IREN Ltd (IREN) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the IREN Q1 FY25 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would not like to hand the conference over to your speaker today. Lincoln Tan, Director Investor Relations.

美好的一天，感謝您的支持。歡迎參加 IREN 2025 財年第一季業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。（操作員指示）我今天不想將會議交給您的發言者。Lincoln Tan，投資人關係總監。

Thank you, operator. Good afternoon, to those of you in North America, and good morning to those of you in Australia. And welcome to IREN's first quarter FY25 results presentation. My name is Lincoln Tan, Director of Investor Relations, and joining me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Belinda Nucifora, CFO; and Kent Draper, Chief Commercial Officer.

謝謝你，接線生。北美的各位下午好，澳洲的各位早安。歡迎來到 IREN 2025 財年第一季業績發表會。我是投資者關係總監 Lincoln Tan，今天與我一起參加電話會議的還有聯合創始人兼聯合執行長 Daniel Roberts；貝琳達‧努西福拉，財務長；和首席商務官 Kent Draper。

Before we begin, please note that this call is being webcast live with an accompanying presentation. (Event Instructions) I would like to remind you that certain statements that we make during this call may constitute forward-looking statements, and IREN 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.

在我們開始之前，請注意，本次電話會議正在進行網路直播，並附有簡報。（活動說明）我想提醒您，我們在本次電話會議中所做的某些陳述可能構成前瞻性陳述，IREN 提醒聽眾，前瞻​​性資訊和陳述基於可能導致實際結果的某些假設和風險因素。與公司的預期有重大差異。

Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on slide 2 within the accompanying presentation. Thank you, and I will now turn the call over to Dan Roberts.

聽眾不應過度依賴前瞻性資訊或陳述。請參閱隨附簡報中投影片 2 上的免責聲明。謝謝您，我現在將把電話轉給丹羅伯茨。

Thanks Lincoln. Good afternoon, everyone, and welcome to our quarterly earnings call. Thank you for dialing in. It's an interesting time in the market, and we're pleased to have the opportunity to present both our results from the prior quarter. But also importantly, step you through how we're thinking about the short-term as well as the medium and long term.

謝謝林肯。大家下午好，歡迎參加我們的季度財報電話會議。感謝您撥打電話。這是市場上一個有趣的時刻，我們很高興有機會展示上一季的業績。但同樣重要的是，讓您了解我們如何考慮短期以及中長期。

So it's an exciting time for us, exciting time for the industry. So let's dive into it. So jumping straight through to slide 3, make sure everyone's read the disclaimer on slide 2.

因此，這對我們來說是一個激動人心的時刻，對整個行業來說也是一個令人興奮的時刻。那麼讓我們深入探討一下。因此，請直接跳到幻燈片 3，確保每個人都閱讀了幻燈片 2 上的免責聲明。

So I think it's fair to say that the Bitcoin mining sector is reaching an inflection point. It's a very dynamic time in the market, and we fielded a number of questions around why miners are underperforming the price of Bitcoin over the recent months.

所以我認為可以公平地說，比特幣挖礦業正在達到一個轉折點。這是市場非常活躍的時期，我們就為什麼近幾個月來礦商的表現低於比特幣的價格提出了一些問題。

And what we're seeing is institutional interest returning to the space. But the question around, why isn't miners necessarily or why aren't they necessarily moving Bitcoin given it's meant to be some sort of proxy exposure, what's different this cycle. So from our perspective, we are seeing that the sector has matured. There are more ways for investors to express interest in Bitcoin. Miners that built their business around a hole strategy now have more competition than ever for that business model.

我們看到機構興趣正在回歸該領域。但問題是，為什麼礦工不一定會轉移比特幣，或者為什麼他們不一定會轉移比特幣，因為它意味著某種代理風險，這個週期有什麼不同。因此，從我們的角度來看，我們看到該行業已經成熟。投資者有更多方式表達對比特幣的興趣。圍繞礦井策略開展業務的礦工現在對該業務模式的競爭比以往任何時候都更加激烈。

You're seeing institutional grade self-custody solutions. You're seeing the emergence of the ETFS. You're seeing companies like MicroStrategy accumulate Bitcoin through capital market products. In contrast, we're positioned as a low cost commodity producer, focused on cash on cash returns for our investors and producing Bitcoin at low cash cost. Circa $29,000 per Bitcoin as we'll see in the coming slides.

您正在看到機構級的自我託管解決方案。您正在看到 ETFS 的出現。你會看到像 MicroStrategy 這樣的公司透過資本市場產品累積比特幣。相比之下，我們的定位是低成本商品生產商，專注於為投資者提供現金回報，並以低成本生產比特幣。正如我們將在接下來的幻燈片中看到的那樣，每個比特幣大約為 29,000 美元。

So mining business models are under scrutiny. This is an environment in which we expect a low cost, strong cash flow business to thrive. So as you can see, they're on the right hand side, business fundamentals, they're coming into focus production costs, operational, focus, capital allocation, and the outlook for growth. We believe we're well positioned for market leadership in every aspect although and ultimately, we view Bitcoin mining as Gold Mining 2.0.

因此，採礦業的商業模式正在受到審查。我們期望低成本、強勁現金流業務能夠在這種環境下蓬勃發展。正如你所看到的，它們位於右側，業務基本面，它們正在關註生產成本、營運、焦點、資本配置和成長前景。我們相信，我們在各方面都處於市場領先地位，儘管最終我們將比特幣挖礦視為黃金挖礦 2.0。

Could I just ask that other speakers on the line from our side? Go on mute, please. There's a bit of background noise. Thank you. So if we could then move to slide 4. It's also an inflection point for our business, 31 exahash is weeks away.

我可以問問我們這邊的其他發言者嗎？請保持靜音。有一點背景噪音。謝謝。那我們可以轉到投影片 4 嗎？這也是我們業務的轉捩點，距離 31 exahash 還有幾週的時間。

In fact, I believe that the last miner is going to be delivered in the next seven days. Installation commissioning will take a little bit longer than that. But the 31 exahash is now weeks away making us one of the largest listed miners. Just as Bitcoin is hitting an all-time high, however, those that know us, we're not stopping there.

事實上，我相信最後一台礦機將在未來 7 天內交付。安裝調試的時間會比這更長。但距離 31 exahash 現在還有幾週的時間，這使我們成為最大的上市礦工之一。然而，正如比特幣創下歷史新高一樣，對於那些了解我們的人來說，我們並沒有就此止步。

We are also pleased to announce that we are accelerating our expansion to 50 exahash into the first half of next year, previously it was the second half. So we've been able to bring all that forward and continuing to invest to generate more Bitcoin at an expected cash cost of $29,000 per coin.

我們也很高興地宣布，我們將在明年上半年加速擴張至 50 exahash，此前是下半年。因此，我們已經能夠推進這一切，並繼續投資以產生更多的比特幣，預計每枚比特幣的現金成本為 29,000 美元。

The fundamentals of our business model have allowed us to continue to accelerate growth at low cost. Our strategy focusing on large scale projects continuing to provide a lower execution risk in a rapid platform to expand. Years of planning and procuring long lead items to mitigate supply chain risks, and finally our management capability to deliver. If we have set a target in the market, we hit it, and we will continue to do that.

我們商業模式的基本原理使我們能夠繼續以低成本加速成長。我們的策略專注於大型項目，並繼續在快速擴展的平台中提供較低的執行風險。多年的規劃和採購長週期專案以降低供應鏈風險，最終我們的管理能力得以實現。如果我們在市場上設定了目標，我們就會實現它，並且我們將繼續這樣做。

This is a business model now, and this is a business in IREN, where we believe we've hit that inflection point, we've hit the economies of scale now. While we will talk more on unit economics over the coming slides at 31 exahash, we expect to be producing Bitcoin at an all in cash cost of $29,000 per coin.

現在這是一種商業模式，這是 IREN 的業務，我們相信我們已經達到了轉折點，我們現在已經達到了規模經濟。雖然我們將在接下來的 31 exahash 幻燈片中更多地討論單位經濟學，但我們預計比特幣的現金成本為每枚 29,000 美元。

With those economics and those unit economics only to improve as we scale as power costs and operating leverage really start to kick in. In relation to AI and HPC, we've got almost 2000 GPUs now operating combination of H100, H200, both NVIDIA generations. We're focused on contracting out this capacity and looking for opportunities to grow in a measured way based on robust contractual arrangements and demand that we're seeing in the market.

隨著電力成本和營運槓桿真正開始發揮作用，這些經濟效益和單位經濟效益只會隨著我們規模的擴大而改善。在 AI 和 HPC 方面，我們現在有近 2000 個 GPU 運行 H100、H200（兩代 NVIDIA）的組合。我們專注於將這種產能外包出去，並根據穩健的合約安排和我們在市場上看到的需求，尋找有節制的成長機會。

In respect to AI co-location and other monetization opportunities, they're also being progressed in parallel. We have high quality assets that we believe will remain valuable in a power constrained market with increasing competition from both Bitcoin mining and AI for this land and power.

在人工智慧託管和其他貨幣化機會方面，它們也在並行進展。我們擁有高品質的資產，我們相信這些資產在電力有限的市場中仍然具有價值，因為比特幣挖礦和人工智慧對這片土地和電力的競爭日益激烈。

We will continue not to provide guidance on specific terms or timing, given the uncertainties, given the nature that we are dealing with counterparties, it is not all within our control. However, we continue to progress negotiations with some very large counterparties and hyperscalers. We will update the market as appropriate and as we have news.

