Akamai (AKAM) FY Conference Summary Company Overview - Akamai was founded 25 years ago to address performance issues on the Internet by distributing servers globally to reduce choke points [4][5] - The company initially focused on content delivery through its CDN (Content Delivery Network), which now constitutes about one-third of its revenue [6] Business Evolution - Akamai has evolved from primarily a CDN provider to a significant player in cybersecurity, with a $2 billion security business growing at approximately 10% annually [8] - The security segment includes web security, which accounts for about $1.8 billion of the security revenue [8] - The company has shifted from 85% CDN revenue a decade ago to 52% from security today [11] - Akamai's compute business, which includes edge computing and full-stack computing, is growing rapidly at about 15% this year [17] Financial Performance - Akamai's gross margins are in the low 70s, with operating margins around 30% [27] - The company expects operating margins to improve as security and compute products grow [28] - The company has a recurring revenue model, with 70% of customers using both CDN and security services [20] AI Integration - Akamai is leveraging AI in its security products to enhance decision-making and protect against denial of service attacks [30] - The company has introduced AI security for large language models to prevent sensitive information leaks and manage costs [31] - AI presents opportunities for product innovation and addressing new security challenges [34] Security Market Insights - Micro-segmentation and API security are key growth drivers for Akamai's security business, with significant revenue growth expected [35][39] - The company has simplified the deployment of segmentation, making it more accessible for customers [38] Competitive Landscape - Akamai competes effectively against hyperscalers by offering cost-effective solutions without egress fees, which can be a hidden cost for customers using hyperscalers [43][44] - The company has seen a decline in CDN pricing but is benefiting from the exit of smaller competitors, leading to a more favorable competitive environment [53] Future Outlook - Akamai anticipates that its CDN business will stabilize, with traffic growth expected to pick up again [53] - The company views its CDN as a strategic asset that supports its security and compute businesses, enhancing overall performance and reliability for customers [55] Key Takeaways - Akamai's diversified business model, combining CDN, security, and compute services, positions it well for future growth [19] - The integration of AI into its offerings enhances both security and operational efficiency [30][34] - The company is focused on leveraging its existing infrastructure to provide cost-effective and high-performance solutions to a broad range of industries [47][48]

Core Insights - Akamai Technologies, Inc. has not been covered recently, prompting a review of the company's Q1 results [1] Company Overview - The company is focused on long-term investment strategies, typically with a 5-10 year horizon [1] - The investment approach emphasizes a balanced portfolio that includes growth, value, and dividend-paying stocks, with a particular focus on value [1] Investment Strategy - The investment strategy includes occasional options trading to enhance returns [1]

Core Insights - Akamai Technologies has launched Akamai DNS Posture Management, a solution providing unified, multicloud visibility and real-time monitoring to prevent DNS-based attacks [1][5] - The solution addresses the complexities of managing multiple DNS systems and helps organizations ensure proper configuration and security [3][5] Group 1: Product Features - Akamai DNS Posture Management offers agentless real-time monitoring and guided remediation across major DNS providers [1] - The solution includes a Certificate Monitor that organizes digital certificates by domain names to identify risks such as expired or misconfigured certificates [7] - It provides a comprehensive view of zones, domains, sub-domains, and records across various DNS providers, including Akamai Cloud, AWS, Microsoft Azure, and Google Cloud Platform [8] Group 2: Security Challenges - DNS configurations can become outdated, leading to vulnerabilities that may expose organizations to serious threats like unauthorized SSL/TLS certificate issuance and DNS spoofing [5][6] - The overwhelming number of unmanaged alerts and compliance requirements can lead to high-priority issues being overlooked, emphasizing the need for automation in compliance assessments [4] Group 3: Compliance and Regulatory Needs - Akamai DNS Posture Management automates adherence to critical security frameworks such as NIST, PCI DSS, and HIPAA, helping organizations reduce compliance costs while enhancing security [6] - Continuous compliance monitoring is essential to address critical gaps in DNS and certificate security hygiene [6]

