Microstrategy Inc (MSTR) 2022 Q2 法說會逐字稿

Hello, everyone, and good evening. I am Shirish Jajodia, Head of Investor Relations and Treasury at MicroStrategy. I will be your moderator for MicroStrategy's 2022 Second Quarter Earnings Webinar.

大家好，晚上好。我是 MicroStrategy 投資者關係和財務主管 Shirish Jajodia。我將擔任 MicroStrategy 2022 年第二季度收益網絡研討會的主持人。

Before we proceed, I will read the safe harbor statement. 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.

在我們繼續之前，我將閱讀安全港聲明。我們在今天的電話會議中提供的有關我們未來預期、計劃和前景的一些信息可能構成前瞻性陳述。由於各種重要因素，包括我們最近向美國證券交易委員會提交的 10-Q 文件中討論的風險因素，實際結果可能與這些前瞻性陳述存在重大差異。我們不承擔更新這些前瞻性陳述的義務，這些陳述僅在今天發表。

Also, during today's call, we will 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, microstrategy.com.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。顯示 GAAP 與非 GAAP 結果的對賬可在我們的收益發布和演示文稿中找到，該報告和演示文稿今天發布，可在我們的網站 microstrategy.com 上找到。

I would like to welcome you all to today's webinar and let you know that we will taking questions using the Q&A feature at the bottom of your screen. You can submit questions throughout the webinar, and Michael, Phong or Andrew will answer questions at the end of the session. Please be sure to provide your name and your company's name when submitting your questions.

歡迎大家參加今天的網絡研討會，並讓您知道我們將使用屏幕底部的問答功能回答問題。您可以在整個網絡研討會期間提交問題，Michael、Phong 或 Andrew 將在會議結束時回答問題。請務必在提交問題時提供您的姓名和公司名稱。

Now I will walk you through the agenda for today's call. First, Michael Saylor will provide a strategic review and discuss our recently announced executive transition. Second, Phong Le, will cover the operational results for second quarter 2022. Then Andrew Kang will cover the financial results for second quarter 2022. And lastly, we will open up to Q&A.

現在，我將向您介紹今天電話會議的議程。首先，Michael Saylor 將提供戰略審查並討論我們最近宣布的高管過渡。其次，Phong Le 將介紹 2022 年第二季度的運營業績。然後 Andrew Kang 將介紹 2022 年第二季度的財務業績。最後，我們將進行問答。

With that, I will turn the call over to Michael Saylor, Chairman and CEO of MicroStrategy. Michael?

有了這個，我將把電話轉給 MicroStrategy 董事長兼首席執行官 Michael Saylor。邁克爾?

Thank you, Shirish. I'm Michael Saylor. I'm the Chairman and CEO of MicroStrategy. I'd like to welcome all of you to today's webinar regarding our 2022 second quarter financial results.

謝謝你，希里什。我是邁克爾·塞勒。我是 MicroStrategy 的董事長兼首席執行官。我想歡迎大家參加今天關於我們 2022 年第二季度財務業績的網絡研討會。

First, I'd like to provide a strategic review. As you know, MicroStrategy has 2 corporate strategies. The first is to operate and grow our enterprise analytics business. The second is to acquire and hold Bitcoin. We've made great strides in both areas over the past 2 years. We've digitally transformed our sales, marketing and services. We've upgraded our enterprise BI platform and we've migrated many of our customers to our integrated cloud intelligence offering. We've also established a trusted network of digital asset service providers. We've developed a set of corporate procedures for acquiring and holding Bitcoin in custody and executed multiple equity debt and convertible debt offerings in order to expand our balance sheet. We are now the largest independent publicly traded business intelligence company, as well as the largest public holder of Bitcoin. MicroStrategy represents a new kind of firm, which generates cash flow based on enterprise software products and cloud intelligence services and has a balance sheet based on Bitcoin, a digital commodity that we believe is superior to traditional physical commodities, like energy, metals or agricultural products. This hybrid corporate strategy represents a paradigm shift.

首先，我想提供一個戰略審查。如您所知，MicroStrategy 有 2 個企業戰略。首先是運營和發展我們的企業分析業務。二是獲取並持有比特幣。在過去的 2 年裡，我們在這兩個領域都取得了長足的進步。我們已經對我們的銷售、營銷和服務進行了數字化改造。我們已經升級了我們的企業 BI 平台，並且我們已經將我們的許多客戶遷移到了我們的集成雲智能產品。我們還建立了一個值得信賴的數字資產服務提供商網絡。我們制定了一套獲取和持有比特幣的公司程序，並執行了多項股權債務和可轉換債務發行，以擴大我們的資產負債表。我們現在是最大的獨立公開交易商業情報公司，也是最大的比特幣公眾持有者。 MicroStrategy 代表一種新型公司，它基於企業軟件產品和雲智能服務產生現金流，並擁有基於比特幣的資產負債表，我們認為比特幣是一種優於傳統實物商品（如能源、金屬或農產品）的數字商品.這種混合型企業戰略代表了一種範式轉變。

What started as a defensive strategy and intended to protect our balance sheet, rapidly evolved into an opportunistic strategy as we sought to create shareholder value during the pandemic crisis. We no longer view Bitcoin acquisition as opportunistic. It is simply our second corporate strategy. Our future now depends on how we manage and develop our intellectual property, that is software, as well as how we manage and develop our digital property, that is Bitcoin.

最初是一種防禦性戰略，旨在保護我們的資產負債表，但隨著我們在大流行危機期間尋求創造股東價值，它迅速演變為一種機會主義戰略。我們不再將比特幣收購視為機會主義。這只是我們的第二個企業戰略。我們的未來現在取決於我們如何管理和開發我們的知識產權，即軟件，以及我們如何管理和開發我們的數字資產，即比特幣。

I'd like to talk a bit about our performance in these 2 strategies. It's now over 2 years -- about 2 years since we embarked on our Bitcoin acquisition strategy. And while I think a minimum holding period for a long-term investment would be 4 years, it seems fitting that we should do a midterm review of results so far. Since August 11, 2020, our stock has outperformed Bitcoin, as well as every major asset class, along with every major big tech stock. Now why do we choose August 11, 2020? That was the day we announced our Bitcoin strategy, and we've coupled it with the Dutch auction where we offered to buy back $250 million of our shares. So we embarked upon this strategy on August 11.

我想談談我們在這兩種策略中的表現。現在已經 2 年多了——自從我們開始我們的比特幣收購戰略以來大約 2 年。雖然我認為長期投資的最短持有期為 4 年，但我們應該對迄今為止的結果進行中期審查似乎是合適的。自 2020 年 8 月 11 日以來，我們的股票表現優於比特幣，以及所有主要資產類別，以及所有主要的大型科技股。現在我們為什麼選擇 2020 年 8 月 11 日？那是我們宣布比特幣戰略的那一天，我們將其與荷蘭式拍賣相結合，我們提出回購 2.5 億美元的股票。因此，我們於 8 月 11 日開始實施這一戰略。

We went and we looked back at where did MicroStrategy close the day before? It's up 123% since we embarked on that strategy. Where has Bitcoin gone? Bitcoin is up 94% since we announced our Bitcoin strategy. So MicroStrategy has actually outperformed Bitcoin. We've captured more than 100% of the alpha of Bitcoin from a standing start. The S&P Index is up 23% in that same time frame. NASDAQ is up 13%. So as you can see, we've outperformed by a factor of 10 NASDAQ stocks in general. We've outperformed the entire S&P by a factor of 5.

我們去了，我們回顧了前一天 MicroStrategy 在哪里關閉？自從我們開始實施該戰略以來，它已經上漲了 123%。比特幣去哪兒了？自我們宣布比特幣戰略以來，比特幣上漲了 94%。因此，MicroStrategy 實際上的表現優於比特幣。我們從一開始就捕獲了超過 100% 的比特幣 alpha。標準普爾指數在同一時間段內上漲了 23%。納斯達克上漲 13%。如您所見，我們的表現總體上優於納斯達克股票的 10 倍。我們的表現比整個標準普爾高出 5 倍。

The option that we had when we chose Bitcoin was gold. We said digital gold or gold. Gold is down 13% since that fateful day. So Bitcoin plus 94%, gold down minus 13%; MicroStrategy up 123%. We could have held our $500 million plus of treasury assets in bonds. And the conventional view is to hold bonds. Well, we could have held short-dated bonds that generated 0% interest or we could have bought mid-range bonds. And if we look at the PIMCO BOND Index, B-O-N-D, that index is down 14% since August 11, 2020. And of course, for those who believe in silver instead of gold, silver is down 29%. So as you can see, when we're choosing a treasury reserve asset, Bitcoin outperformed all other reasonable treasury reserve assets.

我們選擇比特幣時的選擇是黃金。我們說數字黃金或黃金。自那個決定性的一天以來，黃金下跌了 13%。所以比特幣上漲94%，黃金下跌-13%； MicroStrategy 上漲 123%。我們本可以持有超過 5 億美元的國債資產。而傳統觀點是持有債券。好吧，我們可以持有產生 0% 利息的短期債券，或者我們可以購買中檔債券。如果我們看看 PIMCO 債券指數 B-O-N-D，該指數自 2020 年 8 月 11 日以來下跌了 14%。當然，對於那些相信白銀而不是黃金的人來說，白銀下跌了 29%。如你所見，當我們選擇國庫儲備資產時，比特幣的表現優於所有其他合理的國庫儲備資產。

Now we actually considered MicroStrategy performance and Bitcoin's performance against big tech, too. For those of you who know me, you know I wrote The Mobile Wave and I've been a big advocate of big tech digital monopolies like Google, Apple, Amazon, Facebook. You can see Google in this time period is up 54%. MicroStrategy more than doubled it. Apple, up 43%; Microsoft, up 34%. So we managed to beat those 3 digital monopolies. But the other interesting thing is that, half of big tech is down in that same period. Amazon has lost 14% of its value, Meta Group or Facebook down 39%, and Netflix down 53%. So if we look at all these numbers, and if you recall, when we announced our strategy, we said we were considering all possible treasury reserve options. We managed to choose the single one, Bitcoin that's plus 94% to beat everything. And MicroStrategy executed on that. We basically started by buying $250 million of Bitcoin. We executed on that, so as to not just capture a fraction of the Bitcoin return, but actually more than 100% of the Bitcoin return for our shareholders in that time period. During this period, we've successfully raised $2.4 billion in debt and $1 billion in equity. And we expanded our enterprise valuation from approximately $666 million to $5.6 billion, an increase of approximately $5 billion or over 730% in those 2 years.

