Hyperscale Data Inc (GPUS) 2021 Q3 法說會逐字稿

Hello, everybody. Good morning. It is the Third Quarter Conference Call. And to me, more importantly, a Seminal event, as I said in the press release, about the future of the company. On the call today, Ken Cragun, our CFO, Ken say hello.

大家好。早安.這是第三季電話會議。對我來說，更重要的是，正如我在新聞稿中所說的那樣，這是一個關乎公司未來的重大事件。在今天的電話會議上，我們的財務長 Ken Cragun 向我們問好。

Morning.

早晨。

We have Will Horne, our CEO, and my business partner of many years, he's on the call, Will?

我們的執行長威爾霍恩 (Will Horne) 和我多年的商業夥伴正在通話中，威爾？

Good morning.

早安.

And we have Chris Wu, President of Ault Alliance. Chris has been a recent addition, back in July, super smart, Chris say, hello my friend.

我們還有 Ault Alliance 總裁 Chris Wu。克里斯是最近七月加入的，非常聰明，克里斯說，你好我的朋友。

Good morning, everyone.

大家早安。

Here we go. So it is -- what is today's date, the 22nd?

開始了。那麼今天是幾號？ 22 號嗎？

It's 22nd.

今天是22號。

It's the 22nd. We're going to cover the slides real quick. But first, we're going to have a forward-looking statement a little pre-record which we're pretty excited about. So let's -- everyone is thrilled about this pre-record. Let's go.

今天是22號。我們將快速瀏覽幻燈片。但首先，我們將進行一些前瞻性的聲明，對此我們感到非常興奮。所以讓我們——每個人都對這張預錄專輯感到興奮。我們走吧。

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Ault Global Holdings, Inc. sometimes referred to as AGH, expectations regarding the market demand, future financial performance, the implementation of strategic plans and future growth. These statements are made based upon current expectations that are subject to known and unknown risks and uncertainties. AGH does not undertake to update forward-looking statements in this presentation to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information.

本簡報包含 1995 年私人證券訴訟改革法案所定義的前瞻性陳述，包括但不限於 Ault Global Holdings, Inc. 的陳述。有時也稱為 AGH，對市場需求、未來財務表現、策略計畫實施和未來成長的預期。這些聲明是基於當前預期而做出的，受已知和未知風險和不確定性的影響。AGH 不承諾更新本簡報中的前瞻性陳述以反映實際結果、假設的變化或其他影響此類前瞻性資訊的因素的變化。

Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in this presentation and in AGH' filings with the Securities and Exchange Commission, including its most recent periodic reports, including the risk factors listed in the Form 10-K for the year ended December 31, 2020, the 2020 annual report as amended, available on our website and on the Securities and Exchange Commission's website, www sec.gov.

可能導致結果與前瞻性資訊中所述的結果不同的假設和其他資訊可在本簡報和 AGH 向美國證券交易委員會提交的文件中找到，包括其最近的定期報告，其中包括截至 2020 年 12 月 31 日的 10-K 表中列出的風險因素，2020 年年度報告（經修訂）可在我們的網站和美國證券交易委員會上查閱。

Is that everything? All right. So how do I move this forward here? I tried it. It's not moving here. Let's see here.

就這些了嗎？好的。那我該如何推進這項進程呢？我試過了。它在這裡不動。我們來看一下。

Okay. Obviously, we've covered this before, the sort of leadership team, myself, Will Horne, Henry is our President and General Counsel; Ken Cragun, who introduced earlier Chris Wu, who we introduced earlier, David Katzoff, Darren Magot, Douglas Gintz, Jeo Spaziano, James Turner; and Jean Ho, our Chief Accounting Officer. I want to mention [Jason Wortham]. He is Director of Business Development for the company, and really instrumental in the Bitmain relationship and helping us sort of expand that over the last probably half a year or so. So we're pretty happy about that.

好的。顯然，我們之前已經討論過這個問題，領導團隊包括我本人、威爾·霍恩 (Will Horne)、總裁兼總法律顧問亨利 (Henry)；之前介紹過克里斯·吳 (Chris Wu) 的肯·克拉根 (Ken Cragun)、大衛·卡佐夫 (David Katzoff)、達倫·馬戈特 (Darren Magot)、大衛·卡佐夫 (David Katzoff)、達倫·馬戈特 (Darren Magot)、道格拉斯·金茨 (Douglas Gaztz)、 Turner)；以及我們的首席會計長 Jean Ho。我想提一下[Jason Wortham]。他是該公司的業務發展總監，在與比特大陸的關係中發揮了重要作用，並在過去半年左右的時間裡幫助我們擴大了這種關係。所以我們對此感到非常高興。

We're going to go through the third quarter highlights. This is sort of the process we're going to go through the corporate structure, my commentary. And then we're going to get to the [media stuff] which I think is the best news for the company in a long time, and we're going to try to focus in on some of the questions people have, the scale, the Ault Alliance structure and the initiatives for 2022.

我們將回顧第三季的亮點。這就是我們將要經歷的公司結構過程，我的評論。然後我們將討論[媒體方面]，我認為這是該公司長期以來最好的消息，我們將嘗試關注人們提出的一些問題，包括規模、Ault Alliance 結構和 2022 年的計劃。

Let's go to the third quarter highlights. This is the current corporate structure of the company. This is an important thing to look at now because this will be changing towards year-end, and a fairly dramatic change into 2 separate companies, which we'll talk about later. You see Gresham run by JR's team, JR and Tim Long, a separate business. We really run them compartmentalize CEO own operations, same with TurnOnGreen, they have a digital power unit there that's not listed, but is an important subsidiary. He's been there for 51 years. Then you see Ault Alliance. Now we don't list every subsidiary here, but these are the main ones that are drivers. You can see our big position in Alzamend, AdTech Pharma, MTIX, which is the AVLP, the public company that is not reporting yet, but as an alternative reporter. This MTIX is still there. I know people question, but we're still committed to this process. And we are -- I mean, this is really something we really believe in.

讓我們來看看第三季的精彩內容。這是該公司目前的企業結構。現在需要關注這一點很重要，因為到年底情況將會發生變化，而且會有很大的變化，變成兩家獨立的公司，我們稍後會討論。您會看到 Gresham 由 JR 的團隊、JR 和 Tim Long 經營，是一家獨立的企業。我們確實將 CEO 自己的營運劃分開來，與 TurnOnGreen 一樣，他們在那裡有一個數位電力部門，雖然沒有上市，但卻是一個重要的子公司。他已經在那裡待了51年了。然後你會看到 Ault Alliance。現在我們不會在這裡列出所有的子公司，但這些是主要的驅動因素。您可以看到我們在 Alzamend、AdTech Pharma、MTIX（AVLP）中的大量持股，MTIX 是一家尚未報告的上市公司，但作為替代報告者。這個 MTIX 仍然存在。我知道人們有疑問，但我們仍然致力於這項進程。而且我們——我的意思是，這確實是我們真正相信的事情。

I know it's been a long time, but we tend to not give up on great ideas. And so we're working through that Ault Alpha, which we consolidate, which is the hedge fund. Alliance Cloud Services, the data center, the crypto miners, which is really the story. We worked for a long time. Those of you who have been shareholders since 2016, '17, no, we've tried at this before and had some trouble. We really feel like we've learned from that with our massive data center and the people that are involved. And Agree, which is run by Chris Wu, all global real estate equities, our Commercial Real Estate division, we think it's going to contribute a lot of EBITDA. And one of the things we're going to point out in the future here is high growth, high margin, which we'll see BitNile and sort of steady as you go EBITDA generation, which kind of is what Chris specializes in, we'll talk about that going forward.