Financial Data and Key Metrics Changes - The company has reset its long-term growth expectations, projecting about 10% growth for its security segment due to product maturity and market saturation [15][16] - The company anticipates a 30% to 35% growth in Annual Recurring Revenue (ARR) for new capabilities this year, particularly in API security and Gardacore segmentation [18][46] - Operating margins were close to 30% in Q1, with guidance for slightly lower margins for the year due to investments in new platforms and infrastructure [22][23] Business Line Data and Key Metrics Changes - The security segment is expected to grow at a slower rate due to maturity, while new products are projected to drive significant growth [15][16][18] - The compute business is identified as a major focus, with investments being reallocated from the delivery business to enhance growth in this area [25][26] - The delivery business is aiming for stabilization, with traffic growth expected to improve as market conditions rationalize [65][68] Market Data and Key Metrics Changes - The company has seen a shift in customer acquisition strategies, with channel partners becoming the primary source of new customers for security and compute services [8][12] - The competitive landscape has changed, with several competitors exiting the market, which may help stabilize pricing dynamics [68][71] Company Strategy and Development Direction - The company is focusing on a go-to-market transition to increase the ratio of hunters to farmers, emphasizing the need to target new customers beyond traditional CDN users [4][5] - Investments are being made in cloud infrastructure and security products to enhance the total addressable market (TAM) [23][25] - The company aims to position itself as a comprehensive cloud provider, similar to hyperscalers, by integrating compute, security, and delivery services [84][86] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by AI in the security landscape, noting that AI has increased the attack surface and sophistication of threats [53][57] - The company believes that the demand for new security solutions, particularly those tailored for AI applications, will drive future growth [55][56] - Management is optimistic about traffic growth in the delivery business, citing potential increases from video content and AI-generated media [68][70] Other Important Information - The company has been insourcing third-party compute services to improve efficiency and customer experience [44] - The compute business is seen as a significant opportunity, particularly in media, where customers are looking for cost-effective solutions [29][30] Q&A Session Summary Question: How has the go-to-market transition been going? - The company is evolving to focus more on hunting for new customers, particularly in security and cloud computing [4][5] Question: What led to the reset of growth expectations? - The company had not provided long-term guidance for over three years and felt it was important to update the community on current views [13][15] Question: What are the critical investments needed to achieve growth? - Investments are being made in technology, compute infrastructure, and sales force expansion to support growth [21][23] Question: Is compute the top priority for the company? - Both security and compute are considered equally important, with significant investments being made in both areas [25][26] Question: How is AI impacting the security landscape? - AI has increased the sophistication of attacks and the demand for specialized security solutions [53][55] Question: What is the outlook for the delivery business? - The company aims to stabilize the delivery business and improve traffic growth, with expectations for better pricing dynamics [65][68]

Core Insights - The report by Akamai highlights that China has the highest costs associated with API security incidents, amounting to $778,000 (approximately 5.68 million RMB) over the past year [2] - The report indicates a significant discrepancy in cost estimates between management and frontline employees, with management estimating costs at $517,000 and frontline employees estimating $920,000 [2] API Attack History - The evolution of API attacks can be categorized into four phases, starting from pre-2000 with internal API mechanisms and focusing on system vulnerabilities [3] - The second phase (2000-2010) saw the rise of standardized APIs with SOAP, introducing risks like XML injection and man-in-the-middle attacks, followed by the adoption of RESTful APIs which led to session hijacking and token leakage [3] - The third phase post-2010 was marked by the rise of cloud computing, where APIs became core digital assets, but many shadow APIs emerged, leading to DDoS attacks and data breaches [3][4] - The current phase involves the integration of generative AI, where API calls are essential for business applications, shifting more security responsibilities to cloud service providers [4] API Attack Statistics - From January 2023 to June 2024, the Asia-Pacific region recorded 108 billion API attacks, accounting for 15% of all web attacks [5] - In China, 27.6% of respondents prioritized "protecting APIs from attacks" as the top cybersecurity concern, significantly higher than other countries [5] Current API Security Challenges - Common vulnerabilities in API applications include misconfigurations, lack of interception by firewalls, and authorization flaws, with API misconfiguration being the most prevalent at 22.3% [6] - The primary types of API attacks currently include injection attacks, unauthorized access, and DDoS attacks, as evidenced by the attacks on DeepSeek and other major models [6][7] Recommendations for API Security - Companies should reach a consensus on the causes, impacts, and priorities of API security incidents [9] - Suggested strategies include enhancing API discovery and monitoring capabilities, improving API testing, maintaining thorough documentation, and utilizing runtime detection tools [9][10] - Organizations are encouraged to integrate API security solutions with existing security products to identify high-risk behaviors and intercept suspicious traffic [10]