考慮到不確定性，考慮到我們與交易對手打交道的性質，我們將繼續不提供有關具體條款或時間的指導，這並不完全在我們的控制範圍內。然而，我們繼續與一些非常大的交易對手和超大規模企業進行談判。我們將在有消息時酌情更新市場。

In terms of what is within our control, as we know the majority of the new generation Blackwell's from NVIDIA, those GPUs will require liquid cooling. So notwithstanding successful testing of our GPU clusters in free cooling environments, including at Childress, we will also be installing our liquid cooling infrastructure at both our Prince George and Childress data centers in the coming months to ensure we are ready to support this next generation of GPUs.

就我們的控制範圍而言，正如我們所知，大多數來自 NVIDIA 的新一代 Blackwell GPU 都需要液體冷卻。因此，儘管我們在自然冷卻環境（包括Childress）中成功測試了我們的GPU 集群，但未來幾個月我們還將在喬治王子城和Childress 資料中心安裝我們的液體冷卻基礎設施，以確保我們準備好支援下一代GPU。

This creates opportunities for the business both across our cloud platform, as well as our co-location pathway in terms of corporate and funding initiatives. So in terms of funding, it's clear to say market conditions have improved materially over recent months, more funding options are emerging beyond the ATM.

這為我們的雲端平台以及我們在企業和融資計劃方面的託管途徑創造了機會。因此，就融資而言，很明顯，近幾個月來市場狀況已得到實質改善，除了 ATM 之外，還出現了更多的融資選擇。

We are focused, very focused on alternative funding instruments as part of funding our upcoming growth plans, for example, convertibles, and we'll continue to progress that over the coming months. In terms of becoming a US domestic issuer, we intend to transition to this status in 2025, reporting on a US GAAP basis.

我們非常專注於替代融資工具，作為我們即將到來的成長計劃的一部分，例如可轉換債券，我們將在未來幾個月繼續取得進展。在成為美國國內發行人方面，我們打算在 2025 年過渡到這種狀態，並根據美國公認會計原則進行報告。

We have also been working on potential inclusion in major US indices, for example, the Russell 2000 in the near term, given the majority of our assets are in the US. Finally, our increased scale at 31 exahash and not long after that 50 exahash combined with our non-hoddle approach i.e. we don't hold Bitcoin on our balance sheet. We mine at an expected all in cash costs of $29,000.

鑑於我們的大部分資產都在美國，我們也一直致力於在短期內將其納入美國主要指數，例如羅素 2000 指數。最後，我們將規模擴大到 31 exahash，不久之後又增加到 50 exahash，並結合我們的非 hoddle 方法，即我們的資產負債表上不持有比特幣。我們預計全部現金成本為 29,000 美元。

It's anticipated to generate very substantial operating cash flows in the near term. As such, we believe this will support potential investor distributions in 2025. We're working through specific details around what that might look like, however, we wish to again signal our commitment, and our focus on prudent capital management and generating strong cash on cash shareholder returns.

預計短期內將產生非常可觀的營運現金流。因此，我們相信這將支持 2025 年潛在投資者的分配。我們正在研究具體細節，但我們希望再次表明我們的承諾，以及我們對審慎資本管理和透過現金股東回報產生強勁現金的關注。

So moving along to slide 6, a little bit more about Bitcoin mining. So where we're at, we have been delivering consistent growth over the last couple of years. If we set a target, we have met it. We're now at 21 exahash above the 20 exahash previously guided and 31 exahash is just weeks away as I mentioned earlier. We're not stopping there, we are continuing 50 exahash in the first six months of next year.

現在轉到幻燈片 6，進一步了解比特幣挖礦。因此，就我們目前的情況而言，過去幾年我們一直在實現持續成長。如果我們設定了目標，我們就已經實現了。我們現在的價格比之前指導的 20 exahash 高出 21 exahash，正如我之前提到的，距離 31 exahash 僅有幾週的時間。我們不會就此止步，我們將在明年的前六個月繼續 50 exahash。

So we are committed to hitting these targets. We will maintain our disciplined approach to delivery. Our focus on costs, our focus on safety. It's supported by our single site expansion at Childress where we have over 400 people on site who will continue the cadence of building out 50 megawatts of data centers every month.

因此，我們致力於實現這些目標。我們將保持嚴格的交付方式。我們關注成本，我們關注安全。這得到了我們在 Childress 的單一站點擴展的支持，我們在現場有 400 多名員工，他們將繼續每月建立 50 兆瓦的資料中心的節奏。

No M&A is required, it's all organic growth at cost. The land in Childress cost us a few million dollars. That is it. Everything has been self-developed internally by our team. Proven people, proven delivery processes, and the strategy to focus on large scale projects continues to provide lower execution risk, more certainty and a platform that allows us to rapidly expand at low cost.

不需要併購，一切都是以成本為基礎的有機成長。柴爾德里斯的土地花了我們幾百萬美元。就是這樣。一切都是我們團隊內部自行開發的。經過驗證的人員、經過驗證的交付流程以及專注於大型專案的策略繼續提供更低的執行風險、更高的確定性和一個使我們能夠以低成本快速擴張的平台。

On the mining hardware side, you'll recall that we previously secured minor purchase options for S21 Pro miners at a fixed price of $18.90, these options were struck when Bitcoin was 65,000. It's taken the last six years to get our platform up to this stage.

在挖礦硬體方面，您會記得我們之前以 18.90 美元的固定價格獲得了 S21 Pro 礦機的小額購買選擇權，這些選擇權是在比特幣價格為 65,000 時購買的。我們的平台花了六年的時間才達到這個階段。

The vision to accumulate organic development of large scale sites, building a team and know how raising capital we've now hit that inflection point, just as we are seeing, the real world really start to lag the digital world.

累積大型網站的有機發展、建立團隊並了解如何籌集資金的願景現在已經達到了拐點，正如我們所看到的，現實世界確實開始落後於數位世界。

There is significant megawatts, significant minors, significant capital, and management expertise required from this point for the network i.e. the hashrate at a global level to scale in parallel with the Bitcoin price. Against this backdrop, there's now increasing competition for a number of those inputs, transformers, land, power with the AI traditional data center world. Now also competing for exactly the same core inputs.

從此時起，網路需要大量的兆瓦、大量的未成年人、大量的資本和管理專業知識，即全球範圍內的哈希率與比特幣價格平行擴展。在此背景下，人工智慧傳統資料中心世界對許多輸入、變壓器、土地、電力的競爭日益激烈。現在也在爭取完全相同的核心投入。

To play this out with a simple thought exercise, what happens if Bitcoin moves up to 150,000? 50%? All of a sudden, you need another 7,000 megawatts of additional capacity, another $9 billion in CapEx. Transformers, long lead items, cables, networking, concrete steel, all these things that take time that are fraught with risk.

透過一個簡單的思維練習來解決這個問題，如果比特幣上漲到 150,000 會發生什麼？50%？突然間，您需要另外 7,000 兆瓦的額外容量，另外 90 億美元的資本支出。變壓器、長引線項目、電纜、網路、混凝土鋼材，所有這些都需要時間且充滿風險。

All of it to bring into the real world, real projects, real data centers, the ASIC, you cannot plug an ASIC into a high voltage transmission line, it just doesn't work. So we've set ourselves up to really become a leading force in Bitcoin mining. On slide 7 to really drill into this $29,000 cash cost per Bitcoin. We have driven it down, it is happening.

所有這些都將帶入現實世界、真實專案、真實資料中心、ASIC，你不能將 ASIC 插入高壓傳輸線，它根本不起作用。因此，我們已經做好準備，真正成為比特幣挖礦領域的主導力量。在幻燈片 7 中，我們將真正深入探討每個比特幣 29,000 美元的現金成本。我們已經把它壓下去了，它正在發生。

Best in class efficiency at 15 joules per terahash from 22 in the recent September quarter. Expansion at low power cost. Childress, our average power cost is a tick over $0.03 since moving the spot price with our automated curtailment algorithm a few months ago, that is becoming a larger and larger proportion of our portfolio, driving down our average power cost accordingly.

同類最佳效率為 15 焦耳/太赫哈希，而最近 9 月季度的效率為 22 焦耳。以低電力成本進行擴展。Childress，自從幾個月前使用我們的自動限電演算法調整現貨價格以來，我們的平均電力成本已經超過了0.03 美元，這在我們的投資組合中所佔的比例越來越大，相應地降低了我們的平均電力成本。

And then overheads nonpower costs, but all in cost of our business, we're really starting to see the benefits of operating leverage come through. We'll talk more to this on coming slides, but it's effectively spreading our corporate cost base across a much larger number of exahash a much larger number of expected Bitcoin mined.

然後是非電力成本的管理費用，但全部是我們的業務成本，我們確實開始看到營運槓桿的好處顯現出來。我們將在接下來的幻燈片中詳細討論這一點，但它有效地將我們的企業成本基礎分散到更多的 exahash 中，即更多的預期開採的比特幣中。

So finally, in terms of operating efficiency, we believe in building high quality data centers that optimize operating conditions for our miners. It's really important to us that we maintain the highest levels of uptime and look after that fleet to maximize profitability.

