Microstrategy Inc (MSTR) 2022 Q3 法說會逐字稿

Hello, everyone, and good evening. I am Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. I'll be your moderator for MicroStrategy's 2022 Third Quarter Earnings Webinar. Before we proceed, I will read the Safe Harbor statement.

大家好，晚上好。我是 MicroStrategy 投資者關係和財務副總裁 Shirish Jajodia。我將擔任 MicroStrategy 2022 年第三季度收益網絡研討會的主持人。在我們繼續之前，我將閱讀安全港聲明。

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 this 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 this forward-looking statements, which speak only as of today. 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 at microstrategy.com.

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，實際結果可能與本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。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今天發布的收益發布和演示文稿中獲得，並可在我們的網站 microstrategy.com 上獲得。

I would like to welcome you all to today's webinar and let you know that we will be 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'll walk you through the agenda for today's call; first Phong Le will cover the operational results for the third quarter of 2022. Second, Andrew Kang will cover the financial results for the third quarter of 2022. Then, Michael Saylor will provide a strategic review and discuss recent Bitcoin market updates. 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 Phong Le 將介紹 2022 年第三季度的運營業績。其次，Andrew Kang 將介紹 2022 年第三季度的財務業績。然後，Michael Saylor 將提供戰略審查並討論最近的比特幣市場更新。最後，我們將開放問答。

With that, I will turn the call over to Phong Le, President and CEO of MicroStrategy.

有了這個，我將把電話轉給 MicroStrategy 總裁兼首席執行官 Phong Le。

Thank you, Shirish. I'd like to welcome all of you to today's webinar regarding our 2022 third quarter financial results. First, I will focus on the 2022 third-quarter business results. We had another good quarter overall, achieving constant currency total revenue growth on the strength of our cloud business. This despite a challenging macroeconomic environment in Q3, with continuing high inflation, weakening foreign currencies and the ongoing war in Ukraine. 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 amongst the highest we've ever experienced.

謝謝你，希里什。我想歡迎大家參加今天關於我們 2022 年第三季度財務業績的網絡研討會。首先，我將重點關注2022年第三季度的經營業績。總體而言，我們又度過了一個不錯的季度，憑藉我們的雲業務，實現了貨幣總收入不變的增長。儘管第三季度宏觀經濟環境充滿挑戰，通貨膨脹持續高企，外幣疲軟，烏克蘭戰爭仍在繼續。在現有客戶遷移到雲和贏得新客戶的推動下，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仍然是我們所經歷過的最高水平。

To summarize our third quarter software results, revenues increased 4% year-over-year on a constant currency basis. Total software licenses revenue, which consists of product -- total product licenses and subscription services revenues and our consolidated statement of operations, increased 11% 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.

總結我們第三季度的軟件業績，按固定匯率計算，收入同比增長 4%。軟件許可總收入（包括產品——總產品許可和訂閱服務收入以及我們的綜合運營報表）按固定匯率計算同比增長 11%。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。

Subscription revenue increased 59% year-over-year on a constant currency basis. Current subscription billings grew 79% year-over-year, our 10th straight quarter of double-digit growth and our best quarter ever. We've also seen further global adoption of our cloud platform, among our international customers, including customers in the Asia Pacific region, with several major wins in Q3. We've also seen further growth of our embedded business, with multiple new logos.

按固定匯率計算，訂閱收入同比增長 59%。當前訂閱賬單同比增長 79%，這是我們連續第 10 個季度實現兩位數增長，也是我們有史以來最好的季度。我們還看到我們的雲平台在全球範圍內得到進一步採用，在我們的國際客戶中，包括亞太地區的客戶，在第三季度取得了幾項重大勝利。我們還看到了嵌入式業務的進一步增長，出現了多個新徽標。

Next I'd like to provide some observations from my first 90 days of being a CEO of MicroStrategy. I spent more time in the field in the U.S. and internationally, listening to our customers and employees and learning from them. What I learned first is that, our customers continue to love our product offerings. The people that have built their careers on the MicroStrategy Platform are dedicated to our success, and see us rising above the fray of basic visualization tools. They're also excited about modernizing and consolidating their BI platforms and then open multi-cloud environment.

接下來，我想提供一些我在擔任 MicroStrategy CEO 的前 90 天裡的一些觀察。我在美國和國際上花了更多時間在這個領域，傾聽我們的客戶和員工並向他們學習。我首先了解到的是，我們的客戶繼續喜歡我們的產品。在 MicroStrategy 平台上建立職業生涯的人們致力於我們的成功，並看到我們在基本可視化工具的競爭中脫穎而出。他們還對現代化和整合其 BI 平台以及開放多雲環境感到興奮。

Accordingly, we will 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 different differentiating capabilities to build mission critical applications to run their field forces, store operations, bank branches risk analysis groups, corporate operations and much more.

因此，我們將繼續專注於代表 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不同的差異化能力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、銀行分支機構風險分析小組、公司運營等等。

We'll also focus more on innovation. Our continued investment in research and development has enabled us to modernize our platform and enable our customers to transform how they do business, through innovative analytics tools and techniques. These include personalized applications, immersive interactive visualizations simple no-code and low-code application development with open APIs, flexibility of consumption for mobile interfaces and innovative capabilities like HyperIntelligence.

我們還將更多地關注創新。我們對研發的持續投資使我們能夠通過創新的分析工具和技術對我們的平台進行現代化改造，並使我們的客戶能夠改變他們的業務方式。其中包括個性化應用程序、沉浸式交互式可視化、簡單的無代碼和低代碼應用程序開發以及開放 API、移動界面使用的靈活性以及 HyperIntelligence 等創新功能。

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. Looking forward, we recognize the power of artificial intelligence and machine learning, to augment more traditional reporting capabilities and provide contextual and immediate insights.

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 構建到他們出售給最終用戶的軟件解決方案中。展望未來，我們認識到人工智能和機器學習的力量，以增強更傳統的報告功能並提供上下文和即時的洞察力。

In Q3, we released our first set of products in this area called MicroStrategy Insights. This is the basis on which we are combining MicroStrategy semantic layer, HyperIntelligence and open architecture to provide the data tracking, alerts, forecasting, recommendations and artificial intelligence that will be key for the future of analytics and intelligence. We believe this is something MicroStrategy is uniquely positioned to provide, and we expect to release more functionality in this area every quarter.

在第三季度，我們發布了該領域的第一套產品，稱為 MicroStrategy Insights。這是我們將 MicroStrategy 語義層、HyperIntelligence 和開放式架構相結合的基礎，以提供數據跟踪、警報、預測、建議和人工智能，這將是分析和智能未來的關鍵。我們相信這是 MicroStrategy 能夠提供的獨特優勢，我們希望每個季度都會在該領域發布更多功能。

Another interesting area where we can differentiate our offerings, is Bitcoin Lightning software development for the enterprise. We are in the initial stage of exploring innovative lightening applications for cyber security use cases, to help enterprise customers secure networks, monetize websites and deploy wallets en masse using Bitcoin. While our core focus remains on BI innovation, we believe we are uniquely positioned to bring value in this area also. Mike will elaborate further on this topic.

我們可以區分我們的產品的另一個有趣領域是企業的比特幣閃電軟件開發。我們正處於探索網絡安全用例的創新輕量化應用程序的初始階段，以幫助企業客戶保護網絡、將網站貨幣化並使用比特幣大規模部署錢包。雖然我們的核心重點仍然是 BI 創新，但我們相信我們在這一領域也具有獨特的優勢，可以帶來價值。 Mike 將進一步闡述這個話題。

As MicroStrategy Cloud continues to be a growing part of our business mix, we seek to accelerate growth through increased cloud adoption by both new and existing customers. New customers are increasingly cloud first and immediately reap the benefits of our managed service offering. Those include business agility, enterprise security, regular updates and upgrades and cost savings. 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.

隨著 MicroStrategy Cloud 繼續成為我們業務組合中不斷增長的一部分，我們尋求通過增加新客戶和現有客戶對雲的採用來加速增長。新客戶越來越傾向於雲優先，並立即從我們的託管服務產品中獲益。其中包括業務敏捷性、企業安全性、定期更新和升級以及成本節約。與此同時，越來越多的現有本地客戶正在遷移到雲，並將其 MicroStrategy 使用擴展到新的部門和用戶組。

Intention on our approach to cloud is our belief and cloud agility, the power of multi-cloud hybrid and the portability between private and public clouds resonates with our customers, who do not want to be locked into a single technology stack. We take advantage of the best that each major cloud provider has to offer, optimizing our platform to run on and across each. We will continue to invest in this area to support our customers' needs for flexibility, scalability and security.

我們的雲方法的意圖是我們的信念和雲敏捷性，多雲混合的力量以及私有云和公共雲之間的可移植性與我們的客戶產生共鳴，他們不想被鎖定在一個單一的技術堆棧中。我們利用每個主要雲提供商必須提供的最佳優勢，優化我們的平台以在每個平台上運行。我們將繼續在這一領域進行投資，以支持客戶對靈活性、可擴展性和安全性的需求。

We're eagerly awaiting final authorization to operate for the launch of MicroStrategy Cloud for government, our new cloud offering with FedRAMP authorization. This product will be our first generally available release of our cloud platform that relies on a modern, cloud native architecture, utilizing containers and microservices. It will open up the possibility of migrating a large part of our business, federal government customers to the cloud. It also serves as proof of our enterprise grade security, stability and scalability, via certifications, for large enterprises previously reluctant to move to the cloud, like those in the financial services industry. The combination of FedRAMP authorization enterprise grade capabilities and managed service delivery will help us further differentiate our solutions with government customers, large enterprises and embedded analytics customers worldwide.