Core Insights - The trend in AI development is shifting from training to inference, with a significant increase in demand for small models tailored for specific applications, which is impacting the cloud computing market [1][2][3] Group 1: AI Inference Market - The market for AI inference is expected to exceed the training market by more than ten times in the future, as companies recognize the potential of deploying small models for vertical applications [1] - Akamai's AI inference services have demonstrated a threefold increase in throughput and a 60% reduction in latency, highlighting the efficiency of their solutions [2] Group 2: Edge Computing and Deployment - Edge-native applications are becoming a crucial growth point in cloud computing, with Akamai's distributed architecture covering over 4,200 edge nodes globally, providing end-to-end latency as low as 10 milliseconds [3] - The proximity of inference to end-users enhances user experience and efficiency, addressing concerns such as data sovereignty and privacy protection [3] Group 3: Industry Trends and Client Needs - Many companies are now focusing on optimizing inference capabilities, as previous investments were primarily in model training, leading to a gap in readiness for inference [2] - There is a growing trend among Chinese enterprises to integrate AI inference capabilities into their international operations, particularly in sectors like business travel [5]

Core Viewpoint - Akamai Technologies, Inc. has announced a private offering of $1.5 billion in convertible senior notes due 2033, which was upsized from a previously announced $1.35 billion offering [1][3] Group 1: Offering Details - The notes will be senior unsecured obligations, maturing on May 15, 2033, with an interest rate of 0.25% per year, payable semiannually starting November 15, 2025 [2] - The initial conversion rate is set at 10.7513 shares per $1,000 principal amount, equating to an initial conversion price of approximately $93.01 per share, representing a 20% premium over the closing price of $77.51 on May 14, 2025 [2] Group 2: Use of Proceeds - Akamai estimates net proceeds from the offering to be approximately $1,479.1 million, or $1,701.3 million if the option for additional notes is fully exercised [3] - The company plans to use about $250 million to repay borrowings under its revolving credit facility and a portion of its $1.15 billion convertible senior notes due 2027 [4] - Approximately $239.1 million will be allocated to cover costs related to convertible note hedge transactions [5] - Akamai intends to repurchase approximately $300 million of its common stock at a price of $77.51 per share from purchasers of the notes [6] Group 3: Repurchase and Conversion Terms - Holders can require Akamai to repurchase their notes for cash on May 15, 2031, if the stock price is below the conversion price [7] - In the event of a fundamental change, holders may also require repurchase at a price equal to 100% of the principal amount plus accrued interest [7] Group 4: Hedge Transactions - Akamai has entered into convertible note hedge and warrant transactions to mitigate potential dilution from the notes [8] - The hedge transactions will cover the same number of shares underlying the notes, and the warrants could have a dilutive effect if the market price exceeds the strike price [8] Group 5: Market Impact - The Option Counterparties may engage in purchasing shares or entering derivative transactions, which could influence the market price of Akamai's common stock and the notes [9]

Core Viewpoint - Akamai Technologies, Inc. plans to offer $1.35 billion in convertible senior notes due 2033, with an option for initial purchasers to buy an additional $202.5 million in notes, aimed at qualified institutional buyers [1] Group 1: Offering Details - The convertible senior notes will mature on May 15, 2033, with interest payable semi-annually starting November 15, 2025 [1] - The notes will be senior unsecured obligations of Akamai, and the interest rate and other terms will be determined at the time of pricing [1] Group 2: Use of Proceeds - Akamai intends to use approximately $250 million of the net proceeds to repay borrowings under its revolving credit facility and a portion of its existing convertible senior notes due 2027 [2] - A portion of the net proceeds will also cover costs related to convertible note hedge transactions and share repurchases, with an expected allocation of $275 million for repurchasing common stock [3][4] Group 3: Repurchase and Conversion Terms - Holders of the notes may require Akamai to repurchase their notes for cash on May 15, 2031, if certain conditions are met, at a price equal to 100% of the principal amount plus accrued interest [5] - In the event of a fundamental change, holders may also require repurchase at a similar price [5] Group 4: Hedging Transactions - Akamai plans to enter into convertible note hedge and warrant transactions to mitigate potential dilution from the notes [6] - The hedge transactions will cover the same number of shares underlying the notes, and the warrants could have a dilutive effect if the market price exceeds the strike price [6][7] Group 5: Market Impact - The initial hedge transactions may influence the market price of Akamai's common stock, potentially affecting the conversion and repurchase dynamics of the notes [8]

