Microstrategy Inc (MSTR) 2023 Q2 法說會逐字稿

Hello, everyone, and good evening. I am Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. I'll be your moderator for MicroStrategy's 2023 Second Quarter Earnings Webinar. 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.

大家好，晚上好。我是 Shirish Jajodia，MicroStrategy 投資者關係和財務部副總裁。我將擔任 MicroStrategy 2023 年第二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有關我們未來期望、計劃和前景的一些信息可能構成前瞻性陳述。由於各種重要因素，包括我們最近向 SEC 提交的 10-Q 報告中討論的風險因素，實際結果可能與這些前瞻性陳述存在重大差異。我們不承擔更新這些前瞻性聲明的義務，這些聲明僅代表今天的情況。

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. I would like to now welcome you all to today's webinar, and let you know that we will be taking questions during the Q&A using the Q&A feature at the bottom of your screen. (Operator Instructions)

此外，在今天的電話會議中，我們將提及某些非公認會計準則財務指標。顯示 GAAP 與非 GAAP 結果的調節表可在我們今天發布的收益報告和演示文稿中找到，也可以在我們的網站 microstrategy.com 上找到。我現在歡迎大家參加今天的網絡研討會，並讓您知道我們將在問答期間使用屏幕底部的問答功能回答問題。 （操作員說明）

Now I will walk you through the agenda for today's call. First, Phong Le will cover the business results for the second quarter of 2023. Second, Andrew Kang will cover the financial results for the second quarter of 2023. Then Michael Saylor will provide a strategic review, and discuss the recent Bitcoin market updates. And lastly, we will open up to Q&A. With that, I'll turn the call over to Phong Le, President and CEO of MicroStrategy. Phong?

現在我將向您介紹今天電話會議的議程。首先，Phong Le 將介紹 2023 年第二季度的業務業績。其次，Andrew Kang 將介紹 2023 年第二季度的財務業績。然後 Michael Saylor 將提供戰略回顧，並討論最近的比特幣市場動態。最後，我們將開放問答。接下來，我會將電話轉給 MicroStrategy 總裁兼首席執行官 Phong Le。馮？

Thank you, Shirish. Hello, everyone. I'd like to welcome all of you to today's webinar, and I'll start with highlights of our software business. Our total revenue results in the second quarter 2023 were mixed, with challenges in product license revenue balanced by strength in our cloud business. Revenues were primarily impacted by an uncertain macroeconomic environment, leading to longer delayed sales cycles. Growth in our recurring revenue illustrates the durability of our enterprise-grade platform and continued traction in cloud. We also saw continued strong profitability, as we thoughtfully manage our cost structure.

謝謝你，希里什。大家好。歡迎大家參加今天的網絡研討會，我將首先介紹我們軟件業務的亮點。我們 2023 年第二季度的總收入結果好壞參半，產品許可收入方面的挑戰與我們雲業務的實力相平衡。收入主要受到不確定的宏觀經濟環境的影響，導致銷售週期延遲更長。我們經常性收入的增長說明了我們企業級平台的耐用性以及雲領域的持續吸引力。由於我們深思熟慮地管理成本結構，我們還看到了持續強勁的盈利能力。

Total revenue was $120.4 million, representing a decrease of 1% year-over-year or flat on a constant currency basis. Total software license revenues, which consists of total product licenses and subscription services revenues were $35.4 million, representing an increase of 4% year-over-year or 7% on a constant currency basis. Total software license revenue performance benefited from increased adoption of our cloud platform, which was partially offset by a decrease in product license revenues. Total subscription services revenue was $19.9 million, an increase of 42% year-over-year, or 44% on a constant currency basis. And our Q2 subscription billings growth was 15% year-over-year.

總收入為 1.204 億美元，同比下降 1%，按固定匯率計算持平。軟件許可總收入（包括總產品許可和訂閱服務收入）為 3540 萬美元，同比增長 4%，按固定匯率計算增長 7%。軟件許可總收入表現得益於雲平台採用率的增加，但產品許可收入的下降部分抵消了這一影響。訂閱服務總收入為 1,990 萬美元，同比增長 42%，按固定匯率計算增長 44%。我們第二季度的訂閱賬單同比增長 15%。

Even though difficult macroeconomic conditions continue to persist and may continue to impact our revenue in the coming quarters, MicroStrategy continues to invest in and focus on innovation, and I'm excited to tell you more about our product developments. At our MicroStrategy World User Conference, held in person in May 2023, we highlighted and introduced MicroStrategy ONE, our enterprise AI BI platform. In our keynote address, we highlighted how some of the biggest brands in the world, including organizations like Hilton Hotels, Mica Insurance, and Sony Interactive Entertainment, leverage the power and unified capabilities of MicroStrategy to transform how they operate and succeed amidst fierce competition. With an eye to the feature, we unveiled our vision of intelligence everywhere in the age of artificial intelligence, and what our engineering team is building today. We also announced the development of our Lightning Rewards product, an innovative approach to monetizing interactions, which leverages the Lightning network, the Bitcoin Layer 2 payment protocol, and we've heard from industry experts across the Bitcoin and Lighting Network ecosystems about the practical application of the Lightning network for business today and tomorrow.

儘管困難的宏觀經濟狀況繼續存在，並可能繼續影響我們未來幾個季度的收入，但 MicroStrategy 繼續投資並專注於創新，我很高興向您介紹更多有關我們產品開發的信息。在 2023 年 5 月親自舉行的 MicroStrategy 世界用戶大會上，我們重點介紹並介紹了我們的企業 AI BI 平台 MicroStrategy ONE。在我們的主題演講中，我們重點介紹了全球一些最大的品牌（包括希爾頓酒店、Mica Insurance 和索尼互動娛樂等組織）如何利用MicroStrategy 的強大功能和統一功能來轉變其運營方式並在激烈的競爭中取得成功。著眼於這一功能，我們公佈了人工智能時代無處不在的智能願景，以及我們的工程團隊今天正在構建的產品。我們還宣布開發閃電獎勵產品，這是一種創新的交互貨幣化方法，它利用閃電網絡、比特幣第2 層支付協議，我們從比特幣和閃電網絡生態系統的行業專家那裡聽到了有關實際應用的信息閃電網絡今天和明天的業務。

The MicroStrategy ONE platform is the most important product innovation in the history of our company, because it represents a fundamental shift in our industry to harness the power of business intelligence, and artificial intelligence together, to upgrade the way organizations do business. Said plainly, AI and BI are better together, and MicroStrategy has unique advantages for developing an AI BI platform.

MicroStrategy ONE 平台是我們公司歷史上最重要的產品創新，因為它代表了我們行業的根本性轉變，即共同利用商業智能和人工智能的力量來升級組織開展業務的方式。說白了，AI和BI相輔相成，MicroStrategy在開發AI BI平台方面有得天獨厚的優勢。

Let me explain. This next-generation product suite is built to unleash new levels of efficiency and creativity. Organizations are looking to consolidate vendors to save cost, simplify deployment, and maximize impact. They're looking to deploy AI-enabled applications to drive efficiency, productivity and impact to their operations. MicroStrategy ONE offers a comprehensive solution of flexibility, and scale to address all types of use cases. We're extremely proud of the work done to build MicroStrategy ONE, and are excited for customers and prospects alike to experience how it changes the way they think about the feature of AI and BI.

讓我解釋。這款下一代產品套件旨在釋放新的效率和創造力水平。組織正在尋求整合供應商以節省成本、簡化部署並最大限度地提高影響力。他們希望部署支持人工智能的應用程序，以提高效率、生產力和對其運營的影響。 MicroStrategy ONE 提供了一種全面的解決方案，具有靈活性和可擴展性，可滿足所有類型的用例。我們對構建 MicroStrategy ONE 所做的工作感到非常自豪，並很高興讓客戶和潛在客戶體驗它如何改變他們對 AI 和 BI 功能的看法。

MicroStrategy is well positioned all organizations build and deploy AI applications to users by leveraging the core capabilities of our leading BI platform. In our experience, 80% of the complexity in building AI applications and solutions is procuring, transforming, organizing, securing and maintaining data. The challenges with scale, governance and trust with AI are amplified by an order of magnitude, compared to traditional BI. And security and access control is paramount. All these are very similar to large-scale massive analytics deployments, something we believe we do best. By leveraging an open cloud native, composable architecture, access to structured and unstructured inputs at a semantic graph connected to advanced deep learning and large language models, we believe we have a proven framework for success.

MicroStrategy 處於有利地位，所有組織都可以利用我們領先的 BI 平台的核心功能為用戶構建和部署 AI 應用程序。根據我們的經驗，構建人工智能應用程序和解決方案的複雜性 80% 是採購、轉換、組織、保護和維護數據。與傳統商業智能相比，人工智能在規模、治理和信任方面的挑戰被放大了一個數量級。安全和訪問控制至關重要。所有這些都與大規模分析部署非常相似，我們相信我們在這方面做得最好。通過利用開放的雲原生、可組合架構，在連接到高級深度學習和大型語言模型的語義圖上訪問結構化和非結構化輸入，我們相信我們擁有一個經過驗證的成功框架。

With the launch of the MicroStrategy ONE platform, we are now able to increasingly focus on MicroStrategy's hallmark, product innovation. Our innovations focused on native cloud, artificial intelligence, and the Lightning network. Building on the launch of MicroStrategy ONE, will be sharing details online and in person around the globe, starting in September. MicroStrategy Cloud is the foundation of MicroStrategy ONE and a key area of our research and development investment. The flexibility and scalability and security required to embrace AI further underscore the importance we have seen in this area in the more traditional analytics space. The power of multi-cloud deployment, a containerized microservices architecture, enterprise-grade security, proactive cloud management from experts, seamless migration and backups, and single-click updates and upgrades, allow cloud customers to appreciate immediate benefits of our platform.

