Microstrategy Inc (MSTR) 2023 Q1 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 will be your moderator for MicroStrategy's 2023 First Quarter Earnings Webinar. Before we proceed, I will read the safe harbor statement. Some of the information we provide during today's call and what we provided 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. 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.

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 2023 年第一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。我們在今天的電話會議中提供的一些信息以及我們提供的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。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 結果的調節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。

Thank you, Shirish. Hello, everyone. I'd like to welcome you all to our 2023 first quarter earnings call. We're excited to be reporting live for MicroStrategy World 2023 in Orlando, Florida. We've had a successful day 1 of the event today, and we're excited to see our customers, partners and employees all in person for the first time since 2020 and share our passion for BI, bitcoin and innovation.

謝謝你，希里什。大家好。歡迎大家參加我們的 2023 年第一季度財報電話會議。我們很高興能夠現場報導在佛羅里達州奧蘭多舉行的 MicroStrategy World 2023。今天活動的第一天取得了圓滿成功，我們很高興看到我們的客戶、合作夥伴和員工自 2020 年以來首次親自到場，並分享我們對 BI、比特幣和創新的熱情。

The business intelligence track tomorrow will feature MicroStrategy 1 and features keynotes, including how we are integrating augmented analytics, artificial intelligence to drive innovative experiences. We'll also showcase how some of the world's best brands use MicroStrategy to break through and achieve extraordinary results. This includes keynote presentations from Hilton, Sony and Amica Insurance.

明天的商業智能軌道將以 MicroStrategy 1 為特色，並以主題演講為特色，包括我們如何整合增強分析、人工智能來推動創新體驗。我們還將展示一些世界上最好的品牌如何使用 MicroStrategy 實現突破並取得非凡的成果。其中包括希爾頓、索尼和 Amica Insurance 的主題演講。

The Bitcoin for Corporations track on Wednesday and Lightning for Corporations track on Thursday will feature keynotes from notable institutions and industry luminaries highlighting the advantages of integrating Bitcoin and Lightning as a part of their corporate treasury and product offerings. It will be a unique gathering of corporations looking to adopt Bitcoin and Lightning strategies, and we are very excited to host this event. The conference also includes workshops, training, dedicated networking opportunities and some fun too. For those of you attending the conference in Orlando, we look forward to seeing you in person.

週三的企業比特幣軌道和周四的企業閃電軌道將以著名機構和行業知名人士的主題演講為特色，強調將比特幣和閃電網絡作為其企業財務和產品供應的一部分的優勢。這將是希望採用比特幣和閃電網絡策略的公司的一次獨特聚會，我們很高興能舉辦這次活動。會議還包括研討會、培訓、專門的交流機會和一些樂趣。對於那些參加奧蘭多會議的人，我們期待與您見面。

Turning to our business results for Q1. We continue to see strong demand for MicroStrategy software, both on-premise and in the cloud with total revenue growing despite a continuing challenging macroeconomic environment. Total revenue was $121.9 million, representing an increase of 2% year-over-year or 6% on a constant currency basis. Total software licenses revenues, which consists of total product licenses and subscription services revenue and our consolidated statement of operations were $36.2 million, representing an increase of 23% year-over-year or 29% on a constant currency basis. Total subscription services revenue was $18.8 million, an increase of 46% year-over-year or 52% on a constant currency basis. Our Q1 subscription billings growth was 19% year-over-year, lower than our 2022 annualized subscription billings growth of 39%.

轉向我們第一季度的業務結果。我們繼續看到對 MicroStrategy 軟件的強勁需求，無論是內部部署還是雲端，儘管宏觀經濟環境持續充滿挑戰，但總收入仍在增長。總收入為 1.219 億美元，同比增長 2%，按固定匯率計算增長 6%。軟件許可總收入（包括產品許可和訂閱服務總收入以及我們的合併運營報表）為 3620 萬美元，同比增長 23%，按固定匯率計算增長 29%。訂閱服務總收入為 1880 萬美元，同比增長 46%，按固定匯率計算增長 52%。我們第一季度的訂閱賬單同比增長 19%，低於我們 2022 年 39% 的年化訂閱賬單增長。

We had a good overall revenue results in Q1 2023 and the durability of our enterprise BI platform and the depth of our existing customer base are a testament to our resiliency. However, it's important to note that difficult macro conditions continue to persist and they impact our revenue in the coming quarters. In addition to the revenue results, we also had a successful quarter with our Bitcoin strategy. We acquired 7,500 Bitcoin in Q1, the most in a single quarter since the fourth quarter of 2021 for a net aggregate purchase amount of $179 million or $23,900 per Bitcoin. As of March 31, 2023, we held a total of 140,000 Bitcoins at an aggregate cost of $4.2 billion or average cost of approximately $29,800 per Bitcoin. As you all know, our strategy is to acquire and hold Bitcoin and we plan to continue to accumulate Bitcoin over time using our excess cash and with the net proceeds of capital markets transactions. Our core business is not impacted by near-term bitcoin price fluctuations. MicroStrategy is the largest publicly traded corporate holder of Bitcoin in the world, and we remain committed to our Bitcoin acquisition strategy with a high degree of conviction, long-term focus in a risk-managed approach.

我們在 2023 年第一季度取得了良好的整體收入結果，我們企業 BI 平台的耐用性和我們現有客戶群的深度證明了我們的彈性。然而，重要的是要注意困難的宏觀環境繼續存在，它們會影響我們未來幾個季度的收入。除了收入結果外，我們的比特幣戰略也取得了成功的季度。我們在第一季度獲得了 7,500 個比特幣，這是自 2021 年第四季度以來單季度最多的一次，淨總購買金額為 1.79 億美元或每個比特幣 23,900 美元。截至 2023 年 3 月 31 日，我們總共持有 140,000 個比特幣，總成本為 42 億美元，平均成本約為每個比特幣 29,800 美元。眾所周知，我們的策略是獲取和持有比特幣，我們計劃隨著時間的推移使用我們的多餘現金和資本市場交易的淨收益繼續積累比特幣。我們的核心業務不受近期比特幣價格波動的影響。 MicroStrategy 是世界上最大的比特幣上市公司持有人，我們始終堅定不移地執行我們的比特幣收購戰略，並長期關注風險管理方法。

To conclude our business highlights, I'd like to highlight that in Q1, we repaid our $205 million Bitcoin back loan at a 22% discount. With this transaction, we recognized a $45 million gain on extinguishment of debt and eliminated annualized interest costs of more than $15 million per year -- has also released 34,619 Bitcoins that has served as collateral for this loan and which are now unencumbered. As of March 31, 2023, only 11% of our total Bitcoin holdings are pledged as collateral for debt.

在總結我們的業務亮點時，我想強調的是，在第一季度，我們以 22% 的折扣償還了 2.05 億美元的比特幣貸款。通過這筆交易，我們確認了 4500 萬美元的債務清償收益，並消除了每年超過 1500 萬美元的年化利息成本——還釋放了 34619 個比特幣作為這筆貸款的抵押品，現在沒有抵押。截至 2023 年 3 月 31 日，我們持有的比特幣總量中只有 11% 被抵押為債務抵押品。

Next, I would like you to introduce you to MicroStrategy 1. Eight years and over 2.5 million hours of engineering have resulted in MicroStrategy 1, a modern, open cloud-native BI platform that can serve all the analytics needs of large enterprises. MicroStrategy 1 is highlighted by a modern product suite, including dossier, library, workstation and Hyperintelligence. It is fully open, built on restful APIs and Python. And because we are an independent analytics company, work seamlessly with any data sources and clients. Similarly, our cloud platform works on AWS, Microsoft Azure and soon the Google Cloud platform, supporting multi-cloud deployments through a container-based architecture. Finally, MicroStrategy 1 serves all major categories of analytics, self-service, business reporting, advanced applications and embedded analytics.

接下來，我想向您介紹 MicroStrategy 1。經過 8 年和超過 250 萬小時的工程設計，MicroStrategy 1 誕生了，這是一個現代、開放的雲原生 BI 平台，可以滿足大型企業的所有分析需求。 MicroStrategy 1 以現代產品套件為亮點，包括檔案、庫、工作站和超智能。它是完全開放的，建立在寧靜的 API 和 Python 之上。由於我們是一家獨立的分析公司，因此可以與任何數據源和客戶無縫合作。同樣，我們的雲平台可在 AWS、Microsoft Azure 以及即將推出的 Google Cloud 平台上運行，通過基於容器的架構支持多雲部署。最後，MicroStrategy 1 服務於所有主要類別的分析、自助服務、業務報告、高級應用程序和嵌入式分析。

We're the only analytics software company with this combination of capabilities which enable enterprises to get value from their customers. We're extremely proud of the work done to build MicroStrategy 1 and will actively migrate this innovative platform. The platform is intended to be a one-stop shop for all of our business intelligence customers and prospects. The next-generation platform is built to unleash new levels of efficiency and creativity for users. Organizations are looking to consolidate vendors to save costs, simplify deployment and maximize impact. That's where we stand out and the ability to provide a comprehensive solution. We enable migration off legacy out-of-support analytics tools and also provide a modern experience that offers enterprise great security and scalability, a reusable object model and open architecture to avoid vendor lock-in.

