Microstrategy Inc (MSTR) 2023 Q4 法說會逐字稿

Hello, everyone, and good evening, financially.

大家好，晚上好，財務方面。

Jody, a Vice President of Investor Relations and Treasury at MicroStrategy, albeit moderator, for MicroStrategy's 2023 Fourth Quarter Earnings Webinar.

Jody 是 MicroStrategy 投資者關係和財務副總裁，也是 MicroStrategy 2023 年第四季度收益網絡研討會的主持人。

Before we proceed, I will read Safe Harbor statement.

在我們繼續之前，我將閱讀安全港聲明。

Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements.

我們在今天的電話會議中提供的有關我們未來期望、計劃和前景的一些資訊可能構成前瞻性陳述。

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.

由於各種重要因素，包括我們最近向 SEC 提交的 10 Q 中討論的風險因素，實際結果可能與這些前瞻性陳述有重大差異。

We assume no obligation to update this forward looking statements that speak only as of today.

我們不承擔更新這些僅截至今天的前瞻性聲明的義務。

And also during today's call, we will refer to certain non-GAAP financial measures.

在今天的電話會議中，我們也將提及某些非公認會計準則財務指標。

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 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.

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。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。

And Michael from our Andrew will answer questions at the end of the session.

我們安德魯的邁克爾將在會議結束時回答問題。

Please be sure to provide your name and your company's name when submitting your questions.

提交問題時，請務必提供您的姓名和公司名稱。

Now I'll walk you through the agenda for today's call.

現在我將向您介紹今天電話會議的議程。

First family will cover the business results and the key pillars of our business strategy.

第一家庭將涵蓋業務成果和我們業務策略的關鍵支柱。

Second, Andrew, Ken will cover the financial results for the fourth quarter and full year of 2023.

其次，Andrew, Ken 將介紹 2023 年第四季和全年的財務表現。

Then Michael Taylor will provide a strategic review and discuss recent bitcoin market updates.

然後邁克爾泰勒將提供策略回顧並討論最近的比特幣市場動態。

And lastly, we will open up to Q&A.

最後，我們將開放問答。

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

接下來，我將把電話轉給親切的 MicroStrategy 總裁兼執行長。

Thank you, Suresh.

謝謝你，蘇雷什。

Hello, everyone.

大家好。

I'd like to welcome all of you to today's webinar on a start by providing an update on the state of the Company and achievements over the past year.

我謹歡迎大家參加今天的網路研討會，首先向大家介紹公司的最新狀況和過去一年的成就。

Today, MicroStrategy is the largest corporate holder of bitcoin in the world, holding 190,000 Bitcoins with a total bitcoin market value of $8.1 billion as of yesterday.

如今，MicroStrategy 是全球最大的比特幣企業持有者，持有 19 萬枚比特幣，截至昨天，比特幣總市值達 81 億美元。

In 2023, we acquired 56,650 Bitcoins for a total purchase cost of $1.9 billion, an average price of $33,580 in 2024.

2023 年，我們購買了 56,650 個比特幣，總購買成本為 19 億美元，2024 年平均價格為 33,580 美元。

So far, we have acquired an additional 850 Bitcoins for a total purchase cost of $37 million over the past year.

到目前為止，我們在過去的一年裡已經額外購買了 850 個比特幣，總購買成本為 3,700 萬美元。

We've seen bitcoin mature further as an institutional grade asset class with broader regulatory recognition and institutional adoption.

我們已經看到比特幣作為一種機構級資產類別進一步成熟，具有更廣泛的監管認可和機構採用。

We remain highly committed to our Bitcoin strategy with a long-term focus.

我們仍然高度致力於我們的比特幣策略並著眼於長期。

Andrew will provide further details on our Bitcoin purchase activity for this quarter.

安德魯將提供有關本季比特幣購買活動的更多詳細資訊。

Later, MicroStrategy is also positioned as the world's largest independent publicly traded business intelligence company.

後來，MicroStrategy也被定位為全球最大的獨立上市商業智慧公司。

Our objective is to grow an AI. and cloud powered DI. software.

我們的目標是發展人工智慧。和雲端驅動的 DI。軟體.

