and intangible assets, is expected to be dilutive to 2024 EPS.

Certain Customer Contracts from Lumen Technologies, Inc.

2023

In October 2023, Akamai acquired selected customer contracts from Lumen for $75 million in cash to bolster its content delivery and cloud services, with anticipated revenue contributions of $40–50 million in 2024 and EPS accretion.

Certain Customer Contracts from StackPath, LLC

2023

In August 2023, Akamai acquired selected customer contracts from StackPath for a preliminary purchase price of $47.2 million (with partial cash payments and milestone-based additional consideration), adding over 200 customers and targeting incremental revenue across Q3 2023 and all of 2024.

Neosec, Inc.

2023

In May 2023, Akamai acquired Neosec for approximately $91.5 million in cash to enhance its API security portfolio with advanced detection and response capabilities, reflecting a transaction that included $67.0 million in goodwill and over $19.9 million in identifiable intangibles.

StorageOS, Inc. (also known as Ondat)

2023

In March 2023, Akamai acquired StorageOS (Ondat) for $20.6 million in cash to strengthen its cloud computing offerings by integrating enterprise-grade storage capabilities, with $14.0 million allocated to goodwill and $4.5 million in identifiable intangibles (amortized over 8.8 years).

Linode Limited Liability Company

2022

Akamai acquired Linode for approximately $898.8 million in cash (subject to post-closing adjustments) in March 2022 to enhance its cloud platform with a massively distributed compute infrastructure, resulting in $68.9 million in revenue for the nine months ended September 2022 and adding $617.7 million in goodwill along with significant intangible assets.

Recent press releases and 8-K filings for AKAM.