我們是唯一一家具備這種綜合能力的分析軟件公司，能夠幫助企業從客戶那裡獲得價值。我們為構建 MicroStrategy 1 所做的工作感到非常自豪，並將積極遷移這個創新平台。該平台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。下一代平台旨在為用戶釋放更高水平的效率和創造力。組織正在尋求整合供應商以節省成本、簡化部署和最大化影響。這就是我們脫穎而出的地方以及提供全面解決方案的能力。我們支持從遺留的不受支持的分析工具遷移，還提供現代體驗，為企業提供出色的安全性和可擴展性、可重用的對像模型和開放式架構，以避免供應商鎖定。

Now while the top 1 platform is a powerhouse that delivers on all core competencies of modern analytics, it's also a new way of talking about what MicroStrategy can do and how we can compete. MicroStrategy 1 is our most advanced platform to date, it's a result of the immense dedication of the MicroStrategy teams that got us to this point, and it's the foundation for all of our future innovation. With the completion of the MicroStrategy 1 platform and focus on rebuilding much of our platform in the last 8 years, we're now able to increasingly focus on MicroStrategy's hallmark product innovation. Our innovation is focused on four areas: one, core analytics; two, augmented analytics; three, artificial intelligence; and four, Lightning network.

現在，雖然頂級平台是提供現代分析的所有核心競爭力的強大平台，但它也是一種談論 MicroStrategy 可以做什麼以及我們如何競爭的新方式。 MicroStrategy 1 是我們迄今為止最先進的平台，它是 MicroStrategy 團隊巨大奉獻的結果，讓我們走到了這一步，它是我們未來所有創新的基礎。隨著 MicroStrategy 1 平台的完成並在過去 8 年中專注於重建我們的大部分平台，我們現在能夠越來越專注於 MicroStrategy 的標誌性產品創新。我們的創新集中在四個方面：一是核心分析；二、增強分析；三、人工智能；四、閃電網絡。

On the innovation side, MicroStrategy's core differentiators that position us to lead the next innovation age of analytics in a modern and open business world, our semantic graph with object reusability, enterprise-grade security and scalability, open architecture multi-cloud. We believe the future of core analytics is going to center on three key themes: empowered self-service, productivity and data personalization. One area we've heard about a great deal from our customer is the self-service. Self-service is long overdue for disruption. The notion that business users have interest, let alone time to learn that offering interface is a nonstarter. End users typically have no concept of your data structures and sources on your schema, providing end users with basic authoring tools may result in nonperforming dashboards and inaccurate data combinations. The shift away from single-use analysis results in true self-service through reusable content. Governed authoring is a new way, authoring experience a library that allows business users to build their own dossiers by using predefined assets in a vastly simplified experience while removing the complexities of data important blending. Our AI engine will suggest additional visualizations that may be useful to relevant or relevant to users based on ones they've already selected or based on topics they are researching. It will also ensure that the assets they are combining and their design are compatible and performing.

在創新方面，MicroStrategy 的核心差異化因素使我們能夠在現代和開放的商業世界中引領下一個分析創新時代，我們的語義圖具有對象可重用性、企業級安全性和可擴展性、開放架構多雲。我們相信核心分析的未來將以三個關鍵主題為中心：授權自助服務、生產力和數據個性化。我們從客戶那裡聽說過很多的一個領域是自助服務。自助服務早該被顛覆了。商業用戶感興趣的概念，更不用說花時間了解提供的界面是不可能的了。最終用戶通常對您的架構上的數據結構和源沒有概念，為最終用戶提供基本的創作工具可能會導致儀表板性能不佳和數據組合不准確。從一次性分析轉變為通過可重複使用的內容實現真正的自助服務。受控創作是一種新的方式，創作體驗庫允許業務用戶通過使用預定義的資產在大大簡化的體驗中構建自己的檔案，同時消除數據重要混合的複雜性。我們的 AI 引擎將根據用戶已經選擇的內容或他們正在研究的主題，建議額外的可視化，這些可視化可能對相關或與用戶相關的用戶有用。它還將確保他們正在組合的資產和他們的設計是兼容和執行的。

Next is innovation on augmented analytics. MicroStrategy Insights released in September 2022, was our first set of products released in the area of artificial intelligence and machine learning to augment more traditional reporting capabilities and provide contextual and immediate insights. Now integrated with MicroStrategy 1, the insights feature accelerates decision-making and uncovers data patterns of 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 are combining MicroStrategy semantic layer, Hyperintelligence and open architecture to provide data tracking alerts, forecasting and recommendations. We believe this is something MicroStrategy is uniquely positioned to provide, and we expect to release more functionality in this area every quarter.

接下來是增強分析方面的創新。 MicroStrategy Insights 於 2022 年 9 月發布，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並提供上下文和即時見解。洞察功能現已與 MicroStrategy 1 集成，可加速決策制定並揭示自動警報和圖書館應用程序的數據模式。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 語義層、超智能和開放架構以提供數據跟踪警報、預測和建議的基礎。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。

Next is further innovation and generative artificial intelligence. MicroStrategy with our semantic graph, including our metadata and platform analytics is well positioned to leverage AI-driven technologies like chat pods to drive productivity across all personas. How AI is leveraged to integrate in organizations will become the business differentiator. Generative AI can use the semantic layer to better understand the data and its relationships, resulting in more accurate predictions, better data quality and faster actionable insights.

接下來是進一步的創新和生成人工智能。 MicroStrategy 和我們的語義圖，包括我們的元數據和平台分析，可以很好地利用聊天室等 AI 驅動技術來提高所有角色的生產力。如何利用 AI 將其整合到組織中將成為業務差異化因素。生成式 AI 可以使用語義層更好地理解數據及其關係，從而產生更準確的預測、更好的數據質量和更快的可操作見解。

On the Bitcoin innovation side, MicroStrategy Lightning is the new product we are developing, which utilizes the Lightning network, a second layer network, this is a 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. The first use case in the 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.

在比特幣創新方面，MicroStrategy Lightning 是我們正在開發的新產品，它利用閃電網絡，第二層網絡，這是比特幣網絡的頂層。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。 MicroStrategy Lightning 平台的第一個用例是 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。

Companies spend vast amounts of time and energy on digital marketing, driving engagement with their brand and their customers and for some monetizing online content. We believe a platform like MicroStrategy Lightning to enable them to drive that engagement rewarding their customers with that engagement directly rather than aligning the pockets of marketing or financial intermediaries. We expect future capabilities as the Lightning platform will provide opportunities for new business models to monetize online content or minimize threats in the uses of bots and other malicious factors.

公司花費大量時間和精力進行數字營銷，推動與他們的品牌和客戶的互動，以及一些在線內容的貨幣化。我們相信像 MicroStrategy Lightning 這樣的平台可以讓他們推動這種參與，直接通過這種參與來獎勵他們的客戶，而不是調整營銷或金融中介機構的資金。我們期待未來的功能，因為 Lightning 平台將為新的商業模式提供機會，使在線內容貨幣化或最大限度地減少使用機器人和其他惡意因素的威脅。

While we envision MicroStrategy Lightning as an independent product offering, it builds on our core strength and deep experience, building highly available, easy-to-use software delivered in the cloud. As mentioned in the last earnings call, we're taking a very disciplined investment approach such that our lighting development efforts currently occupy less than 1% of our R&D capability. While our core focus remains on BI innovation, we believe we are uniquely positioned to bring value here. We will talk about MicroStrategy Lightning further in our Lighting for Corporations event on Thursday. These incremental areas of product focused and inhibition will drive MicroStrategy's strategy of being at the forefront of analytics. I cannot be more excited about our product road map, which we will share more about tomorrow in MicroStrategy World.

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實力和豐富經驗的基礎上，構建了在雲中交付的高度可用、易於使用的軟件。正如在上一次財報電話會議中提到的，我們正在採取一種非常有紀律的投資方式，因此我們的照明開發工作目前只占我們研發能力的不到 1%。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。我們將在周四的 Lighting for Corporations 活動中進一步討論 MicroStrategy Lightning。這些以產品為中心和抑制的增量領域將推動 MicroStrategy 處於分析前沿的戰略。我對我們的產品路線圖感到無比興奮，明天我們將在 MicroStrategy World 中分享更多相關信息。

Last but not least, I want to take a moment to recognize our former Chief Technology Officer, Tim Lang, who retired after 8.5 years from the position of CTO with MicroStrategy. It's been my privilege to work with him over the past 7 years, and we wish him the best. With Tim's departure, we'll be splitting his former responsibilities as CTO and to do two distinct organizations within our technology team. Product and engineering, both of which I will oversee. Leading our engineering organization will be Cezary Raczko, our Executive Vice President of Engineering. Cezary has been with MicroStrategy for 24 years, starting as a software engineer and growing to lead teams that have built much of our platform I'm excited for Cezary to step into this leadership role and focus more and more on customer satisfaction as well as product innovation.

