Strategy Inc (MSTR) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the MicroStrategy Q3 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的支持，歡迎參加 MicroStrategy 第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。（操作員說明）

It is now my pleasure to introduce Chairman and CEO, Michael Saylor.

現在我很高興向您介紹董事長兼執行長 Michael Saylor。

Hello. This is Michael Saylor. I'm the Chairman and CEO of MicroStrategy. I'd like to welcome all of you to today's conference call regarding our 2020 third quarter financial results.

你好。這是邁克爾·塞勒。我是 MicroStrategy 的董事長兼執行長。歡迎大家參加今天關於我們 2020 年第三季財務表現的電話會議。

I'm here with Phong Le, our President and Chief Financial Officer. First, I'd like to pass the floor to Phong, who's going to read the safe harbor statement.

我和我們的總裁兼財務長 Phong Le 一起來到這裡。首先，我想請 Phong 發言，他將宣讀安全港聲明。

Thank you, Michael. Good evening, everyone. Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent 10-Q filed with the SEC. We assume no obligation to update these forward-looking statements, which speak only as of today.

謝謝你，麥可。大家晚上好。我們在今天的電話會議中提供的有關我們未來期望、計劃和前景的一些資訊可能構成前瞻性陳述。由於各種重要因素，包括我們最近向 SEC 提交的 10-Q 報告中討論的風險因素，實際結果可能與這些前瞻性陳述有重大差異。我們不承擔更新這些前瞻性聲明的義務，這些聲明僅在今天發表。

Also, during today's call, we'll refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today and are available on our website at www.microstrategy.com.

此外，在今天的電話會議中，我們將提及某些非公認會計準則財務指標。顯示 GAAP 與非 GAAP 結果的調整表可在我們今天發布的收益發布和演示中找到，並可在我們的網站 www.microstrategy.com 上取得。

There's a lot to cover on today's call. I'll start by providing some color on our third quarter performance, and then I'll update you on some of our strategic priorities.

今天的電話會議有很多內容要討論。我將首先介紹我們第三季的業績，然後向您介紹我們的一些策略重點的最新情況。

MicroStrategy had one of our strongest growth and profitability quarters in the last decade. Our strategic focus on growth in HyperIntelligence, cloud and OEM, all contributed to our strong business results. We continue to engage our existing customers, which has resulted in excellent renewal rates and are seeing customers continue to migrate from our on-premise platform to our cloud platform.

MicroStrategy 是過去十年中成長和獲利能力最強的季度之一。我們的策略重點是超智慧、雲端和 OEM 領域的成長，所有這些都為我們取得了強勁的業務成果做出了貢獻。我們繼續與現有客戶互動，這帶來了出色的續訂率，並且看到客戶繼續從我們的本地平台遷移到我們的雲端平台。

Embracing the virtual wave in our go-to-market areas and our overall business has led to reduce costs and improve profitability. And our capital allocation strategy focused on buying back MicroStrategy stock and utilizing bitcoin as our primary treasury reserve asset has been well received by current and prospective shareholders and the general technology community.

在我們的市場進入領域和整體業務中擁抱虛擬浪潮已經降低了成本並提高了盈利能力。我們的資本配置策略專注於回購 MicroStrategy 股票並利用比特幣作為我們的主要庫存儲備資產，受到當前和潛在股東以及一般技術界的好評。

In the third quarter of 2020, we had exceptionally strong product licenses revenues, with year-over-year growth exceeding 50%. Our license business benefited from a large transaction with a major financial institution and strong federal government demand as well as an increase in overall deal activity compared to recent quarters.

2020 年第三季度，我們的產品授權收入異常強勁，較去年同期成長超過 50%。我們的授權業務受益於與一家主要金融機構的大筆交易和強勁的聯邦政府需求，以及與最近幾季相比整體交易活動的增加。

The strength of our new business activity is particularly encouraging given the uncertain macroeconomic environment due to COVID-19. We are pleased with the adoption of HyperIntelligence during the quarter. We saw a number of important wins, including the U.S. federal government and a large big box retailer.

鑑於 COVID-19 造成的宏觀經濟環境的不確定性，我們新業務活動的強勁勢頭尤其令人鼓舞。我們對本季 HyperIntelligence 的採用感到高興。我們看到了許多重要的勝利，包括美國聯邦政府和一家大型零售商。

HyperIntelligence continues to be the most rapidly adopted solution in our history. Its unique ability to provide actionable knowledge to workers with 0 clicks inside their existing productivity tools is empowering them and driving better business results for our customers.

超智慧仍然是我們歷史上採用最快的解決方案。其獨特的能力是，透過在現有生產力工具中進行 0 次點擊，為員工提供可操作的知識，從而增強他們的能力，並為我們的客戶帶來更好的業務成果。

Our cloud offering also showed solid adoption, which led to a year-over-year increase in short-term deferred subscription services revenues of $6.7 million or 52%. We saw a record number of new cloud customers during the quarter, including a new agreement with one of the largest retailers in the U.S. We also began migrating multiple large financial services customers to our cloud. In each case, our ability to provide a hosted cloud offering has reinvigorated our engagement with these customers and driven new strategic conversations.

我們的雲端產品也顯示出良好的採用率，這導致短期遞延訂閱服務收入年增 670 萬美元，即 52%。本季我們看到了創紀錄的新雲端客戶數量，包括與美國最大的零售商之一達成的新協議。在每種情況下，我們提供託管雲端產品的能力都重新激發了我們與這些客戶的互動，並推動了新的策略對話。

One customer standardizing on the MicroStrategy cloud platform and replacing their legacy BI on-premise standard. This represents a significant expansion in our relationship with this customer. We continue to be excited about the growth opportunity for our cloud offering. It is clear that COVID has been a catalyst for enterprises to reevaluate their IT stacks and plot a more aggressive course for moving to the cloud.

一位客戶在 MicroStrategy 雲端平台上進行標準化並取代了其傳統 BI 本地標準。這代表著我們與該客戶關係的顯著擴展。我們仍然對我們的雲端產品的成長機會感到興奮。顯然，新冠肺炎疫情已成為企業重新評估其 IT 堆疊並制定更積極的遷移到雲端路線的催化劑。

The rapid adoption of cloud data warehouse offerings like Snowflake is also providing for a natural conversation regarding the future of enterprises' BI solutions. We're also seeing positive results with our OEM, our embedded analytics business, where technology providers embed MicroStrategy into their offerings. We had a large OEM win with a global online retailer during the quarter who went live with an embedded solution for a large cybersecurity company.

Snowflake 等雲端資料倉儲產品的快速採用也提供了有關企業 BI 解決方案未來的自然對話。我們還看到我們的 OEM、嵌入式分析業務取得了積極成果，其中技術提供者將 MicroStrategy 嵌入到他們的產品中。本季度，我們與一家全球線上零售商取得了巨大的 OEM 勝利，該零售商為一家大型網路安全公司提供了嵌入式解決方案。

Our technology partners are choosing MicroStrategy because our platform is modern, open, independent and enterprise grade. These are some of the most sophisticated technologists in the world, and they are choosing MicroStrategy because they know our platform works at scale and can support their technical and business needs.

我們的技術合作夥伴選擇 MicroStrategy 是因為我們的平台是現代化、開放、獨立的企業級平台。這些是世界上最先進的技術專家，他們選擇 MicroStrategy 是因為他們知道我們的平台可以大規模運作並且可以支援他們的技術和業務需求。

Overall, our performance in the third quarter is a positive indication of the demand trends in the BI market have been moving in MicroStrategy favor. In our 30-year history, we have seen the BI market go through cycles that alternate between a focus on robust enterprise-grade solutions and departmental level charting and visualization tools.

總體而言，我們第三季的業績積極表明 BI 市場的需求趨勢一直有利於 MicroStrategy。在我們 30 年的歷史中，我們看到 BI 市場經歷了一個週期，在專注於強大的企業級解決方案和部門級圖表和視覺化工具之間交替。

What we've seen historically is that during and coming out of recessions, the pendulum swings towards enterprise-grade solutions, which is MicroStrategy strength. In those times, there has been a clear focus on return on investment, security and data governance. We're hearing these topics more and more in our discussions with customers and industry analysts, which is a positive indicator for MicroStrategy.

我們從歷史上看到的是，在經濟衰退期間和經濟衰退後，鐘擺轉向企業級解決方案，這就是 MicroStrategy 的優勢。那時，人們明確關注投資回報、安全性和資料治理。我們在與客戶和產業分析師的討論中越來越多地聽到這些話題，這對 MicroStrategy 來說是一個正面的指標。

Our performance in the quarter was also an important validation of the lower cost go-to-market strategy that we implemented earlier this year. Our fully virtualized marketing program is ramping up and generating meaningful website visits and high-quality actionable leads for our sales team.

