Akamai Reports Record Revenue and Profits.CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Mass. -- Akamai Technologies Akamai Technologies, Inc. (NASDAQ: AKAM) is a company that provides a distributed computing platform for global Internet content and application delivery, headquartered in Cambridge, Massachusetts. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AKAM AKAM Akamai Technologies, Inc. (stock abbreviation) AKAM Automated Key Access Machine ) --Revenue of $53.3 million, up 5 percent over previous quarter and up 28 percent over the same period last year --GAAP net income increased 65 percent quarter over quarter to $11.2 million, representing 21 percent of revenue --Normalized net income(a) of $12.2 million, or $0.09 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, an increase of 18 percent over previous quarter Akamai Technologies, Inc. (NASDAQ: AKAM), the global leader of distributed computing (1) The use of multiple computers networked throughout a wide geographical area, or the world via the Internet, in order to solve a single problem. See grid computing. (2) The use of multiple computers in an enterprise rather than one centralized system. solutions and services, today reported financial results for the third quarter ended September September: see month. 30, 2004. Revenue for the third quarter 2004 was $53.3 million, a 5 percent increase over second quarter 2004 revenue of $50.8 million, and a 28 percent increase over third quarter 2003 revenue of $41.8 million. "We continue to benefit from increased utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of Akamai (Akamai Technologies, Inc., Cambridge, MA, www.akamai.com) A company that provides Internet content delivery with guaranteed performance using its own worldwide network. Founded in 1998 by a group of MIT scientists and Internet professionals, Akamai licensed routing algorithms developed services by businesses and government agencies to deliver more of their business processes, Web applications and content over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the ," said George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Conrades, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Akamai. "By helping customers to overcome Internet bottlenecks and achieve their demanding online objectives, our business continues to expand with existing accounts while we add new customers to our platform." Net income in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , or GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). , for the third quarter of 2004 was $11.2 million, or $0.08 per diluted share, a 65 percent increase over previous quarter net income of $6.8 million, or $0.05 per diluted share, and a $15.1 million improvement over third quarter 2003 net loss of $3.9 million, or negative $0.03 per share. The Company generated normalized net income(a) of $12.2 million, or $0.09 per diluted share in the third quarter 2004, matching the First Call consensus estimate of $0.09 per diluted share. ((a)See Use of Non-GAAP Financial Measures below for definitions.) Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (a) for the third quarter of 2004 was $17.9 million, up from $17.7 million in the prior quarter, and an increase of 53 percent over the Adjusted EBITDA of $11.7 million in the third quarter of 2003. Adjusted EBITDA as a percent of revenue was 34 percent. ((a)See Use of Non-GAAP Financial Measures below for definitions.) Cash from operations increased 17 percent to $14.5 million in the third quarter as compared to the second quarter of 2004, and is up significantly from $1.1 million generated in the third quarter of 2003. Also during the quarter, the Company further reduced long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. by retiring $13.1 million in principal amount of its 5 1/2 percent convertible subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. notes due in 2007. The Company's diligent dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d efforts to reduce long-term debt have resulted in a decrease of annual interest payments by nearly $10 million since 2003. At September 30, 2004, the Company had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 125.9 million shares of common stock outstanding, and had approximately $120 million of cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has . Customers The number of total customers under long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. services contracts increased by 4 percent from second quarter 2004 to 1,258, the highest level in three years, and the seventh consecutive quarter of net customer growth. New customers in the third quarter included Apple Vacations, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Lottery lottery, scheme for