Digi Power X Inc (DGXX) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Digihost Technology Inc 2021 earnings conference call. (Operator Instructions) Also note that the call is being recorded on March 28, 2022.

女士們先生們，美好的一天，歡迎來到 Digihost Technology Inc 2021 年收益電話會議。 （操作員說明）另請注意，該通話記錄於 2022 年 3 月 28 日。

And now I would like to turn the conference over to Mr. Donald Christie. Please go ahead sir.

現在我想把會議轉交給唐納德·克里斯蒂先生。先生，請繼續。

Thanks very much. Just before we begin, I'd like to read a safe harbor statement with respect to some forward-looking information that will come up during the course of this meeting. Digihost cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company.

非常感謝。就在我們開始之前，我想閱讀一份關於在本次會議期間將出現的一些前瞻性信息的安全港聲明。 Digihost 提醒聽眾，前瞻性信息和聲明基於某些假設和風險因素，可能導致實際結果與公司預期存在重大差異。

Listeners should not place undue reliance on forward-looking information or statements. Please see today's press release and refer to those risks set out in Digihost's public documents filed on SEDAR. The company undertakes no obligation to revise or update any forward-looking information or statements other than as required by applicable securities laws.

聽眾不應過分依賴前瞻性信息或陳述。請參閱今天的新聞稿，並參考 Digihost 在 SEDAR 上提交的公開文件中列出的風險。除適用證券法要求外，公司不承擔修改或更新任何前瞻性信息或聲明的義務。

During this call, the company will refer to certain measures not recognized by IFRS and that do not have a standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies. The company uses the following non-IFRS measures. EBITDA, earnings before interest, taxes, depreciation, and amortization and adjusted EBITDA as additional information to complement IFRS measures to provide a further understanding of the company's results of operations from management's perspective.

在此次電話會議中，公司將參考 IFRS 未認可的某些指標，這些指標沒有 IFRS 規定的標準化含義，因此可能無法與其他公司提出的類似指標進行比較。公司使用以下非 IFRS 措施。 EBITDA、未計利息、稅項、折舊和攤銷前的收益以及調整後的 EBITDA 作為附加信息補充 IFRS 措施，以便從管理層的角度進一步了解公司的經營業績。

EBITDA, as I mentioned, is earnings before interest, taxes, depreciation, and amortization and adjusted EBITDA less changes in the value of our Bitcoin holdings and non-cash G&A charges including equity compensation expense. I mean, the major addback to our EBITDA to arrive at adjusted EBITDA is stock-based compensation as you can see clearly in the income statement.

正如我提到的，EBITDA 是扣除利息、稅項、折舊和攤銷前的收益和調整後的 EBITDA 減去我們持有的比特幣價值的變化和非現金 G&A 費用，包括股權補償費用。我的意思是，我們的 EBITDA 達到調整後的 EBITDA 的主要補充是基於股票的補償，正如您在損益表中清楚看到的那樣。

These alternative IFRS measures have limitations as analytical tools. And you should not consider such measures either in isolation or as substitutes for analyzing the company's results, as reported under IFRS.

這些替代的 IFRS 措施作為分析工具存在局限性。您不應孤立地考慮這些措施，也不應將其作為分析公司業績的替代措施，如 IFRS 所報告的那樣。

At this point, I'd like to turn the meeting over to Michel Amar, who is the Chairman and Chief Executive Officer of Digihost. Michel?

在這一點上，我想將會議轉交給 Digihost 的董事長兼首席執行官 Michel Amar。米歇爾？

Good afternoon and thank you, everybody. This is Michel Amar. I'm pleased to be able to share with you our full-year 2021 financial results along with the outlook for 2022.

下午好，謝謝大家。這是米歇爾·阿馬爾。我很高興能夠與您分享我們 2021 年全年的財務業績以及 2022 年的展望。

So I'd like to start with the purpose of that conference call, I'd like to reiterate the key highlight of our performances for 2021. And of course, the purpose of the call is to clarify what had been disclosed in our MD&A or statements or PR and make sure everyone is in sync with what we meant if it was confusing to certain investors. So I'll start with the highlights and key financial for 2021.

所以我想從電話會議的目的開始，我想重申我們 2021 年業績的主要亮點。當然，電話會議的目的是澄清我們在 MD&A 或聲明或公關，如果某些投資者感到困惑，請確保每個人都與我們的意思同步。因此，我將從 2021 年的亮點和關鍵財務開始。

A little bit of background, we got public in 2020 February. We had our first year 2020 with a $3.5 million top revenues and a negative income of $5.9 million and a negative adjusted EBITDA of $900,000. We jumped in 2021 to $24.95 million to an increase of 602% and a net income of about $300,000 and an adjusted EBITDA of $14.01 million, an increase of 1,600% over 2020.

一些背景知識，我們於 2020 年 2 月上市。 2020 年的第一年，我們的最高收入為 350 萬美元，負收入為 590 萬美元，負調整後的 EBITDA 為 900,000 美元。我們在 2021 年躍升至 2495 萬美元，增長 602%，淨收入約為 30 萬美元，調整後的 EBITDA 為 1401 萬美元，比 2020 年增長 1600%。

Cash and cash equivalents by December 31 was around $34 million -- $34.4 million and we had a working capital of $30 million, an increase of 17.60% over 2020. So 2021 had been a very transformative year for us as we have crazy increased ratios as you can see. Our net book value per share, $3.13, an increase of 251% compared to 2020.