我們急切地等待最終授權，以啟動 MicroStrategy Cloud for Government，這是我們獲得 FedRAMP 授權的新雲產品。該產品將是我們的第一個普遍可用的雲平台版本，它依賴於現代云原生架構，利用容器和微服務。它將開啟將我們的大部分業務、聯邦政府客戶遷移到雲的可能性。它還通過認證證明了我們的企業級安全性、穩定性和可擴展性，適用於以前不願遷移到雲的大型企業，例如金融服務行業的企業。 FedRAMP 授權企業級功能和託管服務交付的結合將幫助我們進一步區分我們的解決方案與全球政府客戶、大型企業和嵌入式分析客戶。

Our focus on Enterprise Analytics, Embedded Analytics and Cloud Services has resulted in more customers choosing to decommission and consolidate 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關注導致更多客戶選擇停用和整合舊平台，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。

Another observation from my time meeting customers, is their willingness and desire for hybrid interactions, that includes meaningful rich in person connections alongside virtual meetings. Accordingly, I'm thrilled to share that our next MicroStrategy World will be back in person, from May 1st to 4th in Orlando, Florida. World '23 will be working event designed to help modernize analytics for innovative organizations looking to transform with data. We're excited to showcase how some of the world's best brands use modern experiences to breakthrough and achieve extraordinary results. The conference will also include dedicated networking opportunities, workshops and training, as well as our third Annual Bitcoin for Corporations Event. Registrations open November 8th, and additional details can be found on our event website at microstrategy.com/world23

我與客戶會面時的另一個觀察結果是他們對混合互動的意願和渴望，其中包括有意義的豐富人際關係以及虛擬會議。因此，我很高興與大家分享我們的下一個 MicroStrategy World 將於 5 月 1 日至 4 日在佛羅里達州奧蘭多市親自回歸。 World '23 將是一項工作活動，旨在幫助希望利用數據進行轉型的創新組織實現分析現代化。我們很高興展示一些世界上最好的品牌如何利用現代體驗來突破並取得非凡的成果。會議還將包括專門的交流機會、研討會和培訓，以及我們的第三屆年度比特幣企業活動。註冊將於 11 月 8 日開始，更多詳情可在我們的活動網站 microstrategy.com/world23 上找到

Turning to our Bitcoin acquisition strategy, we continue the commitment to our strategy in Q3 and purchased 301 additional Bitcoins for approximately $6 million, at an average purchase price of $19,860 per Bitcoin, net of fees and expenses. We have not sold any Bitcoin to date. To reiterate our strategy, we seek to acquire and hold Bitcoin for the long term, and do not currently plan to engage in sales of Bitcoin. We have a long-term time horizon, and the core business is not impacted by the near-term Bitcoin price fluctuations.

談到我們的比特幣收購戰略，我們在第三季度繼續致力於我們的戰略，並以大約 600 萬美元的價格額外購買了 301 個比特幣，平均購買價格為每比特幣 19,860 美元，扣除費用和開支。迄今為止，我們還沒有出售任何比特幣。為了重申我們的戰略，我們尋求長期收購和持有比特幣，目前不打算從事比特幣的銷售。我們有一個長期的時間範圍，核心業務不受近期比特幣價格波動的影響。

As a final comment, I would say macro and market volatility are expected to be the new normal. We believe change is constant. In this world, businesses need actionable data, enterprise grade analytics, multi-cloud capabilities and open architecture and customer success focus. MicroStrategy delivers this. Our competition prefers dashboard proliferation, departmental visualizations, single stack vendor lock-in and price increases. This market volatility may impact our financial results in the short term, as we target modest constant currency revenue growth during our cloud transition. This will requires us to be financially prudent, investing in our platform, while applying a thoughtful approach to costs, with the objective and remaining at least margin neutral in the short term.

作為最後的評論，我想說宏觀和市場波動預計將成為新常態。我們相信變化是不變的。在這個世界上，企業需要可操作的數據、企業級分析、多雲功能以及開放式架構和客戶成功重點。 MicroStrategy 提供了這一點。我們的競爭對手更喜歡儀表板擴散、部門可視化、單一堆棧供應商鎖定和價格上漲。這種市場波動可能會在短期內影響我們的財務業績，因為我們在雲過渡期間的目標是適度的恆定貨幣收入增長。這將要求我們在財務上保持審慎，投資於我們的平台，同時對成本採取深思熟慮的方法，目標是在短期內至少保持利潤率中性。

I'll now turn the call over to Andrew to discuss our financial results 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業績。

Thank you. Phong. I'll start by highlighting our third quarter 2022 financial results in more detail. GAAP total revenues for the quarter were $125.4 million, down $2.6 million or 2% year-over-year. Isolating the impacts on foreign exchange, total revenue was up 4% year-over-year at constant currency. Total software license revenues, which is a total of product license revenues and subscription services revenues, were $38.7 million, up 5% year-over-year and up double digits or 11% at constant currency.

謝謝你。蓬。我將首先更詳細地強調我們 2022 年第三季度的財務業績。本季度 GAAP 總收入為 1.254 億美元，同比下降 260 萬美元或 2%。排除對外彙的影響，按固定匯率計算，總收入同比增長 4%。軟件許可總收入，即產品許可收入和訂閱服務收入的總和，為 3870 萬美元，同比增長 5%，按固定匯率計算增長兩位數或 11%。

As we continue to migrate customers to the cloud, we know that product licenses revenues will naturally decline, as revenues previously recognized upfront are converted to revenues recognized over a longer period as subscription services revenues. When we look at the 2 together, year-over-year increases on both a GAAP basis and at constant currency, are positive indicators that we are successfully moving our customers to the cloud, I'd only on a standalone basis, but as well as contributing to the overall growth of our software platform.

隨著我們繼續將客戶遷移到雲端，我們知道產品許可收入自然會下降，因為之前確認的收入將轉換為在較長時期內確認為訂閱服務收入的收入。當我們一起看 2 時，無論是在 GAAP 基礎上還是在不變貨幣上，同比增長都是積極的指標，表明我們正在成功地將我們的客戶遷移到雲中，我只是在獨立的基礎上，但同樣如此為我們軟件平台的整體增長做出了貢獻。

In line with what I just described subscription services revenues were $16.4 million, an increase of 51% year-over-year and up 59% at constant currency. Product licenses revenues were $22.3 million for the quarter, which was $3.5 million lower year-over-year, while product support revenues were $66 million down $4.4 million year-over-year, relatively flat at constant currency. As Phong mentioned earlier, our Q3 renewal rate was again at 95% this past quarter, demonstrating the durability of our platform and a longstanding nature of our customer base.

根據我剛才描述的訂閱服務收入為 1640 萬美元，同比增長 51%，按固定匯率計算增長 59%。本季度產品許可收入為 2230 萬美元，同比下降 350 萬美元，而產品支持收入同比下降 6600 萬美元，同比下降 440 萬美元，按固定匯率計算相對持平。正如 Phong 之前提到的，我們在上個季度的第三季度續訂率再次達到 95%，這證明了我們平台的耐用性和我們客戶群的長期性質。

Finally, other services revenue, which primarily reflects our consulting business, was $20.7 million, a slight decrease year-over-year, but a 7% increase in constant currency. Our highly skilled and experienced consultants continue to support, innovate and modernize our platform across our customer base and we have been very successful in delivering consulting services across our global delivery centers in the U.S., Europe, South America and Asia while optimizing costs and increasing billable hours year-over-year.

最後，主要反映我們諮詢業務的其他服務收入為 2070 萬美元，同比略有下降，但按固定匯率計算則增長了 7%。我們的高技能和經驗豐富的顧問繼續支持、創新和現代化我們整個客戶群的平台，我們在美國、歐洲、南美和亞洲的全球交付中心提供諮詢服務方面非常成功，同時優化了成本並增加了計費小時同比。

Moving to billings; our total current software license billings were $36.4 million, an increase of 2% year-over-year, and in the third quarter, current subscription billings were $14.4 million, an increase of 79% year-over-year. This is in comparison to the increase of 51% year-over-year in Q2. This sequential growth was driven by solid results in both subscription services revenues, as well as current deferred subscription services revenues.

搬到比林斯；我們當前的軟件許可總費用為 3640 萬美元，同比增長 2%，第三季度，當前訂閱費用為 1440 萬美元，同比增長 79%。相比之下，第二季度同比增長 51%。這種連續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。

It is also worth noting again, that we sold our largest cloud billings as multiyear contracts with an average term of over 24 months, of which only 12 months are currently reflected on our balance sheet. We believe, our cloud transition is successfully underway and the demand from our customers to migrate MicroStrategy to the cloud remains very strong, with additional pipeline being added from both our domestic and international customers.

同樣值得注意的是，我們將最大的雲賬單作為平均期限超過 24 個月的多年期合同出售，其中目前只有 12 個月反映在我們的資產負債表上。我們相信，我們的雲遷移正在成功進行，我們的客戶將 MicroStrategy 遷移到雲的需求仍然非常強勁，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 compensation costs, were $102 million in the third quarter compared to $165 million in the third quarter of 2021. Our total non-GAAP costs this quarter were significantly lower year-over-year, as well as compared to Q2 of this year. This was primarily due to stable Bitcoin prices this quarter, which led to a nominal $700,000 Bitcoin impairment charge, in contrast to the $65 million charge in Q3 of 2021.

轉向成本；不包括基於股票的薪酬成本的非公認會計原則總費用在第三季度為 1.02 億美元，而 2021 年第三季度為 1.65 億美元。本季度我們的非公認會計原則總成本也明顯低於去年同期與今年第二季度相比。這主要是由於本季度比特幣價格穩定，這導致名義上的比特幣減值費用為 700,000 美元，而 2021 年第三季度的費用為 6500 萬美元。

Bitcoin volatility, as measured by the 1-month realized volatility, fell below that of the major equity indices, such as S&P 500 and NASDAQ this past quarter. We view this recent market shift as a possible signal that Bitcoin's investor base and institutional adoption is continuing to mature, making it more suitable and accepted by traditional market participants. During the quarter, Bitcoin prices remained above our carrying value, low watermark of approximately $17,600 and as a result, we saw a minimal digital asset impairment charge in Q3.

以 1 個月實際波動率衡量的比特幣波動率在上個季度低於標準普爾 500 和納斯達克等主要股票指數。我們認為最近的市場轉變可能表明比特幣的投資者基礎和機構採用正在繼續成熟，使其更適合和被傳統市場參與者接受。在本季度，比特幣價格仍高於我們的賬面價值，約為 17,600 美元的低水位線，因此，我們在第三季度看到了最低的數字資產減值費用。

Non-GAAP cost of revenues were $24 million in the third quarter, an increase of $2.6 million or 12% year-over-year. As a percentage of total revenues, non-GAAP cost of revenues was up 2% year-over-year attributed to higher cloud hosting fees and investments in technology and talent as we continue to scale up to support our growth in cloud. Non-GAAP sales and marketing expense was $30 million, which was a decrease of $4.1 million or 12% year-over-year. As a percentage of total revenues, non-GAAP sales and marketing costs were lower by 3% year-over-year primarily due to higher net capitalized commissions this quarter compared to the same quarter in the prior year.