distributing prizes by lot or other method of chance selection to persons who have paid for the opportunity to win. The term is not applicable when lots are drawn without payment by the interested parties to determine some matter, e.g. Commission, CanWest Interactive (Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of .com), Cox Newspapers, Inc., Ford, Lincoln Lincoln, city and district, England Lincoln, city (1991 pop. 79,980) and district, Lincolnshire, E England, in the Parts of Kesteven, on the Witham River. and Mercury Divisions of Ford Motor Company, MSN Music MSN Music was an online music store managed by Microsoft, and was accessible using either a web browser or within Windows Media Player. It was created by Microsoft in 2004 to compete with Apple's iTunes Music Store, though its sales in comparison are still negligible. , National Archives National Archives, official depository for records of the U.S. federal government, established in 1934 by an act of Congress. Although displeasure concerning the method of keeping national records was voiced in Congress as early as 1810, the United States continued and Records Administration (NARA Nara (nä`rä), city (1990 pop. 349,349), capital of Nara prefecture, S Honshu, Japan. An ancient cultural and religious center, it was founded in 706 by imperial decree and was modeled after Chang'an (see Xi'an), the capital of T'ang China. ), National Oceanic and Atmospheric Administration Noun 1. National Oceanic and Atmospheric Administration - an agency in the Department of Commerce that maps the oceans and conserves their living resources; predicts changes to the earth's environment; provides weather reports and forecasts floods and hurricanes and (NOAA NOAA abbr. National Oceanic and Atmospheric Administration Noun 1. NOAA - an agency in the Department of Commerce that maps the oceans and conserves their living resources; predicts changes to the earth's environment; ), Visa USA, and Vonage An Internet phone service (VoIP) from Vonage Holding Corporation, Edison, NJ (www.vonage.com). Vonage offers flat-fee calling plans within the U.S. and Canada and international calls based on a per-minute charge. , among others. Sales through resellers and sales outside the United States accounted for 26 percent and 18 percent of revenue for the third quarter of 2004. Quarterly Conference Call Akamai will host a conference call today at 4:30 p.m. ET that can be accessed through 1-888-689-4521 (or 1-706-645-9202 for international calls). 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 one week following the conference through the Akamai Website or by calling 1-800-642-1687 (or 1-706-645-9291 for international calls) and using conference ID No. 1100790. About Akamai Akamai(R) is the global leader in distributed computing solutions and services, making the Internet predictable, scalable, and secure for conducting profitable e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. . The Akamai on demand platform enables customers to easily extend their Web operations Web operations is a domain of expertise within IT systems management that involves the deployment, operation, maintenance, tuning, and repair of web-based applications. With the rise of web technologies since mid-1995, specialists have emerged that understand the complexities of - with full control - anywhere, anytime, without the cost of building out infrastructure. Headquartered in Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. , Akamai serves hundreds of today's most successful enterprises and government agencies around the globe. Akamai is The Business Internet. For more information, visit www.akamai.com. Financial Statements
Condensed Consolidated Balance Sheets
(dollar amounts in thousands)
(unaudited)
September 30, December 31,
2004 2003
------------- ------------
Assets
Cash and cash equivalents $44,545 $160,074
Restricted cash - 5,000
Marketable securities 27,095 4,184
Restricted marketable securities 932 726
Accounts receivable, net 28,525 20,727
Prepaid expenses and other current assets 7,189 11,705
------------- ------------
Current assets 108,286 202,416
Marketable securities 43,502 34,449
Restricted marketable securities 3,722 3,922
Property and equipment, net 21,811 23,878
Goodwill and other intangible assets, net 5,140 5,176
Other assets 6,526 9,100
------------- ------------
Total assets $188,987 $278,941
============= ============
Liabilities and stockholders' deficit
Accounts payable and accrued expenses $42,045 $42,231
Other current liabilities 3,623 20,429
------------- ------------
Current liabilities 45,668 62,660
Other liabilities 5,441 5,635
Convertible notes 281,489 386,000
------------- ------------
Total liabilities 332,598 454,295
Stockholders' deficit (143,611) (175,354)
------------- ------------