最後但同樣重要的是，我想花點時間來表彰我們的前任首席技術官 Tim Lang，他在 MicroStrategy 擔任首席技術官 8.5 年後退休。在過去的 7 年裡與他共事是我的榮幸，我們祝愿他一切順利。隨著 Tim 的離職，我們將拆分他以前作為 CTO 的職責，並在我們的技術團隊中建立兩個不同的組織。產品和工程，我將監督這兩者。領導我們的工程組織的將是我們的工程執行副總裁 Cezary Raczko。 Cezary 已經在 MicroStrategy 工作了 24 年，從一名軟件工程師開始，成長為領導構建了我們大部分平台的團隊創新。

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

我現在將電話轉給安德魯，以更詳細地討論我們本季度的財務狀況。

Thank you, Phong. It's great to be in my first MicroStrategy world. There's a ton of energy and buzz here, and I'm definitely looking forward to meeting many of our customers as well as those interested in learning more about Bitcoin for Corporations. But let me get to our financial results.

謝謝你，馮。很高興進入我的第一個 MicroStrategy 世界。這裡有大量的能量和嗡嗡聲，我非常期待會見我們的許多客戶以及那些有興趣了解更多關於企業比特幣的人。但是讓我來看看我們的財務結果。

Our first quarter enterprise analytics business results were strong, showing total year-over-year revenue growth. This was in light of persisting macroeconomic headwinds, as Phong mentioned earlier, which reflects our deep customer base and the durability of our platform during economic volatility. GAAP total revenues for the quarter were $121.9 million, up $2.6 million or 2% year-over-year and up 6% year-over-year at constant currency. Total software license revenues, which made up -- make up product license revenues and subscription services revenues were $36.2 million, up 23% year-over-year and up 29% at constant currency, outperforming last year's Q1 year-over-year results.

我們第一季度的企業分析業務業績強勁，顯示總收入同比增長。正如 Phong 之前提到的，這是鑑於持續的宏觀經濟逆風，這反映了我們深厚的客戶基礎和我們平台在經濟波動期間的耐用性。本季度 GAAP 總收入為 1.219 億美元，同比增長 260 萬美元或 2%，按固定匯率計算同比增長 6%。構成產品許可收入和訂閱服務收入的軟件許可總收入為 3620 萬美元，同比增長 23%，按固定匯率計算增長 29%，優於去年第一季度的同比結果。

Subscription services revenues, which reflect recurring revenues from our cloud business were $18.8 million, an increase of 46% year-over-year or an increase of 52% at constant currency. Product licenses revenues were $17.4 million for the quarter, up 5% year-over-year, which reflected strong performance in our international business. Product support revenues were $65.5 million, down $1.7 million year-over-year, but were flat at constant currency. Renewal rates have remained high at over 90% in Q1, and for the last 6 consecutive quarters. Finally, other services revenues were $28.2 million, an increase of 11 -- sorry, 11% decrease year-over-year or a decrease of 8% at constant currency, primarily due to a decrease in our consulting revenues.

反映我們雲業務經常性收入的訂閱服務收入為 1880 萬美元，同比增長 46%，按固定匯率計算增長 52%。本季度產品許可收入為 1740 萬美元，同比增長 5%，這反映了我們國際業務的強勁表現。產品支持收入為 6550 萬美元，同比下降 170 萬美元，但按固定匯率計算持平。續訂率在第一季度和過去連續 6 個季度保持在 90% 以上的高位。最後，其他服務收入為 2820 萬美元，增長了 11 - 抱歉，同比下降 11% 或按固定匯率計算下降 8%，這主要是由於我們的諮詢收入下降。

On Slide 15, total current software license billings were $28.7 million in the first quarter, a slight increase of 2% year-over-year. Current subscription billings were $13.7 million, an increase of 19% year-over-year, our 12th straight quarter of double-digit growth. We continue to focus our efforts on transitioning customers to our cloud solution which includes converting existing on-premise customers and selling incremental cloud licenses. Incremental licenses will continue to come from new deployments by existing customers as well as new licenses purchased by customer prospects. We are also increasing our focus on partnerships with hyperscalers that will drive incremental cloud license opportunities in the future. And 2022, approximately 2/3 of our total revenue was recurring, and we expect this trend to improve in 2023. The transition to a subscription model will help establish high-quality annual recurring revenues that will allow us to scale and continue growing our business.

在幻燈片 15 中，第一季度當前軟件許可總計費用為 2870 萬美元，同比小幅增長 2%。當前的訂閱費用為 1370 萬美元，同比增長 19%，這是我們連續第 12 個季度實現兩位數增長。我們繼續專注於將客戶轉移到我們的雲解決方案，包括轉換現有的本地客戶和銷售增量雲許可證。增量許可證將繼續來自現有客戶的新部署以及潛在客戶購買的新許可證。我們還更加關注與超大規模企業的合作夥伴關係，這將在未來推動增加雲許可機會。到 2022 年，我們總收入的大約 2/3 是經常性收入，我們預計這一趨勢將在 2023 年有所改善。向訂閱模式的過渡將有助於建立高質量的年度經常性收入，這將使我們能夠擴展並繼續發展我們的業務.

Turning to Slide 16. Total non-GAAP expenses, which shown here excludes share-based compensation costs were $125 million in the first quarter compared to $275 million in the first quarter of 2022. Our total non-GAAP costs this quarter were significantly lower compared to the same quarter last year, primarily due to higher Bitcoin impairment charges in Q1 of 2022. For this quarter, Bitcoin impairment charges were $19 million, in contrast to $170 million in Q1 of last year. Non-GAAP cost of revenues was $27 million in the first quarter, an increase of $2.2 million or 9% year-over-year.

轉到幻燈片 16。此處顯示的非 GAAP 總支出（不包括基於股份的薪酬成本）在第一季度為 1.25 億美元，而 2022 年第一季度為 2.75 億美元。我們本季度的非 GAAP 總支出顯著低於與去年同期相比，主要是由於 2022 年第一季度比特幣減值費用較高。本季度，比特幣減值費用為 1900 萬美元，而去年第一季度為 1.7 億美元。第一季度非 GAAP 收入成本為 2700 萬美元，同比增長 220 萬美元或 9%。

As a percentage of total revenues, however, non-GAAP cost of revenues increased approximately 1% year-over-year, primarily due to the increase in cloud hosting costs, which is a result of the increased usage by new and existing cloud subscription services partially offset by favorable currency exchange impacts. Non-GAAP sales and marketing expenses increased $2 million or 7% year-over-year to $31 million. As a percentage of total revenues, non-GAAP sales and marketing costs were higher by 1% year-over-year. You may recall that in Q1 of 2022, we capitalized certain commissions, which resulted in lower variable compensation costs last year.

然而，按佔總收入的百分比計算，非 GAAP 收入成本同比增長約 1%，這主要是由於雲託管成本增加，這是新的和現有云訂閱服務使用量增加的結果部分被有利的貨幣兌換影響所抵消。非 GAAP 銷售和營銷費用同比增長 200 萬美元或 7% 至 3100 萬美元。非 GAAP 銷售和營銷成本佔總收入的百分比同比增長 1%。您可能還記得，在 2022 年第一季度，我們將某些佣金資本化，這導致去年的可變薪酬成本較低。

That being said, we are closely managing our headcount and salary costs, and we also revamped our sales commissions plan this year, which may shift cost to later in the year based on meeting and beating sales targets. Non-GAAP research and development expenses were $27 million, a decrease of $2.8 million or 9% year-over-year. The cost savings we are realizing now represent the benefits in investing in lower cost global delivery centers last year, such as in India, Poland, Argentina and China. And through those strategic initiatives, we are now able to further optimize spend without sacrificing on technology, talent or product development. Non-GAAP G&A costs were $20 million, a modest decrease of $500,000 or 2% year-over-year.

話雖如此，我們正在密切管理我們的員工人數和工資成本，我們還修改了今年的銷售佣金計劃，這可能會根據達到和超過銷售目標將成本轉移到今年晚些時候。非美國通用會計準則研發費用為 2700 萬美元，同比減少 280 萬美元或 9%。我們現在實現的成本節約代表了去年在印度、波蘭、阿根廷和中國等成本較低的全球交付中心投資的好處。通過這些戰略舉措，我們現在能夠在不犧牲技術、人才或產品開發的情況下進一步優化支出。非 GAAP G&A 成本為 2000 萬美元，同比小幅減少 500,000 美元或 2%。

On Slide 17, total non-GAAP operating loss in the first quarter of 2023 was $3 million, of which the loss on the digital asset impairment charge was $19 million for the quarter. The digital asset impairment charge continues to be the primary impact driver when reporting our operating results. I have highlighted in the past that today, GAAP accounting policy treats our Bitcoin holdings as indefinite-lived intangible assets, which results in continuing, and results -- continuing to recognize impairments each quarter if there is any decrease in the fair value at any point during the quarter below our carrying value.

在幻燈片 17 中，2023 年第一季度的非美國通用會計準則營業虧損總額為 300 萬美元，其中本季度數字資產減值費用的虧損為 1900 萬美元。在報告我們的經營業績時，數字資產減值費用仍然是主要的影響因素。我過去強調過，今天，GAAP 會計政策將我們持有的比特幣視為無限期無形資產，這導致持續和結果——如果公允價值在任何時候出現任何下降，每個季度繼續確認減值本季度低於我們的賬面價值。

Late last year, the Financial Accounting Standards Board, or FASB, unanimously voted to recommend the adoption of fair value accounting for measuring certain digital assets, which includes Bitcoin. We have only recognized impairments regardless of whether the price of Bitcoin increases as it did in Q1. However, a fair value accounting is finalized and we are able to recognize both decreases and increases in the fair market value of Bitcoin, we believe our reported earnings will be far more transparent to investors and far more relevant in how we report changes in the market price of Bitcoin and its impact on our reported quarterly results.