We have over 1900 employees focused on our software business devoted to achieving our vision of intelligence past years and has marked the most transformative in our 25 year history of being a public company as we released MicroStrategy one MicroStrategy AI, MicroStrategy Cloud for Azure, AWS and now the Google Cloud platform and continue to focus on growth in both cloud and AI. plus BI. in 2023, we made important progress in our shift towards our cloud offering, resulting in annual subscription services revenue of $81.2 million, an increase of 34% year over year.

過去幾年，我們有超過1900 名員工專注於我們的軟體業務，致力於實現我們的智慧願景，並標誌著我們作為一家上市公司25 年歷史上最具變革性的一次，我們發布了MicroStrategy one MicroStrategy AI、MicroStrategy Cloud for Azure、AWS 和現在是 Google Cloud 平台，並繼續專注於雲端和人工智慧的成長。加上商業智慧。 2023年，我們在向雲端產品轉型方面取得了重要進展，年度訂閱服務收入達到8,120萬美元，較去年同期成長34%。

The growing the strong growth in our subscription services revenue was driven by both existing customer migrations to the cloud and new customer wins.

我們的訂閱服務收入的強勁成長是由現有客戶遷移到雲端和新客戶贏得推動的。

Our customer renewal rates continue to be among the highest we've ever experienced and our subscription billings remain strong.

我們的客戶續訂率仍然是我們經歷過的最高水平之一，我們的訂閱帳單仍然強勁。

Overall, we've continued to see further global adoption of our cloud platform as a result of transitioning our business strategy and product offerings from an on-prem perpetual license software company to a cloud native organization.

總體而言，由於我們將業務策略和產品從本地永久授權軟體公司轉變為雲端原生組織，我們的雲端平台在全球範圍內得到了進一步的採用。

Further, we've transformed the way we function as an organization.

此外，我們也改變了組織的運作方式。

We reorganized and invest in our go-to-market approach to help develop sales opportunities convert more customers to our cloud offering.

我們重組並投資了我們的市場推廣方法，以幫助開發銷售機會，將更多客戶轉化為我們的雲端產品。

We've created a customer success function to focus on the customer experience, including onboarding adoption and retention, migration and upsell.

我們創建了客戶成功職能部門，專注於客戶體驗，包括入職採用和保留、遷移和追加銷售。

This enables our sales teams to focus on selling to new customers in the cloud, we revised our sales compensation plans to prioritize new business and cloud transactions.

這使我們的銷售團隊能夠專注於向雲端中的新客戶進行銷售，我們修改了銷售薪酬計劃，以優先考慮新業務和雲端交易。

We've rebuilt our marketing leadership team and have invested in product marketing, field enablement, brand development and demand generation.

我們重建了行銷領導團隊，並在產品行銷、現場支援、品牌開發和需求產生方面進行了投資。

We have expanded our partner sales channel with strategic partnerships with Microsoft, AWS, Google and Snowflake, harnessing thousands of eager sellers ready to deploy MicroStrategy on their platforms.

我們與 Microsoft、AWS、Google 和 Snowflake 建立策略合作夥伴關係，擴大了我們的合作夥伴銷售管道，吸引了數千名準備在其平台上部署 MicroStrategy 的熱心賣家。

I believe MicroStrategy is entering 2024 stronger than ever and will continue to provide a unique value proposition for our shareholders with our Bitcoin strategy being so significant to our overall business value.

我相信 MicroStrategy 進入 2024 年將比以往任何時候都更加強大，並將繼續為我們的股東提供獨特的價值主張，因為我們的比特幣策略對我們的整體業務價值至關重要。

While we also continue to pursue growth in our enterprise analytics business, some areas, what kind of a company is MicroStrategy.

雖然我們也持續追求企業分析業務的成長，但在某些領域，MicroStrategy 是一家甚麼樣的公司。

Now it's a fair question and a question that takes on even more significance with the approval of spot bitcoin ETPs in the United States, we consider MicroStrategy to be unique.

現在這是一個公平的問題，而且隨著現貨比特幣 ETP 在美國獲得批准，這個問題變得更加重要，我們認為 MicroStrategy 是獨一無二的。

We consider MicroStrategy to be the world's first bitcoin development company.