我們本季的業績也是對我們今年稍早實施的低成本上市策略的重要驗證。我們的完全虛擬化行銷計劃正在加強，並為我們的銷售團隊帶來有意義的網站訪問和高品質的可操作的線索。

Through our virtual model, we're also directly connecting a far great number of prospects and customers with our direct sales team and we would have been able to if we were engaged in each prospect in person. The net result has been a notable increase in the velocity of our pipeline at a materially lower cost.

透過我們的虛擬模型，我們也直接將大量的潛在客戶和客戶與我們的直銷團隊聯繫起來，如果我們親自與每個潛在客戶接觸，我們就能夠做到這一點。最終結果是我們的管道速度顯著提高，而成本卻大幅降低。

This improvement in sales and marketing productivity was one of the main drivers in the continued improvement in our cost structure. Sales and marketing costs decreased 20% year-over-year. Adjusting for the incremental compensation expense related to our revenue performance in the quarter, operating expenses declined sequentially. We believe that we can fully fund our growth initiatives, drive improved top line performance and generate increased profitability. As a result, we continue to be confident in our ability to deliver on our 2021 non-GAAP operating income target of $60 million to $90 million.

銷售和行銷生產力的提高是我們成本結構持續改善的主要驅動力之一。銷售和行銷成本較去年同期下降 20%。調整與本季營收表現相關的增量補償費用後，營運費用較上季下降。我們相信，我們能夠為我們的成長計劃提供充足的資金，推動營收績效的改善並提高獲利能力。因此，我們仍然對實現 2021 年 6,000 萬至 9,000 萬美元非 GAAP 營業收入目標的能力充滿信心。

During the quarter, we also made significant progress executing on our capital allocation strategy. We successfully repurchased 432,313 shares at $130 per share through our modified Dutch Auction tender offer returning $60.5 million to MicroStrategy shareholders. Subject to market conditions, we are evaluating opportunities to further execute on the plan we outlined last quarter to return up to a total of $250 million of excess capital to shareholders.

本季度，我們在執行資本配置策略方面也取得了重大進展。我們透過修改後的荷蘭式拍賣要約收購，以每股 130 美元的價格成功回購了 432,313 股股票，並向 MicroStrategy 股東返還 6,050 萬美元。根據市場情況，我們正在評估進一步執行我們上季度概述的計劃的機會，以向股東返還總計 2.5 億美元的超額資本。

We also instituted our new treasury reserve policy, which states that bitcoin will be the primary treasury reserve asset for the company for capital that exceeds our working capital needs. As part of this policy, during the quarter, we purchased approximately 38,250 bitcoins for an aggregate price of $425 million. This equates to an average price of approximately $11,111 per bitcoin. We've been gratified by the market's reaction to our nontraditional treasury strategy and believe our bitcoin holdings can provide our investors with a more stable treasury asset and one that holds a greater return potential than cash held in U.S. dollars.

我們也制定了新的國庫儲備政策，其中規定比特幣將成為公司的主要國庫儲備資產，用於超出我們營運資金需求的資本。作為該政策的一部分，我們在本季購買了約 38,250 個比特幣，總價為 4.25 億美元。這相當於每個比特幣的平均價格約為 11,111 美元。我們對市場對我們非傳統財務策略的反應感到滿意，並相信我們持有的比特幣可以為我們的投資者提供更穩定的財務資產，並且比持有的美元現金具有更大的回報潛力。

Our investment in bitcoin has also allowed MicroStrategy to tap into the passion of the broader crypto market and the smart sophisticated technologists to advocate for the independent and open markets, whether for financial assets or digital ones. We've seen a notable and unexpected benefit from our investment in bitcoin and elevating the profile of the company in the broader market. This is benefiting our company reputation overall and raising our mine share amongst prospective customers.

我們對比特幣的投資也讓 MicroStrategy 能夠利用更廣泛的加密貨幣市場和聰明成熟的技術人員的熱情來倡導獨立和開放的市場，無論是金融資產還是數位資產。我們從比特幣投資中看到了顯著且意想不到的好處，並提升了公司在更廣泛市場中的形象。這有利於我們公司的整體聲譽，並提高了我們在潛在客戶中的份額。

Before I review our results in detail, I want to finish by saying that we are excited by how the business performed in the third quarter. We are mindful of the uncertain economic environment globally and its potential continued impact on IT budgets, BI market growth and deal close rates in the fourth quarter and beyond.

在詳細回顧我們的業績之前，我想最後說，我們對第三季的業務表現感到興奮。我們注意到全球經濟環境的不確定性及其對第四季及以後的 IT 預算、BI 市場成長和交易完成率的潛在持續影響。

That said, we are pleased that the underlying trends we have seen in our business are positive. Our focus is on executing against our strategy to drive adoption of HyperIntelligence and our cloud offering through our virtualized go-to-market model. We believe this will position us well to achieve our 2021 non-GAAP operating income target. Combined with our proactive management of our balance sheet and the upside potential of our bitcoin holdings, we believe there are a number of opportunities for us to generate shareholder value going forward.

也就是說，我們很高興我們在業務中看到的基本趨勢是積極的。我們的重點是執行我們的策略，透過虛擬化上市模型推動 HyperIntelligence 和雲端產品的採用。我們相信，這將使我們能夠很好地實現 2021 年非 GAAP 營業收入目標。結合我們對資產負債表的積極管理以及我​​們持有的比特幣的上行潛力，我們相信我們未來有很多機會創造股東價值。

Turning to our third quarter 2020 financial results in more detail. Revenues for the quarter were $127.4 million, up 6% year-over-year and up 6% on a constant currency basis. Product license revenues were $29.6 million in the third quarter of 2020, a $10.6 million or 56% increase year-over-year and up 58% on a constant currency basis. The strength in product license revenues, which was one of our best quarterly performances in years was due to a large expansion deal with an existing financial services customer as well as good overall deal activity.

更詳細地討論我們 2020 年第三季的財務表現。該季度營收為 1.274 億美元，年增 6%，以固定匯率計算成長 6%。2020 年第三季產品授權收入為 2,960 萬美元，年增 1,060 萬美元，成長 56%，以固定匯率計算成長 58%。產品授權收入的強勁表現是我們多年來最好的季度表現之一，這是由於與現有金融服務客戶的大規模擴張交易以及良好的整體交易活動。

Subscription services revenue in the third quarter of 2020 were $8.3 million, an increase of 5% year-over-year and 4% on a constant currency basis. The growth in subscription services revenues reflects the growing portion of our product bookings that are related to our managed cloud platform. We are pleased with the performance of our cloud business in the quarter.

2020年第三季訂閱服務營收為830萬美元，年增5%，以固定匯率計算成長4%。訂閱服務收入的成長反映出與我們的託管雲端平台相關的產品預訂比例不斷增加。我們對本季雲端業務的表現感到滿意。

Product support revenues were $71.4 million in the third quarter of 2020, a 2% decrease year-over-year and a decrease of 3% on a constant currency basis. The year-over-year decrease is primarily the result of conversions to subscription or on-premise term licenses. Trailing 12-month product support revenues were flat year-over-year on a constant currency basis.

2020 年第三季產品支援收入為 7,140 萬美元，年減 2%，以固定匯率計算下降 3%。年比下降主要是由於轉換為訂閱或內部部署期限許可證。以固定匯率計算，過去 12 個月的產品支援收入與去年同期持平。

Our renewal rates remained strong in the third quarter. Our strategy, which includes actively working to migrate customers to annual term licenses is impacting our product support revenues. This proactive strategy allows us to increase engagement with our customers and is expected to result in product support revenues, either moving to subscription services revenues if customers transition to the cloud or to product license revenues if customers convert from a perpetual to an on-prem term license.

第三季我們的續訂率仍然強勁。我們的策略（包括積極努力將客戶遷移到年度許可證）正在影響我們的產品支援收入。這種主動策略使我們能夠增加與客戶的互動，並有望帶來產品支援收入，如果客戶遷移到雲端，則轉向訂閱服務收入；如果客戶從永久期限轉換為本地部署，則轉向產品許可收入執照。

Finally, services, which largely reflects our consulting services, decreased 9% year-over-year and 10% on a constant currency basis. Remote delivery of our services is leading to lower bill rates and lower billable T&E, both of which affect our consulting revenue. We expect our consulting business to strengthen as product licenses strengthen to begin to offset the ongoing impact of remote consulting delivery.

最後，服務（主要反映我們的諮詢服務）年減 9%，以固定匯率計算下降 10%。我們服務的遠端交付導致帳單費率和可計費旅遊費用的降低，這兩者都會影響我們的諮詢收入。我們預計，隨著產品許可的加強，我們的諮詢業務將會加強，以開始抵消遠距諮詢交付的持續影響。

Total deferred revenue at September 30, 2020, was $172.5 million. This is up 5% year-over-year, primarily due to an increase in long-term deferred subscription services revenue and a favorable FX impact of 1%. The increase in long-term deferred subscription services revenues is due to multiyear subscription contracts. It's also important to note is that more existing customers convert to our managed cloud platform. There will continue to be a shift from deferred product support revenues to deferred subscription services revenues.