去年年底，財務會計準則委員會 (FASB) 一致投票建議採用公允價值會計來衡量某些數字資產，其中包括比特幣。無論比特幣價格是否像第一季度那樣上漲，我們都只確認減值。然而，公允價值會計最終確定，我們能夠確認比特幣公允市場價值的減少和增加，我們相信我們報告的收益對投資者來說將更加透明，並且與我們報告市場變化的方式更加相關比特幣的價格及其對我們報告的季度業績的影響。

As of March 31, 2023, the carrying value of our Bitcoin holdings was approximately $2 billion compared to approximately $4 billion in the market value of our holdings based on the Bitcoin price of approximately 28,500 as of the last day of Q1. As bitcoin prices have continued to rally this year, as of market close on Friday, April 28, the market value of our 140,000 Bitcoins has increased to approximately $4.1 billion. That is a difference of $2.1 billion between the carrying value of our total Bitcoin holdings and the fair market value of our holdings, which could be recognized under a fair value model.

截至 2023 年 3 月 31 日，我們持有的比特幣賬面價值約為 20 億美元，而根據截至第一季度最後一天的比特幣價格約為 28,500，我們持有的比特幣市值約為 40 億美元。由於今年比特幣價格持續上漲，截至 4 月 28 日星期五收市，我們的 140,000 個比特幣的市值已增至約 41 億美元。我們持有的比特幣總賬面價值與我們持有的公允市場價值之間存在 21 億美元的差異，這可以在公允價值模型下得到確認。

On March 23, the FASB issued an exposure draft for comments that would cause an in-scope digital -- that would cause in-scope digital assets, which includes Bitcoin to be measured at fair value. The deadline for comment on the exposure draft runs through June 6. MicroStrategy is fully supportive of the newly proposed rules and improved investor transparency it brings. We plan to provide a response to FASB during the comment period, and we encouraged others to voice their support as well.

3 月 23 日，FASB 發布了一份徵求意見稿，徵求意見稿將導致範圍內的數字資產——這將導致包括比特幣在內的範圍內的數字資產以公允價值計量。對徵求意見稿徵求意見的截止日期為 6 月 6 日。MicroStrategy 完全支持新提議的規則及其帶來的投資者透明度的提高。我們計劃在評論期間對 FASB 做出回應，我們也鼓勵其他人表達他們的支持。

As the largest publicly traded corporate holder of Bitcoin, we believe we have a responsibility to share what we have learned since embarking on our Bitcoin strategy to make it easier for other companies to diversify their balance sheet with this important and innovative asset class. We remain committed as we have in the past to supporting these efforts and supporting other companies with a playbook and shared experiences to leverage Bitcoin as a treasury asset and to continue and support its adoption as a store of value for corporate balance sheets.

作為最大的比特幣上市公司持有人，我們認為我們有責任分享我們自實施比特幣戰略以來所學到的知識，以幫助其他公司更輕鬆地利用這一重要且創新的資產類別實現資產負債表多元化。我們一如既往地致力於支持這些努力，並通過劇本和分享經驗支持其他公司將比特幣作為一種財務資產，並繼續支持其作為企業資產負債表的保值手段。

Turning to Slide 19. In Q1, we repaid the $205 million Bitcoin backed loan at a 22% discount, recognizing a $45 million gain on the extinguishment of that debt. In addition to reducing the company's leverage, we eliminated our highest interest rate debt, which had floated up to an annualized rate of 8.26% just prior to repayment due to the rapidly rising interest rate environment last year. By retiring the debt, we also released all of the bitcoins that were pledged as collateral securing the loan. This was an important and strategic transaction for us and our liability management goals. We now have a total of $2.2 billion of outstanding debt in convertible instruments with a blended, weighted interest rate of approximately 1.6%. This is compared to the prior blended weighted interest rate of 2.1% as of the end of 2022. The convertible senior notes carry a very low cost of capital with the earliest debt maturity not until December 2025. These notes are the most attractive in terms of cost and with over 2 years remaining until the earliest maturity, our outstanding long-term capital continues to be valuable and accretive to our shareholders.

轉到幻燈片 19。在第一季度，我們以 22% 的折扣償還了 2.05 億美元的比特幣支持貸款，確認了 4500 萬美元的債務清償收益。除了降低公司的槓桿率外，我們還消除了利率最高的債務，由於去年利率迅速上升的環境，這些債務在還款前已浮動至 8.26% 的年化利率。通過償還債務，我們還釋放了所有作為貸款抵押品的比特幣。對於我們和我們的負債管理目標而言，這是一項重要的戰略性交易。我們現在有總額為 22 億美元的可轉換工具未償還債務，混合加權利率約為 1.6%。相比之下，截至 2022 年底，之前的混合加權利率為 2.1%。可轉換優先票據的資本成本非常低，最早的債務到期日為 2025 年 12 月。這些票據在以下方面最具吸引力成本以及距離最早到期還有 2 年多的時間，我們未償還的長期資本對我們的股東來說仍然是有價值的和增值的。

Lastly, our now fully fixed great annualized interest expense is $35.5 million compared to over $50 million of annualized expense prior to the end of Q1. This strengthens our overall liquidity position. As of the end of the first quarter, we had $94 million in cash on our balance sheet and our overall liquidity remains robust in order to manage our ongoing working capital needs as well as our debt service expense. Also in Q1, we continued to execute on our at-the-market or ATM equity offering and raised approximately $339 million in net proceeds through the sale of Class A common shares.

最後，我們現在完全固定的高年化利息支出為 3550 萬美元，而在第一季度末之前的年化支出超過 5000 萬美元。這加強了我們的整體流動性狀況。截至第一季度末，我們的資產負債表上有 9400 萬美元的現金，我們的整體流動性仍然強勁，以管理我們持續的營運資金需求以及我們的償債費用。同樣在第一季度，我們繼續執行我們的市場或 ATM 股票發行，並通過出售 A 類普通股籌集了約 3.39 億美元的淨收益。

We issued an aggregate of approximately 1.35 million shares of Class A common stock at an average gross price per share of $252.85. Since then, we terminated the prior $500 million ATM program, of which approximately $112 million of capacity remained. And today, we announced a new $625 million ATM program. As with the prior program, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin or for debt repayment or redemption. We will continue to opportunistically raise capital and use those proceeds in a way that we believe will be the most accretive to our shareholders. No shares have been issued under this new program to date.

我們以每股 252.85 美元的平均總價發行了總計約 135 萬股 A 類普通股。從那時起，我們終止了之前價值 5 億美元的 ATM 計劃，其中約 1.12 億美元的容量仍然存在。今天，我們宣布了一項新的 6.25 億美元的 ATM 計劃。與之前的計劃一樣，我們可能會將所得款項用於一般公司用途，包括購買比特幣或用於償還或贖回債務。我們將繼續機會主義地籌集資金，並以我們認為對股東最有利的方式使用這些收益。迄今為止，尚未根據該新計劃發行任何股票。

Our asset liability management efforts have pushed our earliest debt maturity from Q1 2025 to December of 2025, with no debt maturities coming due in the next 2-plus years giving us more flexibility in managing our liabilities with additional time to navigate the challenges in the macroeconomic environment as well as the price fluctuality in the Bitcoin markets. In Q1, we increased our net Bitcoin position by 7,500 Bitcoins. And as of March 31, 2023, we now hold a total of 140,000 bitcoins on our balance sheet. Of our total Bitcoin holdings, 14,890 Bitcoins are held by MicroStrategy to parent and are pledged as collateral securing our 2028 secured notes. The remaining 125,110 Bitcoins are held at the MicroStrategy subsidiary, all of which now are fully unpledged and unencumbered. At the end of the quarter, 89% of our total Bitcoin holdings were unencumbered compared to 63% at the end of 2022.

我們的資產負債管理工作已將我們最早的債務到期日從 2025 年第一季度推遲到 2025 年 12 月，未來 2 年多沒有到期的債務，這使我們在管理負債方面更加靈活，有更多時間應對宏觀經濟挑戰環境以及比特幣市場的價格波動。在第一季度，我們將比特幣淨頭寸增加了 7,500 個比特幣。截至 2023 年 3 月 31 日，我們的資產負債表上現在總共持有 140,000 個比特幣。在我們的比特幣總持有量中，14,890 個比特幣由 MicroStrategy 持有給母公司，並作為我們 2028 年有擔保票據的抵押品。剩餘的 125,110 比特幣由 MicroStrategy 子公司持有，所有這些現在都完全沒有質押和負擔。到本季度末，我們持有的比特幣總量中有 89% 是未受約束的，而 2022 年底這一比例為 63%。

It's worth mentioning again and reinforcing that we only buy Bitcoin in U.S.-based markets. We only custody Bitcoin with institutional grade, U.S.-based regulated custodians in cold storage, and we have never lent out our Bitcoin. Since the adoption of our Bitcoin acquisition strategy, we have taken a simple approach to buy and hold Bitcoin. We continue -- we conduct throughout due diligence on all of our custodians and execution partners and we take steps along the way to minimize risk and ensure the highest level of compliance. We only buy Bitcoin in U.S.-based markets.