截至 12 月 31 日，現金和現金等價物約為 3400 萬美元——3440 萬美元，我們的營運資金為 3000 萬美元，比 2020 年增長 17.60%。因此，2021 年對我們來說是非常具有變革性的一年，因為我們的比率瘋狂增加，因為你可以看到。我們的每股賬面淨值為 3.13 美元，與 2020 年相比增長了 251%。

So, before I move to all the different events that occur in 2021 and accomplishments, I would like to start to take questions on the first financial highlight that I just mentioned that were PR this morning, pre-market. Is there any questions on the financial results?

因此，在我開始討論 2021 年發生的所有不同事件和成就之前，我想開始對我剛才提到的第一個財務亮點提出問題，即今天早上的上市前公關。對財務結果有任何疑問嗎？

(Operator Instructions) Parker Sikora, H.C. Wainwright.

（操作員說明）Parker Sikora, H.C.溫賴特。

Hi. This is Kevin Dede. Hi, Michel. Long time, no chat.

你好。這是凱文德德。嗨，米歇爾。好久沒有聊天了。

Hi, Kevin. How are you?

嗨，凱文。你好嗎？

Thank you so -- I'm great, I'm great. Congratulations on getting your financials done. And thank you very much for having me on the call. I was hoping you wouldn't mind taking a little time sort of laying out how your hash rate developed last year, and where you think it goes this year. And give us some insight on revenue between self-mining and hosting last year versus where you think it's going to go this year?

非常感謝——我很好，我很好。恭喜你完成財務。非常感謝你讓我接聽電話。我希望您不介意花一點時間來說明您去年的哈希率是如何發展的，以及您認為今年的發展方向。並給我們一些關於去年自挖和託管之間的收入與你認為今年會去哪裡的見解？

Okay, so, Kevin, thank you for the questions. So as stated in the PR, last year, we had an average of around 275PH. So let me define and clarify what I mean by an average. We started around 200PH. We ended up [two] at the end of the year as we started to receive new miners we acquired, we ended up the year with around 400 or 416PH and the average weighted calculation was around 275PH.

好的，凱文，謝謝你的提問。因此，正如 PR 中所述，去年，我們的平均 PH 約為 275PH。因此，讓我定義並闡明平均數的含義。我們從 200PH 左右開始。隨著我們開始接收我們收購的新礦工，我們在年底結束了[兩個]，我們在這一年結束時大約有 400 或 416PH，平均加權計算約為 275PH。

Now, compared to 2022, we disclosed today, but our target is to be around 1.5EH average. So as of this morning, we were at 720PH and that has been over the last few days and we tend to ramp it up above 1.5EH, so we can average 1.5EH or 720PH equivalent today at the metrics of today of [difficulty and] is about 3.35 Bitcoin per day. That's where we are today.

現在，與我們今天披露的 2022 年相比，我們的目標是平均 1.5EH 左右。因此，截至今天早上，我們處於 720PH，並且在過去幾天一直如此，我們傾向於將其提高到 1.5EH 以上，因此我們可以按照今天 [難度和] 的指標平均計算 1.5EH 或 720PH 等價物每天大約 3.35 比特幣。這就是我們今天的處境。

And we intend to have (inaudible) at 6.70 Bitcoin per day. So for that to happen, we need not only to cross the 1.5, we need to go above that, so we can average and end up at 1.5EH for the year. In terms of revenue, what does it translate to? You take 6.70 Bitcoin at around let's call it today 47,000, 6.7 times 47,000, 314,900 times 365 days, you're at $114 million a year target revenues if we accomplish that goal.

我們打算（聽不清）每天 6.70 比特幣。因此，要做到這一點，我們不僅需要超過 1.5，還需要超過它，這樣我們才能平均並最終達到 1.5EH。就收入而言，它意味著什麼？你拿 6.70 比特幣，讓我們今天稱它為 47,000，6.7 乘以 47,000，314,900 乘以 365 天，如果我們實現該目標，你每年的目標收入將達到 1.14 億美元。

In terms of now to respond to your last question, in terms of JV versus self-mining, I have a very simple answer for you, Kevin, is in the adjusted EBITDA, we get you the answer. And the reason why we never disclosed precisely what is the share revenue, [we've got] two venture partners one being Northern Data and the other one Bit Digital is that in the contracts we signed with both companies, we are not allowed to disclose it unless we have a written authorization from both companies to do so.

現在回答你的最後一個問題，就合資與自挖而言，我有一個非常簡單的答案，凱文，在調整後的 EBITDA 中，我們得到了你的答案。為什麼我們從來沒有透露具體的股份收入是多少，[我們有]兩個風險合作夥伴，一個是 Northern Data，另一個是 Bit Digital，因為在我們與兩家公司簽訂的合同中，我們不允許披露除非我們有兩家公司的書面授權。

But if you look at the EBITDA adjusted of 2021, we were at $14.01 million adjusted EBITDA. And we plan to be around 5x -- 4.5x to 5x that number in adjusted EBITDA. And the reason we should be there is that the ventures we have on, the first one with Northern Data, we own 100% of the miners that we're paid last year. And there's a very important fact that all listeners should pay attention to.

但如果你看看 2021 年調整後的 EBITDA，我們的調整後 EBITDA 為 1401 萬美元。我們計劃在調整後的 EBITDA 中達到 5 倍左右——4.5 到 5 倍。我們應該在那裡的原因是我們所擁有的企業，第一個與 Northern Data 的企業，我們擁有我們去年支付的 100% 的礦工。還有一個非常重要的事實，所有的聽眾都應該注意。

We bought this M30 and M30++, hash rate 88TH, and hash rate 100TH. So an average, let's say, of 95 or so or 94 or so. We paid -- prepaid last February with capital raises what we did last year, approximately [$70 million in equity financing] last year. We paid cash $23 million for 100% ownership of these miners, but we got delivered until the last spot what few weeks ago.