因此，最後，在營運效率方面，我們相信建立高品質的資料中心來優化礦工的營運條件。對我們來說，保持最高水平的正常運行時間並照顧該機隊以最大限度地提高盈利能力非常重要。

Moving on to slide 8, illustrative mining economics. Some of you would have seen this on Twitter previously but one exahash of operating capacity costs are in approximately $30 million to deliver. Against a market backdrop where capital markets are valuing that at almost four times that valuation, $120 million. If you have the ability to deliver at $30 million to have something valued at $120 million, that in my simple mind, that makes a lot of sense to continue pursuing.

繼續看投影片 8，說明採礦經濟學。你們中的一些人之前可能在 Twitter 上看到過這一點，但交付的營運容量成本約為 3000 萬美元。在資本市場對其估值近四倍（1.2 億美元）的市場背景下。如果你有能力以 3000 萬美元的價格獲得價值 1.2 億美元的東西，那麼在我看來，繼續追求就很有意義。

We see investing in additional capacity as highly accretive. It's a really simple framework for thinking about this, the unit economics to crosscheck that in terms of cash flow, $13 million of net illustrative adjusted EBITDA on a $30 million CapEx, it's around a two-year payback again, making a lot of sense.

我們認為投資額外產能具有高度增值性。這是一個非常簡單的思考這個問題的框架，單位經濟學可以交叉檢查現金流方面，在3000 萬美元的資本支出上，1300 萬美元的調整後EBITDA 淨額，大約是兩年的投資回收期，這很有意義。

So as we're looking all in cost to produce, you'll notice on the right hand side, a step up in renewable energy certificate costs as we continue expanding at Childress, this highlights our commitment to 100% renewable energy.

因此，當我們考慮所有生產成本時，您會在右側注意到，隨著我們在 Childress 的不斷擴張，再生能源證書成本有所增加，這凸顯了我們對 100% 再生能源的承諾。

We're seeing the sustainability focus really come to the fore. There are lots of different claims out in the market around supporting renewables. At Childress, notwithstanding, 80% of the network in that area is renewable, you need the certificates. If you do not have certificates, you are not operating with renewable energy.

我們看到永續發展的重點真正凸顯出來。市場上有很多關於支持再生能源的不同主張。儘管如此，在 Childress，該地區 80% 的網路是可更新的，您需要證書。如果您沒有證書，則您不能使用再生能源。

At the moment, a wind farm or a solar farm evacuates power into the grid, the commodity is bifurcated into two components. One is the electron that trades alongside black and brown power, the other is the certificate. If you do not buy those certificates, you are not renewable because someone else will own those certificates, and we'll be double counting it.

目前，風電場或太陽能發電場將電力輸送到電網中，該商品分為兩個部分。一個是與黑色和棕色電力一起交易的電子，另一個是證書。如果您不購買這些證書，則無法更新，因為其他人將擁有這些證書，我們將重複計算它。

So this has absolutely been a critical part of our strategy, we've bought it for every electron since day one, and we will continue to do that. A key part of how we are also thinking about growth is accretion on a per share basis. How do we drive value for every shareholder in our business?

因此，這絕對是我們策略的關鍵部分，從第一天起我們就為每個電子購買了它，我們將繼續這樣做。我們考慮成長的關鍵部分是每股成長。我們如何為企業中的每位股東創造價值？

One example of how we're thinking about this is in the bottom right hand table. We've shown this analysis in terms of adjusted EBITDA per share, which highlights very strong accretion metrics as we continue to scale from 31 to 50 exahash.

我們如何思考這個問題的一個例子是右下角的表格。我們以調整後每股 EBITDA 的形式展示了這項分析，這突顯了隨著我們繼續從 31 exahash 擴大到 50 exahash，我們的成長指標非常強勁。

We have also set out some illustrative share price levels at which equity is raised, whether that be through ordinary equity convertibles, or other alternative funding structures. We've seen a number of convertibles launched over recent months with creative strike prices, and we'll continue to look at that as all but one of our pathways to raise additional capital.

我們還列出了一些說明性​​的股權籌集的股價水平，無論是透過普通股權可轉換債券還是其他替代融資結構。近幾個月來，我們推出了許多具有創意執行價格的可轉換債券，我們將繼續將其視為我們籌集額外資本的途徑之一。

So yes, growing from $400 million to $700 million of illustrative EBITDA in the top right hand corner is super exciting but more exciting for us, is the creative nature of this growth and our continued commitment to drive cash on cash shareholder returns.

所以，是的，右上角的EBITDA 從4 億美元增長到7 億美元是非常令人興奮的，但對我們來說更令人興奮的是這種增長的創造性本質以及我們對推動現金股東回報的持續承諾。

On that note, I'd like to pass over to Kent, to talk about AI and HPC.

關於這一點，我想請 Kent 談談人工智慧和高效能運算。

Thanks Dan. With respect to our AI Cloud Service commissioning of our recently acquired NVIDIA H200 GPUs at our Prince George data center Location is now complete. The transition from Bitcoin mining to GPUs was able to be completed in a matter of weeks. Underscoring the multipurpose nature of our data centers, and ability to rapidly scale to support customer growth ambitions.

謝謝丹。關於我們的 AI 雲端服務，我們最近在喬治王子城資料中心購買的 NVIDIA H200 GPU 的調試現已完成。從比特幣挖礦到 GPU 的轉變在幾週內就完成了。強調我們資料中心的多用途性質，以及快速擴展以支援客戶成長目標的能力。

Now that capacity is installed, we're focused on contracting out the new capacity and currently have customer trials underway. To that point, we've also been increasing our activity with respect to marketing and go to market initiatives.

現在產能已經安裝完畢，我們的重點是外包新產能，目前正在進行客戶試驗。到目前為止，我們也一直在增加行銷和行銷方面的活動。

As an example, in conjunction with the recent Supercompute conference in Atlanta, we hosted roundtable events in San Francisco with commercial leaders in the AI sector and have more a activity planned for the future.

例如，結合最近在亞特蘭大舉行的超級運算會議，我們在舊金山與人工智慧領域的商業領袖舉辦了圓桌會議活動，並為未來規劃了更多活動。

Our current fleet of NVIDIA H100 H200 GPUs supports approximately $32 million of potential annualized hardware profits using less than 2.5 megawatts of data center capacity. To put that into perspective, that's less than 0.5% of our total year end data center capacity.

我們目前的 NVIDIA H100 H200 GPU 系列使用不到 2.5 兆瓦的資料中心容量，可支援約 3,200 萬美元的潛在年度硬體利潤。從這個角度來看，這還不到我們年末資料中心總容量的 0.5%。

This is one of the elements that we particularly like about the cloud services offering. It's highly complementary to our existing operations and doesn't cannibalize our data center capacity for other use cases such as AI colocation.

這是我們特別喜歡雲端服務產品的元素之一。它與我們現有的營運高度互補，並且不會佔用我們的資料中心容量用於人工智慧託管等其他用例。

Our strategy is to continue focusing on measured growth of our capacity in response to customer demand backed by good contracts and solid utilization of that capacity. In relation to colocation and other monetization opportunities, we believe that we have high quality assets which will become more and more valuable in an increasingly power constrained market, and as Dan referred to earlier, there's increasing competition for sites to support both Bitcoin mining and AI.

我們的策略是繼續專注於產能的可衡量成長，以回應客戶需求，並以良好的合約和產能的可靠利用為後盾。就託管和其他貨幣化機會而言，我們相信我們擁有高品質的資產，這些資產在電力日益受限的市場中將變得越來越有價值，正如Dan 之前提到的，支持比特幣挖礦和人工智慧的站點的競爭日益激烈。

We expect competition for large scale grid connected power to intensify over the coming months, given some of the dynamics in the market including continued growth and adoption of AI regulatory complexities with behind the meter solutions. So for example, the recent FERC rejection of the AWS-Talen interconnect at the Susquehanna nuclear plant in Pennsylvania and also the timeline for new nuclear generation and other generation sources to come online.

考慮到市場的一些動態，包括持續成長和採用電錶解決方案背後的人工智慧監管複雜性，我們預計未來幾個月大規模併網電力的競爭將加劇。例如，最近 FERC 拒絕了賓州薩斯奎哈納核電廠的 AWS-Talen 互連，以及新核能發電和其他發電來源上線的時間表。

As a result, we're seeing West Texas sites increasingly coming into focus, and there have been several hyperscaler projects announced in the region in recent months. For example, the Crusoe data center project in Abilene. With respect to our discussions underway, we continue to advance negotiations with interested parties on a range of structures for our sites, including powered land leases and built to suit contracts.

因此，我們看到西德克薩斯州的站點越來越受到關注，近幾個月該地區宣布了多個超大規模項目。例如位於阿比林的 Crusoe 資料中心專案。關於我們正在進行的討論，我們將繼續與感興趣的各方就我們場地的一系列結構進行談判，包括供電土地租賃和根據合約建造。

As Dan mentioned, we aren't providing guidance on terms or timing at this stage, but as we've said previously, we're actively negotiating potential transactions with hyperscalers and we'll update the market on material developments as appropriate. Monetizing our data center platform into new verticals remains a key focus for management.

正如Dan 所提到的，我們現階段不會提供有關條款或時間安排的指導，但正如我們之前所說，我們正在積極與超大規模企業就潛在交易進行談判，並且我們將酌情向市場通報材料開發的最新情況。將我們的資料中心平台貨幣化到新的垂直領域仍然是管理層的重點關注點。

We're committed to maximizing shareholder value and any transaction must reflect the strategic value of our assets. With respect to liquid cooling, our team has extensive experience designing and operating data centers optimized for power dense compute and a demonstrated execution capability. We're leveraging that experience to best position our infrastructure for opportunities in the rapidly evolving AI sector.