值得再次提及並強調的是，我們只在美國市場購買比特幣。我們只將比特幣託管在機構級別的美國受監管託管人的冷庫中，我們從未借出我們的比特幣。自從採用我們的比特幣收購策略以來，我們採用了一種簡單的方法來購買和持有比特幣。我們繼續——我們對所有託管人和執行合作夥伴進行盡職調查，並在此過程中採取措施將風險降至最低並確保最高水平的合規性。我們只在美國市場購買比特幣。

Turning to Slide 22. Our outlook for 2023 remains optimistic but with a cautious eye. We anticipate modest total revenue growth this year. We expect to continue to grow cloud subscriptions as a percentage of total revenue and strengthen the quality of our recurring revenue as we continue to transform our platform. We remain disciplined on costs while investing in growth, and we will continue to execute our dual strategy of growing our Business Intelligence software business and acquiring Bitcoin for the future. As Phong mentioned, difficult macro conditions continue to persist, which may impact our results this year. However, we are extremely encouraged that even in this environment, an environment of constant change, MicroStrategy continues to serve its customers with an agile one-stop analytics platform with open architecture and modern cloud capabilities. Thank you for your time today and for your continued support of MicroStrategy.

轉到幻燈片 22。我們對 2023 年的前景仍然樂觀，但持謹慎態度。我們預計今年的總收入將適度增長。隨著我們繼續轉型我們的平台，我們預計雲訂閱佔總收入的百分比將繼續增長，並提高我們經常性收入的質量。我們在投資於增長的同時保持成本控制，我們將繼續執行我們的雙重戰略，即發展我們的商業智能軟件業務和為未來收購比特幣。正如 Phong 所提到的，困難的宏觀環境繼續存在，這可能會影響我們今年的業績。然而，令我們感到非常鼓舞的是，即使在這種不斷變化的環境中，MicroStrategy 仍繼續為其客戶提供具有開放架構和現代云功能的敏捷一站式分析平台。感謝您今天抽出時間，感謝您一直以來對 MicroStrategy 的支持。

I'll now turn the call over to Michael for his remarks.

我現在將電話轉給邁克爾，聽取他的意見。

Thank you, Andrew. I would like to start with one quick review of our Bitcoin strategy. As you know, in the third quarter -- the second -- the third quarter of 2020, we embarked on a strategy and an analysis to determine what we thought would be the best treasury reserve asset and we adopted a Bitcoin strategy at that point. And we adopted Bitcoin because we thought of it as digital gold, but without any of the liabilities or imperfections of gold, and with all of the more compelling characteristics of a dominant big tech network. So we kind of -- we were looking for a Google or Facebook or Apple of digital gold. And we looked at all possibilities we considered investing in bonds, we consider silver, and we considered gold, and we considered if we could invest in big tech and we consider that we could invest in real estate or collectibles.

謝謝你，安德魯。首先，我想快速回顧一下我們的比特幣戰略。如您所知，在 2020 年第三季度——第二季度——第三季度，我們著手製定戰略和分析以確定我們認為最好的國庫儲備資產，我們當時採用了比特幣戰略。我們之所以採用比特幣，是因為我們認為它是數字黃金，但沒有黃金的任何缺點或缺陷，並且具有占主導地位的大型科技網絡的所有更具吸引力的特徵。所以我們有點 - 我們正在尋找數字黃金的谷歌或 Facebook 或蘋果。我們研究了我們考慮投資債券的所有可能性，我們考慮過白銀，我們考慮過黃金，我們考慮過我們是否可以投資大型科技，我們考慮過我們可以投資房地產或收藏品。

And our conclusion at that point was that the fundamentals of Bitcoin were superior to all these other asset classes. If we wanted a nonsovereign store of value asset, then that was provably scarce, that would scale as technology improved, that would serve as a hedge against monetary expansion, then Bitcoin was the best choice. So you can see on this chart, the result I think I make the first point, I'm proud to say Bitcoin is the winner. Bitcoin has outperformed all the competing assets over this time period. It has outperformed all of the big tech stocks. It has outperformed all of the major enterprise software stocks. And again, I think the reason why it is a dominant digital network, and there is no dilution, it is never going to be more than 21 million Bitcoin and as the world gets educated and as they become more aware that Bitcoin is accreting. And you can see this is some 32 months ago and in 32 months, Bitcoin has accreted 143%.

我們當時的結論是，比特幣的基本面優於所有其他資產類別。如果我們想要一種非主權的價值資產存儲，那麼它被證明是稀缺的，它會隨著技術的改進而擴展，可以作為對沖貨幣擴張的對沖工具，那麼比特幣就是最好的選擇。所以你可以在這張圖表上看到，結果我想我提出了第一點，我很自豪地說比特幣是贏家。在此期間，比特幣的表現優於所有競爭資產。它的表現優於所有大型科技股。它的表現優於所有主要的企業軟件股票。再一次，我認為它是一個占主導地位的數字網絡並且沒有稀釋的原因是，它永遠不會超過 2100 萬個比特幣，並且隨著世界接受教育並且他們越來越意識到比特幣正在增加。你可以看到這是大約 32 個月前，在 32 個月內，比特幣增長了 143%。

I'm happy to announce to our shareholders that MicroStrategy stock has outperformed Bitcoin. We actually started the day after August 10, with about 25% of our capital structure exposed to Bitcoin, but we have managed through a succession of disciplined and accretive capital market activities in Bitcoin investments to get full Bitcoin exposure and actually outperform the underlying Bitcoin. And so I would attribute our performance to disciplined execution and focus both in the enterprise software business, where we've been very focused on disciplined execution and also in our Bitcoin strategy, where we've picked the right strategy, I believe, but we have also been very disciplined in our use of debt and equity and when we buy Bitcoin and how we custody in we manage Bitcoin.

我很高興地向我們的股東宣布，MicroStrategy 股票的表現優於比特幣。實際上，我們是在 8 月 10 日之後的第二天開始的，我們的資本結構中約有 25% 暴露於比特幣，但我們通過一系列有紀律和增值的比特幣投資資本市場活動，獲得了充分的比特幣敞口，實際上跑贏了基礎比特幣。因此，我將我們的表現歸功於嚴格的執行並專注於企業軟件業務，我們一直非常專注於嚴格的執行以及我們的比特幣戰略，我相信我們選擇了正確的戰略，但我們在我們使用債務和股權以及何時購買比特幣以及我們如何託管我們管理比特幣方面也非常有紀律。

So ultimately, it's not easy to see what better strategy there might be. And so we are strong proponents of a Bitcoin strategy. And as you can see from this chart, simply acquiring and holding Bitcoin in a prudent fashion is a pretty good way to outperform the market. And we don't feel that we need to pursue other types of risk, certainly rehypothication in lending out your assets or chasing after yield constitutes additional risk and many in the crypto industry have suffered by pursuing that yield or taking those risks. We found it simply by acquiring and holding Bitcoin, we could outperform our peers and the enterprise software business. And we could even perform in a superior fashion versus big tech monopolies like Apple or Google or Microsoft.

所以最終，很難看出可能有什麼更好的策略。因此，我們是比特幣戰略的堅定支持者。正如您從這張圖表中看到的那樣，以謹慎的方式簡單地獲取和持有比特幣是跑贏市場的一種很好的方式。而且我們認為我們不需要追求其他類型的風險，當然，借出您的資產或追逐收益的再抵押會構成額外的風險，並且加密貨幣行業中的許多人都因追求收益或承擔這些風險而遭受損失。我們發現，只要收購併持有比特幣，我們就可以超越同行和企業軟件業務。我們甚至可以在與蘋果、谷歌或微軟等大型科技壟斷企業的競爭中表現得更出色。

So with that, I thought I'd just share a few comments on Bitcoin in general. I would say, we're pleased with our strategy. The retirement of the Silvergate loan dramatically improved our balance sheet. Our cash position has improved. We'll continue to pursue balance sheet opportunities and financial opportunities as long as we deem them to be accretive. With regard to Bitcoin, we see Bitcoin adoption continues. The regulatory environment for Bitcoin is improving. This is not the case for the entire crypto industry, but as capital flows out of the crypto industry, it is flowing into Bitcoin. So as investors exit cryptocurrencies like the stable coins, we expect they are and they will continue to convert and invest that capital into Bitcoin. And as investors exit cryptosecurities like the crypto tokens, the other crypto asset securities that are currently -- that are currently under the microscope in the regulatory environment. We believe that, that capital will flow into Bitcoin.