第三季度非美國通用會計準則的收入成本為 2400 萬美元，同比增長 260 萬美元或 12%。作為總收入的百分比，非 GAAP 收入成本同比增長 2%，這歸因於更高的雲託管費用以及對技術和人才的投資，因為我們繼續擴大規模以支持我們在雲領域的增長。非美國通用會計準則銷售和營銷費用為 3000 萬美元，同比減少 410 萬美元或 12%。非 GAAP 銷售和營銷成本佔總收入的百分比同比下降 3%，這主要是由於本季度的淨資本化佣金高於去年同期。

Non-GAAP R&D expense was $27 million, an increase of $1.4 million or 6% year-over-year. We continue to prioritize research and development in our core software business as we invest in personnel supporting innovation cybersecurity and growth in cloud. Non-GAAP G&A costs were $20 million, which was an increase of $1.4 million or 7% year-over-year. As we emphasized earlier the uncertain macroeconomic environment and inflationary trends continue to present headwinds to our bottom line and we believe these challenges are the new normal.

非美國通用會計準則研發費用為 2700 萬美元，同比增長 140 萬美元或 6%。在投資支持創新網絡安全和雲增長的人員時，我們將繼續優先考慮核心軟件業務的研發。 Non-GAAP G&A 成本為 2000 萬美元，同比增長 140 萬美元或 7%。正如我們之前強調的那樣，不確定的宏觀經濟環境和通脹趨勢繼續對我們的利潤構成不利影響，我們認為這些挑戰是新常態。

Although, we see strong growth in cloud and high sustained renewal rates managing rising costs is critical to weathering the current environment. We plan to be extremely disciplined in controlling costs in the near term as we navigate these conditions and we will continue to cut costs in certain areas, while prioritizing spend that we believe will drive revenue growth.

儘管如此，我們看到雲計算的強勁增長和管理不斷上升的成本的高持續更新率對於抵禦當前環境至關重要。在應對這些情況時，我們計劃在短期內嚴格控製成本，我們將繼續削減某些領域的成本，同時優先考慮我們認為將推動收入增長的支出。

On slide 13, total non-GAAP operating income in the third quarter was $23 million, reflecting a non-GAAP margin of 18%. The very small Bitcoin impairment charge this past quarter that I mentioned earlier had a minimal impact on our reported results and was the lowest digital asset impairment charge since we launched our Bitcoin strategy in Q3 of 2020. In a reporting period where there are minimal impairment charges under the current accounting rules. We believe our non-GAAP operating income better represents the underlying performance of our core software business.

在幻燈片 13 上，第三季度的非 GAAP 總營業收入為 2300 萬美元，非 GAAP 利潤率為 18%。我之前提到的上個季度非常小的比特幣減值費用對我們報告的結果影響最小，並且是自我們在 2020 年第三季度推出比特幣戰略以來最低的數字資產減值費用。在減值費用最低的報告期內在現行會計準則下。我們相信我們的非公認會計原則營業收入更好地代表了我們核心軟件業務的基本表現。

As of September 30, 2022, the carrying value of our Bitcoin holdings was approximately $2 billion, which reflects approximately $2 billion in cumulative impairment charges incurred through the end of Q3. As you know, GAAP accounting treats our Bitcoin holdings as indefinite lived intangible asset, which means that any decrease in the fair value below our carrying value any time after date of acquisition requires us to recognize an impairment. Conversely, when prices increase the current accounting rules do not allow us to increase the carrying value.

截至 2022 年 9 月 30 日，我們持有的比特幣的賬面價值約為 20 億美元，這反映了截至第三季度末產生的約 20 億美元的累積減值費用。如您所知，GAAP 會計將我們持有的比特幣視為無限期無形資產，這意味著在收購日期之後的任何時間，公允價值低於我們賬面價值的任何下降都需要我們確認減值。相反，當價格上漲時，當前的會計規則不允許我們增加賬面價值。

On October 12, the Financial Accounting Standards Board unanimously voted to recommend the adoption of fair value accounting for all public and private companies in measuring certain digital assets including Bitcoin. Under the current fair value accounting standards, both decreases and increases in the fair market value of an asset would be recognized in GAAP earnings. We understand this is an initial step in the standard setting process and many of the details and disclosures have yet to be determined, but we are extremely encouraged and supportive of the FASB decision for the change and the improved investor transparency, it should provide. We believe this is an extremely positive step for the future of digital asset accounting and we remain committed as we have in the past supporting these efforts.

10 月 12 日，財務會計準則委員會一致投票建議對所有上市公司和私營公司在衡量包括比特幣在內的某些數字資產時採用公允價值會計。根據當前的公允價值會計準則，資產公允市場價值的減少和增加都將在公認會計原則收益中確認。我們知道這是標準制定過程中的第一步，許多細節和披露尚未確定，但我們非常鼓勵和支持 FASB 做出的改變和提高投資者透明度的決定，它應該提供。我們相信，這對於數字資產會計的未來來說是非常積極的一步，我們將一如既往地致力於支持這些努力。

Turning to slide 15, our debt capital structure consists of a $500 million senior secured note, a $205 million Bitcoin back loan and $1.7 billion of convertible senior notes, all with a blended interest rate of approximately 2%. The earliest maturity, which is not until March 2025. We have also issued $1 billion of equity through previously announced at the market or ATM offering in Q3 and Q4 of 2021. Recently, on September 9, we filed a prospectus supplement for an additional ATM equity offering, which will allow us to sell up to $500 million of Class A common shares from time-to-time into the market.

轉到幻燈片 15，我們的債務資本結構包括 5 億美元的優先擔保票據、2.05 億美元的比特幣支持貸款和 17 億美元的可轉換優先票據，混合利率約為 2%。最早到期，直到 2025 年 3 月。我們還通過先前在市場上宣布的或 2021 年第三季度和第四季度的 ATM 發行發行了 10 億美元的股權。最近，在 9 月 9 日，我們提交了額外 ATM 的招股說明書補充股權發行，這將使我們能夠不時向市場出售高達 5 億美元的 A 類普通股。

As of October 31st, 2022. We have not sold any shares under this program. We intend to use the ATM under a disciplined approach to sell equity if and when we believe there is embedded value premium in our stock. Compared to the market value of our Bitcoin holdings and our estimated value of our enterprise analytics software business. The use of proceeds will be for general corporate purposes, which include the purchase of Bitcoin. Our focus is in managing capital, will continue to be that of creating shareholder value. Optimizing our overall capital structure and ensuring adequate liquidity to run our operations and service our debt.

截至 2022 年 10 月 31 日。我們尚未根據該計劃出售任何股份。如果我們認為我們的股票存在內含價值溢價，我們打算以嚴格的方式使用 ATM 出售股票。與我們持有的比特幣的市場價值和我們對企業分析軟件業務的估計價值相比。所得款項將用於一般公司用途，包括購買比特幣。我們的重點是管理資本，將繼續是創造股東價值。優化我們的整體資本結構並確保有足夠的流動性來運營我們的業務和償還我們的債務。

On slide 16, as of September 30th, 2022 we held a total of 130,000 Bitcoins, of which 14,890 Bitcoins were held directly by MicroStrategy the parent. All of which secure our 2028 notes. The remaining 115,110 Bitcoins are held at MicroStrategy -- I'm sorry MacroStrategy, our subsidiary. In Q3 there was no change to the number of Bitcoin pledged at MacroStrategy.

在幻燈片 16 上，截至 2022 年 9 月 30 日，我們總共持有 130,000 個比特幣，其中 14,890 個比特幣由母公司 MicroStrategy 直接持有。所有這些都確保了我們的 2028 年票據。剩餘的 115,110 比特幣在 MicroStrategy 持有——對不起，我們的子公司 MacroStrategy。在第三季度，MacroStrategy 承諾的比特幣數量沒有變化。

Of the Bitcoins held at the sub approximately 30,000 Bitcoins are pledged as collateral to our Bitcoin back loan and just over 85,000 Bitcoins or 65% of our total holdings equivalent to approximately $1.7 billion at the current market price of $20,400 remain unpledged and unencumbered. As you can see we have more than sufficient collateral to meet the ongoing requirements of our Bitcoin back loan today and through any current foreseeable price volatility.

在 sub 持有的比特幣中，大約有 30,000 比特幣被質押為我們的比特幣回貸的抵押品，僅超過 85,000 比特幣或我們總持有量的 65%，相當於約 17 億美元，目前市場價格為 20,400 美元，仍未質押和未抵押。正如你所看到的，我們有足夠的抵押品來滿足我們今天的比特幣支持貸款的持續需求，以及當前任何可預見的價格波動。

As Phong mentioned earlier, our Bitcoin strategy remains simple, we have bought and held Bitcoin and we'll continue to do so. Finally, before I turn the call over to Michael. I would like to reemphasize MicroStrategy's principal core strategies are to operate and grow our enterprise analytics business and to acquire and hold Bitcoin as a treasury reserve for the long-term. This hybrid strategy represents a paradigm shift for we seek to maximize the performance of both segments of our business while identifying and capitalizing on the synergies that come from combining a mature and profitable enterprise software business with a large scale digital asset holding.

正如 Phong 之前提到的，我們的比特幣策略仍然很簡單，我們已經購買並持有比特幣，我們將繼續這樣做。最後，在我把電話轉給邁克爾之前。我想再次強調 MicroStrategy 的主要核心戰略是運營和發展我們的企業分析業務，並長期收購和持有比特幣作為國庫儲備。這種混合戰略代表了一種範式轉變，因為我們尋求最大限度地提高我們業務的兩個部門的績效，同時識別和利用成熟且盈利的企業軟件業務與大規模數字資產控股相結合所產生的協同效應。

Thank you for your time today and for your support of MicroStrategy. I'll now turn the call over to Michael for his remarks.

感謝您今天的寶貴時間以及對 MicroStrategy 的支持。我現在將把電話轉給邁克爾，請他發言。

Thank you, Andrew, and thank you to all of our shareholders that are with us here today. I would like to provide a performance review of the Company's results since we adopted a Bitcoin strategy. And I'm delighted to report to all the shareholders that since MicroStrategy adopted the Bitcoin strategy on August 11th, 2020 our stock has outperformed all of the major asset classes that we benchmark ourselves against, it has outperformed all big tech stocks and we have outperformed all enterprise software stocks that we benchmark ourselves against.

謝謝你，安德魯，也感謝今天與我們在一起的所有股東。自我們採用比特幣策略以來，我想對公司的業績進行績效評估。我很高興地向所有股東報告，自 MicroStrategy 於 2020 年 8 月 11 日採用比特幣策略以來，我們的股票表現優於我們以自己為基準的所有主要資產類別，它的表現優於所有大型科技股，我們的表現也優於我們以自己為基準的所有企業軟件股票。

You can see from this chart, we are up -- as of 4:00 PM yesterday, October 31st, we were up 116% since we embarked on this strategy. And I think the most important benchmark we compare ourselves against is Bitcoin itself and Bitcoin in that same time period is up 72%. So we have managed by our strategy to capture all of the Bitcoin gains with a boost.