隨著 MicroStrategy ONE 平台的推出，我們現在能夠更加關注 MicroStrategy 的標誌——產品創新。我們的創新主要集中在原生雲、人工智能和閃電網絡上。在推出 MicroStrategy ONE 的基礎上，將從 9 月開始在全球範圍內在線和麵對面地分享詳細信息。 MicroStrategy Cloud 是 MicroStrategy ONE 的基礎，也是我們研發投資的關鍵領域。擁抱人工智能所需的靈活性、可擴展性和安全性進一步強調了我們在更傳統的分析領域中看到的這一領域的重要性。多雲部署、容器化微服務架構、企業級安全性、專家主動雲管理、無縫遷移和備份以及單擊更新和升級的強大功能，讓雲客戶能夠立即享受到我們平台的優勢。

The comprehensive set of tools on our platform, and scalable data governance ensures customers benefit from the ability to make fast, accurate and informed decisions, while accelerating access to the technology of the future. These needs necessitate, a cloud-first, cloud-native approach that will be transformative for customers and as such, will be an area of continued focus for us. Talking further about our AI innovation, the key 3 upgrade to our AI BI platform, planned for release this September, will bring advanced AI capabilities in a new dimension. MicroStrategy AI, empowering organizations to rapidly deploy secure, govern and trusted AI applications. We brought the same care and expertise around data definitions of wrangling, multisource data access and governance from the traditional BI world, and our approach to AI. The MicroStrategy semantic graph, combined with generative AI and deep learning, will enable organizations to better understand their data and their relationships, resulting in more accurate predictions, better data quality, improved model training, and output in faster actionable insights.

我們平台上的全套工具和可擴展的數據治理可確保客戶受益於做出快速、準確和明智決策的能力，同時加快對未來技術的獲取。這些需求需要一種雲優先、雲原生的方法，這將為客戶帶來變革，因此也將成為我們持續關注的領域。進一步討論我們的人工智能創新，計劃於今年 9 月發布的人工智能 BI 平台的關鍵 3 次升級，將把先進的人工智能能力帶入新的維度。 MicroStrategy AI，使組織能夠快速部署安全、治理和可信的 AI 應用程序。我們對傳統 BI 世界中的爭論數據定義、多源數據訪問和治理以及我們的人工智能方法給予了同樣的關注和專業知識。 MicroStrategy 語義圖與生成式人工智能和深度學習相結合，將使組織能夠更好地理解他們的數據及其關係，從而實現更準確的預測、更好的數據質量、改進的模型訓練，並更快地輸出可操作的見解。

MicroStrategy's AI innovation focuses on productivity to empower each type of user within an organization to become more intelligent. As an example, MicroStrategy Data Whisper supports the business user, providing access to an AI-powered chat bot, that surfaces answers and self-service insights to understand the why behind the data. Companies can make every consumer a data scientist by extending this experience through MicroStrategy Insights. By asking questions via chat, users can unlock advanced algorithms that detect data patterns, outliers, anomalies, key drivers and more. Insights, uses AI models and evaluates incoming data to surface insights immediately to the user via web and e-mail alerts. For the analysts and authors, simply ask your point, our AI assistant and your data set of choice, and watch to build a dossier that provides a 360-degree analysis of the data in seconds.

MicroStrategy 的 AI 創新側重於生產力，使組織內的各類用戶變得更加智能。例如，MicroStrategy Data Whisper 支持業務用戶，提供對人工智能驅動的聊天機器人的訪問，該機器人可以提供答案和自助服務見解，以了解數據背後的原因。公司可以通過 MicroStrategy Insights 擴展這種體驗，讓每個消費者都成為數據科學家。通過聊天提問，用戶可以解鎖先進的算法來檢測數據模式、異常值、異常、關鍵驅動因素等。洞察，使用人工智能模型並評估傳入數據，通過網絡和電子郵件警報立即向用戶提供洞察。對於分析師和作者，只需詢問您的觀點、我們的 AI 助手和您選擇的數據集，然後觀察即可構建一份在幾秒鐘內提供 360 度數據分析的檔案。

Looking forward, holistically, we're developing further capabilities to extend how our line of business owners can accelerate business results across industries and departments, as well as the composability of the platform to embed AI workflows and productivity into applications. As we look to expand our customer base and drive revenue growth, strategic alliances will become increasingly important. In Q2, we expanded our relationship with Microsoft announcing a multiyear partnership that integrates the Azure OpenAI Service, and Microsoft 365 with MicroStrategy's advanced analytics capabilities, and makes MicroStrategy available on the Azure marketplace. OpenAI has emerged as the leader in generative AI, and we're excited about the Azure service, and our further marketplace offering that enhances the access, speed and capabilities of MicroStrategy ONE for all our customers, current and future.

展望未來，從整體上看，我們正在開發進一步的功能，以擴展我們的業務線所有者如何加速跨行業和部門的業務成果，以及平台的可組合性，以將人工智能工作流程和生產力嵌入到應用程序中。隨著我們尋求擴大客戶群並推動收入增長，戰略聯盟將變得越來越重要。在第二季度，我們擴大了與 Microsoft 的關係，宣佈建立多年合作夥伴關係，將 Azure OpenAI 服務和 Microsoft 365 與 MicroStrategy 的高級分析功能集成在一起，並使 MicroStrategy 在 Azure 市場上可用。 OpenAI 已成為生成式 AI 領域的領導者，我們對 Azure 服務以及我們進一步的市場產品感到興奮，這些產品為我們當前和未來的所有客戶增強了 MicroStrategy ONE 的訪問、速度和功能。

The partnership between MicroStrategy and Microsoft will empower business users to make faster, more informed decisions and accelerate the development, and deployment of new AI applications. Additionally, as discussed at the MicroStrategy World Conference, we're actively working on our Google Cloud platform relationship, and we expect to share further updates in Q4.

MicroStrategy 和 Microsoft 之間的合作夥伴關係將使企業用戶能夠做出更快、更明智的決策，並加速新 AI 應用程序的開發和部署。此外，正如 MicroStrategy 世界大會上所討論的那樣，我們正在積極致力於我們的 Google Cloud 平台關係，並預計在第四季度分享進一步的更新。

Turning to our development at MicroStrategy Lightning, which utilizes the second layer Lightning Network, sitting on top of 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 of the MicroStrategy Lightning platform was Lightning Rewards, which is intended to allow any enterprise to reward their employees, customers, partners and prospects, for their engagement. Company spent vast amounts of time and money on digital marketing, driving engagement with their brand and their customer, and for some monetizing online content. We believe a platform like MicroStrategy Lightning can enable them to drive that engagement, and reward their customers for that engagement directly, rather than lighting the pockets of marketing or financial intermediaries. We expect future capabilities of the Lightning platform will provide opportunities for new business models to monetize online content or minimize threats, in the nuisance of bots, and other malicious factors.

轉向我們在 MicroStrategy Lightning 的開發，它利用位於比特幣網絡之上的第二層閃電網絡。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。支持新的電子商務用例，並應對現代網絡安全挑戰。 MicroStrategy Lightning 平台的第一個用例是 Lightning Rewards，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。公司在數字營銷上投入了大量時間和金錢，以提高品牌和客戶的參與度，並通過一些在線內容獲利。我們相信像 MicroStrategy Lightning 這樣的平台可以幫助他們推動這種參與，並直接獎勵他們的客戶，而不是讓營銷或金融中介機構中飽私囊。我們預計閃電平台的未來功能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機器人滋擾和其他惡意因素帶來的威脅。

While we envision Lightning as an independent product offering, it builds on our core strengths, and deep expertise building highly available, easy-to-use enterprise software delivered in the cloud. While our focus remains on BI innovation, we believe we are uniquely positioned to bring value here. These incremental areas of product focus and innovation will drive MicroStrategy's strategy of being at the forefront of analytics.

雖然我們將閃電視為一種獨立的產品，但它建立在我們的核心優勢和深厚的專業知識之上，構建在雲中交付的高度可用、易於使用的企業軟件。雖然我們的重點仍然是 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。這些增量領域的產品重點和創新將推動 MicroStrategy 走在分析前沿的戰略。

Turning to our Bitcoin strategy, we continue increasing our Bitcoin holdings in the second quarter. In Q2, we acquired 12,333 Bitcoins, the most in a single quarter since the second quarter of 2021. After the end of Q2, we purchased an additional 467 Bitcoins, using cash from our operations. As of July 31, 2023, the company held 152,800 Bitcoins, acquired for a total cost of $4.53 billion or $29,672 per Bitcoin. As you know, our strategy is to acquire a whole Bitcoin, and we plan to continue to accumulate Bitcoin over time, using 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 the coin in the world, and we remain committed to our Bitcoin acquisition strategy with a high degree of conviction, long-term focus and a risk-managed approach.

談到我們的比特幣策略，我們在第二季度繼續增加比特幣持有量。第二季度，我們購買了 12,333 枚比特幣，這是自 2021 年第二季度以來單季度最多的。第二季度末後，我們使用運營現金額外購買了 467 枚比特幣。截至 2023 年 7 月 31 日，該公司持有 152,800 個比特幣，收購總成本為 45.3 億美元，即每個比特幣 29,672 美元。如您所知，我們的策略是收購整個比特幣，並且我們計劃隨著時間的推移，使用多餘的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 是全球最大的比特幣公開交易企業持有者，我們仍然以高度信念、長期關注和風險管理方法致力於我們的比特幣收購戰略。

Finally, before I hand it over to Andrew, I'd like to take a moment to discuss personnel changes this quarter. Our Chief Revenue Officer, Kevin Atkinson, announced his resignation earlier in July. It's been my privilege to work with Kevin for nearly 7 years, and we wish him luck with his future endeavors. With Kevin's departure, I've assumed his responsibilities of head of the sales organization and sales function. I enjoy working directly with our field leaders and team, as well as meeting with customers, and this will give me an opportunity to spend more time in this area.

