Microstrategy Inc (MSTR) 2022 Q4 法說會逐字稿

Hello, everyone, and good evening. I'm Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. I'll be your moderator for MicroStrategy's 2022 Fourth Quarter Earnings Webinar.

大家好，晚上好。我是 MicroStrategy 的投資者關係和財務副總裁 Shirish Jajodia。我將擔任 MicroStrategy 2022 年第四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一些關於我們未來的期望、計劃和前景的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 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。我們沒有義務更新這些前瞻性陳述，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 at microstrategy.com.

此外，在今天的電話會議中，我們將提及某些非 GAAP 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找到，也可在我們的網站 microstrategy.com 上找到。

I would like to welcome you all to today's webinar and let you know that we will be taking questions through 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，並告訴大家我們將通過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, formally, we'll cover the business results for the full year 2022. Second, Andrew Kang will cover the financial results for the fourth quarter of 2022. Then, Michael Saylor will provide a strategic review and discuss recent Bitcoin and Lightning Network 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，我們將正式介紹 2022 年全年的業務結果。其次，Andrew Kang 將介紹 2022 年第四季度的財務結果。然後，Michael Saylor 將提供戰略回顧並討論最近的比特幣和閃電網絡市場更新。最後，我們將開放問答環節。

With that, I'll 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 fourth quarter and full year financial results. I want to start by recapping our strategy and underscoring our key highlights for the full year 2022. We have 2 corporate strategies: first, an operating strategy; and second, a balance sheet strategy. The business intelligence operating strategy is how we generate revenues and where most of our operating costs are incurred and generates our cash flows.

謝謝你，希里什。歡迎大家參加今天關於我們 2022 年第四季度和全年財務業績的網絡研討會。首先，我想回顧一下我們的戰略，並強調我們 2022 年全年的主要亮點。我們有兩項企業戰略：第一，運營戰略；第二，運營戰略。第二，資產負債表策略。商業智能運營戰略是我們產生收入的方式，也是我們產生大部分運營成本和產生現金流的地方。

MicroStrategy at this point is the largest independent publicly traded business intelligence company in the world. Our goal is to remain a leader in this space by being modern, open and enterprise-oriented. Substantially, all our employees in the company, over 2,100 people, are focused on our software business.

此時的 MicroStrategy 是世界上最大的獨立上市商業智能公司。我們的目標是通過現代、開放和麵向企業的方式保持這一領域的領先地位。基本上，我們公司的所有員工，超過 2,100 人，都專注於我們的軟件業務。

Our Bitcoin acquisition strategy is a balance sheet strategy. As of today, we're the largest publicly traded corporate holder of Bitcoin in the world. We were the first public company to adopt Bitcoin as a primary treasury reserve asset. Our strategy is to acquire and hold Bitcoin for the long term. We purchase Bitcoin using our excess cash and with the net proceeds of capital raising transactions.

我們的比特幣收購策略是資產負債表策略。截至今天，我們是世界上最大的比特幣上市公司持有人。我們是第一家將比特幣作為主要國庫儲備資產的上市公司。我們的策略是長期獲取和持有比特幣。我們使用多餘的現金和融資交易的淨收益購買比特幣。

I'll address our Bitcoin acquisition strategy first. In the fourth quarter, we purchased 3,204 Bitcoins at an average purchase price of $17,616 per Bitcoin, and we sold 704 Bitcoins for the first time at an average sale price of approximately $16,786 per Bitcoin, resulting in a net increase in our Bitcoin holdings of approximately 2,500 for a net aggregate purchase amount of $45 million or approximately $17,850 per Bitcoin, inclusive of fees and expenses. Andrew will discuss our Bitcoin transactions in the fourth quarter later on this call.

我將首先討論我們的比特幣收購策略。第四季度，我們以每比特幣 17,616 美元的平均購買價格購買了 3,204 個比特幣，並以每比特幣約 16,786 美元的平均銷售價格首次出售了 704 個比特幣，導致我們的比特幣持有量淨增約2,500 美元，總購買淨額為 4500 萬美元或每個比特幣約 17,850 美元，包括費用和開支。 Andrew 將在本次電話會議稍後的第四季度討論我們的比特幣交易。

As of December 31, 2022, we held a total of 132,500 Bitcoins, acquired an aggregate cost of $4 billion or average cost of approximately $30,100 per Bitcoin. We remain committed to our Bitcoin acquisition strategy for the long term.

截至 2022 年 12 月 31 日，我們總共持有 132,500 個比特幣，總成本為 40 億美元，平均每個比特幣的成本約為 30,100 美元。從長遠來看，我們仍然致力於我們的比特幣收購戰略。

In the fourth quarter, the broader crypto and digital assets markets witnessed significant financial distress. In addition, various prominent participants in the digital assets industry filed for bankruptcy, such as FTX, Voyager, Celsius and Genesis, and we do not have direct exposure to any of those companies. In addition, we conducted further diligence of our custodians and execution partners to assess their exposure to these companies and understand that their exposure was minimal.

第四季度，更廣泛的加密貨幣和數字資產市場出現了嚴重的財務困境。此外，數字資產行業的多家知名參與者申請破產，例如 FTX、Voyager、Celsius 和 Genesis，我們與這些公司沒有直接接觸。此外，我們對我們的託管人和執行夥伴進行了進一步的盡職調查，以評估他們對這些公司的敞口，並了解他們的敞口很小。

Since the adoption of our Bitcoin acquisition strategy, we've taken a simple approach from day 1, which is to buy and hold Bitcoin. We've taken steps along the way to minimize risk, particularly with counterparties. We buy only Bitcoin in U.S.-based markets. We custody Bitcoin with institutional-grade U.S.-based regulated custodians and cold storage, and we have not lended our Bitcoin to third parties for yield or any other purposes. As a result, we've been able to avoid transacting with bad actors in the space.

自從採用我們的比特幣收購策略以來，我們從第一天開始就採取了一種簡單的方法，即購買並持有比特幣。我們已採取措施將風險降至最低，尤其是與交易對手的風險。我們只在美國市場購買比特幣。我們通過位於美國的機構級受監管託管人和冷庫保管比特幣，我們沒有將我們的比特幣借給第三方以獲取收益或任何其他目的。因此，我們能夠避免與該領域的不良行為者進行交易。

To summarize our view on Bitcoin, first, we continue to have a high level of conviction in the value proposition of Bitcoin. We're very supportive of the Bitcoin network on a go-forward basis. Second, we continue to follow a risk-managed approach to executing our Bitcoin acquisition strategy. And third, we are long term focused, and we plan to continue to accumulate Bitcoin over time. Our core business is not impacted by near-term Bitcoin price fluctuations.

總結我們對比特幣的看法，首先，我們繼續對比特幣的價值主張抱有高度的信念。我們在前進的基礎上非常支持比特幣網絡。其次，我們繼續遵循風險管理方法來執行我們的比特幣收購戰略。第三，我們著眼於長期，我們計劃隨著時間的推移繼續增持比特幣。我們的核心業務不受近期比特幣價格波動的影響。

With that, I will now turn to our software strategy highlights from 2022. We achieved constant currency total revenue growth for 2022 on the strength of our cloud business, despite a challenging macroeconomic environment last year with high inflation, weakening foreign currencies and the ongoing war in Ukraine.

說到這裡，我現在將談談我們從 2022 年開始的軟件戰略重點。儘管去年宏觀經濟環境充滿挑戰，通貨膨脹率高，外幣疲軟，戰爭仍在繼續，但憑藉我們的雲業務，我們在 2022 年實現了貨幣總收入的持續增長在烏克蘭。

Total revenue for 2022 was $499.3 million, which increased 2% year-over-year on a constant currency basis. Total software licenses, which consists of total product licenses and subscription services revenues in our consolidated statement of operations were $147.2 million, which increased 6% year-over-year on a constant currency basis.

2022 年的總收入為 4.993 億美元，按固定匯率計算同比增長 2%。在我們的合併運營報表中，軟件許可總額（包括產品許可總額和訂閱服務收入）為 1.472 億美元，按固定匯率計算同比增長 6%。

We also made important progress in our shift towards our cloud offering, resulting in annual subscription revenues of $60.7 million, an increase of 46% year-over-year on a constant currency basis. Annual subscription billings were $77 million, growing 39% year-over-year. The strong growth in our subscription revenue and billings was 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. Overall, we continue to see further global adoption of our cloud platform among our international customers.

我們在轉向雲產品方面也取得了重要進展，年度訂閱收入達到 6070 萬美元，按固定匯率計算同比增長 46%。年度訂閱費用為 7700 萬美元，同比增長 39%。我們的訂閱收入和賬單的強勁增長是由現有客戶遷移到雲和贏得新客戶推動的。我們的客戶收入續訂率繼續處於我們經歷過的最高水平。總體而言，我們繼續看到國際客戶在全球範圍內進一步採用我們的雲平台。

We're also seeing the benefits of being a single analytics platform in the industry. It is both enterprise grade and easy to use. As an enterprise grade platform, we're benefiting from the trend of BI modernization and consolidation from enterprise tools like SAP business objects and IBM Cognos. As an easy-to-use platform for governed ad hoc data discovery, we are the tool of choice for corporations that have outgrown Microsoft Power BI and Salesforce Tableau, or no longer want to be locked into a single vendor ecosystem.

我們還看到了成為業內單一分析平台的好處。它既是企業級的又易於使用。作為一個企業級平台，我們受益於 BI 現代化趨勢和來自 SAP 業務對象和 IBM Cognos 等企業工具的整合。作為一個易於使用的受管臨時數據發現平台，我們是那些已經不再需要 Microsoft Power BI 和 Salesforce Tableau，或者不想再被鎖定在單一供應商生態系統中的公司的首選工具。

On the cost side, we believe in a thoughtful approach to cost management on an ongoing quarterly basis rather than annual surges in hiring followed by mass layoffs. We continue to invest in R&D to innovate our product, while being thoughtful about sales and marketing and general and administrative cost. As a result, we saw relatively flat operating cost from 2021 to 2022.