您可以從這張圖表中看到，我們上漲了——截至 10 月 31 日昨天下午 4:00，自從我們開始實施這一策略以來，我們上漲了 116%。我認為我們比較自己的最重要的基準是比特幣本身，而比特幣在同一時期上漲了 72%。因此，我們已經通過我們的策略來管理以提振所有比特幣收益。

Now, if we compare the Bitcoin performance in that 2.25 years to other assets. The S&P is up 15%, so a diversified portfolio of really high quality stocks are 15%. The NASDAQ is effectively 0%, so there is no gain in the NASDAQ (technical difficulty) gold and many of you have followed us on our journey will recall that when we started on this path, our #1 question, should we buy Bitcoin or should we buy gold. Gold is down 19% in that same time period the Bitcoin is up by 116%, that makes sense to us.

現在，如果我們將 2.25 年的比特幣表現與其他資產進行比較。標準普爾指數上漲了 15%，因此真正優質股票的多元化投資組合上漲了 15%。納斯達克實際上是 0%，因此納斯達克（技術難度）黃金沒有任何收益，你們中的許多人在我們的旅程中跟隨我們會記得，當我們開始走這條路時，我們的第一個問題是，我們應該購買比特幣還是我們應該買黃金嗎？在比特幣上漲 116% 的同一時期，黃金下跌了 19%，這對我們來說是有意義的。

Gold is the hard money solution for the 19th century and Bitcoin is the hard monetary asset for the 21st century. But I think it's auspicious that we see the market is agreeing with us after these 24 months or so 26 months.

黃金是 19 世紀的硬通貨解決方案，比特幣是 21 世紀的硬通貨資產。但我認為，在這 24 個月左右的 26 個月之後，我們看到市場同意我們的看法是幸運的。

The bond index and that's really B-O-N-D, it's long bonds about 20 year duration bonds, they have lost 22% of their value in this timeframe. So bonds are obviously not holding value in the interest rate environment we're struggling with and they have limited upside generally. And of course silver, which is sort of a weaker precious metals than gold is down 33%. So I think when you look at the story here Bitcoin is winning but MicroStrategy is winning even more than the Bitcoin right now because of our levered long Bitcoin strategy we pursued.

債券指數，這真的是 B-O-N-D，它是大約 20 年久期債券的長期債券，它們在這段時間內損失了 22% 的價值。因此，在我們正在努力應對的利率環境中，債券顯然沒有保值，而且總體上它們的上漲空間有限。當然，作為一種比黃金更弱的貴金屬，白銀下跌了 33%。所以我認為，當你看到這裡的故事時，比特幣正在獲勝，但由於我們追求的槓桿多頭比特幣策略，MicroStrategy 現在比比特幣贏得更多。

We benchmark ourselves against big tech stocks and and of course, 3 of the most extraordinary stocks and companies in the modern era our Apple, Google and Microsoft and of course Apple's up 36% about a quarter of our performance results in our stock. Google is up 27%. Microsoft is only up 11%. So MicroStrategy stock is 10 times. Microsoft --even though Microsoft records as the most successful software company on the planet.

我們將自己與大型科技股進行對比，當然還有現代時代最傑出的 3 支股票和公司，我們的蘋果、谷歌和微軟，當然還有蘋果公司股價上漲 36%，約占我們業績的四分之一。谷歌上漲了 27%。微軟僅上漲 11%。所以 MicroStrategy 的股票是 10 倍。微軟——儘管微軟被記錄為地球上最成功的軟件公司。

The challenge with equities as we all know is that, you have not just monetary risk due to macroeconomic but you also have execution risk. And you have all sorts of other types of risks. So Amazon is down 35% because of their challenges, which I won't go into, Netflix is down 40% and Meta Group Facebook is down 65%. So you can see of course this mix performance is probably what drives the zero percent NASDAQ result and if we look at the mega enterprise software stocks of course Oracle is the monster enterprise software Company they're up 42%. It's very well run, very stable, but they don't have the benefits of Bitcoin balance sheet, IBM stock, up 14%, sales force down 18%, S&P down 40%.

眾所周知，股票面臨的挑戰是，由於宏觀經濟，您不僅面臨貨幣風險，而且還面臨執行風險。你還有各種其他類型的風險。所以亞馬遜因為他們的挑戰而下跌了 35%，我不會去討論，Netflix 下跌了 40%，Meta Group Facebook 下跌了 65%。所以你當然可以看到，這種混合表現可能是導致納斯達克業績為零的原因，如果我們看看大型企業軟件股票，當然甲骨文是怪物企業軟件公司，它們上漲了 42%。它運行得很好，非常穩定，但他們沒有比特幣資產負債表的好處，IBM 股票上漲 14%，銷售人員下降 18%，標準普爾下跌 40%。

So even though, I think, there's a lot of publicity about the volatility of Bitcoin and some of the non-cash charges we've taken. The real interesting story here is that MicroStrategy's Bitcoin strategy is the winner against all of these other strategies over the last 2 and a-quarter years. We generally pick August 10th, 2020 as that data to go back to, because that was the day before we purchased $250 million worth of Bitcoin and we announced a $250 million Dutch auction or share buyback.

因此，儘管如此，我認為，關於比特幣的波動性和我們採取的一些非現金費用有很多宣傳。這裡真正有趣的故事是，MicroStrategy 的比特幣策略在過去 2 年和 1 季度中戰勝了所有其他策略。我們通常選擇 2020 年 8 月 10 日作為要返回的數據，因為那是我們購買價值 2.5 億美元的比特幣的前一天，我們宣布進行 2.5 億美元的荷蘭式拍賣或股票回購。

And so that was pretty critical point in the history of the company. Before that date, we were operating the software business without any treasury strategy and we had our $500 million in cash invested in short term treasuries zero month to 12 month treasury bills. And our primary strategy was either to buy the stock back or invest in treasuries. And after that date, we had a Bitcoin strategy that was implemented on $250 million and then we had to wait until the end of the Dutch auction around September 10th of 2020 before we knew what was going to happen next.

所以這是公司歷史上非常關鍵的一點。在此之前，我們在沒有任何資金戰略的情況下運營軟件業務，我們將 5 億美元的現金投資於零月至 12 個月的短期國庫券。我們的主要策略是要么回購股票，要么投資於國債。在那之後，我們制定了一項以 2.5 億美元實施的比特幣策略，然後我們不得不等到 2020 年 9 月 10 日左右的荷蘭拍賣結束，我們才知道接下來會發生什麼。

And then we had an extra $175 million, which we invested in Bitcoin and we have continued with our consistent Bitcoin long strategy sense. I'd like to talk a little bit about the macroenvironment and so we'll switch off the slide for a second. The most important thing that's happened in the past 12 months is the risk free interest rate in the world and I don't just mean the Western world, the entire world has gone from 12 basis points to 465 basis points, that's the 1-year treasury rate on U.S. treasuries.

然後我們有額外的 1.75 億美元投資於比特幣，並繼續我們一貫的比特幣長期戰略意識。我想談談宏觀環境，所以我們先關掉幻燈片。過去 12 個月發生的最重要的事情是世界上的無風險利率，我不只是指西方世界，整個世界已經從 12 個基點變成了 465 個基點，那就是 1 年美國國債的國債利率。

And that's an extraordinary climb. In the middle of 2018, the one-year rate was about 280 basis points it costed down to about 150 basis points in January of 2020 and then it nose-dived to just a few basis points 5 basis points to 10 basis points in March of 2020. The risk free rate was effectively nothing for the next 18 months and then when the Central Bank began to perceive inflation as being the priority more so than economic stimulus these interest rates start getting increased and they got to increase at the most rapid rate in 40 years.

這是一次非凡的攀登。 2018 年年中，一年期利率約為 280 個基點，到 2020 年 1 月降至約 150 個基點，然後在 2020 年 3 月暴跌至 5 個基點至 10 個基點。 2020 年。在接下來的 18 個月裡，無風險利率實際上毫無意義，然後當央行開始將通脹視為比經濟刺激更重要的優先事項時，這些利率開始上升，並且必須以史上最快的速度上升40 年。

So we find ourselves in a situation right now where for the last 12 months, the risk free rates have increased by a factor of 50, financial assets have all suffered, and that means gold, equities, bonds, et cetera and crypto assets and Bitcoin. So we're all living that I don't have to tell you about that. I think you understand that. The important point right now is that we are now at a seriously inverted yield curve, the 3 month bond rate for treasuries is about 417 basis points and the 30-year treasury bond rate is 410 basis points.

因此，我們發現自己現在處於一種情況，在過去的 12 個月中，無風險利率增加了 50 倍，金融資產都遭受了損失，這意味著黃金、股票、債券等以及加密資產和比特幣.所以我們都在生活，我不必告訴你。我想你明白這一點。現在重要的一點是，我們現在處於收益率曲線嚴重倒掛的狀態，3 個月期國債利率約為 417 個基點，30 年期國債利率為 410 個基點。

So in essence you make more money buying a 3 month bond and a 30 year bond. This is probably not sustainable for the long term, the classic interpretation, would be that the yield curve is pointing towards expectation of recession. And the reason the 30-year rate is higher than the 3 month rate is an expectation that eventually the Fed will begin to loosen monetary policy and lower interest rates.

因此，本質上，您購買 3 個月期債券和 30 年期債券可以賺更多錢。從長遠來看，這可能是不可持續的，經典的解釋是收益率曲線指向衰退的預期。而 30 年利率高於 3 個月利率的原因是預期美聯儲最終將開始放鬆貨幣政策並降低利率。

I would say, you could almost say that our monetary policy was kind of to devalue the currency, weaken the currency if not crash the currency for the first year of the pandemic crisis and now the monetary policy is ripping the wings off the economy for the last year and we see the wings starting to come off. All of the currencies in the world have been crashing against the dollar and created a massive macroeconomic headwind, the pound and the euro are off by about 15% against the dollar and last 12 months, the Japanese yen is down about 23% that manifest itself in a couple of impacts.