我們致力於股東價值最大化，任何交易都必須反映我們資產的策略價值。在液體冷卻方面，我們的團隊擁有豐富的設計和營運針對功率密集運算進行最佳化的資料中心的經驗，並具有出色的執行能力。我們正在利用這些經驗來最好地定位我們的基礎設施，以在快速發展的人工智慧領域中抓住機會。

For instance, as many people will be aware, certain variants of the Blackwell generation of NVIDIA GPUs require liquid cooling. It's notwithstanding the success and the successful testing of our GPU clusters in our current free air cooling environment, we will be installing liquid cooling infrastructure at both our Prince George and Childress sites to ensure that we're ready to support the next generation of GPUs.

例如，正如許多人所知，Blackwell 一代 NVIDIA GPU 的某些變體需要液體冷卻。儘管我們的 GPU 叢集在當前的自然風冷環境中取得了成功並成功進行了測試，但我們仍將在喬治王子城和 Childress 站點安裝液體冷卻基礎設施，以確保我們準備好支援下一代 GPU。

We expect this to create additional opportunities for us across both the cloud services and colocation pathways. As we touched on in the previous slide, I'm on slide 12 now, we see significant strategic value in our land and power portfolio and parties are turning their attention to power and capacity requirements for 2026 and beyond.

我們預計這將為我們在雲端服務和主機託管方面創造更多機會。正如我們在上一張投影片中談到的那樣，我現在在投影片12 上，我們看到我們的土地和電力投資組合具有重大戰略價值，各方正在將注意力轉向2026 年及以後的電力和容量需求。

Today, we're excited to announce the location of our 1.4 gigawatt Sweetwater Data Center project which is immediately adjacent to the utility's high voltage substation and approximately 60 miles from the regional hub Abilene in West Texas. During the quarter, we've continued to push forward with development activities including securing an additional 800 acres of land adjacent to our existing freehold hold land, bringing our total landholding at the site to over 1,300 acres.

今天，我們很高興地宣布 1.4 吉瓦 Sweetwater 資料中心專案的選址，該專案緊鄰公用事業公司的高壓變電站，距離德克薩斯州西部的區域中心阿比林約 60 英里。本季度，我們繼續推進開發活動，包括在我們現有的永久業權土地附近額外獲得 800 英畝土地，使我們在該地點的總土地面積超過 1,300 英畝。

We've also accelerated the timeline for upgrades and energization of the utility substation from October 2026 to April 2026. Furthermore, we've commenced procurement to support the 1.4 gigawatt substation energization by April of 2026, including procurement of transformers, circuit breakers, and ancillary electrical equipment at 1,400 megawatts. This single site is larger than many entire data center markets in the US and it has the potential to be the largest Bitcoin mining facility or AI factory in the world, capable of supporting over 90 exahash of Bitcoin mining or over 800,000 GPUs.

我們也加快了公用變電站的升級和通電時間表，從 2026 年 10 月推遲到 2026 年 4 月。此外，我們已開始採購以支援2026年4月前1.4吉瓦變電站通電，包括採購1,400兆瓦變壓器、斷路器和輔助電氣設備。這個單一站點比美國許多整個資料中心市場還要大，它有潛力成為世界上最大的比特幣挖礦設施或人工智慧工廠，能夠支援超過 90 exahash 的比特幣挖礦或超過 80 萬個 GPU。

On to slide 13. In relation to our powerful portfolio, we've spent years developing our current 2.3 gigawatts of contracted capacity. Our approach with respect to the market is only to announce sites where we have executed interconnection agreements.

轉到投影片 13。就我們強大的產品組合而言，我們花了數年時間開發目前 2.3 吉瓦的合約容量。我們對市場的做法只是公佈我們已簽署互連協議的站點。

This means they're not potential future megawatts, these are genuine megawatts that are contracted today through binding interconnection agreements. We've observed first hand within our own portfolio, some of the timeline, delays in securing grid approvals. And as Dan mentioned, there are a number of risks associated with development and securing capacity, which underscores the strategic value of having these megawatts contracted today, and especially at large individual sites.

這意味著它們不是潛在的未來兆瓦，而是今天透過具有約束力的互連協議簽訂的真正兆瓦。我們在自己的投資組合中親眼目睹了一些時間表、電網審批方面的延遲。正如丹所提到的，存在著與開發和確保容量相關的許多風險，這突顯了當今簽約這些兆瓦的戰略價值，特別是在大型單一站點。

Without signed interconnection agreements, the quantum of megawatts timing and cost is highly uncertain. That is why on our calls, we only highlight the 2.3 gigawatts of signed interconnections. However, we continue to develop our data center portfolio and hope to provide updates in due course on our pipeline of over 1 gigawatt of data center sites, if we're successful in signing additional interconnection agreements at those sites.

如果沒有簽署互連協議，兆瓦級的時間和成本是高度不確定的。這就是為什麼在我們的電話會議中，我們只強調 2.3 吉瓦的已簽署互連。然而，我們將繼續開發我們的資料中心產品組合，並希望在適當的時候提供超過 1 吉瓦的資料中心站點管道的更新，如果我們成功地在這些站點簽署額外的互連協議的話。

Importantly, the interconnection agreements that we have executed provide for uninterruptible power. So that means no mandatory curtailment. Any curtailment that we do is entirely voluntary in order to reduce our power costs at those sites.

重要的是，我們執行的互連協定提供了不間斷電源。所以這意味著沒有強制削減。我們所做的任何限電都是完全自願的，目的是為了降低這些站點的電力成本。

Additionally, we've continued to invest internally in our development capability including growing our commercial teams at our North American headquarters. And we'll continue to look to accelerate our development activities globally and add to our organic pipeline, which means less reliance on M&A transactions to support our future growth.

此外，我們繼續在內部投資於我們的開發能力，包括在北美總部發展我們的商業團隊。我們將繼續尋求加速我們的全球開發活動，並增加我們的有機管道，這意味著減少對併購交易的依賴來支持我們的未來成長。

Now I'll pass over to Belinda, our CFO to walk through the financial results.

現在我將請我們的財務長貝琳達來介紹財務表現。

Thank you, Kent. Good morning, to those in Sydney, and good afternoon, to those in North America. Thank you for joining us for our Q1 FY25 earnings update. As a start, I'm going to highlight our operating leverage as we scale our Childress operations.

謝謝你，肯特。雪梨的人們早安，北美的人們下午好。感謝您關注我們 2025 財年第一季的收益更新。首先，我將強調我們在擴大 Childress 業務時的營運槓桿。

Earlier in the presentation, Dan highlighted the illustrative mining economics on our path to 50 exahash. As shown on the slide, as we scale from today's installed capacity of 21 exahash to 50 exahash, we see potential for significant improvement in our unit economics.

在演講的早些時候，Dan 強調了我們通往 50 exahash 之路的挖礦經濟學。如幻燈片所示，隨著我們將目前的裝置容量從 21 exahash 擴大到 50 exahash，我們看到了單位經濟效益顯著改善的潛力。

The group key drivers to this being attractive power prices at Childress with the transition to spot pricing made on August 1, 2024, a reduction in the energy cost per Bitcoin mined across the portfolio due to the increased mining contribution from Childress at a lower cents per kilowatt hour price, coupled with improved fleet efficiency to the industry leading at 15 joules per terahash.

該集團實現這一目標的關鍵驅動因素是Childress 的電價具有吸引力，並於2024 年8 月1 日過渡到現貨定價，由於Childress 的採礦貢獻增加，每個比特幣的能源成本降低，因此整個投資組合中每枚比特幣的能源成本降低千瓦時價格，加上提高的車隊效率，達到業界領先水準（每兆赫 15 焦耳）。

Furthermore, as we scale overheads are spread over a larger revenue base. As such overheads on a per exahash basis are expected to decrease by approximately 70% from Q1 FY25 as we scale to 50 exahash. This contributes to a significant reduction in our all in cash cost per Bitcoin of approximately $28,000 being the lowest in the industry.

此外，隨著我們規模的擴大，管理費用分佈在更大的收入基礎上。因此，隨著我們擴展到 50 exahash，預計每 exahash 的管理費用將比 2025 財年第一季減少約 70%。這使得我們每個比特幣的現金成本大幅降低約 28,000 美元，達到業界最低水準。

As touched on earlier by Dan in the presentation, to finance this growth will be focused on alternative funding instruments. In addition, at scale, the achievement of positive operating cash flows may support a potential for investor distribution in calendar year 2025.

正如丹早些時候在演講中提到的那樣，為這種增長提供資金將集中在替代融資工具上。此外，從規模來看，實現正營運現金流可能會支持 2025 年投資者分配的潛力。

Moving on to the next slide. Further to the operating leverage we just discussed, this sets out the illustrative economics at various Bitcoin prices. The first column of the table shows illustrative economics at 31 exahash and 50 exahash with a Bitcoin price of $90,000 and a current network hashrate of 732 exahash.