因此，我想我只是一般性地分享一些關於比特幣的評論。我會說，我們對我們的戰略感到滿意。 Silvergate 貸款的終止顯著改善了我們的資產負債表。我們的現金狀況有所改善。我們將繼續尋求資產負債表機會和財務機會，只要我們認為它們具有增值作用。關於比特幣，我們看到比特幣的採用仍在繼續。比特幣的監管環境正在改善。整個加密行業並非如此，但隨著資金流出加密行業，它正在流入比特幣。因此，隨著投資者退出像穩定幣這樣的加密貨幣，我們預計他們會並且他們將繼續將該資本轉換並投資於比特幣。隨著投資者退出加密代幣等加密證券，其他加密資產證券目前正處於監管環境的顯微鏡下。我們相信，這些資金將流入比特幣。

So all of the regulatory changes in the crypto industry right now are really creating a tailwind for Bitcoin. Markets are being educated about the benefits of Bitcoin via or due to the banking crisis right now. And so although the banking crisis and uncertainty isn't good for banks in general, it has resulted in a lot more awareness of Bitcoin's value proposition as a nonsovereign store value asset and a better instrument without counterparty risk and without the need to trust an intermediary.

因此，目前加密行業的所有監管變化確實為比特幣創造了順風。市場正在通過或由於銀行業危機而了解比特幣的好處。因此，儘管銀行業危機和不確定性總體上對銀行不利，但它使人們更多地認識到比特幣作為一種非主權儲值資產和一種沒有交易對手風險且無需信任中介的更好工具的價值主張.

So Bitcoin is getting a tailwind from banking crisis. It's getting a tailwind from the crypto crisis. And the network continues to strengthen. Network security at Bitcoin is at an all-time high. Bitcoin in essence, is secured by digital power, and you can measure that power in terms of exahash and the Bitcoin network trailing exahash rate is about 346 exahash. This is the all-time high. And this is -- this indicates that despite the crypto winter and despite all of the regulatory uncertainty and all of the travails of the crypto market in general, Bitcoin continues to strengthen and network security and the security capital invested in the network has never been higher.

因此，比特幣正從銀行業危機中受益。它正從加密貨幣危機中受益。並且網絡不斷加強。比特幣的網絡安全性處於歷史最高水平。比特幣本質上是由數字力量保護的，你可以用 exahash 來衡量這種力量，比特幣網絡尾隨 exahash 率約為 346 exahash。這是歷史最高點。這是 - 這表明儘管加密冬天，儘管存在所有監管不確定性以及整個加密市場的所有艱辛，但比特幣繼續加強和網絡安全以及投資於網絡的安全資本從未如此高.

It turns out that the demand for transactions on the Bitcoin network continues to accrete as well. Transactions in the past 30 days are nearing $11 million, and this is also an all-time high. So the demand for creating transactions on the Bitcoin network has never been greater. The result of that demand for transaction bandwidth is driving up transaction fees. We view this as a good thing. Transaction fees are beneficial to Bitcoin miners, and over time, as block rewards decreased, the transaction fee revenue streams are going to increase. And as they increase, they create a very fertile and a very healthy environment for miners to secure the network.

事實證明，對比特幣網絡交易的需求也在持續增加。過去 30 天的交易額接近 1100 萬美元，這也是歷史新高。因此，在比特幣網絡上創建交易的需求從未如此強烈。對交易帶寬的需求推高了交易費用。我們認為這是一件好事。交易費對比特幣礦工有利，隨著時間的推移，隨著區塊獎勵的減少，交易費收入流將會增加。隨著它們的增加，它們為礦工創造了一個非常肥沃和非常健康的環境來保護網絡。

There is -- there are two trends. There is a strong trend of capital flowing from the crypto industry, cryptocurrencies, cryptosecurities and crypto exchanges, into Bitcoin, the Bitcoin network and the Bitcoin asset class. And I think that, that is certainly one of the drivers of the rally in Bitcoin over the past few months. The second major trend is a flow of development efforts from the crypto community onto the Bitcoin network and lots of developers interested in smart contracts, interested in NFTs, interested in other sorts of crypto applications, cryptosecurity, crypto functionality in general, they have started to focus upon developing on top of the Bitcoin protocol and some -- and there are a number of different ways they're doing it, but they're creating a layer 2 protocols and probably the most famous of those layer 2 protocols is the Lightning protocol.

有 - 有兩種趨勢。資本從加密行業、加密貨幣、加密證券和加密交易所流入比特幣、比特幣網絡和比特幣資產類別的趨勢很強。我認為，這肯定是過去幾個月比特幣反彈的驅動力之一。第二個主要趨勢是從加密社區到比特幣網絡的開發工作流，許多開發人員對智能合約感興趣，對 NFT 感興趣，對其他類型的加密應用程序感興趣，加密安全，一般的加密功能，他們已經開始專注於在比特幣協議和一些協議之上進行開發——他們有很多不同的方法來做這件事，但他們正在創建第 2 層協議，而這些第 2 層協議中最著名的可能是閃電協議.

And Lightning itself is emerging as an open permissionless secure transaction protocol for the world. And of course, Lightning is based upon the underlying Bitcoin blockchain, and Lightning allows potentially unlimited scaling of Bitcoin such that you can send micro transactions of $0.01, almost instantly for a fraction of a penny. And because Lightning enables micro transactions and it enables very, very speedy transactions and it enables scalable transactions Lightning itself is the basis for all types of applications.

閃電網絡本身正在成為一種面向世界的開放式、無需許可的安全交易協議。當然，Lightning 是基於底層比特幣區塊鏈的，Lightning 允許潛在地無限擴展比特幣，這樣你就可以發送 0.01 美元的小額交易，幾乎是即時的，只需幾分之一美分。因為閃電網絡支持微交易，它支持非常、非常快速的交易，它支持可擴展的交易，閃電網絡本身是所有類型應用程序的基礎。

And holds out the promise of supporting billions of users and billions of transactions a day and allowing hundreds of thousands or millions of companies, applications and websites to interoperate. And this is something that's really, really important. We, as a company, are very enthusiastic about Lightning as technologists. And so this week, we're hosting a Bitcoin and Lightning for Corporation's conference. Turnout is really compelling. We're excited to see all of the various companies showing up and also the various Lighting application providers, Lightning wallet providers, Lightning service providers showing up to the conference with very, very interesting offerings.

並承諾每天支持數十億用戶和數十億筆交易，並允許數十萬或數百萬家公司、應用程序和網站進行互操作。這是非常非常重要的事情。作為一家公司，我們作為技術人員對閃電網絡非常熱情。所以本週，我們將舉辦比特幣和閃電網絡大會。投票率真的很引人注目。我們很高興看到所有不同的公司都出現了，還有各種照明應用程序提供商、閃電錢包提供商、閃電網絡服務提供商以非常非常有趣的產品出現在會議上。

Lightning itself is an ecosystem and you could think of it as money over IP. But I think over time, it will be more compelling than that. It really is an open permissionless secure transaction protocol. And if you wish to integrate Apple's blue checks, with Facebook blue checks, with Twitter's blue checks, with Google's verified checks, you need an open protocol, and you need a secure protocol. And right now, there has not been one in the absence of Lighting and Lighting is emerging as that protocol for any tech company to integrate value exchange, authentication exchange and secure transactions.

閃電網絡本身是一個生態系統，您可以將其視為 IP 上的貨幣。但我認為隨著時間的推移，它會比這更有說服力。它確實是一個開放的、無需許可的安全交易協議。如果你想整合 Apple 的藍色支票、Facebook 的藍色支票、Twitter 的藍色支票、Google 的驗證支票，你需要一個開放的協議，你需要一個安全的協議。而現在，在沒有 Lighting 和 Lighting 的情況下，還沒有一個協議正在出現，作為任何科技公司整合價值交換、身份驗證交換和安全交易的協議。

So we're really excited about the opportunity for us in the space with our MicroStrategy Lightning offering. And we're going to continue to explore that opportunity in a disciplined and thoughtful fashion, but we also expect there'll be hundreds and then thousands and then tens of thousands of other applications that are tapping into the Lightning protocol. And when you -- and each of those applications creates demand to open and close lightning channels. It creates functionality and value. It creates demand for the underlying Bitcoin. And if you combine that with the other Bitcoin-related applications that are beginning to grow at a faster rate right now, we see this as being very auspicious for demand for Bitcoin as the asset demand for Satoshis as the gas to run the network.

因此，我們對我們的 MicroStrategy Lightning 產品在該領域的機會感到非常興奮。我們將繼續以一種有紀律和深思熟慮的方式探索這個機會，但我們也預計會有成百上千甚至數万個其他應用程序正在利用閃電協議。當你——以及這些應用程序中的每一個都產生打開和關閉閃電通道的需求時。它創造功能和價值。它創造了對基礎比特幣的需求。如果將其與現在開始以更快速度增長的其他比特幣相關應用程序結合起來，我們認為這對比特幣的需求非常有利，因為對 Satoshis 的資產需求是運行網絡的氣體。

And it's very auspicious for support of the network. It's going to draw technology VC. It's drawing Big Tech and technology companies. It's drawing mainstream financial companies to take an interest in the space. Mainstream energy companies are taking a greater interest in the space as well as Bitcoin mining becomes more commercial and better understood. And as the regulatory environment clarifies and as a large portion of the crypto industry moves offshore, there is less confusion in the market, and this is beneficial to Bitcoin, Bitcoin is the primary winner of this regulatory clarity because at this point, people that weren't quite -- they don't quite understand the difference between all these cryptos are starting to see that Bitcoin is the commodity and Bitcoin is the true decentralized asset without an issuer. And from that follows an awareness of Bitcoin as being the superior commodity because it is a scarcity. It is absolutely capped.