最後，在我將其交給安德魯之前，我想花點時間討論一下本季度的人事變動。我們的首席營收官凱文·阿特金森 (Kevin Atkinson) 於 7 月初宣布辭職。我很榮幸能與 Kevin 合作近 7 年，我們祝他未來一切順利。隨著凱文的離開，我承擔了他的銷售組織和銷售職能主管的職責。我喜歡直接與我們的現場領導和團隊合作，以及與客戶會面，這將使我有機會在該領域花費更多時間。

Additionally, we're excited to welcome back to Saurabh Abhyankar back to MicroStrategy, as our Chief Product Officer. Saurabh brings more than 20 years of industry experience to the role, and has previously served at MicroStrategy, as Senior Vice President of Product Management, and also Executive Vice President of Marketing. Thus, we continue to opportunistically hire top talent worldwide. In addition, we started returning the office to enable our employees to make the best of the convenience offered by the hybrid work model, while also benefiting from in-person interactions. I'll now turn the call over to Andrew to discuss our financials for the quarter in further detail.

此外，我們很高興歡迎 Saurabh Abhyankar 回到 MicroStrategy，擔任我們的首席產品官。 Saurabh 為該職位帶來了 20 多年的行業經驗，此前曾在 MicroStrategy 擔任產品管理高級副總裁以及營銷執行副總裁。因此，我們繼續機會主義地聘用全球頂尖人才。此外，我們開始歸還辦公室，以使員工能夠充分利用混合工作模式提供的便利，同時也受益於面對面的互動。我現在將把電話轉給安德魯，進一步詳細討論我們本季度的財務狀況。

Thank you, Phong. I'll start by recapping some of the key GAAP financial results for the quarter. GAAP total revenues for Q2 were $120.4 million, down $1.7 million or 1% year-over-year and flat year-over-year at constant currency. Total software license revenues, which consist of product license revenues and subscription services revenues were $35.4 million, up 4% year-over-year and up 7% at constant currency. Subscription service revenues, which reflect recurring revenues from our cloud business, were $19.9 million, an increase of 42% year-over-year, or an increase of 44% at constant currency. Product license revenues were $15.5 million for the quarter, down 23% year-over-year, or down 20% at constant currency. While we saw some ongoing headwinds from the overall challenging macroenvironment this past quarter, our results continue to reflect the expected decline in product license revenues as we transition our BI business to the cloud. We expect the mix of this revenue will continue to shift from product license to subscription services, as we transition the platform over time.

謝謝你，馮。我將首先回顧一下本季度的一些關鍵 GAAP 財務業績。第二季度 GAAP 總收入為 1.204 億美元，同比下降 170 萬美元或 1%，按固定匯率計算同比持平。軟件許可總收入（包括產品許可收入和訂閱服務收入）為 3540 萬美元，同比增長 4%，按固定匯率計算增長 7%。訂閱服務收入（反映雲業務的經常性收入）為 1,990 萬美元，同比增長 42%，按固定匯率計算增長 44%。該季度產品許可收入為 1550 萬美元，同比下降 23%，按固定匯率計算下降 20%。雖然我們在上個季度看到了整體充滿挑戰的宏觀環境帶來的一些持續阻力，但我們的業績繼續反映出隨著我們將 BI 業務轉向雲，產品許可收入預計會下降。我們預計，隨著我們逐漸過渡平台，這種收入的組合將繼續從產品許可轉向訂閱服務。

Product support revenues were $66.1 million, down 1% year-over-year, and down 1% at constant currency. Customer renewal rates were 93% for the quarter and remained above 90% for the sixth consecutive quarter, continuing to demonstrate the durability of our customer base, even with a tough macroeconomic backdrop. Lastly, other services revenues were $18.9 million, or a 12% decrease year-over-year, or 11% at constant currency, primarily due to lower consulting revenues. While we have seen higher average build rates worldwide, we did experience lower customer demand for consulting services in the quarter. However, we do expect consulting engagements to normalize in the second half of the year.

產品支持收入為 6610 萬美元，同比下降 1%，按固定匯率計算下降 1%。本季度客戶續訂率為 93%，並連續第六個季度保持在 90% 以上，這繼續證明了即使在嚴峻的宏觀經濟背景下，我們客戶群的持久性。最後，其他服務收入為 1,890 萬美元，同比下降 12%，按固定匯率計算下降 11%，這主要是由於諮詢收入下降。雖然我們看到全球平均構建率較高，但本季度客戶對諮詢服務的需求確實較低。然而，我們確實預計諮詢業務將在今年下半年正常化。

On Slide 16, total current software license billings were $39.1 million in the second quarter, a slight decrease of 2% year-over-year. Current subscription billings were $23.1 million, an increase of 15% year-over-year, our 13th straight quarter of double-digit growth. We continue to focus our efforts on transitioning customers to our cloud solution and selling new cloud deployments to new and existing customers. In Q2, we enhanced our market capabilities through a partnership with Microsoft, which makes MicroStrategy available on the Azure marketplace. This partnership allows existing customers to transition to our cloud solution on Azure, and provides us with the opportunity to sell into new net accounts, which we believe have the potential to drive significant incremental subscription revenue in the future. We intend to continue to enhance our go-to-market capabilities through hyperscaler partnerships in the coming year.

在幻燈片 16 中，第二季度當前軟件許可證總收入為 3910 萬美元，同比小幅下降 2%。當前訂閱費用為 2,310 萬美元，同比增長 15%，連續第 13 個季度實現兩位數增長。我們繼續致力於將客戶過渡到我們的雲解決方案並向新客戶和現有客戶銷售新的雲部署。在第二季度，我們通過與 Microsoft 的合作增強了我們的市場能力，這使得 MicroStrategy 在 Azure 市場上可用。這種合作夥伴關係使現有客戶能夠過渡到我們在 Azure 上的雲解決方案，並為我們提供了向新的網絡帳戶銷售的機會，我們相信這有可能在未來大幅增加訂閱收入。我們打算在來年通過超大規模合作夥伴關係繼續增強我們的上市能力。

In 2022, approximately 2/3 of our total revenue was recurring, and we continue to focus and improve in this area, as 70% of total revenue from the first half of 2023 was recurring in nature. The ongoing transition to a subscription will help establish high-quality annual recurring revenues into the future. Shifting to costs on Slide 17. Total non-GAAP expenses were $132 million in the second quarter, compared to approximately $1 billion in the second quarter of 2022. Most notable difference overall, year-over-year, was the much lower Bitcoin impairment this past quarter of $24 million, in contrast to $918 million in Q2 of last year. Non-GAAP cost of revenues was $26 million in the second quarter, an increase of $1.9 million or 8% year-over-year. However, as a percentage of total revenue and non-GAAP cost of revenues were up approximately 2% year-over-year, primarily due to increase in cloud hosting costs, consistent with prior quarters, and in conjunction to the year-over-year increase in our cloud subscription services revenue.

2022 年，我們總收入的約 2/3 是經常性收入，我們將繼續關注並改進這一領域，因為 2023 年上半年總收入的 70% 屬於經常性收入。持續向訂閱的過渡將有助於在未來建立高質量的年度經常性收入。轉向幻燈片17 上的成本。第二季度的非GAAP 總支出為1.32 億美元，而2022 年第二季度約為10 億美元。總體而言，最顯著的差異是今年比特幣減值要低得多。上一季度為 2400 萬美元，而去年第二季度為 9.18 億美元。第二季度非 GAAP 收入成本為 2600 萬美元，同比增加 190 萬美元，即 8%。然而，佔總收入和非 GAAP 收入成本的百分比同比增長約 2%，主要是由於雲託管成本的增加，與前幾個季度一致，並且與去年同期相比我們的雲訂閱服務收入增加。

Non-GAAP sales and marketing expenses increased $1 million or 3% year-over-year to $33 million. As the percentage of total revenues, non-GAAP sales and marketing costs were higher by 1% , year-over-year. Sales and marketing costs continue to normalize compared to the last few years due to higher demand for in-person customer meetings and events, such as our successful MicroStrategy World event in Q2. Non-GAAP research and development expenses were $27 million, a decrease of $1.5 million or 5% year-over-year, which reflects continuing cost efficiencies from our global tech delivery centers. Non-GAAP G&A costs were $21 million, a decrease of $1 million or 4% year-over-year, or a slight decrease of 1% as a percentage of revenue. Our cost focus is on growing our cloud business, prioritizing revenue-generating and customer-facing activities and optimizing tech R&D globally while prioritizing strategic innovation on our platform. And we remain disciplined in overall cost controls, including closely managing our headcount, and salary costs to minimize our controllable expenses.

非 GAAP 銷售和營銷費用同比增加 100 萬美元，即 3%，達到 3300 萬美元。作為總收入的百分比，非 GAAP 銷售和營銷成本同比增加了 1%。與過去幾年相比，由於對面對面客戶會議和活動的需求增加，例如我們在第二季度成功舉辦的 MicroStrategy World 活動，銷售和營銷成本繼續正常化。非 GAAP 研發費用為 2700 萬美元，同比減少 150 萬美元，即 5%，這反映了我們全球技術交付中心的持續成本效率。非 GAAP G&A 成本為 2100 萬美元，同比減少 100 萬美元或 4%，佔收入的百分比略有下降 1%。我們的成本重點是發展我們的雲業務，優先考慮創收和麵向客戶的活動，並優化全球技術研發，同時優先考慮我們平台上的戰略創新。我們在總體成本控制方面仍然嚴格，包括密切管理我們的員工人數和工資成本，以盡量減少我們的可控費用。

Turning to Slide 18. We reported a total non-GAAP operating loss in the second quarter of 2023 of $11 million, of which the loss on the digital asset impairment charge, as mentioned a moment ago, was $24 million for the quarter. The digital asset impairment charge continues to be the primary driver impacting the comparison of our operating results year-over-year. And it's worth noting that in the first 2 quarters of 2023, that Bitcoin impairment charges have been some of the lowest charges since launching our strategy in Q3 of 2020, which we believe reflects the continuing maturity of the overall Bitcoin asset class.