Group 1: Core Strategy - The "Cloud + AI" development strategy has become a common goal for major tech companies globally, with Akamai transitioning towards this strategy as well [1][2] - Akamai's revenue growth is increasingly driven by its security and cloud computing segments, with cloud computing being the fastest-growing business unit [1][4] Group 2: Market Trends - The shift towards "Cloud + AI" is largely driven by customer demand for digital transformation, leading to increased needs for cloud computing [2][3] - AI technology has become essential in the digital transformation process across various industries, with companies willing to invest heavily in AI despite strict cost control measures [3][5] Group 3: Business Performance - Akamai's CDN business has seen a decline in revenue contribution from nearly 80% in 2016 to 40% currently, while security services have risen to 47% and cloud computing services to 13% of total revenue [4][6] - The emergence of the inference market is expected to see investments in AI inference surpassing those in training by a factor of ten [5][6] Group 4: Edge Computing - The edge computing market is experiencing growth, with predictions indicating a potential market size of $445 billion by 2030, driven largely by AI inference demand [9][10] - Akamai aims to leverage its CDN resources to enhance edge computing capabilities, reducing latency and costs for clients [6][10] Group 5: Competitive Landscape - The competition in the "Cloud + AI" space is shifting from scale of computing power to how effectively companies can integrate edge intelligence, distributed architecture, and security capabilities [10]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents Akamai's unaudited condensed consolidated financial statements for Q1 2025, including balance sheets, income, cash flows, and stockholders' equity with notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Akamai's total assets were $9.98 billion, a decrease from $10.37 billion at year-end 2024, primarily driven by a reduction in marketable securities Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $2,374,971 | $2,578,097 | | **Total Assets** | **$9,982,190** | **$10,368,785** | | **Total Current Liabilities** | $2,016,529 | $2,091,323 | | **Total Liabilities** | **$5,397,629** | **$5,490,428** | | **Total Stockholders' Equity** | **$4,584,561** | **$4,878,357** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For the three months ended March 31, 2025, Akamai reported revenue of $1.015 billion, a 3% increase, but higher costs and taxes led to a 30% decrease in net income to $123.2 million Q1 2025 vs. Q1 2024 Income Statement (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $1,015,139 | $986,970 | | **Income from Operations** | $154,583 | $166,728 | | **Net Income** | $123,171 | $175,418 | | **Diluted EPS** | $0.82 | $1.11 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash from operating activities decreased to $251.2 million, while investing activities provided $876.8 million, and financing activities used $552.3 million due to increased stock repurchases Cash Flow Summary for the Three Months Ended March 31 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $251,200 | $351,878 | | **Net cash provided by (used in) investing activities** | $876,846 | $(151,583) | | **Net cash used in financing activities** | $(552,250) | $(215,981) | | **Net increase (decrease) in cash** | $581,227 | $(19,699) | [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed disclosures supporting the financial statements, covering revenue, convertible notes, share repurchases, and the effective income tax rate Revenue by Solution Category (in thousands) | Solution Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Security | $530,695 | $490,681 | | Delivery | $318,988 | $351,758 | | Cloud computing | $165,456 | $144,531 | | **Total revenue** | **$1,015,139** | **$986,970** | - The company has three outstanding convertible senior notes (2029, 2027, 2025) with a total par value of **$3.565 billion**, with the 2025 Notes, principal **$1.15 billion**, repaid on May 1, 2025[41](index=41&type=chunk) - The effective income tax rate was **29.0%** for Q1 2025, significantly higher than **6.8%** in Q1 2024, primarily due to a shortfall in stock-based compensation tax benefits and decreased foreign income taxed at lower rates[71](index=71&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, focusing on revenue drivers, operating expenses, liquidity, and non-GAAP financial measures [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Total revenue increased 3% (4% at constant currency) YoY to $1.015 billion, driven by Security and Cloud Computing, while Delivery revenue declined, and cost of revenue increased due to network investments Revenue by Solution Category - Q1 2025 vs Q1 2024 (in thousands) | Solution | 2025 | 2024 | % Change | % Change at Constant Currency | | :--- | :--- | :--- | :--- | :--- | | Security | $530,695 | $490,681 | 8% | 10% | | Delivery | $318,988 | $351,758 | (9)% | (8)% | | Cloud computing | $165,456 | $144,531 | 14% | 15% | | **Total revenue** | **$1,015,139** | **$986,970** | **3%** | **4%** | - The decline in delivery solutions revenue was attributed to downward pricing on contract renewals and a large social media customer reducing traffic on Akamai's network due to cost optimization and 'do-it-yourself' initiatives[90](index=90&type=chunk) - Cost of revenue increased primarily due to higher co-location fees (**+15%**) and depreciation of network equipment (**+19%**) related to investments in the company's compute platform[93](index=93&type=chunk)[96](index=96&type=chunk) [Use of Non-GAAP Financial Measures](index=33&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company provides non-GAAP financial measures, including non-GAAP income from