Good day, ladies and gentlemen, and welcome to the Akamai Technologies Second Quarter 2016 Earnings Conference Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. As a reminder, this call is being recorded. I would like to turn the conference over to Tom Barth, Head of Investor Relations. Please begin.

Thank you. Good afternoon, everyone. And we appreciate you joining us for Akamai's second quarter 2016 earnings conference call. Speaking today will be Tom Leighton, Akamai's Chief Executive Officer; and Jim Benson, Akamai's Chief Financial Officer. Before we get started, please note that today's comments include forward-looking statements, including statements regarding revenue and earnings guidance. These forward-looking statements are subject to risk and uncertainties and involve a number of factors that could cause actual results to differ materially from those expressed or implied by such statements. Additional information concerning these factors is contained in Akamai's filings with the SEC, including our Annual Report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements included in this call represent the company's view on July 26, 2016. And Akamai disclaims any obligation to update these statements to reflect future events or circumstances. As a reminder, we will be referring to some non-GAAP financial metrics during today's call. A detailed reconciliation of GAAP and non-GAAP metrics can be found in the financial portion of the Investor Relations section of our website. And with that, please let me turn the call over to Tom. Frank Thomson Leighton - Chief Executive Officer & Director: Thanks, Tom, and thank you all for joining us today. Q2 was another solid quarter for Akamai, with continued strong growth for our Cloud Security Solutions and excellent performance for both earnings and free cash flow. Revenue in the second quarter was $572 million, up 6% year-over-year. Non-GAAP EPS for Q2 was $0.64 per diluted share, up 12% year-over-year. And free cash flow was $165 million in the second quarter, bringing the total free cash flow for the first half of the year to $273 million, which is more than double the total for the first half of 2015.…

Thank you. The first question is from Michael Bowen of Pacific Crest. Your line is open.

Okay. Thank you very much. One point of clarification, I just wanted to make sure, we're going through it pretty fast there. But with regard to what you said about Media was up 11% in the current quarter, excluding, and I want to say, did you say the big two or the big six? And I've got a follow-up. James Benson - Chief Financial Officer & Executive Vice President: Yeah. No, what I said was that Media's up 11% excluding the big six Internet platform companies. Just to clarify on that, we're trying to provide this as a grouping to be helpful to the investors. We know that there's been concern about the impact of DIY, and so what we've tried to do is ring-fence this customer grouping that people are focused on. And based on some of the reasons that Tom outlined, and if you exclude this grouping that is really the focus of investor concerns around DIY, one, Akamai's business was a $500 million business in the quarter, growing 15% excluding these guys. So it's a very, very large and growing business. It just so happens that as we're going through a – for a couple of these six customers, as they serve more of the traffic themselves, we're seeing a moderation in Media growth rates. But, as we said, we expect that going into 2017, that we will see a reacceleration.

And then maybe if I could just dig a little deeper, if I may. So with regard to the big six, first of all, are all of the big six just in the Media segment? Or do they bleed over into the other segments? And then, given that you had – I want to say it was 10% and 11% ex the big two for the Media segment, is there any way you can extrapolate for us? Or would you divulge what that is excluding the big two as far as the growth rate? James Benson - Chief Financial Officer & Executive Vice President: Well, yeah, I think what we'd rather do is group the customers as one grouping. So that you can see the growth rates excluding all these large six Internet platform customers. And your first question was whether or not these customers are only purchasing Media products. They're predominantly customers that buy Media products. A couple of them also buy our other solutions, but they're predominantly Media customers.

Okay. Then last question I'll just squeeze in, and thanks for that color.

Mike...

With regard to – yes?

Why don't we put you back in the queue there. That's four. So...

Okay. Got it.

All right. Thanks.

Thanks.

Thank you. The next question is from Gray Powell of Wells Fargo. Your line is open.