我知道已經過去很久了，但我們往往不會放棄偉大的想法。因此，我們正在透過 Ault Alpha 開展工作，我們將其合併，它是對沖基金。聯盟雲端服務、資料中心、加密礦工，這才是真正的故事。我們工作了很長時間。那些自 2016 年、2017 年起就一直是股東的人，不，我們之前嘗試過這樣做，但遇到了一些麻煩。我們確實覺得我們從我們的大型資料中心和參與其中的人員身上學到了很多。Agree 由 Chris Wu 管理，負責所有全球房地產股票，我們的商業房地產部門，我們認為它將貢獻大量的 EBITDA。我們未來要指出的一點是高成長、高利潤，我們將看到 BitNile 和 EBITDA 生成保持穩定，這也是 Chris 所擅長的，我們將在未來討論這一點。

For our 9 months ended, we had $44 million in revenue. This is a dramatic increase from last year. I mean company is completely different. I think that for legacy shareholders. It's a little confusing because you have this very dramatic revenue growth. And one of the things you're experiencing is mark-to-the-market transactions, which really skew our revenue, and we're going to cover that because in this quarter, in the fourth quarter, we've already said we own a big chunk of Mullen, which went public. And you can see on our books, we have it for $3.2 million, but that's obviously at today's prices, it created millions of dollars of gains very similar to where Alzamend created millions of dollars of gains and then was marked to the market because it went down this quarter, it's up.

截至目前，我們的九個月收入為 4,400 萬美元。這比去年有了大幅成長。我的意思是公司完全不同。我認為對於遺留股東來說是這樣。這有點令人困惑，因為你的收入成長非常顯著。您所遇到的問題之一是按市價計價的交易，這確實扭曲了我們的收入，我們將解決這個問題，因為在本季度，即第四季度，我們已經表示我們擁有 Mullen 的大部分股份，該公司已上市。您可以從我們的帳簿上看到，它的價值為 320 萬美元，但顯然這是按照今天的價格計算的，它創造了數百萬美元的收益，這與 Alzamend 創造的數百萬美元收益非常相似，然後按市場價格標記，因為它在本季度下跌了，現在上漲了。

So it's a really -- it will be a balancing act as the portfolio develops over the next year or so. Where you'll see maybe a little bit more quarterly smoothness, but right now, you see chaotic moves because of these large positions we have in other public companies that we mark to the market.

因此，這確實是一個——隨著未來一年左右投資組合的發展，這將是一個平衡行為。您可能會看到季度表現稍微平穩一些，但是目前，由於我們持有其他上市公司的大量頭寸，並且這些頭寸是按市價計算的，因此您會看到混亂的走勢。

Now that's the rules, by the way, folks. We followed the law it's called [GAF]. And [Buffett] talks a lot about this. You have to flow it through your income statement. There's nothing we can do about that. So it does create a ton of volatility in terms of revenue. The lender is obviously a big contributor, up almost $20 million for the year. We -- the lender is a very big part of go-forward for Ault Alliance. That is a very big part of the company and really part of our future plans. Revenue for trading activities, we talked about dramatic increase, a lot of volatility there. We have a gain of about $6.4 million in Alzamend, very misleading because we haven't sold any and we're waiting, obviously, for future events there. So this is really -- we look at Alzamend as like a call option that doesn't expire on 2 drugs. We're pretty excited to own these 2 neurodegenerative treatments. Crypto revenue dramatic increase, but I want to be clear, and I hope everyone can hear me very clearly on this. These are old machines. We did more in 1 month than we did all year with 1,000 of the new machines.

順便說一下，各位，這就是規則。我們遵守了被稱為 [GAF] 的法律。巴菲特對此談了很多。您必須將其計入您的損益表中。對此我們無能為力。因此，它確實會在收入方面造成很大的波動。該貸款機構顯然是一個重大貢獻者，今年貢獻了近 2000 萬美元。我們——貸款人是 Ault Alliance 前進的重要組成部分。這是公司非常重要的一部分，也是我們未來計畫的一部分。我們談到了交易活動的收入大幅成長，但波動性很大。我們在阿爾扎門德 (Alzamend) 獲得了約 640 萬美元的收益，這非常具有誤導性，因為我們還沒有出售任何資產，而且我們顯然在等待那裡未來的事件。所以這實際上是——我們將 Alzamend 視為兩種藥物都不會到期的看漲期權。我們非常高興擁有這兩種神經退化性疾病治療方法。加密貨幣收入急劇增加，但我想說清楚，我希望每個人都能清楚聽到我的話。這些都是舊機器。我們用 1,000 台新機器在一個月內完成的工作比全年完成的還要多。

So it's very misleading and you're looking backwards when you see this. But we did start in March to turn on our old miners that we had in Indiana that they continue to contribute to the company. But really, it's a go-forward statement. And unlike some companies that buy miners way far out, our delivery starts now. We get -- we already got a 1,000, we get 300 a month every single month. So you're going to see a dramatic escalation in the amount of Bitcoin mined. Obviously, that's subject to pricing in terms of how in terms of how Bitcoin does. And of course, net income of $1.3 million versus a massive loss in my opinion, I probably shouldn't use the word massive, but a dramatic loss before in that 9-month period, you see profitability. You see net income, a very big change for the company, and this is why we think it's time to split the company up. We'll explain that. This is a real earnings story, a real growth story, and you have really the sort of parabolic growth that's going to take place at BitNile, and we'll talk about that.

所以當你看到這個時，它非常具有誤導性，而且你正在回顧過去。但我們確實從三月開始讓印第安納州的老礦工繼續為公司做出貢獻。但實際上，這是一個向前發展的聲明。與一些從很遠的地方購買礦機的公司不同，我們現在就開始交付。我們得到了——我們已經得到了 1,000，我們每個月得到 300。因此，你將會看到比特幣開採量的急遽上升。顯然，這取決於比特幣的定價方式。當然，在我看來，130 萬美元的淨收入與巨額虧損相比，我可能不應該使用「巨額」這個詞，而是在那 9 個月期間的巨額虧損之前，您會看到盈利能力。您會看到淨收入對公司來說是一個非常大的變化，這就是我們認為是時候拆分公司的原因。我們會解釋這一點。這是一個真正的獲利故事，一個真正的成長故事，BitNile 確實會出現拋物線式成長，我們將會討論這一點。

Obviously, I'm not going to read this whole thing, but we've grown our assets to $225 million. Very volatile because we took a write-down in terms of mark-to-the-market for Alzamend yet we're still there. You see a growth -- revenue growth, 47% quarter-over-quarter. It's really a great story for me because we've been putting this together, myself and the team have been sort of building this together, these little -- these blocks to make this possible and now they're starting to pay itself off. But we admit that the current structure creates a lot of volatility for earnings.

顯然，我不會讀完整個內容，但我們的資產已成長到 2.25 億美元。非常不穩定，因為我們對 Alzamend 的市價進行了減記，但我們仍然在那裡。您會看到收入成長，季增 47%。對我來說，這真是一個很棒的故事，因為我們一直在努力實現這一切，我和團隊一直在共同構建這一切，這些小塊——這些塊使這一切成為可能，現在它們開始產生回報了。但我們承認，目前的結構為獲利帶來了很大的波動。

So we're going to -- Ken, do you want to comment at all about the third quarter before we move on to sort of this transformative, the structure here. I wonder if you want to comment about the slide at all or anything you want to talk about in terms of Alzamend?