我想說，你幾乎可以說，在大流行危機的第一年，我們的貨幣政策是讓貨幣貶值，如果不是讓貨幣崩潰的話，就是讓貨幣貶值，而現在貨幣政策正在為經濟扯掉翅膀。去年，我們看到翅膀開始脫落。世界上所有的貨幣兌美元都在暴跌，造成了巨大的宏觀經濟逆風，英鎊和歐元兌美元下跌了約 15%，過去 12 個月，日元下跌了約 23%在幾個影響。

One is for any company that's primarily U.S. based or U.S.D. based sees that it's struggling against these foreign currency headwinds and its revenues and its earnings and MicroStrategy suffered from that this quarter we're selling in Yen and Euros and Pounds and those Yen, Euros and Pounds are being devalued 15% to 23% in the last 12 months.

一種適用於主要位於美國或美國的任何公司。 based 看到它正在努力應對這些外匯逆風及其收入和收益，MicroStrategy 遭受了本季度我們以日元、歐元和英鎊出售，而這些日元、歐元和英鎊在本季度貶值 15% 至 23%過去 12 個月。

So that's a bit of a headwind. I'm pleased to say that I think our P&L has held up really well against that macroeconomic headwinds and we're happy about that. I think the other implication is this is exporting inflation to the rest of the world. So commodities are priced in dollars like oil and so as the Euro and the Pound and the Yen weaken, the cost to buy oil in those nations explodes and so we're seeing double-digit inflation, throughout Europe and throughout the rest of the world.

所以這有點逆風。我很高興地說，我認為我們的損益表在宏觀經濟逆風中表現得非常好，我們對此感到高興。我認為另一個含義是這正在向世界其他地區輸出通貨膨脹。因此，大宗商品像石油一樣以美元計價，隨著歐元、英鎊和日元走弱，這些國家購買石油的成本激增，因此我們看到整個歐洲和世界其他地區出現兩位數的通貨膨脹.

This is creating protests, social unrest, there're riots in some streets in Eastern Europe. This is also creating a crisis amongst a number of conventional institutional investors. We just saw this manifest itself in the crisis in the U.K., that resulted in early resignation of the Prime Minister and the Chancellor. That happened when they attempted to lower taxes, they created a crisis of confidence in the markets and the 30 year -- 40 year British pound bond rates exploded into the 505 handle range and the markets aren't really holding 5% to 6% interest rates very well. When that happens, that creates a margin call on anyone that using those instruments as their primary treasury reserve asset. And so the result is the market's hiccup and the rich and the entire government collapsed in the UK.

這引發了抗議，社會動盪，東歐一些街道發生了騷亂。這也在許多傳統機構投資者中造成了危機。我們剛剛在英國的危機中看到了這一點，導致首相和總理提前辭職。這發生在他們試圖降低稅收時，他們對市場造成了信任危機，而 30 年 - 40 年的英鎊債券利率飆升至 505 手柄範圍，市場並未真正持有 5% 至 6% 的利率率非常好。當這種情況發生時，任何使用這些工具作為其主要國庫儲備資產的人都會被要求追加保證金。結果就是市場出現了問題，英國的富人和整個政府都崩潰了。

I think that, that's a warning sign, we can see that challenge. We can see in Japan right now, they've had to intervene to support the Yen, which has also been collapsing and there's very explicit intervention. This is being viewed. I think, and in the United States and the rest of the Western world and the takeaway is we're just at the point where we're either going to rip the wings off the economy if we keep raising interest rates much more or if the interest rates getting into the 5% to 6% zone, we're going to undermine the balance sheets of pension funds and other major investors.

我認為，這是一個警告信號，我們可以看到這一挑戰。我們現在可以在日本看到，他們不得不進行干預以支持日元，日元也一直在崩潰，並且有非常明確的干預。這是正在查看的。我認為，在美國和其他西方世界，我們正處於這樣的地步，如果我們繼續進一步提高利率，或者如果利率進入 5% 至 6% 區域，我們將破壞養老基金和其他主要投資者的資產負債表。

And this is an international global problem that that results in a lot of pressure on central bankers to slow down the rate of interest rate increases and we see that manifested with people coming on CNBC pointing out that they have to slow this down. We see political pressure to taper, we see international pressure on the U.S. government from all these other nation states that have their currencies crashing on the Federal Reserve to taper this rise.

這是一個國際性的全球性問題，它給央行行長們帶來了減緩利率上升速度的巨大壓力，我們看到人們在 CNBC 上指出他們必須放慢速度。我們看到了逐漸減少的政治壓力，我們看到來自所有其他國家對美國政府施加的國際壓力，這些國家的貨幣在美聯儲面前崩盤，以減少這種上漲。

So we're approaching some sort of macroeconomic inflection point, it's not clear when we get there, but we know that when 30-year bonds and 40-year bonds are 5.5%, the entire government of the U.K. collapses. And we know that the Japanese yen is now laboring because they're trying to hold the 10-year rate of 25 basis points in Japan. While the U.S. 10-year rates served with a four handle. All of these things are suggesting that the current trend of continuing to raise the risk free rate can continue too much longer, the resistance of the tightening is increasing.

因此，我們正在接近某種宏觀經濟拐點，目前尚不清楚何時到達那裡，但我們知道，當 30 年期和 40 年期債券的利率為 5.5% 時，整個英國政府就會崩潰。而且我們知道日元現在正在苦苦掙扎，因為他們試圖在日本維持 25 個基點的 10 年期利率。而美國 10 年期利率則有四個手柄。所有這些都在暗示，目前繼續提高無風險利率的趨勢可以持續太久，緊縮的阻力正在增加。

And that takes me to just the discussion of the Bitcoin strategy right now and fundamentals. I think, the summary here is over the last 12 weeks the Bitcoin fundamentals have improved. As Andrew pointed out volatility of Bitcoin shifted for being more volatile than NASDAQ and highly correlated to being less volatile than NASDAQ and not so much correlated in the past 3 months. That's really bullish. I think for the asset class and auspicious. The other fundamental developments are auspicious. BNY Mellon officially announced its Bitcoin custody services that's very auspicious because that's probably the first major bank that stepped up into that business.

這讓我只討論了現在的比特幣策略和基本面。我認為，這裡的總結是過去 12 週比特幣基本面有所改善。正如 Andrew 指出的那樣，比特幣的波動性轉變為比納斯達克波動性更大，並且與過去 3 個月的波動性低於納斯達克高度相關，並且相關性不大。這真是看漲。我認為對於資產類別和吉祥。其他基本發展是有利的。 BNY Mellon 正式宣布了其比特幣託管服務，這是非常吉祥的，因為這可能是第一家涉足該業務的主要銀行。

Block upgraded Cash App and Cash App is a 40 million user type mobile application and they upgraded it in their support of Lightning. So now they can send and receive Lightning to Cash App mobile application instances and they did it with a universal barcode and so that means that I can hold the barcode up on my phone and you can scan it and it will either send the Bitcoin on the base layer, the layer one if that's what you requested or it will send it on the Lightning layer.

區塊升級 Cash App 和 Cash App 是一個擁有 4000 萬用戶的移動應用程序，他們在支持閃電網絡的情況下對其進行了升級。所以現在他們可以發送和接收 Lightning to Cash App 移動應用程序實例，他們使用通用條碼做到這一點，這意味著我可以把條碼放在我的手機上，你可以掃描它，它會發送比特幣到基礎層，如果這是您要求的第一層，或者它將在閃電層上發送。

We're already seeing this create a massive amount of enthusiasm in the Lightning development community. It's launched a lot more Lightning wallets, it's launched a lot more vendor interest and taking Bitcoin as lightning payments. And 1 of the more interesting stories right now is supermarket chain and called Pick n Pay all around South Africa. Pick n Pay rolled out Lightning payments to 40 of their stores in production as the second stage of their Bitcoin adoption and that appears to have been successful. There are lot of video circulating around people going in and paying in a matter of seconds via lightening transactions off of Android and iPhones.

我們已經看到這在閃電開發社區中引起了巨大的熱情。它推出了更多的閃電錢包，引發了更多的供應商興趣，並將比特幣作為閃電支付。現在更有趣的故事之一是連鎖超市，在南非各地稱為 Pick n Pay。 Pick n Pay 在他們的 40 家生產中的商店推出了閃電支付，作為他們採用比特幣的第二階段，這似乎已經成功。有很多視頻圍繞著人們在幾秒鐘內通過減輕 Android 和 iPhone 的交易進行支付。

But the more important point is that their stated plan is to deploy Bitcoin Lightening support 1628 stores. So, the broad based adoption of Bitcoin as a medium of exchange via Lightning technology is now being taken seriously, with the Cash App example, with the Pick n Pay example. This is getting a lot of attention in the community. And of course the benefit to the retailer would be not only is it almost no fee, but it's also instant settlement and it also appeals to the crypto friendly and right now across South America and Africa people are becoming much, much more interested in the entire crypto area and Bitcoin in particular because the currencies are crashing.

但更重要的一點是，他們的既定計劃是部署 Bitcoin Lightening 支持 1628 家商店。因此，現在正在認真對待通過閃電技術廣泛採用比特幣作為交換媒介的方式，例如 Cash App 和 Pick n Pay 示例。這在社會上引起了很多關注。當然，對零售商的好處不僅是它幾乎不收費，而且它也是即時結算，它也吸引了對加密貨幣友好的人，現在整個南美和非洲的人們對整個加密貨幣領域，尤其是比特幣，因為貨幣正在崩潰。

The Nigerian naira has an official exchange rate in the NGN400 range, but it's government manage and the actual exchange rate is crushing to NGN800 to the dollar and they are announcing that they're going to swap out the currency for different currency. So what you see is -- you see a wholesale currency crashes, devaluations and bank failures and capital controls spreading like wildfire throughout Asia. South America and Africa. And the solution to the population is a $50 Android phone running a mobile wallet like a Lightning Wallet and of course, this becomes a matter of great passion to them.

尼日利亞奈拉的官方匯率在 NGN400 範圍內，但它是政府管理的，實際匯率壓低到 NGN800 兌美元，他們宣布將把貨幣換成不同的貨幣。所以你看到的是——你看到大規模的貨幣崩盤、貶值、銀行倒閉和資本管制像野火一樣蔓延到整個亞洲。南美洲和非洲。對大眾的解決方案是 50 美元的 Android 手機，運行像閃電錢包這樣的移動錢包，當然，這對他們來說是一件非常熱情的事情。

And of course it also becomes a matter of passion to the merchants, because if the merchants can't get paid in hard currency and they have to go through multiple layers to credit than their businesses are also at risk. So that's a great fundamental development to Bitcoin because traditionally, the view of Bitcoin is it's just a store of value because it runs on a Level 1 transaction network with only 7 transactions a second but now that people are saying that it's infinitely scalable over the Lightning network, it's not just a store of value, it's a game changing technology that you can build into a mobile app on billions and billions of mobile devices and so this is becoming very, very interesting and it's changing the narrative with regard to Bitcoin.