轉向幻燈片 18。我們報告 2023 年第二季度的非 GAAP 運營虧損總額為 1100 萬美元，其中如前所述，該季度的數字資產減值費用損失為 2400 萬美元。數字資產減值費用仍然是影響我們同比經營業績比較的主要驅動因素。值得注意的是，在 2023 年前兩個季度，比特幣減值費用是自 2020 年第三季度推出我們的策略以來最低的費用，我們認為這反映了整個比特幣資產類別的持續成熟。

Part of the volatility in our reported earnings has been due to current GAAP accounting, as you know, which treats our Bitcoin holdings as indefinite intangible assets, which in turn results in recognizing impairments each quarter if there is any decrease in the fair value below our carrying value at any point during the quarter. At the end of 2022, the FASB unanimously voted to recommend a change to the adoption of fair value accounting for measuring certain digital assets, including Bitcoin. If finalized, and we are able to recognize both decreases and increases in the fair value of Bitcoin, we believe our reported earnings will be far more transparent to investors and far more relevant in reflecting changes in market prices. This past May, MicroStrategy submitted a response letter to the FASB on the proposed change. So we noted there was an overwhelming response from interested parties, which included support from sophisticated institutional asset managers, large accounting and audit firms, crypto exchanges and banks. As the largest publicly traded corporate holder of Bitcoin in the world, MicroStrategy remains fully supportive of the proposed rules, and the improved investor transparency we hope it brings.

如您所知，我們報告收益的波動部分是由於當前的公認會計準則會計，該會計將我們持有的比特幣視為無限期的無形資產，如果公允價值低於我們的公允價值，則每個季度都會確認減值。本季度任何時間點的賬面價值。 2022 年底，FASB 一致投票建議改變採用公允價值會計來衡量包括比特幣在內的某些數字資產。如果最終確定，並且我們能夠認識到比特幣公允價值的下跌和上漲，我們相信我們報告的收益對投資者來說將更加透明，並且在反映市場價格變化方面更加相關。今年 5 月，MicroStrategy 向 FASB 提交了關於擬議變更的回應信。因此，我們注意到感興趣的各方做出了壓倒性的回應，其中包括來自經驗豐富的機構資產管理公司、大型會計和審計公司、加密貨幣交易所和銀行的支持。作為全球最大的比特幣公開交易企業持有者，MicroStrategy 仍然全力支持擬議的規則，以及我們希望它帶來的投資者透明度的提高。

On Slide 19, as of June 30, 2023, the carrying value of our Bitcoin holdings was approximately $2.3 billion, compared to approximately $4.6 billion in market value based on the Bitcoin price at the end of Q2. The $2.3 billion difference between the carrying value and the fair market value of our total Bitcoin would be recognized under a fair value model. And as of market close on Friday, July 28, the market value of our 152,800 Bitcoins, was approximately $4.5 billion.

在幻燈片 19 上，截至 2023 年 6 月 30 日，我們持有的比特幣賬面價值約為 23 億美元，而根據第二季度末比特幣價格計算的市值約為 46 億美元。我們全部比特幣的賬面價值和公平市場價值之間 23 億美元的差異將根據公允價值模型予以確認。截至 7 月 28 日週五收盤，我們 152,800 個比特幣的市值約為 45 億美元。

Now turning to Slide 20, in Q2, we continued to execute on our at-the-market or ATM equity offering and raised $335 million in gross proceeds through the sale of Class A common stock. We issued an aggregate of approximately 1.1 million shares at an average gross price per share of approximately $310. We have since terminated the prior $625 million ATM, of which approximately $290 million of the capacity remained. And today, we announced a new $750 million at-the-market program, establishing a net incremental issuance capacity of $460 million. As with prior programs, we may use the proceeds for general corporate purposes, which include the use of Bitcoin, as well as the repurchase or repayment of our outstanding debt.

現在轉向幻燈片 20，在第二季度，我們繼續執行市場或 ATM 股票發行，並通過出售 A 類普通股籌集了 3.35 億美元的總收益。我們總共發行了約 110 萬股股票，每股平均總價約為 310 美元。此後，我們終止了之前價值 6.25 億美元的 ATM，其中約 2.9 億美元的容量仍然保留。今天，我們宣布了一項新的 7.5 億美元市場計劃，建立 4.6 億美元的淨增量發行能力。與之前的計劃一樣，我們可以將所得款項用於一般公司目的，其中包括使用比特幣以及回購或償還我們的未償債務。

MicroStrategy's stock outperformed the Bitcoin in Q2, reflecting a high demand for institutional Bitcoin exposure, especially following the additional positive momentum from increasing institutional interest, and potentially new Bitcoin ETFs and exchanges. The incremental ATM capacity will allow us to benefit from this increased demand, and will allow us to opportunistically raise capital based on market conditions. Our outstanding debt and convertible notes remain unchanged at a total of $2.2 billion with a blended weighted average interest rate of approximately 1.6%. This is compared to the blended weighted average interest rate of 2.1% at the end of 2022, which equates to a decrease of over $15 million in annualized interest expense, strengthening our overall liquidity position. And at the end of the second quarter, we held $66 million in cash on our balance sheet, which is more than enough overall liquidity to manage our ongoing working capital needs and debt service obligations.

MicroStrategy 的股票在第二季度的表現優於比特幣，反映出對機構比特幣敞口的高需求，特別是在機構興趣增加以及潛在的新比特幣 ETF 和交易所帶來的額外積極勢頭之後。 ATM 容量的增加將使我們能夠從需求的增加中受益，並使我們能夠根據市場情況機會性地籌集資金。我們的未償債務和可轉換票據總額保持不變，為 22 億美元，混合加權平均利率約為 1.6%。與 2022 年底 2.1% 的混合加權平均利率相比，年化利息支出減少超過 1500 萬美元，增強了我們的整體流動性狀況。截至第二季度末，我們的資產負債表上持有 6600 萬美元現金，這足以滿足我們持續的營運資金需求和償債義務的整體流動性。

Since the third quarter of 2021, we have raised a total of $1.7 billion in gross proceeds through our ATM programs, with the average price overall issuances of approximately $424 per share. The primary use of prior ATM proceeds has been to acquire additional Bitcoin, increasing Bitcoin per share for our shareholders. In Q1 2023, we also used ATM proceeds to deleverage our balance sheet, by repaying our Bitcoin back secured term loan at an attractive discount.

自 2021 年第三季度以來，我們通過 ATM 計劃籌集了總計 17 億美元的總收益，總體發行平均價格約為每股 424 美元。之前 ATM 收益的主要用途是購買額外的比特幣，為我們的股東增加每股比特幣。 2023 年第一季度，我們還利用 ATM 收益以極具吸引力的折扣償還比特幣抵押定期貸款，以降低資產負債表的槓桿率。

On Slide 22, in Q2 we increased our net Bitcoin position by 12,333 Bitcoin, using net proceeds from ATM issuances as well as excess cash from operations. Subsequent to the end of the quarter, we acquired an additional 467 Bitcoins for $14.4 million, again using excess cash from our operations. And as of July 31, we now hold a total 152,800 Bitcoins on our balance sheet, of which 15,731 Bitcoins are held at MicroStrategy, the parent, and are pledged as collateral securing our 2028 secured notes. The remaining 137,069 Bitcoins are held at the macro strategy subsidiary, all of which are fully unpledged and unencumbered, representing 90% of our total Bitcoin holdings or $4 billion in current market value.

在幻燈片 22 中，第二季度我們使用 ATM 發行的淨收益以及運營中的超額現金將比特幣淨頭寸增加了 12,333 個比特幣。本季度末後，我們再次使用運營中的多餘現金，以 1440 萬美元的價格額外購買了 467 個比特幣。截至 7 月 31 日，我們的資產負債表上總共持有 152,800 枚比特幣，其中 15,731 枚比特幣由母公司 MicroStrategy 持有，並被質押作為我們 2028 年擔保票據的抵押品。其餘 137,069 枚比特幣由宏觀策略子公司持有，所有這些比特幣均完全未質押且無負擔，占我們比特幣總持有量的 90%，即當前市值 40 億美元。

Despite the recent macro headwinds, we continue to remain optimistic for the remainder of the year. We anticipate total revenue this year similar to last year. We will continue to focus on innovation in cloud and artificial intelligence as we innovate our products, and increase demand from our customers. We expect to grow cloud subscription revenue and strengthen recurring revenue, continuing to transform our platform to the cloud. We will remain disciplined, and continue to manage costs and headcount effectively, and we will continue to execute on our dual strategy of growing our BI software business and acquiring and holding Bitcoin. With that, 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. Thank you.

儘管近期存在宏觀阻力，我們仍對今年剩餘時間保持樂觀。我們預計今年的總收入與去年相似。隨著我們產品的創新和客戶需求的增加，我們將繼續專注於雲和人工智能的創新。我們預計將增加雲訂閱收入並加強經常性收入，繼續將我們的平台轉型為雲。我們將保持紀律，繼續有效地管理成本和員工人數，我們將繼續執行發展 BI 軟件業務和收購和持有比特幣的雙重戰略。在此，感謝您今天抽出寶貴的時間，並感謝您對 MicroStrategy 的持續支持。現在我將把電話轉給邁克爾聽他的講話。謝謝。

Thank you, Andrew. I'd like to take this time to review our corporate strategy with regard to Bitcoin, and then talk about our going-forward strategy. So first, I thought it would be appropriate to do a review of the results of our strategy since August 10, 2020. We're now -- we're 9 days away from the 3-year anniversary of us embarking on a Bitcoin strategy. And I think it's very significant because August was the doldrums of the summer in 2020 when we were just a few months post COVID, and the entire world was thinking about how to react to these unprecedented times. We started out with a thought, how does one preserve wealth in the face of what is likely to be monetary inflation? And as you all recall, interest rates were 0% there. Lots of stocks had adjusted, lots of assets were moving around.