所以我們要——肯，在我們繼續討論這種變革性的結構之前，你想對第三季發表一些評論嗎？我想知道您是否想對幻燈片進行評論，或者是否想就 Alzamend 談論任何內容？

Yes, yes. So I think you touched on it. We're really focused on the 9-month results because we did see big swings quarter-to-quarter from unrealized gains or losses. We have a big position in Alzamend and we're big believers in Alzamend going forward. So we're happy to have that large position. But what happened in Q2 as they had gone public on NASDAQ, they had run up almost $9. We had a big, big unrealized gain in Q2, and then the market a kind of settled down and ended Q3 at $3. So we had a big unrealized loss. But life today, as you pointed out, Todd, we're still up $6.5 million in our position in Alzamend. And so we got -- you got a kind of look at the numbers and dive in 1 level deeper to see what's driving the fluctuations. And then on Slide -- yes.

是的，是的。所以我認為你已經提到了這一點。我們真正關注的是前 9 個月的業績，因為我們確實看到未實現收益或損失在各個季度之間出現巨大波動。我們在 Alzamend 佔有重要地位，我們堅信 Alzamend 會繼續發展。因此我們很高興能擁有如此大的地位。但第二季他們在納斯達克上市後，股價上漲了近 9 美元。我們在第二季度獲得了巨額未實現收益，然後市場逐漸穩定下來，並在第三季結束時達到 3 美元。因此我們遭受了巨大的未實現損失。但正如你所指出的，托德，今天我們在阿爾扎門德的持股仍為 650 萬美元。因此，我們得到了——您可以查看這些數字，並深入了解波動的原因。然後在幻燈片上——是的。

Ken, I was a kind of hoping you could cover for everyone -- The best way to cover this is to give them a sense of the fact that the portfolio on the lender getting mark-to-the-market, we see a pretty big mark-to-the-market this quarter in Mullen. We publicly disclosed -- We filed a (inaudible)...

肯，我有點希望你能為每個人解決——解決這個問題的最好方法是讓他們了解貸款人的投資組合是按市價計價的，我們看到本季度在 Mullen 的按市價計價的幅度相當大。我們公開揭露－我們提交了一份（聽不清楚）…

You're talking about Q4?

您說的是第四季嗎？

Right. And I'm just trying to explain to them that they're going to see some positions up and down quarter-over-quarter, maybe how that affects your thinking here?

正確的。我只是想向他們解釋，他們會看到一些職位每個季度都會有上升和下降，這也許會對您的想法產生什麼影響？

Yes, exactly, exactly because Todd is active in training, and we've taken some nice positions. Mullen technology was a good one. They listed on the NASDAQ. Their stock is up nicely, and we had that position prior to their uplisting. So we're up significantly on that position. There are some other trades that have been made on IPOs that have performed very well in Q4. We're not really here to give a specific guidance on Q4, but we do have a few positions, and a few trades that have worked out very well so far. Here we are more than halfway through the quarter.

是的，確實如此，因為托德積極參與訓練，而且我們採取了一些不錯的立場。Mullen 技術非常好。他們在納斯達克上市。他們的股票上漲勢頭良好，在他們上市之前我們就持有該股票。因此，我們在這一立場上取得了顯著進步。第四季度，還有一些其他 IPO 交易表現非常出色。我們實際上並不是來為第四季度提供具體指導的，但到目前為止，我們確實有一些立場和一些交易進展順利。本季已經過去一半多了。

Yes. I think it's important that we're not giving any guidance for Q4 at all. That's not the point. The point is to understand that we have a large portfolio there. Ken, you remember the size of it as of right now, is it approximately -- I don't want to misspeak, but is around a $100 million or is it a little less than that right now?

是的。我認為重要的是我們根本沒有為第四季度提供任何指導。這不是重點。重點是要明白我們在那裡擁有大量的投資組合。肯，你還記得現在它的規模嗎？大約是——我不想說錯，但大約是 1 億美元，還是現在比這少一點？

No, we have a larger position than that on Mullen and plus there is the warrant. So ...

不，我們在 Mullen 身上的持股比這更大，而且還有認股權證。所以 ...

No. But I mean in terms of the size of the overall portfolio of the lender.

不。但我指的是就貸款人整體投資組合的規模而言。

Over $100 million. Right, right. Yes. And when you look at -- think about the lender going forward, that's going to -- well, we're getting into the transition of where it is and a kind of what where. One thing in your quote on Slide 8, Todd, is we do have to do a bit of a shout out to degression worldwide, the defense business.

超過1億美元。對，對。是的。當你考慮——考慮貸款人的未來發展時，那將會——好吧，我們正進入一個轉變期，了解它在哪裡，以及它在哪裡。托德，在第 8 張投影片中你引用的一句話是，我們確實必須對全球國防業務的衰退發出一點呼籲。

During the third quarter, they were up 4% to 7% compared to last year. Now they do have degression worldwide that contributed to that, but they're starting to perform as we've allocated additional capital to JR and the team at Gresham Worldwide, they've been executing on the backlog and their numbers are trending up nicely. So we get a little bit of a shout out to them when we talk about how ...

第三季度，與去年同期相比，成長了4%至7%。現在他們在全球範圍內確實出現了遞減，但隨著我們向 JR 和 Gresham Worldwide 的團隊分配了額外的資金，他們開始表現良好，他們一直在執行積壓訂單，他們的數字呈良好上升趨勢。因此，當我們談論如何...時，我們會向他們大聲呼喊。

I would say that if you look at the overall holding company structure, at any given time, 1 company or another may be doing better than the others, this has sort of been my philosophy for a long time. I know the market doesn't want to reward sort of the conglomerate model. And I'm aware of that. But for us and for Will and I and the team, it gives us comfort to know that we have this sort of broad, diverse portfolio.

我想說的是，如果你看一下整體控股公司的結構，在任何時候，一家或另一家公司可能比其他公司做得更好，這一直是我的理念。我知道市場不願意獎勵這種集團模式。我意識到了這一點。但對於我們、威爾和我以及團隊來說，知道我們擁有如此廣泛、多樣化的投資組合讓我們感到欣慰。

This is the way we run things. And this is a sort of why we're transitioning BitNile because we kind of acknowledge that it's getting a little ridiculous on how they're valuing the whole company.

這就是我們的經營方式。這就是我們要轉型 BitNile 的原因之一，因為我們承認他們對整個公司的估值有點荒謬。

Will, I thought maybe you could comment on the third quarter, what we've done year-to-date, Will your thoughts at all? It will a second usually move ...

威爾，我想也許您可以評論一下第三季以及我們今年迄今為止所做的事情，您有什麼想法嗎？它通常會移動一秒鐘...

No, look, I wouldn't even comment on the third quarter specifically, but just the 9 months ended. If you look at where we are today compared to where we were September of last year. It's night and day. Revenues have grown. We've solidified our balance sheet. We've eliminated virtually all of the debt at the company, right? And that's at the subsidiary level as well. I think we're reporting less than $2 million of total debt, of which half of it is in our subsidiary in Israel. So it's a strong balance sheet. We're not leveraged. We're not in a position that doing any more financing transactions are necessary in order to meet debt obligations. And I think we can all remember what that was back in '19, and really the early part of 2020.

不，你看，我什至不會具體評論第三季度，而只是評論過去的九個月。如果你將我們今天的狀況與去年九月的狀況做比較。白天和黑夜截然不同。收入增長了。我們已經鞏固了資產負債表。我們幾乎已經消除了公司所有的債務，對嗎？這也同樣適用於子公司層級。我認為我們報告的總債務不到 200 萬美元，其中一半來自我們在以色列的子公司。所以這是一份強勁的資產負債表。我們沒有利用槓桿。我們不需要再進行任何融資交易來履行債務義務。我想我們都還記得 19 年以及 2020 年初的情況。

So it's allowed us this year to start focusing on really the initiatives that we've outlined. If you go back and look, I would say these started really in December of 2020, when we acquired the data center. It was a strategic acquisition, and it was nice because that was the -- really what allowed us to enter into cryptocurrency to the extent that we wanted to, which was on a bigger scale, a much bigger scale than we previously accepted back in 2018. So 2021 has been -- it's been fantastic for the company.