現在我們實際上也考慮了 MicroStrategy 的性能和比特幣對大型科技公司的性能。對於那些認識我的人來說，你們知道我寫了 The Mobile Wave，而且我一直是谷歌、蘋果、亞馬遜、Facebook 等大型科技數字壟斷企業的大力倡導者。你可以看到谷歌在這段時間內上漲了 54%。 MicroStrategy 增加了一倍多。蘋果，上漲 43%；微軟，上漲 34%。所以我們成功地擊敗了這三個數字壟斷企業。但另一個有趣的事情是，一半的大型科技公司在同一時期倒閉了。亞馬遜市值縮水 14%，Meta Group 或 Facebook 縮水 39%，Netflix 縮水 53%。因此，如果我們查看所有這些數字，並且您還記得，當我們宣布我們的戰略時，我們說我們正在考慮所有可能的國庫儲備選項。我們設法選擇了一個，即比特幣，它有 94% 的收益來擊敗一切。 MicroStrategy 在此基礎上執行。我們基本上是從購買 2.5 億美元的比特幣開始的。我們執行了這一點，以便不僅獲得一小部分比特幣回報，而且實際上在那個時期為我們的股東獲得超過 100% 的比特幣回報。在此期間，我們成功籌集了 24 億美元的債務和 10 億美元的股權。我們將企業估值從大約 6.66 億美元擴大到 56 億美元，在這兩年中增加了大約 50 億美元或超過 730%。

These results probably come as a surprise to many, since there's a tendency to focus on short-term volatility of Bitcoin and its related impact on our share price. As a publicly traded operating business that holds digital property, MicroStrategy is unlike any other enterprise software company. With our deep knowledge of business intelligence, rich enterprise analytics software platform and distributed network of loyal global providers -- sorry, loyal global customers providing us with a stream of revenues and cash flow, we're unlike any conventional holder of digital assets. That means we need to think differently about how we manage our firm and maximize shareholder value overtime.

這些結果可能讓許多人感到意外，因為人們傾向於關注比特幣的短期波動及其對我們股價的相關影響。作為一家持有數字資產的上市公司，MicroStrategy 不同於任何其他企業軟件公司。憑藉我們對商業智能的深入了解、豐富的企業分析軟件平台和忠誠的全球供應商的分佈式網絡——抱歉，忠誠的全球客戶為我們提供了收入和現金流，我們不同於任何傳統的數字資產持有者。這意味著我們需要以不同的方式思考我們如何管理公司並最大限度地提高股東價值。

For an analyst, considering how to value a hybrid software digital asset firm such as MicroStrategy, it makes sense to consider the value of each of the components of the business and then calculate the sum of the parts. The software business can be valued as a revenue -- as a multiple of revenue or earnings with consideration given to the likely growth rate, the customer loyalty and the quality of those recurring revenues. The digital asset business can be valued at net asset value with a premium based on an assessment of, a, the ability of the management team to execute effectively; and b, the prospects of the digital asset. Adopting this framework, we've organized our firm in order to maximize the performance of both elements of our business, while using finesse to identify and capitalize on synergies that come from pairing, a stable enterprise software business with a large, potentially high-growth, admittedly volatile digital asset holding.

對於分析師而言，在考慮如何評估 MicroStrategy 等混合軟件數字資產公司時，考慮業務的每個組成部分的價值然後計算各部分的總和是有意義的。考慮到可能的增長率、客戶忠誠度和經常性收入的質量，軟件業務可以作為收入來估值——作為收入或收益的倍數。數字資產業務可以根據對管理團隊有效執行能力的評估，以資產淨值和溢價進行估值； b、數字資產的前景。採用這個框架，我們組織了我們的公司，以最大限度地提高我們業務的兩個要素的績效，同時利用技巧來識別和利用來自配對的協同效應，這是一個穩定的企業軟件業務，具有巨大的潛在高增長，不可否認的波動性數字資產持有。

Now I'd like to talk about the outlook. We are still early in the adoption cycle of digital assets and Bitcoin in general. There is clearly a strong demand around the world for a number of things. First of all, a, a digital property to serve as a long-term store of value asset; b, a digital commodity to service a trading alternative to energy, metals and other physical commodities; c, a digital payments network that's open, neutral, fast and free for all to use; d, a digital currency that can serve as a medium of exchange for those unable to access dollars via the traditional banking system or for those who wish to trade at the speed of light, friction-free on mobile phones and websites. Stable coins like USDC are examples of such a currency. E, a digital exchange that allows anyone to trade all currencies and all assets 24/7, 365. These 5 things are the clear innovations and there's extraordinary excitement and enthusiasm around those ideas.

現在我想談談前景。總體而言，我們仍處於數字資產和比特幣採用周期的早期階段。顯然，世界各地對許多東西都有強烈的需求。首先，a，作為價值資產長期儲存的數字資產； b，一種數字商品，為能源、金屬和其他實物商品的交易替代品提供服務； c，一個開放、中立、快速和免費供所有人使用的數字支付網絡； d，一種數字貨幣，可以作為那些無法通過傳統銀行系統獲取美元的人或希望在手機和網站上以光速、無摩擦進行交易的人的交換媒介。像 USDC 這樣的穩定幣就是這種貨幣的例子。 E，一個數字交易所，允許任何人 24/7、365 全天候交易所有貨幣和所有資產。這 5 件事是明顯的創新，圍繞這些想法有著非凡的興奮和熱情。

Global consensus has built over the past 2 years that the world would benefit from these technologies, and we need these digital assets to build the economy of the 21st century. Bitcoin serves as the ethical, technical and economic foundation of this emerging digital economy due to its immaculate conception, its recognition as a commodity without an issuer, global brand recognition, and worldwide network of mining operators with tens of billions in special-purpose hardware and energy contracts that provide unmatched security and network integrity.

在過去的 2 年中，全球共識已經建立，世界將從這些技術中受益，我們需要這些數字資產來建設 21 世紀的經濟。比特幣是這個新興數字經濟的倫理、技術和經濟基礎，因為它的概念完美無缺，被公認為沒有發行人的商品，全球品牌知名度，以及擁有數百億專用硬件的全球採礦運營商網絡和提供無與倫比的安全性和網絡完整性的能源合同。

The current wave of crypto rationalization, regulation and innovation is healthy for this industry over the mid and the long time frame. And we expect Bitcoin will be the prime beneficiary of all these trends. The demise of Celsius, Voyager and 3 Arrows has removed unhealthy business practices and dangerous leverage from the system, educating millions of market participants on the merits of holding an asset like Bitcoin without counterparty risk and taking self-custody or placing that asset in cold storage.

當前的加密合理化、監管和創新浪潮在中長期對這個行業來說是健康的。我們預計比特幣將成為所有這些趨勢的主要受益者。 Celsius、Voyager 和 3 Arrows 的消亡消除了系統中不健康的商業行為和危險的槓桿作用，讓數百萬市場參與者了解持有比特幣等資產而沒有交易對手風險以及自行保管或將資產置於冷庫中的優點.

Regulators have been catalyzed by the crypto market meltdown and accelerated plans for regulating exchanges, cryptosecurities and stable coins. We should see regulatory clarity come earlier than we would otherwise expected, and it is clear from communications, from Congress and regulatory bodies, the more focus is going to be placed on the digital assets industry and the rules and related initiatives will be fast tracked. Many large institutional investors have yet to make substantial allocations of capital to this new asset class because they're waiting for this regulatory clarity. So the focus that regulators are placing on the crypto industry is welcome news to us, and we believe a net positive for Bitcoin.

加密貨幣市場的崩潰和加速監管交易所、加密證券和穩定幣的計劃推動了監管機構的發展。我們應該看到監管的明確性比我們預期的要早，並且從國會和監管機構的溝通中可以清楚地看出，數字資產行業將更加關注，規則和相關舉措將得到快速跟踪。許多大型機構投資者尚未對這一新資產類別進行大量資本配置，因為他們正在等待監管的明確性。因此，監管機構對加密行業的關注對我們來說是個好消息，我們相信比特幣的淨利好。

Even while there is market turmoil, innovation and adoption continue in the digital asset space. The Bitcoin network has settled more than 17 trillion transactions this year, and the Lightning Network continues to expand at a rapid pace, reaching record levels of liquidity and scale each quarter. Every week, new banks announce Bitcoin custody services, new derivative products are coming to market, and new financial service providers continue to enter the space, offering trading, analysis and banking services to the swelling population of investors. The growing interest in Bitcoin from banks, such as Goldman Sachs, Citigroup, JPMorgan, Santander, as well as Fidelity's initiatives to offer 401(k) services that include Bitcoin are indicative of this trend.

即使存在市場動盪，數字資產領域的創新和採用仍在繼續。比特幣網絡今年已經結算了超過 17 萬億筆交易，閃電網絡繼續快速擴張，每個季度的流動性和規模都達到了創紀錄的水平。每週都有新的銀行宣布比特幣託管服務，新的衍生產品上市，新的金融服務提供商不斷進入該領域，為不斷膨脹的投資者提供交易、分析和銀行服務。高盛、花旗集團、摩根大通、桑坦德銀行等銀行對比特幣的興趣日益濃厚，以及富達提供包括比特幣在內的 401(k) 服務的舉措都表明了這一趨勢。

Macroeconomic trends continue to favor and drive the adoption of digital assets as well. In the past 2 years, numerous currencies in South America, Africa and Asia have collapsed. And even traditional strong economies are suffering from currency weakness. The Great British pound, the Korean won, the South African rand are all down 12% in the last 12 months. The euro is down 14% against the dollar. The Polish zloty and the Japanese yen are down 17% against the dollar, and the Turkish lira is down 54%. The strengthening dollar has created a demand around the world for digital currency. Since many people outside the U.S. would prefer to trade their local currency for U.S. dollars and many people outside the traditional banking system can install a digital bank on their mobile phone in a few minutes and enter the global economy using the U.S. dollar as a medium of exchange and Bitcoin as a store of value.