對網絡的支持是非常吉祥的。它將吸引技術VC。它吸引了大型科技公司和科技公司。它吸引了主流金融公司對該領域的興趣。主流能源公司對該領域產生了更大的興趣，比特幣挖礦也變得更加商業化和更好地理解。隨著監管環境的明朗化以及加密行業的很大一部分轉移到海外，市場上的混亂減少了，這對比特幣有利，比特幣是這種監管清晰度的主要贏家，因為在這一點上，人們不不太清楚——他們不太明白所有這些加密貨幣之間的區別，他們開始看到比特幣是商品，而比特幣是沒有發行人的真正去中心化資產。由此，人們意識到比特幣是一種優質商品，因為它是一種稀缺品。它絕對是有上限的。

And when you combine the observation that Bitcoin is the commodity and the Bitcoin is superior to all other commodities because it is a scarcity and then you layer on to that, the Bitcoin layer 2 open protocols like Lightning. And then you layer on to that, the Layer 3 applications that utilize Lightning like MicroStrategy Lightning, like Cash App, like the various exchanges that actually support Lightning. At that point, I think that you see that the coin has emerged as a mainstream macroeconomic asset for macro traders, but it's also emerged as an exciting new technology opportunity for technology investors. And it is both a treasury strategy for corporations. It is also a technology strategy to create compelling and exciting new products and services to differentiate a company from its competitors. And so as you can see, we're very optimistic about the outlook for Bitcoin, and we're looking forward to the coming year. We think it's going to be a good one.

當你結合比特幣是商品的觀察結果，比特幣優於所有其他商品，因為它是一種稀缺性，然後你將其疊加，比特幣第 2 層開放協議，如閃電網絡。然後你再往上一層，利用 Lightning 的第 3 層應用程序，如 MicroStrategy Lightning，如 Cash App，如實際支持 Lightning 的各種交易所。在這一點上，我認為你看到代幣已經成為宏觀交易者的主流宏觀經濟資產，但它也成為技術投資者令人興奮的新技術機會。這既是企業的財務戰略。這也是一種技術戰略，旨在創造引人注目和令人興奮的新產品和服務，使公司從競爭對手中脫穎而出。正如你所看到的，我們對比特幣的前景非常樂觀，我們期待著來年。我們認為這將是一件好事。

With that, I think we can go ahead and take questions and answers.

有了這個，我想我們可以繼續提問和回答了。

Thank you, Michael. And the first question is for Phong. Could you update us on the progress of your cloud product and capabilities and how customer migrations are faring today? What are your expectations for cloud business growth against the macro backdrop?

謝謝你，邁克爾。第一個問題是給 Phong 的。您能否向我們介紹您的雲產品和功能的進展情況以及客戶遷移目前的進展情況？您對宏觀背景下的雲業務增長有何預期？

Thanks, Shirish. I think as everyone saw, our cloud revenue results continue to progress in a pretty good direction with growth nearing 50% on a year-over-year basis. As far as our product evolution, big highlights this year, we've launched on AWS and on Azure. Second half of last year, we launched our FedRAMP cloud, which we actually brought on our first customer this quarter in Q1. And later in this year, we plan to also offer Google Cloud Platform in MicroStrategy Cloud Enterprise too. And obviously, we're doing a lot on the automation side. We're continuing to work on micro services and our container-based strategy. But it's a big area of continued innovation. And obviously, our multicloud strategy is very attractive to large enterprises.

謝謝，希里什。我認為正如大家看到的那樣，我們的雲收入結果繼續朝著相當好的方向發展，同比增長接近 50%。就我們的產品發展而言，今年的一大亮點是，我們已經在 AWS 和 Azure 上推出。去年下半年，我們推出了 FedRAMP 雲，實際上我們在本季度第一季度為我們帶來了第一位客戶。今年晚些時候，我們還計劃在 MicroStrategy Cloud Enterprise 中提供 Google Cloud Platform。顯然，我們在自動化方面做了很多工作。我們將繼續致力於微服務和基於容器的戰略。但這是一個持續創新的大領域。顯然，我們的多雲戰略對大型企業非常有吸引力。

Looking forward to continued growth, we had a little bit of a slowdown in cloud billings, 19% year-over-year growth in Q1. I think that speaks a little bit to the macroeconomic environment and a little bit of a slowdown in some deals. But I do anticipate cloud is going to be a big driver of growth going forward. And you probably see the positive impact it's having on our revenue already.

展望持續增長，我們的雲賬單略有放緩，第一季度同比增長 19%。我認為這在一定程度上說明了宏觀經濟環境和一些交易的放緩。但我確實預計雲將成為未來增長的重要推動力。您可能已經看到它對我們的收入產生的積極影響。

Great. Thank you, Phong. Next question is for Michael. In light of the recent events and the broader crypto market, what do you think are the key catalysts for more adoption of Bitcoin by institutions? And how does the recent volatility in the banking markets intersect with potential Bitcoin adoption?

偉大的。謝謝你，馮。下一個問題是邁克爾。鑑於最近發生的事件和更廣泛的加密貨幣市場，您認為機構更多采用比特幣的關鍵催化劑是什麼？最近銀行市場的波動如何與潛在的比特幣採用相交？

I think that the FASB fair accounting determination will be an important catalyst. I think there are a lot of very conservative corporations that will be reluctant to put material amounts of Bitcoin on their balance sheet as long as they have the current indefinite intangible treatment. So I think fair value is important milestone. I think that when there is -- when there is a national security exchange, a regulated national securities exchange trading Bitcoin, I think that will be a big milestone. So when the uncertainty lifts around crypto exchanges in the U.S., I think when we get more clarity on stable coin usage from regulators, I think that will be a big milestone. I expect that will probably drive a lot of Bitcoin adoption.

我認為 FASB 的公平會計決定將是一個重要的催化劑。我認為有很多非常保守的公司，只要他們擁有目前無限期的無形資產待遇，就不願意將大量的比特幣放在他們的資產負債表上。所以我認為公允價值是一個重要的里程碑。我認為，當有一個國家安全交易所，一個受監管的國家證券交易所交易比特幣時，我認為這將是一個重要的里程碑。因此，當圍繞美國加密貨幣交易所的不確定性解除時，我認為當我們從監管機構那裡更加清楚地了解穩定幣的使用時，我認為這將是一個重要的里程碑。我預計這可能會推動比特幣的大量採用。

I think that with regard to the banking environment, all of the uncertainty in the banking environment is driving awareness of Bitcoin's value proposition. And there's a set of mainstream investors that have not really understood Bitcoin or they haven't understood what Bitcoin was good for until now. And it's beginning to -- it's very clear that it's resonating with lots of mainstream investors that Bitcoin is a bank in cyberspace, that offers an alternative to those that don't have a bank they can trust. And there's -- most American investors haven't really been focused upon the problem of unreliable currency and an unreliable bank because they've always had reliable banks and a reliable currency. But of course, everywhere in South America, everywhere in Africa, most places in Asia, the population doesn't have a reliable currency and it doesn't have a reliable bank. They can't buy dollars even if they wanted to buy dollars. And if they did buy dollars, if they have to buy them from a bank and the bank is under the control of a government, when the government gets in trouble, they freeze all the dollars in the bank. They convert the dollars back into local currency. They devalue the local currency.

我認為，就銀行業環境而言，銀行業環境中的所有不確定性都在推動人們對比特幣價值主張的認識。還有一些主流投資者並不真正了解比特幣，或者他們直到現在才了解比特幣的好處。而且它開始——很明顯，比特幣是網絡空間中的銀行，這引起了許多主流投資者的共鳴，它為那些沒有可信任銀行的人提供了另一種選擇。還有——大多數美國投資者並沒有真正關注不可靠的貨幣和不可靠的銀行的問題，因為他們一直擁有可靠的銀行和可靠的貨幣。但當然，在南美洲的任何地方，非洲的任何地方，亞洲的大部分地方，人們都沒有可靠的貨幣，也沒有可靠的銀行。他們想買美元也買不到美元。如果他們確實購買了美元，如果他們必須從銀行購買美元並且銀行在政府的控制之下，當政府遇到麻煩時，他們會凍結銀行中的所有美元。他們將美元兌換成當地貨幣。他們使當地貨幣貶值。

And so the plight of investors in Lebanon or Syria or in Argentina or whatever, has been not on the radar of mainstream investors. But of course, with the failure of First Republic and Silicon Valley Bank and other banks, it's now on the radar of Wall Street. And I think the Wall Street is now realizing that if they're insecure about their money in a U.S. bank, then maybe they empathize more with the end securities of foreigners with their money in foreign banks and foreign currencies. So all of these things are driving awareness and awareness drives adoption. Because as soon as a mainstream investor acknowledges that Bitcoin is an asset class, a legitimate asset class, then they're already underexposed. All we need to do in order to be successful is simply to get a mainstream investor to acknowledge that Bitcoin is an asset, whether it's a correlated asset, an uncorrelated asset or not, doesn't really even matter. It doesn't matter if they're long or short. If they view it as a legitimate asset class, they're underexposed. And the combination of all these developments in the crypto market and regulatory advances as well as all of the struggles of the banking sector have an impact of educating people on Bitcoins, differentiating any unique characteristics.