謝謝你，安德魯。我想藉此機會回顧一下我們在比特幣方面的公司戰略，然後談談我們的未來戰略。首先，我認為對自 2020 年 8 月 10 日以來我們的戰略結果進行審查是適當的。現在距離我們開始實施比特幣戰略三週年還有 9 天。我認為這非常重要，因為 8 月是 2020 年夏季的低迷時期，當時我們距離新冠疫情僅幾個月，全世界都在思考如何應對這些前所未有的時期。我們首先想到的是，面對可能出現的貨幣通脹，如何保存財富？大家都記得，那裡的利率是 0%。很多股票已經調整，很多資產正在流動。

If we look at the chart in front of us, what you'll see is the S&P 500 appreciated 37% since then. So call it, on the average, about 12% a year for the 3 years, and NASDAQ underperformed the S&P, but 37% is really the hurdle rate for wealth preservation. If you underperform 37%, then presumably, you're destroying shareholder value, and you're destroying wealth. And if you can outperform the 37%, you're creating wealth.

如果我們看一下前面的圖表，您會看到標準普爾 500 指數自那時以來上漲了 37%。這麼說吧，三年內平均每年約12%，納斯達克表現落後於標準普爾，但37%確實是財富保值的門檻。如果你的表現低於 37%，那麼你可能正在破壞股東價值，並且正在破壞財富。如果你能超越 37%，你就創造了財富。

So as we look at these various asset classes, we can see that Bitcoin is the winner of the asset class, almost 4x what the S&P 500 did. So Bitcoin performed returned 145% in that 3-year time frame. So that's pretty stunning performance really. In fact, Bitcoin's performance outdoes every other asset class and every big tech stock, and every enterprise software stock. And so of course, Bitcoin is the most thermodynamically sound asset and our thesis has always been that Bitcoin is perfected gold and has all of the attributes of gold but none of the liabilities of gold. But Bitcoin is also a dominant big tech network with all of the attributes or assets of a big tech company, but none of the liabilities of a big tech company. And you can see on the chart, Bitcoin is performing like that.

因此，當我們審視這些不同的資產類別時，我們可以看到，比特幣是該資產類別的贏家，幾乎是標準普爾 500 指數的 4 倍。因此，比特幣在 3 年時間內的回報率為 145%。所以這確實是相當令人驚嘆的表現。事實上，比特幣的表現超過了所有其他資產類別、所有大型科技股以及所有企業軟件股票。當然，比特幣是熱力學上最健全的資產，我們的論點一直是比特幣是完美的黃金，具有黃金的所有屬性，但沒有黃金的負債。但比特幣也是一個占主導地位的大型科技網絡，具有大型科技公司的所有屬性或資產，但沒有大型科技公司的負債。你可以在圖表上看到，比特幣的表現就是這樣。

Gold is down 3% in those 3 years. So of all the money that was created, and you could make the argument that the monetary supply worldwide, or at least in the Western world, expanded by 37% over that time period. If so, the S&P captured its pro rata fair share of that monetary inflation, the NASDAQ fell a bit behind. But gold didn't capture any of it. Gold is down 3%, and we had a decision to make as a company should we actually convert $250 million worth of our cash into gold, or $250 million of our cash into Bitcoin. And of course, for those of you who have followed us on this entire journey, and you play it out, what you can see is that if we had actually chosen the path of gold we would have less than $250 million in tangible assets in our treasury right now. And it seems very, very unlikely we would have been able to raise any more capital or develop any shareholder consensus or investor consensus to continue with the strategy. So gold is not Bitcoin. Bitcoin is digital gold. But as you can see, the difference between the digital thing and the analog thing is plus 145% versus minus 3%.

黃金在這 3 年裡下跌了 3%。因此，在創造的所有貨幣中，你可以說全球（或者至少在西方世界）的貨幣供應量在這段時間內增長了 37%。如果是這樣，那麼標準普爾指數就按比例獲得了貨幣通脹的公平份額，納斯達克指數則稍稍落後。但黃金並沒有抓住其中的任何一個。黃金下跌了 3%，作為一家公司，我們需要做出決定，是否應該將價值 2.5 億美元的現金兌換成黃金，或者將 2.5 億美元的現金兌換成比特幣。當然，對於那些跟隨我們完成整個旅程的人來說，你們可以看到，如果我們真的選擇了黃金之路，我們的有形資產將少於 2.5 億美元。現在是國庫。我們似乎非常非常不可能籌集更多資金或達成任何股東共識或投資者共識來繼續執行該戰略。所以黃金不是比特幣。比特幣是數字黃金。但正如您所看到的，數字設備和模擬設備之間的差異是正 145% 和負 3%。

Silver has underperformed gold, because silver is less scarce than gold, more of a manufacturable commodity. And bonds have been the worst investment of this asset class. And of course, there's a simple reason why, right? Interest rates were 0, and the thinking was they would stay very, very low for a long time. And long term, interest rates were very low. And of course, as the interest rates increased over the last 3 years that undermined the performance of bond portfolios. We all know the story from the insolvent banks that have been under pressure earlier this year.

白銀的表現落後於黃金，因為白銀不像黃金那麼稀缺，更多的是一種可製造的商品。債券是此類資產中最糟糕的投資。當然，有一個簡單的原因，對嗎？利率為 0，人們的想法是利率會在很長一段時間內保持在非常非常低的水平。從長遠來看，利率非常低。當然，隨著過去三年利率的上升，削弱了債券投資組合的表現。我們都知道今年早些時候面臨壓力的破產銀行的故事。

So key assets and indexes tell a story, and the story is Bitcoin is the winning strategy. S&P is status quo, S&P has a strategy to not lose, every other strategy with assets is a losing strategy. We see the big tech companies, you would have been better off to invest it in a very tight portfolio of big tech stocks like Google, Apple and Microsoft, then invest in the S&P. And that's because they're digital, global monopolies, and they're just as powerful today as they were 3 years ago, and they just keep getting more powerful. But it's not always risk-free to be in big tech, as the results of Meta and Netflix and Amazon indicate that you can underperform the S&P because they're companies.

因此，關鍵資產和指數講述了一個故事，而這個故事就是比特幣是製勝策略。 S&P 是現狀，S&P 有一個不虧損的策略，所有其他有資產的策略都是虧損的策略。我們看到大型科技公司，你最好將其投資於谷歌、蘋果和微軟等大型科技股的非常緊湊的投資組合，然後投資標準普爾指數。那是因為它們是數字化的、全球壟斷的，它們今天和三年前一樣強大，而且它們只會變得越來越強大。但大型科技公司並不總是沒有風險，Meta、Netflix 和亞馬遜的結果表明，你的表現可能會落後於標準普爾指數，因為它們是公司。

The big winner in the enterprise software space is Oracle. And Oracle is a very -- is the primary enterprise software company always has been the most powerful and dominant one. As you can see, IBMsalesforce.com and SAP have all suffered or underperformed the S&P. So against all of those is the comps, as a business intelligence company, we're an enterprise software company, so we compare ourselves to enterprise software stocks. And of course, the best companies in the world, the big tech company, so we compare ourselves to the big tech stocks. And the question is, how does a midsized enterprise software company managed to outperform them all, and the idea was Bitcoin. But as you can see, and I'm delighted to announce MicroStrategy has not only outperformed all assets, all big tech and all enterprise software stocks. MicroStrategy, over that 3 years has actually outperformed Bitcoin itself.

企業軟件領域的最大贏家是甲骨文。甲骨文是一家非常——主要的企業軟件公司，一直是最強大和最具統治力的公司。正如您所看到的，IBMsalesforce.com 和 SAP 都遭受了損失或跑輸了標準普爾指數。因此，與所有這些相比，作為一家商業智能公司，我們是一家企業軟件公司，因此我們將自己與企業軟件股票進行比較。當然，還有世界上最好的公司，大型科技公司，所以我們將自己與大型科技股進行比較。問題是，一家中型企業軟件公司如何超越他們，而這個想法就是比特幣。但正如您所看到的，我很高興地宣布 MicroStrategy 的表現不僅優於所有資產、所有大型科技股和所有企業軟件股票。 MicroStrategy 在過去 3 年裡的表現實際上超過了比特幣本身。

Now that's despite the fact that on August 10, we bought $250 million worth of Bitcoin and Bitcoin was a small -- or a fraction of our enterprise value, a 20%, 25%, probably a 20% of enterprise value is Bitcoin at that time. And somehow we've managed to get more than 100% performance. The way we do that is via intelligent active management of our balance sheet, by taking on intelligent leverage. And so the conclusion here is, the Bitcoin strategy is working. There really isn't any strategy conceivable that couldn't have worked better for us. And of course, on a risk-adjusted basis, given all the possible other strategies and the risk they would imply then Bitcoin actually appears to be the least risky strategy to outperform the S&P.

