Akamai Technologies Files Q3 2024 10-Q

TL;DR

Akamai's Q3 2024 10-Q is in. Check financials.

AI Summary

Akamai Technologies Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the services sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Akamai Technologies, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q3 — Reporting Period (Financials for the third quarter of 2024 are detailed.)
• 2024-09-30 — Report Date (The end date for the reporting period.)
• 2023-09-30 — Prior Year Period (Comparison point for Q3 2024 performance.)

Key Players & Entities

• AKAMAI TECHNOLOGIES INC (company) — Filer
• 0001086222 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241108 (date) — Filed as of Date
• CAMBRIDGE (location) — Business Address City
• MA (location) — Business Address State
• 02142 (location) — Business Address Zip
• 6174443000 (dollar_amount) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• akam-20240930.htm (10-Q) — 1681KB
• akam10q9302024ex101.htm (EX-10.1) — 15KB
• akam10q9302024ex102.htm (EX-10.2) — 155KB
• akam10q9302024ex311.htm (EX-31.1) — 10KB
• akam10q9302024ex312.htm (EX-31.2) — 10KB
• akam10q9302024ex321.htm (EX-32.1) — 5KB
• akam10q9302024ex322.htm (EX-32.2) — 5KB
• 0001086222-24-000216.txt ( ) — 7984KB
• akam-20240930.xsd (EX-101.SCH) — 46KB
• akam-20240930_cal.xml (EX-101.CAL) — 87KB
• akam-20240930_def.xml (EX-101.DEF) — 218KB
• akam-20240930_lab.xml (EX-101.LAB) — 621KB
• akam-20240930_pre.xml (EX-101.PRE) — 439KB
• akam-20240930_htm.xml (XML) — 1063KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 7 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 13

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 44

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

SIGNATURES

SIGNATURES 61 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) AKAMAI TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 569,749 $ 489,468 Marketable securities 1,129,456 374,971 Accounts receivable, net of reserves of $ 3,820 and $ 3,469 at September 30, 2024, and December 31, 2023, respectively 696,493 724,302 Prepaid expenses and other current assets 238,732 216,114 Total current assets 2,634,430 1,804,855 Marketable securities 279,411 1,431,354 Property and equipment, net 1,948,799 1,825,944 Operating lease right-of-use assets 1,006,132 908,634 Acquired intangible assets, net 586,247 536,143 Goodwill 3,154,351 2,850,470 Deferred income tax assets 431,318 418,297 Other assets 149,769 124,340 Total assets $ 10,190,457 $ 9,900,037 3 Table of Contents AKAMAI TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS, continued (in thousands, except share data) (unaudited) September 30, 2024 December 31, 2023 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 106,629 $ 146,927 Accrued expenses 288,619 352,181 Deferred revenue 138,929 107,544 Convertible senior notes 1,148,471 — Operating lease liabilities 251,596 222,944 Other current liabilities 48,779 6,442 Total current liabilities 1,983,023 836,038 Deferred revenue 24,316 23,006 Deferred income tax liabilities 27,387 24,622 Convertible senior notes 2,395,439 3,538,229 Operating lease liabilities 854,740 774,806 Other liabilities 111,414 106,181 Total liabilities 5,396,319 5,302,882 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value; 5,000,000 shares authorized; 700,000 shares designated as Series A Junior Participating Preferred Stock; no shares issued or outstanding — — Common stock, $ 0.01 par value; 700,000,000 shares authorized; 154,827,272 shares issued and 150,624,544 shares outstand

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View this 10-Q filing on SEC EDGAR