Great. Thank you very much for taking the questions. So, obviously, gross margins have been under pressure this year. I'm sensing that's merely a function of the lower traffic volumes and the relatively fixed data center and infrastructure components of your cost of goods sold. So as traffic growth starts to improve at some point, should we expect that to offset your excess capacity and gross margins to improve sometime over the next six months to 12 months? James Benson - Chief Financial Officer & Executive Vice President: Yeah. I'm not going to provide guidance beyond the quarter, but I think you're thinking about it the right way that there is a fair amount fixed cost infrastructure that you build out. And obviously, we are still doing some build-out to support things like the Euro event that Tom mentioned, build out to support the Olympics and things of that nature. But I think it's probably worth noting that that's one of the reasons why you're seeing our CapEx levels lower. Our CapEx levels are probably going to be below our long-term model. Last year our CapEx levels were above our long-term model, because we were doing some build-out for what we thought was going to be an OTT offering. So kind of look at them together that you're going to have some years where you may be a little bit above. If you believe that you're going to be building out your network to support expected traffic growth. We happen to be in a period here where we're growing into the traffic we have and selectively deploying in areas that we don't have capacity.

Got it. And then, just one follow-up. In the past when there's been excess capacity, how long has it taken for traffic growth to fill in and for everything to stabilize? James Benson - Chief Financial Officer & Executive Vice President: It depends. You know that not all traffic is the same. It depends upon the region. There are certain regions where traffic is growing very, very fast and we need to continue to do more build-out. There are other regions where you potentially have excess capacity and you have to grow into it. So it varies, and it depends upon different events that are going to occur. Again, you can have excess capacity, but you grow into it with an event like the Olympics. So it varies by geography. But we tend to do build-outs, probably, call it, three months to four months in advance. So that's generally one way to think about it, that we'll obviously modulate the network CapEx investments based on what traffic projections we see over the next, call it, three months to six months.

Got it. All right. Thank you very much.

Thank you. The next question is from Jonathan Schildkraut of Evercore ISI. Your line is open.

Hi. This is Michael Hart on the line for Jonathan. We were wondering if you could perhaps provide a little more color about some of the opportunities you're seeing with partnerships such as the announcement – your partnership with Microsoft and how Akamai is being integrated into Azure offerings. And then, also, I was wondering if you could provide a little more color on what impact to your Performance and Security revenue the new product offerings you discussed might have later this year, and then, perhaps looking into next year. Thank you. Frank Thomson Leighton - Chief Executive Officer & Director: Let me take the first part of that. We're very happy with the new relationship with Azure and Microsoft. Now you can purchase Akamai whole site delivery for your Azure applications by checking the box. And also, Microsoft's field force is reselling Akamai capabilities across the board. So very pleased to see that happen. And, Jim, you want to take the revenue question? James Benson - Chief Financial Officer & Executive Vice President: Yeah. Obviously, for new offerings like this, for the most part these offerings are subscription offerings. So once you have them, you have to sell them into your installed base, and then it takes a while to convert them into revenue. So they're not going to be a meaningful contributor to revenue in 2016. They certainly will contribute to revenue in 2017, but given the annuity nature of the business and the time to revenue for some of these things, it takes a while. But I think Tom's bigger point for these is, it wasn't that many years ago that we didn't have a security business. We launched a security business and we introduced a product Kona Site Defender. We then acquired Prolexic and we've expanded since then. That business, call it, four-and-a-half years later is now a $360 million business. I think what Tom's referring to is these are new offerings that we're going to add. And in the case of BOT Manager, it's an offering that has similar ARPUs as some of our other security products. And so we believe it's going to be a very strong contributor to security growth in the near term. And the same is true for the offering that Tom mentioned in the Web Performance family, that these are adjacent – Ion 3 obviously is an improvement to our existing product, but Image Manager is obviously an extension to the offerings that we already have. So these offerings, I think, are going to help fuel growth in security and help reaccelerate growth in our Web Performance products.

Great. Thank you very much.