儘管事實是，在8 月10 日，我們購買了價值2.5 億美元的比特幣，而比特幣只是我們企業價值的一小部分，或者說是我們企業價值的一小部分，當時企業價值的20% 、25%，可能是20% 是比特幣。時間。不知怎的，我們已經成功地獲得了超過 100% 的性能。我們做到這一點的方法是通過智能槓桿對資產負債表進行智能主動管理。所以這裡的結論是，比特幣策略正在發揮作用。確實沒有任何策略對我們來說效果更好。當然，在風險調整的基礎上，考慮到所有可能的其他策略及其隱含的風險，那麼比特幣實際上似乎是跑贏標準普爾指數的風險最小的策略。

There are a certain number of characteristics of MicroStrategy that have allowed us to outperform Bitcoin. And I'd like to delve into those a little bit more in the next slide. The question that pops up a lot is, well, if MicroStrategy is going to own Bitcoin or so much of it, then why don't I just buy Bitcoin, why do I need to buy MicroStrategy? And so that's the first question to ask yourself, and I could give an analogy. The analogy is compare buying a house in the best neighborhood that you can find that you can purchase today with no money down, have all the cash advanced to you by the bank, and then you can rent it out as an investment property for investment income, versus buying the identical house that might be priced 20% cheaper, but it's located in a scary neighborhood, it's going to take more than a year to purchase. And it's going to have to be paid for in cash. You can't finance it. And if you think about those 2 propositions, you can see the houses are identical, but a 20% discount doesn't adjust for all of the other headaches, and acquiring the house. And given a choice between the 2, 98% or some overwhelming number of homebuyers would buy the house that's easy to buy that they can finance at the bank.

MicroStrategy 的某些特徵使我們能夠超越比特幣。我想在下一張幻燈片中更深入地探討這些內容。經常出現的問題是，如果 MicroStrategy 將擁有比特幣或大量比特幣，那麼我為什麼不直接購買比特幣，為什麼我需要購買 MicroStrategy？所以這是要問自己的第一個問題，我可以打個比方。打個比方，你可以在最好的社區買一套房子，你發現你今天可以不用首付購買，所有的現金都由銀行墊給你，然後你可以把它作為投資房產出租以獲得投資收益。 ，與購買同樣的房子，價格可能便宜20%，但它位於一個可怕的社區，需要一年多的時間才能購買。而且必須用現金支付。你無法資助它。如果你考慮一下這兩個命題，你會發現房子是相同的，但 20% 的折扣並不能解決所有其他令人頭疼的問題，比如買房子。如果在這兩者之間進行選擇，98% 或絕大多數的購房者會購買容易購買且可以在銀行融資的房子。

So MicroStrategy is a security. And so when we say a good neighborhood, what we mean is you can buy it on -- buy it from your broker, your big bulge bracket bank, maybe it's a Morgan Stanley or JPMorgan or Goldman Sachs. So an investor can work through the banking relationship they've had for 20 years. And the second thing is the bank will allow them to finance it, so they can buy it for no money down. They can buy it in a matter of minutes. And with Bitcoin, you have to establish a whole new set of relationships, new custodian relationships, new processes for custody. You have to find a new exchange. It's a little bit of a scary process, and it takes a lot of work. It will take you a year. And you have to pay for it all in cash upfront because you can't finance the purchase. So when we talk about ease of access, MicroStrategy versus Bitcoin, you can see that for an investor that just wanted to make an investment quickly, one of them is a quick compliant process that takes a minute with no cash or just very, very convenient routine. All their compliance procedures are the same. All their compensation structure, the same they're accounting is the same. The charter allows it, it's very easy. Whereas buying the Bitcoin means you have to rethink all those things, and it's going to take a long time, and it's going to be difficult.

所以 MicroStrategy 是一種證券。因此，當我們說一個好的社區時，我們的意思是你可以從你的經紀人、你的大型銀行那裡購買它，也許是摩根士丹利、摩根大通或高盛。因此，投資者可以通過他們已有 20 年的銀行關係來運作。第二件事是銀行將允許他們融資，這樣他們就可以不用首付就購買它。他們可以在幾分鐘內購買它。對於比特幣，你必須建立一套全新的關係、新的託管關係、新的託管流程。你必須找到一個新的交易所。這是一個有點可怕的過程，並且需要做很多工作。這將需要你一年的時間。而且您必須預先以現金支付所有費用，因為您無法支付購買費用。因此，當我們談論易用性、MicroStrategy 與比特幣時，您可以看到，對於只想快速進行投資的投資者來說，其中之一就是快速合規流程，只需一分鐘，無需現金，或者非常非常方便常規。他們所有的合規程序都是相同的。他們所有的薪酬結構，他們的會計都是一樣的。章程允許，這很容易。而購買比特幣意味著你必須重新考慮所有這些事情，這將需要很長時間，而且會很困難。

So the second element of this situation is stability downside protection, Bitcoin is simply linear up and down, but MicroStrategy has a non-Bitcoin business, the business intelligence business. So it's an enterprise software company. And, that means the revenues of the software company, and the cash flows of the enterprise software company and the ability to sell equity or to finance things via equity and debt financing against the enterprise software company, they are not correlated to Bitcoin. So you've got an uncorrelated business to provide some stability in downside protection if you're an investor.

所以這種情況的第二個要素是穩定性下行保護，比特幣只是線性上漲和下跌，但MicroStrategy有一個非比特幣業務，即商業智能業務。所以它是一家企業軟件公司。而且，這意味著軟件公司的收入、企業軟件公司的現金流以及出售股權或通過企業軟件公司的股權和債務融資進行融資的能力，它們與比特幣無關。因此，如果您是投資者，那麼您擁有一項不相關的業務，可以在下行保護方面提供一定的穩定性。

I mean the third element is, can you actually take on intelligent leverage. With Bitcoin, of course, it's just 1:1 , you invest $1 million, you get $1 million in Bitcoin. But with MicroStrategy, we're actually carrying leverage. We have $2.2 billion of leverage against $4.6 billion of Bitcoin assets. So call it a loan to value that's approaching 50% of the underlying assets. But the difference is intelligent leverage would be defined as I pay a very low interest rate, 1.6%, whereas the federal funds rate is 5% right now and long-term interest rates for junk bonds could be 8%. So 1.6% is good interest rate, the mortgage rate on a 30-year mortgage is something like 7%. So we like low interest. The second element of intelligent leverage is no mark-to-market or margins call potential. You could say that we had the Silvergate loan, we decided it wasn't optimal to keep it. So we repaid it and retired it, because we didn't want to have that mark-to-market question. And so all of the debt that we have, the senior secured debt, or the convertible debt, it's in assets not marked to market, and we don't have to worry about margin call, right? And with regard to the converts, it's junior and unsecured debt.

我的意思是第三個要素是，你能否真正發揮聰明的槓桿作用。當然，對於比特幣來說，它只是 1:1，你投資 100 萬美元，你就得到 100 萬美元的比特幣。但通過 MicroStrategy，我們實際上擁有了槓桿作用。我們對 46 億美元的比特幣資產擁有 22 億美元的槓桿。因此，將其稱為價值接近基礎資產 50% 的貸款。但區別在於，智能槓桿的定義是我支付非常低的利率，即 1.6%，而聯邦基金利率目前為 5%，垃圾債券的長期利率可能為 8%。所以 1.6% 是不錯的利率，30 年期抵押貸款的抵押貸款利率約為 7%。所以我們喜歡低利率。智能槓桿的第二個要素是沒有按市值計價或追加保證金的潛力。你可以說我們有 Silvergate 貸款，但我們認為保留它並不是最佳選擇。所以我們償還了它並退役了它，因為我們不想出現按市值計價的問題。因此，我們擁有的所有債務，高級擔保債務或可轉換債務，都是未按市場計價的資產，我們不必擔心追加保證金，對嗎？對於轉換者來說，這是初級無擔保債務。

So that's the second really nice element to intelligent leverage. And so there really isn't any easy way to go and get unsecured low-interest non-mark-to-market debt against Bitcoin. It used to be you could get mark-to-market expensive margin loans against Bitcoin, but the great majority of all the companies that offered mark-to-market margin loans against Bitcoin, have all gone out of business or been bankrupted. So right now, MicroStrategy is fairly unique and the ability that we can very efficiently and safely borrow against this asset and then use that financing in order to buy more Bitcoin. I think any consumer, if they had $100,000 of Bitcoin and someone said, "Would you like to be able to borrow $50,000 against it and pay 1% interest, with no margin call and have it come due in 5 years?" They would say, "Well, yes, we sign me up. How do I get that loan." Right? And so MicroStrategy offers people the ability to get that kind of intelligent leverage on a Bitcoin strategy that you can't get just by buying a bitcoin.

這是智能槓桿的第二個非常好的元素。因此，確實沒有任何簡單的方法可以獲得針對比特幣的無擔保低息非按市值計價的債務。過去，您可以獲得按市值計價的比特幣保證金貸款，但大多數提供按市值計價的比特幣保證金貸款的公司都已經倒閉或破產。因此，目前，MicroStrategy 相當獨特，我們能夠非常高效、安全地以該資產為抵押借款，然後使用該融資購買更多比特幣。我想任何一個消費者，如果他們有10 萬美元的比特幣，有人說：“你願意以它為抵押借入5 萬美元並支付1% 的利息，無需追加保證金，並且在5 年內到期嗎？ ”他們會說：“嗯，是的，我們和我簽約。我如何獲得貸款。”正確的？因此，MicroStrategy 為人們提供了在比特幣策略上獲得智能槓桿的能力，這是僅通過購買比特幣無法獲得的。

You can see in my next column generate yield, MicroStrategy actively manages its business. We're an operating company. And so we generate cash flow just like we were able to take $14.4 million of organic cash flow in July and used it to buy Bitcoin. Our objective is to find ways to generate incremental Bitcoin for our shareholders and do that with either cash flow from the business, or do it through intelligent accretive financings of equity or debt, or other intelligent operations. And of course, if you use by the Bitcoin, you can generate yield.