我們買了這個M30和M30++，算力88TH，算力100TH。所以平均數，比方說，95 左右或 94 左右。我們支付了——去年 2 月預付了我們去年所做的籌集資金，去年大約 [7000 萬美元的股權融資]。我們為這些礦工的 100% 所有權支付了 2300 萬美元的現金，但我們直到幾週前才交付到最後一個地點。

So we got delivered a total of 10,600 to be precise. And this 10,600 miners as a market value today, if I wanted to replace, the cost of these brand new M30 from MicroBT most likely will be around $100 million to be able to get and replace the 10,600 miners.

因此，準確地說，我們總共交付了 10,600 個。而這10600台礦機作為今天的市值，如果要更換的話，比特微這些全新的M30的成本大概在1億美元左右，才能拿到和更換這10600台礦機。

So we invested $23 million, the accounting grand total, which were under the top accounting firm, depreciated these assets like we depreciate every asset. And really, if you really want to think about it, we should appreciate it 4x. So only in the miners that we just acquire it say $100 million value, market value, replacement value.

因此，我們投資了 2300 萬美元，即頂級會計師事務所下的會計總計，對這些資產進行折舊，就像我們對每項資產進行折舊一樣。真的，如果你真的想考慮一下，我們應該欣賞它 4 倍。所以只有在我們剛剛收購的礦工中才說 1 億美元的價值、市場價值、重置價值。

Now, on this forward EBITDA for 2022 on the 1.5EH average, we're going to leverage volume or topline with more or less very small increase in SG&A. We think that our SG&A to do the topline should not be more than 5%, 6% of sales. So that will increase our margins and offset the share of services or profits we get from the JVs that should offset a part of it. And we believe that we should be able to reiterate the same or close to the same ratio of adjusted EBITDA for the year.

現在，根據平均 1.5EH 的 2022 年遠期 EBITDA，我們將利用銷量或收入，SG&A 或多或少會有非常小的增長。我們認為我們做頂線的 SG&A 不應超過銷售額的 5%、6%。因此，這將增加我們的利潤率並抵消我們從合資企業獲得的服務或利潤份額，這應該抵消一部分。我們認為，我們應該能夠重申當年調整後 EBITDA 的相同或接近相同比率。

So we are looking at a 5x adjusted EBITDA, that's our goal for 2022. And of course, as everybody knows, it all depends on the execution. The good news is that all the miners are in, all the CapEx infrastructure has been down in the last six months. We got some delayed, my first quarter should have been really the last quarter of 2021.

因此，我們正在尋找 5 倍的調整後 EBITDA，這是我們 2022 年的目標。當然，眾所周知，這完全取決於執行情況。好消息是，所有礦工都參與其中，所有資本支出基礎設施在過去六個月中都出現了下降。我們有一些延遲，我的第一季度實際上應該是 2021 年的最後一個季度。

But we've got -- the miners came a little bit slightly late but they came. And the infrastructure, we got all the permits back in September, it took us about three, four months to get the permits from the city and the planning board. And it took us about four months to -- four, five months to finalize the setup.

但我們已經 - 礦工們來得有點晚，但他們來了。還有基礎設施，我們在 9 月份獲得了所有許可證，我們花了大約三四個月的時間才從城市和規劃委員會獲得許可證。我們花了大約四個月的時間——四五個月來完成設置。

Today, we're ready to deploy and ramp up the PH. So that's where we stand. I think we have a very good 2022 target, very achievable. We disclose today in terms of our cash on end or cash equivalent, that we have close to $50 million in order to sustain our operation, and even grow, and even make further investments, that should prevent us to unnecessarily dilute the company. So we feel that we're in a great, great stage.

今天，我們已準備好部署和提升 PH。這就是我們的立場。我認為我們有一個非常好的 2022 年目標，非常可以實現。我們今天披露，就我們的現金或現金等價物而言，我們有近 5000 萬美元用於維持我們的運營，甚至增長，甚至進行進一步投資，這應該可以防止我們不必要地稀釋公司。所以我們覺得我們處在一個非常非常棒的階段。

Kevin, did -- any other question? Did I answer your question to your (multiple speakers) --?

凱文，還有其他問題嗎？我是否向您的（多位發言者）回答了您的問題？

Yes, Michel. Thank you very much. I'm still curious, so the targets and average 1.5EH for the year. How much of that do you have paid for right now? How much does Digihost own? And how much more do you need to install?

是的，米歇爾。非常感謝。我仍然很好奇，所以今年的目標和平均 1.5EH。你現在付了多少錢？ Digihost擁有多少？您還需要安裝多少？

So everything, most of it is paid for. Because we had to order all these transformers, equipment, miners, and that type of business, everything is prepaid. So most of these have been already addressed. And that's how we use most of the [funds] that we raised last year, we got very lucky or very smart, I don't know what you want to call it, but by buying this 10,600 miners for that price of $23 million, that was a great investment for us.

所以一切，大部分都是付費的。因為我們必須訂購所有這些變壓器、設備、礦機和這類業務，所以一切都是預付的。因此，其中大部分已經得到解決。這就是我們使用去年籌集的大部分[資金]的方式，我們非常幸運或非常聰明，我不知道你想怎麼稱呼它，但是通過以 2300 萬美元的價格購買這 10,600 台礦工，這對我們來說是一筆巨大的投資。

And that allowed us to use further capital for the CapEx of transformers and containers and all the equipment that is necessary to complete the setup and be able to run. So we don't see a big -- for the accomplishment for the 1.5EH, we don't see a big CapEx expansion in order to realize the 1.5. Now, if we plan to grow towards end of the year, and towards first quarter of next year, we're going to have to, of course, invest and open up a budget for CapEx in order to grow.