Thank you. The next question is from Michael Turits of Raymond James. Your line is open. Michael Turits - Raymond James & Associates, Inc.: Hey, guys. Just some clarification. You said, Jim, I think you said that you'd see reacceleration of growth in 1Q of 2017. Currently, the Street actually had you reaccelerating, obviously, now in 3Q and then further into 4Q. So the simple math, then, is that we're going to see 4% – no more than 4% again in fourth quarter? James Benson - Chief Financial Officer & Executive Vice President: Yeah. We're not specifically providing guidance. But you are right that based on those comments that – and the reason we didn't call for growth acceleration in the fourth quarter is we've been very clear with you guys in the past that the fourth quarter is heavily dependent upon holiday seasonality. And we didn't want to call acceleration in Q4 knowing that it's uncertain what holiday seasonality is going to be. I think our confidence that we will see reacceleration in Q1 is very high. But I'd say, Q4, it depends upon the holiday season. And if we have a very, very strong holiday season, both on the Media side and on the Web side, yeah, you may see reacceleration in Q4. But I'd say our confidence is very high for entering 2017, and that there's a possibility in the fourth quarter depending upon how the holiday shakes out. Michael Turits - Raymond James & Associates, Inc.: And then, if I can get a follow-up, Jim. The customer that you said would be reducing its traffic, and I assume you meant dollars, too, in 3Q, is that one in the same – one of the top two that we were talking about? Because that's what I wondered.…

Michael, we'll put you in the back end of the queue here. Michael Turits - Raymond James & Associates, Inc.: Thanks, guys.

We've got a long list. Thank you, though. Yep.

Thank you. The next question is from Keith Weiss of Morgan Stanley. Your line is now open. Sanjit K. Singh - Morgan Stanley & Co. LLC: Hi. This is Sanjit Singh for Keith Weiss. Thank you for taking the question. I wanted to revisit your comments on the potential for acceleration in 2017. Is that just a function that the comps are going to be easier? Because some of the catalysts that you have this year in terms of supporting traffic in 2016, you guys mentioned the Euro Cup, we have the Olympics. That doesn't happen next year. So I wanted to parse out the case for acceleration in 2017, given that some of these events are falling off in 2016. James Benson - Chief Financial Officer & Executive Vice President: I think you've got part of it. Obviously, we believe that what we're seeing with these large Internet platform customers, the top six that we talked about, and notably, we're really talking about two of the six that we've seen more substantial revenue declines. As Tom mentioned, we see more traffic in revenue pulled off of our platform in the last few quarters. Our expectation going forward is that if we do see declines, the declines will be much more modest than what they've been. So, yes, there will be a component of it that is an easier comp with these large customers. I think it's also fair to say that while we have marquee events like the Euro Cup, like the Olympics, like a presidential debate, and they do contribute to some level of revenue. As we said in the past, these events by themselves are not huge needle movers on revenue. They just happen to be proof points around what's – the opportunity is for more and…

Thank you. And the next question is from James Breen of William Blair. Your line is open. Jim D. Breen - William Blair & Co. LLC: Thanks for taking the question. In terms of visibility on the large customers that obviously – it's weighing on the stock the most. How far out can you see with those 10 (sic) [6] (41:12) customers in terms of the predictability of the revenue into the forward quarter? Obviously, the guidance for this quarter – for the third quarter is lower than what the Street was. How lumpy is that potentially going forward? James Benson - Chief Financial Officer & Executive Vice President: Yeah. It's six customers, not 10. Jim D. Breen - William Blair & Co. LLC: Sorry. James Benson - Chief Financial Officer & Executive Vice President: And I would say, like I've said all along, that our visibility is certainly much better in the three-month window. We do have good relationships with all of these customers. And so you have some visibility about what's going to happen thereafter. But it's certainly less. We certainly know that these customers intend to remain loyal Akamai customers. The question is how much of the traffic do they continue to serve themselves and how much of the traffic do we serve? It also depends upon, for some of these customers, new capabilities that they introduce. There may be newer capabilities that they introduce that their CDN cannot support. So it's very possible that you see a reacceleration in this customer base. Not all these customers are trending downward. It's notable with two of them, but even one of these two, but depending upon launching new offerings, could be a reacceleration in growth for that customer as well. So it's tough to call. It depends upon…