在成本方面，我們相信在持續的季度基礎上採取深思熟慮的成本管理方法，而不是每年招聘激增然後大規模裁員。我們繼續投資於研發以創新我們的產品，同時考慮銷售和營銷以及一般和行政成本。因此，我們看到 2021 年至 2022 年的運營成本相對持平。

Next, I would like to discuss our key focus areas for 2023. First, we aim to launch something called MicroStrategy 1, which will serve as our core analytics platform designed to meet all of an organization's analytics needs. It will be easy to use, powerful, comprehensive and cutting edge. It's intended to be a one-stop-shop for all of our business intelligence customers and prospects. You should expect hear -- to hear more about this from us throughout the first half of 2023, culminating in our MicroStrategy World event on May 1 through 4 in Orlando, Florida.

接下來，我想討論我們 2023 年的重點關注領域。首先，我們的目標是推出名為 MicroStrategy 1 的產品，它將作為我們的核心分析平台，旨在滿足組織的所有分析需求。它將易於使用、功能強大、全面且前沿。它旨在為我們所有的商業智能客戶和潛在客戶提供一站式服務。您應該期待在整個 2023 年上半年從我們這裡聽到更多關於這方面的信息，最終將在 5 月 1 日至 4 日在佛羅里達州奧蘭多舉行的 MicroStrategy World 活動中達到高潮。

Core differentiators for MicroStrategy continue to be our enterprise analytics, embedded analytics and cloud offerings. Our focus on these 3 areas has resulted in more customers choosing to decommissioning, 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. Our customers depend on these differentiating capabilities to build mission-critical applications to run their field forces, store operations, bank branches, risk analysis groups, corporate operations and much more.

MicroStrategy 的核心差異化因素仍然是我們的企業分析、嵌入式分析和雲產品。我們對這 3 個領域的關注導致更多客戶選擇停用、整合遺留平台，以支持在企業範圍內採用 MicroStrategy。這導致在過去 3 年中，收入更新率每年都在增加。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、銀行分支機構、風險分析小組、公司運營等等。

As such, it's worthwhile to highlight the resiliency of our business even in the tough macro conditions that existed in 2022. We're the only remaining publicly traded independent enterprise BI company, and the stickiness of our products and the long-standing tenure of our top customers are a testament to our resiliency.

因此，值得強調的是，即使在 2022 年嚴峻的宏觀環境下，我們的業務也具有彈性。我們是唯一一家上市的獨立企業 BI 公司，我們產品的粘性以及我們長期的任期頂級客戶證明了我們的彈性。

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. We continue to see growth with customers who build MicroStrategy into the software solutions that they sell to end users, leveraging our open embedded analytics capabilities.

我們在研發方面的持續投資使我們能夠實現平台現代化，並使我們的客戶能夠通過創新的分析、工具和技術改變他們的業務方式。其中包括個性化應用程序、身臨其境的交互式可視化、使用開放 API 的簡單無代碼和低代碼應用程序開發、移動界面消費的靈活性以及 HyperIntelligence 等創新功能。我們繼續看到客戶的增長，他們利用我們的開放式嵌入式分析功能，將 MicroStrategy 構建到他們銷售給最終用戶的軟件解決方案中。

Second, not new, but even more in our focus is growth. We're going to focus on simplifying our processes, growing our pipeline and growing our revenues. We plan to get back in the market and in front of our prospects through in-person field events, field marketing, aggressive account-based marketing and a revitalized partner program.

其次，這不是新的，但我們更關注的是增長。我們將專注於簡化我們的流程，增加我們的渠道並增加我們的收入。我們計劃通過面對面的現場活動、現場營銷、積極的基於客戶的營銷和振興的合作夥伴計劃，重新回到市場並站在我們的潛在客戶面前。

Third, cloud is at front and center when we talk about focus on growth. As MicroStrategy Cloud continues to be a growing part of our business mix, we're seeking 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. That includes business agility, enterprise security, regular updates and upgrades and cost savings. At the same time, more and more existing on-premises customers who are migrating to the cloud and expanding their MicroStrategy usage to new departments and user groups.

第三，當我們談論關注增長時，雲是最重要的。隨著 MicroStrategy Cloud 繼續成為我們業務組合中不斷增長的一部分，我們正在尋求通過增加新客戶和現有客戶對雲的採用來加速增長。新客戶越來越青睞雲優先，並立即從我們的託管服務產品中獲益。這包括業務敏捷性、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端並將他們的 MicroStrategy 使用擴展到新的部門和用戶組。

Intentional in our approach to cloud is our belief in cloud agility and independence. 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 seek to take advantage of the best that each major cloud provider has to offer, optimizing our platform to run on and across each. We'll continue to invest in this area to support our customers' need for flexibility, scalability and security.

我們採用雲方法的目的是相信雲的敏捷性和獨立性。多雲、混合雲的力量以及私有云和公共雲之間的可移植性引起了我們不想被鎖定在單一技術堆棧中的客戶的共鳴。我們尋求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，以滿足客戶對靈活性、可擴展性和安全性的需求。

In Q4, MicroStrategy Cloud for Government, or MCG, is our new cloud offering received authorization to operate under FedRAMP guidelines. MCG is a managed Software-as-a-Service solution and our first generally available release of our cloud platform that is built on a modern, high-performance cloud-native architecture that also utilizes containers and microservices. It delivers on sophisticated security and data privacy requirements across the public and private sectors. It opens up the possibility of migrating a large part of our business, federal government customers to the cloud.

在第 4 季度，我們的新雲產品 MicroStrategy Cloud for Government（MCG）獲得了在 FedRAMP 指南下運行的授權。 MCG 是一種託管軟件即服務解決方案，也是我們第一個普遍可用的雲平台版本，它建立在現代、高性能的雲原生架構上，該架構還利用容器和微服務。它滿足公共和私營部門複雜的安全和數據隱私要求。它開闢了將我們的大部分業務、聯邦政府客戶遷移到雲端的可能性。

Our fourth area of focus is on our employees. Our employees are our key assets, and we will continue to develop and promote people internally and seek to improve employee engagement. Our employee engagement survey results indicate that we have made great improvements to employees' mental well-being, loyalty and belief in the company's 2 corporate strategies. We're also continuing to develop technical training and certifications to keep our employees up-to-date on the latest MicroStrategy software enhancements and soft skills training to keep our managers engaged and employees motivated.

我們關注的第四個領域是我們的員工。我們的員工是我們的重要資產，我們將繼續在內部發展和提拔人才，並努力提高員工敬業度。我們的員工敬業度調查結果表明，我們在員工的心理健康、忠誠度和對公司 2 項企業戰略的信念方面取得了很大改善。我們還在繼續開發技術培訓和認證，讓我們的員工了解最新的 MicroStrategy 軟件增強功能和軟技能培訓，以保持我們的經理的參與度和員工的積極性。

And the last thing is that we'll focus more on innovation, both on business intelligence as well as in our Bitcoin acquisition strategy. On the BI innovation side, MicroStrategy Insights is our first set of products released in the area of artificial intelligence and machine learning to augment more traditional reporting capabilities, to provide contextual and immediate insights.

最後一件事是，我們將更多地關注創新，包括商業智能和我們的比特幣收購戰略。在 BI 創新方面，MicroStrategy Insights 是我們在人工智能和機器學習領域發布的第一套產品，旨在增強更多傳統報告功能，提供上下文和即時洞察。

The Insights feature accelerates decision-making and uncovers data patterns with automated alerting and library applications. The alerts are based on machine learning models, working behind the scenes to proactively detect data trends, outliers and anomalies, equipping users with the timely insights to drive action. This is the basis on which we're combining MicroStrategy's semantic layer, HyperIntelligence and open architecture to provide the data tracking alerts, forecasting, recommendations and ultimately, 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.

Insights 功能通過自動警報和圖書館應用程序加速決策制定並發現數據模式。這些警報基於機器學習模型，在幕後工作以主動檢測數據趨勢、異常值和異常情況，為用戶提供及時的洞察力以推動行動。這是我們結合 MicroStrategy 的語義層、HyperIntelligence 和開放架構以提供數據跟踪警報、預測、建議以及最終成為分析和智能未來關鍵的人工智能的基礎。我們相信這是 MicroStrategy 的獨特定位，我們希望每個季度都能在該領域發布更多功能。

And the Bitcoin innovation side -- as indicated in our last earnings call, today, I'm delighted to share a preview of MicroStrategy Lightning, our new product that we are developing, which utilizes the Lightning Network, a second layer network that sits at top the bitcoin network. We envision MicroStrategy Lightning as an enterprise platform designed to leverage the power of the Bitcoin Lightning Network to enable new e-commerce use cases and tackle modern cybersecurity challenges.

以及比特幣創新方面——正如我們在上次財報電話會議上指出的那樣，今天，我很高興分享我們正在開發的新產品 MicroStrategy Lightning 的預覽，它利用閃電網絡，一個位於頂比特幣網絡。我們將 MicroStrategy Lightning 設想為一個企業平台，旨在利用比特幣閃電網絡的力量來實現新的電子商務用例並應對現代網絡安全挑戰。

The first component of MicroStrategy Lightning platform is Lightning Rewards. Lightning Rewards is intended to allow any enterprise to reward their employees, customers, partners and prospects for their engagement. Companies spend vast amounts of time and money in digital marketing, driving engagement with their brand and their customers, and for some, monetizing online content. We believe a platform like MicroStrategy Lightning can enable them to drive that engagement, rewarding their customers for that engagement directly rather than lining the pockets of online ad giants. We expect future capabilities that Lightning Platform will provide opportunities for new business models to monetize online content or minimize threats in the nuisance of bots and other malicious actors.