轉到下一張投影片。除了我們剛剛討論的營運槓桿之外，這還列出了各種比特幣價格下的說明性經濟學。表的第一列顯示了 31 exahash 和 50 exahash 時的經濟情況，比特幣價格為 90,000 美元，當前網路哈希率為 732 exahash。

This results in an estimated adjusted EBITDA of $435 million and $714 million respectively. The sensitivity analysis shown in the table sets out the illustrative economics associated with Bitcoin prices starting at $125,000 and scaling by 25,000 intervals to $200,000 at an implied network hashrate of 1,000 exahash.

預計調整後 EBITDA 分別為 4.35 億美元和 7.14 億美元。表中顯示的敏感度分析列出了與比特幣價格相關的說明性經濟學，從 125,000 美元開始，以 25,000 個間隔縮放至 200,000 美元，隱含網路哈希率為 1,000 exahash。

This results in adjusted EBITDA of $1.4 billion at a Bitcoin price of $200,000. The estimated increase in overheads as we scale from 31 exahash to 50 exahash is approximately $23 million, primarily attributable to variable Childress site related costs, including property insurance and property county taxes.

如果比特幣價格為 20 萬美元，調整後的 EBITDA 將為 14 億美元。當我們從 31 exahash 擴展到 50 exahash 時，管理費用預計增加約 2300 萬美元，主要歸因於與 Childress 站點相關的可變成本，包括財產保險和財產稅縣稅。

Also mentioned earlier, we're 100% committed to renewable energy and our investment in renewable certificate costs increase as we scale from $9 million at 31 exahash to $16 million at 50 exahash. Our overheads reflect a business contributing to deliver significant growth. We have onboarded technical and go-to-market resources for our AI business and have built internal site development expertise to scale our broader portfolio.

前面也提到，我們 100% 致力於再生能源，隨著我們從 31 exahash 的 900 萬美元擴大到 50 exahash 的 1600 萬美元，我們對再生能源證書成本的投資也在增加。我們的管理費用反映了一項有助於實現顯著成長的業務。我們為人工智慧業務配備了技術和上市資源，並建立了內部站點開發專業知識來擴展我們更廣泛的產品組合。

This makes us less reliant on competitive M&A processes to scale our platform, and we see this as a strategic advantage. Moving on to the next slide, I'll touch on the quarterly results. During the quarter, we achieved an adjusted EBITDA of $2.6 million with Bitcoin mining revenue of $54.3 million and AI cloud services revenue of $3.2 million.

這使我們減少了對競爭性併購流程的依賴來擴展我們的平台，我們認為這是一種策略優勢。轉到下一張投影片，我將討論季度業績。本季度，我們實現調整後 EBITDA 為 260 萬美元，比特幣挖礦收入為 5,430 萬美元，人工智慧雲端服務收入為 320 萬美元。

The average operating hashrate for the quarter increased from 9 exahash to 12.1 exahash and we mined 821 Bitcoin at an average realized price of $66,000. Net electricity costs for the quarter increased by $4.6 million to $28.7 million. This was primarily due to the increased Childress megawatt usage as we scaled as well as the Childress energy procurement in July 2024, which was under a fixed cost, fixed quantity contract.

本季的平均運行哈希率從 9 exahash 增加到 12.1 exahash，我們以 66,000 美元的平均實現價格開採了 821 個比特幣。該季度的淨電力成本增加了 460 萬美元，達到 2,870 萬美元。這主要是由於隨著我們規模的擴大以及 2024 年 7 月根據固定成本、固定數量合約進行的 Childress 能源採購，Childress 兆瓦使用量增加。

From August 1, 2024, Childress procurement transitioned to a spot pricing strategy. If that spot pricing strategy had been in place for the entire quarter, the cost of Bitcoin mine would have been $26,700 versus a $35,400.

自2024年8月1日起，Childress採購轉變為現貨定價策略。如果整個季度都採用現貨定價策略，那麼比特幣挖礦成本將為 26,700 美元，而 35,400 美元。

As discussed in the previous slide, other costs of $21.4 million reflects a business today that is delivering significant growth and projected continued expansion over the coming years. The primary driver of the quarter on quarter increase of $0.4 million is due to Childress construction and operational insurance costs.

正如上一張投影片中所討論的，2,140 萬美元的其他成本反映了目前的業務正在實現顯著成長，並預計在未來幾年持續擴張。季度環比增長 40 萬美元的主要原因是 Childress 建設和營運保險成本。

Now moving to our cash flows. Closing cash at bank at September 30 is reported as $98.6 million with strong receipts from Bitcoin mining activities of $49.6 million and AI cloud services of $3.7 million. The increase in electricity payments made during the quarter includes the one off liquidation payment of $7.2 million related to the transition to spot pricing strategy from August 1, 2024.

現在轉向我們的現金流。據報道，截至 9 月 30 日，銀行現金結清為 9,860 萬美元，其中來自比特幣挖礦活動的強勁收入為 4,960 萬美元，人工智慧雲端服務收入為 370 萬美元。本季電費增加包括與 2024 年 8 月 1 日起過渡到現貨定價策略相關的一次性清算付款 720 萬美元。

We increased our investing activities and spent a total of $387 million, which relates to expansion at Childress data center, the purchase of Bitmain S21 Pros and T21 Miners as part of the pathway to the 31 exahash and the purchase of NVIDIA H200 GPUs.

我們增加了投資活動，總共花費了 3.87 億美元，用於擴建 Childress 資料中心、購買比特大陸 S21 Pros 和 T21 礦機（作為通往 31 exahash 的一部分）以及購買 NVIDIA H200 GPU。

We raised $84 million of net ATM proceeds during the quarter and post that $142 million from net ATM proceeds. Cash increased to $182.4 million at October 31, 2024. We'll now turn to the balance sheet. At September 30, 2024, we had total assets of $1.3 billion, no debt and a strong balance sheet providing flexibility to fund future growth.

我們在本季籌集了 8,400 萬美元的 ATM 淨收益，並公佈了來自 ATM 淨收益的 1.42 億美元。截至 2024 年 10 月 31 日，現金增加至 1.824 億美元。我們現在轉向資產負債表。截至 2024 年 9 月 30 日，我們的總資產為 13 億美元，沒有債務，資產負債表強勁，為未來成長提供了靈活性。

Total equity increased to $1.1 billion with gross proceeds of $76 million from 9.1 million shares sold under the ATM. As touched on earlier in the presentation by Dan, to finance future growth, we'll be focused on alternative funding instruments and in addition, at scale, the achievement of positive operating cash flows may support a potential for investor distribution in calendar year 2025.

總股本增至 11 億美元，透過 ATM 出售 910 萬股，所得總收益為 7,600 萬美元。正如 Dan 先前在演講中提到的，為了為未來的成長提供資金，我們將專注於替代融資工具，此外，在規模上，實現正營運現金流可能會支持 2025 年投資者分配的潛力。

I'll now turn over for Q&A.

我現在將進行問答。

(Operator Instructions)

（操作員說明）

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much, operator, and good day everyone. My first question is on Sweetwater, and how you think about the strategic process versus the organic opportunity at the site? Thank you very much for your perspective on that.

非常感謝您，接線員，祝大家美好。我的第一個問題是關於斯威特沃特的，您如何看待戰略流程與該地點的有機機會？非常感謝您對此的看法。

Thanks, Lucas. Nice to see you. Look, the short answer is there's no decision point right now beyond procuring long lead items around the electrical infrastructure, so transformers, substation components, et cetera. So we're in a position to prepare dual pathways, both for Bitcoin mining as well as AI related opportunities on the colocation or otherwise.

謝謝，盧卡斯。很高興見到你。看，簡短的答案是，除了購買電力基礎設施周圍的長鉛項目（例如變壓器、變電站組件等）之外，目前沒有任何決策點。因此，我們能夠為比特幣挖礦以及託管或其他方面的人工智慧相關機會準備雙重途徑。

So we're pursuing it in all parallel. And the reality is we're facing a number of different potential pathways. And the opportunity is to compare each pathway to each other as an opportunity cost. And it's everything from building out Bitcoin mining.

所以我們正在並行地追求它。現實是我們面臨許多不同的潛在途徑。機會是將每條路徑相互比較作為機會成本。這一切都來自於建立比特幣挖礦。

And if we can continue to build at $30 million and have the market value that exahash at $120 million, then that sounds pretty good. All the way through to build to suit options where we might build an AI data center for a counterparty under a build to suit model.

如果我們能夠繼續以 3000 萬美元的規模進行建設，並讓市場價值達到 1.2 億美元，那麼這聽起來相當不錯。一直到建立適合的選項，我們可以在建立適合的模型下為交易對手建立人工智慧資料中心。

And again, internally deliver a component of that. There's structures like power and land, leases in there as well. So at this stage, it's working through all the options in parallel and just playing them off against each other.

再次，在內部交付其中的一個組件。那裡有電力、土地、租賃等結構。因此，在這個階段，它正在並行處理所有選項，並將它們相互競爭。

I appreciate that. That's helpful. And my follow-up is on the capital intensity on the Bitcoin mining business. Should we kind of think of that $30 million per exahash in a linear fashion up to 50? And if so, could you just remind us what the capital requirement is from where you are today to that 50 exahash ? How much capital is needed? Thank you very much for calling.

我很欣賞這一點。這很有幫助。我的後續行動是關於比特幣挖礦業務的資本密集度。我們是否應該將每 exahash 3000 萬美元以線性方式考慮到 50？如果是這樣，您能否提醒我們從您今天的情況到 50 exahash 的資本要求是多少？需要多少資金？非常感謝您的來電。

Yes, for sure. So we haven't guided a specific number, partly because there's a number of moving parts around do we buy additional GPUs, because there's a spike in demand and the customer would like that. We're buying long lead items for Sweetwater.