當然，這也成為商家的熱情問題，因為如果商家無法獲得硬通貨付款，他們必須通過多層信貸，他們的業務也處於危險之中。所以這對比特幣來說是一個偉大的基礎性發展，因為傳統上，比特幣的觀點是它只是一種價值儲存，因為它運行在一個 1 級交易網絡上，每秒只有 7 筆交易，但現在人們說它在閃電網絡上具有無限可擴展性網絡，它不僅僅是一種價值存儲，它是一種改變遊戲規則的技術，你可以將它構建到數十億移動設備上的移動應用程序中，因此這變得非常非常有趣，它正在改變關於比特幣的敘述。

Another big development that happened this quarter is FASB made the fair value decision my vote of 7 to 0. It doesn't mean that we have enough guidance to change our accounting, but if we consider what happens next, we know we have unanimous support to adopt fair value accounting for Bitcoin. The next thing will have to be some guidance around and decisions around what the disclosure forms will be, after that there will have to be guidance about the transition plan, then they'll need some public commentary and after they've internalized or absorbed all the public comments on the transition plan in the guidance, then I think that we'll see companies like MicroStrategy in anyone holding Bitcoin in their balance sheet adopt fair value accounting and that will be a huge benefit to the asset class.

本季度發生的另一個重大進展是 FASB 以 7 票對 0 票做出了公允價值決定。這並不意味著我們有足夠的指導來改變我們的會計，但如果我們考慮接下來會發生什麼，我們知道我們得到了一致的支持對比特幣採用公允價值會計。接下來的事情必須是圍繞披露形式的一些指導和決定，之後必須有關於過渡計劃的指導，然後他們需要一些公眾評論，並且在他們內化或吸收所有指南中關於過渡計劃的公眾意見，然後我認為我們將看到像 MicroStrategy 這樣的公司在其資產負債表中持有比特幣的任何人都採用公允價值會計，這將對資產類別產生巨大的好處。

Bitcoin benefited by a few other things, this quarter. First of all noted recognition by the heads of the CFTC and the SEC. They both mentioned Bitcoin favorably, and noted it to be a commodity and so this was very auspicious and this has been noticed by the entire crypto industry and by the mainstream investment community. I think there has been an increase in DeFi hacks in the crypto industry this quarter but that actually it's just underscored how much more secure Bitcoin is and why Bitcoin is the Institutional Safe Haven investment grade asset because in the same quarter where there are lots of DeFi hacks and crypto hacks, people are reminded again that there are no Bitcoin hacks and there have been no Bitcoin hacks and that's a comforting differentiator.

本季度，比特幣受益於其他一些事情。首先得到 CFTC 和 SEC 負責人的認可。他們都提到了比特幣，並指出它是一種商品，所以這是非常吉祥的，這已經被整個加密行業和主流投資界所關注。我認為本季度加密行業的 DeFi 黑客攻擊有所增加，但實際上它只是強調了比特幣的安全性以及為什麼比特幣是機構避風港投資級資產，因為在同一季度有很多 DeFi黑客和加密黑客，再次提醒人們，沒有比特幣黑客，也沒有比特幣黑客，這是一個令人欣慰的差異化因素。

There has been an increase in SEC crypto enforcement actions, and this is serving to educate an entire generation of crypto investors as to the difference between our commodity and a security and I think that as people become educated as to the difference. They realize that there's a great benefit to holding a commodity and Bitcoin is the only crypto asset universally acknowledged to be a commodity. And so I think that the world is getting educated there. And then last point I'll make is that the Bitcoin hash rate is hitting an all time high right now and there are notes of people suggesting that see a touching 300 exahash.

美國證券交易委員會的加密執法行動有所增加，這有助於教育整整一代加密投資者了解我們的商品和證券之間的差異，我認為隨著人們對差異的教育。他們意識到持有商品有很大的好處，而比特幣是唯一被普遍認為是商品的加密資產。所以我認為世界正在那裡接受教育。然後我要說的最後一點是，比特幣哈希率現在達到了歷史最高水平，並且有一些人建議看到一個感人的 300 exahash。

So throughout the crypto winter and all the volatility, the Bitcoin hash rate has continued to expand and people often ask, well, what is Bitcoin backed by, it's backed by the most powerful crypto computing network in the world, which is also the most powerful computing network on earth, like so powerful that it's orders of magnitude more powerful than the hash rate, it could be generated by all of the Microsoft, Amazon and Google Cloud computing hardware if it were all turned against the network.

所以在整個加密寒冬和所有的波動中，比特幣哈希率不斷擴大，人們經常問，嗯，比特幣是由什麼支持的，它是由世界上最強大的加密計算網絡支持的，這也是最強大的地球上的計算網絡，強大到比算力還要強大幾個數量級，微軟、亞馬遜、谷歌云所有的計算硬件都可以生成。

So the fact that the Bitcoin has this wall of crypto energy 300 exahash of it makes the entire asset censorship resistant, hack resistant, it gives it integrity, it gives a longevity, it makes it neutral and ultimately it provides the security that you need, if you're going to put large amounts of monetary energy or wealth into Bitcoin. So oftentimes people are spreading FUD and their FUD will be something like -- well the transaction rates will decrease and that will cause the security budget to go to zero or if the price goes down, people will stop expanding the network.

因此，比特幣擁有 300 exahash 的加密能量牆這一事實使整個資產具有抗審查性、抗黑客性，它賦予了它完整性、它賦予了它長壽、它使它保持中立，最終它提供了你需要的安全性，如果你打算將大量的貨幣能量或財富投入比特幣。所以人們經常在傳播 FUD，他們的 FUD 會是這樣的——好吧，交易率會下降，這將導致安全預算變為零，或者如果價格下降，人們將停止擴展網絡。

What we can see right now is that the Bitcoin network is adding additional security and the capital that gets invested in the security has about a 6 years to 8 year delay versus when people made the decision. So the natural frequency of the Bitcoin network is 8 years. 8 years after a disaster catastrophe you will start to see some mitigating effect, perhaps the hash rate will slightly slowed down and its growth rate but what we can see here is that people are adding hashing equipment, Bitcoin mining equipment now that was purchased 2 years ago to the network.

我們現在可以看到的是，比特幣網絡正在增加額外的安全性，而投資於安全性的資金與人們做出決定的時間相比延遲了大約 6 到 8 年。所以比特幣網絡的自然頻率是 8 年。災難災難發生 8 年後，您將開始看到一些緩解效果，也許哈希率會略微放緩並且其增長率，但我們在這裡可以看到人們正在添加哈希設備，現在購買了 2 年的比特幣採礦設備前去網絡。

And so this is a very good thing for a crypto commodity and what we see as Bitcoin performing, just as you would expect it to perform. As the most anti-fragile digital asset in the world.

因此，這對於加密商品和我們所看到的比特幣表現來說是一件非常好的事情，正如你所期望的那樣。作為世界上最抗脆弱的數字資產。

So with that, I'd like to thank everybody for your time and attention. I guess Shirish we're ready for questions.

因此，我要感謝大家的時間和關注。我猜 Shirish 我們已經準備好提問了。

Great. Thank you, Michael. We're going to jump right into questions and the first question is for Phong. How is demand faring across geographies and industries? You mentioned that you did well in the Asia-Pacific region. Are there any particular areas of strengths or weaknesses to call out?

偉大的。謝謝你，邁克爾。我們將直接進入問題，第一個問題是針對 Phong 的。跨地區和跨行業的需求如何？你提到你在亞太地區做得很好。是否有任何特定的優勢或劣勢領域需要指出？

Thanks Shirish. Yeah. When I mentioned, we did well in the Asia-Pacific region, it was related to cloud and primarily because cloud adoption started in the U.S. I think over the last year we've seen it start to grow quite a bit in the European region, in Latin America and most recently we saw to start to grow in APAC. So that was notable, just because we're seeing global adoption of cloud. As far as overall, if you look at our results I still think macroeconomic impacts, geopolitical challenges, Ukraine war has an outsized impact on Europe. So we're seeing a little bit of a challenge there compared to the rest of the world. That's probably the only thing I note geographically that we're seeing right now.

謝謝希里什。是的。當我提到時，我們在亞太地區做得很好，這與云有關，主要是因為美國開始採用雲計算。我認為去年我們已經看到它在歐洲地區開始有相當大的增長，在拉丁美洲，最近我們看到在亞太地區開始增長。這很值得注意，因為我們看到全球採用雲計算。就整體而言，如果你看看我們的結果，我仍然認為宏觀經濟影響、地緣政治挑戰、烏克蘭戰爭對歐洲的影響非常大。因此，與世界其他地區相比，我們在那裡看到了一些挑戰。這可能是我在地理上唯一注意到我們現在看到的東西。

Thanks, Phong. Another one for you. It's good to see the continuation of the strong renewal trends. Are you seeing longstanding customers budget their MSTR spend any differently?

謝謝，龐。另一個給你。很高興看到強勁的更新趨勢持續下去。您是否看到長期客戶對 MSTR 支出的預算有任何不同？

As I mentioned earlier, what I am seeing is the consolidation of BI spend around the world, especially on to enterprise providers like ourselves. So less experimental tools, more [and less] departmental tools, more enterprise tools. So I am seeing -- we are seeing customers reinforce their commitment to MicroStrategy over time, which has been a positive thing and that manifests itself. Both in terms of renewal rates, but also in terms of customers migrating to cloud with us. Migrating to cloud is just another reinforcement and their belief in MicroStrategy and what we have to offer.

正如我之前提到的，我所看到的是全球 BI 支出的整合，尤其是對像我們這樣的企業供應商而言。所以更少的實驗工具，更多的[和更少的]部門工具，更多的企業工具。所以我看到——隨著時間的推移，我們看到客戶加強了他們對 MicroStrategy 的承諾，這是一件積極的事情，並且表現出來。無論是在續訂率方面，還是在客戶與我們一起遷移到雲方面。遷移到雲只是又一次強化了他們對 MicroStrategy 和我們所提供的產品的信念。

So our cloud subs billing was the strongest we've ever had. I think part of that is because of the strength of our platform and all the investments we're making into R&D in what I consider to be the right places that our customers care about.