截至 2020 年 9 月 30 日，遞延收入總額為 1.725 億美元。這一數字年增 5%，主要是由於長期遞延訂閱服務收入的增加以及 1% 的有利匯率影響。長期遞延訂閱服務收入的成長歸因於多年訂閱合約。還需要注意的是，越來越多的現有客戶轉向我們的託管雲端平台。遞延產品支援收入將繼續轉向遞延訂閱服務收入。

Total non-GAAP expenses were $100.9 million in the third quarter of 2020, an 11% decrease year-over-year and down 1% quarter-over-quarter. The year-over-year decrease is driven by efficiency and staffing, reductions in corporate travel and a reduction in the number of in-person events, mostly related to marketing.

2020 年第三季非公認會計原則費用總額為 1.009 億美元，年減 11%，季減 1%。年比下降的原因包括效率和人員配置、商務旅行的減少以及面對面活動數量的減少（主要與行銷相關）。

During the quarter, we had a couple of nonrun rate expense items, including higher sales commissions related to our strong product license performance and onetime expenses related to the implementation of our treasury management and capital allocation strategies, including the bitcoin acquisitions.

在本季度，我們有一些非運行費用項目，包括與我們強大的產品許可績效相關的較高銷售佣金，以及與實施我們的財務管理和資本分配策略（包括比特幣收購）相關的一次性費用。

Non-GAAP operating income was $26.5 million or a 21% non-GAAP operating margin in the third quarter. This represents a year-over-year improvement in non-GAAP operating income of just over $20 million.

第三季非 GAAP 營業收入為 2,650 萬美元，非 GAAP 營業利潤率為 21%。這意味著非 GAAP 營業收入年增略高於 2,000 萬美元。

Turning to the balance sheet. We ended the third quarter with $52.7 million in cash and no debt. As discussed earlier, we have implemented our new treasury reserve policy, whereby we will hold excess capital beyond what we need to run the business and for working capital purposes, primarily in bitcoin.

轉向資產負債表。第三季末，我們擁有 5,270 萬美元現金，沒有債務。如前所述，我們已經實施了新的國庫儲備政策，我們將持有超出營運業務和營運資金所需的多餘資本，主要是比特幣。

To that end, we purchased approximately 38,250 bitcoins for $425 million during the quarter. Going forward, we'll continue to actively manage our balance sheet, including potential share repurchases. Per our treasury reserve policy, you should expect that we will purchase additional bitcoins as we generate cash beyond what we need to run the business on a day-to-day basis or to deploy for other corporate purposes.

為此，我們在本季花費 4.25 億美元購買了大約 38,250 個比特幣。展望未來，我們將繼續積極管理我們的資產負債表，包括潛在的股票回購。根據我們的財務儲備政策，您應該期望我們會購買額外的比特幣，因為我們產生的現金超出了我們日常營運業務或部署用於其他公司目的所需的現金。

I'd like to take a moment to discuss how our bitcoin holdings are and will be reflected on our financial statements. We account for bitcoin as indefinite-lived intangible assets, which are subject to impairment losses if the fair value of our bitcoin decreases below the carrying value at any time since their acquisition.

我想花點時間討論一下我們的比特幣持有情況以及將如何反映在我們的財務報表中。我們將比特幣視為無限期無形資產，如果我們的比特幣自購買以來的任何時間公允價值跌至帳面價值以下，就會遭受減損損失。

The carrying value of our bitcoin as of September 30, 2020, was $380.8 million, which reflects a $44.2 million cumulative impairment loss, which is reflected as a loss on our income statement. In determining asset impairment has occurred, we consider the lowest price of 1 bitcoin quoted on the active exchange at any time since acquiring the specific bitcoin. Impairment losses cannot be recovered for any subsequent increase in fair value. Therefore, negative swings in the market price of bitcoin could have a material impact on our GAAP earnings and on the carrying value of our digital assets.

截至 2020 年 9 月 30 日，我們的比特幣帳面價值為 3.808 億美元，這反映了 4,420 萬美元的累積減損損失，這在我們的損益表中反映為損失。在確定資產減損發生時，我們考慮自購買特定比特幣以來活躍交易所任何時間報價的 1 比特幣的最低價格。隨後公允價值的任何增加均無法收回減損損失。因此，比特幣市場價格的負面波動可能會對我們的公認會計原則收益和數位資產的帳面價值產生重大影響。

Positive swings in the market price of bitcoin are not reflected in the carrying value of our digital assets and would impact GAAP earnings only when the bitcoin is sold for a gain. Compared to an average purchase price of $11,111, the recent price per bitcoin has been over $13,500. We do not believe changes in the carrying value of our bitcoin are relevant to understanding the underlying earning potential of our BI business. As a result, our non-GAAP operating income, net income and EPS calculations exclude the quarterly impact of bitcoin impairment charges.

比特幣市場價格的正面波動並未反映在我們數位資產的帳面價值中，只有當比特幣出售以獲得收益時才會影響 GAAP 收益。與平均購買價格 11,111 美元相比，最近每枚比特幣的價格已超過 13,500 美元。我們認為比特幣帳面價值的變化與了解我們 BI 業務的潛在獲利潛力無關。因此，我們的非公認會計原則營業收入、淨利潤和每股收益計算不包括比特幣減損費用的季度影響。

Before I turn it over to Michael for his comments, I'll finish by saying there are a lot of positive things happening at MicroStrategy. We've introduced innovation through HyperIntelligence and our cloud platform that has resonated in the market and provided additional opportunities for top line growth. Our embrace of the virtual wave has dramatically simplified and streamlined our operations, driving substantial improvements in productivity.

在我將其交給 Michael 徵求意見之前，我最後要說的是 MicroStrategy 發生了很多積極的事情。我們透過 HyperIntelligence 和雲端平台引入了創新，在市場上引起了共鳴，並為收入成長提供了額外的機會。我們對虛擬浪潮的接受度極大地簡化了我們的運營，推動了生產力的大幅提高。

Finally, our approach to our balance sheet has been transformative as we actively deploy our excess capital to seek to deliver value to shareholders. We think this is a great time to learn more about everything we are doing here at MicroStrategy. To that end, we'll be hosting a virtual Investor Day on Monday, November 16 at 1:30 p.m. Eastern Time. We will be providing a deep dive into our strategy, product road map, cloud migration and views on our bitcoin investment, among other topics. We hope you will be able to attend.

最後，我們的資產負債表方法已經發生了變革，我們積極部署過剩資本，尋求為股東創造價值。我們認為現在是了解更多關於我們在 MicroStrategy 所做的一切的好時機。為此，我們將於 11 月 16 日星期一下午 1:30 舉辦虛擬投資者日活動。東部時間。我們將深入探討我們的策略、產品路線圖、雲端遷移以及對比特幣投資的看法等主題。我們希望您能夠參加。

With that, let me turn the call over to Michael.

現在，讓我把電話轉給麥可。

Thank you, Phong. I just want to start with a few views on company performance. And then I'll talk about our product strategy. Then I'll talk about our treasury reserve policy and then wrap it up with a few thoughts about the virtual wave.

謝謝你，馮。我只想先談談對公司業績的一些看法。然後我會談談我們的產品策略。然後我會談談我們的國庫準備金政策，然後用一些關於虛擬浪潮的想法來結束它。

So first of all, company performance. I'm extremely pleased with our revenue, operating margin and cost structure results. Revenue year-over-year growth is great and at a challenging time. It's great to see that. I thought the operating results were tremendous and getting to a non-GAAP operating margin north of 20% I think it's extremely strong.

首先是公司業績。我對我們的收入、營業利潤率和成本結構結果非常滿意。在充滿挑戰的時期，收入較去年同期成長巨大。很高興看到這一點。我認為營運業績非常出色，非 GAAP 營運利潤率達到 20% 以上，我認為這是非常強勁的。

What's nice is to see revenue is growing, while the cost structure compressing and I think it's emblematic of the fact that the company is becoming a leaner, much more efficient operation with a much higher thrust to weight ratio. We've thought long and hard about what we need to do in order to grow the business and what we need to do in order to provide value to our customers. And I think that our structure for the business today is very, very different and dramatically more efficient than where we were at the beginning of the year.

令人高興的是看到收入正在成長，而成本結構正在壓縮，我認為這象徵著公司正在變得更精簡、更高效，並且推重比更高。我們花了很長時間認真思考我們需要做什麼才能發展業務以及我們需要做什麼才能為客戶提供價值。我認為我們今天的業務結構與年初相比非常非常不同，而且效率顯著提高。

There's no way we could have done this without superior performance from the management team. What's really compelling is that we saw extraordinary innovative performance and commitment from our marketing department to completely restructure the way we market from our consulting organization to figure out how to deliver services remotely from our IT organization, which is now sitting at the core of all of our virtualized sales and marketing and service operations, much more strategic than they were even a year ago, and they've all risen to occasion.