宏觀經濟趨勢也繼續有利於並推動數字資產的採用。在過去的兩年裡，南美、非洲和亞洲的許多貨幣都出現了崩盤。甚至傳統強勁的經濟體也在遭受貨幣疲軟的困擾。過去 12 個月，英鎊、韓元、南非蘭特均下跌 12%。歐元兌美元下跌 14%。波蘭茲羅提和日元兌美元匯率下跌 17%，土耳其里拉下跌 54%。美元走強在世界範圍內創造了對數字貨幣的需求。由於美國以外的許多人更願意將本國貨幣換成美元，而傳統銀行系統以外的許多人可以在幾分鐘內在手機上安裝數字銀行，並以美元為媒介進入全球經濟。交易所和比特幣作為價值儲存手段。

We believe that Bitcoin should be the primary beneficiary of these trends. Since it is still a small fraction of the market capitalization of gold, commodities, property, currency, bonds and commercial real estate. Continued inflation will create a need for a non-sovereign store value asset that is neutral and globally available. Technology will make it easier and more functional to use, and ongoing education and regulation efforts will introduce more investors to this new asset class each year and make them more comfortable holding wealth in the form of digital property.

我們認為比特幣應該是這些趨勢的主要受益者。因為它仍然只佔黃金、商品、財產、貨幣、債券和商業房地產市值的一小部分。持續的通貨膨脹將產生對中性且全球可用的非主權儲值資產的需求。技術將使其更易於使用和更實用，持續的教育和監管工作將每年向更多投資者介紹這一新資產類別，並使他們更願意以數字財產的形式持有財富。

MicroStrategy has ambitious plans to grow both parts of our business. There's a continuing need for enterprise analytics everywhere, and we are well-positioned to grow with our best-in-class integrated business intelligence platform. We expect to accelerate our transition to cloud-based intelligent services and exploit our increasing brand awareness and global reach to gain new customers and deepen our relationships with existing clients. We also have the unique opportunity to continue growing our Bitcoin holdings via more acquisitions financed by cash flows, debt, and equity. We're one of the few operating companies in the world that has the technical capability and the corporate mandate to acquire and own Bitcoin, as well as issue Bitcoin-backed financings. We're also uniquely positioned to develop enterprise software that leverages the Bitcoin network. We expect more opportunities will come our way and we intend to be ready to take advantage of our leadership position in the Bitcoin industry when the time is right.

MicroStrategy 制定了雄心勃勃的計劃來發展我們業務的這兩個部分。各地都對企業分析有持續的需求，我們已經準備好通過我們一流的集成商業智能平台實現增長。我們希望加快向基於雲的智能服務的過渡，並利用我們不斷提高的品牌知名度和全球影響力來獲得新客戶並加深我們與現有客戶的關係。我們也有獨特的機會通過更多由現金流、債務和股權融資的收購來繼續增加我們的比特幣持有量。我們是世界上為數不多的擁有技術能力和企業授權來收購和擁有比特幣以及發行比特幣支持的融資的運營公司之一。我們在開發利用比特幣網絡的企業軟件方面也處於獨特的地位。我們預計會有更多機會出現，我們打算在適當的時候利用我們在比特幣行業的領導地位。

Given this dramatic increase in the scope of our ambitious plans and the scale of our balance sheet assets, we've decided that the firm would be best served by expanding and reorganizing the management team. Andrew Kang recently joined our team as Chief Financial Officer, assuming responsibilities that were previously handled by Phong Le. Many of you will be hearing from Andrew for the first time on our earnings review call today and we're delighted to have him aboard. For the past 2 years, Phong Le has served as our President and CFO. Now we feel it is the right time to elevate him to the role of President and CEO, responsible for all of our corporate operations. Phong is the ideal candidate to take the CEO role. He joined our firm in 2015 as CFO, progressively assuming responsibility for human resources, facilities and information systems. And later expanded his scope to manage sales and services as our Chief Operating Officer. 2 years ago, he assumed responsibility for marketing and technology as well when he was elevated to President. In all of these roles, he's been successful and he's gained the respect of the Board, as well as the respect of our employees, customers, partners, and vendors. So the progression to CEO is both natural and well-deserved. Phong will also join our Board of Directors as a member of the Board.

鑑於我們雄心勃勃的計劃範圍和資產負債表資產規模的急劇增加，我們決定通過擴大和重組管理團隊來為公司提供最佳服務。 Andrew Kang 最近加入我們的團隊，擔任首席財務官，承擔以前由 Phong Le 處理的職責。你們中的許多人將在今天的收益審查電話會議上第一次聽到安德魯的消息，我們很高興他能加入。在過去的 2 年裡，Phong Le 一直擔任我們的總裁和首席財務官。現在我們認為是時候將他提升為總裁兼首席執行官，負責我們所有的公司運營。 Phong 是擔任 CEO 職位的理想人選。他於 2015 年加入我們公司，擔任首席財務官，逐步承擔人力資源、設施和信息系統的責任。後來擴大了他的範圍，作為我們的首席運營官來管理銷售和服務。 2 年前，當他被提升為總裁時，他還負責營銷和技術。在所有這些角色中，他都很成功，他贏得了董事會的尊重，也贏得了我們員工、客戶、合作夥伴和供應商的尊重。因此，晉升為 CEO 既自然又當之無愧。 Phong 還將作為董事會成員加入我們的董事會。

I will assume a new full-time role as Executive Chairman of MicroStrategy. I will remain an executive officer and employee of the company and Chairman of the Board of Directors, as well as assuming the role of Chair of our Investments Committee, where I will continue to provide oversight for our Bitcoin acquisition strategy. My focus will be on our corporate strategy, our innovation efforts, our Bitcoin strategy and related Bitcoin advocacy and education initiatives, such as my work with the Bitcoin Mining Council. I will continue to act as an enthusiastic spokesperson for MicroStrategy and as our envoy to the global Bitcoin community. As global adoption of digital assets accelerates, this is becoming an ever more expansive job, and I'm comforted increasing the scope of my advocacy efforts knowing that the execution of the MicroStrategy business plan rests in the capable hands of Phong, Andrew and the rest of our executive team. These changes will take place as of August 8, 2022. At that time, the company will have a dedicated Chief Financial Officer in Andrew Kang; a dedicated President and CEO in Phong Le; and a dedicated Executive Chairman in myself. This represents a welcome strengthening of our management team as we prepare for the next phase of corporate growth at MicroStrategy. I'm personally excited about this news. The 3 of us make a great team. We work together well and possess mutually complementary skills and experience. This will be a benefit to our shareholders, customers, employees, partners, as well as to the broader community as we continue to lead the way in business intelligence and Bitcoin corporate adoption.

我將擔任 MicroStrategy 執行主席的新全職職位。我將繼續擔任公司的執行官和員工以及董事會主席，並擔任我們的投資委員會主席，我將繼續監督我們的比特幣收購戰略。我的重點將放在我們的企業戰略、我們的創新努力、我們的比特幣戰略以及相關的比特幣宣傳和教育計劃上，例如我在比特幣礦業委員會的工作。我將繼續擔任 MicroStrategy 的熱心代言人以及我們在全球比特幣社區的特使。隨著全球對數字資產的採用加速，這正在成為一項越來越廣泛的工作，我很欣慰地擴大了我的宣傳工作範圍，因為我知道 MicroStrategy 商業計劃的執行掌握在 Phong、Andrew 和其他人的精乾手中我們的執行團隊。這些變動將於 2022 年 8 月 8 日起生效。屆時，公司將有一位專職的首席財務官 Andrew Kang； Phong Le 的專職總裁兼首席執行官；和我自己一個敬業的執行主席。在我們為 MicroStrategy 下一階段的企業發展做準備時，這代表了我們管理團隊的可喜加強。我個人對這個消息感到興奮。我們三個人組成了一個很棒的團隊。我們合作良好，擁有相輔相成的技能和經驗。這將有利於我們的股東、客戶、員工、合作夥伴以及更廣泛的社區，因為我們將繼續引領商業智能和比特幣企業採用。

Now I would like to pass the floor to Phong Le, our President and soon-to-be CEO, to provide an operational review of our business results.

現在我想請我們的總裁兼即將成為首席執行官的 Phong Le 對我們的業務成果進行運營審查。

Thank you, Michael. I'm honored and looking forward to leading this truly innovative organization in my new role as President and CEO. MicroStrategy has founded 33 years ago as a technology innovator with a vision of intelligence everywhere. Since then, we've become a global leader in business intelligence serving the largest, most respected enterprises and government organizations in the world. We've also been a technology pioneer in the fields of relational, web, mobile and cloud analytics. Our employees and executives are the foundation upon which our strength in enterprise analytics was built, and I'm enthusiastic to work with them to continue to grow this business going forward.

謝謝你，邁克爾。我很榮幸並期待在擔任總裁兼首席執行官的新職位上領導這個真正創新的組織。 MicroStrategy 成立於 33 年前，是一家擁有無處不在的智能願景的技術創新者。從那時起，我們已成為商業智能領域的全球領導者，為世界上最大、最受尊敬的企業和政府組織提供服務。我們還是關係、Web、移動和雲分析領域的技術先驅。我們的員工和高管是我們在企業分析方面建立實力的基礎，我很樂意與他們合作，繼續發展這項業務。

More recently, MicroStrategy has pioneered the use of digital assets as a core component of the corporation's treasury policy. We believe it's still early and further adoption of Bitcoin globally can have a positive effect on Bitcoin price, which has the potential to offer upside to our shareholders. Bitcoin is the right long-term store of value for MicroStrategy, enterprises, institutions, individuals and the world. Our history of innovation has allowed MicroStrategy to be successful for a sustained period of time. I plan to continue to build a culture and a company where innovation thrives. In addition, our ecosystem of customers, partners, shareholders and employees are essential to our success. Our commitment and focus on this group will strengthen under my leadership. I look forward to leading the organization for the long-term health and growth of our enterprise software and Bitcoin acquisition strategies.

最近，MicroStrategy 率先將數字資產用作公司財務政策的核心組成部分。我們認為現在還為時尚早，全球進一步採用比特幣可以對比特幣價格產生積極影響，這有可能為我們的股東帶來上行空間。對於 MicroStrategy、企業、機構、個人和世界而言，比特幣是正確的長期價值儲存手段。我們的創新歷史使 MicroStrategy 能夠在一段時間內取得成功。我計劃繼續建立一種創新蓬勃發展的文化和公司。此外，我們的客戶、合作夥伴、股東和員工生態系統對我們的成功至關重要。在我的領導下，我們對這個群體的承諾和關注將得到加強。我期待領導該組織，以實現我們企業軟件和比特幣收購戰略的長期健康和發展。

I'd also like to thank Michael Saylor. Following in Mike's footsteps, our founder and a pioneer in enterprise analytics Bitcoin for institutions and CEO of MicroStrategy for 33 years is a great honor and a great responsibility. I've learned a tremendous amount from Mike over the last 7 years, and I'm honored to build upon his foundation at MicroStrategy. I look forward to continuing to work with him in my new role as President and Chief Executive Officer; and as a member of the Board and his new role as Executive Chairman.