是的，當然。所以我們沒有給出具體的數字，部分原因是有很多移動部件，我們是否需要購買額外的 GPU，因為需求激增，客戶會喜歡這樣。我們正在為斯威特沃特購買長交貨期的物品。

But if we look in really high level terms, we previously announced that we were fully funded to the 30 exahash. Since then, we've raised about $200 million-ish under the ATM, that gives a $400 million funding requirement to go from 30 to 50.

但如果我們從真正的高層角度來看，我們之前宣布我們已獲得 30 exahash 的全額資助。從那時起，我們已經透過 ATM 籌集了大約 2 億美元左右的資金，這使得從 30 家增加到 50 家需要 4 億美元的資金需求。

Yes, we've had higher operating cash flows than expected because of the Bitcoin price action. But again, that's somewhat offset by other CapEx. So we haven't guided specific numbers, but in general terms, you can probably triangulate roughly what we need.

是的，由於比特幣價格走勢，我們的營運現金流高於預期。但同樣，這在某種程度上被其他資本支出所抵消。因此，我們沒有提供具體的數字，但總的來說，您可以粗略地估算我們需要的內容。

Dan and team. I really appreciate all the color, and wish you best of luck. Thank you.

丹和團隊。我真的很欣賞所有的顏色，祝你好運。謝謝。

Thank you.

謝謝。

Joseph Vafi, Canaccord Genuity.

約瑟夫‧瓦菲 (Joseph Vafi)，Canaccord Genuity。

Everyone, good morning. Nice to see all the progress on so many fronts. It's great. Just kind of starting with a theoretical one, we've got a much higher Bitcoin spot price than we did, and you're now mentioning potential. It sounds like maybe a dividend or something like that next year. Just wondering at what Bitcoin level and kind of what level of exahash do you think at least the Bitcoin business can keep growing kind of more on a self-funded basis moving forward versus balance sheet related financing? And then I'll have a quick follow up.

大家早安。很高興看到在這麼多方面取得的所有進展。這很棒。只是從理論上開始，我們的比特幣現貨價格比我們之前高得多，而你現在提到了潛力。聽起來可能是明年的股息或類似的東西。只是想知道比特幣的水平和 exahash 的水平，您認為至少比特幣業務可以在自籌資金的基礎上繼續增長，而不是與資產負債表相關的融資？然後我會快速跟進。

Yeah, sure. So we think about operating cash flows a little bit separate to investing cash flows where there are two separate decision points in our mind. So the first is operating cash profits. So how much are you generating from your operations as a going concern, and what do we do with that cash flow. The second is what is the decision around reinvestment of those cash flows.

是的，當然。因此，我們對經營現金流量的考量與投資現金流量有點分開，我們的腦海中有兩個獨立的決策點。所以首先是經營現金利潤。那麼，作為持續經營的企業，您的營運產生了多少收入，以及我們如何處理這些現金流。第二個問題是圍繞這些現金流的再投資做出的決定。

Now, I think it's fair to say that for quite some time, 100% of all the capital we raise is going into revenue generating CapEx and using our operations to continue to support building our corporate overheads, our operating base, et cetera. And as you can see in the presentation, we're now hitting that inflection point where operating cash flows are going to be potentially substantial.

現在，我認為可以公平地說，在相當長的一段時間內，我們籌集的所有資本100% 都用於產生收入的資本支出，並利用我們的運營繼續支持建立我們的公司管理費用、我們的運營基礎等。正如您在簡報中所看到的，我們現在正處於拐點，營運現金流將可能非常可觀。

So the decision to reinvest those cash flows as distinct from distributing those cash flows to investors is something that we'll work through. But when you look at the market today and you see a number of different companies accumulating Bitcoin on their balance sheet, paying market price or close thereof to it, and we've got the opportunity to generate Bitcoin and effectively acquire Bitcoin at a cash cost of $29,000 and distribute that Bitcoin/cash out to investors who can then self-custody.

因此，我們將決定將這些現金流再投資，而不是將這些現金流分配給投資者。但是，當你觀察今天的市場時，你會看到許多不同的公司在其資產負債表上累積比特幣，支付市場價格或接近市場價格，我們有機會產生比特幣並以現金成本有效地獲取比特幣29,000 美元，並將比特幣/現金分發給可以自我託管的投資者。

We're not that big of believers in third party custody. We've been around Bitcoin since 2013, ridden Mt. Gox, FTX, et cetera. So I think the opportunity to generate a $29,000 cash cost Bitcoin for investors and effectively distribute that coin out either through the physical coin, we'll have to look into that, or as cash flow is pretty powerful.

我們不太相信第三方託管。自 2013 年以來，我們一直關注比特幣，並涉足 Mt. Gox、FTX 等。因此，我認為為投資者產生 29,000 美元現金的機會需要花費比特幣，並透過實體硬幣有效地分配該硬幣，我們必須對此進行研究，或者因為現金流非常強大。

And I think it's important to keep that separate from investing in cash flows and how we might fund that to continue to drive that cost potentially down even lower, but drive it in aggregate.

我認為重要的是要將其與現金流投資以及我們如何為其提供資金以繼續降低成本（但總體而言）分開。

That's great color. And potentially exciting there in actually distributing the underlying Bitcoin instead of cash. And then just congrats on being able to announce the Sweetwater site. That's nice progress. Just, I know you started to talk about some long lead time items there. Are you going to try to get enough long lead time items for the full 1.4 gigawatts or do you think that there's a step progress there? And then any update on fiber and if you're going to have to invest on fiber interconnect for that site? Thanks a lot.

那顏色真棒。實際分發底層比特幣而不是現金可能會令人興奮。然後恭喜您能夠宣布 Sweetwater 網站。這是很好的進步。只是，我知道您開始談論一些交貨時間較長的項目。您是否打算嘗試為 1.4 吉瓦提供足夠長的交貨時間項目，或者您認為這方面有一個進步？那麼光纖方面有什麼更新嗎？多謝。

Dan. I'm happy to jump in and take that one. So with respect to the full capacity there on the data center side, it will take some time to build it out. As Dan referred to earlier, we're currently at Childress able to build out about 50 megawatts a month in terms of data center capacity. So to build out a site the size of the Sweetwater data center site, it will take some period of time.

擔。我很高興加入並接受那個。因此，就資料中心方面的全部容量而言，還需要一些時間來建置。正如 Dan 之前提到的，我們目前在 Childress 每月能夠建立約 50 兆瓦的資料中心容量。因此，要建造一個像斯威特沃特資料中心那樣規模的站點，需要一段時間。

But what we're doing with the procurement of long lead items is enabling the full capacity on the high voltage substation. So this is the substation that allows you to connect into the high voltage utility grid. And then we will build out the remaining site substations and data center capacity on a progressive basis. But the long lead procurement is set up in a way to enable us to energize the entire bulk high voltage substation to the full capacity on that April 2026 timeline.

但我們正在採購長週期項目，以實現高壓變電站的全部容量。這是一個可以讓您連接到高壓公用電網的變電站。然後我們將逐步建造剩餘的站點變電站和資料中心容量。但長期採購的目的是為了讓我們能夠在 2026 年 4 月的時間表上為整個大型高壓變電站提供滿載供電。

Great. Thanks Kent. And then any update on fiber at Sweetwater. Thanks a lot guys.

偉大的。謝謝肯特。然後是有關 Sweetwater 纖維的任何更新。非常感謝大家。

Yes. So in terms of fiber, there are multiple Tier 1 carriers in the area, including right up to the existing utility substation. So access to fiber is not an issue. In terms of latency, because these are Tier 1 providers, the latency to all major hyperscaler hubs is very good as well. So sub 20 milliseconds latency and sub 10 milliseconds in a number of cases. So the fiber position at that site is suitable for almost all AI applications, as well as Bitcoin mining, obviously.

是的。因此，就光纖而言，該地區有多個一級營運商，包括現有的公用變電站。因此，獲得光纖並不是問題。在延遲方面，由於這些都是一級提供者，因此所有主要超大規模中心的延遲也非常好。因此，延遲低於 20 毫秒，在許多情況下延遲低於 10 毫秒。因此，該站點的光纖位置顯然適合幾乎所有人工智慧應用程序，以及比特幣挖礦。

Sure. That's all positive news. Thanks for that color, Kent.

當然。這都是正面的消息。謝謝你的顏色，肯特。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Hi guys. Good morning. Good afternoon. Thanks for taking my questions. Two, if I may. First, I'm just curious, strategically, can you walk through just the mindset of accelerating the 50 exahash in the context of maybe looking at opportunity costs relative to other opportunities?

嗨，大家好。早安.午安.感謝您回答我的問題。如果可以的話，兩個。首先，我只是很好奇，從策略上講，您能否在考慮相對於其他機會的機會成本的背景下，透過加速 50 exahash 的思維方式？

And then my second question on your balance sheet, the $275 million of prepayment on the cash flow, what is that exactly related to in terms of payments? I assume it's all for the acceleration to 50 exahash. And I guess like what portion of that CapEx is already paid for? Thanks.

然後是我關於資產負債表的第二個問題，即現金流量中的 2.75 億美元預付款項，這與付款方面到底有什麼關係？我認為這都是為了加速到 50 exahash。我猜資本支出的哪一部分已經支付？謝謝。

I'll pass over to Belinda for the balance sheet question in a minute. But to address the first question around opportunity cost, I mean, we continue to have conversations with very large counterparties about the prospects of doing a deal at Childress.

