Microstrategy Inc (MSTR) 2023 Q3 法說會逐字稿

[starts abruptly]...during today's call, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today, and are available on our website, microstrategy.com.

[突然開始]...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 結果的調整表可在我們今天發布的收益報告和簡報中找到，並可在我們的網站 microstrategy.com 上找到。

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

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

Now I will walk you through the agenda for today's call. First, Phong Le will cover the business results for the third quarter of 2023; second, Andrew Kang will cover the financial results for the third quarter of 2023; then Michael Saylor will provide a strategic review and discuss recent Bitcoin market updates; and lastly, we will open up to Q&A.

現在我將向您介紹今天電話會議的議程。首先，Phong Le將通報2023年第三季的經營業績；其次，Andrew Kang 將介紹 2023 年第三季的財務表現；然後 Michael Saylor 將提供策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。

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

接下來，我將把電話轉給 MicroStrategy 總裁兼執行長 Phong Le。馮？

Thank you, Shirish. Hello, everyone. I'd like to welcome all of you to today's earnings webinar. I'll start with highlights of our software business. Total revenue was $129.5 million, representing an increase of 3% year over year. Total software licenses revenues, which consists of total product licenses and subscription services revenues in our consolidated statement of operations, were $45 million, representing an increase of 16% year over year. Total software licenses revenues performance benefited from both increased adoption of our cloud platform and growth in product license revenues. Total subscription services revenue was $21 million, an increase of 28% year over year. Our Q3 subscription billings growth was 17% year over year.

謝謝你，希里什。大家好。歡迎大家參加今天的收益網路研討會。我將從我們軟體業務的亮點開始。總收入為1.295億美元，年增3%。軟體授權總收入（包括合併營運報表中的產品授權總收入和訂閱服務收入）為 4,500 萬美元，較去年同期成長 16%。軟體授權總收入的表現得益於我們的雲端平台採用率的提高和產品授權收入的成長。訂閱服務總收入為 2,100 萬美元，年增 28%。我們第三季的訂閱帳單年增 17%。

We achieved good revenue results in Q3 with year-over-year growth driven by our cloud business and a strong international licensed revenue quarter. We plan to continue to drive growth in our recurring revenue model and to transition our business strategy and product offerings to a cloud-native model. Our focus will be on innovation at the intersection of artificial intelligence and business intelligence, using our first-to-market advantage in the enterprise-scale integration of AI and BI to grow revenue in the cloud. I'm excited about the work we're doing in these areas and to share some updates with you on our progress.

在我們的雲端業務和強勁的國際授權收入季度的推動下，我們在第三季度取得了良好的收入業績，並與去年同期相比成長。我們計劃繼續推動經常性收入模式的成長，並將我們的業務策略和產品提供轉向雲端原生模式。我們的重點將是人工智慧和商業智慧交叉點的創新，利用我們在企業級人工智慧和商業智慧整合方面的先行優勢來增加雲端收入。我對我們在這些領域所做的工作感到很興奮，並與您分享我們進展的一些最新情況。

We're at a major period of innovation in the technology industry. We believe the next innovations to change how the world does business on digital money with a continuing development of the Bitcoin ecosystem and digital intelligence through AI. The technological leaps that have occurred in the past year in generative AI are real, and we expect to be at the forefront of integrating AI with BI. MicroStrategy is well positioned to gain competitive leverage and win in both of these areas of growth. MicroStrategy's mission for the past 30-plus years has been to enable Intelligence Everywhere for our customers. And with this mission ingrained in our corporate DNA through each major tech innovation, we have moved closer to accomplishing this goal. Whether this was OLAP technologies on relational databases, implementing client-based desktop BI tools, introducing the Semantic layer, rolling out web BI, or making the shift to mobile and then cloud, each step has successfully enabled to making BI a more ubiquitous component of business decision making. We believe generative AI is the next big innovation that will bring us closer to Intelligence Everywhere.

我們正處於科技業創新的重要時期。我們相信，隨著比特幣生態系統和人工智慧數位智慧的持續發展，下一個創新將改變世界在數位貨幣方面開展業務的方式。去年，生成式人工智慧領域發生了真正的技術飛躍，我們預計將處於人工智慧與商業智慧整合的最前沿。 MicroStrategy 處於有利地位，可以在這兩個成長領域獲得競爭優勢並獲勝。過去 30 多年來，MicroStrategy 的使命一直是為我們的客戶實現 Intelligence Everywhere。透過每一項重大技術創新，這項使命已深植於我們的企業 DNA 中，我們離實現這一目標又更近了一步。無論是關聯式資料庫上的 OLAP 技術、實施基於客戶端的桌面 BI 工具、引入語義層、推出 Web BI，還是轉向移動和雲，每一步都成功地使 BI 成為更普遍的組成部分。商業決策。我們相信生成式人工智慧是下一個重大創新，它將讓我們更接近智慧無所不在。

Before diving into the integration of gen AI on our platform, it's important to distinguish why MicroStrategy is poised to drive value in the AI space beyond the generic applications and hype built up in the broader market. Hyperscalers and mega software companies are investing billions, amassing GPUs, and legions of data scientists to build the best large language models, or LLMs, in the world. Much like we have done with cloud hyperscalers, we plan to openly partner with and leverage the technology investments of these companies, rather than invest heavily to build our own models.

在深入探討 gen AI 在我們平台上的整合之前，重要的是要弄清楚為什麼 MicroStrategy 準備推動 AI 領域的價值超越更廣泛市場中建立的通用應用程式和炒作。超大規模企業和大型軟體公司正在投資數十億美元、聚集 GPU 和大量資料科學家，以建立世界上最好的大型語言模型 (LLM)。就像我們對雲端超大規模企業所做的那樣，我們計劃公開與這些公司合作並利用這些公司的技術投資，而不是大量投資來建立我們自己的模型。

Hundreds of smaller AI companies are taking a similar approach to us. But we are already differentiating as we have done for decades in BI across 4 major areas: #1, our 30 years of enterprise software, services, and sales capabilities; #2, our trusted, secure, scalable, reusable data layer, what we call our Semantic layer; #3, the ability to quickly build and deploy actual applications utilizing this data through technologies like mobile, embedding, and microservices; and #4 an open multi-cloud architecture, which in this case we'll use to easily integrate multiple different LLMs. We believe this uniquely positions us to win at the intersection of artificial intelligence and business intelligence.

數百家小型人工智慧公司正在採取與我們類似的方法。但我們已經在 4 個主要領域實現了差異化，就像我們幾十年來在 BI 領域所做的那樣：#1，我們 30 年的企業軟體、服務和銷售能力； #2，我們可信任、安全、可擴展、可重複使用的資料層，我們稱之為語意層； #3，透過行動、嵌入和微服務等技術利用這些資料快速建置和部署實際應用程式的能力； #4 開放式多雲架構，在本例中我們將使用它來輕鬆整合多個不同的法學碩士。我們相信，這使我們能夠在人工智慧和商業智慧的交叉領域中取得勝利。

In addition, we believe the combination of AI and BI to be critical for enterprises looking to integrate AI into their day-to-day decision making. Let me explain. BI is precise. It uses trusted calculations from secured sources of structured data to make informed decisions. But on the other hand, BI can be rigid and difficult to engage with all levels of personas and business users. AI is smart, leveraging natural language generation, reasoning, and unstructured data to answer freeform questions and ideas. However, results can be untrustworthy in producing determinate answers that are reliable and consistent enough to make informed business decisions. This is where MicroStrategy ONE delivers value bridging precise BI and smart AI.

此外，我們認為人工智慧和商業智慧的結合對於希望將人工智慧融入日常決策的企業至關重要。讓我解釋。 BI 是精確的。它使用來自安全的結構化資料來源的可信任計算來做出明智的決策。但另一方面，商業智慧可能是僵化的，難以與各個層級的角色和業務用戶互動。人工智慧很聰明，利用自然語言產生、推理和非結構化資料來回答自由形式的問題和想法。然而，在產生足夠可靠且一致的確定答案以做出明智的商業決策時，結果可能不值得信賴。這就是 MicroStrategy ONE 提供連接精確 BI 和智慧 AI 的價值的地方。

Right now, many enterprise AI solutions are focused on efficiency and cost gains, building applications to help marketers write better, corporate teams process more efficiently, and engineers code faster. There's even more value to be unlocked when AI helps analysts make better business decisions to drive top line growth and achieve true strategic advantage. This can be done with generative AI on top of enterprise data, but in doing so, combining AI and BI, the challenges with scale, governance, and trust with AI are amplified, and security and access control are paramount.

目前，許多企業人工智慧解決方案都專注於效率和成本效益，建立應用程式以幫助行銷人員更好地編寫、企業團隊更有效率地處理以及工程師更快地編碼。當人工智慧幫助分析師做出更好的業務決策以推動營收成長並實現真正的策略優勢時，還會釋放更多價值。這可以透過基於企業資料的生成式人工智慧來完成，但在這樣做時，將人工智慧和商業智慧結合起來，規模、治理和人工智慧信任方面的挑戰就會被放大，而安全性和存取控制則至關重要。

We expect to see increased customer demand as our platform tackles the primary hurdles customers face with AI adoption. The main customer concerns of enterprise AI are: 1, data access and security; 2, integration of large language models, natural language processing, and prompt engineering solutions; and 3, the ability to distribute AI solutions at scale. Typical AI and BI combinations that do not have a Semantic layer have unreliable intelligence. The BI tool acts as a simple repository that provides data to the generative AI engine. There's no intelligence in the LLM results, producing false or inaccurate responses commonly referred to as hallucinations. MicroStrategy ONE and MicroStrategy AI leverage the Semantic layer to define all data objects within a customer configuration. Our BI architecture provides a framework and structure to the AI solution. The AI and MicroStrategy engines collaborate to generate higher-quality queries by enhancing and tagging user prompts to pull more tailored results from customer data. MicroStrategy AI is designed to generate answers that are secure, accurate, scalable, and reliable.