如果沒有管理團隊的出色表現，我們不可能做到這一點。真正引人注目的是，我們看到了行銷部門非凡的創新表現和承諾，從我們的諮詢組織徹底重組我們的行銷方式，找出如何從我們的IT 組織遠端提供服務，而IT 組織現在是所有業務的核心。

Our support organization has dramatically improved the productivity and the effectiveness with which we provide support. Our education was overhauled completely and scaled up by an order of magnitude as we went through this COVID crisis. Our finance and our legal teams have both been catapulted into strategic arms of MicroStrategy.

我們的支持組織極大地提高了我們提供支援的生產力和有效性。當我們經歷這場新冠危機時，我們的教育進行了徹底改革，規模擴大了一個數量級。我們的財務和法律團隊均已納入 MicroStrategy 的策略部門。

And you can see it with our treasury reserve strategy and our bitcoin investment and all of the work we had to do in order to arrive at that result. And I think everybody recognizes that the company, in general, has been strengthened and we couldn't have done it without extraordinary leadership from both finance and from legal, and I'm very proud of what we've done. And I think that we're providing leadership to other people in the industry by our transformational work there.

你可以從我們的國庫儲備策略和比特幣投資以及我們為達到這一結果而必須做的所有工作中看到這一點。我認為每個人都認識到公司總體上已經得到了加強，如果沒有財務和法律方面的非凡領導，我們不可能做到這一點，我對我們所做的事情感到非常自豪。我認為，我們正在透過我們的轉型工作為業內其他人提供領導力。

Our engineers and technology have thought long and hard about how we streamline, accelerate and virtualize our product offering. And I'm just incredibly excited about where we're headed with that. And so if you put it in a nutshell, all these things, and I guess I left out HR, but I really shouldn't have managing 2,000 people through the last 3 months has just been extraordinary. And we're managing our processes everywhere in the world more effectively and more efficiently today than we were a year ago even though we had to rethink how we do it.

我們的工程師和技術人員對如何簡化、加速和虛擬化我們的產品提供了長期而深入的思考。我對我們的發展方向感到非常興奮。簡而言之，所有這些事情，我想我忽略了人力資源部門，但我真的不應該在過去 3 個月管理 2,000 名員工，這真是太了不起了。儘管我們必須重新思考如何做到這一點，但今天我們在世界各地的流程管理比一年前更有效和更有效率。

So the management team is firing on all cylinders. Every department is strategic to the company, they all just pulled off extraordinary transformations to get us where we are. And I couldn't be happier about that.

因此，管理團隊正在全力以赴。每個部門對公司來說都具有戰略意義，他們都完成了非凡的轉型，讓我們取得了今天的成就。我對此感到非常高興。

I couldn't be happier about the performance all of our employees, too because we started the year, and we had 1 set of circumstances, 1 go-to-market model. And today, we have transformed dramatically and every engineer, every consultant, every, every corporate employee, every executive has restructured what they're doing, and they've come together in an impressive harmonious organized fashion.

我對我們所有員工的表現也感到非常高興，因為我們在今年開始時就面臨著一套環境、一套上市模式。今天，我們已經發生了巨大的轉變，每一位工程師、每一位顧問、每一位公司員工、每一位高管都重組了他們正在做的事情，他們以一種令人印象深刻的和諧組織方式聚集在一起。

So I think that the results speak for themselves, but I would just say to everybody on the call that there's not a single employee in the company that wasn't integral to getting to those results, and there's not a single department that didn't have to rethink the way that they operate in a dramatic fashion and make changes that normally come along once every 20 or 30 years. And we did all that in the past 6 months and in the past 3 months, we accelerated that. So Q3 was I thought just awesome performance by the management team.

因此，我認為結果是不言而喻的，但我只想對電話中的每個人說，公司中沒有一個員工不是獲得這些結果所不可或缺的，也沒有一個部門沒有做到這一點必須重新思考他們以戲劇性的方式運作的方式，並做出通常每20 或30 年一次的改變。我們在過去 6 個月完成了所有這些工作，在過去 3 個月裡，我們加快了這一速度。所以我認為第三季管理團隊的表現非常棒。

My thoughts on the product. Well, we went into the pandemic crisis with 1 advantage, which is that our primary value proposition is delivering software to large enterprises and that software provides intelligence. And everybody needs as much intelligence as they can get. And we're just very fortunate that we're providing business intelligence to some of the most sophisticated and important organizations on earth.

我對產品的想法。好吧，我們進入大流行危機時有一個優勢，那就是我們的主要價值主張是向大型企業提供軟體，並且該軟體提供智慧。每個人都需要盡可能多的情報。我們非常幸運，能夠為地球上一些最複雜、最重要的組織提供商業智慧。

Our product organization built on that strength and we've dramatically enhanced what we're doing and double down and Phong alluded to a number of these things. Our HyperIntelligence offering gives people insight at a glance within their existing enterprise applications. And it could make you, and we've said many times, it does make you smarter, faster and stronger, it makes you 100x smarter, 100x faster or 100x stronger. And it's a real big linchpin of what we're doing.

我們的產品組織建立在這種優勢的基礎上，我們大大增強了我們正在做的事情，並加倍努力，Phong 提到了其中的一些事情。我們的 HyperIntelligence 產品讓人們對現有的企業應用程式一目了然。它可以讓你，我們已經說過很多次了，它確實讓你更聰明、更快、更強，它讓你聰明 100 倍，更快 100 倍，或者更強 100 倍。這是我們正在做的事情的真正關鍵。

I think our cloud offering has improved dramatically this year. And it's another critical engine of growth for us. And customers, enterprises' enthusiasm for the cloud has [leaped] since COVID kicked in. And so our cloud teams rising to that occasion, making lots and lots of improvements to that cloud platform.

我認為今年我們的雲端產品有了顯著改善。這是我們成長的另一個重要引擎。自從新冠疫情爆發以來，顧客、企業對雲端的熱情[激增]。因此，我們的雲端團隊迎難而上，對此雲端平台進行了大量改進。

And then our OEM business really has been a source of brightness for us. We've always prided ourselves having an open, intelligence architecture with APIs and OEMs push us to keep improving that architecture. Now more so than ever, people want to embed intelligence into their own custom applications, and we're seeing more and more companies viewing information as strategic to their value proposition. So a modern open analytics platform that they can plug into their applications is pretty compelling.

我們的 OEM 業務確實為我們帶來了光明的來源。我們一直為自己擁有一個具有 API 和 OEM 的開放智慧架構而感到自豪，這促使我們不斷改進該架構。現在，人們比以往任何時候都更希望將智慧嵌入到自己的自訂應用程式中，我們看到越來越多的公司將資訊視為其價值主張的策略。因此，可以插入應用程式的現代開放分析平台非常引人注目。

So I'm happy to see us making strides there. We've got some really exciting innovations this year. One of them is our Hyper SDK. What that means is you can create a HyperIntelligence application with HyperCards. And you can deploy it to all of your users by simply embedding the HyperIntelligence code in your own web app. So that means that someone might be able to build a HyperIntelligence application, embed the code in their web app in a matter of minutes to hours, turn it on and then thousands -- tens of thousands, hundreds of thousands or millions of people would go hit their website and they'll see our HyperIntelligence embedded in the other website. No need to download an extension or install an app. You simply go to the website and it's there. That, of course, has real great potential for both selling HyperIntelligence to the enterprise and also selling HyperIntelligence to OEMs.

所以我很高興看到我們在那裡取得了長足的進步。今年我們有一些非常令人興奮的創新。其中之一就是我們的 Hyper SDK。這意味著您可以使用 HyperCards 建立 HyperIntelligence 應用程式。您只需將 HyperIntelligence 程式碼嵌入到您自己的 Web 應用程式中即可部署到所有使用者。因此，這意味著有人可能能夠建立一個超智慧應用程序，在幾分鐘到幾小時內將程式碼嵌入到他們的網路應用程式中，打開它，然後成千上萬、數十萬或數百萬人就會使用它。無需下載擴充功能或安裝應用程式。您只需訪問該網站即可。當然，無論是向企業銷售 HyperIntelligence 或向 OEM 銷售 HyperIntelligence，這都具有巨大的潛力。

We've been hard at work on faster migration tools to migrate our enterprise customers to our cloud offering, and we're excited about that. We continue to improve our APIs and make them more open. And we've got a very exciting multi-tenant offering of our HyperIntelligence application functionality coming up. We call it Hyper. Now. And I'm really excited about Hyper. Now. It's built on a world-class SaaS framework, and it's going to allow us to deploy HyperIntelligence to a dramatically larger number of entities in a faster, more accessible way. So that's something that -- which will be coming soon to the market, and we expect that will be a cornerstone of growth in 2021.