MicroStrategy Lightning 平台的第一個組件是 Lightning Rewards。 Lightning Rewards 旨在允許任何企業獎勵其員工、客戶、合作夥伴和潛在客戶的參與。公司在數字營銷上花費了大量時間和金錢，以推動與其品牌和客戶的互動，對某些公司而言，還通過在線內容獲利。我們相信像 MicroStrategy Lightning 這樣的平台可以讓他們推動這種參與，直接獎勵他們的客戶，而不是讓在線廣告巨頭中飽私囊。我們預計 Lightning 平台未來的功能將為新的商業模式提供機會，以通過在線內容獲利或最大限度地減少機器人和其他惡意行為者滋擾中的威脅。

While we envision MicroStrategy Lightning as an independent product offering, it builds on our core strengths and deep experience building highly available, easy to use enterprise software delivered in the cloud. We're taking a very disciplined investment approach such that our Lightning development efforts currently occupy less than 1% of our R&D capacity. We're currently in the initial pilot stage of the product with our early pre-release version rolled out internally to MicroStrategy employees. While our core focus remains on BI innovation, we believe, we're uniquely positioned to bring value here. Mike will elaborate further on this topic.

雖然我們將 MicroStrategy Lightning 設想為一個獨立的產品，但它建立在我們的核心優勢和豐富的經驗之上，構建了在雲中交付的高度可用、易於使用的企業軟件。我們正在採取一種非常有紀律的投資方式，因此我們的閃電網絡開發工作目前只占我們研發能力的不到 1%。我們目前正處於產品的初始試驗階段，我們的早期預發布版本在內部向 MicroStrategy 員工推出。雖然我們的核心重點仍然是 BI 創新，但我們相信，我們具有獨特的優勢，可以在這裡帶來價值。邁克將進一步闡述這個話題。

Last but not least, I'm thrilled to share again that our next MicroStrategy world will be in-person from May 1 to 4 in Orlando, Florida. Our customers have expressed willingness and desire to -- for meaningful, rich in-person connections alongside virtual meetings. So we are bringing back World '23 as a bigger scale event with multiple tracks.

最後但同樣重要的是，我很高興再次與大家分享我們的下一個 MicroStrategy 世界將於 5 月 1 日至 4 日在佛羅里達州奧蘭多舉行。我們的客戶已經表達了意願和願望——在虛擬會議的同時進行有意義的、豐富的面對面聯繫。因此，我們將 World '23 作為一個規模更大、有多條賽道的活動帶回來。

The business intelligence track on May 1 through 4 will be a 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.

5 月 1 日至 4 日的商業智能軌道將是一項工作活動，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取得突破並取得非凡成就。

The Bitcoin track on May 3 through 4 will include our third annual Bitcoin for corporations on May 3 and a dedicated Lightning for Corporations Day on May 4. It will be a first of its kind gathering of corporations looking to integrate Bitcoin and Lightning as a part of their corporate treasury or product offerings. The conference will also include dedicated networking opportunities, workshops and training.

5 月 3 日至 4 日的比特幣軌道將包括 5 月 3 日的第三屆企業比特幣年度活動和 5 月 4 日專門的企業閃電網絡日。這將是此類企業首次將比特幣和閃電網絡整合為一部分他們的公司財務或產品。會議還將包括專門的交流機會、研討會和培訓。

And finally, MicroStrategy World will be incomplete without an epic party. We're hosting a Theme Park conference party at Universal Studios, Florida, featuring roller coasters and an evening of unforgettable fun and excitement. We look forward to your participation at the conference. Registrations are open and additional details can be found on our event website at microstrategy.com/world23.

最後，如果沒有史詩般的派對，MicroStrategy World 將是不完整的。我們將在佛羅里達州環球影城舉辦主題公園會議派對，其中包括過山車和令人難忘的歡樂和興奮之夜。我們期待您的參與。註冊現已開放，更多詳細信息可在我們的活動網站 microstrategy.com/world23 上找到。

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

現在，我將把電話轉給安德魯，以更詳細地討論我們本季度的財務狀況。

Thank you, Phong. Before jumping into the quarterly results, I'd like to quickly reemphasize MicroStrategy's revenue priorities. Our 3-decade long history of providing data analytics solutions to large and small corporations has established a long tenured and diverse customer base where our platform has proven to be a critical component in running our customers' businesses day-to-day. Our platform has demonstrated durability through tough economic cycles, and has been strategic during times of growth.

謝謝你，馮。在進入季度業績之前，我想快速再次強調 MicroStrategy 的收入優先事項。我們為大型和小型企業提供數據分析解決方案已有 3 年的悠久歷史，已經建立了長期且多樣化的客戶群，我們的平台已被證明是客戶日常業務運營的關鍵組成部分。我們的平台在艱難的經濟周期中展示了耐用性，並且在增長時期具有戰略意義。

An important foundation to our revenue is through supporting our existing customers as their businesses evolve. We continue to deliver for our customers as seen in our consistently high renewal rates, over 90% for the last 5 consecutive quarters and as high as 95% in Q4 of last year.

我們收入的一個重要基礎是支持我們現有客戶的業務發展。正如我們一貫的高續訂率所示，我們繼續為客戶提供服務，過去連續 5 個季度超過 90%，去年第四季度高達 95%。

Second, growing cloud revenue, which for us means migrating existing customers into a fully hosted and managed cloud subscription model, which Phong talked about earlier. Winning new logos into the cloud is important and uplifting services for existing cloud customers is also critical. We are very pleased with our performance in all of these areas this past year. But keep in mind, as we migrate to the cloud, we inherently experienced some offsets in areas like product license and support revenues.

其次，增加雲收入，這對我們來說意味著將現有客戶遷移到完全託管和管理的雲訂閱模型中，這是 Phong 之前談到的。將新徽標引入雲很重要，為現有云客戶提供提升服務也很重要。我們對過去一年在所有這些領域的表現感到非常滿意。但請記住，當我們遷移到雲端時，我們在產品許可和支持收入等領域自然會遇到一些抵消。

However, the transition to a subscription model will establish high-quality annual recurring revenues that will allow us to scale even stronger growth in the future. In Q4 of last year, approximately 64% of our total revenue was recurring compared to approximately 60% in the same quarter of the prior year, a trend that we expect will continue in 2023.

然而，向訂閱模式的轉變將建立高質量的年度經常性收入，這將使我們能夠在未來實現更強勁的增長。去年第四季度，我們總收入的約 64% 是經常性收入，而去年同期約為 60%，我們預計這一趨勢將在 2023 年繼續。

Lastly, our consulting business, which has been and continues to be essential in providing expert support and solutions to our customers. They not only champion solutions, but they also drive modernization and also impact growth through partner opportunities.

最後，我們的諮詢業務在為我們的客戶提供專家支持和解決方案方面一直並將繼續發揮重要作用。他們不僅擁護解決方案，而且還推動現代化並通過合作夥伴機會影響增長。

Okay. Turning to the results. Total revenues for the fourth quarter were $132.6 million, down $2 million or approximately 1% year-over-year. However, at constant currency, Q4 total revenues were up 4% year-over-year, similar to the trend we saw in Q3. Total software license revenues were $45 million, up 1% year-over-year and up 8% at constant currency. When we look at product license revenues and subscription service revenues together, year-over-year growth on both a GAAP basis and at constant currency, continue to show the overall growth momentum of our cloud transition.

好的。轉向結果。第四季度總收入為 1.326 億美元，同比下降 200 萬美元或約 1%。然而，按固定匯率計算，第四季度總收入同比增長 4%，與我們在第三季度看到的趨勢相似。軟件許可總收入為 4500 萬美元，同比增長 1%，按固定匯率計算增長 8%。當我們一起看產品許可收入和訂閱服務收入時，按公認會計原則和固定匯率計算的同比增長繼續顯示我們雲轉型的整體增長勢頭。

Subscription service revenues were $17.5 million, an increase of 47% year-over-year and up 54% at constant currency. While product license revenues were $27.6 million for the quarter, down 15% year-over-year and product support revenues were $66.8 million, down $2.3 million year-over-year, but up 1% at contestant currency. These trends are consistent with the revenue theme that I mentioned earlier.

訂閱服務收入為 1750 萬美元，同比增長 47%，按固定匯率計算增長 54%。本季度產品許可收入為 2760 萬美元，同比下降 15%，產品支持收入為 6680 萬美元，同比下降 230 萬美元，但按競爭貨幣計算增長 1%。這些趨勢與我之前提到的收入主題一致。

Finally, other services revenues were $20.7 million, a slight 1% decrease year-over-year, but an increase of 5% at constant currency. Our worldwide consulting business, which makes up the majority of our other services revenues, saw higher bill rates globally in Q4, with particularly strong performance among our European and Argentina consultants. To add to that, we are also seeing early success and momentum in the build-out of our India workforce where we plan to grow strategically in future quarters.

最後，其他服務收入為 2070 萬美元，同比小幅下降 1%，但按固定匯率計算增長 5%。我們的全球諮詢業務占我們其他服務收入的大部分，第四季度在全球範圍內的賬單費率更高，我們的歐洲和阿根廷顧問的表現尤其強勁。除此之外，我們還看到了印度員工隊伍建設的早期成功和勢頭，我們計劃在未來幾個季度實現戰略性增長。

Turning to Slide 14. We continue to see growth in our software license and subscription buildings driven by the continued strong momentum in cloud. Total current software license billings increased to $61 million in the fourth quarter, which was an increase of 10% year-over-year. Current subscription billings were $31 million, an increase of 28% year-over-year, our 11th straight quarter of double-digit growth, and full year '22 annual subscription billings were 39% compared to the prior 12 months with both subscription service revenue and current deferred subscription revenue growing over 40% each year for the full year 2022 compared to 2021.

轉到幻燈片 14。我們繼續看到在雲持續強勁勢頭的推動下，我們的軟件許可和訂閱建築在增長。第四季度當前軟件許可費用總額增至 6100 萬美元，同比增長 10%。當前訂閱賬單為 3100 萬美元，同比增長 28%，這是我們連續第 11 個季度實現兩位數增長，22 年全年訂閱賬單與前 12 個月相比增長 39%，訂閱服務收入均為與 2021 年相比，2022 年全年的當前遞延訂閱收入每年增長 40% 以上。

We are extremely pleased with cloud growth in 2022, which has exceeded expectations in the time line for transforming and modernizing our BI platform. 2023 will provide to be a pivotal year as well, as we began to see the benefits of the scaling up of our cloud business and the adoption from our customers in the past 2 years.