隨著我們的平台解決了客戶在採用人工智慧方面面臨的主要障礙，我們預計客戶需求將會增加。企業AI的客戶主要關注點是：1、資料存取和安全； 2、整合大語言模型、自然語言處理，並及時提供工程解決方案； 3.大規模分發人工智慧解決方案的能力。沒有語意層的典型人工智慧和商業智慧組合的智慧不可靠。 BI 工具可作為一個簡單的儲存庫，為生成式 AI 引擎提供資料。法學碩士的結果沒有任何情報，會產生錯誤或不準確的反應，通常被稱為幻覺。 MicroStrategy ONE 和 MicroStrategy AI 利用語意層來定義客戶配置中的所有資料物件。我們的 BI 架構為 AI 解決方案提供了框架和結構。 AI 和 MicroStrategy 引擎協作，透過增強和標記使用者提示來產生更高品質的查詢，從而從客戶資料中提取更客製化的結果。 MicroStrategy AI 旨在產生安全性、準確、可擴展且可靠的答案。

In September, we introduced our first set of MicroStrategy AI features to the market, which leverages our advanced BI system. Fully embedding Microsoft Azure OpenAI. This release marks one of the most exciting product innovations in the history of the company. These new AI features are cloud native and only available through MicroStrategy ONE. We've implemented 4 features to address the needs of different business users: 1, Auto SQL streamlines the database interaction process. This feature is intended to enhance the technical user experience of MicroStrategy. Our AI application can translate natural language into SQL queries, explain SQL statements in natural language, and review SQL code with suggested optimizations; 2, Auto Dashboard provides automatic dashboard creation, transforming complex data into interactive and beautiful visual insights. MicroStrategy AI processes the data and can produce a beautiful and viable dashboard. Auto Expert is the automated support tool. It's like having a MicroStrategy employee guide you through the BI platform to answer user-based questions, such as how do I build an advanced metric? Auto Expert is available for free to all registered users on our website. And Auto Answers, my personal favorite, transforms self-service analytics. The user engages in natural language conversation, asking the AI assistant questions related to their data. For example, what is the forecasted revenue for Q1 2025? What are drivers of revenue growth? MicroStrategy AI processes the request with contextualized data to rapidly provide answers with a deep level of understanding, vastly increasing the data exploration capabilities of a basic user.

9 月，我們向市場推出了第一套 MicroStrategy AI 功能，該功能利用了我們先進的 BI 系統。完全嵌入 Microsoft Azure OpenAI。此次發布標誌著該公司歷史上最令人興奮的產品創新之一。這些新的 AI 功能是雲端原生的，只能透過 MicroStrategy ONE 取得。我們實作了4個功能來滿足不同業務使用者的需求： 1、Auto SQL簡化了資料庫互動過程。此功能旨在增強 MicroStrategy 的技術使用者體驗。我們的AI應用程式可以將自然語言翻譯成SQL查詢，用自然語言解釋SQL語句，並根據建議的最佳化審查SQL程式碼； 2、Auto Dashboard 提供自動儀表板創建，將複雜的數據轉化為互動式且美觀的視覺洞察。 MicroStrategy AI 處理資料並且可以產生美觀且可行的儀表板。 Auto Expert 是自動化支援工具。這就像讓 MicroStrategy 員工指導您透過 BI 平台回答基於使用者的問題，例如如何建立進階指標？ Auto Expert 向我們網站上的所有註冊用戶免費提供。我個人最喜歡的自動應答功能改變了自助分析。使用者進行自然語言對話，向人工智慧助理詢問與其資料相關的問題。例如，2025 年第一季的預計收入是多少？收入成長的驅動因素是什麼？ MicroStrategy AI 使用情境資料處理請求，以快速提供具有深入理解的答案，從而大大提高基礎使用者的資料探索能力。

MicroStrategy AI is the first to market with a fully integrated AI/BI platform and delivers BI features that enable enterprise-grade AI deployment, which shortens our customers' time to value and enhances the ability to optimize and automate. Furthermore, cloud-native solution drives net new business to the cloud, while incentivizing current customers to migrate and expand their footprint. This offering is also our first entry into consumption-based pricing. Customers will consume the AI product question by question. Our initial starter package is $20,000 for 20,000 questions, or simply $1 a question. We expect this pricing mechanism to drive adoption and grow the subscription revenue stream, while providing a relatively low cost of entry for customers to onboard next-generation AI applications. We're already seeing this product driving existing on-premise customers to move to the cloud or set up a new environment in the cloud to adopt MicroStrategy AI.

MicroStrategy AI 是第一個向市場推出完全整合的 AI/BI 平台的公司，提供支援企業級 AI 部署的 BI 功能，從而縮短客戶實現價值的時間並增強優化和自動化的能力。此外，雲端原生解決方案將淨新業務推向雲端，同時激勵現有客戶遷移並擴大其足跡。此次產品也是我們首次涉足以消費為基礎的定價。客戶將逐個問題消費人工智慧產品。我們最初的入門套餐價格為 20,000 美元，包含 20,000 個問題，或每個問題 1 美元。我們預計這種定價機制將推動採用並增加訂閱收入流，同時為客戶提供相對較低的進入下一代人工智慧應用程式的成本。我們已經看到該產品正在推動現有的本地客戶遷移到雲端或在雲端建立新環境以採用 MicroStrategy AI。

Our vision for Intelligence Everywhere continues to inform our roadmap. We believe that AI/BI best empowers customers when it is modular and can be embedded into existing workflows. We also believe that the data that feeds AI/BI, the platforms in which it runs, and the LLM and machine learning models used, must be flexible and open to fit our customers' needs. Therefore, our roadmap includes the ability to build analytic bots on the platform of the customers' choice AWS, Azure, Google Cloud or private cloud, and leverage a variety of LLMs of the customer's choice. The build-your-own-bot tool on the MicroStrategy platform harnesses advanced capabilities in enterprise security such as governance, integration with third-party tools, and system auditability to allow customers to easily deploy chatbots for broad use untrusted data. This feature is standalone and customizable for deployment by any user, and the use cases are myriad. For example, internal users can deploy an FP&A chatbot to answer questions related to budget, or users can develop a product Q&A chatbot for customers on their website. We currently expect the build-your-own-bot capability to be available in December of this year. We're excited about our initial AI offering to the market and for the future as we continue to tap into the potential of AI/BI solutions in our product roadmap.

我們對「智慧無所不在」的願景繼續為我們的路線圖提供資訊。我們相信，當人工智慧/商業智慧是模組化的並且可以嵌入現有工作流程中時，它可以最好地為客戶提供支援。我們也認為，為 AI/BI 提供資料、其運作的平台以及所使用的法學碩士和機器學習模型必須靈活且開放，以滿足客戶的需求。因此，我們的路線圖包括能夠在客戶選擇的 AWS、Azure、Google Cloud 或私有雲平台上建立分析機器人，並利用客戶選擇的各種 LLM。 MicroStrategy 平台上的構建您自己的機器人工具可利用企業安全方面的高級功能，例如治理、與第三方工具的整合以及系統審核性，使客戶能夠輕鬆部署聊天機器人以廣泛使用不可信任資料。此功能是獨立的，可以由任何用戶自訂部署，並且用例多種多樣。例如，內部用戶可以部署 FP&A 聊天機器人來回答與預算相關的問題，或者用戶可以在其網站上為客戶開發產品問答聊天機器人。目前，我們預計「建造您自己的機器人」功能將於今年 12 月推出。隨著我們在產品路線圖中繼續挖掘人工智慧/商業智慧解決方案的潛力，我們對向市場和未來推出的初始人工智慧產品感到興奮。

Now, moving to developments on our cloud offering. We continue to build modern, scalable, resilient, and cloud-native applications that can transition customers from monolithic BI configurations to a microservices architecture that embraces flexibility, agility, and technological diversity. Microservices architecture and containerized structure enable applications to be deployed and scaled independently. These design features are necessary to meet the technological demands of AI and to maintain the highest level of platform functionality.

現在，轉向我們的雲端產品的開發。我們繼續建立現代、可擴展、有彈性的雲端原生應用程序，幫助客戶從單一的 BI 配置過渡到具有靈活性、敏捷性和技術多樣性的微服務架構。微服務架構和容器化結構使應用程式能夠獨立部署和擴展。這些設計功能對於滿足人工智慧的技術需求並保持最高水準的平台功能是必要的。

MicroStrategy Cloud architecture is designed in the cloud for multi-cloud. In Q4, we plan to deploy our Google Cloud implementation, increasing our functionality to all 3 primary hyperscalers and further driving integration of AI and BI into every part of the customers' business. This is a fully containerized microservices-based solution, which is the base modern cloud architecture for our MicroStrategy platform. MicroStrategy is now also available on both Azure and AWS Marketplaces, firming up our partnership with these hyperscalers.

MicroStrategy Cloud 架構是在雲端中針對多雲而設計的。在第四季度，我們計劃部署 Google Cloud 實施，將我們的功能增加到所有 3 個主要超大規模供應商，並進一步推動 AI 和 BI 整合到客戶業務的每個部分。這是一個完全容器化的基於微服務的解決方案，也是我們 MicroStrategy 平台的基礎現代化雲端架構。 MicroStrategy 現在也可在 Azure 和 AWS Marketplaces 上使用，從而鞏固了我們與這些超大規模供應商的合作關係。

We're also innovating the way we sell our product via partner sales channels, with strategic focus aimed to unlock growth, enhance customer success, and deepen market penetration in a rapidly-evolving AI and BI market. We have announced recent partnerships with Microsoft Azure, including with OpenAI, AWS, and Snowflake. Key highlights of our expanded partner program include: a newly launched streamlined partner portal that centralizes MicroStrategy sales, marketing, technical assets to facilitate increased partner engagement; expanded training resources to empower partners with the necessary tools to excel; and increased incentives and sales motions to promote synergy between MicroStrategy's and its partners' growth objectives.