因此，今年我們就可以開始真正關注我們所概述的舉措。如果你回顧一下，我會說這些實際上始於 2020 年 12 月，當時我們收購了資料中心。這是一次策略性收購，這很棒，因為這確實使我們能夠進入加密貨幣領域，達到我們想要的規模，比我們在 2018 年接受的規模要大得多。所以 2021 年對公司來說是非常棒的一年。

Yes, I want to emphasize what Will just said. He said that we don't really need -- we don't need to raise money to service debt, and that's really important because all of our future capital and the flexibility of future capital is based on the idea that our current operations don't need money to service that debt. The debt is actually inconsequential now at this point with a quarter, $225 million give or take balance sheet. The debt is literally less than 1% of the balance sheet. So we're very happy there. We don't have to deal with that. And obviously, the lender contributes to cash flow along with our ramp-up in mining for sure, although we have not sold a Bitcoin to date.

是的，我想強調威爾剛才說的話。他說，我們實際上並不需要——我們不需要籌集資金來償還債務，這一點非常重要，因為我們所有未來的資本以及未來資本的靈活性都是基於這樣一種理念，即我們目前的運營不需要資金來償還債務。目前來看，債務實際上無關緊要，因為本季的資產負債表金額約為 2.25 億美元。債務實際上還不到資產負債表的1％。所以我們在那裡非常高興。我們不需要處理這個問題。顯然，儘管我們迄今為止還沒有出售過比特幣，但隨著我們挖礦業務的增加，貸款人肯定會為現金流做出貢獻。

Will, I wanted you to talk about a little bit about structure we have set up. We did file a shelf, and we do have a lot of flexibility to go to preferreds and obviously take on debt. Can you talk a little bit about your thoughts on leverage and our ability to leverage, given our free cash flow, we think we're going to generate in 2022 and '23?

威爾，我想讓你談談我們已經建立的結構。我們確實申請了擱置，而且我們確實有很大的靈活性去選擇優先股，並且顯然可以承擔債務。您能否談談對槓桿以及我們的槓桿能力的看法，考慮到我們的自由現金流，我們認為我們將在 2022 年和 2023 年產生槓桿作用？

Sure. So again, historically, when we were doing financings, it was to service debt because we had a lot of subsidiaries, a lot of early-stage businesses in some regards because they weren't generating positive cash flows. Now as we transform the company, we're looking at entities that will be cash flow positive. BitNile is a perfect example of that. And as you have companies that are accretive and are generating cash flow, it puts you in a situation where you can go out and raise debt in order to expand the business significantly. So we are looking at that. It's something we're considering. We've not made any decisions at this point though.

當然。所以，從歷史上看，當我們進行融資時，是為了償還債務，因為我們有很多子公司，從某種程度上來說有很多早期業務，因為它們沒有產生正現金流。現在，隨著我們進行公司轉型，我們正在尋找能夠產生正現金流的實體。BitNile 就是一個很好的例子。而且由於你的公司正在增值並產生現金流，你就可以出去舉債，從而大幅擴展業務。所以我們正在研究這個問題。這是我們正在考慮的事情。不過我們目前還沒有做出任何決定。

You (inaudible) that well.

你（聽不清楚）那很好。

Yes. I think that all important thing. One of the things that Chris brings to the table is he's [grew] in structuring these financing transactions, so that they can stay within the entity that's being financed. I know we have some acquisitions teed up with very positive EBITDA that we can leverage and to have some self-contained debt within that target company. I don't know Chris is actively working on a couple of those.

是的。我認為那都是很重要的事。克里斯帶來的其中一件事是，他在建立這些融資交易方面有所成長，以便它們能夠留在被融資的實體內。我知道我們進行的一些收購具有非常積極的 EBITDA，我們可以利用這些收購併在目標公司內擁有一些獨立的債務。我不知道克里斯是否正在積極地致力於其中的一些。

Yes. Chris brings a lot of financing power from Teneo, and his background at Carl Marks. And really the ability for us to do nonrecourse financing at the subsidiary level, and that's a really important factor here. Also, Chris has been working with the team to allow us when we expand our miners to be able to borrow money from an equipment financing perspective, too. And this is a really important component of how you look at the company going forward because we have a lot of levers to pull in terms of equity versus debt versus equipment financing, et cetera. So really a kind of a maturity that's happening to a holding company and now that separation is going to sort of take it to the next level. Let's go through the transition real quickly here.

是的。Chris 從 Teneo 帶來了強大的融資實力，並且擁有在 Carl Marks 的工作背景。我們確實有能力在子公司層級進行無追索權融資，這是非常重要的因素。此外，克里斯一直與團隊合作，以便我們在擴大礦工規模時也能夠從設備融資的角度借錢。這是看待公司未來發展的一個非常重要的因素，因為我們在股權、債務、設備融資等方面有很多可以利用的槓桿。因此，這實際上是一種控股公司正在經歷的成熟，而現在的分離將把它提升到一個新的水平。讓我們在這裡快速地完成這個轉變。

Will, what do you think -- Will, do you want to add anything to this slide before I get started, this is sort of the new path of what we think things look like going forward?

威爾，您覺得怎麼樣——威爾，在我開始之前，您想在這張投影片上添加一些內容嗎？這是我們認為未來事情發展的新路徑嗎？

Yes. I mean I think this is a logical outcome if you look back and if you look at what really -- I think we've signaled to the market over the last 10, 11 months, and that is BitNile is going to become a significant stand-alone entity. If you look at the recent purchases that we've announced of miners, we're talking close to $200 million in the aggregate for the miners.

是的。我的意思是，如果你回顧過去並看看實際情況，我認為這是一個合乎邏輯的結果——我認為我們在過去 10 到 11 個月向市場發出的信號是，BitNile 將成為一個重要的獨立實體。如果你看一下我們最近宣布的礦機採購計劃，你會發現礦機採購總額接近 2 億美元。

So having that significant of a balance sheet and then, of course, the resulting revenues that will be derivative of that. It just -- it makes sense to position us as a stand-alone company and move forward with that. And again, it's very distinct and different from Ault Alliance, which, as Todd will point out, is the holding company structure where you've got multiple companies that are basically maturing until they're in a situation like BitNile where they can be ultimately spun out.

因此，擁有如此重要的資產負債表，當然，隨之而來的收入也將隨之而來。將我們定位為獨立公司並繼續向前發展是有意義的。再次強調，它與 Ault Alliance 截然不同，正如 Todd 指出的那樣，Ault Alliance 是一種控股公司結構，其中擁有多家公司，這些公司基本上都在成熟，直到它們像 BitNile 那樣最終可以被分拆出來。

Chris, I wondered if you had any commentary here about the new structure? I know you're a pretty big component of it and a big fan of it, and maybe you could touch on DeFi a little bit?

克里斯，我想知道您對新結構有什麼評論嗎？我知道您是 DeFi 的重要組成部分，也是它的忠實粉絲，也許您可以稍微談談 DeFi？

I'm pretty excited about the transformation is because across all of our platforms, we really have an opportunity to optimize the assets, so that various investor bases can take advantage of them. And as we discussed earlier, our strategy is to help grow BitNile will be very significant, especially in expanding blockchain technology, which we believe is very transformative, and one of the most important innovations of our time.

