Akamai Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Akamai Technologies Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

AKAMAI TECHNOLOGIES INC (AKAM) filed a Annual Report (10-K) with the SEC on February 28, 2024. Akamai Technologies Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 145 Broadway, Cambridge, MA 02142. Akamai Technologies Inc. is incorporated in Delaware. The Standard Industrial Classification code for the company is 7389 (Services-Business Services, NEC).

Why It Matters

For investors and stakeholders tracking AKAMAI TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Akamai's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed financial statements and disclosures within the report are crucial for understanding the company's performance and future outlook in the competitive technology services market.

Risk Assessment

Risk Level: medium — AKAMAI TECHNOLOGIES INC shows moderate risk based on this filing. The company operates in the technology services sector, which is subject to rapid technological changes, intense competition, and evolving customer demands, posing a medium risk to its sustained growth and market position.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Akamai's competitive positioning and potential for future growth.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 7389 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (Legal domicile)

Key Players & Entities

• AKAMAI TECHNOLOGIES INC (company) — Filer name
• AKAM (company) — Ticker symbol
• 10-K (filing) — Form type
• 2024-02-28T00:00:00.000Z (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 145 BROADWAY (address) — Business street address
• CAMBRIDGE (location) — Business city
• MA (location) — Business state

FAQ

Industry Context

Akamai Technologies operates in the internet technology sector, providing services related to content delivery, cybersecurity, and cloud computing.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Examine any disclosures regarding executive compensation or significant corporate events.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date Akamai Technologies Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial filing data extracted from the provided text, representing the 2023 10-K.

Key Financial Figures

• $0.01 — ch registered Common Stock - par value $0.01 per share AKAM Nasdaq Global Select Ma

Filing Documents

• akam-20231231.htm (10-K) — 2400KB
• exhibit211_10k2023.htm (EX-21.1) — 30KB
• exhibit231_10k2023.htm (EX-23.1) — 2KB
• exhibit311_10k2023.htm (EX-31.1) — 10KB
• exhibit312_10k2023.htm (EX-31.2) — 10KB
• exhibit321_10k2023.htm (EX-32.1) — 6KB
• exhibit322_10k2023.htm (EX-32.2) — 6KB
• exhibit97_10k2023.htm (EX-97) — 26KB
• 0001086222-24-000040.txt (&nbsp;) — 12589KB
• akam-20231231.xsd (EX-101.SCH) — 81KB
• akam-20231231_cal.xml (EX-101.CAL) — 133KB
• akam-20231231_def.xml (EX-101.DEF) — 394KB
• akam-20231231_lab.xml (EX-101.LAB) — 1047KB
• akam-20231231_pre.xml (EX-101.PRE) — 718KB
• akam-20231231_htm.xml (XML) — 1972KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 22 Item 1C. C yber security 22

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 24

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 24 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

[Reserved]

Item 6. [Reserved] 24

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 47

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86

Controls and Procedures

Item 9A. Controls and Procedures 86

Other Information

Item 9B. Other Information 88

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 89

Executive Compensation

Item 11. Executive Compensation 89

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 89

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 90 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 90

Form 10-K Summary

Item 16. Form 10-K Summary 94

SIGNATURES

SIGNATURES 95 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This annual report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events and the future results of Akamai Technologies, Inc., which we refer to as "we," "us," or the "Company." All statements other than statements of historical facts are statements that could be deemed forward-looking statements. These statements are subject to risks and uncertainties and are based on the beliefs and assumptions of our management as of the date hereof based on information currently available to our management. Use of words such as "believes," "could," "expects," "anticipates," "intends," "plans," "seeks," "projects," "estimates," "should," "would," "forecasts," "if," "continues," "goal," "likely," "may," "will," variations of such words or similar expressions are intended to identify a forward-looking statement. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions. Actual results may differ materially from the forward-looking statements we make as a result of various factors, including, but not limited to: potential slowing revenue growth, global economic and geopolitical conditions, our ability to acquire or develop new solutions, our ability to compete effectively, including our ability to continue to grow our compute solutions, security risks stemming from ineffective information technology systems or cybersecurity breaches, risks of maintaining global operations, regulatory developments, intellectual property claims or disputes, investment related risks and maintaining an effective system of internal controls. See "Risk Factors" elsewhere in this annual report on Form 10-K and in our other reports filed with the Securities and Exchange Commission for a discussion of certain risks associated with our business. We disclaim any obligation to update any forward-looking statements as a result of ne

Business

Item 1. Business Overview Akamai's mission is to power and protect life online. Since 1998, Akamai has developed and provided solutions for global enterprises to build, deliver and secure their digital experiences on our massively distributed worldwide network. This platform, which we refer to as Akamai Connected Cloud, is comprised of an edge and cloud architecture and underlying network for cloud computing, security and content delivery services. Akamai Connected Cloud spans more than 4,100 edge points-of-presence in approximately 130 countries and nearly 750 cities, with roughly 1,200 network partners. With this scale and distribution, Akamai Connected Cloud provides us with visibility and insight into traffic volumes, congestion, attack patterns, vulnerabilities and other activities across the internet's complex intersections of networks and systems. Leveraging these insights, Akamai Connected Cloud offers solutions designed to protect our customers from threats and attacks, while empowering them to securely deliver digital experiences to engage, entertain and interact with their customers. Akamai Connected Cloud also offers a continuum of computing designed to efficiently build, deploy and secure performant applications and workloads that require single-digit millisecond latency and global reach. Today, billions of people work, learn, shop, bank, communicate and do more online globally. We firmly believe that the internet's role in transforming the way we exchange ideas and information and conduct business is more vital than ever. Our strategy is to help continue to drive this transformation by offering compute, security and content delivery services on Akamai Connected Cloud that empower our customers to compete and operate with the scale, resilience and efficiency that their businesses demand. Our Solutions We provide solutions in three core offerings: security, content delivery and compute. We also provide services and support for our customers a

View Full Filing

View this 10-K filing on SEC EDGAR