這使我們能夠將更多資金用於變壓器和容器的資本支出，以及完成設置和運行所需的所有設備。因此，我們看不到 1.5EH 的成就，我們看不到為了實現 1.5 而大幅擴張資本支出。現在，如果我們計劃在今年年底和明年第一季度實現增長，當然，我們將不得不投資並為資本支出開闢預算以實現增長。

Can -- would you mind reviewing your facility strategy? If I understand correctly, you're operating in two facilities now. I'm curious to as part of, what you might consider and potentially growing, what your facility strategy would be. Would you be able to expand the ones you're in? Or would you have to add something new?

可以 - 您介意審查一下您的設施策略嗎？如果我沒理解錯的話，你現在在兩個設施中運作。我很好奇，作為您可能考慮和可能增長的內容的一部分，您的設施策略是什麼。你能擴展你所在的那些嗎？或者你必須添加一些新的東西嗎？

So we do -- good question, we do have the capacity to expand within the two facilities that we are currently running. However, as a company's strategy, we want to diversify ourselves in different states that are a little bit more friendly with crypto. I'm sure you all have heard about New York aggressive anti-crypto behaviors and of course, we are grandfathered. And we are good to go. But the sentiment of the vibe in New York is not very welcoming.

所以我們這樣做 - 好問題，我們確實有能力在我們目前運行的兩個設施內進行擴展。然而，作為公司的戰略，我們希望在對加密貨幣更友好的不同狀態下實現多元化。我相信你們都聽說過紐約激進的反加密貨幣行為，當然，我們已經過時了。我們很高興。但紐約的氛圍並不是很熱情。

Even though we disclosed today, and I think it's a very important matter that we are over 90% zero carbon emission and one of the leading mining company that can [print] and we did it today officially, but we are over 90% zero carbon emission.

即使我們今天披露了，我認為這是一個非常重要的問題，我們已經實現了 90% 以上的零碳排放，並且是可以 [印刷] 的領先礦業公司之一，我們今天正式做到了，但我們已經實現了 90% 以上的零碳排放排放。

And the reason why that we use a lot of hydropower and we are in a zone, Zone A in New York State that is close to 100% green. However, we want to mitigate the risk -- the political risk and expand in other state like Texas, two weeks ago, I had lunch with our dear Texas Governor, Greg Abbott. And I spent an hour with him in Miami and he had a lot of welcoming ideas for us to come and expand in Texas.

以及為什麼我們使用大量水電並且我們位於紐約州 A 區的一個區域，該區域接近 100% 綠色。然而，我們希望降低風險——政治風險並在德克薩斯州等其他州擴張，兩週前，我與我們親愛的德克薩斯州州長格雷格·阿博特共進午餐。我在邁阿密和他呆了一個小時，他有很多歡迎我們來德克薩斯州擴張的想法。

So we opened an office in a small warehouse in Houston and starting to develop opportunities there. That's one of the states. We are running and we are open for all the opportunities in all the states, which we will disclose when or if it happens.

所以我們在休斯頓的一個小倉庫裡開設了一個辦公室，並開始在那裡發展機會。那是其中一個州。我們正在跑步，我們對所有州的所有機會持開放態度，我們將在何時或是否發生時披露。

Michel, have you experimented all with immersion? If you're thinking about or considering operating other states, I understand Upper New York State is a wonderful mining environment. But other places in the US aren't as hospitable environmentally for mining machines. And I'm just wondering if you've explored any of that on one hand, on the other hand, have you looked at miners outside of MicroBT?

米歇爾，你嘗試過沉浸式體驗嗎？如果您正在考慮或正在考慮在其他州經營，我知道上紐約州是一個美妙的採礦環境。但美國的其他地方對採礦機的環境並不友好。我只是想知道您是否一方面探索過其中的任何一個，另一方面，您是否看過 MicroBT 之外的礦工？

So good question, Kevin. We always and it's part of our ESG goal. We always look for ways to improve the efficiency and the environment concern. So talking about miners, we don't only have MicroBT, we also have Bitmain miners. And we do have silicon miners and we all know that Bitmain came up with a hydrominer, it's called the S19 Hydro and this hydro miner have one good quality. They are soundless and they are much more efficient per TH than the older miners.

問得好，凱文。我們始終並且這是我們 ESG 目標的一部分。我們一直在尋找提高效率和環境問題的方法。那麼說到礦機，我們不僅有比特幣，還有比特大陸的礦機。我們確實有矽礦機，我們都知道比特大陸推出了一種水力礦機，它被稱為 S19 Hydro，這款水力礦機質量很好。它們是無聲的，並且每 TH 的效率比老礦機高得多。

So we are getting into the (inaudible) from where we started. It's a huge, huge improvement in efficiency and the miners are getting more efficient and are consuming less power. And we feel that as an industry, the crypto industry, the mining industry as a whole is really working hard in complying or advancing the agenda of the climate change, really.

所以我們正在從我們開始的地方進入（聽不清）。這是效率的巨大進步，礦工的效率越來越高，耗電量也越來越少。我們認為，作為一個行業，加密行業，整個採礦業確實在努力遵守或推進氣候變化議程，真的。

We are constantly worry about how to make ourselves greener, less carbon emission and move forward, and we become the leader -- we became the leader in creating these steps. I don't see other industries where they have this type of zero carbon emission ratio. I've seen that in the US. We are at 58% as a sector, 58% zero-carbon emission on average, which is a great average and much higher than any other conventional businesses or sector of businesses.