Total liabilities and stockholders' deficit $188,987 $278,941
============= ============
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)
------------Three Months----------- ---Nine Months----
-------------Ended----------------- ----Ended---------
September June September June September September
30, 30, 30, 30, 30, 30,
2004 2004 2003 2003 2004 2003
---------------------------------- ------------------
Revenues $53,286 $50,786 $41,767 $37,759 $152,439 $116,090
Costs and operating
expenses:
Cost of revenue(b) 11,748 11,083 14,207 15,764 34,977 47,789
Research and
development 3,222 2,872 3,595 2,995 8,788 10,062
Sales and
marketing 12,965 13,671 11,787 12,049 40,646 34,925
General and
administrative(b) 11,874 10,521 13,318 15,987 33,592 45,148
Amortization of
other intangible
assets 12 12 12 12 36 2,222
Restructuring
charges
(benefit) - - - 1,299 - (8,521)
-----------------------------------------------------
Total costs and
operating
expenses 39,821 38,159 42,919 48,106 118,039 131,625
-----------------------------------------------------
Operating income
(loss) 13,465 12,627 (1,152) (10,347) 34,400 (15,535)
Interest expense,
net 1,533 2,045 4,343 4,268 6,736 12,839
Loss on early
extinguishment
of debt 634 3,264 - - 5,916 -
Loss (gain) on
investments, net 79 - (1,637) - 68 (1,622)
Other (income)
expense, net (101) 85 (31) (92) 122 172
-----------------------------------------------------
Income (loss)
before provision
for income taxes 11,320 7,233 (3,827) (14,523) 21,558 (26,924)
Provision for
income taxes 71 430 82 123 585 278
-----------------------------------------------------
Net income (loss) $11,249 $6,803 $(3,909)$(14,646) $20,973 $(27,202)
=====================================================
Net income (loss)
per share:
Basic $0.09 $0.06 $(0.03) $(0.13) $0.17 $(0.23)
Diluted $0.08 $0.05 $(0.03) $(0.13) $0.16 $(0.23)
Shares used in per
share calculations:
Basic 125,618 123,645 118,596 117,109 123,789 117,368
Diluted 134,349 133,463 118,596 117,109 133,557 117,368
(b) Includes depreciation (see supplemental tables for figures)
------------Three Months-------- ------Nine Months----
-------------Ended-------------- -------Ended---------
September June September June September September
30, 30, 30, 30, 30, 30,
2004 2004 2003 2003 2004 2003
--------- ------- --------- ------- --------- --------
Supplemental
financial
data (in
thousands):
Network-
related
depreciation $3,205 $3,793 $7,487 $9,146 $11,517 $27,253
Other
depreciation $943 $1,038 $3,270 $4,239 $3,506 $12,137
Capital
expenditures $5,346 $4,575 $2,110 $1,857 $12,963 $6,169
End of period
statistics:
Number of
customers
under
recurring
contract 1,258 1,214 1,151 1,001
Number of
employees 598 589 529 519
Number of
deployed
servers 15,064 14,916 14,488 14,372
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
------------Three Months-------- ------Nine Months----
-------------Ended-------------- -------Ended---------
September June September September September
30, 30, 30, 30, 30,
2004 2004 2003 2004 2003
---------- -------- ---------- ---------- ---------
Cash flows from
operating
activities:
Net income
(loss) $11,249 $6,803 (3,909) $20,973 $(27,202)
Adjustments to
reconcile net
income (loss)
to net cash
provided by
(used in)
operating
activities:
Depreciation
and
amortization
of deferred
financing
costs 4,469 5,189 11,298 16,155 42,834
Equity-related
compensation 249 274 2,056 1,056 8,295
Interest income
on notes
receivable for
stock - - (7) - (73)
Non-cash
portion of
loss on early
extinguishment
of debt 178 1,006 - 2,161 -
Non-cash
portion of
restructuring
charges - - - - 144
Loss on
investments,
property and
equipment and
foreign
currency, net (72) 34 (1,918) 118 (2,069)
Provision for
doubtful
accounts (186) (30) 340 (422) 184
Changes in
operating
assets and
liabilities: -
Accounts
receivable,
net (2,076) (1,696) (3,589) (7,105) (7,479)
Prepaid
expenses and
other current
assets 2,057 (37) 1,528 4,494 3,464
Accounts
payable,
accrued
expenses and
other current
liabilities 281 1,755 (3,551) (168) 1,008
Accrued
restructuring (354) (474) (1,961) (1,278) (21,322)
Deferred
revenue (2,016) (393) 501 (1,236) 464
Other
noncurrent
assets and
liabilities 769 47 307 914 (23,986)
---------- -------- ---------- ---------- ----------
Net cash
provided by
(used in)
operating
activities: 14,548 12,478 1,095 35,662 (25,738)
---------- -------- ---------- ---------- ----------
Cash flows from
investing
activities:
Purchases of
property and
equipment and
capitalization
of internal-
use software (5,346) (4,575) (2,110) (12,963) (6,169)
Purchase of
investments (10,039) (37,867) (10,071) (60,374) (10,071)
Proceeds from
sale of
property and
equipment - - 28 9 114
Proceeds from
sales and
maturities of
investments 13,100 3,400 1,882 28,225 10,639
Decrease in
restricted
cash held for