我們對 2022 年的雲增長感到非常滿意，這超出了我們 BI 平台轉型和現代化時間表的預期。 2023 年也將是關鍵的一年，因為我們開始看到過去 2 年擴大雲業務和客戶採用雲業務的好處。

Turning to costs. Total non-GAAP expenses, which exclude share-based compensation costs, were $309 million in the fourth quarter, or $50 million higher year-over-year. $51 million of the year-over-year increase was attributed to Bitcoin impairment charges in the quarter as a result of the price volatility we saw in Q4. This was driven largely by the [close] of FTX and its impact to the broader digital asset market. The price of Bitcoin fell to a low of approximately $15,460 during the quarter, which drove the additional impairment to our Bitcoin holdings under the current accounting rules.

轉向成本。第四季度非美國通用會計準則總支出（不包括基於股份的薪酬成本）為 3.09 億美元，同比增加 5000 萬美元。由於我們在第四季度看到的價格波動，本季度的比特幣減值費用增加了 5100 萬美元。這主要是由 FTX 的 [close] 及其對更廣泛的數字資產市場的影響推動的。本季度比特幣價格跌至約 15,460 美元的低點，這導致我們根據現行會計規則持有的比特幣進一步減值。

Non-GAAP cost of revenues were $26 million in the fourth quarter, an increase of $2.5 million or 11% year-over-year. As a percentage of total revenues, non-GAAP cost of revenues increased 2% year-over-year related in part to the growth of our cloud business, similar to what we've seen in recent quarters. Non-GAAP sales and marketing expense decreased $3 million or 8% year-over-year to $37 million or as a percentage of total revenues lower by 2% year-over-year. This was due in part to a combination of higher net capitalized commissions this quarter plus some favorable FX impacts compared to the same quarter in the prior year.

第四季度非 GAAP 收入成本為 2600 萬美元，同比增長 250 萬美元或 11%。作為總收入的百分比，非 GAAP 收入成本同比增長 2%，部分原因與我們的雲業務增長有關，這與我們最近幾個季度看到的情況類似。非 GAAP 銷售和營銷費用同比下降 300 萬美元或 8% 至 3700 萬美元，佔總收入的百分比同比下降 2%。這在一定程度上是由於本季度淨資本化佣金的增加以及與去年同期相比的一些有利的外匯影響。

Non-GAAP R&D expenses were $28 million in Q4, a slight increase of $300,000 compared to the prior year. In this area, we continue to prioritize spend, as Phong mentioned, and increased our talent and resources on average for the year, but we did so intentionally and in a way that kept expenses flat by leveraging a more cost-efficient global delivery source. Our non-GAAP G&A costs were $21 million, pretty much flat, a decrease of about $400,000 or 2% year-over-year.

第四季度非美國通用會計準則研發費用為 2800 萬美元，比上年略增 300,000 美元。在這一領域，正如 Phong 提到的那樣，我們繼續優先考慮支出，並在這一年平均增加了我們的人才和資源，但我們這樣做是有意的，並且通過利用更具成本效益的全球交付來源來保持支出持平。我們的非 GAAP G&A 成本為 2100 萬美元，基本持平，同比減少約 400,000 美元或 2%。

As Phong mentioned earlier, our focus on lowering costs has been ongoing and frequent with a strict discipline in managing efficient personnel and non-personnel costs. It's not something that we just started thinking about in the second half of last year. In fact, we were fortunate to have had this focus even prior to this past year when we did see higher wages and expenses, revenue headwinds due to weaker foreign currencies, and we also saw the negative impacts from the war in Ukraine.

正如 Phong 之前提到的，我們一直專注於降低成本，並在管理高效人員和非人員成本方面嚴格遵守紀律。這不是我們去年下半年才開始考慮的事情。事實上，我們很幸運，甚至在去年之前就已經關注了這一點，當時我們確實看到了更高的工資和支出、由於外幣疲軟導致的收入逆風，而且我們也看到了烏克蘭戰爭的負面影響。

Aside from our Bitcoin impairment related expenses, we kept our costs flat year-over-year. Looking forward, we plan to remain cost conscious, while continuing to invest in higher -- in growth areas like cloud, optimizing our talent and resources across our growing global footprint, focusing on lower cost markets.

除了與比特幣減值相關的費用外，我們的成本同比持平。展望未來，我們計劃保持成本意識，同時繼續投資於雲等更高增長的領域，在我們不斷增長的全球足跡中優化我們的人才和資源，專注於低成本市場。

On Slide 16, total non-GAAP operating loss in the fourth quarter was $177 million, while the digital asset impairment charge for the quarter was $198 million. As I have said in past quarters, since the adoption of our Bitcoin strategy in Q3 of 2020, the digital asset impairment charges we have incurred each quarter have always been greater than our non-GAAP operating losses, showing the significant impact it has had on our reported income.

在幻燈片 16 中，第四季度非美國通用會計準則營業虧損總額為 1.77 億美元，而該季度的數字資產減值費用為 1.98 億美元。正如我在過去幾個季度所說的那樣，自從我們在 2020 年第三季度採用比特幣策略以來，我們每個季度產生的數字資產減值費用一直高於我們的非 GAAP 運營虧損，這表明它對我們產生了重大影響。我們報告的收入。

On Slide 17, as of December 31, 2022, the carrying value of our Bitcoin holdings was approximately $1.8 billion compared to approximately $2 billion based on the price of $16,556 as of the last day of the year. So far this year, Bitcoin prices have rallied significantly along with the market value of our Bitcoins increasing to approximately $3.1 billion at the close of markets yesterday, and trending even higher since then.

在幻燈片 17 上，截至 2022 年 12 月 31 日，我們持有的比特幣賬面價值約為 18 億美元，而根據截至今年最後一天的 16,556 美元的價格計算，我們持有的比特幣賬面價值約為 20 億美元。今年到目前為止，比特幣價格大幅上漲，昨天收盤時我們的比特幣市值增至約 31 億美元，此後趨勢甚至更高。

To touch on the regulatory perspective, we continue to be optimistic with the progress that the Financial Accounting Standards Board has made in its steps, update how companies measure certain digital assets, including Bitcoin on balance sheets. Since announcing this as an agenda item last year, the FASB has moved expeditiously and voted and agreed on how crypto assets should be presented in the financial statements and what disclosures should be required under expected fair value accounting standards.

談到監管方面，我們繼續對財務會計準則委員會在其步驟中取得的進展持樂觀態度，更新公司如何衡量某些數字資產，包括資產負債表上的比特幣。自去年宣布將此列為議程項目以來，FASB 迅速採取行動，就加密資產應如何在財務報表中列示以及預期公允價值會計準則下應要求披露哪些信息進行了投票並達成一致。

We recognize that what has been completed thus far are just the initial steps in the standard setting process, but we are encouraged that the progress up until now has been aligned with standard fair value practices. We continue to remain committed and supportive of FASB's decisions and to focus on improved investor transparency for digital assets.

我們認識到，到目前為止已經完成的只是標準制定過程的初始步驟，但令我們感到鼓舞的是，到目前為止的進展與標準的公允價值實踐保持一致。我們繼續致力於並支持 FASB 的決定，並專注於提高數字資產的投資者透明度。

On Slide 18, as of December 31, 2022, we held a total 132,500 Bitcoins, of which 14,890 Bitcoins were held directly by MicroStrategy, the parent, with the remaining 117,610 Bitcoins held at the MacroStrategy subsidiary. Of the Bitcoins held at the sub, approximately 34,600 Bitcoins are pledged as collateral to the Silvergate loan, and just over 82,900 Bitcoins or 63% of our total Bitcoin holdings equivalent to approximately $2 billion at the current approximate market value of $23,800 remain unpledged and unencumbered.

在幻燈片 18 上，截至 2022 年 12 月 31 日，我們總共持有 132,500 枚比特幣，其中 14,890 枚比特幣由母公司 MicroStrategy 直接持有，其餘 117,610 枚比特幣由 MacroStrategy 子公司持有。在分公司持有的比特幣中，約有 34,600 比特幣被抵押為 Silvergate 貸款的抵押品，而略多於 82,900 比特幣或占我們比特幣總持有量的 63%（按當前大約 23,800 美元的市值計算，相當於約 20 億美元）仍未抵押和無抵押.

Regarding the Silvergate model, we remain fully in compliance with the loan value requirements as we -- and as we have detailed in the past, we continue to have sufficient unencumbered collateral to address any foreseeable volatility in Bitcoin prices in the near term.

關於 Silvergate 模型，我們仍然完全遵守貸款價值要求——正如我們過去詳述的那樣，我們繼續擁有足夠的未支配抵押品來應對近期比特幣價格的任何可預見波動。

It is worth highlighting again, too, that, if the Bitcoin prices increase and the loan-to-value ratio is less than 25%, we are able to release any excess [clutter] from being pledged to the [room]. Our current LTV on this loan is now very close, if not at [bell].

同樣值得再次強調的是，如果比特幣價格上漲且貸款價值比低於 25%，我們能夠釋放任何多餘的 [雜亂] 質押到 [room]。我們目前這筆貸款的 LTV 現在非常接近，如果不是 [bell]。

As Phong mentioned earlier, for the first time in the fourth quarter, we sold approximately 704 Bitcoins that carried a higher tax cost basis compared to the market price of the Bitcoin at the time of the sale. The transactions generated capital losses of approximately $34 million, which we expect to carry back against previous capital gains. And to the extent such carrybacks are available, we expect to generate a tax benefit.