稍後我將把資產負債表問題交給貝琳達。但為了解決關於機會成本的第一個問題，我的意思是，我們繼續與大型交易對手就在 Childress 進行交易的前景進行對話。

But the reality is you've got to make a decision at some point, and the decision is right this second, the preference is to build out Bitcoin mining. The opportunity cost is comparing each pathway to another. Yes, we've received multiple offers for capacity there. But in our opinion at this stage, the prospects and the risk return proposition of building all that out at Bitcoin makes sense.

但現實是你必須在某個時刻做出決定，而這個決定是正確的，首選是建立比特幣挖礦。機會成本是將每條路徑與另一條路徑進行比較。是的，我們已經收到了多份關於那裡容量的報價。但我們認為，在現階段，在比特幣上建立所有這些的前景和風險回報主張是有意義的。

Equally, there's still some optionality there. We haven't exercised all those minor options. We've got some time to do that. So if those contractual negotiations with other parties went a slightly different direction or improved, then, I mean, we reserve the right to change our mind and pivot. But by definition, it needs to be better than the alternative which we can control, which is building out Bitcoin mining at $30 million and having the market seemingly value that at $120 million.

同樣，仍然有一些選擇。我們還沒有行使所有這些次要選擇。我們有一些時間來做這件事。因此，如果與其他方的合約談判方向略有不同或有所改善，那麼，我的意思是，我們保留改變主意和轉向的權利。但根據定義，它需要比我們可以控制的替代方案更好，後者以 3000 萬美元建造比特幣挖礦，而市場似乎對其估值為 1.2 億美元。

Thank you, Darren. Yeah. In relation to the prepayments, so we've got mining hardware prepayments of $122 million as well as on the GPUs $8.1 million. We also in our Childress new contract, we have to keep some collateral on Board, so we have some prepayments in relation to the electricity contract in Childress.

謝謝你，達倫。是的。就預付款而言，我們的採礦硬體預付款為 1.22 億美元，GPU 預付款為 810 萬美元。在我們的 Childress 新合約中，我們還必須在船上保留一些抵押品，因此我們有一些與 Childress 電力合約相關的預付款。

Great. Appreciate all the insights. Thank you.

偉大的。欣賞所有的見解。謝謝。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Hey, good evening. Thanks for taking the question, or good morning rather out in Australia. You had a really interesting quote in your press release, and you actually mentioned it again during the call. Some of the effect of making sure that a deal reflected the value of your assets, strategic value of the assets, I think, was the exact quote.

嘿，晚上好。感謝您提出問題，或早上好，而不是在澳洲。您在新聞稿中引用了一段非常有趣的言論，並且您實際上在電話會議中再次提到了它。我認為，確保交易反映資產價值、資產策略價值的一些影響是準確的報價。

I'm not asking for a number, but I'm curious how you guys go about appraising the value of that, like how you think about it. We've tried to take some stabs at it, but I'm just curious how you think about that. And I have a follow up. Thank you.

我不是要求一個數字，但我很好奇你們如何評估它的價值，例如你們如何看待它。我們已經嘗試對此進行一些嘗試，但我只是好奇你對此有何看法。我有一個後續行動。謝謝。

Yeah. Thanks, Reggie. To be honest, it's a bit of art and science, both hand in hand. The science element is putting the numbers down and modeling out the various pathways and scenarios. You've got Bitcoin mining and then you've got various AI colocation structures that all result essentially in an NPV valuation to the business today. So that's the science.

是的。謝謝，雷吉。老實說，這是藝術和科學的結合。科學元素是記下數字並模擬出各種路徑和場景。你已經有了比特幣挖礦，然後你有了各種人工智慧託管結構，所有這些基本上都導致了當今企業的淨現值估值。這就是科學。

Notwithstanding, you've got to put assumptions into those spreadsheets, but those assumptions are informed largely by reality. When it comes to Bitcoin mining, it's CapEx, it's returns, Bitcoin price, network hash rate.

儘管如此，您必須將假設放入這些電子表格中，但這些假設很大程度上是基於現實的。當涉及比特幣挖礦時，它是資本支出、回報、比特幣價格、網路哈希率。

When it comes to AI transactions, it's plugging in contractual terms that are under negotiation. So it's quite easy in terms of working out at any point in time what the preference might be. Notwithstanding there's assumptions that go into that, including discount rates, cost of capital, market valuation of different types of revenue streams. So all of that goes into the bucket.

當談到人工智慧交易時，它會插入正在談判的合約條款。因此，在任何時間點計算出偏好可能是非常容易的。儘管如此，還是存在一些假設，包括折現率、資本成本、不同類型收入流的市場估值。所以所有這些都進了桶子。

The art element is saying, well, where are we at in the market? What are the conversations we're having with market participants all the way from hyperscalers to data centers, to the banks, to real estate companies, and triangulating all that information to try and form some sort of directional view on where the market is at.

藝術元素是說，好吧，我們在市場上處於什麼位置？從超大型企業到資料中心、銀行、房地產公司，我們與市場參與者進行了哪些對話，並對所有這些資訊進行了三角測量，以嘗試形成某種有關市場狀況的方向性觀點。

And I think it's fair to say that the market is still in transition. You've gone from the old world of effectively available capital, available data center capacity to increase the number of GPUs and meet this AI demand. All of a sudden, you seem to have hit this point in the market where hang on, we are short potentially substantial amounts of power to meet this.

我認為可以公平地說，市場仍處於轉型期。您已經擺脫了有效可用資本、可用資料中心容量的舊世界，轉而增加 GPU 數量並滿足人工智慧需求。突然之間，你似乎已經達到了市場的這一點，堅持下去，我們缺乏潛在的大量力量來滿足這一點。

I think it's absolutely fair to say there's a transition period where every counterparty is going on their own journey around how scarce is power, how real is the current demand on the AI side? And what does this mean in terms of capacity to pay an interest in transacting in a specific valuation point.

我認為可以公平地說，有一個過渡期，每個交易對手都在圍繞權力的稀缺程度、當前人工智慧方面的需求有多真實，走自己的路？這對於在特定估值點進行交易時支付利息的能力意味著什麼？

And as time goes on, what we're seeing, again, this is anecdotes, is people are now starting to realize the 1 and 0 difference between having an interconnection agreement and talking about this made up pipeline of megawatts.

隨著時間的推移，我們再次看到，這是軼事，人們現在開始意識到擁有互連協議和談論這個兆瓦級管道之間的 1 和 0 區別。

I mean, we have been in development for decades, renewable energy projects through to other infrastructure to now developing power for data centers, as we've done in IREN. It is a 1 and 0 business. You could have whatever made up pipeline of megawatts you want. But unless you get to the finish line and you get that signed connection agreement, it is worth 0, absolutely nothing.

我的意思是，我們已經開發了數十年，從再生能源專案到其他基礎設施，再到現在為資料中心開發電力，就像我們在 IREN 所做的那樣。這是一個1和0的生意。你可以擁有任何你想要的兆瓦管道。但除非你到達終點線並獲得簽署的連接協議，否則它的價值為 0，絕對沒有。

In sporting terms, the analogy is going through a home and away season, undefeated, not losing the game, being the hot price favorite, you then get to the final. You have a few injuries, the weather changes, something else goes wrong and you don't win the final or you've lost. It's a 0. The season counts for nothing and you go on to the next season. It is exactly the same in this. And I think the market is now starting to realize the value of that.

用運動術語來說，這個比喻就是經歷一個主要客場賽季，保持不敗，不輸掉比賽，成為熱門球隊，然後進入決賽。你受了一些傷，天氣發生了變化，或者出現了其他問題，你要么沒有贏得決賽，要么就輸了。這是一個0。這個賽季毫無意義，你可以繼續下個賽季。這一點也是完全一樣的。我認為市場現在開始意識到這一點的價值。

That's good. It actually leads right into my next question. It was going to be about kind of the urgency that you were sensing. And it sounds like you're starting to get that urgency. One of the things that I've noticed is that a lot of these not a lot, but several of these big tech companies have announced long range projects that deliver in 2029, 2030, haven't really seen outside of CoreWeave a deal that's like for more immediate capacity.

那挺好的。它實際上直接引出了我的下一個問題。這將是關於你感受到的迫切性。聽起來你開始變得緊迫。我注意到的一件事是，其中很多不是很多，但其中幾家大型科技公司已經宣布了將於 2029 年、2030 年交付的長期項目，但在 CoreWeave 之外還沒有真正看到類似的交易以獲得更直接的能力。

It sounds like there's more urgency. Maybe can you talk a little bit about how conversations have changed and whether there is more urgency on the front end, post end of kind of capacity and opportunities, how that's changing? Thanks.

看來事情更緊急了。也許你能談談對話是如何變化的，以及前端、後端的能力和機會是否更加緊迫，這是如何改變的？謝謝。

Yeah, I mean, two hours ago, we got an email from $1 trillion hyperscaler that said, they weren't interested in Sweetwater, and now they are. I mean, that's one data point. And there's lots of little anecdotes along the way. I'm kind of reluctant to go into too much detail at the risk of building expectations because at the end of the day, a lot of this is outside of our control in terms of how counterparties think about value, their capacity to transact at terms that we will deem attractive.