note
repurchases - - - 5,000 -
---------- -------- ---------- ---------- ----------
Net cash (used
in) provided by
investing
activities (2,285) (39,042) (10,271) (40,103) (5,487)
---------- -------- ---------- ---------- ----------
Cash flows from
financing
activities:
Payments on
capital leases (137) (134) (142) (402) (1,301)
Proceeds from
note
receivable for
stock - - 1,770 - 1,770
Proceeds from
the issuance
of 1%
convertible
senior notes,
net of
financing
costs - - 24,313 -
Repurchase and
retirement of
5 1/2%
covertible
subordinated
notes (13,115) (68,523) - (144,511) -
Proceeds from
the issuance
of common stock
under stock
option and
employee stock
purchase
plans 1,095 6,617 161 9,890 1,896
--------- -------- ---------- ---------- ----------
Net cash (used
in) provided by
financing
activities (12,157) (62,040) 1,789 (110,710) 2,365
--------- -------- ---------- ---------- ----------
Effects of
exchange rate
translation on
cash and cash
equivalents 357 (167) 564 (378) 1,494
--------- -------- ---------- ---------- ----------
Net decrease in
cash and cash
equivalents 463 (88,771) (6,823) (115,529) (27,366)
Cash and cash
equivalents,
beginning of
period 44,082 132,853 90,719 160,074 111,262
------------------ ---------- ---------- ----------
Cash and cash
equivalents,
end of period $44,545 $44,082 $83,896 $44,545 $83,896
================== ========== ========== ==========
(a)Use of Non-GAAP Financial Measures In addition to providing financial measurements based on generally accepted accounting principles in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, (GAAP), Akamai has historically provided additional financial metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. that are not prepared in accordance with GAAP (non-GAAP). Recent legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes encourage use of and emphasis on GAAP financial metrics and require companies to explain why non-GAAP financial metrics are relevant to management and investors. Akamai defines "Adjusted EBITDA" as net income (loss), before interest, taxes, depreciation, amortization, equity-related compensation, restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and benefits, certain gains and losses on equity investments, foreign exchange gains and losses, and loss on early extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. of debt. Akamai considers Adjusted EBITDA to be an important indicator of the company's operational strength and performance of its business and a good measure of the company's historical operating trend. Adjusted EBITDA eliminates items that are either not part of the company's core operations, such as investment gains and losses, foreign exchange gains and losses, early debt extinguishment, net interest expense and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). activities, or do not require a cash outlay, such as equity-related compensation and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Adjusted EBITDA also excludes depreciation and amortization expense, which is based on the company's estimate of the useful life of tangible and intangible assets. These estimates could vary from actual performance of the asset, are based on historic cost incurred to build out the company's deployed network, and may not be indicative of current or future capital expenditures. Akamai defines "capital expenditures" or "capex" as purchases of property and equipment and the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of internal-use software development costs. Capital expenditures or capex are disclosed in Akamai's condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statement of cash flows in the company's most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. Akamai defines "normalized net income (loss)" as net income (loss) before amortization of intangible assets, equity-related compensation, restructuring charges and benefits, certain gains and losses on equity investments, and loss on early extinguishment of debt. Akamai considers normalized net income (loss) to be another important indicator of the overall performance of the company because it eliminates the effects of events that are either not part of the company's core operations or are non-cash. Adjusted EBITDA and normalized net income (loss) should be considered in addition to, not as a substitute for, the company's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (loss) and net income (loss), as well as other measures of financial performance reported in accordance with GAAP. Reconciliation of Non-GAAP Financial Measures In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, the company is presenting the most directly comparable GAAP financial measure and reconciling the non-GAAP financial metrics to the comparable GAAP measures.