我們一直在擔心如何讓自己更環保，減少碳排放並繼續前進，我們成為了領導者——我們成為了創造這些步驟的領導者。我沒有看到其他行業有這種零碳排放率。我在美國見過。作為一個行業，我們的零碳排放率為 58%，平均為 58%，這是一個很好的平均水平，遠高於任何其他傳統企業或企業部門。

So I think we are an engine and maybe because of the political pressure of the environment, we have the engine to help convert faster to zero carbon emission. And another factor, if you look at the grid, was supposed to convert their transmission line to green in a record time, they are having a very huge challenge and their way to convert unsustainable source of power like solar or wind and miners who have this constant base load 24/7 with this on-demand program have very good partner of solar expansion.

所以我認為我們是一個引擎，也許是因為環境的政治壓力，我們有引擎可以幫助更快地實現零碳排放。另一個因素，如果你看看電網，應該在創紀錄的時間內將他們的輸電線路轉換為綠色，他們面臨著非常巨大的挑戰，他們如何轉換不可持續的能源，如太陽能或風能，以及擁有這種能源的礦工具有此按需計劃的 24/7 恆定基本負載是太陽能擴展的非常好的合作夥伴。

So yeah, this company is to name one because it's one of the biggest in the US like NextEra that has the huge program of solar expansion but they are limited because they need a 24/7 baseload and no one has a better 24/7 baseload than a crypto mining company. So I think we are very instrumental in converting to green faster than any other industries.

是的，這家公司之所以要命名，是因為它是美國最大的公司之一，例如 NextEra，它擁有龐大的太陽能擴展計劃，但它們受到限制，因為它們需要 24/7 基本負載，而沒有人擁有更好的 24/7 基本負載比加密礦業公司。因此，我認為我們比任何其他行業都在更快地轉向綠色方面發揮了重要作用。

Yes, Michel. I have a hard time arguing with that. I agree with you 100%. Thank you so much for entertaining my questions, Michel. Look forward to talking to you again soon.

是的，米歇爾。我很難反駁這一點。我 100% 同意你的看法。非常感謝你回答我的問題，米歇爾。期待很快再次與您交談。

You're welcome, Kevin. Thank you.

不客氣，凱文。謝謝。

(Operator Instructions) [Burke Barky], an Investor. Please go ahead.

（操作員說明）[Burke Barky]，一位投資者。請繼續。

Hey, Michel. This is (inaudible) from [Buckeye Capital]. How are you doing?

嘿，米歇爾。這是來自 [Buckeye Capital] 的（聽不清）。你好嗎？

Good, good. What about you?

好好。你呢？

Good, thanks. Congratulations on the quarter and the year. So just looking at your guidance, I want to make sure I understand it correctly. I think you disclosed currently at 3.35 Bitcoin production going to 6.7 and in today's run rates, that's about 118 -- $170 million of revenues with 48,000 Bitcoin price assuming that you get to 1.5x hash average for the year and assuming the current network difficulty, correct?

很好，謝謝。祝賀本季度和本年度。所以只要看看你的指導，我想確保我理解正確。我認為你披露的比特幣產量目前為 3.35 到 6.7，按照今天的運行率，這大約是 118 - 1.7 億美元的收入和 48,000 比特幣的價格，假設你今年的哈希平均值達到 1.5 倍並假設當前的網絡困難，正確的？

That's correct. That was at 114 because I used 47K but you're using 48, so (multiple speakers) --.

這是正確的。那是 114，因為我用的是 47K，但你用的是 48，所以（多個揚聲器）--。

So then I was looking at your -- again your guidance on the G&A piece. You expressed that there will be leverage as a percentage of revenues because G&A wouldn't grow as much. And even if it did, and we kept your adjusted EBITDA margins constant at 56%, like you had in 2021, that's about $65 million of adjusted EBITDA.

因此，然後我再次查看了您對 G&A 文章的指導。您表示將有槓桿作為收入的百分比，因為 G&A 不會增長那麼多。即使它確實如此，並且我們將您調整後的 EBITDA 利潤率保持在 56%，就像您在 2021 年一樣，這也是調整後 EBITDA 的大約 6500 萬美元。

So what I'm trying to understand is, can you confirm the capital structure of the company? I want to make sure I understand it correctly. It's about $100 million market cap, correct? Right now with $3.85 [stock in] and 27-or-so million shares outstanding?

所以我想了解的是，你能確認一下公司的資本結構嗎？我想確保我理解正確。它的市值約為 1 億美元，對嗎？現在有 3.85 美元 [存貨] 和 27 萬左右的已發行股票？

Well, we went up to 105 today, I think, we believe, $108 million capital, that's correct.

嗯，我們今天上升到 105，我認為，我們相信，1.08 億美元的資本，這是正確的。

Okay, so and then you disclosed about $50 million in cash, and Bitcoin and Ethereum balance, and you also disclosed that you paid for 10,600 MicroBTs which based on some of your competition, other companies that we own and follow, the street price for these machines are more in the $9,000-$10,000 range. So you have $100 million machine value, you got electrical infrastructure, you got $50 million in cash and Bitcoin. So you are below -- trading below if you were to try to replace this company, correct, today?