我們也創新透過合作夥伴銷售通路銷售產品的方式，策略重點在於快速發展的人工智慧和商業智慧市場中釋放成長、提高客戶成功率並加深市場滲透。我們最近宣布與 Microsoft Azure 建立合作關係，包括 OpenAI、AWS 和 Snowflake。我們擴展的合作夥伴計畫的主要亮點包括： 新推出的精簡合作夥伴門戶，集中了 MicroStrategy 銷售、行銷和技術資產，以促進提高合作夥伴參與度；擴大培訓資源，為合作夥伴提供卓越的必要工具；並增加激勵措施和銷售舉措，以促進 MicroStrategy 及其合作夥伴的成長目標之間的協同作用。

I'm very excited about our product and the direction of the company. Our goal is to be the innovation leader in AI and BI and the BI in the cloud, and we believe we are delivering on this objective. In Q4, we're continuing to work through plans to transform our sales organization to be [cloud] focused and capitalize on our innovation and the strength of our cloud platform. We're also creating a customer success organization that will be focused on better supporting customers as they attempt to innovate and maximize value for their organization and customers. I look forward to sharing more details on these initiatives in our next earnings call.

我對我們的產品和公司的方向感到非常興奮。我們的目標是成為人工智慧和商業智慧以及雲端中商業智慧的創新領導者，我們相信我們正在實現這一目標。在第四季度，我們將繼續制定計劃，將我們的銷售組織轉型為以[雲端]為中心，並利用我們的創新和雲端平台的優勢。我們還正在創建一個客戶成功組織，該組織將專注於更好地支持客戶嘗試創新並為其組織和客戶最大化價值。我期待在下一次財報電話會議上分享有關這些舉措的更多細節。

I'll now turn the call over to Andrew to discuss the updates on our Bitcoin holdings and our financials for the quarter in further detail.

現在我將把電話轉給安德魯，進一步詳細討論我們的比特幣持有量和本季財務狀況的最新情況。

Thank you, Phong. I'll start with our third quarter operating results, which reflected year-over-year total revenue growth. And while macroeconomic headwinds have persisted over the past year, our Q3 results demonstrate both the depth of our customer base and our ability to generate rate revenue despite longer sales cycles and tighter customer spend. GAAP total revenues for the quarter were $129.5 million, up $4.1 million or 3% year over year, or up 1% year over year at constant currency. Total software license revenues, which consist of product license revenues and subscription services revenues, were $45 million, up 16% year over year, or up 14% at constant currency.

謝謝你，馮。我將從第三季的營運業績開始，該業績反映了總收入的同比增長。儘管宏觀經濟逆風在過去一年持續存在，但我們第三季的業績證明了我們客戶群的深度和我們產生利率收入的能力，儘管銷售週期更長，客戶支出更緊。該季度 GAAP 總營收為 1.295 億美元，年增 410 萬美元，成長 3%，以固定匯率計算，年增 1%。軟體授權總收入（包括產品授權收入和訂閱服務收入）為 4,500 萬美元，年增 16%，以固定匯率計算成長 14%。

Product license revenues were $24 million for the quarter, up 8% year over year or up 6% at constant currency. The growth in product license revenue in Q3 was primarily attributable to the execution of several large international deals during the quarter and partially offset by lower domestic license revenues. We continue to expect our mix of revenue will continue to shift from product license to subscription services over time as we continue to transition to the cloud. However, this past quarter demonstrates that demand for our software remained strong across all platforms. Subscription services revenues, which reflect recurring revenues from our cloud business, were $21 million, an increase of 28% year over year, or 25% at constant currency. Product support revenues were $66.9 million, up 1% year over year or down 1% at constant currency. Customer renewal rates remain high at 94% for the quarter and have been consistently above 90% in the [7] most consecutive quarters, illustrating the durability of our customers even in spite of the ongoing challenges in the macroeconomic environment. Finally, other services revenues were $17.6 million, which was a 15% decrease year over year, or 17% lower at constant currency. While we are seeing higher average consulting build rates worldwide, lower customer demand for consulting projects in the current macroeconomic environment remain a headwind to customer spend on professional services.

該季度產品授權收入為 2,400 萬美元，年增 8%，以固定匯率計算成長 6%。第三季產品授權收入的成長主要歸因於該季度執行了幾筆大型國際交易，但部分被國內授權收入的下降所抵消。我們仍然預計，隨著時間的推移，隨著我們繼續向雲端過渡，我們的收入組合將繼續從產品授權轉向訂閱服務。然而，上個季度顯示所有平台對我們軟體的需求仍然強勁。訂閱服務收入（反映我們雲端業務的經常性收入）為 2,100 萬美元，年增 28%，以固定匯率計算成長 25%。產品支援收入為 6,690 萬美元，年增 1%，以固定匯率計算下降 1%。本季的客戶續訂率仍保持在 94% 的高位，並且在連續 [7] 個季度中始終保持在 90% 以上，這說明即使宏觀經濟環境持續面臨挑戰，我們客戶的持久性仍然如此。最後，其他服務收入為 1,760 萬美元，年減 15%，以固定匯率計算下降 17%。儘管我們看到全球平均諮詢建設率較高，但在當前宏觀經濟環境下，客戶對諮詢項目的需求較低，仍是客戶在專業服務上支出的阻力。

On Slide 13, total current software license billings were $42.7 million in the third quarter, an increase of 17% year over year, and current subscription billings were $16.8 million, an increase of 17% year over year, our 14th straight quarter of double-digit growth. Transitioning customers to MicroStrategy Cloud remains one of our highest priorities, focusing on both new customer wins as well as migrating existing customers. As Phong mentioned earlier, we are well positioned to capitalize on first-to-market AI-integrated features already available on MicroStrategy's platform, and our go-to-market strategy will be highly focused on driving cloud growth, AI/BI adoption, and increasing partner-enabled deployments, and driving further marketplace integration with hyperscalers. We believe this will translate to new logos, faster migrations, and accelerated cloud transition in the coming year.

在投影片 13 上，第三季目前軟體授權帳單總額為 4,270 萬美元，年增 17%，目前訂閱帳單為 1,680 萬美元，年成長 17%，這是我們連續 14 季實現雙倍成長。數字增長。將客戶遷移到 MicroStrategy Cloud 仍然是我們的最高優先事項之一，重點是贏得新客戶以及遷移現有客戶。正如 Phong 之前提到的，我們處於有利位置，可以充分利用 MicroStrategy 平台上已提供的率先推向市場的 AI 集成功能，並且我們的市場戰略將高度專注於推動雲增長、AI/BI 採用以及增加合作夥伴支援的部署，並推動與超大規模企業的進一步市場整合。我們相信這將在未來一年轉化為新的標誌、更快的遷移和加速的雲端轉型。

Shifting to costs on Slide 14, total non-GAAP expenses were $138 million in the third quarter, compared to approximately $102 million in the third quarter of 2022. $34 million of the expenses were due to the Q3 Bitcoin impairment charge, compared to $1 million in Q3 of last year. Non-GAAP cost of revenues was $25 million in the third quarter, which was an increase of $1.2 million or 5% year-over-year, primarily driven by higher cloud hosting costs as we grow our cloud business. However, as a percentage of total revenues, non-GAAP cost of revenues remained flat year over year. Non-GAAP sales and marketing expenses increased $1.9 million, or 6% year over year, to $32.4 million. As a percentage of total revenues, non-GAAP sales and marketing costs were just 1% higher year over year. Non-GAAP research and development expenses were $26 million, a slight 1% decrease year over year, and non-GAAP G&A costs were $20 million in Q3, which was flat year over year. Spending on cloud growth and investing in sales and marketing activities are directly targeted towards growing revenue and acquiring new customers. While focusing on strategic spend, we also successfully launched our AI product in Q3 while carefully managing product development costs through Global Delivery Center efficiencies and speed of execution. Our priority and results are rooted in the active management of costs in order to drive margin and profitable growth.

轉向幻燈片14 上的成本，第三季非GAAP 總支出為1.38 億美元，而2022 年第三季約為1.02 億美元。其中3,400 萬美元的支出來自第三季的比特幣減損費用，而2022 年第三季的支出為100 萬美元去年第三季。第三季非 GAAP 收入成本為 2,500 萬美元，較去年同期增加 120 萬美元，即 5%，這主要是由於我們雲端業務發展過程中雲端託管成本上升所致。然而，非公認會計原則收入成本佔總收入的百分比與去年同期持平。非 GAAP 銷售和行銷費用年增 190 萬美元，即 6%，達到 3,240 萬美元。非 GAAP 銷售和行銷成本佔總收入的百分比僅較去年同期增加 1%。第三季非 GAAP 研發費用為 2,600 萬美元，較去年同期小幅下降 1%，非 GAAP G&A 成本為 2,000 萬美元，較去年同期持平。用於雲端成長的支出以及對銷售和行銷活動的投資直接旨在增加收入和獲取新客戶。在專注於策略支出的同時，我們也在第三季成功推出了人工智慧產品，同時透過全球交付中心的效率和執行速度仔細管理產品開發成本。我們的首要任務和成果植根於積極管理成本，以推動利潤率和利潤成長。

Turning to Slide 15. We reported a total non-GAAP operating loss in the third quarter of $8 million, of which the non-cash digital asset impairment charge was $34 million for the quarter. For the third quarter, we reported a GAAP net loss of $143 million, which included a $110 million tax provision expense. This non-cash tax expense was related to the reestablishment of our valuation allowance on our deferred tax asset directly related to our Bitcoin holdings. The expense was recognized as the market value of Bitcoin on the reporting date of September 30 was below our aggregate cost basis. At the end of Q4, we will reevaluate the fair value of Bitcoin again at 12/31, and if the price of Bitcoin on that date is above our aggregate cost of holdings, we would readjust the valuation allowance at the end of Q4 and see a corresponding non-cash tax benefit.