您可以在我的下一篇專欄中看到“產生收益”，MicroStrategy 積極管理其業務。我們是一家運營公司。因此，我們產生了現金流，就像我們在 7 月份獲得 1440 萬美元的有機現金流並用它來購買比特幣一樣。我們的目標是找到為我們的股東產生增量比特幣的方法，並通過業務現金流來實現這一點，或者通過股權或債務的智能增值融資或其他智能操作來實現。當然，如果你使用比特幣，你可以產生收益。

If we go to risk management. The thing about risk management is MicroStrategy has 2 different convertible bonds and a senior secured bond. And those are different ways that you can actually get Bitcoin exposure without actually having direct linear upside, downside. And so there are risk management options. And then, of course, MicroStrategy has a set of options that trade against our stock puts and calls and a pretty deep option tree, and a lot of open interest in those options. And for the most part, people that own the Bitcoin itself, they don't have those risk management options to trade in the derivatives. It's tricky to find that. And you certainly can't find it easily in the United States. It is true there are some bitcoin derivatives on the CME, but the market is not nearly so well developed as the market and stock options for well-understood NASDAQ-traded software companies. And so it's another advantage to our investors. And of course, the last thing you want is you want for performance to track the price. And of course, yes, Bitcoin obviously tracks the price of Bitcoin. And MicroStrategy has been able to outperform the price of Bitcoin, but generally at least perform at the level or better.

如果我們進行風險管理。關於風險管理，MicroStrategy 有兩種不同的可轉換債券和一種高級擔保債券。這些是你實際上可以獲得比特幣敞口的不同方式，而實際上沒有直接的線性上升和下降。因此存在風險管理選項。當然，MicroStrategy 擁有一組針對我們的股票看跌期權和看漲期權進行交易的期權，以及相當深的期權樹，以及這些期權的大量未平倉合約。在大多數情況下，擁有比特幣本身的人，他們沒有這些風險管理選項來交易衍生品。找到這一點很困難。在美國你肯定不容易找到它。芝加哥商品交易所（CME）確實有一些比特幣衍生品，但該市場遠不如眾所周知的納斯達克交易軟件公司的市場和股票期權那麼發達。因此，這對我們的投資者來說是另一個優勢。當然，您最不希望看到的就是性能跟上價格。當然，是的，比特幣顯然會追踪比特幣的價格。 MicroStrategy 已經能夠跑贏比特幣的價格，但總體上至少表現在同等水平或更好。

Now the question that people next ask us is, well, how does MicroStrategy compare to Bitcoin ETF. And so you got to start with the futures ETF. Well, the futures ETF is available or they are available right now. But as you can see, they don't have an uncorrelated operating business attached to them for downside protection. They can't use intelligent leverage. They can't issue junk bonds or they can't issue convertible bonds, in order to lever up intelligently and cheaply without a mark-to-market risk. They don't generate yield and in fact, they charge a fee. And so your MicroStrategy doesn't charge a fee to our investors to manage the $4.6 billion of Bitcoin. But at a 100 basis point fee, $4.6 billion generates $46 million a year of cost. And so the fees could be expensive. And our goal is don't charge the fee, generate the yield. And then, of course, if you go to risk management, there are some options that you can trade on the futures ETF, but you don't have nearly the depth of the derivatives market or open interest and you don't have all the converts. So they don't quite have that kind of risk management opportunity.

現在人們接下來問我們的問題是，MicroStrategy 與比特幣 ETF 相比如何。所以你必須從期貨 ETF 開始。好吧，期貨 ETF 已經上市了，或者說現在就已經上市了。但正如您所看到的，他們沒有附加不相關的運營業務來提供下行保護。他們無法使用智能槓桿。他們不能發行垃圾債券，也不能發行可轉換債券，以便在不存在按市價計價風險的情況下，明智且廉價地提高槓桿率。他們不產生收益，事實上，他們收取費用。因此，您的 MicroStrategy 不會向我們的投資者收取管理 46 億美元比特幣的費用。但按照 100 個基點的費用計算，46 億美元每年會產生 4600 萬美元的成本。因此費用可能會很昂貴。我們的目標是不收取費用，產生收益。當然，如果你進行風險管理，你可以在期貨 ETF 上交易一些期權，但你沒有衍生品市場或未平倉合約的深度，而且你沒有所有的轉變。所以他們不太有這種風險管理機會。

And then in terms of performance, the challenge and the open secret in this industry right now is futures ETFs aren't tracking Bitcoin, in fact, they're underperforming Bitcoin performance this year, I think 30% year-to-date. Right? So the futures ETFs have underperformed the Bitcoin Index, 30% year-to-date. Bitcoin is up 76%, as I'm speaking to you right now, and these futures were up 44%. So that's a challenge if you're an institutional investor. No one's going to want to underperform the index by 10% or 15%.

然後就性能而言，目前這個行業面臨的挑戰和公開的秘密是期貨 ETF 沒有跟踪比特幣，事實上，它們今年的表現遜於比特幣，我認為年初至今下降了 30%。正確的？因此，今年迄今為止，期貨 ETF 的表現落後於比特幣指數 30%。正如我現在與您交談時，比特幣上漲了 76%，而這些期貨上漲了 44%。因此，如果您是機構投資者，這將是一個挑戰。沒有人願意表現比指數低 10% 或 15%。

The spot ETF is clearly in demand, right? And you can see why you would want a spot ETF, but they're not available yet. If they do become available, then presumably, they'll be able to track performance much better, and they'll still have the other challenges of downside protection, intelligent leverage, and they won't generate yield or charge a fee. And they're on the horizon. But as you can see, the spot ETF, when they come along, they won't offer the same kind of leverage yield that MicroStrategy offers, or the other options that are interesting to institutional investors. Grayscale is very famous, but it's an over-the-counter only instrument and fairly unique. And of course, they're not an operating company, so they can't actively manage the business to generate yield, and they don't have a healthy open interest and derivatives, and they can't take on leverage. And that just leaves you Bitcoin miners, the coin miners give you exposure, they're just extremely highly levered exposure on the upside, the downside, because their revenues on the upside and our cost all are very, very volatile and very highly levered. So they are a way for institutions to get involved in the business, but they don't have the same mixture of options that MicroStrategy has because we're an operating company.

現貨ETF顯然很受歡迎，對吧？您會明白為什麼您想要現貨 ETF，但它們還沒有上市。如果它們確實可用，那麼想必他們將能夠更好地跟踪業績，但他們仍然面臨下行保護、智能槓桿等其他挑戰，而且他們不會產生收益或收取費用。他們就在地平線上。但正如您所看到的，當現貨 ETF 出現時，它們不會提供與 MicroStrategy 提供的槓桿收益率相同的槓桿收益率，也不會提供機構投資者感興趣的其他選擇。灰度非常有名，但它是一種非處方工具，而且相當獨特。當然，他們不是一家運營公司，因此無法積極管理業務以產生收益，也沒有健康的未平倉合約和衍生品，也無法利用槓桿。這就只剩下比特幣礦工了，硬幣礦工給了你風險敞口，他們只是在上行和下行方面的槓桿率極高，因為他們的上行收入和我們的成本都非常非常不穩定，槓桿率非常高。因此，它們是機構參與業務的一種方式，但它們不像 MicroStrategy 那樣擁有多種選擇，因為我們是一家運營公司。

And so you can see when you look at this chart, how it's possible for MicroStrategy to outperform Bitcoin. But I think you can also see by looking at this chart, that MicroStrategy is a unique investment option for any institutional investor that wants Bitcoin exposure that's different than a spot Bitcoin ETF. And so we expect that we will be a differentiated investment option for Bitcoin going forward when or if the spot ETFs are approved. And I think generally, if we look at the outlook for Bitcoin, it's never been better. The environment is providing clarity that Bitcoin is a global asset that's in demand from institutions all around the world, and it's fully decentralized. And so I think that the next 12 months will bring a good set of milestones for Bitcoin deduction. And one of them would be the spot ETF approvals. If those are approved, I think generally, that will be good for the entire asset class and Bitcoiners will benefit.

因此，當您查看此圖表時，您就會發現 MicroStrategy 如何超越比特幣。但我認為通過查看這張圖表您也可以看出，對於任何想要投資比特幣而不是現貨比特幣 ETF 的機構投資者來說，MicroStrategy 都是一個獨特的投資選擇。因此，我們預計，當現貨 ETF 獲得批准時，我們將成為比特幣未來的差異化投資選擇。我認為總的來說，如果我們看看比特幣的前景，它會變得前所未有的好。環境清楚地表明，比特幣是一種全球資產，世界各地的機構都需要它，而且它是完全去中心化的。因此，我認為未來 12 個月將為比特幣扣除帶來一系列良好的里程碑。其中之一就是現貨 ETF 的批准。如果這些獲得批准，我認為一般來說，這將對整個資產類別有利，比特幣持有者也將受益。

There are a whole class of institutional investors that will need a spot ETF, to get involved with Bitcoin, and MicroStrategy wouldn't be the right option for them because they really just need to be able to buy an unlimited amount of bitcoin, without worrying about not tracking the Bitcoin price and with clarity and transparency. So I think that, that will expand the pie. I think all of these options generally expand the pie. And MicroStrategy is going to continue to be thoughtful and responsible about managing our business in order to find ways to get incremental Bitcoin for our investors. And so thank you for your support. I guess I'll pass the floor back to Shirish for questions now.

有很多機構投資者需要現貨 ETF 來參與比特幣交易，而 MicroStrategy 對他們來說並不是正確的選擇，因為他們實際上只需要能夠購買無限量的比特幣，而無需擔心關於不跟踪比特幣價格並保持清晰和透明。所以我認為，這將擴大蛋糕。我認為所有這些選擇通常都會擴大蛋糕。 MicroStrategy 將繼續深思熟慮、負責任地管理我們的業務，以便找到為我們的投資者獲得增量比特幣的方法。感謝您的支持。我想我現在會把發言權交給 Shirish 來提問。

Great. Thank you, Michael. We are going to jump right into questions, and the first question is for Michael. How would a spot ETF impact your strategy of serving as a vehicle to gain exposure to Bitcoin? And how would an approval or rejection of a spot ETF impact MicroStrategy?