Thank you. And the next question is from Mike Olson of Piper Jaffray. Your line is open. Mike J. Olson - Piper Jaffray & Co. (Broker): All right. Thanks. Sorry, I'll keep beating this horse here. I doubt you want to get too granular. But before it sounded like the primary reduction in revenue from the big six companies was really just from those two largest customers, so are you seeing that decline extend further into the other four of the big six? Are they all declining? Or are some of them actually still growing? James Benson - Chief Financial Officer & Executive Vice President: No, some of them are growing. As I said before, just to clarify, we grouped these customers for the reasons that Tom outlined. We know there's concern about DIY. We know these customers are well-known to have DIY. And we wanted to make sure that we were helpful to the investor community around ring-fencing, what was concern about what these large customers could do. That's why, we've done that. It doesn't mean that they're all trending in the wrong direction by any means. And while they all have DIY capability, several of them are increasing their use of Akamai over time. But, as you know, with large customers, large customers go through reprices. Large customers – there's a lot of things that affect large customers. But I would say that notably two of the six are serving more of the traffic themselves. One of the six in particular. The other ones have been, over the past, very healthy and growing Akamai customers. And so I think that you're going to have in that grouping a mix bag of customers that are growing and customers that may not be growing. Mike J. Olson - Piper Jaffray…

Thank you. And the next question is from Colby Synesael of Cowen and Company. Your line is open. Colby Synesael - Cowen & Co. LLC: Great. So I'm going to ask questions similar to what have already been asked, but slightly different. You mentioned that these top six customers represented about 18% of revenues a year ago, now about 11% and the top two, I think, were about 12% a year ago, and now 5%, so both of those the delta's about 7%. So it seems like the remaining four of the big six, if you will, have been growing roughly in line with that of the company, which this quarter was about 6%. So for those other big four, that 6% growth, is that a deceleration over the last few quarters? Or is 6% growth relatively what they've been growing at? And, I guess, where I'm going here is, if it is a deceleration, which would be my guess, the concern is obviously that's going to go further down. And it goes back to all these questions around visibility. I appreciate that for 2017 you think growth's going to accelerate, but it sounds like it's based more on easy comps and the fact that these two top customers are getting to a point where they can't go that much lower, at least that one in particular. What can you give us in terms of confidence or conviction that these other big four just aren't going to continue to see their own growth slowing? Thanks. James Benson - Chief Financial Officer & Executive Vice President: Well, we have very good relationships with those customers. Generally, we have pretty good visibility. Obviously one of the six did decelerate a little bit more than we expected this quarter. We're now forecasting that…

Thank you. The next question is from Mark Mahaney of RBC Capital Markets. Your line is open.

Hi. Good afternoon, guys. Thanks for taking our question. This is Jim Shaughnessy on for Mark. Again, just on the top six, is there any way you could give us some context around the size of these top six customers roughly? And maybe the next tier of customers? How much bigger are these customers to you in terms of size versus, say, that next tier? And I have one follow-up. Thanks. James Benson - Chief Financial Officer & Executive Vice President: Well, as you know, the two that we've been talking about are now a little over 5% of our revenue. And two of the other four are pretty small Akamai customers, but are big Internet entities. And so we did want to talk about that. I think there's upside in those accounts. And then, there's two more that are substantial Akamai customers. Well over 1% of our revenue. So you have four that are pretty large and you have two that are pretty small in terms of their impact on Akamai.

Okay. Great. Thanks. And then a quick follow-up. In terms of upcoming renewals with any of these top six, have any recently taken place? And are there any upcoming, say, in the next few quarters that we should keep an eye out for? Thanks, guys. Frank Thomson Leighton - Chief Executive Officer & Director: Sure. You want to think about these customers as coming up for renewal every one to two years is very typical. So we have experienced – some of them have had renewals recently. And we would expect renewals coming up over the next quarter or two. So that's an ongoing process with really all of our customers and these folks as well.

Thank you.

Thank you. The next question is from Ed Maguire of CLSA. Your line is open.