因此，我們的雲訂閱計費是我們有史以來最強大的。我認為部分原因在於我們平台的實力以及我們在我認為是客戶關心的正確地方進行的所有研發投資。

Thank you. Next question, can you comment on the wage inflation that MicroStrategy is seeing? What levers do you have available to attract and keep talent whether by increasing stock or cash comp or hiring internationally? And also can you expand on the hiring goals in the short term? Do you plan to make headcount changes due to the current macro environment? So question for both Andrew and Phong.

謝謝你。下一個問題，您能否評論一下 MicroStrategy 所看到的工資膨脹？無論是通過增加股票或現金補償還是在國際上招聘，您有什麼手段可以吸引和留住人才？您能否在短期內擴大招聘目標？由於當前的宏觀環境，您是否計劃對員工人數進行調整？所以向 Andrew 和 Phong 提出問題。

Thanks Shirish. I can start with the first part of that question. I'd say wage inflation for us has been pretty consistent with the overall market. And I'd say that it's probably been the most competitive, leading up to Q3. I feel like we're seeing competition for talent slow [a smidge] with general recession fears and cost cutting in the overall technology sector in more recent months, I think we have used stock-based comp across our departments and geographies, which has definitely been a useful tool and retaining talent.

謝謝希里什。我可以從這個問題的第一部分開始。我想說我們的工資通脹與整體市場相當一致。而且我會說它可能是最有競爭力的，直到第三季度。我覺得近幾個月來，隨著對經濟衰退的普遍擔憂和整體技術部門的成本削減，我們看到人才競爭放緩 [a smidge]，我認為我們已經在我們的部門和地區使用了基於股票的薪酬，這肯定是一個有用的工具和留住人才。

I think the last thing I'd say too, is just keeping in mind that MicroStrategy's talent base across the entire organization, including in a very critical roles, such as in sales and tech are extremely tenured and our attrition rates are trending, I'd say, lower than our internal targets in recent months.

我想我要說的最後一件事是，請記住，MicroStrategy 在整個組織中的人才基礎，包括在銷售和技術等非常關鍵的角色中的人才都非常老，而且我們的流失率呈趨勢，我' d 說，低於我們最近幾個月的內部目標。

And the only thing I'd add is wage inflation is real. Competition for talent is real. It's improved a little bit like Andrew said. We also have folks, especially in our technology teams have been with the company 5 years,10 years, 15years, 20 years and quite loyal. And we'd like to return that loyalty in terms of comp increase -- stock-based comp. So I think we're doing the right things there.

我唯一要補充的是工資通脹是真實存在的。人才競爭是真實存在的。就像安德魯說的那樣，它有所改善。我們也有人員，尤其是我們的技術團隊已經在公司工作了 5 年、10 年、15 年、20 年，而且相當忠誠。我們希望通過增加薪酬來回報這種忠誠度——基於股票的薪酬。所以我認為我們在那裡做的是正確的事情。

I do think going forward, given macro factors, given volatility, we need to be pretty smart about how we manage. How many more people we add to the organization. So we'll be pretty smart about managing our costs, we are trying to keep our costs relatively flat on head count. It's just the right thing to do -- prudent thing to do with our business right now.

我確實認為，鑑於宏觀因素和波動性，我們需要非常聰明地管理我們的管理方式。我們向組織添加了多少人。所以我們會非常聰明地管理我們的成本，我們正在努力使我們的成本在人數上保持相對平穩。這是正確的做法——現在對我們的業務做謹慎的事情。

Next question is for Phong again. Have you seen any changes in the competitive environment as vendors, particularly on the private side, look to bring down the cash burn?

下一個問題又是給 Phong 的。隨著供應商，特別是在私人方面，您是否看到競爭環境發生任何變化，希望減少現金消耗？

Yeah, it's similar to the renewal question. I do think vendors -- I do you think customers are reducing the number of vendors. So we're on average before COVID a large enterprise might have 7 to 12 BI vendors. I think that number is cut in at least half and again that's generally a positive for us. So maybe their overall spend goes down, but their allocation towards MicroStrategy should increase over time And that's the trend. We're starting to see and a trend we hope to continue to see in the future, but we don't take for granted any of our customers and we need to keep providing awesome product, awesome services, awesome support.

是的，它類似於更新問題。我確實認為供應商——我認為客戶正在減少供應商的數量。因此，在 COVID 之前，我們平均而言，一家大型企業可能有 7 到 12 個 BI 供應商。我認為這個數字至少減少了一半，這對我們來說通常是積極的。因此，也許他們的整體支出會下降，但他們對 MicroStrategy 的分配應該會隨著時間的推移而增加，這就是趨勢。我們開始看到並希望在未來繼續看到一種趨勢，但我們不會認為我們的任何客戶是理所當然的，我們需要繼續提供出色的產品、出色的服務和出色的支持。

Next question is for Michael. The broader crypto market and the underlying technology is constantly evolving. How would you characterize Bitcoin's performance relative to broader crypto space over the last quarter?

下一個問題是給邁克爾的。更廣泛的加密市場和基礎技術在不斷發展。您如何描述上一季度比特幣相對於更廣泛的加密空間的表現？

I think, Bitcoins continue to strengthen for the past quarter against the broader crypto space. I think, the market is getting more educated, institutional investors are getting more educated. I think, there is the momentum on the technology side as lurching away from the other cryptos toward Bitcoin. There's real explosion and enthusiasm in the Lightning community, there are a lot of Lightning startups. Lightening incubators, there's more venture capital starting to look at Lightening in particular. So I think Bitcoin's technology story is improving. I think it's -- and I think the story is an asset is also improving. We got surveys that just came out from Fidelity and Grayscale that show remarkable enthusiasm and interest among institutional investors for Bitcoin in an expectation that it will be part of their portfolio going forward. And those numbers have never been higher.

我認為，相對於更廣泛的加密空間，比特幣在過去一個季度繼續走強。我認為，市場越來越受教育，機構投資者越來越受教育。我認為，技術方面存在從其他加密貨幣轉向比特幣的勢頭。閃電社區中真正的爆發和熱情，有很多閃電初創公司。閃電孵化器，有更多的風險投資開始特別關注閃電。所以我認為比特幣的技術故事正在改善。我認為它是——而且我認為這個故事是一種資產，也在改善。我們剛從 Fidelity 和 Grayscale 獲得調查，顯示機構投資者對比特幣有著極大的熱情和興趣，期望它將成為他們未來投資組合的一部分。這些數字從未如此之高。

Next question for Michael as well. Looking out 2 to 3 years, what are some of the positive catalysts we should look out for around broader Bitcoin adoption?

邁克爾的下一個問題也是如此。展望 2 到 3 年，圍繞更廣泛的比特幣採用，我們應該尋找哪些積極的催化劑？

I think, we're going to start to see more companies building it into their 401ks. There's like a 12 month delay there, but I think that integrating Bitcoin into traditional finance and traditional investment products is one. I think in time will see a spot Bitcoin ETF and more ETFs and it will be built into more financial advisor type programs, that's the second. I think, you'll start to see more large, large banks similar to BNY Mellon starting to offer crypto custody services and either Bitcoin, trading or Bitcoin custody or Bitcoin backed loans. So as the traditional banking establishment embraces Bitcoin.

我認為，我們將開始看到更多公司將其構建到他們的 401ks 中。那裡有 12 個月的延遲，但我認為將比特幣整合到傳統金融和傳統投資產品中就是其中之一。我認為隨著時間的推移會看到現貨比特幣 ETF 和更多 ETF，它將被內置到更多財務顧問類型的程序中，這是第二個。我認為，你會開始看到更多類似於紐約梅隆銀行的大型銀行開始提供加密貨幣託管服務以及比特幣、交易或比特幣託管或比特幣支持的貸款。因此，正如傳統銀行機構接受比特幣一樣。

I think that's going to be another milestone. I think, we can see with the FASB process, they began to look at this in late '20, mid '21 and it will be late '23. It will be fiscal year '24 when when the financial, our accounting changes take place. There tends to be a 2 to 4 year delay and all of the institutional adoption of regulators, but once the, once the momentum gets going. It continues.

我認為這將是另一個里程碑。我認為，我們可以通過 FASB 流程看到，他們在 20 年末、21 年中期開始考慮這個問題，到 23 年末。當財務發生變化時，將是 24 財年。監管機構的所有機構採用往往會延遲 2 到 4 年，但一旦勢頭開始，就會出現這種情況。它繼續。

So the supportive actions of the CFTC and the supportive actions of the SEC and the supportive actions that have taken place at FASB will drive more supportive actions across the other regulatory agencies. I would expect when you start to see concrete guidance from the FDIC. That'll be another big milestone and and of course we have a number of bills and Congress right now that would provide regulatory frameworks, that would accelerate the institutional adoption of Bitcoin. I don't know of any legislation that would be viewed as negative for the asset class. So any of this work that's being done should be positive for the asset class.

因此，CFTC 的支持行動和 SEC 的支持行動以及 FASB 採取的支持行動將推動其他監管機構採取更多支持行動。我希望您開始看到 FDIC 的具體指導。這將是另一個重要的里程碑，當然，我們現在有許多法案和國會將提供監管框架，這將加速比特幣的機構採用。我不知道有任何立法會被視為對該資產類別不利。因此，任何正在進行的工作都應該對資產類別有利。

And so all of those are the fundamental milestones. I think, we will keep our eye on. And of course ultimately the macroeconomic wind has a big impact. So when the windows is to our back it's beneficial to the asset class. When the wind is to your face and blowing at you, it's more of a challenge, but, over time, these things go full circle.

所以所有這些都是基本的里程碑。我想，我們會繼續關注的。當然，宏觀經濟風向最終會產生重大影響。因此，當窗戶在我們後面時，它對資產類別有利。當風吹到你的臉上並吹向你時，這更像是一個挑戰，但是，隨著時間的推移，這些事情會循環往復。

Next question is for Andrew. And this is regarding the Boral Bitcoin investment decision. So can you please provide color on how you make the decision to invest in Bitcoin? Whether from cash flows generated from software business or proceeds raised from capital markets activity? And are there scenarios such as more severe market downturn or other material changes to the business that could lead you to tactically change your investment plan?

下一個問題是給安德魯的。這是關於 Boral 比特幣投資決定的。那麼，您能否提供一下您如何決定投資比特幣的顏色？是來自軟件業務產生的現金流還是來自資本市場活動的收益？是否存在諸如更嚴重的市場低迷或業務發生其他重大變化等情況，可能會導致您在戰術上改變您的投資計劃？

Thanks Shirish. I think the short answer is we consider all of the above. We have demonstrated that when we have excess cash from operations in any given quarter, those excess proceeds can be used to buy Bitcoin, we've done that in the past few quarters, as well as proceeds from larger capital markets activities. I think, you can continue to expect the same pretty simple strategy going forward.