正如 Phong 之前提到的，我們在第四季度首次出售了大約 704 個比特幣，與出售時比特幣的市場價格相比，這些比特幣的稅收成本更高。這些交易產生了大約 3400 萬美元的資本損失，我們預計這些損失可以抵消之前的資本收益。在這種結轉可用的範圍內，我們預計會產生稅收優惠。

Even with the aforementioned sale, we increased our net holdings by 2,500 Bitcoins during the quarter, and we continually explore opportunities to use our Bitcoin to generate shareholder value, and we may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices or other market dislocations that are consistent with their long-term Bitcoin strategy. We will thoughtfully consider any other opportunities in the future, and if we choose to pursue anything, we will carefully assess any potential risks, and do so in a prudent manner, as we have done in the past.

即使進行了上述出售，我們在本季度仍增加了 2,500 個比特幣的淨持有量，並且我們不斷探索使用我們的比特幣創造股東價值的機會，我們可能會考慮尋求可能利用比特幣價格波動或與他們的長期比特幣戰略一致的其他市場錯位。我們將仔細考慮未來的任何其他機會，如果我們選擇追求任何事情，我們將仔細評估任何潛在風險，並像過去一樣謹慎行事。

Turning to Slide 19. Our debt capital structure remains unchanged with a total of $2.4 billion of its outstanding debt and convertible instruments, which curate blended interest rate of approximately 2.1%. The convertible senior notes carry an extremely low cost of funds, with the earliest debt maturity not until March 2025. These convertible notes are very attractive in terms of cost, and with over 2 years remaining until the earlier of the maturities, not outstanding long term capital remains very valuable.

轉到幻燈片 19。我們的債務資本結構保持不變，未償債務和可轉換工具總額為 24 億美元，混合利率約為 2.1%。可轉換優先票據的資金成本極低，最早的債務要到 2025 年 3 月才到期。這些可轉換票據在成本方面非常有吸引力，並且在較早到期之前還有 2 年多的剩餘時間，不是未償還的長期資本仍然非常有價值。

In Q4, we activated a $500 million at-the-market, or ATM equity offering and issued an aggregate 218,575,000 shares of Class A common stock at an average gross price per share of approximately $213.16. We raised approximately $46.6 million in gross proceeds, which leaves us with approximately $453 million of outstanding ATM capacity available under our program.

在第四季度，我們啟動了 5 億美元的市場或 ATM 股票發行，並以每股約 213.16 美元的平均總價發行了總計 218,575,000 股 A 類普通股。我們籌集了大約 4660 萬美元的總收益，這使我們在我們的計劃下擁有大約 4.53 億美元的未完成 ATM 容量。

We will continue to evaluate and sell equity under this existing program when we believe there is an embedded valuation premium in our stock compared to the market value of our Bitcoin holdings and our estimated value of our software business. Use of those proceeds will be for general corporate purposes, including for the purchase of Bitcoin or for other general corporate liquidity needs.

當我們認為與我們持有的比特幣市場價值和我們對軟件業務的估計價值相比，我們的股票存在內在估值溢價時，我們將繼續根據現有計劃評估和出售股權。這些收益將用於一般企業用途，包括購買比特幣或滿足其他一般企業流動性需求。

As we execute under the program, we will do so with a disciplined focus on growing shareholder value, optimizing our capital structure and maintaining adequate liquidity to run and grow our business. The overall liquidity from both our operating and financing activities remains more than sufficient to manage our ongoing working capital needs, grow our business as well as manage our debt expense.

在執行該計劃時，我們將嚴格專注於增加股東價值、優化我們的資本結構並保持足夠的流動性來運營和發展我們的業務。我們運營和融資活動的整體流動性仍然足以管理我們持續的營運資金需求、發展我們的業務以及管理我們的債務支出。

Our outlook for 2023 remains conscious, but optimistic. We are planning for the recent trends in macro and market volatility to likely persist in the near term. However, we are encouraged that, even in this environment of constant change, businesses need actionable data and analytics to succeed, and open architecture to be agile, and cloud capabilities to be cost efficient and effective. MicroStrategy delivers all of this.

我們對 2023 年的展望仍然清醒但樂觀。我們計劃近期宏觀和市場波動的趨勢可能會在短期內持續存在。然而，令我們感到鼓舞的是，即使在這種不斷變化的環境中，企業也需要可操作的數據和分析才能取得成功，需要開放式架構才能敏捷，需要雲功能才能具有成本效益和效益。 MicroStrategy 提供了所有這些。

In 2023, we will target modest constant currency total revenue growth. We will continue to grow cloud subscription billings as a percentage of total revenue, and we will continue to strengthen the quality of our recurring revenue, as we continue to transform our platform to the cloud. We will remain disciplined and scrutinize costs while investing in growth areas, and we will continue to execute on our dual strategy of growing our business intelligence and acquiring and holding Bitcoin.

2023 年，我們的目標是貨幣總收入適度穩定增長。我們將繼續增加雲訂閱賬單佔總收入的百分比，並且隨著我們繼續將平台轉變為雲，我們將繼續提高經常性收入的質量。我們將在投資增長領域的同時保持紀律和審查成本，我們將繼續執行我們的雙重戰略，即發展我們的商業智能以及收購和持有比特幣。

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

感謝您今天抽出時間，感謝您一直以來對 MicroStrategy 的支持。我現在將電話轉給邁克爾，聽取他的意見。

Thank you, Andrew. I'm Michael Saylor, the Executive Chairman of MicroStrategy. First, I'd like to provide our performance review. When we think about the corporate strategy and its effectiveness, we go back to the summer of 2020 when we made our major strategic decision. And it was on August 11 of 2020 that we announced to the world that we had acquired $250 million worth of Bitcoin along with a tender offer. At that -- on the day before, our stock was about $121 -- $122 a share. Today, the stock closed to $292 a share.

謝謝你，安德魯。我是 MicroStrategy 的執行主席 Michael Saylor。首先，我想提供我們的績效評估。當我們思考公司戰略及其有效性時，我們會回到 2020 年夏天做出重大戰略決策的時候。正是在 2020 年 8 月 11 日，我們向全世界宣布我們已經收購了價值 2.5 億美元的比特幣以及要約收購。當時——前一天，我們的股票價格約為每股 121 美元——122 美元。今天，該股收於每股 292 美元。

So of course, we measure our success based upon the creation of shareholder value. And if we look at the performance of the company stock since August 10, 2020, to close a business 4:00 p.m. Eastern Time, February 1st, you can see the MicroStrategy stock is up 117%.

因此，當然，我們根據股東價值的創造來衡量我們的成功。如果我們看一下公司股票自 2020 年 8 月 10 日以來的表現，即美國東部時間下午 4:00 關閉一家公司。東部時間，2 月 1 日，您可以看到 MicroStrategy 股票上漲了 117%。

We pick a number of different benchmarks. I think the most important benchmark is Bitcoin's performance, and you can see from this chart that Bitcoin, notwithstanding the fact that it is known by all to be volatile. Everyone that talks about Bitcoin talks about it being volatile. Nobody that talks about Bitcoin actually points out that, despite its volatility, it is the #1 performing asset over the past 2.5 years. So we can see Bitcoin is up 98% versus August 10, 2020, and that's just a really critical day.

我們選擇了許多不同的基準。我認為最重要的基準是比特幣的表現，從這張圖表中你可以看出比特幣，儘管眾所周知它是不穩定的。每個談論比特幣的人都在談論它的波動性。沒有人談論比特幣實際上指出，儘管它具有波動性，但它是過去 2.5 年中表現最好的資產。因此，我們可以看到比特幣與 2020 年 8 月 10 日相比上漲了 98%，那是一個非常關鍵的日子。

So MicroStrategy stock is levered against the Bitcoin. And so, through our execution, we've been able to outperform Bitcoin as an index. So we're pretty pleased with that. We contrast the performance of Bitcoin to other major asset classes and indexes. And you can see that, while Bitcoin's up 98%, a diversified portfolio of high-quality companies, such as the S&P 500, is up 23% in that same time period.

所以 MicroStrategy 股票是針對比特幣的槓桿。因此，通過我們的執行，我們已經能夠超越比特幣作為指數。所以我們對此非常滿意。我們將比特幣的表現與其他主要資產類別和指數進行了對比。你可以看到，雖然比特幣上漲了 98%，但標準普爾 500 指數等優質公司的多元化投資組合在同一時期上漲了 23%。

The NASDAQ is up 8% over the course of the 2.5 years. Gold is a loser. Gold has lost 5% since the summer -- since August 10, 2020. And bonds have been even worse performers. So if you had invested your treasury in long-dated bonds like the BOND index, you would be down 16% in your capital. And, although people love to talk about gold and silver as money, you can see that silver is even a weaker monetary asset than gold. It's down 19% over that time period.

納斯達克指數在 2.5 年的時間裡上漲了 8%。黃金是輸家。自夏季以來——自 2020 年 8 月 10 日以來，黃金已經下跌了 5%。而債券的表現更差。因此，如果您將國債投資於 BOND 指數等長期債券，您的資本將減少 16%。而且，雖然人們喜歡把黃金和白銀當作貨幣來談論，但你可以看到，白銀是一種比黃金更弱的貨幣資產。在此期間下降了 19%。

So benchmarking a digital commodity, or in this case a digital scarcity like Bitcoin, versus all of these other asset classes, you can see that Bitcoin has been the strongest performer, not by even a small amount, by a factor of 5 to 10x over other options.

因此，以數字商品為基準，或者在這種情況下像比特幣這樣的數字稀缺性，與所有這些其他資產類別相比，你可以看到比特幣一直是表現最強勁的，甚至不是一點點，是 5 到 10 倍其他選項。

We also benchmark ourselves against big tech stocks. And so, if we look at big tech, you can see that Google, Apple and Microsoft, which are 3 effective digital monopolies and 3 of the strongest companies in the world, without dispute, they're up respectively, 36%, 29% and 21%. They've underperformed Bitcoin by a factor of [3.24%] or [3.25%]. And MicroStrategy, of course, has outperformed them all substantially.