Hi. Good afternoon. I was wondering if you could provide a bit more context into the specific types of media traffic where you're seeing the insourcing activity and whether that's coming across all of the top six. James Benson - Chief Financial Officer & Executive Vice President: The insourcing of traffic is mostly around files where quality matters less and then it's easier to do. The extreme example being a background software download. At the other end of the spectrum, you might have live or linear broadcast where somebody's paying to watch it. And so as you get to the easier end of the spectrum, that's where I would say most of the traffic has moved in-house, software downloads and so forth or some videos where the quality might matter less. On the other side of the house, and as we talked about, our OTT business is growing very well, much faster than the Media business as a whole. And that's because you have – it's more difficult to do with a high-quality level, especially live and linear. And people are often paying to watch it. And so you really want to have a good experience there.

Great. And could you comment on just the state of the sales force pipeline productivity rates and in particular, your degree of confidence around the pipeline and growth expectations for the second half of 2016 as it pertains to security and also performance as well? Thanks. James Benson - Chief Financial Officer & Executive Vice President: Right. Customers in the pipeline wouldn't be signed until later in the year. Then, of course, there's the integration and recognition of revenue. So you wouldn't start seeing a revenue stream from anything in the pipeline until next year. That said, the sales force has been productive. Bookings have been very strong. And so we're optimistic about the future growth there. Particularly in Cloud Security, a lot of the customers are now buying products first based on security and then adding performance. It's great to see that adoption of our security offer in the business.

Great. Thank you.

Thank you. The next question is from Tim Horan of Oppenheimer. Your line is open. Timothy Horan - Oppenheimer & Co., Inc. (Broker): Thanks, guys. Just following up on a previous question. It does seem like the big six now are building out a lot more of their own cloud capabilities, and some seem to be bundling in a little bit more CDN. So, Tom, it just seems to be different competition from what we've had in the past. I know Google, their CDN is in beta. Akamai's had their CDN out there for a while. I guess, you're obviously not concerned about competition from them, and a lot of investors are. Can you maybe tell us a little bit more detail why you're not concerned? Then are they really just competing on the Media side? Or do they also have Performance and Security applications out there or capabilities? Thanks. Frank Thomson Leighton - Chief Executive Officer & Director: Well, I'm concerned about all our competitors. That said, we see much more competition from dozens of other companies than generally we would have from the large cloud providers. Our performance is a lot better. We don't really see the competition at all from them with the security product capabilities. It's primarily around delivery. We've been competing against at least one very large cloud company for nearly a decade that is known to bundle in CDN services. We have a lot of our customers use that company for hosting their website, either it's stored there or with compute, and they use Akamai to accelerate – to provide the delivery of the video or accelerate the delivery of applications or to secure the content. So I don't see any change in terms of the competition from these large Internet infrastructure companies against…

Thank you. The next question is from Matthew Heinz of Stifel. Your line is open. Matthew Heinz - Stifel, Nicolaus & Co., Inc.: Hi. Good afternoon. I guess, first off, starting with the OTT opportunity, could you just highlight some of the key factors that you think will drive a more democratized marketplace? I guess, outside of the one or two dominant platforms out there. And where, in terms of product offerings or customer segments, do you see the best traction around OTT going forward? Frank Thomson Leighton - Chief Executive Officer & Director: I think there's certainly a set of aggregators and they are growing and also the broadcasters going out directly as well. That is growing. And I think right now you just see all different avenues being explored by the major content owners and broadcasters. And so I don't see right now a single offer, an aggregated offer hitting the marketplace that would take over. I think you'll see a lot of seeds planted and flowers will bloom. And both aggregation and the broadcasters going direct with their content. And we service all of those entities. We're seeing strong OTT growth among the aggregators as well as the broadcasters who are taking some of their content and making it direct. Matthew Heinz - Stifel, Nicolaus & Co., Inc.: Okay. That's helpful. And then as a follow-up, can you just highlight your progress on some of the network cost initiatives that I guess have been underway for a while now? But do you expect to continue to see leverage in the colocation line – expense line? And I see server count picked up a bit again this quarter. So what should we expect going forward in terms of the server count? Frank Thomson Leighton - Chief Executive Officer & Director: Well, yeah, we're always working on lowering our costs to try and to get more bits per second out of each square foot of colo, out of each kilowatt hour, out of each dollar of CPU. And we have a really great track record there. A lot of initiatives underway and I expect to see continued progress. As Jim noted, we're in a situation right now where we do have, in some geographies, capacity that's available. And so you see us in a situation where our CapEx for server purchases is a little bit less than our long term model. And as traffic growth reaccelerates – and if the traffic growth is quite strong outside of the few accounts that we've talked about, that fills up that capacity and that helps, as well. As you've got fixed cost and you have a little bit extra capacity in some markets that hurts the margins and your costs a little bit. But I think we've had good progress there. We will continue to have good progress, plenty of initiatives underway to improve efficiency. Matthew Heinz - Stifel, Nicolaus & Co., Inc.: Okay. Thank you very much for taking the questions.