因此，黎巴嫩、敘利亞、阿根廷或其他國家的投資者的困境並未引起主流投資者的關注。但當然，隨著 First Republic 和矽谷銀行以及其他銀行的倒閉，它現在受到了華爾街的關注。而且我認為華爾街現在已經意識到，如果他們對自己在美國銀行的資金沒有安全感，那麼他們可能會更加同情將資金存放在外國銀行和外幣中的外國人的最終證券。因此，所有這些都在推動意識，而意識又推動採用。因為一旦主流投資者承認比特幣是一種資產類別，一種合法的資產類別，那麼他們就已經暴露不足了。為了取得成功，我們需要做的只是讓主流投資者承認比特幣是一種資產，無論它是相關資產、不相關資產，都無關緊要。不管它們是長是短。如果他們將其視為合法資產類別，那麼他們就暴露不足了。加密市場的所有這些發展和監管的進步以及銀行業的所有鬥爭都對教育人們比特幣產生了影響，區分了任何獨特的特徵。

Thank you, Michael. The next question is for Andrew. Can you explain significantly large swing in the GAAP earnings, it looks like there was a tax impact this quarter as it relates to Bitcoin. Can you please clarify how that all works?

謝謝你，邁克爾。下一個問題是給安德魯的。你能解釋一下 GAAP 收益的大幅波動嗎，看起來本季度與比特幣有關的稅收影響。你能解釋一下這一切是如何運作的嗎？

Shirish. You should give me the fun one, I guess. Sure. The general accounting and tax concepts is as we've seen are not very easily understood as it exists today, which is why we welcome some of the anticipated changes in the accounting rules that Michael just mentioned. That being said, I'll try and walk you through some high-level math. We had a deferred tax asset on 3/31, which was $653 million, and it is mostly based on the tax effect of a cumulative impairments that we've taken on our Bitcoin holdings over time. If you recall, at the end of last year, we recognized a large valuation of allowance, which was about $500 million because the coin prices were at the lows of about $16,500 at the time versus a cost basis of just over $30,000.

希里什。我想你應該給我有趣的。當然。正如我們所見，一般的會計和稅收概念並不像今天那樣容易理解，這就是為什麼我們歡迎邁克爾剛才提到的會計規則中的一些預期變化。話雖如此，我將嘗試引導您完成一些高級數學。我們在 3 月 31 日有一項遞延稅款資產，為 6.53 億美元，主要基於我們對比特幣持有量的累積減值的稅收影響。如果你還記得，去年年底，我們確認了一個很大的津貼估值，約為 5 億美元，因為當時代幣價格處於約 16,500 美元的低點，而成本基礎剛剛超過 30,000 美元。

Fast forward to 3/31, as Bitcoin price increased to about $28,500 we released about $456 million of that valuation we took at the end of last year, which in turn drove the large tax benefit line item in our Q1 income statement. I mean, look, we saw Bitcoin prices decline last year. We are on the receiving end of a lot of focus on reported losses we took. We now see Bitcoin price drive higher. I think this is an example of the reversal of those hits. We took last year and a benefit as we see prices continue to improve. Hopefully, we'll get the similar recognition for these types of improvements as we did when Bitcoin price was trending downward. Hopefully, that helps.

快進到 3 月 31 日，隨著比特幣價格上漲至約 28,500 美元，我們發布了去年年底估值中的約 4.56 億美元，這反過來推動了我們第一季度損益表中的大額稅收優惠項目。我的意思是，看，去年我們看到比特幣價格下跌。我們正處於對我們所報告的損失的大量關注的接收端。我們現在看到比特幣價格走高。我認為這是這些命中逆轉的一個例子。我們去年受益，因為我們看到價格繼續上漲。希望我們能像在比特幣價格呈下降趨勢時那樣，對這些類型的改進獲得類似的認可。希望這會有所幫助。

Thanks, Andrew. Next question is for Phong. So Phong, lots of great commentary in the presentation today on the innovation side, can you please provide some guidance on if there's any expectation around when the new areas of innovation start to contribute to the revenues?

謝謝，安德魯。下一個問題是給 Phong 的。所以 Phong，今天在創新方面的演講中有很多精彩的評論，你能否提供一些指導，說明是否有任何關於新創新領域何時開始為收入做出貢獻的預期？

Yes. I think it would be premature to anticipate any direct revenue attribution for our innovations. We're doing a lot in the core BI side. We're doing a lot on augmented analytics. We're doing a lot on artificial intelligence and Lightning those are sort of the four big areas beyond sort of what we've been working on the cloud. As we release these products to market and experience the uptake and solidify how we're going to price them, we'll figure out more, but I think it's a little early right now to attribute any of the innovation directly to revenue. But in the next 6 to 12 months, we'll be able to answer that question better.

是的。我認為現在預測我們的創新有任何直接收入歸因還為時過早。我們在核心 BI 方面做了很多工作。我們在增強分析方面做了很多工作。我們在人工智能和 Lightning 方面做了很多工作，這些是我們在雲上所做工作之外的四大領域。當我們將這些產品推向市場並體驗吸收並鞏固我們將如何定價時，我們會弄清楚更多，但我認為現在將任何創新直接歸因於收入還為時過早。但在接下來的 6 到 12 個月內，我們將能夠更好地回答這個問題。

Great. Next one is for Phong as well. If it has been different or difficult to sell expansion deals in the current macro environment as tech companies change their head counts.

偉大的。下一個也是給 Phong 的。隨著科技公司改變員工人數，在當前的宏觀環境下出售擴張交易是否有所不同或困難。

Yes. I think it's hard to say exactly what's happening from a macroeconomic side. But I would say, if you look at our financials, there's a couple of indicators. One is we're seeing our services revenue slow down a little bit, and that's usually an indication of financial belt tightening by IT groups and companies in general, especially technology-focused companies. And the second is we did see a little bit of a slowdown in cloud growth. Now I think that's probably more seasonal and potentially not going to continue, but it did indicate delayed sales cycles, some belt tightening of budgets. So how the rest of the year will go is hard to anticipate. But I do think at this point in time, as Andrew said, it's good to be cautious, good to be prudent overall.

是的。我認為很難從宏觀經濟方面確切地說出發生了什麼。但我想說，如果你看看我們的財務狀況，就會發現有幾個指標。一是我們看到我們的服務收入略有放緩，這通常表明 IT 集團和一般公司（尤其是技術型公司）正在收緊財務。其次是我們確實看到雲增長略有放緩。現在我認為這可能更具季節性並且可能不會繼續，但它確實表明銷售週期延遲，預算有所收緊。因此，今年剩下的時間將如何發展很難預測。但我確實認為在這個時間點上，正如安德魯所說，保持謹慎是件好事，總體上保持謹慎是件好事。

Thanks, Phong. And we'll take one last question here for Andrew. So as a follow-up to the change in the accounting rules you mentioned, can you please provide any thoughts on the impact of FASB's decision and whether you have an expected time line for the rule implementation?

謝謝，馮。我們將在這里為安德魯提出最後一個問題。那麼作為你提到的會計規則變更的後續行動，你能否就 FASB 決定的影響以及你是否有規則實施的預期時間表提供任何想法？

Sure. Thanks, Shirish. As I mentioned on the call, we believe the rule will -- changing the fair value is the right change. We support the draft that the FASB has put out. I think it provides the better transparency that we've been advocating for since we took on our Bitcoin strategy, and we think it will open the door to more people thinking about Bitcoin on their balance sheet. As for timing, I certainly can't speculate when the rule will become final, but the comment period ends in early June, and we certainly hope that this is something that will hopefully take place before the end of the year. So we -- I guess we have our fingers crossed, but thanks for the question.

當然。謝謝，希里什。正如我在電話中提到的，我們相信規則會——改變公允價值是正確的改變。我們支持 FASB 提出的草案。我認為它提供了我們自採用比特幣戰略以來一直提倡的更好的透明度，我們認為這將為更多人在他們的資產負債表上考慮比特幣打開大門。至於時間，我當然無法推測規則何時會成為最終規則，但評論期將在 6 月初結束，我們當然希望這有望在今年年底之前發生。所以我們 - 我想我們已經祈禱了，但感謝您提出這個問題。

Great. So thank you, everyone, for the question. And this concludes the Q&A portion of the webinar. I will now turn the call over to Phong for his closing remarks.

偉大的。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，聽取他的結束語。

I want to thank everyone for being with us today. I appreciate your support. For those who are here with us at MicroStrategy World, live in person, I look forward to having an opportunity to meet you in person live also. We're as enthusiastic as ever about our enterprise software strategy as well as our Bitcoin strategy. And we wish you a good quarter and look forward to seeing you again in 12 weeks. Thanks, everyone.

我要感謝大家今天和我們在一起。我感謝您的支持。對於那些與我們一起在 MicroStrategy World 現場直播的人，我期待有機會在現場與您見面。我們一如既往地熱衷於我們的企業軟件戰略以及我們的比特幣戰略。我們希望您度過一個愉快的季度，並期待在 12 週後再次見到您。感謝大家。