我對這次轉型感到非常興奮，因為在我們所有的平台上，我們確實有機會優化資產，以便各種投資者群體都能利用它們。正如我們之前討論過的，我們的策略是幫助 BitNile 發展，這將非常重要，特別是在擴展區塊鏈技術方面，我們相信這項技術非常具有變革性，也是我們這個時代最重要的創新之一。

And therefore, we are evaluating the development of and investments in a variety of blockchain technologies of which decentralized finance is critical, DeFi for sure. So we believe that DeFi will also be quite additive strategically to BitNile as a miner, which will be an essential pillar in the cryptocurrency ecosystem. So pretty interested to expand beyond just mining as well.

因此，我們正在評估各種區塊鏈技術的開發和投資，其中去中心化金融至關重要，DeFi 肯定如此。因此，我們相信，DeFi 對 BitNile 作為礦工來說也將具有相當大的戰略附加性，這將成為加密貨幣生態系統中的重要支柱。因此，我非常有興趣拓展採礦以外的業務。

So I ask everyone on the call to look at this chart and understand. This is really an earnings power story but 2 different kinds of earnings power. You see the earnings power of the data center and our mining capabilities. And this really changes the narrative because we are at, I think, about $18 million a year now. And as we put 300 new miners on a month and then going to March, where we will be putting 2,300 miners a month in. This is not a long-term vision. This is happening right now in real time. We've already had delivery of 1,000, and then 300, and then 300 every month for 10 months, starting in March 2000 a month for 6 months.

因此，我要求電話中的每個人都看一下這張圖表並理解這一點。這確實是一個盈利能力的故事，但涉及兩種不同的盈利能力。你看到了資料中心的獲利能力和我們的挖礦能力。這確實改變了說法，因為我認為我們現在每年的支出約為 1800 萬美元。我們每月都會投入 300 名新礦工，到 3 月份，我們每月將投入 2,300 名礦工。這不是一個長遠的願景。這件事現在正在即時發生。我們已經交付了 1,000 輛，然後是 300 輛，之後連續 10 個月每月交付 300 輛，從 2000 年 3 月開始連續 6 個月每月交付。

And then in August, we ramp up with those green miners, which is the relationship with Bitmain. And I can't stress enough to you that direct relationship with Bitmain has sort of changed the narrative. But on the other side, Ault Alliance, as you've see in earnings and EBITDA story, especially with the lender, with agree, the real estate business. TurnOnGreen, obviously, is a high-growth business that hasn't kicked in yet, and we anticipate -- still anticipate. And I've been planning that, that would eventually float or do some sort of public transaction either with a SPAC or an IPO, all things are on the table there. We're not confirming anything there, but we know that Gresham and TurnOnGreen are looking to do their own public transactions. So a lot of opportunity for future shareholders. And if you're a shareholder of BitNile Holdings, the old DPW Ault Global when it changed its name, you'll wake up with Ault Alliance in your portfolio someday. So it's important to understand, you're going to own 2 public companies.

然後在八月份，我們與那些綠色礦工加強了合作，這就是與比特大陸的關係。我再怎麼強調也不為過，與比特大陸的直接關係已經改變了這種敘事。但另一方面，正如您在收益和 EBITDA 故事中所看到的，Ault Alliance 尤其是貸方同意的房地產業務。顯然，TurnOnGreen 是一家尚未開始起步的高成長企業，我們預計—仍然預計。我一直在計劃，最終讓公司上市或進行某種形式的公開交易，無論是透過 SPAC 還是 IPO，所有的事情都在考慮之中。我們沒有確認任何消息，但我們知道 Gresham 和 TurnOnGreen 正在尋求自己的公開交易。因此，未來的股東將面臨許多機會。如果你是 BitNile Holdings（也就是更名後的 DPW Ault Global）的股東，那麼有一天你會在你的投資組合中發現 Ault Alliance。因此，重要的是要明白，你將擁有兩家上市公司。

Here's the scalability of the mining business and what I talked about in terms of delivery, the 16,000 miners and the 4,600 miners. I do want to bring it to everyone's attention that we did buy an additional 600 miners. We did disclose that in our 8-K, but we haven't issued a press release with it because it's now, if you think about it, not as consequential to the size of the miners we have and the scale we have.

這是採礦業務的可擴展性，以及我在交付方面談到的 16,000 名礦工和 4,600 名礦工。我確實想提請大家注意，我們確實額外購買了 600 名礦工。我們確實在 8-K 文件中披露了這一點，但我們還沒有發布新聞稿，因為現在，如果你仔細想想，這對我們擁有的礦工的規模和我們的規模來說並不那麼重要。

Ken, can you talk about this chart here, the hash rate, I'm very proud of the fact that this hash rate is a certain percentage of all Bitcoin mined depending on total hash rate. So Ken, any thoughts here?

Ken，可以談談這裡的圖表嗎？哈希率，我很自豪這個哈希率是所有開採的比特幣的一定百分比，取決於總哈希率。那麼 Ken，您有什麼想法嗎？

Yes. This is what's exciting when we think about BitNile in the near -- fairly near term being a stand-alone public company because it would be a pure-play cryptominer with data centers and some DeFi initiatives. But as we've install these 2,600 miners, there's 4,600 of them are at a higher cash rate, 140 Terahash. And it brings the total company to 2.2 Exahash. And at $60,000 to $65,000 per Bitcoin where we've been over the last few weeks, we get to $300 million in revenue. Think about our year-to-date revenue through 9 months of $44 million this quarter. And then will exit 2022 as we well as we ramp up to these 20,600 miners, will be at a run rate of probably $300 million, depending on market, right?

是的。當我們想到 BitNile 在不久的將來會成為一家獨立的上市公司時，這是令人興奮的，因為它將是一家擁有數據中心和一些 DeFi 計劃的純粹的加密礦工。但是，當我們安裝了這 2,600 台礦機時，其中 4,600 台的現金匯率較高，為 140 Terahash。這使得公司總資產達到 2.2 Exahash。在過去幾周里，比特幣價格一直保持在 60,000 至 65,000 美元之間，我們的收入達到了 3 億美元。想想我們本季前 9 個月的營收為 4,400 萬美元。然後，到 2022 年，隨著我們增加到 20,600 名礦工，運行率可能會達到 3 億美元，具體取決於市場，對嗎？

You always a kind of have to put an asterisk on these forecasts that depends on where the market is difficulty level, and U.S. dollar price of Bitcoin. It's very exciting. It pencils out great nextel, as you can see on that table. But what was exciting is when we put in the first 1,000 miners in Michigan last month, they're performing just as we be scheduled out in our model. So it's good to see when the rubber -- as the rubber is hitting the road the revenue and the margin are penciling out as we projected. So now it's just a matter of getting the new machines, racking them up, Crypto Joe, who's on our team has done a great job with that, been working very hard, seeing the data center. It's beautiful. It's clean. There's a lot of space. And so -- and we're ramping up the power capacity there. And so we're definitely very excited about this.