我還要感謝邁克爾·塞勒。追隨 Mike 的腳步，我們的創始人和企業分析比特幣的先驅者和 MicroStrategy 的首席執行官 33 年是一項巨大的榮譽和重大的責任。在過去的 7 年中，我從 Mike 那裡學到了很多東西，我很榮幸能夠在 MicroStrategy 的基礎上再接再厲。我期待在擔任總裁兼首席執行官的新職位上繼續與他合作；作為董事會成員和他作為執行主席的新角色。

I'll now focus on the Q2 2022 business results. Overall, we are pleased with our results in Q2. Despite a challenging macroeconomic environment due to high inflation, weakening foreign currencies and the ongoing war in Ukraine, we achieved total revenue growth at constant currency on the strength of our cloud business. We had strong growth in our subscription revenue and billings driven by both existing customer migrations to the cloud and new customer wins. Our customer revenue renewal rates continue to be among the highest we've ever experienced.

我現在將重點關注 2022 年第二季度的業務結果。總體而言，我們對第二季度的業績感到滿意。儘管由於高通脹、外幣貶值和烏克蘭持續戰爭導致宏觀經濟環境充滿挑戰，但憑藉我們的雲業務，我們實現了按固定匯率計算的總收入增長。由於現有客戶遷移到雲和贏得新客戶，我們的訂閱收入和賬單實現了強勁增長。我們的客戶收入續訂率繼續處於我們所經歷過的最高水平。

To summarize our second quarter software results. Revenues increased 2% year-over-year on a constant currency basis. Total software license revenues, which we consider to consist of total product licenses and subscription services revenues and our consolidated statement of operations increased 8% year-over-year on a constant currency basis. We benefited from the increased adoption of our cloud platform, partially offset by a decrease in product license revenues. Over time, we expect our revenue profile to continue to shift towards recurring subscription revenue. Subscription revenue increased 40% year-over-year on a constant currency basis. Current subscription billings grew 51% year-over-year, our 9th straight quarter of double-digit growth and our second best quarter ever.

總結我們第二季度的軟件結果。按固定匯率計算，收入同比增長 2%。軟件許可總收入，我們認為包括產品許可和訂閱服務總收入，我們的綜合運營報表按固定匯率計算同比增長 8%。我們受益於我們的雲平台的增加採用，部分被產品許可收入的減少所抵消。隨著時間的推移，我們預計我們的收入狀況將繼續轉向經常性訂閱收入。按固定匯率計算，訂閱收入同比增長 40%。目前的訂閱賬單同比增長 51%，這是我們連續第 9 個季度實現兩位數增長，也是我們有史以來第二好的季度。

We're also seeing growing adoption of our cloud platform in our international customers with several major wins in Q2. We continue to focus on 3 key areas of growth that represent core MicroStrategy differentiators: enterprise analytics, embedded analytics and the cloud. Our customers depend on these differentiating capabilities to build mission-critical applications to run their field forces, store operations, risk analysis groups, corporate operations and much more.

我們還看到我們的國際客戶越來越多地採用我們的雲平台，並在第二季度取得了幾項重大勝利。我們繼續專注於代表 MicroStrategy 核心差異化的 3 個關鍵增長領域：企業分析、嵌入式分析和雲。我們的客戶依靠這些差異化功能來構建關鍵任務應用程序來運行他們的現場部隊、商店運營、風險分析小組、公司運營等等。

For our first growth area, I'm pleased to share that MicroStrategy ranked #1 in the enterprise analytics use case in Gartner's 2022 Critical Capabilities report for the second year in a row. We found that during volatile economic times, organizations rely heavily on their analytics and look to enhance how they get that information in the hands of their end users effectively. The ability to deliver data analytics at scale with high-performance and security remains a critical success factor for our thousands of customers worldwide. So we're proud to receive this designation once again.

對於我們的第一個增長領域，我很高興地分享 MicroStrategy 在 Gartner 的 2022 年關鍵能力報告中連續第二年在企業分析用例中排名第一。我們發現，在動蕩的經濟時期，組織嚴重依賴他們的分析，並希望增強他們如何有效地將這些信息掌握在最終用戶手中。以高性能和安全性大規模交付數據分析的能力仍然是我們全球數千名客戶成功的關鍵因素。因此，我們很自豪再次獲得這一稱號。

Moving on to enterprise analytics, we continue to see growth of customers who build MicroStrategy into the software solutions that they sell to end users, leveraging our open embedded analytics capabilities. Our focus on innovation and research and development has enabled us to continue to modernize our platform with improved immersive interactive user interfaces, simple no-code and low-code application development with open APIs and innovative capabilities like mobile and HyperIntelligence.

轉向企業分析，我們繼續看到越來越多的客戶利用我們開放的嵌入式分析功能將 MicroStrategy 構建到他們向最終用戶銷售的軟件解決方案中。我們對創新和研發的關注使我們能夠通過改進的沉浸式交互式用戶界面、簡單的無代碼和低代碼應用程序開發以及開放的 API 以及移動和超智能等創新功能，繼續使我們的平台現代化。

Finally, as MicroStrategy Cloud continues to be a growing part of our business mix, we expect to accelerate growth through increased cloud adoption by both new and existing customers. New customers are increasingly cloud-first and choose to deploy directly on MicroStrategy Cloud. At the same time, more and more existing on-premise customers are migrating to the cloud, and expanding their MicroStrategy usage to new departments and user groups. We also expect to launch in Q3 this year, MicroStrategy Cloud for government, our new cloud offering with FedRAMP authorization. This product is our first generally available release of our cloud platform that relies on a modern cloud-native architecture utilizing containers and microservices. It also continues to deliver the enterprise-grade security, stability and scalability that our customers have grown to expect. This combination of FedRAMP authorization, enterprise-grade capabilities and managed service delivery will help us further differentiate our solutions with government, large enterprises and embedded analytics customers worldwide.

最後，隨著 MicroStrategy Cloud 繼續成為我們業務組合中不斷增長的一部分，我們希望通過增加新客戶和現有客戶的雲採用率來加速增長。新客戶越來越傾向於雲優先，並選擇直接在 MicroStrategy Cloud 上進行部署。與此同時，越來越多的現有本地客戶正在遷移到雲端，並將他們的 MicroStrategy 使用擴展到新的部門和用戶組。我們還預計在今年第三季度推出面向政府的 MicroStrategy Cloud，這是我們獲得 FedRAMP 授權的新雲產品。該產品是我們的第一個普遍可用的雲平台版本，它依賴於利用容器和微服務的現代云原生架構。它還繼續提供我們的客戶期望的企業級安全性、穩定性和可擴展性。 FedRAMP 授權、企業級功能和託管服務交付的這種結合將幫助我們進一步使我們的解決方案與全球政府、大型企業和嵌入式分析客戶區分開來。

Our combined focus on enterprise analytics, embedded analytics and cloud services has resulted in more customers relying on us for an end-to-end business intelligence strategy, [often] decommissioning and consolidating legacy platforms in favor of an enterprise-wide adoption of MicroStrategy. This has led to increasing revenue renewal rates every year in the last 3 years.

我們對企業分析、嵌入式分析和雲服務的綜合關注導致更多客戶依賴我們的端到端商業智能戰略，[通常] 停用和整合舊平台，以支持在企業範圍內採用 MicroStrategy。這導致在過去 3 年中，每年的收入續訂率都在提高。

In summary, our outlook for the software business remains positive with our continued transition to cloud and our expectation of further increases in subscription billings. Overall, we're very pleased with the pace of product innovation. And we feel confident in our ability to achieve our long-term sales growth and profitability targets.

總而言之，我們對軟件業務的前景仍然樂觀，因為我們繼續向雲過渡以及我們對訂閱賬單進一步增加的預期。總的來說，我們對產品創新的步伐感到非常滿意。我們對實現長期銷售增長和盈利目標的能力充滿信心。

Turning to our Bitcoin acquisition strategy, we purchased 481 Bitcoins for $10 million in Q2 at an average purchase price of $20,790 per Bitcoin net of fees and expenses. We've not sold any Bitcoin to date. To reiterate, our strategy, we seek to acquire and hold Bitcoin long term, and we do not currently plan to engage in sales of Bitcoin. As of June 30, 2022, the company owned an aggregate of approximately 129,699 Bitcoins that we acquired for a total cost of $4 billion or $30,664 per Bitcoin net of fees and expenses. We have a long-term time horizon and the core business is not impacted by the near-term price fluctuations of Bitcoin.

談到我們的比特幣收購策略，我們在第二季度以 1000 萬美元的價格購買了 481 個比特幣，平均購買價格為每比特幣 20,790 美元（扣除費用和支出）。迄今為止，我們還沒有出售任何比特幣。重申一下，我們的戰略是尋求長期收購和持有比特幣，我們目前不打算從事比特幣的銷售。截至 2022 年 6 月 30 日，該公司總共擁有約 129,699 個比特幣，我們以 40 億美元或每個比特幣的總成本（扣除費用和支出後為 30,664 美元）購買了這些比特幣。我們有一個長期的時間範圍，核心業務不受比特幣近期價格波動的影響。

As I mentioned earlier, we're a technology company with more than 30 years of history of innovation and are going to remain laser-focused on technology innovation. We prudently manage our capital allocation strategy and people strategy. As seen in the current markets, many software and crypto exposed companies have had to adjust the periods of rapid cost and head count growth by rightsizing their teams or freezing hiring. In contrast, we have the benefit of a long history with our product and our customers, a stable, experienced executive team, and a long-term focus. We're in a strong position from a people and product perspective, and we'll strategically hire and invest in our people, while at the same time being cognizant of the current macroeconomic environment and careful in managing our costs.

正如我之前提到的，我們是一家擁有 30 多年創新歷史的科技公司，並將繼續專注於技術創新。我們審慎地管理我們的資本配置策略和人員策略。正如當前市場所見，許多軟件和加密領域的公司不得不通過調整團隊規模或凍結招聘來調整快速成本和員工人數增長的時期。相比之下，我們受益於我們的產品和客戶的悠久歷史、穩定、經驗豐富的執行團隊以及長期關注。從人員和產品的角度來看，我們處於有利地位，我們將戰略性地僱用和投資我們的人員，同時認識到當前的宏觀經濟環境並謹慎管理我們的成本。

Finally, I'd like to introduce our CFO, Andrew Kang, who joined the company in May. I'm thrilled to see Andrew step into this critical leadership role, where he will be able to contribute from his 20-plus years of experience in banking, finance, treasury and capital markets.