好的，然後你披露了大約 5000 萬美元的現金，以及比特幣和以太坊餘額，你還披露了你支付了 10,600 個 MicroBT，這是基於你的一些競爭對手，我們擁有和關注的其他公司，這些的市場價格機器的價格在 9,000 美元到 10,000 美元之間。所以你有 1 億美元的機器價值，你有電力基礎設施，你有 5000 萬美元的現金和比特幣。所以你低於 - 如果你今天試圖取代這家公司，對嗎？

Much below, much below, much below because we have more than [10,600] miners. We have also (inaudible) we have about 14,000 or 15,000 miners, but you are right (multiple speakers) --.

遠低於，遠低於，遠低於，因為我們有超過 [10,600] 名礦工。我們也有（聽不清）我們有大約 14,000 或 15,000 名礦工，但你是對的（多位發言者）--。

Yeah, you also do have hosting contracts that doesn't -- if it's your partners, if you host them, obviously, that's a very capital efficient model, you can further increase your EBITDA. But what I'm trying to understand is from an enterprise value when you back your cash out, I mean you're talking about a $50 million -- $55 million enterprise value for potentially $65 million adjusted EBITDA this year, which will be less than one time.

是的，你也有沒有託管合同——如果是你的合作夥伴，如果你託管他們，顯然，這是一個非常有資本效率的模式，你可以進一步增加你的 EBITDA。但我想了解的是當你收回現金時的企業價值，我的意思是你說的是 5000 萬美元 - 5500 萬美元的企業價值，而今年可能有 6500 萬美元的調整後 EBITDA，這將低於一度。

I mean there is a major disconnect between your competition that is trading multiple times those numbers with not as good execution as you or not as much growth. So the two questions, what is the reason of this disconnect? And what can you do so the disconnect goes away in the future? I mean obviously you are executing -- maybe some (multiple speakers)-- yeah, please.

我的意思是，您的競爭對手之間存在重大脫節，即交易數倍於這些數字，但執行不如您好或增長不那麼快。那麼兩個問題，這種脫節的原因是什麼？你能做些什麼來讓脫節在未來消失？我的意思是很明顯你正在執行——也許是一些（多位發言者）——是的，請。

Great question, Burke. And I think I got an idea. We started in 2020 COVID year. We did our first reporting. And quite frankly, to see a $3.5 million and a loss of $5.9 million net was not very exciting for people to say, it's a very immature company. We have very small revenue. I think that this is our second audited statement from a major accounting firm. I think that now the investors as of today are starting to see that we report on time. We update mostly our production accounts and I believe that the investors wanted to see the execution level.

好問題，伯克。我想我有了一個主意。我們從 2020 年 COVID 年開始。我們做了第一次報告。坦率地說，看到 350 萬美元和 590 萬美元的淨虧損對人們來說並不是很令人興奮，這是一家非常不成熟的公司。我們的收入很少。我認為這是我們第二份來自大型會計師事務所的審計報表。我認為現在的投資者現在開始看到我們按時報告。我們主要更新我們的生產賬戶，我相信投資者希望看到執行水平。

So now when I announced today, I'm at 3.35 (inaudible) a day, now you start to realize, there is some execution. And soon, we'll see our update in April or March and we'll see where we stand. This will start to get credit on our execution level. The original companies like Mara, Riot, not to name them, but they are the first companies that came into the race. Okay, they were paid on future expectation.

所以現在當我今天宣佈時，我每天 3.35（聽不清），現在你開始意識到，有一些執行。很快，我們將在四月或三月看到我們的更新，我們將看到我們的立場。這將開始在我們的執行級別上獲得信任。像 Mara、Riot 這樣的原始公司，不點名，但它們是第一批參加比賽的公司。好吧，他們是根據未來的期望得到報酬的。

We did not get paid on future expectation as the competition started to pile out in the US, I think that now while the investors are looking at the numbers and looking at as you just mentioned, our incredible value. I mean, if you go with my assets into cash, which is a very easy task to do, these miners you can sell it overnight. [We pay] prepay. There's no terms nothing. Okay, it's easy to see that we are undervalued dramatically as far as my opinion is.

隨著美國的競爭開始加劇，我們並沒有因為未來的期望而得到報酬，我認為現在投資者正在看數字，就像你剛才提到的那樣，我們令人難以置信的價值。我的意思是，如果你把我的資產變成現金，這是一項非常容易的任務，你可以在一夜之間將這些礦工賣掉。 [我們支付]預付款。沒有任何條件。好吧，很容易看出，就我的觀點而言，我們被嚴重低估了。

And I believe that now that we are reaching more maturity, I think that we'll get more recognition in the capital market and we'll get more coverage, you have to also understand that we haven't been covered by analysts this year because they all want to see where it is. So it's our first really comparative statement. What is the growth rate? They went from 3.5 to 25 let's say almost a 8 -- 7.5x to 8x in revenue. Okay, they went to (inaudible) in the adjusted EBITDA, but 15x EBITDA increase are very capable of sustaining the growth this year, 2022.

而且我相信，現在我們變得更加成熟，我認為我們將在資本市場上獲得更多認可，我們將獲得更多報導，你還必須明白，今年我們還沒有被分析師報導，因為他們都想看看它在哪裡。所以這是我們第一個真正的比較聲明。增長率是多少？他們從 3.5 增加到 25，比方說幾乎是 8 - 7.5 倍到 8 倍的收入。好的，他們去了（聽不清）調整後的 EBITDA，但是 15 倍的 EBITDA 增長非常有能力維持今年 2022 年的增長。

And I'm saying that we are on the run rate to sustain a 5x growth. And then the investors take the calculator and count and see, okay, if he execute the 5x growth, how does he compare to his peers? And when I look at peers, like let's say RIOT, for instance, that came up with a, let's call it EBITDA of $19 million or adjusted EBITDA of let's say $88 million or so, we have a $200 billion market cap, a much beyond a RIOT, a much beyond in valuation and the RIOT. But I can go to other companies and come up with the same type of ratio.