我們還以大型科技股為基準。所以，如果我們看大科技，你可以看到谷歌、蘋果和微軟這 3 大有效的數字壟斷企業和世界上最強大的 3 家公司，毫無爭議地分別上漲了 36%、29%和 21%。他們的表現比比特幣低 [3.24%] 或 [3.25%]。當然，MicroStrategy 的表現大大優於它們。

Now, Netflix, Amazon and Meta Group, all down minus 25%, minus 33%, minus 42%. So this is a sobering observation because most of those names are actually monopolies and they have overwhelming crushing domination. But what this illustrates is that ,in the summer of 2020, investors were faced with a very, very difficult challenge, because it's just not easy to figure out what to invest in when interest rates went to 0 and when we'd already had a substantial bounce in risk assets. And you can see of all these choices, Bitcoin clearly would have outperformed them all.

現在，Netflix、亞馬遜和 Meta Group 均下跌了負 25%、負 33%、負 42%。所以這是一個發人深省的觀察，因為這些名字中的大多數實際上是壟斷企業，並且擁有壓倒性的壓倒性統治。但這說明，在 2020 年夏天，投資者面臨著非常非常困難的挑戰，因為當利率降至 0 且我們已經有了風險資產大幅反彈。你可以看到所有這些選擇，比特幣顯然會勝過所有這些選擇。

We also benchmark ourselves against enterprise software stocks. So Oracle is very well known, and it's huge. It's up 64%. It's actually done quite well. It's done better than all the big tech stocks. It's a very conservatively managed industrial software company, but still, dramatically underperformed Bitcoin and MicroStrategy as an asset. And of course, IBM up 11%. Salesforce down 13%, SAP down 24%.

我們還以企業軟件股票為基準。所以甲骨文非常有名，而且規模很大。上漲了 64%。它實際上做得很好。它的表現優於所有大型科技股。這是一家管理非常保守的工業軟件公司，但作為一種資產，它的表現仍然大大低於比特幣和 MicroStrategy。當然，IBM 上漲了 11%。 Salesforce 下降 13%，SAP 下降 24%。

People often ask us, so why did we do this and are we pleased with the result. And of course, there are lots of headlines about accounting charges and quarterly losses or GAAP losses. But as you can see, if you're a shareholder and your choice was to choose from any of the bars on the screen, MicroStrategy is still the #1 choice, and Bitcoin is the #2 choice in what you want to invest in as a commodity. Bitcoin is the winner as a commodity and asset class. And if you want to invest in a security, MicroStrategy has worked very hard to provide shareholder value to our investors.

人們經常問我們，我們為什麼要這樣做，我們對結果滿意嗎？當然，還有很多關於會計費用和季度虧損或 GAAP 虧損的頭條新聞。但是正如你所看到的，如果你是股東並且你的選擇是從屏幕上的任何欄中進行選擇，MicroStrategy 仍然是第一選擇，而比特幣是你想要投資的第二選擇一種商品。作為商品和資產類別，比特幣是贏家。如果您想投資證券，MicroStrategy 一直在努力為我們的投資者提供股東價值。

We have lots of decisions to make as quarters go by, and we always try to evaluate what is the best path forward for our shareholders, what is most accretive for the equity holders of MSTR. And I think that the scorecard illustrates that, to date, so far, we have been effective in that, and we'll continue to focus.

隨著季度的推移，我們有很多決定要做，我們總是試圖評估什麼是我們股東的最佳前進道路，什麼對 MSTR 的股權持有人最有利。我認為記分卡說明，到目前為止，我們在這方面一直很有效，我們將繼續關注。

This chart really illustrates why we are so committed to our Bitcoin strategy. And, as you can imagine, it also illustrates the benefits to the corporate brand, the MicroStrategy, all of our employees, all of our partners, all of our customers and all of our shareholders of this strategy.

這張圖表真實地說明了為什麼我們如此致力於我們的比特幣戰略。而且，正如您可以想像的那樣，它還說明了該戰略對企業品牌、MicroStrategy、我們所有員工、所有合作夥伴、所有客戶和所有股東的好處。

I would like to say a few words about a couple of other areas. Let's start with the macroeconomic situation. 2022 was a brutally difficult year on a macroeconomic basis as short-term interest rates went from effectively nothing to 4.5%, and that resulted in a drawdown in all financial assets. That was quite painful.

我想就其他幾個領域說幾句話。先從宏觀經濟形勢說起。從宏觀經濟的角度來看，2022 年是極其艱難的一年，因為短期利率實際上從零上升到 4.5%，這導致所有金融資產縮減。那是相當痛苦的。

I expect, as we go forward, there'll be some normalization in 2023 and 2024. And I think the general macroeconomic environment is rotating to a more beneficial place for us, and generally for the Bitcoin community.

我預計，隨著我們的前進，2023 年和 2024 年將會出現一些正常化。而且我認為總體宏觀經濟環境正在轉向對我們以及對比特幣社區更有利的地方。

We have always focused on Bitcoin rather than crypto. And so, if you look at the microeconomic situation in the past 12 months, most of the crypto enterprises and the crypto assets and the crypto use cases have melted down in that time period. Of course, we know the stories of the bankruptcies of Block5 and Celsius and FTX and Genesis and Voyager and Alameda. And we also know about the meltdowns of all the crypto tokens, the Luna token, the Terra token, the FTT token, et cetera.

我們一直專注於比特幣而不是加密貨幣。因此，如果你看看過去 12 個月的微觀經濟情況，大多數加密企業、加密資產和加密用例都在那個時期崩潰了。當然，我們知道 Block5、Celsius、FTX、Genesis、Voyager 和 Alameda 破產的故事。我們也知道所有加密代幣、Luna 代幣、Terra 代幣、FTT 代幣等的崩潰。

In our opinion, these were all very weak use cases, and they are very fragile structures, and it was a matter of time before they do melt down. The meltdown of that has created short-term negative headwinds for Bitcoin because Bitcoin is cross-collateralized with all these other cryptos. But long term, the rationalization of the crypto market will be beneficial for Bitcoin. It has educated an entire generation of investors on the benefits of Bitcoin as a decentralized digital commodity and the benefits of not having counterparty risk.

在我們看來，這些都是非常弱的用例，它們是非常脆弱的結構，它們崩潰只是時間問題。這種崩潰給比特幣帶來了短期的負面逆風，因為比特幣與所有這些其他加密貨幣進行了交叉抵押。但從長遠來看，加密市場的合理化將有利於比特幣。它讓整整一代投資者了解比特幣作為一種去中心化數字商品的好處以及沒有交易對手風險的好處。

It's made, I think, pretty clear what -- the difference between an asset with an issuer -- first, as an asset without an issuer, and it's also illustrated the benefits of being able to solve custody and the risks of being dependent upon another custodian.

我認為，它已經很清楚了——資產與發行人之間的區別——首先，作為沒有發行人的資產，它還說明了能夠解決託管問題的好處和依賴另一個人的風險保管人。

The reason that MicroStrategy was able to get through this entire crypto winner is because we weren't exposed directly to any cryptos, nor did we do business with any of the crypto exchanges. And we didn't do it for very clear reasons because we don't believe in the value proposition of unregistered securities. And we felt that at some point, eventually, the combination of risky behavior in the crypto industry and the ethical and the legal overhang of the unregistered securities would eventually create a liability.

MicroStrategy 之所以能夠通過整個加密貨幣贏家，是因為我們沒有直接接觸任何加密貨幣，也沒有與任何加密貨幣交易所開展業務。我們沒有這樣做的原因非常明確，因為我們不相信未註冊證券的價值主張。我們認為，最終在某個時候，加密行業的風險行為與未註冊證券的道德和法律懸而未決的結合最終會產生責任。

I think, as we go forward, you're going to see a much stronger institutions that will be entering the space, and they're going to be entering because the industry has rationalized. So the future is fewer assets, fewer -- better institutions, less of the crypto risk taking. And if there is any other result of the crypto winner, it's -- we can see that everywhere in the world, regulators and the general public are enthusiastic about the promise of digital assets. They're hungry for a clear digital asset framework. I think that they'll be more focused on creating a constructive framework. And I think people understand better why you can't create a digital asset framework based upon unregistered securities without proper disclosure.

我認為，隨著我們的前進，你會看到一個更強大的機構將進入這個領域，他們會進入，因為這個行業已經合理化了。所以未來是更少的資產，更少——更好的機構，更少的加密風險。如果加密贏家有任何其他結果，那就是——我們可以看到世界各地的監管機構和公眾都對數字資產的承諾充滿熱情。他們渴望一個清晰的數字資產框架。我認為他們會更專注於創建一個建設性的框架。而且我認為人們更好地理解為什麼你不能在沒有適當披露的情況下基於未註冊證券創建數字資產框架。

We've said before, the only real safe haven for an institutional investor is Bitcoin. Bitcoin is the only universally acknowledged digital commodity. And so, if you are an investor, Bitcoin is your safe haven in this regard. The others are all question marks. They're all generally unregistered securities and they operate in a regulatory gray zone.

我們之前說過，機構投資者唯一真正的避風港是比特幣。比特幣是唯一公認的數字商品。因此，如果您是投資者，比特幣是您在這方面的避風港。其他都是問號。它們通常都是未註冊證券，並且在監管灰色地帶運作。

I expect that we will make progress with regard to regulatory developments. It will be constructive for the industry. It's not going as fast as we would like. The consistent denial of Bitcoin spot ETFs has been a disappointment. The lack of a clear digital assets framework from -- coming from regulators or legislators is a disappointment.

我預計我們將在監管發展方面取得進展。這將對該行業具有建設性。它沒有我們想要的那麼快。對比特幣現貨 ETF 的一貫否認令人失望。監管機構或立法者缺乏明確的數字資產框架令人失望。

But having said that, it's pretty clear that, that will arrive in time. And we do see signs of optimism here, auspicious developments. All the FASB initiatives to introduce fair value accounting for Bitcoin is a very auspicious development. The bipartisan support for Bitcoin and for digital assets in general in Congress, is an auspicious development. The acknowledgment by all major public figures that Bitcoin is a digital commodity worthy of attention, is an auspicious development. And the fact that Bitcoin has managed to survive the meltdown of most of the crypto banks and crypto lenders and most of the crypto exchanges and most of the other crypto assets, is a very auspicious development.