最後，我想介紹一下我們的 CFO，Andrew Kang，他是 5 月份加入公司的。我很高興看到 Andrew 擔任這一重要的領導職務，他將能夠利用他在銀行、金融、財政和資本市場領域 20 多年的經驗做出貢獻。

I'll now turn the call over to Andrew to discuss our financials for the quarter in further detail.

我現在將電話轉給安德魯，以進一步詳細討論我們本季度的財務狀況。

Thank you, Phong. I am delighted to be with everyone today and would like to start by turning to our second quarter 2022 financial results in more detail. GAAP revenues for the quarter were $122 million, down 3% year-over-year. While weakening foreign currencies impacted our revenues this quarter when isolating FX impacts, total revenue increased 2% on a constant currency basis. Total software license revenues, which consist of both product license revenues and subscription services revenues, were in total $34 million, up 5% year-over-year or up 8% year-over-year on a constant currency basis. The growth in total software license revenues this past quarter reflects our strategic focus on the migration of our platform to the cloud, which Phong highlighted earlier.

謝謝你，龐。我很高興今天與大家在一起，並想首先更詳細地了解我們 2022 年第二季度的財務業績。本季度 GAAP 收入為 1.22 億美元，同比下降 3%。雖然在隔離外匯影響時，外幣疲軟影響了我們本季度的收入，但按固定匯率計算，總收入增長了 2%。軟件許可總收入（包括產品許可收入和訂閱服務收入）總計 3400 萬美元，按固定匯率計算，同比增長 5% 或同比增長 8%。上一季度軟件許可總收入的增長反映了我們將平台遷移到雲的戰略重點，Phong 早些時候強調了這一點。

In the second quarter, cloud subscription service revenues were $14 million, an increase of 36% year-over-year or up 40% on a constant currency basis. Total product license revenues were $20 million, a decrease of 9% year-over-year or a decrease of 6% on a constant currency basis. And product support revenues were $66.5 million, a decrease of 6% year-over-year or 2% lower on a constant currency basis. Both product license and product support revenues are impacted when new and existing customers convert to our cloud model. And as a result, we expect those revenues to modestly decline alongside a corresponding increase in cloud subscription revenues and billings. It is important to note that even in light of this transition, our on-prem customers continue to reflect the durability of our business as demonstrated with a Q2 support renewal rate of 95%, among the highest we've ever experienced.

第二季度，雲訂閱服務收入為 1400 萬美元，同比增長 36%，按固定匯率計算增長 40%。產品許可總收入為 2000 萬美元，同比下降 9%，按固定匯率計算下降 6%。產品支持收入為 6650 萬美元，同比下降 6%，按固定匯率計算下降 2%。當新客戶和現有客戶轉換為我們的雲模型時，產品許可和產品支持收入都會受到影響。因此，我們預計這些收入將隨著雲訂閱收入和賬單的相應增加而溫和下降。值得注意的是，即使考慮到這種轉變，我們的本地客戶仍然反映了我們業務的持久性，正如第二季度支持續訂率為 95% 所證明的那樣，這是我們經歷過的最高水平之一。

Finally, other services revenues, which largely reflect our consulting business, were $21.4 million this quarter, a decrease of 2% year-over-year but an increase of 4% on a constant currency basis. We continue to see positive trends in our consulting business through increased billable rates and hours worldwide, while optimizing costs through a global and highly skilled technology consulting workforce. The 4% constant currency growth year-over-year is a strong indication of the desire from our customers to modernize and grow their deployment of MicroStrategy.

最後，主要反映我們諮詢業務的其他服務收入本季度為 2140 萬美元，同比下降 2%，但按固定匯率計算增長 4%。通過提高全球計費費率和工時，我們繼續看到我們諮詢業務的積極趨勢，同時通過全球和高技能的技術諮詢員工隊伍優化成本。 4% 的固定匯率同比增長強烈表明我們的客戶希望現代化並擴大其 MicroStrategy 的部署。

Moving to billings, our current total software license billings were $39.9 million, an increase of 12% year-over-year. In the second quarter, current subscription billings were $20.1 million, an increase of 51% year-over-year, reflecting the same strong growth momentum we saw at the end of last year. This increase was driven by solid results in both subscription service revenues, as well as current deferred subscription service revenues. Also worth noting, our largest cloud billings in Q2 were sold as multiyear contracts with an average term of over 24 months, of which only 12 months are reflected on our balance sheet. We believe the demand to migrate MicroStrategy to the cloud remains very strong with additional pipeline being added from both our domestic and international customers.

轉到賬單，我們目前的軟件許可總賬單為 3990 萬美元，同比增長 12%。第二季度，當前訂閱費用為 2010 萬美元，同比增長 51%，反映出我們在去年底看到的同樣強勁的增長勢頭。這一增長是由訂閱服務收入以及當前遞延訂閱服務收入的穩健結果推動的。同樣值得注意的是，我們在第二季度最大的雲計費是作為多年期合同出售的，平均期限超過 24 個月，其中只有 12 個月反映在我們的資產負債表上。我們相信將 MicroStrategy 遷移到雲的需求仍然非常強勁，因為我們的國內和國際客戶都在增加額外的管道。

Shifting to costs. Total non-GAAP expenses, which exclude share-based comp, were $1.02 billion in the second quarter compared to $529 million in the second quarter of 2021. Aside from the Bitcoin impairment expense that I will discuss in a moment, our costs this quarter reflect modest increase in areas specific to building out our cloud platform, retaining and attracting talent while focusing on efficiencies and corporate cost areas.

轉向成本。第二季度的非公認會計原則總費用（不包括基於股票的補償）為 10.2 億美元，而 2021 年第二季度為 5.29 億美元。除了我稍後將討論的比特幣減值費用外，我們本季度的成本反映了在專門用於構建我們的雲平台、留住和吸引人才的領域適度增加，同時專注於效率和企業成本領域。

Starting from the left of the chart, non-GAAP cost of revenues were $24 million in the second quarter of '22, an increase of $1.6 million or 7% year-over-year. As a percentage of the total revenues, these costs, which are still scaling up to support the build-out of cloud reflect an increase of 2%, which was largely attributed to higher hosting fees and investments in technology talent.

從圖表左側開始，22 年第二季度非 GAAP 收入成本為 2400 萬美元，同比增長 160 萬美元或 7%。作為總收入的百分比，這些仍在擴大以支持雲建設的成本反映了 2% 的增長，這主要歸因於更高的託管費用和對技術人才的投資。

Non-GAAP sales and marketing expense was $32 million, a decrease of $4.6 million or 13% year-over-year. As a percentage of total software license revenues, the second quarter decrease of 19% year-over-year continues to reflect improvements in the productivity of our sales and marketing teams, along with an increase in capitalized commissions compared to last year.

非 GAAP 銷售和營銷費用為 3200 萬美元，同比減少 460 萬美元或 13%。作為軟件許可總收入的百分比，第二季度同比下降 19% 繼續反映我們的銷售和營銷團隊的生產力提高，以及資本化佣金與去年相比有所增加。

Non-GAAP R&D expense was $29 million, which was an increase of $2.6 million or 10% year-over-year. This was an increase of 3% as a percentage of total revenues driven by the ongoing competitive environment for talent across the tech sector. We are anticipating that this trend will continue in the near term. However, as we prioritize overall spend in the second half and into next year, we will continue to be strategic and opportunistic in investing in R&D to attract and retain engineering talent and to drive innovation that creates demand for our products.

非美國通用會計準則研發費用為 2900 萬美元，同比增長 260 萬美元或 10%。在整個科技行業持續的人才競爭環境推動下，佔總收入的百分比增長了 3%。我們預計這一趨勢將在短期內持續。然而，由於我們優先考慮下半年和明年的總體支出，我們將繼續在研發投資方面保持戰略性和機會主義，以吸引和留住工程人才，並推動為我們的產品創造需求的創新。

Non-GAAP G&A expense was $22 million, an increase of $3.8 million or 20% year-over-year. As a percentage of total revenue, this reflects an increase of 3%. The overall macroeconomic environment and inflation challenges continue to create headwinds for our bottom line. The fact is, though, our business is operating well and our cost structure is stable. However, in the coming quarters, we will be intentional in prioritizing spend while focusing on areas that drive profitability, while continuing to promote a strong workplace culture.

Non-GAAP G&A 費用為 2200 萬美元，同比增長 380 萬美元或 20%。作為總收入的百分比，這反映了 3% 的增長。整體宏觀經濟環境和通脹挑戰繼續給我們的利潤帶來不利影響。但事實是，我們的業務運作良好，成本結構穩定。然而，在接下來的幾個季度，我們將有意識地優先考慮支出，同時專注於提高盈利能力的領域，同時繼續促進強大的工作場所文化。

The largest non-GAAP expense for the quarter was the Bitcoin impairment charge of $918 million. You will recall that the GAAP treatment of Bitcoin impairment charges treats our Bitcoin holdings as indefinite-lived intangible assets under the applicable accounting rules, which means that any decrease in the fair value below our carrying value at any time subsequent to acquisition, requires us to recognize an impairment charge. Due to the Bitcoin price volatility in Q2, the impairment on our Bitcoin holdings was measured against a low watermark Bitcoin price of approximately $17,600. If the future of Bitcoin prices remain above this low watermark, under the current accounting rules, we would not recognize any additional impairment against a substantial portion of our June 30, 2022 Bitcoin holdings.

本季度最大的非公認會計原則支出是 9.18 億美元的比特幣減值費用。您會記得，根據適用的會計規則，比特幣減值費用的 GAAP 處理將我們持有的比特幣視為無限期無形資產，這意味著在收購後的任何時間公允價值低於我們賬面價值的任何下降，都要求我們確認減值費用。由於第二季度比特幣價格波動，我們持有的比特幣減值是根據大約 17,600 美元的低水位比特幣價格來衡量的。如果比特幣價格的未來仍然高於這個低水位線，根據當前的會計規則，我們將不會對我們在 2022 年 6 月 30 日持有的大部分比特幣確認任何額外減值。

On Slide 18, total non-GAAP operating loss in the second quarter of 2022 was $903 million, which includes the $918 million Bitcoin impairment charge I just spoke about. I'd like to highlight that since the adoption of our Bitcoin strategy in Q3 2020, the digital asset impairment charges we have incurred in every quarter since inception have always been greater than our non-GAAP operating losses.