轉向投影片 15。我們報告第三季非 GAAP 營運虧損總額為 800 萬美元，其中本季非現金數位資產減損費用為 3,400 萬美元。第三季度，我們公佈的 GAAP 淨虧損為 1.43 億美元，其中包括 1.1 億美元的稅務撥備費用。這項非現金稅收費用與我們對與我們持有的比特幣直接相關的遞延稅資產重新建立估值津貼有關。該費用被確認為 9 月 30 日報告日的比特幣市場價值低於我們的總成本基礎。在第四季末，我們將在12 月31 日再次重新評估比特幣的公允價值，如果該日期的比特幣價格高於我們的總持有成本，我們將在第四季末重新調整估值準備金，看看相應的非現金稅收優惠。

Turning now to our Bitcoin strategy. We again increased our total Bitcoin holdings and acquired 5,912 Bitcoins in the third quarter. After the end of the quarter, we purchased an additional 155 Bitcoins using cash from operations. As of October 31, 2023, the company held a total of 158,400 Bitcoins acquired for an aggregate cost of $4.7 billion, or $29,586 per Bitcoin. Bitcoins purchased by MicroStrategy through cash generated by the software business are held at the MicroStrategy entity. And as a result, those Bitcoins are pledged against our 2028 senior secured notes. Bitcoins purchased through proceeds from capital markets activities, including equity and debt issuances, are held at MacroStrategy, a wholly-owned subsidiary of MicroStrategy. These Bitcoins are not pledged to our senior secured notes and are fully unencumbered.

現在轉向我們的比特幣策略。我們再次增加了比特幣總持有量，並在第三季購買了 5,912 個比特幣。本季末後，我們使用營運現金額外購買了 155 個比特幣。截至 2023 年 10 月 31 日，該公司總共持有 158,400 枚比特幣，總成本為 47 億美元，即每枚比特幣 29,586 美元。 MicroStrategy 透過軟體業務產生的現金購買的比特幣由 MicroStrategy 實體持有。因此，這些比特幣以我們的 2028 年優先擔保票據為質押。透過資本市場活動（包括股票和債券發行）的收益購買的比特幣由 MicroStrategy 的全資子公司 MacroStrategy 持有。這些比特幣並未質押給我們的優先擔保票據，且完全不受阻礙。

In Q3, we purchased 5,445 Bitcoins for $147 million using net proceeds from our at-the-market equity program. And as noted a moment ago, these Bitcoins are held at MacroStrategy. We also purchased an additional 467 Bitcoins for $14.4 million using excess cash from operations which are held at MicroStrategy. And subsequent to the end of the quarter, in October, we used additional excess cash from operations to purchase the additional 155 Bitcoins for $5.3 million, also held at MicroStrategy.

在第三季度，我們使用市場股權計畫的淨收益以 1.47 億美元的價格購買了 5,445 個比特幣。正如剛才所提到的，這些比特幣由 MacroStrategy 持有。我們還使用 MicroStrategy 營運中的多餘現金，以 1,440 萬美元的價格額外購買了 467 個比特幣。在本季末（即 10 月）之後，我們使用營運中額外的多餘現金以 530 萬美元的價格購買了額外的 155 個比特幣，這些比特幣也由 MicroStrategy 持有。

Our Bitcoin strategy remains unchanged, which is to acquire and hold Bitcoin, and we plan to accumulate more Bitcoin over time using both excess cash from operationS&Proceeds from the capital markets. Bitcoin has outperformed much of the markets this year, and while we still see price volatility, as the asset class continues to mature, Bitcoin prices have stabilized over a narrower range compared to prior years. MicroStrategy is the largest publicly-traded corporate holder of Bitcoin in the world, and we remain committed to our Bitcoin acquisition strategy with the highest conviction, long-term focus, and with a strong risk-managed approach.

我們的比特幣策略保持不變，即獲取並持有比特幣，我們計劃隨著時間的推移，利用營運中的多餘現金和資本市場的收益累積更多的比特幣。比特幣今年的表現優於大部分市場，雖然我們仍然看到價格波動，但隨著資產類別的不斷成熟，比特幣價格與前幾年相比已經穩定在較窄的區間。 MicroStrategy 是全球最大的比特幣公開交易企業持有者，我們仍以最高的信念、長期的關注和強大的風險管理方法致力於我們的比特幣收購策略。

As of September 30, 2023, the carrying value of our Bitcoin holdings was approximately $2.5 billion, compared to approximately $4.3 billion in market value based on the Bitcoin price as of the last day of the quarter. As of market close on Tuesday, October 31, the market value of our 158,400 Bitcoins was approximately $5.5 billion. Our Bitcoin remains subject to the current indefinite-lived intangible asset accounting rules under which we must record an impairment when there is any decrease in the fair value below our carrying value at any time during the quarter, which occurred in Q3 when Bitcoin price fell to $24,900. We remain optimistic that FASB will finalize a change in accounting rules for certain digital assets, including Bitcoin, to fair value accounting in the near term.

截至 2023 年 9 月 30 日，我們持有的比特幣帳面價值約為 25 億美元，而根據截至本季最後一天的比特幣價格計算的市值約為 43 億美元。截至 10 月 31 日星期二收盤，我們 158,400 個比特幣的市值約為 55 億美元。我們的比特幣仍然受到當前無限期無形資產會計規則的約束，根據該規則，當本季度任何時候公允價值低於我們的帳面價值時，我們必須記錄減值，這種情況發生在第三季度，當時比特幣價格跌至24,900 美元。我們仍然樂觀地認為，FASB 將在短期內最終將包括比特幣在內的某些數位資產的會計規則更改為公允價值會計。

Now turning to Slide 19. In Q3, we continued to execute our at-the-market, or ATM, equity offering and raised approximately $147.3 million in aggregate net proceeds through the sale of Class A common stock. In the current ATM program, we have issued 403,000 shares and have approximately $602 million of remaining ATM capacity. As with pilot programs, we may use the proceeds for general corporate purposes, which include the purchase of Bitcoin as well as the repurchase or repayment of our outstanding debt. The incremental ATM capacity will allow us to benefit from institutional demand for Bitcoin exposure and will allow us to opportunistically raise capital to continue accreting value for our shareholders.

現在轉向投影片 19。第三季度，我們繼續執行市場 (ATM) 股票發行，並透過出售 A 類普通股籌集了約 1.473 億美元的淨收益總額。在目前的 ATM 計劃中，我們已發行 403,000 股，剩餘 ATM 容量約為 6.02 億美元。與試點計劃一樣，我們可以將所得款項用於一般公司目的，其中包括購買比特幣以及回購或償還我們的未償債務。增量 ATM 容量將使我們能夠從機構對比特幣曝險的需求中受益，並使我們能夠機會主義地籌集資金，繼續為股東創造價值。

Our outstanding debt and convertible notes remain unchanged at a total $2.2 billion with a blended weighted average interest rate of approximately 1.6%. Also, at the end of the third quarter, we had $45 million in cash on our balance sheet and sufficient overall liquidity to manage our ongoing operating needs and our outstanding debt. Since the third quarter of 2021, we have raised a total of approximately $1.9 billion in gross proceeds through our ATM programs, the average price over all issuances of approximately $419 per share. The primary use of historical ATM proceeds to date has been to acquire additional Bitcoin, and we also used the proceeds to repay our $205 million Bitcoin back loan at a discount. Our capital allocation strategy continues to be focused on improving our overall capital structure by strengthening our balance sheet through additional Bitcoin holdings and managing our debt very carefully.

我們的未償債務和可轉換票據總額維持在 22 億美元不變，混合加權平均利率約為 1.6%。此外，截至第三季末，我們的資產負債表上有 4,500 萬美元現金，並且有足夠的整體流動性來管理我們持續的營運需求和未償債務。自 2021 年第三季以來，我們透過 ATM 計畫籌集了總計約 19 億美元的總收益，所有發行的平均價格約為每股 419 美元。迄今為止，歷史上 ATM 收益的主要用途是購買額外的比特幣，我們還使用收益以折扣價償還 2.05 億美元的比特幣償還貸款。我們的資本配置策略繼續專注於透過增持比特幣來加強我們的資產負債表並非常謹慎地管理我們的債務，從而改善我們的整體資本結構。

On Slide 21. As of October 31, we now hold a total of 158,400 Bitcoins, of which 15,886 Bitcoins are held at MicroStrategy the parent, and are pledged as collateral, securing our 2028 notes. The remaining 142,514 Bitcoins are held at MacroStrategy, all of which are unpledged and unencumbered as of quarter end, representing 90% of our total Bitcoin holdings, or $4.9 billion in current market value. The earliest of our debt maturities is not until December 2025 for the 2025 convertible notes, which is 8 quarters away from today. Within that period of time, we also expect the Bitcoin halving to occur in Q2 of 2024. We actively monitor our capital structure and are constantly evaluating liability management opportunities to manage and prepare for all upcoming debt.