我是說我們的運行速度可以維持 5 倍的增長。然後投資者拿著計算器算了算，好吧，如果他執行 5 倍的增長，他與同行相比如何？當我觀察同行時，比如 RIOT，我們稱其 EBITDA 為 1900 萬美元，或者調整後的 EBITDA 為 8800 萬美元左右，我們的市值達到 2000 億美元，遠遠超過一個RIOT，一個遠遠超出估價和RIOT。但我可以去其他公司並得出相同類型的比率。

The good news, I would say, we are one of the rare company, but have a net positive income and net EBITDA and the net adjusted EBITDA, okay. Other companies have negative net income, they have adjusted EBITDA that are good, true. So I think that investors will see the value in our company. Understand that we are diversifying and expanding nationally, okay. And we are executing. Now, our execution was a little bit delayed as everybody else. I think we are a little bit behind 60 to 90 days behind what our goal was.

好消息，我想說的是，我們是為數不多的公司之一，但擁有淨正收入和淨 EBITDA 以及調整後的淨 EBITDA，好吧。其他公司的淨收入為負，但他們調整後的 EBITDA 確實不錯。所以我認為投資者會看到我們公司的價值。明白我們正在全國范圍內多元化和擴張，好吧。我們正在執行。現在，我們的執行和其他人一樣有點延遲。我認為我們比我們的目標晚了 60 到 90 天。

And hopefully, the investors will understand the delay considering but we are catching up. And I think we are well managed very tight SG&A. Our SG&A is now [funded] for our growth. So we should get an improvement in the percentage wise SG&A versus the sales. We are accumulating Bitcoins. So I think we're in a very good position to perform this year, and hopefully, we will get rewarded for it.

希望投資者能理解延遲考慮，但我們正在迎頭趕上。而且我認為我們管理得很好非常嚴格的 SG&A。我們的 SG&A 現在為我們的發展提供了 [資金]。因此，我們應該在 SG&A 與銷售額的百分比方面有所改善。我們正在積累比特幣。所以我認為我們今年的表現非常好，希望我們能因此得到回報。

Thank you. I have one final question. It looks like your -- as you went from 215 in September 30 to 415, almost double petahash wise, on December 31. And now you're at 720. And given that you disclose you received the 10,600 MicroBT and your infrastructure is ready, could we expect that 720 to increase rapidly in coming weeks? Or is it going to take multiple months or quarters for rapid increase?

謝謝。我有最後一個問題。它看起來像你的 - 當你從 9 月 30 日的 215 上升到 12 月 31 日的 415，幾乎是 petahash 的兩倍。現在你是 720。鑑於你透露你收到了 10,600 MicroBT，並且你的基礎設施已經準備就緒，我們可以預期 720 在未來幾週內會迅速增加嗎？還是需要數月或數個季度才能快速增長？

So Burke, the -- our intention is always to deploy safely at the testing as fast and as safe as possible. You will have an update shortly because next week is our first week of April and we intend to disclose our March output and therefore, you will get your answers next week. But this is our intention to deploy as available and as safe as possible all the miners that we received.

所以 Burke，我們的意圖始終是盡可能快速和安全地在測試中安全部署。您很快就會收到更新，因為下周是我們 4 月的第一周，我們打算披露我們 3 月的產出，因此，您將在下週得到答案。但我們打算盡可能安全地部署我們收到的所有礦工。

Thank you. Appreciate it. And best of luck.

謝謝。欣賞它。祝你好運。

Thank you, Burke. Thank you so much for your support. Thank you.

謝謝你，伯克。非常感謝你的支持。謝謝。

(Operator Instructions) And currently Mr. Amar, it appears we have no questions registered.

（操作員說明）目前 Amar 先生，我們似乎沒有登記任何問題。

Okay, so I'll move on with the accomplishment of 2021. So as you know, we raised about CAD70 million. And as I explained earlier the use of the funds, we're to acquire miners and infrastructure. It took us a while to be uplisted to the Nasdaq, but we got uplisted in November. And now we are trading on the Nasdaq under the same symbol, but on the TSXV. We acquired this M30 10,600 from (inaudible) we bought, we got 10,600 actually. And we received 7,200 of these miners by December 31.

好的，我將繼續 2021 年的成就。如你所知，我們籌集了大約 7000 萬加元。正如我之前解釋的資金用途，我們將收購礦工和基礎設施。我們花了一段時間才在納斯達克上市，但我們在 11 月就上市了。現在我們在納斯達克以相同的代碼進行交易，但在 TSXV 上。我們從購買的（聽不清）中獲得了這個 M30 10,600，實際上我們得到了 10,600。到 12 月 31 日，我們收到了 7,200 個這樣的礦工。

And I disclose today that we received the balance -- the total balance of these miners as during January, February, and early March. So we received a total of 10,200 miners. That is that a little bit of the accomplishment of the 2021. A few weeks ago we acquire 100 bitcoins at 39,300 to increase our Bitcoin balance and what else we had -- we closed a revolving line of $10 million with some collateral of coins.