我們認為 MicroStrategy 是世界上第一家比特幣開發公司。

Let me explain what we mean.

讓我解釋一下我們的意思。

We are a publicly traded operating company committed to the continued development of the bitcoin network through our activities in the financial markets, advocacy and technology innovation.

我們是一家上市營運公司，致力於透過我們在金融市場、宣傳和技術創新方面的活動來持續發展比特幣網路。

As an operating business, we're able to use cash flows as well as proceeds from equity and debt financing to accumulate Bitcoin.

作為一家營運企業，我們能夠利用現金流以及股權和債務融資收益來累積比特幣。

We serve as our primary treasury reserve asset.

我們作為我們的主要國庫儲備資產。

We also develop and provide industry leading AI powered enterprise analytic software that promotes our vision of intelligence everywhere and are also using our software development capabilities to develop bitcoin application.

我們還開發並提供業界領先的人工智慧驅動的企業分析軟體，以促進我們的智慧願景無所不在，並利用我們的軟體開發能力來開發比特幣應用程式。

We believe that the combination of our operating structure, Bitcoin strategy and focus on technology innovation provides a unique opportunity for value creation being an operating company.

我們相信，我們的營運結構、比特幣策略和對技術創新的關注相結合，為營運公司創造價值提供了獨特的機會。

Our software business remains our core revenue and cash flow generator.

我們的軟體業務仍然是我們的核心收入和現金流來源。

In addition, it also enables us to acquire bitcoin through the use of excess cash or proceeds from equity capital raises for corporate debt capital raises and to pursue software innovations that leverage the Bitcoin blockchain.

此外，它還使我們能夠透過使用多餘現金或股權資本來籌集收益用於企業債務資本籌集來獲取比特幣，並追求利用比特幣區塊鏈的軟體創新。

And we've deployed these levers to increase our Bitcoin holdings in a manner which we believe has created shareholder value.

我們已經利用這些槓桿來增加我們的比特幣持有量，我們相信這種方式已經創造了股東價值。

Bitcoin development includes our Bitcoin acquisition strategy and Bitcoin advocacy initiatives.

比特幣開發包括我們的比特幣收購策略和比特幣倡議計畫。

Our software development includes BIAI. cloud or bitcoin and Lightning related software development.

我們的軟體開發包括BIAI。雲端或比特幣和閃電網路相關的軟體開發。

Let me elaborate on our 2024 software strategic focus in 2024, we'll continue our transformation focus to win and grow in AI. plus BI., while accelerating our transition to a cloud centric operating model.

讓我詳細闡述我們2024年的軟體策略重點，2024年我們將繼續轉型重點，以在人工智慧領域中獲勝和發展。加上 BI，同時加速我們向以雲端為中心的營運模式的過渡。

Our key strategic goals are to grow cloud, innovate with a high and increased profitability.

我們的主要策略目標是發展雲端、創新並提高獲利能力。

So first, let me cover growing with clouds.

首先，讓我介紹一下雲的生長。

Microstrategy Cloud is a key area of our research and development efforts as we expand our platform's flexibility, scalability and security.

隨著我們擴展平台的靈活性、可擴展性和安全性，Microstrategy Cloud 是我們研發工作的關鍵領域。

In December, we successfully deployed our Google Cloud platform integration, furthering our multi-cloud capabilities providing greater optionality to our customers.

12 月，我們成功部署了 Google Cloud 平台集成，進一步增強了我們的多雲功能，為客戶提供了更多選擇。

This offering is microservices and container base using our most recent cloud innovations.

該產品是使用我們最新的雲端創新的微服務和容器基礎。

As of today, MicroStrategy can be deployed and fully hosted on Azure AWS and GCP additionally will provide the ability to automate deployment of MicroStrategy with many of the same benefits of a public cloud, but in a private cloud later this year, this distinguishes us from other BI platforms with the flexibility and automation enterprise customers require.

截至今天，MicroStrategy 可以部署並完全託管在Azure AWS 上，GCP 此外還將提供自動部署MicroStrategy 的能力，具有與公有雲相同的許多優勢，但在今年稍後的私有雲中，這使我們有別於其他雲端。其他具有企業客戶所需的靈活性和自動化的 BI 平台。

We believe such investment and capability will encourage current on-premise customers to embrace the benefits of MicroStrategy Cloud such as containerized architecture, proactive cloud management from X, seamless backups and single click updates.