在幻燈片 18 上，2022 年第二季度的非公認會計準則營業虧損總額為 9.03 億美元，其中包括我剛才談到的 9.18 億美元的比特幣減值費用。我想強調的是，自從我們在 2020 年第三季度採用比特幣戰略以來，我們自成立以來每個季度產生的數字資產減值費用一直高於我們的非公認會計準則運營虧損。

While our Bitcoin holdings are impaired when the price drops below the carrying value under current accounting rules, conversely, when the price increases, accounting rules do not allow the carrying value to be revised upward. We feel optimistic that the Financial Accounting Standards Board recently unanimously agreed to review the accounting rules for exchange-traded digital assets and commodities as part of their upcoming technical agenda, which could lead to a change in how digital assets are accounted for in the future.

雖然當價格低於當前會計規則下的賬面價值時，我們的比特幣持有量會受到損害，相反，當價格上漲時，會計規則不允許向上修訂賬面價值。我們感到樂觀的是，財務會計準則委員會最近一致同意審查交易所交易數字資產和商品的會計規則，作為其即將到來的技術議程的一部分，這可能會導致未來數字資產的核算方式發生變化。

As of June 30, 2022, the carrying value of our Bitcoin holdings was approximately $2 billion, which reflects approximately $2 billion in cumulative impairment charges. As you can see in the chart, the market value of our Bitcoin holdings as of each quarter end has always been greater than the carrying value under the current rules.

截至 2022 年 6 月 30 日，我們持有的比特幣的賬面價值約為 20 億美元，這反映了約 20 億美元的累積減值費用。正如您在圖表中看到的那樣，截至每個季度末，我們所持比特幣的市值一直高於現行規則下的賬面價值。

The capital markets have established us -- enabled us to be agile and access both the equity and debt markets in an efficient way to grow our enterprise value. As you can see on Slide 20, the earliest of our debt maturities that are not due until March 2025 and the blended interest rate of our total $2.4 billion in debt is only 1.9%. As of quarter-end, we had $69 million in cash on our balance sheet, and we expect cash flows from operations will be sufficient to cover our ongoing interest expense needs. Going forward, subject to market conditions, we will continue to evaluate opportunities that we believe will be accretive to our shareholders that further our Bitcoin strategy or optimize our existing capital structure.

資本市場已經建立了我們——使我們能夠敏捷並以有效的方式進入股票和債務市場，以增加我們的企業價值。正如您在幻燈片 20 上看到的那樣，我們最早的債務到期時間為 2025 年 3 月，我們 24 億美元債務的混合利率僅為 1.9%。截至季度末，我們的資產負債表上有 6900 萬美元現金，我們預計運營現金流將足以滿足我們持續的利息支出需求。展望未來，視市場情況而定，我們將繼續評估我們認為對股東有利的機會，從而進一步推進我們的比特幣戰略或優化我們現有的資本結構。

As of June 30, 2022, we held a total of 129,699 Bitcoins, of which 14,589 Bitcoins were held directly at MicroStrategy, the parent, all of which secure our 2028 notes. The remaining approximately 115,000 Bitcoins are held at our subsidiary MacroStrategy. Of the Bitcoins held at the sub, approximately 30,000 Bitcoins are pledged as collateral to the Silvergate loan and just over 85,000 Bitcoins remain unpledged and available for use. These unencumbered Bitcoins is equivalent to approximately $2 billion, assuming a market price of about $23,000 per Bitcoin. Our Bitcoin strategy remains simple, buy and hold for the long term, and that is it.

截至 2022 年 6 月 30 日，我們總共持有 129,699 個比特幣，其中 14,589 個比特幣直接在母公司 MicroStrategy 持有，所有這些都為我們的 2028 年票據提供擔保。剩下的大約 115,000 個比特幣存放在我們的子公司 MacroStrategy。在該潛艇持有的比特幣中，大約有 30,000 個比特幣被質押為 Silvergate 貸款的抵押品，還有超過 85,000 個比特幣仍未質押並可供使用。假設每個比特幣的市場價格約為 23,000 美元，這些未支配的比特幣大約相當於 20 億美元。我們的比特幣策略仍然很簡單，買入並長期持有，就是這樣。

In Q2, the amount of Bitcoin pledged at MacroStrategy increased by 10,585 Bitcoins to support the Silvergate loan as Bitcoin prices fell to the Q2 lows. Our $205 million Bitcoin back loan requires us to maintain a loan-to-value or LTV of 50% or less, and we have the ability to contribute additional Bitcoin to meet the requirement as needed, which we did in Q2. If the price of Bitcoin appreciates and the LTV ratio is less than 25% at any time, we are also then able to withdraw any of the excess collateral at that time. With approximately 85,000 available unpledged Bitcoin, we have more than sufficient collateral to meet the ongoing requirements of the loan through any foreseeable price volatility.

在第二季度，隨著比特幣價格跌至第二季度的低點，MacroStrategy 承諾的比特幣數量增加了 10,585 比特幣，以支持 Silvergate 貸款。我們 2.05 億美元的比特幣回貸要求我們維持 50% 或更低的貸款價值比或 LTV，並且我們有能力根據需要提供額外的比特幣以滿足需求，我們在第二季度就做到了。如果比特幣的價格在任何時候升值並且 LTV 比率低於 25%，我們也可以在那個時候提取任何多餘的抵押品。憑藉大約 85,000 個可用的未質押比特幣，我們有足夠的抵押品來滿足任何可預見的價格波動的持續貸款需求。

Finally, before I open up the call for Q&A, I would like to say that I am extremely honored to be part of the MicroStrategy team and excited to be working with Mike and Phong in their new roles, where we are all aligned on executing on the corporate strategies of operating and growing our enterprise analytics business and acquiring and holding Bitcoin for the long-term. I believe MicroStrategy is truly in a category of one, having successfully combined a long-standing software business with a successful track record and deep customer base with a pioneering corporate treasury strategy to acquire Bitcoin as a store of value to become the largest corporate holder of the Bitcoin in the world.

最後，在我開始進行問答之前，我想說的是，我非常榮幸能成為 MicroStrategy 團隊的一員，並且很高興能與 Mike 和 Phong 一起擔任新角色，我們都在執行運營和發展我們的企業分析業務以及長期收購和持有比特幣的企業戰略。我相信 MicroStrategy 確實屬於一類，它成功地將長期的軟件業務與成功的業績記錄和深厚的客戶群與開創性的企業財務戰略相結合，以獲取比特幣作為價值存儲，成為最大的企業持有人世界上的比特幣。

Thank you for your time today. And with that, I'll now turn the call over to Shirish for Q&A.

謝謝你今天的時間。有了這個，我現在將把電話轉給 Shirish 進行問答。

Thank you, Andrew. We have received a lot of good questions, so we are going to jump right into the questions.

謝謝你，安德魯。我們收到了很多很好的問題，所以我們將直接進入問題。

The first question is for Michael. Is the CEO succession a recent development, or that is something that had been in works for a while?

第一個問題是針對邁克爾的。 CEO繼任是最近的事，還是已經有一段時間了？

Okay. Can you hear me? Yes. The matter of CEO succession has been carefully considered and planned for at the Board level for many years. We believe in proactively developing our leadership team, and we realize the future of the firm is dependent upon our ability to cultivate successive generations of executives and promote from within. I had 7 years of closely working with Phong on a day-to-day basis on IT projects, sales activities, on technology, on marketing, on services, on facilities, on finance initiatives. And the Board had 7 years of experience with him because he was the CFO throughout that time, and he was closely involved with the Board every single quarter. When Phong was promoted to President of the company 2 years ago, I think it was pretty clear to company watchers that he was my era parent. So in summary, this is a decision 7 years in the making when we finally got to the point that seemed right. It was an easy one to execute on.

好的。你能聽到我嗎？是的。多年來，董事會已經仔細考慮和計劃了 CEO 繼任問題。我們相信積極發展我們的領導團隊，我們意識到公司的未來取決於我們培養一代又一代高管和從內部提拔的能力。我與 Phong 在 IT 項目、銷售活動、技術、營銷、服務、設施、財務計劃等方面的日常工作有 7 年的密切合作。董事會與他有 7 年的經驗，因為他一直是首席財務官，而且他每個季度都與董事會密切合作。兩年前 Phong 被提升為公司總裁時，我認為公司觀察者很清楚他是我那個時代的父母。總而言之，這是一個經過 7 年的決策，我們終於達到了似乎正確的地步。這很容易執行。

Next question is for Phong. What changes do you plan to make as a CEO?

下一個問題是針對 Phong 的。作為 CEO，您打算做出哪些改變？

Well, I think, Mike stated, we've been working together for 7 years now in my capacity as CFO on and off, 2 years as President. I think we're fairly aligned in how to run both an enterprise software company and very aligned, working very closely together in the last 2 years in our Bitcoin acquisition strategy. So I would sort of see this as a business-as-usual transition, where we get to even further clarify our roles in the organization, with our employees, with customers, with partners, with shareholders in the media, and I don't have any significant changes planned. Probably the biggest changes that we've observed is really Andrew's arrival 2 months ago and him now running the finance organization very credibly. And professionally, it gives me more time to run the company, and it gives Mike more time to focus on corporate strategy, innovation and the Bitcoin strategy.

好吧，我認為，邁克說，我們已經合作了 7 年，我擔任首席財務官時斷時續，2 年擔任總裁。我認為我們在如何運營一家企業軟件公司方面非常一致，並且非常一致，在過去 2 年中我們在比特幣收購戰略中非常密切地合作。所以我認為這是一個一切照舊的轉變，我們可以進一步明確我們在組織中的角色，我們的員工，客戶，合作夥伴，媒體中的股東，我不有任何重大變化的計劃。我們觀察到的最大變化可能是兩個月前安德魯的到來，他現在非常可信地管理著財務組織。從專業上講，這讓我有更多時間經營公司，也讓邁克有更多時間專注於企業戰略、創新和比特幣戰略。

Next question is for Andrew. Do you anticipate any further capital markets activity? And what is your long-term debt strategy?