是的，我的意思是，兩個小時前，我們收到了一封來自價值 1 兆美元的超大規模企業的電子郵件，其中表示，他們對 Sweetwater 不感興趣，但現在他們感興趣了。我的意思是，這只是一個數據點。一路上還有很多小軼事。我有點不願意冒著建立期望的風險談論太多細節，因為歸根結底，就交易對手如何看待價值、他們按條款進行交易的能力而言，很多事情都超出了我們的控制範圍。力。

So it's just a matter of working through all that, knowing that we control our own destiny, being a low-cost producer of Bitcoin and generating that strong cash on cash returns with this incredible optionality that we're super excited about around a large scale AI HPC deal that might happen.

因此，這只是一個解決所有這些問題的問題，知道我們控制自己的命運，成為比特幣的低成本生產者，並通過這種令人難以置信的選擇性來產生強勁的現金回報，我們對大規模的比特幣感到非常興奮AI HPC 交易可能會發生。

That's fair. I appreciate that. Congrats on the quarter, and good luck. Thank you.

這很公平。我很欣賞這一點。恭喜本季度，祝你好運。謝謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys. Thanks for taking my questions and congrats on the quarter. Maybe just to start, I think a big news event that happened in the quarter was the FERC announcement. Have you seen like a material increase in demand post that announcement given they kind of used Texas assets much more favorably?

嗨，大家好。感謝您回答我的問題並祝賀本季。也許只是為了開始，我認為本季發生的一個重大新聞事件是 FERC 的公告。鑑於他們更有利地使用德克薩斯州的資產，您是否認為該公告發布後需求大幅增加？

Yeah, I mean, I've got not a lot to add as a follow up to answering the previous questions. I think, yes, like we are seeing more perceived demand coming through. But again, I'll use the sporting analogy. All these conversations are great, but unless you close a deal, it's one's and zeros.

是的，我的意思是，作為回答前面問題的後續內容，我沒有太多要補充的。我認為，是的，我們看到了更多的感知需求。但我會再次使用體育類比。所有這些對話都很棒，但除非你達成協議，否則一切都是零。

And we're just not in the business of speculating and telling everyone every step of the way how good these negotiations are because unless you get a signature on a piece of paper that delivers a transaction that delivers value for shareholders, then it's worth zero.

我們只是不去猜測和告訴每個人這些談判的每一步有多好，因為除非你在一張紙上簽名，為股東帶來交易，否則它的價值為零。

It's the same in development. It's the same in AI deals. And we can -- you can't really control the time lines of each. You've got to continue to progress things will go wrong, things will go right, but get the signature and then you've created a proper tangible value for your shareholders.

發展中也是如此。人工智慧交易也是如此。我們可以——你無法真正控制每個的時間線。你必須繼續前進，事情會出錯，事情會進展順利，但獲得簽名，然後你就為股東創造了適當的有形價值。

Thank you. And then maybe just one more on AI cloud business. I know you guys guided for year end, it being 10% of profits. Obviously, Bitcoin has gone up a lot since then. I guess, what's the plan beyond this year for that business? And how do you view that for CapEx on GPUs relative to maybe some of the Bitcoin mining CapEx given what we've seen happening with Bitcoin over the last couple of weeks?

謝謝。也許還有一個關於人工智慧雲端業務的問題。我知道你們年底的指導是利潤的 10%。顯然，自那時以來，比特幣已經上漲了很多。我想，今年之後該業務的計畫是什麼？鑑於過去幾週我們所看到的比特幣發生的情況，您如何看待 GPU 上的資本支出相對於某些比特幣挖礦資本支出的情況？

Yeah, It's a great question and something we think a lot about. I think in the short term, we're probably less disposed to investing CapEx in the GPUs. And that's for two reasons. One is our current cost of capital and where we should be focusing use of funding. And I think when you look at the Bitcoin opportunity, that's very, very clear and tangible.

是的，這是一個很好的問題，也是我們思考很多的問題。我認為短期內，我們可能不太願意在 GPU 上投資資本支出。這有兩個原因。一是我們目前的資本成本以及我們應該專注於利用資金的地方。我認為當你看到比特幣的機會時，你會發現這是非常非常清晰和切實的。

GPUs, they are capital intensive. We have explored debt options. Do you want to lay in the business with debt at this point in time in the absence of having a long term contract. Again, things can change quickly, so I'm going to hedge my bets here. But sitting here right here right now with our cost of capital where it is. And also, what we're seeing is a slight weakening of demand in that market.

GPU，它們是資本密集的。我們已經探索了債務選擇。在沒有長期合約的情況下，您是否想在此時負債累累地經營企業？再說一遍，事情可能會很快發生變化，所以我要在這裡對沖我的賭注。但現在就坐在這裡，我們的資本成本就是這樣。而且，我們看到該市場的需求略有減弱。

It may be attributable to this change in generations of the NVIDIA chips. We're going from the H100, H200 generation to the Blackwells being released next year, and that will be a reasonably material step up in compute. And I think it's fair to say that we're seeing end customers be a little bit cautious around that and maybe preferring shorter term contracts on the H100 and H200s, in anticipation of those new generations come out. So we just think it's prudent to just take a measured approach.

這可能是由於 NVIDIA 晶片的世代變化所致。我們將從 H100、H200 世代轉向明年發布的 Blackwell，這將是計算方面的一個相當實質的進步。我認為可以公平地說，我們看到最終客戶對此持謹慎態度，並且可能更喜歡 H100 和 H200 的短期合同，以期待新一代產品的問世。因此，我們認為採取謹慎的方法是謹慎的做法。

If tonight, we get a contract, a call for a longer term contract, and it's a big opportunity, absolutely, we're going to do it. But right here right now, it feels like it's a little bit more measured, and let's just wait and see how the next few months plays out.

如果今晚我們得到一份合同，一份長期合約的電話，這是一個很大的機會，我們絕對會這樣做。但現在，感覺好像更加謹慎了一些，讓我們拭目以待，看看接下來的幾個月會如何發展。

Awesome. And maybe if I could just squeeze in one more. There's been a lot of news over the past couple of weeks surrounding Bitmain, and I know you guys have a big purchase order in place. I guess, are you guys concerned that those shipments could potentially not be delivered or held off at customs or just any thoughts or comments on that?

驚人的。也許如果我能再擠進一顆就好了。過去幾週有很多關於比特大陸的新聞，我知道你們已經下了一筆大採購訂單。我想，你們是否擔心這些貨物可能無法交付或被海關扣留，或者只是對此有任何想法或評論？

Yeah, I mean, for six years, we've had people throw concerns around Bitmain add ups, and I'll just continue to say exactly the same thing. We have never had anything but a fantastic experience with Bitmain. The purchase process, the post market -- the aftermarket.

是的，我的意思是，六年來，人們一直對比特大陸的加起來表示擔憂，我會繼續說同樣的話。我們在比特大陸的經歷從未有過，只是一次美妙的經歷。購買過程，後市場－售後市場。

In terms of supply chain hiccups, we deal with it every day. It's the consequence of dealing with a real world business and 1 million and one moving parts, but we've had no material issues. And as I mentioned on the call, I think the last of the 31 exahash in miners will be delivered in the next few, maybe seven days.

就供應鏈問題而言，我們每天都會處理它。這是處理現實世界業務和一百萬零一個活動部件的結果，但我們沒有遇到任何實質問題。正如我在電話中提到的，我認為礦工的 31 exahash 中的最後一個將在接下來的幾天（也許 7 天內）交付。

Awesome. All appreciate it guys. Thank you.

驚人的。大家都很感激。謝謝。

Thank you. I would now like to turn the call back over to Dan Roberts for any closing remarks.

謝謝。我現在想將電話轉回給丹羅伯茨，請他發表結束語。

Thank you, operator. Well, that rounds out our Q1 FY25 results call. We've enjoyed presenting our results, but also articulating our vision in terms of both funding side, looking at alternative structures beyond just the ATM to raise capital on potentially less dilutive terms. But importantly, the ability to invest that capital in accretive projects for our shareholders, looking at per share metrics, for example, adjusted EBITDA as outlined in our presentation and maintaining a prudent approach to capital allocation to generate those strong shareholder returns.

謝謝你，接線生。好了，我們的 2025 財年第一季業績電話會議到此結束。我們很高興展示我們的結果，但也闡明了我們在融資方面的願景，尋找 ATM 以外的替代結構，以潛在的稀釋性較小的條件籌集資金。但重要的是，能夠將這些資本投資於為我們的股東帶來增值的項目，例如查看每股指標，調整後的EBITDA（如我們的演示中所述），並保持審慎的資本分配方法，以產生強勁的股東回報。

It's a consequence of long-term planning in this business to get it to this point, years of developing sites organically, years of planning and procurement of long lead items. And we feel that the mining sector as a whole as well as our business are at an inflection point. And over the next three to six months, we'll see that start to play out in even more tangible terms, and we're excited to position ourselves as a market leader in this area.

這是該行業長期規劃的結果，才能達到這一點，多年的有機開發網站，多年的規劃和長期專案的採購。我們認為整個採礦業以及我們的業務都處於轉折點。在接下來的三到六個月裡，我們將看到這一點開始以更具體的方式發揮作用，我們很高興將自己定位為該領域的市場領導者。

So thank you, everyone, for dialing in, and have a good evening.

謝謝大家撥電話，祝大家晚上愉快。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。