你總是需要在這類預測上加上一個星號，這取決於市場的難度等級以及比特幣的美元價格。這非常令人興奮。它用鉛筆勾勒出很棒的下一張圖表，正如您在表格上看到的那樣。但令人興奮的是，當我們上個月在密西根州投入首批 1,000 名礦工時，他們的表現正如我們在模型中安排的那樣。因此，當橡膠接觸到路面時，看到收入和利潤按照我們預測的那樣增長，這是一件好事。所以現在的問題只是獲取新機器，將它們安裝起來，我們團隊中的 Crypto Joe 在這方面做得很好，他一直非常努力地查看資料中心。很美麗。很乾淨。空間很大。所以——我們正在提高那裡的電力容量。因此我們對此感到非常興奮。

I would say Crypto Joe, Darren, the team, Randy, the people (inaudible) or others that have joined us in Michigan to help build that out as we develop that team. Brian there in Michigan. That data center is really incredible. I've done some live video there. It's really the forefront of what's going to happen with BitNile going forward, the relationship with Bitmain and that data center. I don't want to bring everyone's attention to assuming Bitcoin of $30,000 to $40,000 in current difficulty levels, we'll still mine $139 million to $185 million at a depressed price. So we were not foolish enough to underwrite this with like the perfect weather as a sort to speak.

我想說 Crypto Joe、Darren、團隊、Randy、人們（聽不清楚）或其他加入我們密西根的人，在我們發展團隊的過程中幫助我們實現這一目標。布萊恩在密西根。那個資料中心真是令人難以置信。我在那裡做過一些現場視訊。這確實是 BitNile 未來發展的前沿，與位元大陸和資料中心的關係。我不想讓大家注意到，假設比特幣在目前的難度水平下價格為 30,000 至 40,000 美元，我們仍然會以低迷的價格開採出 1.39 億至 1.85 億美元。因此，我們不會愚蠢到用完美的天氣來擔保這一點。

We're not out there saying, hey, we've got a $100,000 Bitcoin. And if you look at the chip shortage and understand the difficulty scale. There are still S9s producing today, 5, 6 years later. And so we're upgrading sort of the top of the mining pool, the best miners in the world with the 140 Terahash. So you can see we're investing. We're here to win it, we're in it to win it, we're investing to be there.

我們不會說，嘿，我們有價值 10 萬美元的比特幣。如果你看一下晶片短缺問題，就會明白其困難程度。5、6 年後，今天仍有 S9 在生產。因此，我們正在對礦池的頂級礦工進行升級，他們是世界上擁有 140 Terahash 算力的最佳礦工。所以你可以看到我們正在投資。我們來這裡就是為了贏得勝利，我們參與其中就是為了贏得勝利，我們投資於此。

Will, any commentary on what we're doing in mining? I know that your mathematical brain has been at work here.

威爾，對於我們在採礦業所做的事情有什麼評論嗎？我知道你的數學頭腦一直在這裡發揮作用。

I think Ken has done a good job explaining it. It's exciting. If you go back -- and again, we're looking at history here, but in 2018, we wanted to get to 10,000 miners, and you brought up the S9s. Obviously, that was our original entry into cryptocurrency mining.

我認為肯已經很好地解釋了這一點。這很令人興奮。如果你回顧一下——我們再次回顧歷史，但在 2018 年，我們希望擁有 10,000 名礦工，而你提出了 S9。顯然，這是我們最初進入加密貨幣挖礦領域。

Things have changed. It's transformed. We have a data center. We're able to control the operations, 100%. We've got a good handle on our electricity cost, our power cost, which obviously is the primary driver in your overall profitability. And the new miners are so much more efficient than where the S9s were. It's really changed the entire dynamics of that industry. So I could be more excited, and that's why I think it's now is the right time to put in place this transformation of the company.

事情已經改變了。它變形了。我們有一個資料中心。我們能夠 100% 控制營運。我們很好地控制了電力成本，這顯然是整體獲利的主要驅動力。而且新礦機的效率比 S9 礦機高很多。它確實改變了整個產業的動態。所以我感到更加興奮，這就是為什麼我認為現在是實施公司轉型的最佳時機。

One thing to know that we do publish on the BitNile website every 2 weeks, number of miners installed in Bitcoin mined, and we will be committing to once a month, putting out a press release of total Bitcoin mine. This is important to us. We want to be transparent. We want to sort of show the shareholders that we're very committed to this process. And like I said earlier, if you look at what we mined in all 9 months, we're doing more than that, a lot more than that on a monthly basis and growing. So you would be expecting that.

需要了解的是，我們每兩週都會在 BitNile 網站上發布一次已安裝的比特幣礦機數量，並且我們承諾每月發布一次有關比特幣礦機總數的新聞稿。這對我們很重要。我們希望保持透明。我們想向股東表明，我們非常致力於這項進程。正如我之前所說的，如果你看看我們在過去 9 個月中開採的資源，就會發現我們開採的資源遠不止這些，每月的開採量都遠遠超過這個數字，而且還在不斷增長。所以你會期待這一點。

Well, it's important to understand that, Todd, that when we started putting in the S9 teams, those effectively went in at the very tail end of September and then, of course, completed that initial installation in October. So these assets have just been put in service.

嗯，托德，重要的是要明白，當我們開始組建 S9 團隊時，他們實際上是在 9 月底才開始行動，然後，當然，在 10 月完成了初始安裝。這些資產剛剛投入使用。

Right.

正確的。

Yes. Will, it's a very good point. And that as we get a lot of people questioning things, but you got to look at timing from the time we structured the balance sheet, completed the $200 million of raise. And by the way, thanks to all the shareholders that were supportive during the ATM process. We raised a lot of money, really transformed the company. And this is why we're trying to reward shareholders with sort of this pure play -- is in a sort of -- it is a pure play in mining, DeFi and data and we want to be a player here.

是的。威爾，這是非常好的觀點。儘管有很多人對我們的事情提出質疑，但你必須從我們建立資產負債表、完成 2 億美元融資的時間點來考慮。順便說一句，感謝所有在 ATM 過程中給予支持的股東。我們籌集了很多資金，真正改變了公司。這就是為什麼我們試圖透過這種純粹的遊戲來獎勵股東——這是一種純粹的採礦、DeFi 和數據遊戲，我們希望成為其中的參與者。

And one of the things we're looking at going forward, you see a number and say, wow, what have they generated $200 million, $300 million? What are they going to do with that money? Obviously, a lot of flexibility there with no debt we're obviously going to pay down any financings we do to continue to buy more miners and expand, but you also see an opportunity for us to continue to invest in the hash rate. And that's why you're going to see us pretty much continually go out there and look for additional miners as we start to generate cash with that relationship with Bitmain. You can see that in our commitment to the 4,600 new XP, the green miners with the carbon credit, really a fascinating transaction we did in Dubai.

我們關注的事情之一是，當你看到一個數字並說，哇，他們創造了 2 億美元、3 億美元？他們要拿這些錢做什麼？顯然，由於沒有債務，我們擁有很大的靈活性，我們顯然會償還任何融資，以繼續購買更多礦機並進行擴張，但您也會看到我們繼續投資哈希率的機會。這就是為什麼你會看到我們幾乎不斷地去尋找更多的礦工，因為我們開始透過與比特大陸的關係產生現金。您可以看到，我們承諾向 4,600 名新 XP、擁有碳信用額的綠色礦工提供資金，這確實是我們在迪拜進行的一項令人著迷的交易。

Going on to Ault Alliance, we don't list every subsidiary here. And I want to bring in Chris for the conversation about potential acquisitions. Now Chris, obviously, these transactions are not done, and we're contemplating them. But if you -- could you talk in general about the kind of transactions you look like. I want everyone to shift their focus from high-growth sort of parabolic revenue growth, which is where we'll be looking at a BitNile to a sort of a steady as she goes EBITDA model. Chris, your thoughts?