我們一直在努力開發更快的遷移工具，以將我們的企業客戶遷移到我們的雲端產品，我們對此感到興奮。我們不斷改進我們的 API 並使其更加開放。我們即將推出非常令人興奮的超智慧應用程式功能的多租戶產品。我們稱之為超級。現在。我對 Hyper 感到非常興奮。現在。它建立在世界一流的 SaaS 框架之上，使我們能夠以更快、更容易存取的方式將 HyperIntelligence 部署到數量大幅增加的實體。因此，這將很快進入市場，我們預計這將成為 2021 年成長的基石。

We've made some other really exciting changes to the business or upgraded the business. One of them is rolling out our new modular website. And if you go to microstrategy.com, what you'll see is that we've modeled microstrategy.com on YouTube. You sign up, you can set up your own account, and we're video-first in the way we communicate.

我們還對業務進行了一些其他真正令人興奮的改變或升級了業務。其中之一是推出我們新的模組化網站。如果您造訪 microstrategy.com，您會看到我們在 YouTube 上模仿了 microstrategy.com。您註冊後，您就可以設定自己的帳戶，並且我們的溝通方式以影片為先。

So if you want to know anything about our products, we have a set of videos with the related web content. And if you want to learn anything, all of our education is available via videos right on our same website. And if you're a customer, you need support, we have the answer to any questions you have on our product via these videos on the website. We've even converted our recruiting and our HR to video. So if you're considering being a software engineer working for us, now we've got videos that describe the role and you can run them on demand.

因此，如果您想了解有關我們產品的任何信息，我們有一組包含相關網路內容的影片。如果您想學習任何東西，我們所有的教育都可以透過我們同一網站上的影片獲得。如果您是客戶，您需要支持，我們可以透過網站上的這些影片解答您對我們產品的任何問題。我們甚至將招募和人力資源工作轉換為影片。因此，如果您正在考慮成為我們的軟體工程師，現在我們提供了描述該角色的視頻，您可以按需運行它們。

And the exciting thing about a video-first modular website is we can very rapidly put deep specific content on to our web, deliver it to the prospect of the customer that needs it quickly and easily and maintain it in a containerized fashion. That has helped us to virtualize a large portion of our marketing and a decent portion of our sales and another decent portion of our services operations and make those marketing, sales and service value propositions in a much more accessible to a large group of people.

影片優先的模組化網站的令人興奮的事情是，我們可以非常快速地將深入的特定內容放到我們的網站上，將其快速輕鬆地交付給需要它的客戶，並以容器化的方式對其進行維護。這幫助我們虛擬化了很大一部分行銷、相當一部分銷售以及另外相當一部分服務運營，並使這些行銷、銷售和服務價值主張更容易為一大群人所接受。

We see that as a cornerstone of becoming a more scalable virtual wave or virtual age company. That Hyper. Now offering that I'm excited about, built on the multitenant cloud, that's going to be followed by an [Intel. Now] offering. And when we put out Hyper. Now, we'll provide HyperIntelligence to anybody off of our website in a matter of an hour. And they'll be able to build and deploy an application with 1 hour of effort. And when Intel comes out or Intel. Now comes out, I think we'll be able to provide prospects and customers and partners the ability to build a full business intelligence application in a matter of an afternoon and deploy it that day to their enterprise with enterprise-grade world-class security, and scalability.

我們認為這是成為更具可擴展性的虛擬浪潮或虛擬時代公司的基石。那個超級。現在提供令我興奮的產品，基於多租戶雲端構建，隨後將推出 [Intel.現在] 奉獻。當我們推出 Hyper 時。現在，我們將在一小時內向我們網站之外的任何人提供超智慧。他們只需 1 小時即可建置和部署應用程式。當英特爾出來的時候還是英特爾。現在出來了，我認為我們將能夠為潛在客戶、客戶和合作夥伴提供在一個下午的時間內構建完整的商業智慧應用程式的能力，並在當天將其部署到具有企業級世界級安全性的企業中，和可擴展性。

So we're just really thrilled with that because we're delivering HyperIntelligence and Business Intelligence via a virtual wave framework and architecture that should allow us to become dramatically more scalable and dramatically easier to do business with. We expect that will allow us to reach new constituencies, we expect that it will speed up sales cycles, we expect it will delight our customers, and we expect that it will cut down on service and maintenance liabilities and the challenges of upgrades over time or support expenses, and that will allow all of our customers to move forward with their strategic intelligence initiatives faster, cheaper, more efficient.

因此，我們對此感到非常興奮，因為我們正在透過虛擬浪潮框架和架構提供超智能和商業智能，這將使我們的可擴展性顯著提高，並且更容易開展業務。我們預計這將使我們能夠接觸到新的客戶，我們預計它將加快銷售週期，我們預計它將令我們的客戶滿意，我們預計它將減少服務和維護責任以及隨著時間的推移或升級的挑戰支持費用，這將使我們所有的客戶能夠更快、更便宜、更有效率地推進他們的戰略情報計劃。

The general theme of all of this is make our customers smarter, faster, stronger and be easy to do business with and do it using the best tools that are at our disposal in year 2020. As you can imagine, this takes a set of inspired, capable, talented engineers. And I think we've got some of the best in the world, and I'm very proud to have them, excited to see how this entire story evolves and I hope you will be too.

所有這一切的總主題是讓我們的客戶更聰明、更快、更強、更容易開展業務，並使用 2020 年我們可以使用的最佳工具來開展業務。正如您可以想像的那樣，這需要一群有靈感、有能力、有才華的工程師。我認為我們擁有世界上最好的人，我為擁有他們感到非常自豪，很高興看到整個故事如何發展，我希望你也會如此。

So moving on to the third subject, our treasury reserve policy. We're pleased with the market reaction and our investors' reaction to our strategy. We were aware that we were pioneers in this particular process, and there's a lot of uncertainty going into this initiative. But nonetheless, we thought it's the right thing to do, and it's the best thing long-term for our shareholders and for all the rest of our constituents.

接下來討論第三個主題，我們的國庫準備金政策。我們對市場反應以及投資者對我們策略的反應感到滿意。我們意識到我們是這一特定流程的先驅，而這項舉措存在著許多不確定性。但儘管如此，我們認為這是正確的做法，對於我們的股東和所有其他選民來說，從長遠來看，這是最好的事情。

We are [certainly] seeing marketing benefits to the overall company. We've activated Twitter as a communication channel, and we've activated YouTube as a communication channel. We built our Twitter and YouTube presence, and I believe that that our brand and our channels, communication via cyber space are going to continue to strengthen over time. This should accrete as a benefit to MicroStrategy's brand to the MicroStrategy corporation. It should help us draw new people to be interested in our value proposition, our offering. I think it helps us with recruiting. It helps us with marketing. It helps us with our partners, our employees, our customers and with our Investor Relations, just it's easier to reach larger constituencies.

我們[當然]看到行銷為整個公司帶來的好處。我們已經啟動 Twitter 作為溝通管道，我們已經啟動 YouTube 作為溝通管道。我們建立了 Twitter 和 YouTube 的影響力，我相信我們的品牌和管道以及透過網路空間進行的溝通將隨著時間的推移而繼續加強。這將為 MicroStrategy 公司帶來 MicroStrategy 品牌的好處。它應該幫助我們吸引新人對我們的價值主張和我們的產品感興趣。我認為這對我們的招募很有幫助。它可以幫助我們進行行銷。它幫助我們與合作夥伴、員工、客戶以及投資者關係建立聯繫，只是更容易接觸到更多的支持者。

I think it's clearly helpful that bitcoin is becoming more mainstream in the year 2020. When -- since we began the year, we've seen support for bitcoin coming from Fidelity, from hedge funds like Paul Tudor Jones. We've seen -- now we're seeing comments and coverage from Bloomberg and from JPMorgan.

我認為比特幣在 2020 年變得更加主流顯然是有幫助的。自今年年初以來，我們看到富達、保羅都鐸瓊斯等對沖基金對比特幣的支持。我們已經看到 - 現在我們看到來自彭博社和摩根大通的評論和報導。

The support that's come from Square to build bitcoin and to promote -- actually to take bitcoin on the balance sheet was a big deal. I think Square is selling a bitcoin and support in the Square Cash application is a big deal. Now that PayPal has announced that they're going to do it in the PayPal app, I think that's legitimizing. When PayPal delivers that in Venmo next year, I think that will be a big plus.

