Akamai Technologies has reported financial results for the first quarter ending March 31, 2014. Revenue for the first quarter of 2014 was $454 million, a 23% increase over the first quarter 2013 revenue of $368 million.
“Our first quarter results demonstrated continued momentum across all our solution offerings and geographies, driven by traffic acceleration in Media Delivery Solutions and strong traction across our Security portfolio. We believe that our unparalleled technology for optimizing and securing the delivery of online content and business applications, along with our continued investments across the business, enable us to provide more value to our customers than ever before,” said Tom Leighton, CEO, Akamai.
GAAP net income for the first quarter of 2014 was $73 million, or $0.40 per diluted share, a 9% decrease from the prior quarter's GAAP net income of $80 million, or $0.44 per diluted share, and a 2% increase over the first quarter 2013 GAAP net income of $71 million, or $0.39 per diluted share.
Non-GAAP net income for the first quarter of 2014 was $105 million, or $0.58 per diluted share, a 5% increase from the prior quarter's non-GAAP net income of $100 million, or $0.55 per diluted share, and a 13% increase over the first quarter 2013 non-GAAP net income of $93 million, or $0.51 per diluted share.
Adjusted EBITDA for the first quarter of 2014 was $204 million, an increase from the prior quarter's Adjusted EBITDA of $192 million, and up from $166 million in the first quarter of 2013. Adjusted EBITDA margin* for the first quarter of 2014 was 45%, up a percentage point from the prior quarter and consistent with the same period last year.
Cash from operations for the first quarter of 2014 was $89 million, or 20% of revenue. Reflecting the closing of the Prolexic acquisition and the issuance of convertible senior notes in February 2014, the company had $1.4 billion of cash, cash equivalents and marketable securities at the end of the first quarter.
During the first quarter of 2014, under the share repurchase programme authorized by the Board of Directors in October 2013, the company spent approximately $116 million to repurchase 2.0 million shares of its common stock, at an average price of $58.77 per share. The company had approximately 179 million shares of common stock outstanding as of March 31, 2014.