繼續討論 Ault Alliance，我們不會在此列出所有子公司。我想邀請克里斯來討論一下潛在的收購。克里斯，顯然，這些交易尚未完成，我們正在考慮。但如果你——你能概括地談談你所從事的交易類型嗎？我希望每個人都將注意力從高成長的拋物線收入成長（我們將在此關注 BitNile）轉移到穩定的 EBITDA 模型。克里斯，你的想法是？

Sure, Todd. Well, I think that's one of the opportunities that we've been actively focused on since I joined the company in July. And we are very actively pursuing companies that are stable and so far as recurring revenue with appropriate EBITDA margins. And so what we're hoping to do strategically is across our platforms, obviously, unlock the value at BitNile, but also from an Ault Alliance perspective, provide shareholders with opportunities that they will be able to see, I don't want to say conventional, but more mature companies going through a secular phase in their growth. And therefore, an appropriate juncture requiring capital from Ault Alliance to reposition them. But at the same time, they're already mature from a development standpoint.

當然，托德。嗯，我認為這是我們自七月加入公司以來一直積極關注的機會之一。我們正在積極尋求那些穩定、具有經常性收入和適當 EBITDA 利潤率的公司。因此，我們希望從策略上透過我們的平台釋放 BitNile 的價值，同時也從 Ault Alliance 的角度來看，為股東提供他們所能看到的機會，我不想說傳統的，而是更成熟的公司正在經歷其成長的長期階段。因此，在適當的時候需要 Ault Alliance 的資本來重新定位它們。但同時，從發展的角度來看，它們已經成熟了。

And therefore, what we're guiding towards more longer term is to provide revenue and EBITDA that's of a quantum that's meaningful. And I also believe that applies to agree where, obviously, that's a new entity with no assets at the moment, but we don't expect that to be the case in the subsequent quarters moving forward.

因此，我們的長期目標是提供有意義的收入和 EBITDA。我還認為，這適用於同意這一點，顯然，這是一個目前沒有資產的新實體，但我們預計在接下來的幾個季度中不會出現這種情況。

And again, what we're looking for in terms of Agree is commercial real estate with the types of net operating income that people would understand from a real estate perspective.

再說一次，就同意而言，我們所尋求的是商業房地產，其淨營業收入類型是人們從房地產角度可以理解的。

I'm going to go on to the next slide. Sort of let's talk about the reorganization. Based on what we're doing now, the company will change its name before the end of the year. We already secured the symbol Nile, NILE. That will be the new DPW symbol. The new name will BitNile Holdings, which will effectively own the data center, the mining operation and any DeFi initiatives we have.

我要繼續看下一張投影片。讓我們來談談重組。根據我們現在的進展，公司將在年底前更改名稱。我們已經獲得了尼羅河的標誌－NILE。這將是新的 DPW 符號。新名稱將是 BitNile Holdings，它將有效擁有資料中心、採礦業務和我們擁有的任何 DeFi 計劃。

Some things that we're contemplating for 2022, based on the reorganization. We're looking at special dividends. We really wanted to look at the possibility of being a company that issued Bitcoin as a dividend to our shareholders. This is a complicated thing because you have to have a wallet. You have to be able to make it available through DTC . So it goes in your brokerage account, not a simple thing. We're working on that. Obviously, you could always pay a cash dividend. And if you see that a big kind of generation that we think we're going to have in '22 and '23 and beyond, on the BitNile side, these are contemplated transactions.

根據重組情況，我們正在考慮 2022 年的一些事情。我們正在考慮特別股息。我們確實想看看成為一家向股東發行比特幣作為股息的公司的可能性。這是一件複雜的事情，因為你必須有一個錢包。你必須能夠透過DTC提供它。這樣它才能進入你的經紀帳戶，這可不是一件簡單的事。我們正在努力。顯然，您總是可以支付現金股利。如果你看到我們認為在 2022 年、2023 年及以後將會出現的大規模生成，那麼在 BitNile 方面，這些都是預期的交易。

For the future, BitNile will continue to mine operations, strategic procurement of geographical locations in terms of mining power as we expand out of Michigan. We'll be looking at other data centers to expand. We want to be at the sort of the top of the food chain. That means being in the top 10% out there. And then, of course, -- As we said earlier, for initiatives, we're going to be looking at future acquisitions on the Ault Alliance side.

未來，BitNile 將繼續進行挖礦業務，並在密西根州以外地區進行挖礦能力的地理位置策略性採購。我們將尋找其他資料中心進行擴充。我們想要處於食物鏈的頂端。這意味著躋身前 10%。然後，當然——正如我們之前所說，對於計劃，我們將考慮 Ault Alliance 方面的未來收購。

So what's going to happen in December, you're going to wake up with a new symbol and a new name. And then really what you're going to hear going forward is pretty much DeFi Bitcoin data, and you're going to have the subsidiary waiting in the wings to be a special dividend, obviously, for shareholders. You can do the math. If everyone does the math, it could be a large special dividend, but we'll see what happens. Will, any comments on the initiatives for 2022?

那麼 12 月會發生什麼事呢？你醒來時會看到一個新的象徵和一個新的名字。那麼，您接下來真正要聽到的基本上都是 DeFi 比特幣數據，而且您將讓子公司等待為股東提供特別股息。你可以算一下。如果每個人都計算一下，這可能是一筆很大的特別股息，但我們會看看會發生什麼。威爾，您對 2022 年的舉措有何評論？

Will, you're muted.

威爾，你被靜音了。

Yes, I apologize. No, I'm here. No. So 2022 is real simple. It's a continuation of 2021 to the extent that we're talking about execution, right, putting capital to work and advancing the operations of our subsidiaries. BitNile obviously, is a significant entity from the standpoint of cash requirements, and capital expenditures, and investment -- And the other companies, it's much more modest.

是的，我很抱歉。不，我在這裡。不。所以 2022 真的很簡單。就我們談論的執行、投入資本以及推進子公司的營運而言，這是 2021 年的延續。從現金需求、資本支出和投資的角度來看，BitNile 顯然是一個重要的實體——而其他公司則溫和得多。

All right. Ken, any comments on the slide of the sort of initiatives for 2022?

好的。肯，您對 2022 年的舉措有何評論？

Yes. Yes. It's important to understand that we need to -- this will be -- at a point where we have that capital available for dividends. Historically, if we have capital, we're investing it back in the business. You saw the numbers on the previous slide. If we're doing $300 million of revenue at 90% margin, that's a lot of capital available. And you would think we'd be carving out some of that to reward back to our shareholders.

是的。是的。重要的是要明白，我們需要——這將是——在我們擁有可用於分紅的資本的時候。從歷史上看，如果我們有資本，我們就會將其重新投資於業務。您在上一張投影片上看到了數字。如果我們以 90% 的利潤率實現 3 億美元的收入，那麼可用的資本就很多了。您可能會認為我們會拿出其中的一部分來回報我們的股東。

So -- and, of course, leave it to Todd, you want to do something cutting edge like pay a dividend in crypto. But -- so we'll get that figured out.

所以——當然，交給托德吧，你想做一些前沿的事情，比如用加密貨幣支付股息。但是——我們會解決這個問題。

Hey, if we can, we can, we'll see what happens there. Well, obviously, the disclaimer on this the bottom, you'll see is about Delaware Law and profitability of Bitcoin mining and approval from the Board. But this is something that I'm pretty fond of the idea I mean, it's cutting edge. I know it's not been done. We're looking at it pretty hard. But we're pretty excited what we built and there we go, right?

嘿，如果可以的話，我們可以，我們會看看那裡會發生什麼。嗯，顯然，您會看到底部的免責聲明是關於特拉華州法律和比特幣挖礦的盈利能力以及董事會的批准。但我非常喜歡這個想法，我的意思是，它是前沿的。我知道這還沒完成。我們正在認真研究這個問題。但是我們對我們所建造的東西感到非常興奮，對吧？

Sort of wrapping up the summary for the future, the name change, symbol change to NILE, restructuring the 2 subsidiaries. Obviously, BitNile now will control Alliance Cloud services in the mining operation. Ault Alliance will control Gresham, TurnOnGreen, Digital Power, and Agree, and the other subsidiaries. There's quite many of them, some of them smaller in size, not really relevant today. The possibility of a special Bitcoin dividend. We're going to look at that biweekly updates on what we're mining.