Square 對建立比特幣和推廣比特幣的支援——實際上將比特幣納入資產負債表是一件大事。我認為 Square 正在出售比特幣，並且 Square Cash 應用程式的支援是一件大事。既然 PayPal 已經宣布他們將在 PayPal 應用程式中執行此操作，我認為這是合法的。當 PayPal 明年在 Venmo 中實現這一功能時，我認為這將是一個很大的優勢。

What I have said on a number of occasions is bitcoin is digital gold. I still -- I don't think people really understand completely what we mean by that and I think it bears mention right now that if you virtualize gold. If you take the theoretical safe haven asset of gold and if you virtualize it and you take the mass out of it and then you put it on an open protocol and you make it possible to program it then the fact that it's programmable gold or a programmable asset means that it is going to be smarter, it is going to be faster, it is going to be stronger, it is going to be harder than the physical version of itself.

我曾多次說過，比特幣是數位黃金。我仍然認為人們並沒有真正完全理解我們的意思，而且我認為現在值得一提的是，如果你虛擬化黃金。如果你採用理論上的黃金避險資產，如果你將其虛擬化，並從中取出大量內容，然後將其放在開放協議上，並且可以對其進行編程，那麼事實上它是可編程黃金或可程式設計的資產意味著它會比實體版本更聰明、更快、更強、更難。

In the same way that Google Maps is a smarter, faster, stronger map than a Rand McNally printed Atlas and in the same way that a camera on an iPhone is smarter, faster, stronger than the camera that you had to carry around in your hand. I think in that way, virtual gold or bitcoin is smarter, faster, stronger than a bar of actual gold. And what it means is banks are going to be able to program it into their banking offerings and consumer mobile apps like PayPal and Square are going to be able to program it into the handset. And it means that that over time, as software gets better and as hardware gets better and as human beings get more innovative, it's going to get better and that's the fundamental principle.

就像Google地圖比蘭德麥克納利印刷的地圖集更聰明、更快、更強大一樣，就像 iPhone 上的相機比你必須隨身攜帶的相機更聰明、更快、更強大一樣。我認為，從這個角度來看，虛擬黃金或比特幣比實際金條更聰明、更快、更強。這意味著銀行將能夠將其編程到他們的銀行產品中，而 PayPal 和 Square 等消費者行動應用程式將能夠將其編程到手機中。這意味著隨著時間的推移，隨著軟體變得更好，隨著硬體變得更好，隨著人類變得更加創新，它會變得更好，這是基本原則。

I personally believe bitcoin is -- it represents the first example of a digital monetary network. It's a software network that is capable of storing and channeling monetary energy. And if you compare that to what Facebook was, which is a digital social network, a software network to store and channel social energy. You see it's a profoundly new idea, nobody understood Facebook. They couldn't conceive of the idea of channeling the social energy of 1 billion people until after it was done.

我個人認為比特幣是——它代表了數位貨幣網路的第一個例子。它是一個能夠儲存和引導貨幣能量的軟體網路。如果你將其與 Facebook 進行比較，Facebook 是一個數位社交網絡，一個儲存和引導社交能量的軟體網路。你看，這是一個全新的想法，沒有人理解 Facebook。在計畫完成之前，他們無法想像如何引導 10 億人的社會能量。

Today, I think we all understand the power of collecting the social energy of 1 billion people on a single software network and channeling it.

今天，我想我們都明白在一個軟體網路上收集 10 億人的社交能量並引導它的力量。

I think in time, people will start to understand the power of collecting the monetary energy of 1 billion individuals or thousands of corporations or banks or billionaires or high net worth individuals or governments. If we can collect that monetary energy onto a software network and store it and channel it, it becomes something altogether more exciting than just the bar of gold or a virtual bar of gold or a digital-only bar of gold, that becomes a monetary network. And it's a monetary network, a digital monetary network that doesn't bleed monetary energy. Monetary energy is the superset of all energies, kinetic energy, electrical energy, nuclear energy, chemical energy of sorts.

我認為，隨著時間的推移，人們將開始理解收集 10 億個人或數千家公司、銀行、億萬富翁、高淨值人士或政府的貨幣能量的力量。如果我們可以將貨幣能量收集到軟體網路上並儲存和引導它，那麼它就會變得比金條或虛擬金條或純數位金條更令人興奮，從而成為貨幣網路。它是一個貨幣網絡，一個不會消耗貨幣能量的數位貨幣網絡。貨幣能量是所有能量、動能、電能、核能、化學能等的超集。

And all of these energies eventually roll into monetary energy. I can use money to buy any of them. And I can trade any of them for money. So as we actually pull monetary energy, the #1 problem is it bleeds if it's stored in other types of assets. If I put my monetary energy in gold and gold miners produce more gold. Then as they debase -- increase the gold supply, you lose some of that energy.

所有這些能量最終都會轉化為貨幣能量。我可以用錢購買其中任何一個。我可以用它們中的任何一個來換取金錢。因此，當我們實際提取貨幣能量時，第一個問題是，如果將其儲存在其他類型的資產中，貨幣能量就會流失。如果我把我的貨幣能量投入黃金，金礦開採者就會生產更多的黃金。然後，當它們貶值——增加黃金供應時，你就會失去一些能量。

If I put the energy in a battery, you lose 2% a month in a battery. If I put that energy into cash or Fiat currency and the central bank prints -- expands the monetary supply, the energy content per unit of cash decreases. So the significance of a bitcoin is it's a fixed supply, the energy is not depleting over time and the idea of being able to store monetary energy for long periods of time without having it depleted is the big idea.

如果我把能量存入電池，每個月就會失去 2% 的電池能量。如果我將這些能量投入現金或法定貨幣，而央行印鈔票——擴大貨幣供應量，那麼每單位現金的能量含量就會減少。因此，比特幣的重要性在於它的供應量是固定的，能量不會隨著時間的推移而耗盡，能夠長期儲存貨幣能量而不耗盡的想法是一個偉大的想法。

And as more entities start to understand that idea, which is a pretty compelling one, I think that the adoption of bitcoin will increase. And as the adoption of bitcoin increases, I think it will be beneficial to all those that chose to adopt bitcoin as an energy network in order to preserve their monetary energy over time. And that's, in essence, what the company is thinking about as we adopt bitcoin for our treasury reserve.

隨著越來越多的實體開始理解這個非常引人注目的想法，我認為比特幣的採用將會增加。隨著比特幣採用的增加，我認為這對所有選擇採用比特幣作為能源網路以隨著時間的推移保存貨幣能量的人來說都是有益的。從本質上講，這就是公司在採用比特幣作為我們的財務儲備時所考慮的問題。

Now maybe my last subject, which is the virtual wave. We are seeing the benefits of the virtual wave. What is the virtual wave? It's the dematerialization of products, services, processes, programs. It's the explosion of Zoom. It's the explosion of YouTube. It's the explosion of on-demand streaming video. It's the tendency to want to do things from a distance to automate things.

現在也許是我的最後一個主題，那就是虛擬波浪。我們正在看到虛擬浪潮的好處。什麼是虛波？這是產品、服務、流程、專案的非實體化。這是 Zoom 的爆炸式增長。這是 YouTube 的爆炸性增長。這是點播串流媒體影片的爆炸性增長。這是一種想要遠端做事以實現自動化的傾向。

We've gone through a virtual way of transformation this year. We've virtualized our sales and marketing and services on our website. We've virtualized the way that we provide sales support to our customers. This will continue. I say to all my executives at MicroStrategy, in the virtual age, you can now Zoom anywhere at the speed of light and you can bend time and space. What are you going to do with it? It's a profound statement. It takes a lot of time to wrap your head around it. What it means is 200 salespeople can have 25 meetings a week in 25 different cities, that's the zooming at the speed of light.

今年我們經歷了虛擬的轉型方式。我們已經在網站上虛擬化了銷售、行銷和服務。我們已經虛擬化了為客戶提供銷售支援的方式。這將繼續下去。我對 MicroStrategy 的所有高管說，在虛擬時代，您現在可以以光速縮放到任何地方，並且可以彎曲時間和空間。你打算用它做什麼？這是一句深刻的話。你需要花很多時間來思考它。這意味著 200 名銷售人員每周可以在 25 個不同的城市舉行 25 場會議，這是光速的縮放。

They can punch record when they have that meeting and save the 200 x 20, right, 4,000 meetings. They can save all 4,000 meetings, upload them to a server and their head of sales could duck into any of the 4,000 hours of meetings that were relevant. That's bending time and space. You could be everywhere, it's a profound idea.

他們可以在開會時進行記錄並保存 200 x 20（右）4,000 個會議。他們可以保存所有 4,000 場會議，將其上傳到伺服器，然後他們的銷售主管可以參加 4,000 小時的任何相關會議。這就是時間和空間的彎曲。你可以無所不在，這是一個深刻的想法。

And on the other hand, if you have 1 person in the company that can solve the problem, that 1 person can record the solution, upload to our website where it can stream 19,000 times so that 1 person can solve the problem of 19,000 times. So this idea of bending time and space and reaching hyper productivity by going things 1,000 times or 10,000 times instead of once and by moving at the speed of light, forces you to rethink how you consider marketing and services and support and product development. And 1 conclusion is you can get more done with less effort if you have talented people working as a team with the right tools and the right architecture and the right framework.