謝謝希里什。我認為簡短的回答是我們考慮了以上所有內容。我們已經證明，當我們在任何給定季度擁有超額運營現金時，這些超額收益可用於購買比特幣，我們在過去幾個季度已經這樣做了，以及來自更大資本市場活動的收益。我認為，你可以繼續期待同樣的非常簡單的策略。

In terms of potential more severe macro downturn, I think, we do not have any plans to adjust our Bitcoin strategy. We do as, as we always have viewed our investment as a long-term view. Importantly through cycles, including the 1 we're in now and we will continue to believe in that core principle.

我認為，就潛在的更嚴重的宏觀經濟衰退而言，我們沒有任何調整比特幣策略的計劃。我們這樣做，因為我們一直將我們的投資視為長期觀點。重要的是通過週期，包括我們現在所處的 1，我們將繼續相信這一核心原則。

Thanks, Andrew. Next question is for Phong. What is the impact of the macro conditions? Are you seeing new deal slowing within the space or is it taking longer to get approvals and has the macro environment, is it impacted or it has impacted the cloud migrations?

謝謝，安德魯。下一個問題是針對 Phong 的。宏觀條件的影響是什麼？您是否看到該領域的新交易正在放緩，或者是否需要更長的時間才能獲得批准並具有宏觀環境，是受到影響還是已經影響了雲遷移？

I don't think the macro environment as of now is causing fewer deals or fewer cloud migrations, but I think it's reasonable to say that our deals are taking a little bit longer, we're seeing in some more delays at the end of the quarter, both with net new deals, incremental deals and cloud migrations I think, companies buyers are getting more skittish which is why we just need to be thoughtful about what we expect in terms of growth and also in terms of our cost structure. And the good thing is we have long-standing strong customers, a great cloud business now. So we're built to weather any macroeconomic changes volatility, et cetera, but I think it's reasonable to think that there may be impacts over the course of the next year and we just need to be thoughtful about how we grow our business and grow our cost.

我不認為目前的宏觀環境導致交易減少或云遷移減少，但我認為可以合理地說我們的交易需要更長的時間，我們看到在結束時會出現更多延遲本季度，我認為，無論是淨新交易、增量交易和雲遷移，公司買家都變得更加緊張，這就是為什麼我們只需要考慮我們在增長和成本結構方面的預期。好消息是我們擁有長期強大的客戶，現在是一個偉大的雲業務。因此，我們可以抵禦任何宏觀經濟變化的波動等，但我認為認為明年可能會產生影響是合理的，我們只需要考慮如何發展我們的業務和發展我們的成本。

Thanks, Phong. Next question is for Michael. Any thoughts on diversifying your Bitcoin strategy given the industry dynamics, for examples, a lot of miners are struggling, could with MicroStrategy opportunistically look for returns through getting into mining or are there any potential ways to exploit current spot price weakness, other than just accumulating more Bitcoin?

謝謝，龐。下一個問題是給邁克爾的。考慮到行業動態，任何關於使您的比特幣策略多樣化的想法，例如，許多礦工都在苦苦掙扎，可以通過 MicroStrategy 機會主義地通過進入挖礦來尋找回報，或者有任何潛在的方法來利用當前現貨價格的疲軟，而不僅僅是積累更多比特幣？

When we started down this path, we are in the middle of the summer 2020, we announced we are going to consider all sorts of different treasury assets. We looked at equity, we looked at goal, we looked at any kind of crypto, we considered bonds, we considered any kind of property Investment. We settled upon Bitcoin as the as the strongest crypto asset at the time and we said that we thought it was digital gold and we've stuck with that strategy throughout the last 2.5 years or so and everything that has happened in the market so far, in my opinion has strengthened the observation that Bitcoin is the strongest crypto asset and in theory, the strongest form property is a crypto gold that's constructed such that you can make any more than 21 million gold bars and you can move at the speed of light as many times as you want, between all the computers on the planet.

當我們開始走這條路時，我們正處於 2020 年夏季中期，我們宣布我們將考慮各種不同的國庫資產。我們研究了股權，我們研究了目標，我們研究了任何類型的加密貨幣，我們考慮了債券，我們考慮了任何類型的房地產投資。我們將比特幣確定為當時最強大的加密資產，我們說我們認為它是數字黃金，並且在過去 2.5 年左右的時間裡，我們一直堅持這一策略，以及迄今為止市場上發生的一切，在我看來，這加強了比特幣是最強加密資產的觀察，理論上，最強的形式屬性是一種加密黃金，它的構造使得你可以製造超過 2100 萬根金條，並且你可以以光速移動在這個星球上的所有計算機之間進行多次。

So what's happened over the past 24 months is, we're more certain than ever that in fact this is a strong $21 million capped asset. We've seen the growth and the maturation of the Lightning Network, which is causing us to conclude that in fact you are going to see billions of people able to move to Bitcoin at the speed of light point-to-point between websites and computers and mobile phones.

因此，過去 24 個月發生的事情是，我們比以往任何時候都更加確定，事實上這是一個強大的 2100 萬美元的上限資產。我們已經看到了閃電網絡的增長和成熟，這讓我們得出結論，事實上你將看到數十億人能夠以光速在網站和計算機之間以點對點的速度遷移到比特幣和手機。

When we look at all the other investment options and as people that follow me know, I've recorded hundreds of hours of analysis, I've recorded analysis on Bitcoin versus real estate property. We've analyzed Bitcoin versus gold, we've analyzed Bitcoin versus every other crypto asset, we've analyzed Bitcoin versus bonds, we've looked at Bitcoin versus equity and we've looked at Bitcoin we've considered all of those and our conclude is Bitcoin is the apex property and there's nothing better. everything else so we could invest in would be dilutive versus Bitcoin.

當我們查看所有其他投資選擇時，正如關注我的人所知，我已經記錄了數百小時的分析，我記錄了比特幣與房地產的分析。我們分析了比特幣與黃金，我們分析了比特幣與其他所有加密資產，我們分析了比特幣與債券，我們研究了比特幣與股票，我們研究了比特幣，我們已經考慮了所有這些和我們的結論是比特幣是頂級資產，沒有比這更好的了。與比特幣相比，我們可以投資的其他一切都會稀釋。

With regard to strategies like do we want to be in a Bitcoin derivative strategy, are we're going to buy or do Bitcoin mining or by Bitcoin miners or are we going to sell or trade derivatives or do something. We had the ability to pledge our Bitcoin too many of these wildcat crypto banks and return for yield, but our view was the theoretical risk of transferring ownership or custody, the Bitcoin was greater than the yield. And so we didn't do it and of course what happened is they all failed. So that was a good strategy.

關於策略，例如我們是否希望成為比特幣衍生品策略，我們是要購買或進行比特幣挖礦還是比特幣礦工，還是要出售或交易衍生品或做某事。我們有能力抵押我們的比特幣太多這些野貓加密銀行並獲得收益，但我們的觀點是轉移所有權或託管的理論上的風險，比特幣大於收益。所以我們沒有這樣做，當然發生的事情是他們都失敗了。所以這是一個很好的策略。

We also considered other strategies but at the end of the day it doesn't make sense, to take any inevitable risk with any of those strategies compared to just taking the risk free return on the Bitcoin. So all of those other ideas complicate our strategy and create opacity and you'll end up just having this risk in your portfolio that you don't understand.

我們還考慮了其他策略，但歸根結底，與僅僅承擔比特幣的無風險回報相比，用任何這些策略承擔任何不可避免的風險是沒有意義的。因此，所有這些其他想法都使我們的戰略複雜化並造成不透明，最終您的投資組合中將面臨您不了解的風險。

So we don't wish to take on that risk and we don't wish to convey that risk to our shareholders either. So our conclusion is that the best strategy for us, is long Bitcoin, only Bitcoin is the digital asset and to the degree that we're going to look for returns in excess of the Bitcoin return and we have achieved that as you could see from our numbers over the last 2 years, the slide I showed. The way we're going to achieve performance better than Bitcoin is through intelligent leverage when we have the ability to either convert our cash flows to the Bitcoin and we do generate cash flow or if we can issue debt or equity under terms that we believe are our accretive to the shareholders and they don't introduce any undue risk or fragility to the balance sheet.

因此，我們不希望承擔這種風險，也不希望將這種風險轉嫁給我們的股東。所以我們的結論是，對我們來說最好的策略是做多比特幣，只有比特幣是數字資產，並且在某種程度上我們將尋求超過比特幣回報的回報，我們已經實現了這一點，正如你所見我們在過去 2 年的數字，我展示的幻燈片。當我們有能力將現金流轉換為比特幣並且我們確實產生現金流，或者如果我們可以按照我們認為符合的條件發行債務或股權時，我們要實現比比特幣更好的業績的方式是通過智能槓桿我們對股東的增值，他們不會給資產負債錶帶來任何不適當的風險或脆弱性。

So I think, you'll just see very thoughtful execution of the levered long Bitcoin strategy and we don't feel a need to reach for yield or try to juggle any other asset. We view that all these other strategies are dilutive to the Bitcoin strategy.

所以我認為，你會看到槓桿多頭比特幣策略的執行非常周到，我們覺得沒有必要追求收益或試圖兼顧任何其他資產。我們認為所有這些其他策略都稀釋了比特幣策略。

Great. Thanks, Michael. This brings us to the end of the time we had for today. So thank you everyone for your questions. This concludes the Q&A portion of the webinar. I will now turn the call over to Phong for closing remarks.

偉大的。謝謝，邁克爾。這使我們結束了今天的時間。所以謝謝大家的提問。網絡研討會的問答部分到此結束。我現在將把電話轉給 Phong 做結束語。

Thank you. Shirish. Andrew, Michael. I want to thank everyone for being with us today and we appreciate your support. We're as enthusiastic as ever about both of our strategies, our enterprise software strategy and our Bitcoin strategy and we'll will continue to execute both in the coming quarter. I look forward to seeing you again in 12 weeks.

謝謝你。希里什。安德魯，邁克爾。我要感謝今天與我們在一起的所有人，我們感謝您的支持。我們一如既往地對我們的戰略、企業軟件戰略和比特幣戰略充滿熱情，我們將在下一季度繼續執行這兩項戰略。我期待在 12 週後再次見到你。

And I wish you all happy holidays and thank you all.

祝大家節日快樂，謝謝大家。