但話雖如此，很明顯，它會及時到達。我們確實在這裡看到了樂觀的跡象，吉祥的發展。 FASB 為比特幣引入公允價值會計的所有舉措都是一個非常吉祥的發展。國會兩黨對比特幣和數字資產的普遍支持是一個吉祥的發展。所有主要公眾人物都承認比特幣是一種值得關注的數字商品，這是一個吉祥的發展。事實上，比特幣已經設法在大多數加密貨幣銀行和加密貨幣貸方以及大多數加密貨幣交易所和大多數其他加密貨幣資產的崩潰中倖存下來，這是一個非常吉祥的發展。

So I think, 2022 proved the resilience of Bitcoin and it also proved the resilience of MicroStrategy's business model. And now we look excitedly forward to 2023 and 2024, where we think most of the poor behaviors or the irresponsible behaviors have been squeezed out of the system and most of the inappropriate leverage has been squeezed out of the system.

所以我認為，2022 年證明了比特幣的韌性，也證明了 MicroStrategy 商業模式的韌性。現在我們興奮地期待 2023 年和 2024 年，我們認為大部分不良行為或不負責任的行為已被擠出系統，大部分不適當的槓桿已被擠出系統。

And I don't think that people in the crypto market will -- I don't think they'll engage with the same behaviors that they got away with, in the previous few years, because I think the public has been educated. And I think, generally, we have a much more sophisticated set of investors and actors in the space, all of which I think is good for Bitcoin.

而且我認為加密貨幣市場中的人們不會——我認為他們不會從事與過去幾年相同的行為，因為我認為公眾已經受過教育。而且我認為，總的來說，我們在該領域擁有一組更成熟的投資者和參與者，我認為所有這些都對比特幣有利。

The last point I'll make on Lightning. Lightning is really spreading rapidly, and it's being adopted by many, many, many businesses. We see dozens and dozens of Lightning startups being launched. Lots of Lightning wallets. We see some exciting applications of Lightning. And I think that's only going to continue. Lightning liquidity continues to increase. We, as a company, have been very pleased with the early results of our Lightning R&D effort and MicroStrategy Lightning product development. It's quite impressive what you can do with Lightning.

最後一點我要說的是 Lightning。 Lightning 確實在迅速傳播，並且被很多很多企業採用。我們看到數十家 Lightning 初創公司正在啟動。很多閃電錢包。我們看到了閃電網絡的一些激動人心的應用。我認為這只會繼續下去。閃電流動性繼續增加。作為一家公司，我們對 Lightning 研發工作和 MicroStrategy Lightning 產品開發的早期成果感到非常滿意。使用 Lightning 可以做的事情令人印象深刻。

I think traditionally, the primary criticism of Bitcoin was, the slow transaction rate on the base chain made it difficult for people to see how billions of individuals would onboard to the network and how billions of transactions could take place. But now I think, as Lightening as spread, it's becoming fairly straightforward and quite easy to see how that's going to happen.

我認為傳統上，對比特幣的主要批評是，基礎鏈上緩慢的交易速度讓人們很難看到數十億人將如何加入網絡以及如何進行數十億筆交易。但現在我認為，隨著閃電的傳播，它變得相當簡單，也很容易看出這將如何發生。

We're going to see first dozens and then hundreds and then thousands of Layer 3 applications that move Bitcoin within a custodial network like Cash App or like a Coinbase or a Binance. And then we're going to see all of those applications start to knit together with the Layer 2 protocol, which we call Lightning. And as they adopt Lightning as their Layer 2 protocol, we'll see, there'll be massive transaction throughput on the Layer 3, and then we will see people depositing and withdrawing Satoshis on Layer 2. And then, we'll see the Layer 1 will evolve to become the settlement network of the entire global digital monetary system.

我們將首先看到數十個，然後是數百個，然後是數千個第 3 層應用程序，這些應用程序在 Cash App 或 Coinbase 或 Binance 等託管網絡中移動比特幣。然後我們將看到所有這些應用程序開始與第 2 層協議結合在一起，我們稱之為閃電網絡。當他們採用閃電網絡作為他們的第 2 層協議時，我們將看到，第 3 層將有大量的交易吞吐量，然後我們將看到人們在第 2 層存入和提取中本聰。然後，我們將看到Layer 1 將演化成為整個全球數字貨幣體系的結算網絡。

And that's why we decided to host a Lightning for Corporations track at MicroStrategy World coming up in May. This will be a first. To my knowledge, no one's actually hosted a Lightning for Corporation's conference. But we think that 2023 is the right time. It's become increasingly clear that you can build light -- you can build Bitcoin and Satoshis and micro transactions into your products and into your services using the Lightning protocol. And I think that there'll be a whole set of breakthrough applications and breakthrough products using Lightning.

這就是為什麼我們決定在 5 月份的 MicroStrategy World 上舉辦 Lightning for Corporations 賽道。這將是第一次。據我所知，實際上沒有人主持過 Lightning for Corporation 會議。但我們認為 2023 年是合適的時間。越來越清楚的是，你可以構建光——你可以使用閃電協議將比特幣和中本聰以及小額交易構建到你的產品和服務中。而且我認為會有一整套使用閃電網絡的突破性應用程序和突破性產品。

So, 2023 is an exciting year, and I think we're moving into the most exciting phase of Bitcoin development ever. Bitcoin is emerging as the grown-up institutional asset in the digital ecosystem, and Lightning is emerging as the universal language for moving money over IP.

因此，2023 年是激動人心的一年，我認為我們正在進入比特幣發展史上最激動人心的階段。比特幣正在成為數字生態系統中成熟的機構資產，而閃電網絡正在成為通過 IP 轉移資金的通用語言。

And so, with that, I'd like to go and pass the floor back to Shirish to open us up to questions and answers.

因此，說到這裡，我想把發言權交還給 Shirish，讓我們開始提問和回答。

Great. Thank you, Michael. So we are going to jump right into the questions. And the first question is for Phong. Phong, could you update us on the progress of your cloud product and capabilities? And how customer migrations are fairing today? And what are your expectations for cloud business growth given the tougher macro?

偉大的。謝謝你，邁克爾。因此，我們將直接進入問題。第一個問題是給 Phong 的。 Phong，您能否向我們介紹一下您的雲產品和功能的進展情況？今天的客戶遷移情況如何？鑑於宏觀形勢更加嚴峻，您對雲業務增長有何期望？

Cloud growth is going very well. In 2022, we grew on a revenue basis, 46% constant currency and on a billings basis, about 39%, which both represent a bit of an acceleration in 2022. I think we'll be able to see that same pace of growth, or something a little faster would be our goal in 2023. I don't think the macroeconomic headwinds will slow our cloud growth. If anything, we might see a slowness of cloud growth because we're getting into bigger and bigger customers now. We've moved -- at this point about 20% of our recurring revenue is in the cloud. So we moved a good amount of sort of the medium-sized customers.

雲增長進展順利。 2022 年，我們在收入的基礎上增長了 46% 的固定匯率，在賬單的基礎上增長了約 39%，這兩者都代表了 2022 年的加速。我認為我們將能夠看到同樣的增長速度，或者更快一點將是我們 2023 年的目標。我認為宏觀經濟逆風不會減緩我們的雲增長。如果有的話，我們可能會看到雲增長放緩，因為我們現在正在接觸越來越大的客戶。我們已經轉移——此時我們大約 20% 的經常性收入在雲端。所以我們轉移了大量的中型客戶。

But that's where MCG, MicroStrategy Cloud for Government or FedRAMP offering is going to help us. There is quite a bit of federal customers, large banks that require some sort of a FedRAMP certification. Those will take longer to migrate, but I think that's really the sort of next fashion that we'll go after. But I'm pretty excited about where cloud growth is going, and obviously, is getting to be more and more the standard sort of way we sell our software.

但這正是 MCG、MicroStrategy Cloud for Government 或 FedRAMP 產品將為我們提供幫助的地方。有相當多的聯邦客戶、大型銀行需要某種 FedRAMP 認證。這些將需要更長的時間才能遷移，但我認為這確實是我們將追求的下一種時尚。但我對雲增長的發展方向感到非常興奮，而且很明顯，它越來越成為我們銷售軟件的標準方式。

Next question is for Andrew. Can you please provide more detail about your sale of Bitcoin in December? And do you intend to make any further sales?

下一個問題是給安德魯的。您能否提供更多關於您在 12 月份出售比特幣的詳細信息？你打算做任何進一步的銷售嗎？

As I mentioned in prepared remarks, we sold 704 Bitcoin in December, which generated a capital loss, which we expect to carry back against the capital gain from 2019, which was through an old domain sale. Apart from that sale, we have not sold any other Bitcoin. In fact, I think the main takeaway should be that we have continued to increase our total Bitcoin holdings each quarter since inception, including Q4.

正如我在準備好的評論中提到的，我們在 12 月出售了 704 個比特幣，這產生了資本損失，我們希望從 2019 年通過舊域名出售獲得的資本收益中扣除。除了那次出售，我們沒有出售任何其他比特幣。事實上，我認為主要的收穫應該是我們自成立以來每個季度都在繼續增加我們的比特幣總持有量，包括第四季度。

And I mentioned this before as well, but, we don't really stop exploring opportunities and thinking of ways to increase shareholder value related to our decline. And in the future, we may consider doing other things that may take advantage of market volatility or be opportunistic in the market. I guess either way, anything we do, we'll do it consistently within the construct of our long term Bitcoin strategy, which is to buy, hold and grow.