我們相信，此類投資和能力將鼓勵當前的本地客戶享受 MicroStrategy Cloud 的優勢，例如容器化架構、X 的主動雲端管理、無縫備份和點擊更新。

Transitioning our customer base to the technology of the future remains a key focus and our resource deployment underscores our commitment to the cloud-first approach as customers and prospects move to the cloud to empower their AI driven digital transformations.

將我們的客戶群過渡到未來的技術仍然是一個關鍵焦點，隨著客戶和潛在客戶遷移到雲端以支援他們的人工智慧驅動的數位轉型，我們的資源部署強調了我們對雲端優先方法的承諾。

We expect a decrease in product license revenues this will in part be offset by increases in subscription services revenues in the same year and will be more than offset with higher recurring revenues in the following years.

我們預計產品授權收入的減少將部分被同年訂閱服務收入的增加所抵消，並將被未來幾年更高的經常性收入所抵消。

This will be most pronounced in 2024 as we expect to increase the pace of cloud adoption.

這將在 2024 年最為明顯，因為我們預計雲端採用的步伐將會加快。

Besides more healthy recurring revenues, additional benefits and moving customers and prospects to cloud include more engaged and happy customers use our latest software resulting in higher retention rates.

除了更健康的經常性收入之外，額外的好處以及將客戶和潛在客戶轉移到雲端還包括更多參與和滿意的客戶使用我們的最新軟體，從而提高保留率。

Second area of focus for our software business is to innovate with AI.

我們軟體業務的第二個重點領域是利用人工智慧進行創新。

We will continue to focus on product innovation and AI Power BI in the cloud.

我們將繼續專注於雲端中的產品創新和AI Power BI。

In September, MicroStrategy released its most innovative product to date, MicroStrategy, a US, our innovative first to market, a solution offers capabilities designed to deliver an exceptional user experience on trusted data, petering out of the box resources that streamline adoption on our multi-cloud platform.

9 月，MicroStrategy 發布了迄今為止最具創新性的產品MicroStrategy，這是我們在美國率先推向市場的創新解決方案，該解決方案提供的功能旨在透過可信數據提供卓越的用戶體驗，並減少開箱即用的資源，從而簡化我們多平台的採用。- 雲端平台。

The initial reception from customers has been positive.

客戶的初步反應是正面的。

Our platform's AIBI. capabilities enable customers to automate their BI workflows, including building data, wrangling dashboard creation and data exploration.

我們的平台是AIBI。功能使客戶能夠自動化其 BI 工作流程，包括建立資料、整理儀表板建立和資料探索。

This elevates the role of data throughout the organization, allowing companies to make better data-based decisions and take actions.

這提升了數據在整個組織中的作用，使公司能夠做出更好的基於數據的決策並採取行動。

We believe that our continued thought leadership and innovation focus in the AI. plus BI. intersection will serve as a growth catalyst for MicroStrategy into the future as business continues to search for efficiencies to reduce cost, increase productivity and increase revenues, AI solutions and trusted data will continue to gain prevalence as a necessity.

我們相信，我們將繼續在人工智慧領域發揮思想領導力和創新重點。加上商業智慧。隨著企業不斷尋求效率以降低成本、提高生產力和增加收入，交叉點將成為 MicroStrategy 未來的成長催化劑，人工智慧解決方案和可信任數據將繼續成為必需品。

In addition, in December, we released our standalone box feature as an extension of our MicroStrategy AI capabilities.

此外，12 月，我們發布了獨立的盒子功能，作為 MicroStrategy AI 功能的擴展。

With the release of Build Your Own bot, MicroStrategy's entered the adjacent spot market with the capabilities and pedigree of RBI. product to address a wide range of use cases when considering the services currently offered in the bond market, we noticed customer demand for a bot builder that addresses Gen-i resource constraints, improved structured data processing and solving for the lack of enterprise trust provided by current LLM. solutions.