我今天透露，我們收到了余額——這些礦工在 1 月、2 月和 3 月初的總餘額。所以我們總共接收了 10,200 個礦工。這就是 2021 年的一點成就。幾週前，我們以 39,300 美元的價格購買了 100 個比特幣，以增加我們的比特幣餘額和我們擁有的其他資產——我們用一些代幣抵押品關閉了 1000 萬美元的循環線。

And on this credit line of 10 million, I think we are the one of the best rate -- interest rates compared to our peers. We paid 7.5% which is very fair. I see a lot of our peers paid double-digit 10%, 11% on this type of loan, which seems to be high, but we paid 7.5%. So with no penalty on prepayment.

在這個 1000 萬的信貸額度上，我認為我們是最好的利率之一——與我們的同行相比。我們支付了 7.5%，這是非常公平的。我看到很多同行在這種貸款上支付了兩位數的10%、11%，看起來很高，但我們支付了7.5%。所以預付款沒有罰款。

And we secure a site in Houston, Texas, which we'll start to work from as early as April. So this is the highlight on the accomplishment of 2021. The outlook we talk about it financially as a general outlook, we are shifting from a race at any price to grow to a race on the -- a high quality, structure, and ESG concerns. So we want to be carbon emission free and we're very concerned about that. I think it's very important for us to be a leader in this transformation and conversion of zero carbon emission.

我們在得克薩斯州休斯敦設立了一個站點，我們最早將於 4 月開始工作。因此，這是 2021 年成就的亮點。我們在財務上談論它的前景是一個總體前景，我們正在從不惜一切代價增長的競賽轉變為高質量、結構和 ESG 問題的競賽.所以我們希望實現無碳排放，我們對此非常關注。我認為我們在這個零碳排放的轉型和轉換中成為領導者是非常重要的。

We want to be diversified in other states, and we want to make sure we build up an infrastructure that's usable, not only for mining, let's call it a hybrid high level data center, but can be used for in the future, not only for mining, even though this is our goal and our focus, but can be qualified as a high standard data center. The same type that an Amazon or Google data or Microsoft data center that are very sophisticated now. We want a little bit to reach this type of level and secure, efficient, safe, and environment focused.

我們希望在其他州實現多元化，我們希望確保我們建立了一個可用的基礎設施，不僅用於採礦，我們稱之為混合高級數據中心，而且可以在未來用於，不僅用於挖礦，雖然這是我們的目標，也是我們的重點，但也可以稱得上是一個高標準的數據中心。與現在非常複雜的亞馬遜或谷歌數據或微軟數據中心的類型相同。我們想要一點點達到這種水平，安全、高效、安全和注重環境。

So this is so -- we might not rush into putting a lot of miners anywhere as long as they bring rewards, we are trying to be strategic and ESG responsible. So that's our goal, but we plan to repeat this exponential growth year over year as we get a better market cap, of course. [Sylvie], any questions on the outlook or our goals?

所以就是這樣——我們可能不會急於將大量礦工放在任何地方，只要他們能帶來回報，我們正在努力實現戰略和 ESG 責任。所以這是我們的目標，但我們當然計劃隨著我們獲得更好的市值而逐年重複這種指數增長。 [Sylvie]，對前景或我們的目標有什麼問題嗎？

(Operator Instructions). And at this time, sir, we have no questions, please proceed.

（操作員說明）。先生，目前我們沒有問題，請繼續。

So I will conclude. I want to thank you guys for coming up. It was our first Q&A. And we will make sure to have a Q&A for sure every year, but I'd like to make it every quarter, so we can update everyone on the progress and the execution of our company. I will conclude by saying that we have a great team, we have a great Board.

所以我會得出結論。我要感謝你們的到來。這是我們的第一次問答。我們將確保每年都進行問答，但我希望每個季度都進行一次，這樣我們就可以向每個人介紹我們公司的進展和執行情況。最後，我要說我們有一個很棒的團隊，我們有一個很棒的董事會。

Earlier you have the Don Christie, our COO, we are great team and I think that our team is solid. Our goal is not to add a crazy amount of people and start to be true corporate because when you're true corporate, [the level of] indications start to go down. So we want to keep our eye level management team close and start to accomplish and execute. It's really about execution in this business.

早些時候你有唐克里斯蒂，我們的首席運營官，我們是一個很棒的團隊，我認為我們的團隊很穩固。我們的目標不是增加大量人員並開始成為真正的企業，因為當你成為真正的企業時，[水平] 跡像開始下降。因此，我們希望讓我們的管理團隊保持密切關注，並開始完成和執行。這真的是關於這項業務的執行力。

Today my son, Alec, is very, very creative and he's one of the leader in every new technology in terms of what's happening, [hardware, all the new system]. Burke mentioned the immersion-cooling system. It was Burke or Kevin, I'm not sure. But of course, we are always, always testing any new technology to make it more efficient, noise less, and greener. And immersion happens to be a great future way to operate more efficiently.

今天，我的兒子 Alec 非常非常有創造力，就正在發生的事情 [硬件，所有新系統] 而言，他是每項新技術的領導者之一。伯克提到了浸入式冷卻系統。是伯克還是凱文，我不確定。但當然，我們一直在測試任何新技術，以使其更高效、噪音更低、更環保。而沉浸恰好是未來更有效運作的好方法。

So thank you guys for your time and let's look forward the next week for the update of March results. Sylvie?

所以感謝你們的時間，讓我們期待下週 3 月結果的更新。西爾維？

Thank you, Michel Amar. Ladies and gentlemen, this concludes Digihost Technology Inc 2021 earnings conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a good evening.

謝謝你，米歇爾·阿馬爾。女士們，先生們，今天的 Digihost Technology Inc 2021 年收益電話會議到此結束。我們感謝您的參與，並請您斷開線路。晚上好。