在幻燈片21 上。截至10 月31 日，我們現在總共持有158,400 個比特幣，其中15,886 個比特幣存放在母公司MicroStrategy 中，並被質押作為抵押品，以確保我們的2028 年票據的安全。其餘 142,514 枚比特幣由 MacroStrategy 持有，截至季度末，所有這些比特幣均未質押且無負擔，占我們比特幣總持有量的 90%，即當前市值 49 億美元。 2025 年可轉換票據的債務最早到期要到 2025 年 12 月，距離今天還有 8 個季度。在此期間，我們也預期比特幣減半將在 2024 年第二季發生。我們積極監控我們的資本結構，並持續評估負債管理機會，以管理和準備所有即將到來的債務。

Overall, we believe the positive position in our cloud business, along with a (technical difficulty) license sales in combination with the release of our first-to-market enterprise-scale integrated AI/BI product produces positive catalysts heading into the fourth quarter. That being said, we maintain the stance of cautious optimism due to the ongoing presence of macroeconomic headwinds. We anticipate total revenue this year to be in line with last year. We continue to focus on product innovation in AI and cloud. We will continue to grow cloud subscription revenues and strengthen the quality of our recurring revenue. As we transform our platform, we will remain disciplined and continue to manage to drive margin expansion, and we will continue to acquire and hold Bitcoin.

總體而言，我們相信我們雲端業務的積極地位，以及（技術難度）許可證銷售，再加上我們首款上市的企業級整合人工智慧/商業智慧產品的發布，將在第四季度產生積極的催化劑。話雖如此，由於宏觀經濟逆風持續存在，我們維持謹慎樂觀的立場。我們預計今年的總收入將與去年持平。我們持續關注人工智慧和雲端領域的產品創新。我們將繼續增加雲端訂閱收入並提高經常性收入的品質。當我們改造我們的平台時，我們將保持紀律並繼續設法推動利潤率擴張，我們將繼續收購和持有比特幣。

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

感謝您今天抽出時間並感謝您對 MicroStrategy 的持續支持。現在我將把電話轉給麥可聽他的講話。

Thank you. Thanks for joining us today. I thought I would start with a quick performance review of MicroStrategy since we adopted our Bitcoin strategy. It's now approximately 37 months, so just slightly more than 3 years since we adopted our Bitcoin strategy. And we benchmark ourselves against all major asset classes and against big tech stocks, and also against enterprise software companies that are our enterprise software peers. And I'm happy to report to you that our performance over this time period is plus 242%, and that exceeds the Bitcoin performance in the same period of 192%. So MicroStrategy is outperforming the Bitcoin asset index. The S&P is up 25% over that time period, so we've almost 10x'd the S&P performance. The Nasdaq is up 17%. As you recall, we had to choose between gold and digital gold in August of 2020, and we chose digital gold, that is Bitcoin. The actual gold is down 2%. So 192% versus minus 2% is the difference between choosing the right asset and the wrong asset. This totally makes sense because we're living in an age of digital transformation and there's just a growing awareness that Bitcoin is the digital gold of the 21st century.

謝謝。感謝您今天加入我們。自從我們採用了比特幣策略以來，我想我應該先對 MicroStrategy 進行快速性能審查。現在距離我們採用比特幣策略已經過了大約 37 個月，也就是 3 年多一點。我們將自己與所有主要資產類別、大型科技股以及我們的企業軟體同行進行比較。我很高興地向您報告，我們在這段時間內的表現提高了 242%，超過了比特幣同期表現的 192%。因此，MicroStrategy 的表現優於比特幣資產指數。在此期間，標準普爾指數上漲了 25%，因此我們幾乎將標準普爾指數的表現提高了 10 倍。那斯達克指數上漲 17%。大家還記得，2020 年 8 月，我們必須在黃金和數位黃金之間做出選擇，我們選擇了數位黃金，那就是比特幣。實際黃金下跌2%。因此，192% 與負 2% 是選擇正確資產和錯誤資產之間的差異。這是完全合理的，因為我們生活在數位轉型的時代，人們越來越意識到比特幣是 21 世紀的數位黃金。

Silver is down 18% in that time period. And of course, bonds, which we were holding on our balance sheet, are down 24%. And we had a concern about holding bonds because of the interest rate environment. That's why we wanted to buy some other tangible asset. As you can see, Bitcoin is almost the opposite of bonds. Bitcoin being the accreting asset, and bonds have been diluted to balance sheets, though we're holding them. MicroStrategy has outperformed all the big tech companies, and you can see here Google, Microsoft, Apple, Meta, and some of the big techs haven't even had a positive return in that time period. And MicroStrategy has almost 3x the next-best competitor in the enterprise software space. So I would say based upon this, over this time period, that our Bitcoin strategy is working. In essence, we have transformed a company with a $500 million enterprise software company into a new kind of firm that has both $500 million software business as well as now a $5 billion-plus digital assets business. And we're able to get benefits from both the business intelligence part of our business as well as the Bitcoin part of our business.

在此期間，白銀下跌了 18%。當然，我們資產負債表上持有的債券下跌了 24%。由於利率環境，我們對持有債券感到擔憂。這就是為什麼我們想買其他一些有形資產。如您所見，比特幣幾乎與債券相反。比特幣是增值資產，而債券已被稀釋到資產負債表中，儘管我們持有它們。 MicroStrategy 的表現優於所有大型科技公司，您可以在這裡看到Google、微軟、蘋果、Meta，而一些大型科技公司在這段時間內甚至沒有獲得正回報。在企業軟體領域，MicroStrategy 的競爭對手幾乎是第二大競爭對手的三倍。因此，我想說，基於此，在這段時間內，我們的比特幣策略正在發揮作用。從本質上講，我們已經將一家擁有 5 億美元企業軟體業務的公司轉變為既擁有 5 億美元軟體業務，又擁有超過 50 億美元數位資產業務的新型公司。我們能夠從我們業務的商業智慧部分以及我們業務的比特幣部分中獲益。

We can go to the next slide now. One of the things that's coming is more different options for institutional investors to get Bitcoin exposure. And oftentimes people ask us, so what's the difference between MicroStrategy and just buying the Bitcoin outright, or buying a Bitcoin Futures ETF, or buying Grayscale, or buying a potential spot Bitcoin ETF if and when they're available. And so I think this chart is both useful to explain what makes MicroStrategy different. And you can also see in this chart the structural reasons why we are able to outperform Bitcoin itself over this last 3-year time period. If you're an investor and you're looking for accessibility to Bitcoin as an asset class, MicroStrategy is a ticker on Nasdaq, MSTR, whereas buying the Bitcoin itself as the commodity requires that you set up new relationships with a crypto exchange and a crypto custodian. And oftentimes investors just don't have those exchange and custody relationships. So it's not so easy to buy the underlying Bitcoin, and in some cases, it's just not practical or not possible at all. They wouldn't be allowed to do it, or they wouldn't have the mandate to do it. The Futures ETF does provide that accessibility. The Spot ETFs have not been available up until now, and of course, GBTC has been an over-the-counter product, and there are many institutional investors that struggle with over-the-counter aspects of access. So that's been a benefit to us.

我們現在可以轉到下一張投影片。即將發生的事情之一是機構投資者獲得比特幣投資的更多不同選擇。人們經常問我們，MicroStrategy 與直接購買比特幣、購買比特幣期貨 ETF、購買 Grayscale 或購買潛在的現貨比特幣 ETF（如果可用）有什麼區別。因此，我認為這張圖表對於解釋 MicroStrategy 的不同之處很有用。您也可以在這張圖表中看到我們能夠在過去 3 年內超越比特幣本身的結構性原因。如果您是投資者，並且正在尋找將比特幣作為一種資產類別的機會，MicroStrategy 是納斯達克、MSTR 的股票，而購買比特幣本身作為商品則需要您與加密貨幣交易所和加密貨幣交易所建立新的關係。加密貨幣託管人。通常投資者只是沒有這些交換和託管關係。所以購買底層比特幣並不那麼容易，在某些情況下，這是不切實際或根本不可能的。他們不會被允許這樣做，或者他們沒有授權這樣做。期貨 ETF 確實提供了這種便利性。現貨ETF到目前為止還沒有推出，當然，GBTC一直是場外交易產品，有很多機構投資者在場外交易方面遇到困難。所以這對我們來說是一個好處。

The second differentiator has been our operating company structure. We are an operating company that is providing Bitcoin exposure. We're not a finance company. And that means we have some options. One option is we don't charge a fee. So if you're an investor in MicroStrategy, you don't get charged an annual fee or some sort of custody fee in order to be invested in our company. We cover the cost of custody using our operating cash flows and other cash flows from the operating business. If you were to buy Bitcoin itself, you normally have to place it with a custodian of your institutional investor. And so all institutional custodians charge a fee. There is an annual fee to invest in a Futures ETF as well. There will be fees to invest in Spot ETFs, and there has been a fee to invest in GBTC. So the ability to get Bitcoin exposure and not get charged a fee is another plus for us, a differentiator.

第二個區別是我們的營運公司結構。我們是一家提供比特幣曝險的營運公司。我們不是一家金融公司。這意味著我們有一些選擇。一種選擇是我們不收取費用。因此，如果您是 MicroStrategy 的投資者，您無需支付年費或某種託管費即可投資我們公司。我們使用經營現金流量和經營業務的其他現金流量來支付託管成本。如果您要購買比特幣本身，通常必須將其交給機構投資者的託管人。因此，所有機構託管人都會收取費用。投資期貨 ETF 也需要繳交年費。投資現貨 ETF 需要付費，投資 GBTC 也要付費。因此，能夠獲得比特幣且不收取費用是我們的另一個優勢，也是差異化因素。

The third differentiator is, as an operating company, we can acquire Bitcoin with cash flows, and we can organically accrete more Bitcoin, and we can do it with cash flows, or we can do it with accretive financings of different sort, either accretive debt or accretive equity financings. And that's a plus. And these other options don't allow you to organically accrete Bitcoin. So that's another plus for institutional investors that are Bitcoin bulls.