Reconciliation of GAAP net income (loss) to
normalized net income (loss) and Adjusted EBITDA
(amounts in thousands, except per share data)
------------Three Months Ended----------
September June September June
30, 30, 30, 30,
2004 2004 2003 2003
------------ -------- -------- ---------
Net income (loss) $11,249 $6,803 $(3,909) $(14,646)
Amortization
of intangible
assets 12 12 12 12
Equity- related
compensation 249 274 2,056 3,268
Restructuring
charges (benefit) - - - 1,299
Loss (gain)
on investments, net 79 - (1,637) -
Loss on early extinguishment
of debt 634 3,264 - -
------------ -------- -------- ---------
Total normalized net income(loss): 12,223 10,353 (3,478) (10,067)
Interest expense, net 1,533 2,045 4,343 4,268
Provision for income taxes 71 430 82 123
Depreciation and amortization 4,148 4,831 10,757 13,385
Other (income) expense, net (101) 85 (31) (92)
------------ -------- -------- ---------
Total Adjusted EBITDA: $17,874 $17,744 $11,673 $7,617
============ ======== ======== =========
Normalized net income (loss) per share:
Basic $0.10 $0.08 $(0.03) $(0.09)
Diluted $0.09 $0.08 $(0.03) $(0.09)
Shares used in per share calculations:
Basic 125,618 123,645 118,596 117,109
Diluted 134,349 133,463 118,596 117,109
-----Nine Months Ended-----
September September
30, 30,
2004 2003
--------- ---------
Net income (loss) $20,973 $(27,202)
Amortization of intangible assets 36 2,222
Equity-related compensation 1,056 8,295
Restructuring charges (benefit) - (8,521)
Loss (gain) on investments, net 68 (1,622)
Loss on early extinguishment of debt 5,916 -
--------- ---------
Total normalized net income (loss): 28,049 (26,828)
Interest expense, net 6,736 12,839
Provision for income taxes 585 278
Depreciation and amortization 15,023 39,390
Other (income) expense, net 122 172
--------- ---------
Total Adjusted EBITDA: $50,515 $25,851
========= =========
Normalized net income (loss) per share:
Basic $0.23 $(0.23)
Diluted $0.21 $(0.23)
Shares used in per share calculations:
Basic 123,789 117,368
Diluted 133,557 117,368
Akamai Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and The release contains information about future expectations, plans and prospects of Akamai's management that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under The Private Securities Litigation Reform Act of 1995, including statements concerning the expected growth and development of our business. 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, unexpected increases in Akamai's use of funds, loss of significant customers, failure to increase our revenue and keep our expenses consistent with revenues, the effects of any attempts to intentionally in·ten·tion·al adj. 1. Done deliberately; intended: an intentional slight. See Synonyms at voluntary. 2. Having to do with intention. disrupt our services or network by unauthorized users or others, failure to have available sufficient transmission capacity, a failure of Akamai's services or network infrastructure, failure to maintain the prices we charge for our services , inability to service and repay our outstanding debt and other factors that are discussed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q Form 10-Q See 10-Q. , and other documents periodically filed with the SEC. In addition, the statements in this press release 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. |
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