偉大的。謝謝你，邁克爾。我們將直接進入問題，第一個問題是問邁克爾的。現貨 ETF 將如何影響您作為獲得比特幣投資工具的策略？現貨 ETF 的批准或拒絕會對 MicroStrategy 產生什麼影響？

I think the big milestones for institutional adoption of Bitcoin over the next year will be, 1, fair value accounting; 2, the spot ETF; 3, the having; 4 any particular regulatory rules that come out of Washington, D.C. So we're waiting for all of those. The spot ETF isn't approval isn't necessary for us to continue to be successful. I think in general, there's a class of investors like, let's say, a sovereign wealth fund. If they want to buy $1 billion a Bitcoin in a week, or billions of dollars of bitcoin and when 10 or 100 of them all want to do it, they're going to need the spot ETFs because MicroStrategy doesn't have the room in our capital structure for someone to buy that much of our stock.

我認為明年機構採用比特幣的重要里程碑將是：1、公允價值會計； 2、現貨ETF； 3、擁有； 4 華盛頓特區出台的任何特定監管規則。因此，我們正在等待所有這些規則。現貨 ETF 的批准對於我們繼續取得成功來說並不是必要的。我認為總的來說，有一類投資者，比如主權財富基金。如果他們想在一周內購買 10 億美元的比特幣，或者數十億美元的比特幣，並且當其中 10 或 100 個人都想這樣做時，他們將需要現貨 ETF，因為 MicroStrategy 沒有足夠的空間我們的資本結構適合有人購買我們這麼多的股票。

So I think that the spot ETFs will expand the entire asset class dramatically. It will be -- it will create a very convenient path for mass adoption of retail, and mass adoption of institutional investors and mass adoption of sovereign wealth and the like. It solves the -- I think Larry Fink made the point on CNBC. He said, it will drive the fees down by a factor of 10 to 100 like the trade -- the acquisition fees. It solves the problem, do I need to start a new account with a crypto exchange, or can I just call up my existing banker banking relationship or my existing wealth manager, existing broker. So it's going to smooth access to many, many types of investors, it's going to democratize access. It's going to allow size that now currently the market doesn't allow this kind of size, because the futures ETFs and the futures market is not an effective vehicle.

所以我認為現貨ETF將極大地擴展整個資產類別。它將為零售業的大規模採用、機構投資者的大規模採用和主權財富的大規模採用等創造一條非常便捷的途徑。它解決了——我認為拉里·芬克 (Larry Fink) 在 CNBC 上提出了這一點。他說，這將使收購費用像交易一樣降低 10 到 100 倍。它解決了問題，我是否需要通過加密貨幣交易所開設一個新賬戶，或者我可以打電話給我現有的銀行家銀行關係或我現有的財富經理、現有經紀人嗎？因此，它將能夠順利地吸引許多類型的投資者，這將使准入民主化。它將允許目前市場不允許這種規模的規模，因為期貨ETF和期貨市場不是一個有效的工具。

It's not deep enough and broad enough to allow someone to take on many, many billions of dollars of exposure without paying a 10% or 20% annualized fee or more, and no rational investors going to do that for any material amount of time. So I think it will be good. I do believe at some point, we'll have spot ETFs. I just can't tell you when they'll arrive. And when they do arrive, MicroStrategy will still be differentiated as a particular Bitcoin operating strategy, but the spot ETFs will serve another set of customers in a synergistic fashion to grow the entire asset class.

它的深度和廣度還不夠深，不足以讓某人在不支付10% 或20% 或更多年化費用的情況下承擔數十億美元的風險，而且沒有理性的投資者會在任何實質性時間裡這樣做。所以我認為這會很好。我確實相信在某個時候，我們將會擁有現貨 ETF。我只是無法告訴你他們什麼時候到達。當它們真正到來時，MicroStrategy 仍將作為一種特定的比特幣運營策略進行區分，但現貨 ETF 將以協同方式為另一組客戶提供服務，以發展整個資產類別。

Thanks, Mike. I think we may be having some technical difficulties from Shirish. So I'll maybe ask the next question for Phong. Phong, how should we be thinking about the AI partnership with Microsoft and its monetization? Are you expecting any kind of incremental boost from that in '23? Or is it more of a 24% growth driver?

謝謝，邁克。我認為我們可能在 Shirish 方面遇到了一些技術困難。所以我可能會問 Phong 下一個問題。 Phong，我們應該如何考慮與微軟的人工智能合作及其貨幣化？您是否期望 23 年會出現任何增量推動？或者它更多的是24%的增長動力？

Thanks, Andrew. First, I'm pretty excited about our AI-type capabilities that we're bringing to market in Q3 as of September. And part of the capabilities will include a new product or a new SKU, if you will, that will sell separately from our existing BI platform and on top of that. So I do anticipate some incremental revenue, whether it comes in Q4, whether it comes in 2024, and time will tell as to how quickly the market is willing to adopt and pay for AI capabilities.

謝謝，安德魯。首先，我對我們將於 9 月份第三季度推向市場的人工智能類功能感到非常興奮。如果您願意的話，部分功能將包括新產品或新 SKU，它們將與我們現有的 BI 平台分開銷售。因此，我確實預計會有一些增量收入，無論是在第四季度，還是在 2024 年，時間會告訴我們市場願意以多快的速度採用人工智能功能並為其付費。

I do think there's a couple of things that we're doing that's pretty unique from the rest of the BI market, if you will. One is we're directly investing OpenAI into the microstructure platform had a separate Microsoft agreement or a separate OpenAI agreement in decently embedded in the MicroStrategy platform. And second, as you mentioned, we're going to market and partnering directly with Microsoft, which there are a lot of companies who are trying to build their own AI capabilities, or use a different platform that's inferior at this point in time to OpenAI. So I think what we're going to roll out is quite differentiated, and I'm excited about the revenue opportunity that it will bring.

我確實認為，如果您願意的話，我們正在做的一些事情與 BI 市場的其他產品相比非常獨特。一是我們直接將 OpenAI 投資到微結構平台中，並擁有單獨的 Microsoft 協議或單獨的 OpenAI 協議，並適當嵌入到 MicroStrategy 平台中。其次，正如您提到的，我們將直接與微軟進行營銷和合作，微軟有很多公司正在嘗試構建自己的人工智能功能，或者使用目前不如 OpenAI 的不同平台。因此，我認為我們將推出的產品非常與眾不同，我對它將帶來的收入機會感到興奮。

Thanks, Phong. Next question is for Andrew. We are projecting the company to improve its cash position in 2023 and beyond, bearing in mind the company's strategy to purchase Bitcoins with excess cash, above working capital needs, is there a minimum cash balance that the company targets? And what is a reasonable number to anchor to?

謝謝，馮。下一個問題是問安德魯的。我們預計該公司將在 2023 年及以後改善其現金狀況，考慮到該公司以超出營運資金需求的多餘現金購買比特幣的戰略，該公司是否有最低現金餘額目標？錨定的合理數字是多少？

I'd say, and just to comment on our treasury reserve policy or how we think about cash. Our goal is to always be as efficient as possible with our cash and then really minimizing excess cash in the business. This is since we operate globally, we ensure we maintain adequate cash in each region and country we operate in, and we manage cash in the U.S. primarily to take into account main working capital needs, as well as our debt interest payment needs as well. I'd say probably anywhere between $40 million based on the calendar to maybe as high as $50 million probably is a little bit high, but I think about those ranges being where we think working capital needs are. That being said, sometimes you'll see cash balances that are slightly higher as we build towards working capital needs. And sometimes you'll see them lower when we're operating efficiently as possible. So hopefully, that answers the question.

我想說的是，只是想評論一下我們的國庫儲備政策或我們對現金的看法。我們的目標是始終盡可能高效地利用我們的現金，然後真正減少業務中的多餘現金。這是因為我們在全球範圍內運營，我們確保在運營所在的每個地區和國家都保持充足的現金，而我們在美國管理現金主要是為了考慮主要營運資金需求以及我們的債務利息支付需求。我想說，根據日曆，可能在 4000 萬美元到 5000 萬美元之間可能有點高，但我認為這些範圍正是我們認為的營運資金需求所在。話雖這麼說，有時您會看到隨著我們滿足營運資金需求，現金餘額會略高。有時，當我們盡可能高效運營時，您會發現它們會降低。希望這能回答問題。

Thanks, Andrew. So thanks, everyone, for your questions. We see a lot of good questions, but we are at the top of our time for today. So we will be available offline for any other questions. But this concludes the Q&A portion of the webinar. And I will now turn the call over to Phong for final closing remarks.

謝謝，安德魯。謝謝大家提出的問題。我們看到了很多好問題，但我們今天正處於最高峰。因此，如果有任何其他問題，我們將在線下為您解答。網絡研討會的問答部分到此結束。現在，我將把電話轉交給馮，讓他發表最後的閉幕詞。

You're on mute, Phong.

你處於靜音狀態，Phong。

Thanks, Shirish, and I want to thank everyone for being with us today, and we appreciate your support. We're as enthusiastic as ever, with both of our strategies, our enterprise software strategy, and our Bitcoin strategy. And we wish everyone a good a good rest of your summer, and look forward to seeing you again in 12 weeks. Thank you.

謝謝，Shirish，我要感謝大家今天和我們在一起，我們感謝你們的支持。我們對我們的戰略、企業軟件戰略和比特幣戰略一如既往地充滿熱情。我們祝愿大家度過一個愉快的暑假，並期待 12 週後再次見到您。謝謝。