第三個區別是，作為一家營運公司，我們可以透過現金流獲取比特幣，我們可以有機地累積更多比特幣，我們可以透過現金流來做到這一點，或者我們可以透過不同類型的增值融資來做到這一點，無論是增值債務或增值股權融資。這是一個優點。而這些其他選項不允許你有機地累積比特幣。因此，這對於看好比特幣的機構投資者來說是另一個優勢。

The fourth differentiator is that as an operating company, we can use intelligent leverage. We can do asset-backed financing, we can do convertible financing, we can do senior secured debt financing, we could set up credit lines. So there are a lot of things an operating company can do that an ETP can't do. And of course, if you're just holding the underlying Bitcoin in a custodian, the Bitcoin is not going to leverage itself. And you don't have those types of debt financing you can do against Bitcoin the commodity right now as an institutional investor. So that has been a nice differentiator for us. And we have used that in order to create a product which is not just a straight Bitcoin investment. The $2.2 billion of debt with a 1.6% blended interest rate is an example of intelligent leverage.

第四個差異是，作為一家營運公司，我們可以使用智慧槓桿。我們可以做資產支持融資，我們可以做可轉換融資，我們可以做優先擔保債務融資，我們可以設立信貸額度。因此，有很多事情是經營公司可以做而 ETP 卻無法做到的。當然，如果你只是將基礎比特幣交給託管人，那麼比特幣就不會發揮槓桿作用。身為機構投資者，你現在沒有可以針對比特幣這種商品進行的債務融資。所以這對我們來說是一個很好的差異化因素。我們利用這一點來創建一個不僅僅是直接比特幣投資的產品。混合利率為 1.6% 的 22 億美元債務就是智慧槓桿的一個例子。

The fifth differentiator is that we have a non-Bitcoin business that we operate, our enterprise software business, and we've been in that business for 30 years. And so we're not just a pure Bitcoin play, but we provide some downside protection because we're able to rely upon cash flows and operating income from the enterprise software corporation. And of course, as a Nasdaq-listed stock, with a healthy spot volume, we have derivatives options. There are stock options that trade against MicroStrategy and you can use them for risk management if you want to buy, sell, trade, volatility or hedge, you're able to do that. And those are options available to institutional investors on exchanges they understand. And those options aren't easily available to them with many of the other choices they have.

第五個差異是我們經營的是非比特幣業務，也就是我們的企業軟體業務，我們從事這項業務已有 30 年了。因此，我們不僅僅是純粹的比特幣遊戲，而且我們還提供一些下行保護，因為我們能夠依賴企業軟體公司的現金流量和營業收入。當然，作為在納斯達克上市的股票，擁有健康的現貨交易量，我們擁有衍生性商品選擇權。有一些針對 MicroStrategy 進行交易的股票選擇權，如果您想購買、出售、交易、波動或對沖，您可以使用它們進行風險管理，您可以做到這一點。這些是機構投資者在他們了解的交易所上可以選擇的選擇。與他們擁有的許多其他選擇相比，這些選項對他們來說並不容易獲得。

So MicroStrategy, we've created a unique investment vehicle. It's certainly not the only appropriate investment vehicle, and there are other investment vehicles that will be more appropriate for different class of investors. And as we look forward to potential spot ETFs coming along, we think that's going to actually grow the market dramatically and it's going to be another great investment option for a different class of institutional investors that will be beneficial to all. But we're committed to our Bitcoin operating model and being a hybrid enterprise software company and Bitcoin company, taking advantage of our intelligent options when they present themselves in order to provide our investors with a unique opportunity to get long Bitcoin exposure in an intelligent fashion.

因此，MicroStrategy 我們創造了一種獨特的投資工具。它當然不是唯一合適的投資工具，還有其他投資工具更適合不同類別的投資者。當我們期待潛在的現貨 ETF 出現時，我們認為這實際上將大幅成長市場，並且對於不同類別的機構投資者來說，這將是另一個很好的投資選擇，對所有人都有好處。但我們致力於我們的比特幣營運模式，並成為一家混合型企業軟體公司和比特幣公司，在我們的智慧選項出現時利用它們，以便為我們的投資者提供獨特的機會，以智慧的方式獲得長期比特幣敞口。

So with that, I think, I'll say just a few last words on the Bitcoin market outlook. First of all, there's a lot of discussion of spot ETPs. If and when they are approved, we certainly think that they're beneficial to the entire asset class. They will represent an on-ramp for capital on Wall Street to come into the Bitcoin ecosystem, and they'll dramatically increase the availability of Bitcoin as an asset to both retail investors as well as institutional investors, corporate investors, and trust and endowments and the like. So we think that there are many, many types of investors that will benefit from that product. I think that 2 other things that it does is it provides comfort to institutional investors because when they see offerings from companies like BlackRock or Fidelity or Invesco that they're familiar with, then that's going to actually catalyze them to do research and to educate themselves. And we've already seen an improvement and an expansion in analytical coverage from Wall Street of the Bitcoin asset class. I think we'll see more and more analyst coverage from traditional Wall Street banks as these ETPs make Bitcoin exposure available. And so more coverage means more education, means more awareness, and that results in more interest, and more on-ramps will facilitate that interest. And because Bitcoin has got a fixed supply, as the demand increases, then we think that'll be bullish for the entire asset.

因此，我想，我將就比特幣市場前景說幾句話。首先，有許多關於現貨 ETP 的討論。如果它們獲得批准，我們當然認為它們對整個資產類別有利。它們將成為華爾街資本進入比特幣生態系統的入口，並將極大增加比特幣作為一種資產對散戶投資者、機構投資者、企業投資者、信託和捐贈基金的可用性。類似。因此，我們認為有很多很多類型的投資者將從該產品中受益。我認為它的另外兩件事是它為機構投資者提供了安慰，因為當他們看到他們熟悉的貝萊德（BlackRock）、富達（Fidelity）或景順（Invesco）等公司的產品時，這實際上會促使他們進行研究和自我教育。我們已經看到華爾街對比特幣資產類別的分析範圍有所改善和擴大。我認為，隨著這些 ETP 讓比特幣曝險變得可用，我們將看到越來越多來自傳統華爾街銀行的分析師報告。因此，更多的報導意味著更多的教育，意味著更多的意識，這會帶來更多的興趣，而更多的入口將促進這種興趣。由於比特幣的供應量是固定的，隨著需求的增加，我們認為這對整個資產來說是利多的。

The second major factor we think in the market outlook is going to be the halving. The halving is coming right now. It's forecast to be sometime in late April of 2024. Much of the organic selling demand or the organic supply available for sale of Bitcoin or natural sellers are Bitcoin miners. And after the halving that natural supply available for sale will be cut in half, at least from the Bitcoin miners. And the Bitcoin miners are a substantial part of all the natural sellers in the market. So the halving should have a pretty dramatic material effect on the supply available for sale at the same time that the demand for the asset increases via spot Bitcoin ETPs. So we think that's bullish for the asset class.

我們認為市場前景的第二個主要因素將是減半。減半即將到來。預計將在 2024 年 4 月下旬的某個時間。比特幣的大部分有機銷售需求或可用於銷售比特幣的有機供應或自然賣家都是比特幣礦工。減半後，可供出售的自然供應量將減少一半，至少來自比特幣礦商的供應量將減少一半。比特幣礦工是市場上所有自然賣家的重要組成部分。因此，減半應該會對可供出售的供應產生相當巨大的實質影響，同時透過現貨比特幣 ETP 來增加對資產的需求。因此，我們認為這對該資產類別有利。

The third dynamic is going to be FASB's initiative toward fair value accounting. That can only be helpful in educating the market, clarifying the asset, and creating more transparency that solves problems that corporations would have if they were to take on large material amounts of Bitcoin exposure. And this is not a near term, but more of a long-term driver, but it's material as a long-term driver.

第三個動態是 FASB 的公允價值會計措施。這只會有助於教育市場、澄清資產並提高透明度，從而解決企業在承擔大量比特幣風險時可能遇到的問題。這不是短期的，而是長期的驅動因素，但作為長期驅動因素，它是重要的。

A fourth interesting driver in the market which is positive is the entire crypto regulation developments and the progression of them. As the entire crypto industry continues to be regulated, I think that's creating more clarity and more comfort for institutional investors to be able to participate in this space. And so I think we'll see positive regulatory initiatives that will create more clarity and more consistency and more comfort during the coming 12 months. I think another driver which is material in the coming 12 months is macroeconomics. Both macroeconomic environment in the United States as well as global macroeconomics, there is continued global inflation and everywhere that pops up its head, it's driving interest in Bitcoin, and it's catalyzing awareness. And I think the current macroeconomic environment with the Fed slowing down on tightening, as it has, is positive. Certainly over the past 1.5 year with the interest rates going from almost nothing to more than 500 basis points, that's been a headwind. And now in the current environment, I don't think we expect similar types of macroeconomic headwinds and just a pause on Federal Reserve activity that we've seen in the past 2 Fed announcements have been positive, I think, for the outlook for the Bitcoin asset class.