下一個問題是給安德魯的。您預計會有進一步的資本市場活動嗎？你的長期債務策略是什麼？

Thank you for the question, Shirish. I believe the company has executed so far in a very prudent and well thought out capital structure framework. Really since 2020 and it has been extremely successful, as evidenced earlier, when Mike explained our stock performance over the last year compared to our comps. Our approach to debt or equity will remain the same as it has. We will continue to evaluate access to the markets that are most accretive, and we will look to obtain the most premium for dollars generated. That being said, right now in the current market, we are continuing to evaluate all the various opportunities and really have the luxury of continuing to be thoughtful on any future balance sheet execution. So for the moment we're a bit of evaluate, wait and see, but I can assure you that whatever we do in the future, we will continue to do so in a prudent and safe manner.

謝謝你的問題，Shirish。我相信該公司迄今為止在一個非常謹慎和深思熟慮的資本結構框架中執行。確實自 2020 年以來，它非常成功，正如之前所證明的那樣，當 Mike 解釋我們去年的股票表現與我們的比較時。我們處理債務或股權的方法將保持不變。我們將繼續評估對最具增值性的市場的准入，我們將尋求為所產生的美元獲得最大溢價。話雖如此，目前在當前市場上，我們正在繼續評估所有各種機會，並且真的可以繼續考慮未來的任何資產負債表執行。所以目前我們有點評估、觀望，但我可以向你保證，無論我們未來做什麼，我們都會繼續以謹慎和安全的方式這樣做。

Next question is for Phong. Phong congratulations on your promotion to CEO. Can you talk about your growth outlook for the software business for the second half of this year? There are significant macro crosswinds flowing, how do you expect this to impact the growth rate of your license and subscription billings in the second half?

下一個問題是針對 Phong 的。 Phong 祝賀你晉升為 CEO。您能談談您對今年下半年軟件業務的增長前景嗎？存在重大的宏觀側風，您預計這將如何影響下半年您的許可和訂閱賬單的增長率？

Thanks, Shirish. It's a good question. We were able to, in my opinion, withstand some of these macroeconomic challenges in the second quarter, as you saw, primarily by growing in the cloud. I think the second half, we'll see more macroeconomic changes, challenges, the strong dollar, unpredictability, the War in Ukraine, et cetera. So I think there will be more challenges. Our intent is to try to continue to grow. I think cloud will help us. As you all know, and as I and Andrew explained, growing in the cloud does have a short-term negative impact on product license revenue and also has a short-term negative impact on total revenue. So that will create probably more distraction in our revenues than the macroeconomic challenges. But I think we'll be able to continue to grow. I'm optimistic about it.

謝謝，希里什。這是個好問題。在我看來，我們能夠在第二季度抵御其中的一些宏觀經濟挑戰，正如你所看到的，主要是通過在雲中增長。我認為下半年，我們會看到更多的宏觀經濟變化、挑戰、強勢美元、不可預測性、烏克蘭戰爭等等。所以我認為會有更多的挑戰。我們的意圖是嘗試繼續增長。我認為雲會幫助我們。眾所周知，正如我和 Andrew 所解釋的，在雲中增長確實會對產品許可收入產生短期負面影響，也會對總收入產生短期負面影響。因此，與宏觀經濟挑戰相比，這可能會對我們的收入造成更多的干擾。但我認為我們將能夠繼續增長。我對此持樂觀態度。

That said, we're going to be prudent and thoughtful. We're not going to get out ahead of our skis on cost. And we'll see how the business continues. But things have been going fairly well when we see macroeconomic challenges, given our strength in enterprise analytics and embedded analytics in the cloud and we'll be cautious but optimistic in the second half.

也就是說，我們將謹慎而周到。我們不會在成本上領先於我們的滑雪板。我們將看到業務如何繼續。但是，鑑於我們在企業分析和雲中嵌入式分析方面的實力，當我們看到宏觀經濟挑戰時，事情進展得相當順利，我們將在下半年保持謹慎但樂觀。

Next question is for Michael. Has the recent Bitcoin price volatility accompanied with large accounting adjustment impacted your view on your Bitcoin strategy going forward?

下一個問題是給邁克爾的。最近的比特幣價格波動以及大的會計調整是否影響了你對未來比特幣策略的看法？

Yes, it's a great question. We anticipated Bitcoin volatility and we understood the accounting implications when we embarked on our Bitcoin strategy. I view both of these as competitive advantages for our firm. The volatility means that, a, Bitcoin is more interesting than less volatile assets. And a, MicroStrategy is more interesting than companies holding less volatile assets. The phrase that comes to mind is volatility is vitality. We believe one of the reasons Bitcoin is the best-performing asset class of the last decade is because the volatility attracts interest, capital, trading, it creates opportunities, it's very special.

是的，這是一個很好的問題。當我們開始實施比特幣戰略時，我們預計到了比特幣的波動性，並且我們了解了會計影響。我認為這兩個都是我們公司的競爭優勢。波動性意味著，a，比特幣比波動性較小的資產更有趣。而且，MicroStrategy 比持有波動性較小的資產的公司更有趣。浮現在腦海中的短語是波動性就是活力。我們認為比特幣是過去十年表現最好的資產類別的原因之一是因為波動性吸引了興趣、資本、交易，它創造了機會，它非常特別。

Our firm visibility has been increased by 1 to 2 orders of magnitude since we embarked on our Bitcoin strategy. And interest in our securities has also increased by 1 to 2 orders of magnitude. We don't have to try to convince companies to want to cover our stock and explain why we're unique, they're hearing from lots and lots of other channels that were unique. And the fact that Bitcoin is volatile means that, on the weekend a Bitcoin spikes up 20% or 10%, then our stock might be mispriced and all of a sudden, there's someone that's thinking about it and obsessing about what to do on Monday morning and maybe the opposite. And the fact that they're obsessing means they have to discover us, and they notice us. And when they notice us, they started asking questions, what does MicroStrategy do? Oh, software. Tell me more about that. So every CFO, CEO, CXOs, the C-suite, they've heard of us, the media they've heard of us. Traders have an economic incentive to invest in MicroStrategy. And I used to joke with people, if you like Bitcoin, then you'll like us. But if you hate Bitcoin, you'll still like us, because people that hate Bitcoin, they want to trade our stock and people that like Bitcoin want to trade our stock and everybody's got to have an opinion on it. So the volatility just attracts attention and attracts capital, and it makes the company much more interesting.

自從我們開始實施比特幣戰略以來，我們公司的知名度提高了 1 到 2 個數量級。對我們證券的興趣也增加了 1 到 2 個數量級。我們不必試圖說服公司想要報導我們的股票並解釋為什麼我們是獨一無二的，他們從許多其他獨特的渠道中聽到。比特幣波動的事實意味著，在周末比特幣飆升 20% 或 10%，那麼我們的股票可能會被錯誤定價，突然間，有人在思考它並痴迷於週一早上該做什麼也許相反。他們痴迷的事實意味著他們必鬚髮現我們，他們會注意到我們。當他們注意到我們時，他們開始提出問題，MicroStrategy 是做什麼的？哦，軟件。告訴我更多關於那個。所以每一位首席財務官、首席執行官、CXO、C-Suite，他們都聽說過我們，他們聽說過我們的媒體。交易者有投資 MicroStrategy 的經濟動機。我曾經和人們開玩笑，如果你喜歡比特幣，那麼你就會喜歡我們。但是，如果您討厭比特幣，您仍然會喜歡我們，因為討厭比特幣的人想要交易我們的股票，而喜歡比特幣的人想要交易我們的股票，每個人都必須對此發表意見。因此，波動性只是吸引了注意力並吸引了資本，這讓公司變得更加有趣。

As for -- and the interest is important, because the thing you don't want is to be irrelevant to the world. When nobody knows you and nobody cares whether you succeed or don't, and no one knows what you do, that's the kiss of death. And so, our company has really emerged on this world scene, and it has helped us to sell to market, to recruit, to retain employees, to find shareholders, et cetera. And so, I see those as all positives. I think the accounting treatment also benefits our firm, because we decided to adopt the Bitcoin standard. So in an accounting treatment, that's indefinite and intangible, it's kind of challenging to be 3% committed or 2% committed or 18% committed. But when you're all in, all committed and people know they can multiply the price of Bitcoin times 129,699 on any given day and then add in what they think the software business is worth, it actually -- it makes things easy, and we were able to do this because we launched that Dutch auction on August 11, 2020. Most other firms would find this a very daunting corporate transition and they wouldn't be able to sort of completely transform the corporate balance sheet with the support of the shareholders and the way that we did it with that transformational deal.

至於——而且興趣很重要，因為你不想要的東西是與世界無關的。當沒有人認識你，沒有人關心你是否成功，沒有人知道你做了什麼，那就是死亡之吻。因此，我們公司真正出現在這個世界舞台上，它幫助我們向市場銷售、招聘、留住員工、尋找股東等等。所以，我認為這些都是積極的。我認為會計處理也有利於我們公司，因為我們決定採用比特幣標準。因此，在會計處理中，這是不確定的和無形的，承諾 3% 或 2% 或 18% 是具有挑戰性的。但是當你全力以赴，全心全意，人們知道他們可以在任何一天將比特幣的價格乘以 129,699，然後加上他們認為軟件業務的價值，實際上——這讓事情變得簡單，我們之所以能夠做到這一點，是因為我們於 2020 年 8 月 11 日發起了荷蘭式拍賣。大多數其他公司會發現這是一個非常艱鉅的公司轉型，他們無法在股東的支持下徹底改變公司的資產負債表以及我們通過那筆變革性交易做到這一點的方式。

So as a result of that, because people are afraid of volatility and sometimes they're off-put by the accounting, we have been able to develop a lead in the digital asset space as the first and the largest public operating company on a Bitcoin standard, and I think that has given us a sustainable competitive edge and a differentiator that we can use to continue to build shareholder value going forward.

因此，由於人們害怕波動，有時他們對會計感到反感，我們已經能夠在數字資產領域取得領先地位，成為第一家也是最大的比特幣公共運營公司標準，我認為這給了我們可持續的競爭優勢和差異化因素，我們可以利用它來繼續建立未來的股東價值。

And Phong, would you like to add any further color?

Phong，你想添加更多顏色嗎？

No. I think Mike said it very well.

不，我認為邁克說得很好。

Great. Next question is also for Michael. How should investors evaluate the new executive work structure? Are there any tangible benefits from it that will become evident over time, for example, a further development of the digital asset strategy beyond Bitcoin [holding]?