Akamai forms alliances with TollBit and Skyfire to monetize AI bot traffic
·$AKAM
Product Launch
  • Akamai announces alliances with TollBit and Skyfire to help publishers monetize AI bot traffic in real time at the edge.
  • TollBit partnership transforms scraping into revenue-generating access for over 3,000 publishers, monitoring 1.5 billion quarterly scrapes and redirecting 450 million bots to a paywall.
  • Skyfire partnership provides Know Your Agent identity tokens and integrated payment tokens for secure, transparent AI bot access and optional payment.
  • Akamai processes more than 150 billion bot requests daily, leveraging its scale for advanced detection and enforcement.
Sep 17, 2025, 10:28 AM
Akamai amends bylaws to lower stockholder voting thresholds
·$AKAM
Board Change
  • On September 10, 2025, Akamai’s board adopted Amended and Restated Bylaws, effective immediately, to update corporate governance provisions.
  • The threshold for stockholders to remove directors (with or without cause) was reduced from two-thirds to a simple majority of outstanding shares entitled to vote.
  • The voting threshold to amend the bylaws was lowered from 75% to a simple majority, alongside other ministerial and conforming changes.
Sep 12, 2025, 8:03 PM
Akamai highlights security and compute as key growth drivers at Oppenheimer conference
·$AKAM
Product Launch
Guidance Update
New Projects/Investments
  • Akamai has evolved from a CDN-focused business to one where security now represents over half of revenue and edge compute is positioned as the next major growth engine, with compute expected to become the company’s largest revenue source over time.
  • The company has launched a new AI firewall for protecting inbound and outbound chatbot traffic, with early proofs of concept and initial paying customers indicating strong demand.
  • Enterprise security—which bundles Guardicore micro-segmentation and API security with secure web gateway—grew 32% year-over-year to $67 million in Q2, bringing the segment close to a $300 million run rate, while overall web security products grew about 7%.
  • Akamai’s cloud infrastructure services business posted 30% growth in the quarter, driven by GPU-as-a-service and signed customer contracts yet to be recognized, with expectations of accelerating growth into the back half of the year.
  • Management reiterated a goal of achieving sustainable double-digit revenue growth by moderating CDN declines to low single digits, maintaining ~10% security growth, and scaling compute, while targeting operating margins around 30% and continued free cash flow expansion.
Aug 12, 2025, 3:10 PM
Akamai Technologies Outlines Strategic Evolution at Growth Stock Conference
·$AKAM
New Projects/Investments
Revenue Acceleration/Inflection
  • Akamai Technologies reviewed its evolution from a traditional CDN provider to an integrated platform that now emphasizes cybersecurity and cloud compute capabilities, drawing on its 25-year history and unique distributed network.
  • The company highlighted robust growth in its security business—which now accounts for roughly 52% of revenue and is bolstered by products such as AI-enhanced security and micro segmentation—and a strong push into compute services, including full-stack capabilities.
  • Management emphasized the strategic role of its CDN infrastructure in powering these innovations while delivering compelling performance, cost advantages, and operating leverage despite ongoing pricing pressures.
Jun 5, 2025, 5:42 PM
Akamai Focuses on Security and Compute Expansion
·$AKAM
Guidance Update
New Projects/Investments
  • Strategic shift: Akamai is transitioning from a traditional CDN model to a dual focus on security and compute, leveraging channel partners to drive new customer acquisition compared to its historical approach.
  • Growth outlook: The company now expects security revenue to grow at about 10% while forecasting 30%-35% ARR growth in security products like Guardicore, reflecting a matured yet robust market position.
  • Compute investments: Akamai is expanding its compute business by deploying both core data centers (in 36 cities) and an edge-based managed container service (in 100 cities), aiming to deliver improved performance and cost benefits.
May 30, 2025, 8:15 AM
Akamai Completes Convertible Note Offering
·$AKAM
Debt Issuance
Share Buyback
  • On May 19, 2025, Akamai completed a $1.725 billion offering of 0.25% Convertible Senior Notes due May 15, 2033, executed through a private placement with key financial institutions.
  • Proceeds were earmarked for $275 million in hedge transaction costs, a $300 million share repurchase of approximately 3,870,468 shares, with the remaining funds designated to reduce its revolving credit facility borrowings and repay a portion of 2027 Convertible Notes.
May 19, 2025, 12:00 AM
Akamai Technologies 8-K Update: Stock Incentive and Corporate Voting Amendments
·$AKAM
Proxy Vote Outcomes
Dividends
Board Change
  • The Stock Incentive Plan was amended, including an increase of available shares by 8,000,000 and adjustments to share counts across multiple amendments, enhancing equity compensation flexibility.
  • At the Annual Meeting, stockholders approved key proposals, including board director elections and amendments to supermajority voting requirements, reflecting significant corporate governance actions.
  • The filing also details terms governing the Preferred Stock, including dividend and voting adjustments that impact Series A Preferred Stock.
May 16, 2025, 12:00 AM
Akamai Announces Upsized Convertible Senior Notes Offering
·$AKAM
Debt Issuance
Share Buyback
  • Akamai priced a $1.5 billion offering of convertible senior notes due 2033, with an option to purchase an additional $225.0 million in notes, at an initial conversion price of approximately $93.01 per share—about a 20% premium to the previous closing price of $77.51.
  • The offering is expected to yield net proceeds of approximately $1,479.1 million (or $1,701.3 million if the option is fully exercised), which will be used to repay borrowings, address outstanding convertible debt due 2027, and support a $300.0 million share repurchase program.
  • The transaction includes convertible note hedge and warrant transactions designed to manage potential dilution and cash flow impacts upon conversion, along with features such as optional repurchase rights if the market price falls below the conversion price.
May 15, 2025, 1:59 AM
Akamai Announces Upsized Convertible Note Offering
·$AKAM
Debt Issuance
Share Buyback
  • Akamai has priced an upsized private offering of $1.5 billion in Convertible Senior Notes due 2033, with an option to purchase an additional $225 million in principal amount, upsizing the original offering from $1.35 billion.
  • The notes carry an annual interest rate of 0.25%, with an initial conversion rate of 10.7513 shares per $1,000, translating to an approximate conversion price of $93.01 per share—about a 20% premium to the $77.51 closing price on May 14, 2025.
  • Akamai expects net proceeds of approximately $1,479.1 million (up to $1,701.3 million if the option is fully exercised), with a portion earmarked to repay debt and to facilitate a $300.0 million share repurchase at $77.51 per share.
May 15, 2025, 12:00 AM
Akamai Annual Meeting Approves Key Governance and Compensation Proposals
·$AKAM
Proxy Vote Outcomes
Executive Compensation
Auditor Change
  • Akamai held its Virtual Annual Meeting of Stockholders where all director nominees were elected and a quorum was confirmed, ensuring participation of over 121 million shares.
  • The meeting approved an amendment to the 2013 stock incentive plan to increase authorized shares by 8 million and confirmed the advisory vote on 2024 executive compensation.
  • Amendments to the certificate of incorporation to remove supermajority requirements were approved, and PwC was ratified as the independent auditor for the fiscal year.
May 14, 2025, 1:31 PM