市場上第四個有趣的積極驅動因素是整個加密貨幣監管的發展及其進展。隨著整個加密貨幣行業繼續受到監管，我認為這為機構投資者參與這個領域創造了更多的清晰度和更多的舒適度。因此，我認為我們將看到積極的監管舉措，這些舉措將在未來 12 個月內創造更明確、更一致和更舒適的環境。我認為未來 12 個月的另一個重要驅動因素是宏觀經濟。無論是美國的宏觀經濟環境還是全球宏觀經濟，全球通貨膨脹持續存在，到處都出現這種現象，這推動了人們對比特幣的興趣，並提高了人們的意識。我認為當前的宏觀經濟環境（聯準會放緩緊縮政策）是正面的。當然，在過去 1.5 年裡，利率從幾乎為零上升到超過 500 個基點，這是一個逆風。現在，在當前環境下，我認為我們預計不會出現類似類型的宏觀經濟逆風，而且我們在過去兩次聯準會聲明中看到的聯準會活動的暫停對經濟前景來說是積極的。比特幣資產類別。

Bitcoin technology integration efforts continue. I think it's another bullish trend. The development of Lightning continues and the activity of corporations to integrate the Bitcoin protocol and the base layer Bitcoin as well as integrate with Lightning are positive and auspicious and they continue. And I think that as time goes on, we're just going to see more and more technology initiatives that will be beneficial in creating utility for Bitcoin throughout the entire retail community and business community. And then I will end my thoughts with the observation that mainstream awareness seems to be reaching new heights for Bitcoin. We have the likes of Larry Fink referring to it as a flight to quality. We have Druckenmiller noting that it's a legitimate asset embraced by an entire generation and lamenting that he doesn't own more of it or own it. We have Mohamed El-Erian on television noting that Bitcoin is being viewed now as a safe haven asset. We have a lot of coverage of Bitcoin on television networks, news networks, and also through mainstream media. That should continue to grow. As that coverage increases, that combined with increasing availability of Wall Street analyst coverage and new voices emerging in the community like Fidelity with their analysis of Bitcoin, all of those new voices and new interest is driving education of a new generation of investors. I think we can expect more of that during the coming 12 months. And all of these things together just create a virtual cycle. And as they drive Bitcoin awareness, they should drive Bitcoin investment and that should drive more news and that should drive more awareness and that should catalyze more and more firms to take an interest in supporting Bitcoin or investing in Bitcoin.

比特幣技術整合工作仍在繼續。我認為這是另一個看漲趨勢。閃電網路的發展仍在繼續，企業整合比特幣協議和基礎層比特幣以及與閃電網路整合的活動是積極而吉祥的，並且仍在繼續。我認為，隨著時間的推移，我們將看到越來越多的技術舉措，這些舉措將有利於在整個零售社群和商業社群為比特幣創造實用性。然後我將以觀察到主流意識似乎正在達到比特幣的新高度來結束我的想法。拉里·芬克（Larry Fink）等人稱之為追求品質的飛躍。德魯肯米勒指出，這是整整一代人所擁護的合法資產，並感嘆他沒有擁有更多或擁有它。 Mohamed El-Erian 在電視上指出，比特幣現在被視為避險資產。我們在電視網絡、新聞網絡以及主流媒體上對比特幣進行了大量報導。這應該會繼續增長。隨著覆蓋範圍的增加，再加上華爾街分析師覆蓋面的增加以及富達等社區中出現的新聲音對比特幣的分析，所有這些新聲音和新興趣正在推動新一代投資者的教育。我認為未來 12 個月我們可以期待更多這樣的事。所有這些事情加在一起就創造了一個虛擬循環。當他們提高比特幣意識時，他們應該推動比特幣投資，這應該會帶來更多的新聞，這應該會提高更多的意識，這應該會促使越來越多的公司有興趣支持比特幣或投資比特幣。

And so with that, I will go ahead and end my review, and we can move on to Q&A.

因此，我將繼續結束我的評論，我們可以繼續進行問答。

We are now going to jump right into questions, and the first question is for Michael. The 10-Q discloses that Michael entered into a 10b5-1 plan to exercise MicroStrategy stock options. Can you please provide further color on the plan and the thought process?

我們現在要直接進入問題，第一個問題是問麥可的。 10-Q 揭露，Michael 簽訂了 10b5-1 計畫來行使 MicroStrategy 股票選擇權。您能否提供更多有關計劃和思考過程的資訊？

Sure, yes. I was granted a stock option in 2014 with respect to 400,000 shares, which is going to expire next April if I don't exercise it by then. For almost a decade now, at my request, the company has only paid me a $1 salary, and I have chosen not to be eligible for any cash bonuses. Exercising this option will allow me to address some financial obligations as well as to acquire additional Bitcoin for my personal account. Under my trading plan, I plan to exercise and sell 5,000 shares on each trading day, beginning on January 2, 2024, and ending on April 25, subject to a minimum price condition. This means the sale will take place over almost 4 months. If you'd like more details about the plan, I would refer you to the 10-Q. I continue to be optimistic about MicroStrategy's prospects and should note that my equity stake in the company after these sales will remain very significant.

當然，是的。我在2014年獲得了40萬股的股票選擇權，如果我不行使的話明年4月就到期了。近十年來，在我的要求下，公司只支付給我 1 美元的工資，而我選擇不享受任何現金獎金。行使此選項將使我能夠履行一些財務義務，並為我的個人帳戶獲得額外的比特幣。根據我的交易計劃，我計劃從2024年1月2日開始，到4月25日結束，每個交易日行使並出售5,000股股票，並遵守最低價格條件。這意味著出售將持續近 4 個月。如果您想了解有關該計劃的更多詳細信息，我建議您參閱 10-Q。我仍然對 MicroStrategy 的前景持樂觀態度，並且應該指出，在這些出售之後我在該公司的股權仍將非常重要。

The next question is also for Michael. What is management's view on the impacts to the Bitcoin ecosystem at large if a spot Bitcoin ETF is approved? And what is management's view on the potential impact to MicroStrategy?

下一個問題也是問麥可的。如果現貨比特幣 ETF 獲得批准，管理層對整個比特幣生態系統的影響有何看法？管理階層對 MicroStrategy 的潛在影響有何看法？

I think that it's a catalytic event, a big milestone in the institutional adoption of Bitcoin as an asset class. So I think it's going to be very, very auspicious for the asset. I think it will usher in a new generation of analysts. It'll usher in a lot more Bitcoin awareness. It will simplify the process of acquiring and holding Bitcoin and allocating to Bitcoin by an order of magnitude. And I think it will create a constructive competition because all of these various ETF vendors will all be competing for asset share. And as they do it, it'll be in their best interest to communicate and educate all of their clients on Bitcoin. So I think it's very good for the ecosystem. I think it's complementary as a way to participate to many other ways. There are already participants in the ecosystem that take different strategies. For example, Block has taken a very technology-focused strategy, and they're very interested in integrating into their products like Cash App.

我認為這是一個催化事件，是機構採用比特幣作為資產類別的一個重要里程碑。所以我認為這對該資產來說將是非常非常有利的。我認為它將迎來新一代分析師。它將帶來更多的比特幣意識。它將大大簡化獲取和持有比特幣以及分配比特幣的過程。我認為這將創造一種建設性的競爭，因為所有這些不同的 ETF 供應商都將爭奪資產份額。當他們這樣做時，對所有客戶進行有關比特幣的溝通和教育將符合他們的最大利益。所以我認為這對生態系統非常有好處。我認為它作為一種參與方式與許多其他方式是互補的。生態系中已經有採取不同策略的參與者。例如，Block 採取了非常注重技術的策略，他們非常有興趣整合到他們的產品中，例如 Cash App。

MicroStrategy has assumed a Bitcoin strategy which consists of acquiring and holding the underlying asset. I think other companies have offered options-type strategies and trading strategies. There are going to be a class of investors that will welcome the ability to hold the spot product through an ETP wrapper. And so I think it's generally good for the ecosystem. As for MicroStrategy, I think it's going to be good for our company as well as our shareholders because it will expand the overall ecosystem. None of these ETP companies will be operating companies themselves, so they're not really pursuing our strategy of intelligent leverage as an operating company. They'll be pursuing various ETF and ETP-type strategies. And overall that means that it should expand the entire asset class to the benefit of all participants.

MicroStrategy 採取了一種比特幣策略，其中包括收購和持有基礎資產。我認為其他公司已經提供了期權類型的策略和交易策略。將會有一類投資人歡迎透過 ETP 包裝持有現貨產品的能力。所以我認為這通常對生態系統有利。至於 MicroStrategy，我認為這對我們公司和我們的股東都有好處，因為它將擴展整個生態系統。這些 ETP 公司本身都不是營運公司，因此他們並沒有真正追求我們作為營運公司的智慧槓桿策略。他們將追求各種 ETF 和 ETP 類型的策略。總的來說，這意味著它應該擴大整個資產類別，以使所有參與者受益。

I think, Shirish had a connection issue, so I'll read the next question we have. This one is for Phong. How should we be thinking about the AI partnerships with Microsoft and their monetization? Can you shed some color on the impact of AI offerings on margin?

我認為 Shirish 遇到了連接問題，所以我將閱讀我們的下一個問題。這是給馮的。我們應該如何考慮與微軟的人工智慧合作夥伴關係及其貨幣化？能否透露一下人工智慧產品對利潤的影響？

Yes. So one of the ways we were able to be first to market with our AI/BI offering is we fully embedded Microsoft Azure's OpenAI product through a partnership with Microsoft. And it provides several benefits to prospects and customers. One is they don't need to bring their own LLM, which if you're a large enterprise, you may not know exactly where to go, how to go do that, and so we've integrated it fully. The second is, as of now, Azure OpenAI, which drives technologies like ChatGPT, is the superior LLM in the market. And so it's something that people are familiar with and know how to work with. And the third, we carry with it a lot of the privacy and security capabilities of Azure OpenAI, too.