我之前也提到過這一點，但是，我們並沒有真正停止探索機會和思考增加與我們衰落相關的股東價值的方法。並且在未來，我們可能會考慮做其他可能利用市場波動或在市場中投機取巧的事情。我想無論哪種方式，無論我們做什麼，我們都會在我們的長期比特幣戰略的結構中始終如一地做到這一點，即購買、持有和增長。

Next question is for Michael. In light of the recent crypto market events, what do you think are the key catalysts for more adoption of bitcoin by corporations?

下一個問題是邁克爾。鑑於最近的加密貨幣市場事件，您認為企業更多采用比特幣的關鍵催化劑是什麼？

I think fair value accounting is going to be a big plus for corporate adoption, since clearly, the GAAP volatility created by indefinite intangible accounting is a negative for CFOs. I think the rollout of Lightning for corporations is going to be another big catalyst because the ability to build Bitcoin and play to earn or a Bitcoin Rewards or Bitcoin into marketing programs and to do microtransactions, is going to be viewed as a really exciting benefit. It could be a great solution for Chief Marketing Officers or CHROs or CEOs or Heads of Sales.

我認為公允價值會計將成為企業採用的一大優勢，因為顯然，無限期無形會計造成的 GAAP 波動對首席財務官不利。我認為企業閃電網絡的推出將成為另一個重要的催化劑，因為構建比特幣並通過遊戲賺錢或將比特幣獎勵或比特幣納入營銷計劃並進行微交易的能力將被視為一個非常令人興奮的好處。對於首席營銷官、首席人力資源官、首席執行官或銷售主管來說，這可能是一個很好的解決方案。

I think that over time, one big driver is, payment networks are inefficient and slow and expensive. So as companies figure out how to monetize their applications and move small micro transactions around friction-free at 0 cost, I think that there's going to be an interesting use case for Heads of Sales and CEOs.

我認為，隨著時間的推移，一個重要的驅動因素是支付網絡效率低下、緩慢且昂貴。因此，隨著公司弄清楚如何將他們的應用程序貨幣化並以零成本無摩擦地移動小型微交易，我認為對於銷售主管和首席執行官來說將會有一個有趣的用例。

So in short, maybe the last thing is, any regulatory clarity that comes from Washington, D.C. with regard to the digital asset ecosystem, will be a big driver. And so, I think we're all eagerly awaiting some sort of digital assets framework. Bitcoin is right now, as I said, the only universal acknowledged digital commodity. And so, in a way, it's the one thing you can deal with in the absence of an asset framework. But I also think Bitcoin will probably be the biggest winner if there is a digital assets framework because it will just accelerate institutional adoption, both on the investor side and the corporate side. So I would look to those 3 drivers.

因此，簡而言之，也許最後一件事是，華盛頓特區對數字資產生態系統的任何監管明確，都將成為一個重要的推動力。因此，我認為我們都在熱切期待某種數字資產框架。正如我所說，比特幣目前是唯一公認的數字商品。因此，在某種程度上，這是您在沒有資產框架的情況下可以處理的一件事。但我也認為，如果有一個數字資產框架，比特幣可能會成為最大的贏家，因為它只會加速機構採用，無論是在投資者方面還是在企業方面。所以我會看看那 3 個驅動程序。

Next question is for Phong. With respect to the competition and demand -- So there are 2 parts. Have you seen any changes in the competitive environment as customers look to bring down the cash burn? And what is the impact of macro on demand with respect to sales cycles and cloud migration?

下一個問題是給 Phong 的。關於競爭和需求——所以有兩個部分。隨著客戶希望減少現金消耗，您是否看到競爭環境發生任何變化？宏觀對銷售週期和雲遷移需求的影響是什麼？

Yes. On the first item, I think the biggest trend we're seeing is customers try to bring down their software costs as consolidation of vendors. And in the BI world, there's really 2 credible choices for consolidation right now. It's MicroStrategy if you want a full enterprise solution, and it's Power BI if you want a point solution that integrates well with the rest of the Microsoft ecosystem.

是的。關於第一項，我認為我們看到的最大趨勢是客戶試圖通過整合供應商來降低軟件成本。在 BI 領域，現在確實有 2 個可靠的整合選擇。如果您想要一個完整的企業解決方案，它是 MicroStrategy；如果您想要一個與 Microsoft 生態系統的其餘部分很好集成的單點解決方案，它是 Power BI。

I think what we've seen in the last 6 to 12 months is that, as more companies are trying to use Microsoft, whether it be Azure, Power BI or otherwise, you're realizing the limitations, right? There's not a common semantic model. There aren't reusable objects. It's not scalable. It's not as secure. And I think customers are also realizing that free Power BI with your Office 365 enterprise license just means you're going to pay more [natural] cost. And it's a well-worn model where you give certain things away for free to drive more usage costs. And so, we see a lot of customers consolidating on MicroStrategy. And so, even though there may be a reduction in overall spend, we get more of the pie, and I'm excited about that.

我認為我們在過去 6 到 12 個月中看到的是，隨著越來越多的公司嘗試使用 Microsoft，無論是 Azure、Power BI 還是其他，您都意識到了局限性，對嗎？沒有通用的語義模型。沒有可重用的對象。它不可擴展。它不那麼安全。而且我認為客戶也意識到，使用 Office 365 企業許可證的免費 Power BI 意味著您將支付更多 [自然] 成本。這是一個陳舊的模型，您可以免費贈送某些東西以增加使用成本。因此，我們看到很多客戶在 MicroStrategy 上進行整合。因此，儘管總支出可能會減少，但我們得到了更多的蛋糕，對此我感到很興奮。

As far as the macro environment, Q4 was more difficult, especially internationally, as customers are trying to spend a little bit less. With that said, we still had a reasonable outcome in terms of our Q4 financials driven by our move to cloud. And I do think 2023 is looking a little bit brighter in terms of companies needing to spend to improve their data and analytics environment. So I'm optimistic about the growth potential in 2023.

就宏觀環境而言，第四季度更加困難，尤其是在國際上，因為客戶正試圖減少支出。話雖如此，在我們遷移到雲的推動下，我們在第四季度的財務數據方面仍然取得了合理的結果。而且我確實認為，就需要花錢改善數據和分析環境的公司而言，2023 年看起來會更光明一些。所以我看好2023年的增長潛力。

Next question is for Andrew. Can you please provide your thought process on how do you plan to address the 2025 loan maturities coming up?

下一個問題是給安德魯的。您能否提供您計劃如何解決即將到來的 2025 年貸款到期問題的思考過程？

So there has been some volatility on prices recently. And just looking back to Q4, we've seen that pretty clearly. But we've also seen that same volatility pretty dramatically rebound prices here in January in a very short period of time. I think with that kind of backdrop and changes in the market, we are comfortable with our outstanding debt levels, and we're confident then that when it does come due, we'll be able to either refinance it, equitize it or pay it off. And we have a lot of different options available to us to manage those maturities, and the fact is we still have a lot of time left to do so in the next 2-plus years.

因此，最近價格出現了一些波動。回顧第四季度，我們已經非常清楚地看到了這一點。但我們也看到同樣的波動性在很短的時間內在 1 月份大幅反彈。我認為在這種背景和市場變化的情況下，我們對未償債務水平感到滿意，並且我們有信心當它到期時，我們將能夠對其進行再融資、證券化或支付離開。我們有很多不同的選擇來管理這些期限，事實是在未來 2 年多的時間裡我們還有很多時間可以這樣做。

We'll take this one last question for Phong. What is your margin outlook for 2023? And how are you thinking about balancing revenue growth versus margin preservation?

我們將向 Phong 提出最後一個問題。您對 2023 年的利潤率前景有何看法？您如何考慮平衡收入增長與利潤率保持？

I'd like to have both, right? Like, we're going to focus on driving revenue growth and profitability or margin growth in 2023. I think a big driver of that is our acceleration of conversions to cloud, which allows us to see an uplift in cloud revenue and overall revenue from hosting term licenses and support fees.

我想兩者兼得，對嗎？比如，我們將在 2023 年專注於推動收入增長和盈利能力或利潤率增長。我認為其中一個很大的推動力是我們加速向雲的轉換，這使我們能夠看到雲收入和託管總收入的增長期限許可和支持費用。

On the cost side, Andrew mentioned it, but we've kept our costs relatively flat -- our operating costs relatively flat from 2021 to 2022. The goal would be to do something similar, or even reduce our costs a little bit if you exclude the impact of Bitcoin holdings. I'm talking about non-GAAP cost here. So if we can grow revenues and keep flat or reduce our cost in 2023, then we should be able to grow margins. And I think if the macroeconomic environment improves faster, we can do that even faster in 2023.

在成本方面，Andrew 提到了這一點，但我們一直保持成本相對平穩——從 2021 年到 2022 年，我們的運營成本相對平穩。我們的目標是做類似的事情，或者如果你排除的話，甚至會稍微降低我們的成本比特幣持有量的影響。我在這裡談論的是非 GAAP 成本。因此，如果我們能夠在 2023 年增加收入並保持平穩或降低成本，那麼我們應該能夠增加利潤率。而且我認為，如果宏觀經濟環境改善得更快，我們可以在 2023 年更快地做到這一點。

Great. Thanks, Phong. So I think that brings us to the end of the time for today's webinar. Thank you, everyone, for the questions. This concludes the Q&A portion of the webinar. And I will now hand over the call to Phong for closing remarks.

偉大的。謝謝，馮。所以我認為今天的網絡研討會到此結束。謝謝大家的提問。網絡研討會的問答部分到此結束。我現在將把電話轉交給 Phong 作結束語。

Thanks, Shirish. I want to thank everyone for being with us today, and we appreciate all of your support. We're enthusiastic as ever on both of our strategies, our enterprise software strategy and our Bitcoin strategy. I wish you all a good quarter, and a happy spring and looking forward to seeing you again in 12 weeks. Thanks.

謝謝，希里什。我要感謝大家今天和我們在一起，我們感謝你們的所有支持。我們一如既往地對我們的戰略、我們的企業軟件戰略和我們的比特幣戰略充滿熱情。祝大家度過一個愉快的季度，度過一個愉快的春天，期待在 12 週後再次見到您。謝謝。