偉大的。下一個問題也是針對邁克爾的。投資者應如何評估新的高管工作結構？隨著時間的推移，它是否有任何切實的好處會變得明顯，例如，除了比特幣 [holding] 之外的數字資產戰略的進一步發展？

Well, I think the executive structure is going to be a benefit to all of us. First of all, we're actually expanding the management team with the addition of Andrew, and that gives us a full-time finance executive. And as you know, our balance sheet has grown with our debt offerings and our ability to issue equity and the explosion of our enterprise value from $666 million to $5.5 billion, means that the finance function has become a full-time job in its own. And so, Andrew has arrived and brought some new skills with him, but also Andrew has made it possible for us to promote Phong to President and Chief Executive Officer, and Phong is just an incredibly gifted operating executive. And with the support of Andrew and with the CEO role and the unambiguous power that comes with it, Phong will be more effective and able to move more efficiently and drive the corporate mission.

好吧，我認為執行結構將對我們所有人都有利。首先，隨著安德魯的加入，我們實際上正在擴大管理團隊，這給了我們一個全職的財務主管。如您所知，我們的資產負債表隨著我們的債務發行和發行股票的能力而增長，我們的企業價值從 6.66 億美元激增至 55 億美元，這意味著財務職能本身已經成為一項全職工作。因此，Andrew 到來並帶來了一些新技能，而且 Andrew 也讓我們能夠將 Phong 提升為總裁兼首席執行官，而 Phong 只是一位非常有天賦的運營主管。在 Andrew 的支持和 CEO 的角色以及隨之而來的明確權力下，Phong 將更加有效，能夠更有效地行動並推動企業使命。

And I feel comfortable with Phong and Andrew in place as well as with the -- we haven't mentioned the rest of the executive team, but we have an awesome CXO team, right, our Head of Technology, our Head of IT, our Head of Consulting, our Head of Sales, right? And our Head of Marketing, they're the unsung heroes that aren't on this call right now. But that team is just very accomplished, very stable. And this new executive structure means that I can even more enthusiastically focus upon communications and strategy and Bitcoin advocacy and evangelism knowing that I'm not ignoring the nuts and bolts day-to-day operations of the business, of which there's 100,000 things you have to do well every year in a software company, and they need to get done, and they will get done. But the world of Bitcoin is exploding. And everywhere in the world, people are interested in how they plug into this network, and how can MicroStrategy integrate with them. And so, that's a job that's actually growing in scope. So I feel like I'll be more effective, Phong will be more effective. Andrew's welcome addition. It's just a win-win-win.

我對 Phong 和 Andrew 的到位感到滿意，而且我們還沒有提到其他執行團隊，但我們有一個很棒的 CXO 團隊，對，我們的技術主管、我們的 IT 主管、我們的諮詢主管，我們的銷售主管，對吧？還有我們的營銷主管，他們是目前不在此電話會議上的無名英雄。但是那支球隊非常有成就，非常穩定。這種新的執行結構意味著我可以更加熱情地專注於溝通和戰略以及比特幣宣傳和佈道，因為我知道我不會忽視企業的日常運營，其中有 100,000 件事情每年在軟件公司都做得很好，他們需要完成，他們會完成。但是比特幣的世界正在爆炸。在世界各地，人們都對他們如何接入這個網絡以及 MicroStrategy 如何與他們集成感興趣。因此，這項工作的範圍實際上正在擴大。所以我覺得我會更有效，Phong 會更有效。安德魯受歡迎的補充。這只是一個雙贏的局面。

Next question is for Phong. Given the macroeconomic risk, can you update us on how you think about balancing revenue growth versus margin expansion?

下一個問題是針對 Phong 的。鑑於宏觀經濟風險，您能否向我們介紹您如何平衡收入增長與利潤率擴張？

We're focused on growing the revenue. I think we have the right cost structure in place to do it. So I don't believe we need to sacrifice revenue growth by reducing if we were to reduce our costs, I think we can continue to grow at the current cost structure. And I think that will also start to result in margin expansion. So they're not direct trade-offs in my opinion.

我們專注於增加收入。我認為我們有合適的成本結構來做到這一點。因此，如果我們要降低成本，我認為我們不需要通過降低來犧牲收入增長，我認為我們可以在當前的成本結構下繼續增長。我認為這也將開始導致利潤率擴大。所以在我看來，它們不是直接的權衡。

Another one for Phong. So good to see growth in core software. Can you give us an idea on where we stand now in mix between license and SaaS? When might we expect to see SaaS growth begin to move the growth needle more materially?

另一個給 Phong。很高興看到核心軟件的增長。你能告訴我們我們現在在許可證和 SaaS 之間的混合情況嗎？我們什麼時候可以期待看到 SaaS 的增長開始更實質性地推動增長？

Yes. On a recognized revenue basis, our cloud subscription revenue is about 15% of our recurring revenue. On a billings basis, it's about 20%. So we haven't reached that an inflection point where our SaaS business gets to, I would say, north of 40%, whereas we continue to grow, it's fully accretive to revenue in the short-term. Right now it's accretive to revenue in the long-term, but not quite the short-term.

是的。在確認收入的基礎上，我們的雲訂閱收入約占我們經常性收入的 15%。按賬單計算，約為 20%。所以我們還沒有達到我們的 SaaS 業務達到 40% 以上的拐點，雖然我們繼續增長，但它在短期內完全增加了收入。目前，從長期來看，它會增加收入，但在短期內不會。

So I think we have some time left. Obviously, all of you -- many of you have seen companies go from a perpetual license to a subscription revenue transition in the past. And I think you're familiar with that short-term dip in product license revenue and its impact on total revenue, and how that comes out on the other end with an acceleration of revenue. So we're going through right now. There's high demand for cloud, which is exciting. Our customers understand the value proposition. Our marketers understand how to explain. Our salespeople understand how to sell it. And we are learning better and better how to operate at scale. So it's, I would say, full speed ahead with the cloud transition.

所以我認為我們還有一些時間。顯然，你們所有人——你們中的許多人過去都看到公司從永久許可轉變為訂閱收入轉變。而且我認為您熟悉產品許可收入的短期下降及其對總收入的影響，以及另一方面是如何隨著收入的加速而出現的。所以我們現在正在經歷。對雲的需求很高，這令人興奮。我們的客戶了解價值主張。我們的營銷人員知道如何解釋。我們的銷售人員了解如何銷售它。我們正在越來越好地學習如何大規模運營。所以，我想說，雲轉型全速前進。

Next question is for Andrew. Would you like to elaborate further on managing expenses in the second half of 2022?

下一個問題是給安德魯的。您想進一步詳細說明 2022 年下半年的費用管理嗎？

Sure. I think tagging on to what Phong said earlier, our cost structure is very stable. And I think that's the benefit of being a long-standing company in business for over 30 years. And we haven't had this massive growth in head count. Head count has been very stable. We haven't overhired as we've seen many in the market do recently. So I think from a cost perspective, we will continue to focus on areas that are accretive to profitability. We'll look to be opportunistic where we can on bringing in new talent, in fact, around key areas like tech and cloud and sales. And we'll really scrutinize the other costs that we think we can be more efficient. And I've got the benefit of coming in and getting to ask a lot of new questions on certain expenses and costs. And so, I think that will be helpful in understanding where we can be more efficient. But ultimately, I think we're going to be opportunistic and spend in areas that will help our business grow.

當然。我認為根據 Phong 之前所說的，我們的成本結構非常穩定。我認為這就是成為一家經營了 30 多年的長期公司的好處。而且我們的人數還沒有出現如此大的增長。人數一直非常穩定。我們並沒有像最近在市場上看到的那樣過度僱傭。因此，我認為從成本的角度來看，我們將繼續關注能夠增加盈利能力的領域。事實上，在技術、雲計算和銷售等關鍵領域，我們會在可以引進新人才方面尋求機會。我們將真正審查我們認為可以提高效率的其他成本。而且我得到了進來並就某些費用和成本提出很多新問題的好處。因此，我認為這將有助於了解我們可以在哪些方面提高效率。但最終，我認為我們將投機取巧，並在有助於我們業務增長的領域進行投資。

We'll just take one last question for Phong here. On the demand environment, what are you seeing in the demand environment for BI software, given the uncertainty around macro? And what is your demand outlook for the rest of 2022? And have any deal cycles elongated, or any view from customers on their spend?

我們將在這里為 Phong 提出最後一個問題。在需求環境方面，鑑於宏觀環境的不確定性，您對 BI 軟件的需求環境有何看法？您對 2022 年剩餘時間的需求前景如何？是否有任何交易週期延長了，或者客戶對他們的支出有什麼看法？

Yes. Thanks, Shirish. I do think we're seeing choppier demand, elongated deal cycles more challenges in our selling environment, especially in international. All that said, as I mentioned before, if we can push through and execute, leverage our expertise in enterprise analytics, the fact that we build applications that large enterprises rely on, especially in turbulent times and leverage our cloud transition, I think we can work through this and grow in the second half and in the future. But there's certainly more volatility, we have to be better at execution. We have to be more precise in managing our pipeline, and our sales cycles, and our opportunities, and our customer engagements, and our conversations. So look, it requires better execution in these types of times. And this is what we're good at. We're a company that has great product, great strategy and great execution. So it's hard, but we'll work through it.

是的。謝謝，希里什。我確實認為我們看到需求波動，交易週期延長，在我們的銷售環境中面臨更多挑戰，尤其是在國際市場。所有這一切，正如我之前提到的，如果我們能夠推進和執行，利用我們在企業分析方面的專業知識，我們構建大型企業所依賴的應用程序這一事實，尤其是在動盪時期，並利用我們的雲過渡，我認為我們可以通過這個工作並在下半年和未來成長。但肯定會有更多的波動性，我們必須更好地執行。我們必須更精確地管理我們的渠道、銷售週期、機會、客戶參與和對話。所以看，它需要在這些類型的時間更好地執行。這就是我們擅長的。我們是一家擁有出色產品、出色戰略和出色執行力的公司。所以這很難，但我們會克服它。

Great. So we are at the end of time for today's call. Thank you, everyone, for the questions. This concludes the Q&A portion of the webinar. I will now turn the call over to Michael for closing remarks.

偉大的。今天的電話會議時間到了。謝謝大家的提問。網絡研討會的問答部分到此結束。我現在將把電話轉給邁克爾結束髮言。

Look, I want to thank everybody for your support, and Phong, Andrew, Shirish and I will all look forward to seeing you again in 12 weeks, and we wish you a happy summer. Have a good day.

聽著，我要感謝大家的支持，Phong、Andrew、Shirish 和我都期待在 12 週後再次見到你，祝你有個愉快的夏天。祝你有美好的一天。