是的。因此，我們能夠率先將 AI/BI 產品推向市場的方法之一是透過與 Microsoft 合作，完全嵌入 Microsoft Azure 的 OpenAI 產品。它為潛在客戶和現有客戶提供了多種好處。一是他們不需要自備LLM，如果你是一家大企業，你可能不知道到底該去哪裡、如何做，所以我們已經把它完全整合了。第二個是，截至目前，驅動 ChatGPT 等技術的 Azure OpenAI 是市場上優秀的法學碩士。因此，這是人們熟悉並知道如何使用的東西。第三，我們也擁有 Azure OpenAI 的許多隱私權和安全功能。

That's our first entry into the market. Over time, we do plan to integrate other LLMs from the hyperscalers, so whether it be Google or AWS and allow our customers to bring their own LLM or utilize a private LLM. So you'll be seeing that as we enter into 2024. As far as monetization, today, as I mentioned, pricing this at $20,000 for 20,000 questions, it's consumption-based. Obviously, customer has to be using our current BI technology, and if they're not, they'll get MicroStrategy BI and the pricing associated with that and then add on AI on top of that. And I think as we get into 2024, we'll see some material revenue come out of this new product. We're already seeing some pretty strong pipeline with MicroStrategy AI. And as I mentioned earlier, it's causing customers to want to move to our cloud because it's only available in the cloud. So that's another nice tailwind that's created by our new AI offering.

這是我們第一次進入市場。隨著時間的推移，我們確實計劃整合來自超大規模企業的其他法學碩士，無論是谷歌還是AWS，並允許我們的客戶攜帶自己的法學碩士或使用私人法學碩士。因此，當我們進入 2024 年時，您將會看到這一點。就貨幣化而言，正如我所提到的，今天的定價為 20,000 美元，針對 20,000 個問題，它是基於消費的。顯然，客戶必須使用我們目前的 BI 技術，如果沒有，他們將獲得 MicroStrategy BI 以及與之相關的定價，然後在此基礎上添加 AI。我認為，進入 2024 年，我們將看到這款新產品帶來一些實質收入。我們已經看到 MicroStrategy AI 的一些相當強大的管道。正如我之前提到的，這導致客戶想要遷移到我們的雲，因為它只能在雲端中使用。這是我們新的人工智慧產品創造的另一個良好的推動力。

I can ask the next question. It's for Andrew. How does MicroStrategy think about the balance between investing and core business while utilizing excess cash flow to acquire more Bitcoin?

我可以問下一個問題。這是給安德魯的。 MicroStrategy 如何考慮投資與核心業務之間的平衡，同時利用多餘的現金流來獲取更多的比特幣？

I'd say, if you recall, when we launched our Bitcoin strategy, we converted our cash reserves as well as our investment holdings into Bitcoin, which I think has served MicroStrategy to be extremely accretive. And Michael shared some of those statistics earlier. As part of our overall liquidity management, we ensure adequate working capital to manage all our operations. We also ensure we have adequate capital to invest in product development and as well as service our debt. I'd say using excess cash from operations allows us to have the ability to organically accrete more Bitcoin. Again, that's served us very well and has driven a lot of value for our shareholders. So I'd expect us to continue along that strategy.

我想說的是，如果您還記得的話，當我們推出比特幣策略時，我們將現金儲備以及投資持有量轉換為比特幣，我認為這為 MicroStrategy 帶來了極大的增值。邁克爾早些時候分享了其中一些統計數據。作為我們整體流動性管理的一部分，我們確保充足的營運資金來管理我們的所有營運。我們也確保有足夠的資本投資產品開發和償還債務。我想說，使用營運中的多餘現金使我們有能力有機地累積更多比特幣。同樣，這對我們很有幫助，並為我們的股東帶來了許多價值。因此，我希望我們能夠繼續遵循這項策略。

The next question is for Andrew as well. Can you please provide thoughts if you have an expected timeline for FASB's fair value accounting rule implementation and how the Street should think about its impact on MicroStrategy's future Bitcoin acquisitions and the impact on core business?

下一個問題也問安德魯。如果您有 FASB 公允價值會計規則實施的預期時間表，以及華爾街應如何考慮其對 MicroStrategy 未來比特幣收購的影響以及對核心業務的影響，您能否提供一些想法？

I'd say from conversations we've had with various folks related that are aware of the FASB progress, it seems that the FASB is pretty much on track with what I would call maybe a normal timeline to finalize this accounting rule. I, obviously, can't predict when that will occur, but I think we believe it is likely to happen based on that normal timeline, either later this year or early next year. So I would say fairly in the near term. Overall, I think Michael talked about it as well, but the change, I believe, will help other institutions more effectively evaluate holding Bitcoin on corporate balance sheets and hopefully will provide additional transparency for more adoption of Bitcoin as well.

我想說的是，從我們與了解 FASB 進展情況的相關人員進行的對話來看，FASB 似乎已基本步入正軌，即我所說的最終確定該會計規則的正常時間表。顯然，我無法預測這種情況何時會發生，但我認為我們相信根據正常的時間表，這很可能會發生，要么是今年晚些時候，要么是明年初。所以我想說在短期內是公平的。總的來說，我認為邁克爾也談到了這一點，但我相信這一變化將幫助其他機構更有效地評估公司資產負債表上持有的比特幣，並有望為更多地採用比特幣提供額外的透明度。

Next question is for Michael. How does the recent move up in the price of Bitcoin impact the company's ongoing strategy to acquire more Bitcoin? Should we think of MicroStrategy as an average cost buyer adding to its Bitcoin stores as permitted by the capital markets and cash flow, regardless of the price?

下一個問題是問麥可的。最近比特幣價格的上漲對公司收購更多比特幣的持續策略有何影響？我們是否應該將 MicroStrategy 視為在資本市場和現金流允許的情況下添加比特幣商店的平均成本買家，無論價格如何？

We have a laser focus on Bitcoin acquisition. And so the volatility and the price movement has had 1 primary impact, which is it has brought worldwide awareness to Bitcoin, and it has gotten everybody focused on Bitcoin. So I think it's accelerating education. And because Bitcoin is a novel asset class, education is critical for adoption. So I think generally it's long-term bullish. We try not to get too caught up in the volatility. So when we have excess cash flows from operations that we don't need as working capital, then we will generally acquire Bitcoin with it because we view it as accretive. And then when the capital markets offer us opportunities to do financings that are accretive to our shareholders so that we can buy Bitcoin, we will avail ourselves of that. Those circumstances change month by month, quarter by quarter. And we have a good set of models that we use to keep track of all these changes. And we're always monitoring opportunities so as to make sure that we take advantage of it when it comes our way.

我們專注於比特幣收購。因此，波動性和價格變動產生了一個主要影響，那就是它提高了全世界對比特幣的認識，並使每個人都專注於比特幣。所以我認為這正在加速教育。由於比特幣是一種新穎的資產類別，因此教育對於採用比特幣至關重要。所以我認為整體來說是長期看漲的。我們盡量不要太陷入波動。因此，當我們從不需要作為營運資金的營運中獲得多餘的現金流時，我們通常會用它來購買比特幣，因為我們認為它具有增值性。然後，當資本市場為我們提供為股東增值的融資機會以便我們可以購買比特幣時，我們將利用這一點。這些情況每個月、每季都在變化。我們有一套很好的模型，可以用來追蹤所有這些變化。我們一直在監控機會，以確保我們能夠在機會出現時加以利用。

And we'll take one last question here. It is for Phong. What are your thoughts on the remainder of the year and outlook for 2024 and main drivers of growth and challenges to keep an eye on, and what are some of the levers that can be pulled to increase profitability in the future?

我們將在這裡回答最後一個問題。是為了馮。您對今年剩餘時間和 2024 年的前景有何看法，以及需要關注的主要成長動力和挑戰，以及可以利用哪些槓桿來提高未來的獲利能力？

I guess a few things. One, as we look into 2024, the 2 big drivers of growth will be AI and cloud, and they're related, migrating more customers to the cloud, getting them to adopt our cloud-native platform, and getting customers to adopt AI, which in turn will get customers to adopt cloud, and moving more into the [prospect] space. Because I think our AI and cloud offerings are quite prospect friendly. So I think those would be the big drivers of growth. Concerns that we might have, macroeconomic headwinds. We saw that in the first half of this year, could rear back up, right? We have a lot of uncertainty right now with what's happening in the macroeconomic environment. And so those are the things that I think about. And as far as cash flows and margins go, I do think we can do everything that we mentioned while still being pretty disciplined about our margins, which I think you've seen us able to accrete margins in the last few quarters. And I think we'll continue to do that.

我猜想有幾件事。一，展望 2024 年，成長的兩大驅動力將是人工智慧和雲，它們是相關的，將更多客戶遷移到雲，讓他們採用我們的雲原生平台，並讓客戶採用人工智慧，這反過來將促使客戶採用雲，並更多地進入[前景]領域。因為我認為我們的人工智慧和雲端產品對前景非常友善。所以我認為這些將是成長的主要動力。我們擔心宏觀經濟可能面臨逆風。我們看到今年上半年可以回升，對嗎？目前宏觀經濟環境存在許多不確定性。這些就是我所考慮的事情。就現金流和利潤率而言，我確實認為我們可以做我們提到的所有事情，同時仍然對我們的利潤率保持相當嚴格，我認為你已經看到我們能夠在過去幾個季度中增加利潤率。我想我們會繼續這樣做。

So I think with that, I'm going to close this call. I want to thank everyone for being with us today, and we appreciate your support. We're enthusiastic as ever about our enterprise software strategy as well as our Bitcoin strategy. I think we've seen positive momentum in both of those areas in the third quarter, and we wish you all a good quarter, and look forward to seeing you again in 12 weeks in 2024. Thanks, all.

所以我想，我將結束這通通話。我要感謝大家今天和我們在一起，我們感謝你們的支持。我們一如既往地對我們的企業軟體策略和比特幣策略充滿熱情。我認為第三季度我們在這兩個領域都看到了積極的勢頭，我們祝大家都有一個美好的季度，並期待在 2024 年 12 週後再次見到你們。謝謝大家。