Thank you. The next question comes from Sterling Auty of JPMorgan. Your line is now open.

Hi. This is (01:03:17) in for Sterling. Thanks for taking my questions. Most of my questions were asked, actually, so maybe just quickly on any impact you might see from Brexit, if you can give us more color on that both on the revenue side and the cost side that will be really helpful. Thanks. James Benson - Chief Financial Officer & Executive Vice President: Yeah. There's no real direct impact from Brexit that we see at this point in time. Obviously, there's been currency fluctuations. And so that can change the foreign exchange rates. There can be impact on the equity markets, but I don't see any real impact to our business.

Thank you. And we have time for one more question. The final question will come from Vijay Bhagavath of Deutsche Bank. Your line is open.

Yeah. Thanks for the last question. Yeah, hi, Tom, Jim. Give us color, if you may, on how you plan to fundamentally lower the cost of Media Delivery? I hear that you have some interesting technology from Octoshape, peer-to-peer media delivery. I'd like to better understand. Is this a work-in-progress and could it potentially impact Media business margins over the next few quarters? And I have a quick follow-up. Frank Thomson Leighton - Chief Executive Officer & Director: Yeah. We're investing a great deal to substantially lower the cost of Media delivery. And that, in fact, the Octoshape acquisition, that was part of the acquisition thesis. We've been very happy with that acquisition. It also greatly improves performance at the same time. We are in the process of integrating their technology across our platform. And you will see us be delivering more of our content as we go forward from clients and client devices. In some countries, that is happening already. And it does substantially lower our cost and that enables us to pass on lower pricing for our Media customers.

And then, quickly, Tom, on enterprise security, help us understand what is Akamai's sustainable differentiation in enterprise security. We do hear that Cisco, F5 and several of the security pure-plays are quite active in enterprise security, including cloud-based security. So I wanted to understand what would be your differentiation? What different angle would you take in enterprise security? Thanks. Frank Thomson Leighton - Chief Executive Officer & Director: That's a great question. And you will see as the market evolves, you have Akamai, which has expertise in the cloud, has tremendous capacity, has great performance capabilities now bringing very strong security technology into our platform. You have, on the other side, companies that have past experience in security as a box that is purchased and deployed in the enterprise's data center. That world is going away. The security technology needs to move into the cloud. And it's very hard to take technology that was dedicated to a single customer and operated by that customer in their data center and now make it in the cloud to try to make it work on a multi-tenant environment, give it sufficient capacity and make it perform well. And on top of all that make it be affordable. So we have tremendous home field advantage in the cloud compared to the companies that are trying to figure out how to move into the cloud. And I think it's because of this that you see several of the – some of the well-known box providers now being bought by private equity or looking for ways to evolve the company, because it is hard to take what they have and produce the kind of capabilities that Akamai can now offer in the cloud.

Excellent. This has been very helpful. Thank you. Frank Thomson Leighton - Chief Executive Officer & Director: Thank you.

Okay. Thank you, Latoya. And in closing, we'll be presenting at a number of investor conferences and events throughout the remainder of the quarter. Details of these can be found in the Investor Relations section at Akamai.com. And we thank you for joining us and wish everyone a nice evening.

Thank you. Ladies and gentlemen, this concludes today's conference. You may now disconnect. Good day.