另一方面，如果你公司裡有1個人可以解決這個問題，那麼這個1個人可以把解決方案記錄下來，上傳到我們的網站，在那裡它可以播放19,000次，這樣1個人就可以解決19,000次的問題。因此，透過將事情進行 1,000 次或 10,000 次（而不是一次）並以光速移動來彎曲時間和空間並達到超高生產力的想法，迫使您重新思考如何考慮行銷、服務、支援和產品開發。結論之一是，如果您有才華橫溢的人員作為一個團隊，使用正確的工具、正確的架構和正確的框架，那麼您可以事半功倍。

So I -- as we continue down our path of virtual wave transformation, we can find a way to lower or to control our cost structure, compress our cost structure while increasing our value proposition, driving more productivity and providing better result for all of our customers in the marketplace.

因此，當我們繼續沿著虛擬波浪轉型的道路前進時，我們可以找到一種方法來降低或控制我們的成本結構，壓縮我們的成本結構，同時提高我們的價值主張，提高生產力並為我們所有的人提供更好的結果。

So that virtual wave commitment, it gives us confidence that we can generate cash flow and we can continue to generate operating income. That gives us confidence that we can continue with our strategy of deploying capital either to buy back our stock or to purchase more bitcoin. And we're going to pursue this strategy with a laser-like focus on delivering the best, modern, open enterprise business intelligence functionality to the world. And with that, I want to thank everybody for your time today and for your support of shareholders, and we'll go ahead and take questions.

因此，虛擬波浪承諾讓我們有信心產生現金流並且能夠繼續產生營業收入。這讓我們有信心繼續實施部署資本的策略，以回購我們的股票或購買更多比特幣。我們將全心全意地追求這項策略，為世界提供最好的、現代的、開放的企業商業智慧功能。在此，我要感謝大家今天抽出寶貴的時間以及對股東的支持，我們將繼續回答問題。

(Operator Instructions) And we have a question from the line of Hamed Khorsand with BWS Financial.

（操作員說明）我們有來自 BWS Financial 的 Hamed Khorsand 的問題。

Just a couple of questions. One about the product license activity that you saw. Could you just try to cipher for how much of that was related to just closed deals that were delayed because of COVID? And how much of it was brand-new engagements that you had the sales force because of the virtual activities improve productivity? If you could just quantify that?

只是幾個問題。一則有關您看到的產品許可活動的資訊。您能否嘗試計算其中有多少與因新冠疫情而延遲的剛完成的交易有關？由於虛擬活動提高了生產力，您的銷售人員中有多少是全新的活動？如果你能量化一下嗎？

Hamed, it's Phong. It's a bit hard to quantify that way. We certainly did have some deals that slipped from Q1 to Q2 and Q2 to Q3 that resulted in some better product license revenue. But I think the experience we saw in Q1 and Q2 where we had good pipeline going into the quarter. But slowed close rates or delayed deals, et cetera, did not really occur in Q3. We had good activity at the end of the quarter for the most part. So it was a return to what I would consider more normal activity, better close rates and then just generally a strong pipeline, which we've had really since the end of last year.

哈米德，我是馮。這種方式有點難以量化。當然，我們確實有一些交易從第一季滑到第二季度，從第二季度滑到第三季度，從而帶來了一些更好的產品授權收入。但我認為我們在第一季和第二季看到的經驗表明，我們在本季擁有良好的管道。但成交率放緩或交易延遲等現像在第三季度並未真正發生。我們在本季末的大部分時間裡都有良好的活動。因此，這是回歸到我認為更正常的活動、更好的成交率以及整體上強大的管道，這是我們自去年年底以來一直擁有的。

And do you think your pipeline for Q4 was higher than where you started Q3 from?

您認為第四季的管道比第三季開始時的管道高嗎？

I think generally speaking, Q4 is a very seasonally strong quarter for us. Q3, I think everything we saw there, we did a lot of things right. We also had several very large deals and significant deals that were unusual for the quarter. So if you're asking the question whether we should see a repeat performance in Q4, I would say things are looking generally good overall for the business.

我認為總的來說，第四季對我們來說是一個非常季節性強勁的季度。Q3，我認為我們在那裡看到的一切，我們做了很多正確的事情。我們還有幾筆非常大的交易和本季不尋常的重大交易。因此，如果您問我們是否應該在第四季度看到重複表現，我會說整體業務看起來總體不錯。

The piece that we're uncertain about, and there's just a lot of volatility going on right now is what we saw as an opening up of budgets in Q3 might end up tightening again in Q4, depending on macroeconomic, political environment, et cetera. So although we're optimistic heading into Q4, I think there's just still a lot of unknown going up there that's external to MicroStrategy.

我們不確定的一點是，目前正在發生很大的波動，我們認為第三季的預算開放可能最終會在第四季再次收緊，具體取決於宏觀經濟、政治環境等。因此，儘管我們對第四季度持樂觀態度，但我認為 MicroStrategy 外部仍然存在許多未知因素。

Okay. And then can you just talk about the increase in customer activity since the bitcoin news, has that led to actual new customer wins? Is it just new conversations with customers that never exist or has it just been traffic?

好的。然後您能否談談自比特幣新聞發布以來客戶活動的增加，這是否導致了實際的新客戶獲勝？這只是與從未存在過的客戶的新對話還是只是流量？

I think it's somewhere in the middle, right? We haven't seen material revenue as a result of the increased activity. We've seen more traffic to our website. We've seen more engagement with certain end -- and conversations with customers we haven't had before.

我認為它位於中間的某個地方，對嗎？我們還沒有看到由於活動增加而帶來的物質收入。我們看到我們網站的流量增加了。我們看到了更多的特定目的的參與以及與客戶的對話，這是我們以前從未有過的。

Our pipeline process usually takes 6 to 9 months before we close a deal, but we're seeing increased activity upfront. And we're also taking on some incremental tactics to try to capture that activity. As you see, we have a bitcoin section on our website, and Mike talked about using our website overall as a lead generation tool. So we're early on in the process of realizing that in terms of pipeline and material conversations.

我們的管道流程通常需要 6 到 9 個月才能完成交易，但我們看到前期活動增加。我們也採取了一些漸進策略來嘗試捕捉該活動。正如您所看到的，我們的網站上有一個比特幣部分，麥克談到了使用我們的網站作為潛在客戶生成工具。因此，我們在管道和材料對話方面很早就意識到了這一點。

Our next question comes from the line of Tyler Radke with Citibank.

我們的下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

Definitely one of the more exciting earnings calls in a while. So congratulations on the nice performance. Phong, I wanted to ask you about the large deal you referenced, probably one of the largest deals, I can recall, with the financial services customer. And maybe if you could just go into a little bit more detail on that use case. Was this kind of associated with a large upgrade? What did it involve that contributed almost $10 million in perpetual licenses? And do you feel like there's anything that can be learned from this deal that maybe you can apply to future deals?

這絕對是一段時間內最令人興奮的財報電話會議之一。恭喜您精彩的表演。Phong，我想問你提到的那筆大交易，據我所知，可能是與金融服務客戶最大的交易之一。也許您可以更詳細地了解該用例。這是否與大型升級有關？貢獻近 1000 萬美元的永久許可證涉及什麼？您覺得從這筆交易中可以學到什麼，也許您可以將其應用到未來的交易中嗎？

Yes. I would say, Tyler, first of all, I don't think we indicated the size of the deal. Just to give you a sense, even if we had not done it, we still would have seen growth our product license revenue on a year-over-year basis. All that said, it's sort of using a lot of the tools that we've laid out in the last 1.5 years since we introduced MicroStrategy 2019, right, upgrading the customer to our latest version of MicroStrategy, selling HyperIntelligence, selling mobile, selling all the things that we have sort of in our tool set.

是的。我想說，泰勒，首先，我認為我們沒有表明交易的規模。只是為了讓您感覺到，即使我們沒有這樣做，我們仍然會看到我們的產品授權收入年增。話雖如此，它有點使用了自我們推出 MicroStrategy 2019 以來我們在過去 1.5 年裡推出的大量工具，對吧，將客戶升級到我們最新版本的 MicroStrategy，銷售 HyperIntelligence，銷售移動設備，銷售所有內容我們的工具集中有一些東西。

And then that's sort of from a product side. And then from a customer engagement side, right, I think they, like many of our customers, look to MicroStrategy as a modern, open enterprise-grade solution. And again, like many customers fully embedded in the operations. And so when there's strategic use cases, a lot of times, our customers will turn to MicroStrategy. So -- and obviously, we have a very engaged sales team and some of the things that we do like free upgrades, free education for a period of time, all the things we do to keep our retention rates high lead longer-term to happy customers who want to buy more software.