對未來進行總結，名稱變更，符號改為 NILE，重組 2 家子公司。顯然，BitNile 現在將在挖礦業務中控制 Alliance Cloud 服務。Ault Alliance 將控制 Gresham、TurnOnGreen、Digital Power、Agree 和其他子公司。它們的數量相當多，其中一些規模較小，與今天並無太大關係。比特幣特別股息的可能性。我們將每兩週查看一次我們正在挖掘的內容的更新。

So very transparent on the mining side. update on potential DeFi investments, which we're looking at pretty intensely and then update on future and corporate development. So look for the name change in December, and then look for that special dividend sometime in 2022. And so do we wrap this up, Chris, any parting thoughts?

因此，採礦方面非常透明。更新我們正在密切關注的潛在 DeFi 投資，然後更新未來和企業發展。因此，請在 12 月尋找名稱變更，然後在 2022 年的某個時候尋找特別股息。那麼，克里斯，我們結束討論吧，還有什麼想說的嗎？

Not really. I think you summed it up, Todd. This is a seminal time as you've already stated in your press release. And we believe this unlocks value for shareholders.

並不真地。我認為你已經總結清楚了，托德。正如您在新聞稿中提到的那樣，這是一個開創性的時刻。我們相信這將為股東釋放價值。

We appreciate that, Chris. Thank you so much for joining us, obviously. Will, any parting thoughts?

我們對此表示感謝，克里斯。非常感謝您加入我們。威爾，還有什麼想說的嗎？

Look, I think 2021 has been a success to date. I think we've done a fantastic job, raising capital. I know we announced the completion of the $200 million ATM. If you look at our average costs that we were selling securities under that equity financing. It was significantly above where the company is trading at today. So ...

看，我認為 2021 年迄今為止是成功的。我認為我們在籌集資金方面做得非常出色。我知道我們宣布了價值 2 億美元的 ATM 機的完工。如果你看一下我們在股權融資下出售證券的平均成本。該價格明顯高於該公司目前的交易價格。所以 ...

That's really on average. Really on average. Great Average.

這確實是平均水平。真的很平均。很平均。

We were able to bring in money on a very, very favorable term. And again, this is something that we've struggled to do historically. So that and the prospects, future prospects of the company. With the existing businesses, it's fantastic right now.

我們能夠以非常非常優惠的條件引進資金。再說一次，這是我們歷史上一直努力在做的事情。這就是公司的前景和未來。就現有業務而言，現在一切都非常好。

Yes. I can see the same thing. Ken, any parting thoughts before we hang up here?

是的。我看到了同樣的事情。肯，在我們掛電話之前，您還有什麼想說的嗎？

Yes. Yes. Looking out a year from now, this is going to be -- well, as you've mentioned, Todd, looking back a year compared to today, it's [90] days. But from where we are today, which we're very happy about and looking ahead 12 months it's going to be even a more dramatic improvement with the ramping up of mining and the acquisition, the key acquisitions that Chris is looking at. Ault Alliance could be at $200 million in revenue and significant EBITDA. And then we've seen the -- that BitNile has that $200 million, $300 million run rate potential. So it's really exciting times for us. A very big...

是的。是的。展望一年後，這將是——嗯，正如你所提到的，托德，回顧一年後與今天相比，是 [90] 天。但從我們今天的狀況來看，我們對此感到非常高興，展望未來 12 個月，隨著採礦和收購的增加，情況將會有更為顯著的改善，克里斯正在考慮進行關鍵的收購。Ault Alliance 的營收可能達到 2 億美元，EBITDA 也相當可觀。然後我們看到——BitNile 擁有 2 億美元、3 億美元的運行率潛力。所以這對我們來說真的是令人興奮的時刻。一個非常大的...

Thank you, Ken, so much. Thanks, everybody. We'll give you a little quick of a summary as we exit here. A couple of things to think about and that is you got 2 vehicles now, BitNile, Ault Alliance, one EBITDA cash flow story, but still significant revenue growth, as Ken said.

非常感謝你，肯。謝謝大家。我們離開這裡之前會給你一個簡短的總結。有幾件事需要考慮，那就是你現在有 2 輛汽車，BitNile、Ault Alliance，一個 EBITDA 現金流故事，但仍然有顯著的收入增長，正如 Ken 所說的那樣。

You have a really sort of parabolic revenue growth around 1 of the most transformative technologies around and that's blockchain with BitNile. And what we decided to do is really reward people now. We could have went down the path of trying to spin out BitNile an IPO, but we wanted to demonstrate to shareholders because we know it's taken some time with TurnOnGreen and Gresham, and those haven't got public yet. We wanted to make sure we could really cut the umbilical cord to make this happen for shareholders now, and that's why we took the initiative of making the parent BitNile Holdings and really changing the narrative.

圍繞著最具變革性的技術之一，即 BitNile 的區塊鏈，你們的收入確實呈現拋物線式成長。我們決定現在就真正給予人們獎勵。我們本來可以嘗試讓 BitNile 進行 IPO，但我們想向股東展示這一點，因為我們知道 TurnOnGreen 和 Gresham 需要一些時間，而且它們還沒有上市。我們希望確保我們能夠真正切斷臍帶，讓股東現在就能實現這一目標，這就是為什麼我們主動成立母公司 BitNile Holdings 並真正改變敘事。

And as a shareholder, you're going to have a choice going forward. You hold on to the parabolic growth that is, we think, BitNile. Or do you keep both and have Ault Alliance in your portfolio. We really encourage you to think of Ault Alliance as a value player with a future generation of businesses it owns, buying undervalued assets. Chris and myself and Will, and the team finding things that we think are undervalued sort of the future BitNile of the world. but really steady more earnings, relative earnings. More EBITDA focused than you see this sort of DeFi disruptive point at BitNile.

作為股東，您將面臨未來的選擇。我們認為，你堅持拋物線成長，那就是 BitNile。或者你保留兩者並將 Ault Alliance 納入你的投資組合中。我們真誠地鼓勵您將 Ault Alliance 視為一家價值參與者，它擁有未來一代的企業，並購買被低估的資產。克里斯、我、威爾和團隊正在尋找我們認為被低估的東西，例如世界未來的 BitNile。但真正穩健的收益，相對的收益。與 BitNile 上的 DeFi 顛覆點相比，我們更關注 EBITDA。

So look for the name change, the symbol change. We thank, appreciate everybody. We do know there's a lot of volatility in the quarterly earnings. And obviously, we're going to expect that. You can see that with things like Mullen and other IPOs that we participated in the quarter. Appreciate the whole team sticking with us. Special thanks to all the shareholders that have been so loyal and stuck with us through that ATM, we'll see what the future brings. We'll see you at year-end and going into the New Year.

因此，請尋找名稱變化、符號變化。我們感謝、感激大家。我們確實知道季度收益存在很大的波動。顯然，我們期待這一點。您可以看到，我們在本季度參與了 Mullen 和其他 IPO 等項目。感謝整個團隊的支持。特別感謝所有忠誠並透過 ATM 機支持我們的股東，我們將拭目以待未來會發生什麼。我們將在年底和新年之際與您相見。

Happy Thanksgiving, everybody. Thanks for being on the call.

大家感恩節快樂。感謝您接聽電話。

Thanks, everybody.

謝謝大家。