operations and Adjusted EBITDA, to offer a clearer understanding of ongoing business performance Reconciliation of GAAP Net Income to Non-GAAP Net Income (in thousands) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **GAAP Net income** | **$123,171** | **$175,418** | | Amortization of acquired intangible assets | $27,637 | $21,023 | | Stock-based compensation | $111,978 | $93,260 | | Other adjustments (net) | $5,347 | $12,321 | | Income tax effect of adjustments | $(11,797) | $(46,727) | | **Non-GAAP net income** | **$256,096** | **$255,495** | Key Non-GAAP Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Non-GAAP operating margin | 30% | 30% | | Adjusted EBITDA margin | 43% | 42% | | Non-GAAP net income per diluted share | $1.70 | $1.64 | [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, Akamai held $1.3 billion in cash, cash equivalents, and marketable securities, having repaid $1.15 billion in notes and repurchased $500.0 million in shares - The company repurchased **6.2 million shares** of its common stock for **$500.0 million** during the three months ended March 31, 2025[136](index=136&type=chunk)[137](index=137&type=chunk) - The company repaid **$1.15 billion** of convertible senior notes at maturity in May 2025 and subsequently borrowed **$250.0 million** under its 2022 Credit Agreement in April 2025[138](index=138&type=chunk)[140](index=140&type=chunk) - Net cash from operations decreased to **$251.2 million** in Q1 2025 from **$351.9 million** in Q1 2024, due to timing of collections, payroll, and higher tax payments[134](index=134&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company outlines its primary market risks, including interest rate, foreign currency, and credit risks, with a strengthening U.S. dollar negatively impacting reported revenue - The company's primary market risks are interest rate fluctuations on its investment portfolio and variable-rate debt, foreign currency translation and transaction exposure from international operations, and credit risk from accounts receivable[148](index=148&type=chunk)[151](index=151&type=chunk)[155](index=155&type=chunk) - A strengthening U.S. dollar negatively impacts the company's consolidated revenue results due to the translation of foreign currency-denominated transactions[151](index=151&type=chunk)[153](index=153&type=chunk) - As of March 31, 2025, there were no outstanding borrowings under the company's revolving credit facilities, but **$250.0 million** was borrowed in April 2025, exposing the company to variable interest rate risk[150](index=150&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that as of March 31, 2025, the company's disclosure controls and procedures were effective at the reasonable assurance level[156](index=156&type=chunk) - No material changes occurred in the company's internal control over financial reporting during the quarter ended March 31, 2025[157](index=157&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation but does not anticipate any material adverse effects on its business, financial condition, or cash flows - Akamai is party to various routine litigation and governmental proceedings but does not expect any to have a material effect on its business or financial condition[158](index=158&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) Details significant risks to Akamai's business, including revenue growth, competition, cybersecurity, global operations, and customer DIY shifts - Slowing revenue growth is a key risk, with delivery solutions facing pricing pressure and traffic reduction from major customers, such as a large social media company implementing a DIY strategy[160](index=160&type=chunk)[161](index=161&type=chunk) - The company faces intense competition, particularly in cloud computing where established large competitors have greater resources and market recognition[172](index=172&type=chunk)[173](index=173&type=chunk) - Cybersecurity breaches, attacks, and system defects pose significant risks, which could lead to service disruptions, loss of customers, and reputational damage, with acquired companies like Linode presenting ongoing security challenges[183](index=183&type=chunk)[197](index=197&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's common stock repurchases during Q1 2025, totaling 6,158,235 shares for approximately $500 million under its repurchase program Issuer Purchases of Equity Securities - Q1 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 53,123 | $90.15 | | Feb 2025 | 1,777,588 | $78.86 | | Mar 2025 | 4,327,524 | $82.03 | | **Total** | **6,158,235** | **$81.19** | - The repurchases were made under the **$2.0 billion** share repurchase program authorized in May 2024, which runs through June 2027[244](index=244&type=chunk) [Item 5. Other Information](index=56&type=section&id=Item%205.%20Other%20Information) During Q1 2025, three executive officers adopted Rule 10b5-1 trading arrangements for the potential sale of company securities - Three executives, Kimberly Salem Jackson (CMO), Robert Blumofe (CTO), and Paul C. Joseph (EVP, Global Sales), adopted Rule 10b5-1 trading plans for the sale of company stock during the quarter[245](index=245&type=chunk) [Item 6. Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and interactive data files in Inline XBRL format - The filing includes required certifications from the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002[246](index=246&type=chunk) - The financial statements and notes are submitted in an interactive data format using Inline XBRL, as detailed in Exhibit 101[246](index=246&type=chunk)