這是從產品角度來看的。然後從客戶參與方面來看，我認為他們像我們的許多客戶一樣，將 MicroStrategy 視為現代、開放的企業級解決方案。再次，就像許多客戶完全參與營運一樣。因此，當出現策略用例時，很多時候，我們的客戶會轉向 MicroStrategy。因此，顯然，我們擁有一支非常敬業的銷售團隊，我們所做的一些事情，例如免費升級、一段時間內的免費教育，我們為保持高保留率所做的所有事情都會帶來長期的快樂想要購買更多軟體的客戶。

So although it was a great deal for us, I wouldn't say that there was anything singular that was -- caused it to occur that wasn't consistent with our overall strategy as a company.

因此，雖然這對我們來說是一件大事，但我不會說有任何奇怪的事情導致它的發生與我們作為一家公司的整體策略不一致。

Okay. Yes, I was just looking through the 10-Q, and it looked like there was a reference to a deal that contributed $9.8 million in recognized revenue. So I just wanted to clarify if that was the financial services deal that you talked about in the call or if that was a separate deal.

好的。是的，我剛剛瀏覽了 10-Q，其中似乎提到了一項貢獻了 980 萬美元已確認收入的交易。所以我只是想澄清這是否是您在電話中談到的金融服務交易，或者是否是一項單獨的交易。

Yes, I think that was.

是的，我認為是這樣。

Okay. Okay. Great. And then you talked a little bit about seeing kind of strong renewal rates. It looks like maintenance revenue or product support revenue did decline on a constant currency basis year-over-year. Obviously, you have had a number of years of product license revenues declining. But I guess what's kind of the thinking on the trajectory of product support revenue from here given the improved license performance that you saw in the quarter?

好的。好的。偉大的。然後你談到了看到強勁的續訂率。以固定匯率計算，維護收入或產品支援收入確實較去年同期下降。顯然，產品授權收入多年來一直在下降。但我想考慮到您在本季看到的授權效能的改善，對產品支援收入的軌跡有何看法？

Yes. I think -- so there are 2 main drivers, right? One is a conversion from existing on-prem product support paying customers to the cloud. And so what you see there is it moves from product support revenue over to subscription revenue and in some cases, deferred subscription revenue. So that's driver number one.

是的。我認為——所以有兩個主要驅動因素，對吧？一是從現有的本地產品支援付費客戶轉換為雲端。因此，您看到的是，它從產品支援收入轉變為訂閱收入，在某些情況下，轉變為遞延訂閱收入。這是第一位司機。

And as we are moving customers to the cloud and having that conversation, sometimes they opt not to move to the cloud, but they want to move into a term license model. When we move them to a term license as opposed to a perpetual license with support revenue, what ends up happening is that shows up in product license revenue. So there's 2 drivers there that's converting that sort of product support revenue over to different revenue line items. And I think you will see more of that over time. I think that's a reasonable sort of shift you'll see, especially to the subscription side as we actively move our customers.

當我們將客戶遷移到雲端並進行對話時，有時他們選擇不遷移到雲，但他們希望遷移到定期許可模型。當我們將它們轉移到定期許可證而不是帶有支援收入的永久許可證時，最終發生的事情會出現在產品許可證收入中。因此，有兩個驅動因素將此類產品支援收入轉換為不同的收入項目。我想隨著時間的推移，你會看到更多這樣的情況。我認為這是一個合理的轉變，尤其是在我們積極吸引客戶的訂閱方面。

Got it. And then just as you think about Q4 and maybe even next year. I mean how do you feel about the pipeline? I mean it seems like this is a very strong execution quarter from getting deals across the finish line. But were there deals that closed this quarter that maybe came out of Q4 that makes you a little bit less bullish on the pipeline heading into the year-end? Maybe just help us understand kind of the moving pieces there beyond, obviously, the stuff that you can't control around the economy and budgets tightening up?

知道了。然後就像你想到第四季甚至明年一樣。我的意思是你對管道感覺如何？我的意思是，從完成交易來看，這似乎是一個執行力非常強的季度。但是，本季完成的交易是否可能來自第四季度，這讓您對進入年底的管道不太樂觀？也許只是幫助我們理解除了經濟和預算緊縮之外你無法控制的那些正在發生的事情？

Yes. I would say, generally speaking, we feel positive about the growth trajectory of the company, right? Like this was a very strong quarter. I think it'd probably be unreasonable to expect 50% -- north of 50% product license growth on a go-forward basis as much as we would like that. I think what you'll end up seeing is generally a trajectory of product license and subscription growth and hopefully, revenue growth that follows that, subject to its quarterly volatility and macroeconomic factors.

是的。我想說，總的來說，我們對公司的成長軌跡感到樂觀，對吧？就像這是一個非常強勁的季度。我認為，預期產品許可未來將成長 50%（超過 50%）可能是不合理的，正如我們所希望的那樣。我認為您最終會看到的通常是產品授權和訂閱成長的軌跡，並希望隨之而來的收入成長，具體取決於季度波動和宏觀經濟因素。

Got it. And then just one last clarification question on the bitcoin accounting. So is it right that, say, for instance, bitcoin were to only go higher from here, the way you would report it in terms of the impairment charge, you essentially wouldn't get any of that benefit as reported on the financial statements because you kind of have to take the lowest value since you've owned the assets. I just want to clarify that that's the methodology and just how you're thinking about that, if that's the case?

知道了。然後是關於比特幣會計的最後一個澄清問題。那麼，舉例來說，比特幣只會從這裡走高，按照減損費用報告的方式，你基本上不會獲得財務報表中報告的任何好處，因為你必須採取自擁有資產以來的最低價值。我只是想澄清一下，這就是方法論，以及您是如何考慮的，如果是這樣的話？

Yes, that's correct, Tyler. Given there's not a lot of precedent for public companies owning bitcoin. What happens as a result is we treat it as an intangible asset. And once you go down that sort of route, there's a series of GAAP accounting for long-lived -- for intangible assets on a go-forward basis, one of which is we assess it for impairment every single quarter. And it's -- we take a look at the price of any particular bitcoin that we own at any point in that quarter and take the low point price. So not the price at the end of the quarter, but the low price in the quarter.

是的，沒錯，泰勒。鑑於上市公司擁有比特幣的先例並不多。結果是我們將其視為無形資產。一旦你沿著這種路線走下去，就會有一系列針對長期無形資產的公認會計準則會計準則，其中一項是我們每季對其進行減損評估。我們會查看該季度任何時候我們擁有的任何特定比特幣的價格，並選取最低價格。所以不是季末的價格，而是季度的低價。

And we basically take that as the basis for our impairment charge. So that was south of $10,000 per bitcoin on an average basis. And that's what resulted in our impairment. You're correct. On a go-forward basis, if the bitcoin prices go below that mark, we wouldn't have to further impair and we don't actually recognize a benefit on the bitcoin unless we were to sell it. It's a very conservative way to account. It's the correct way based on current GAAP precedent. And that's why we adjusted out for non-GAAP purposes. As you know, the carrying value of bitcoin right now versus what we bought it for has seen a significant appreciation.

我們基本上以此作為減損費用的基礎。因此，平均每個比特幣價格低於 10,000 美元。這就是導致我們受損的原因。你是對的。從長遠來看，如果比特幣價格低於該水平，我們就不必進一步減值，而且我們實際上並沒有意識到比特幣的好處，除非我們出售它。這是一種非常保守的會計方式。根據當前 GAAP 先例，這是正確的方法。這就是我們出於非公認會計準則目的而進行調整的原因。如您所知，比特幣目前的帳面價值與我們購買它的價格相比已經大幅升值。

(Operator Instructions)

（操作員說明）

Okay. This concludes today's Q&A session. So with that, I will now turn the call back over to Chairman and CEO, Michael Saylor, for any closing remarks.

好的。今天的問答環節到此結束。因此，我現在將把電話轉回給董事長兼執行長 Michael Saylor，讓其發表結束語。

I want to thank everybody, all the shareholders on the call and everyone else who spent the time with us today. If you're interested in delving deeper in these matters, as Phong pointed out, we will host an Investors Day coming up in mid-November. So I'd encourage you to join us for that, and we'll do a deep dive into this and other related matters. And until then, thanks for your support, and we look forward to doing this again in 3 months. Take care.

我要感謝大家，感謝所有參加電話會議的股東以及今天與我們共度時光的所有人。如果您有興趣深入研究這些問題，正如 Phong 指出的那樣，我們將在 11 月中旬舉辦投資者日活動。因此，我鼓勵您加入我們，我們將深入探討此問題和其他相關問題。在此之前，感謝您的支持，我們期待 3 個月後再次這樣做。小心。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。