隨著 Build Your Own bot 的發布，MicroStrategy 憑藉 RBI 的功能和血統進入了鄰近的現貨市場。在考慮債券市場目前提供的服務時，我們注意到客戶對機器人建構器的需求，該建構器可以解決 Gen-i 資源限制、改進結構化資料處理並解決缺乏企業信任的問題目前法學碩士。解決方案。

The current landscape about offerings such as domain-specific bots, L. and customizations and flexible build bots.

目前有關特定領域機器人、L. 以及定制和靈活構建機器人等產品的情況。

Either lack the flexibility to address broad use cases are face limitations with structured data.

要么缺乏解決廣泛用例的靈活性，要么面臨結構化資料的限制。

Microstrategy bots are one of the easiest to use products we've ever developed, combining our structured data hub horsepower with our open AI. integrated LLM. capabilities.

Microstrategy 機器人是我們開發的最容易使用的產品之一，它將我們的結構化資料中心能力與開放式人工智慧結合。綜合法學碩士。能力。

We've created a I bought flexible enough to support any industry vertical or departmental scenario with trusted analytics, leveraging the MicroStrategy platforms, advanced capabilities in the enterprise, such as security governance, integration with third party tools and system out of the auditability.

我們創建了一個足夠靈活的平台，可以透過可信任分析來支援任何行業垂直或部門場景，利用 MicroStrategy 平台、企業中的高級功能，例如安全治理、與第三方工具和系統的可審計性整合。

We enable customers to easily deploy chat bots for broad use and trusted data.

我們使客戶能夠輕鬆部署聊天機器人以實現廣泛使用和可信任數據。

The third area of focus for our software business is to increase profitability.

我們軟體業務的第三個重點領域是提高獲利能力。

We will continue to optimize our internal organizational structure in 2024.

2024年我們將持續優化內部組織架構。

This means being mindful of financial objectives when choosing investment areas collapsing organizational layers to improve internal velocity, reducing our dependence on low margin consulting in favor external partners and leverage our leadership team to guide both strategy and execution to deliver increased profitability for 2024.

這意味著在選擇投資領域時要注意財務目標，瓦解組織層級以提高內部速度，減少我們對低利潤諮詢的依賴，轉而支持外部合作夥伴，並利用我們的領導團隊指導策略和執行，以提高2024 年的獲利能力。

Operating goals for our software business are to increase overall top line revenue compared to 2023.

我們軟體業務的營運目標是與 2023 年相比增加整體收入。

And target non-GAAP operating income, excluding impairment losses of $70 million to $90 million, increased profitability with further enable us to increase our Bitcoin holdings as a Bitcoin development company.

目標非公認會計準則營業收入（不包括 7,000 萬至 9,000 萬美元的減損損失）提高了獲利能力，進一步使我們能夠增加作為比特幣開發公司的比特幣持有量。

We're focused on generating value for our stockholders by using various capital markets and technology levers.

我們專注於利用各種資本市場和技術槓桿為股東創造價值。

As an operating company, we can make use of intelligent leverage.

作為營運公司，我們可以利用智慧槓桿。

Since our adoption of our Bitcoin strategy, we've used three primary mechanisms to acquire more bitcoin one cash flow from software operations since August 2020.

自從我們採用比特幣策略以來，自 2020 年 8 月以來，我們使用了三種主要機制從軟體營運中獲取更多的比特幣現金流。

We have invested $726 million of total cash on our balance sheet in bitcoin to equity issuances, we have issued $3.1 billion in equity in a manner that we believe to be accretive to existing shareholders to acquire bitcoin and three debt financing.

我們已將資產負債表上 7.26 億美元的現金總額投資於比特幣股票發行，我們也發行了 31 億美元的股票，我們認為這將有利於現有股東收購比特幣和三筆債務融資。

We've obtained $2.2 billion in corporate debt proceeds through the issuance of both senior secured notes and convertible notes that we used to purchase Bitcoin.

透過發行用於購買比特幣的優先擔保票據和可轉換票據，我們獲得了 22 億美元的公司債務收益。

The blended cost of our debt is fixed at 1.6% annual.

我們的債務混合成本年利率固定為 1.6%。

We believe each of these techniques and our unique positioning as the world's first bitcoin development company have enabled us to generate tremendous value for our shareholders.

我們相信，每項技術以及我們作為世界上第一家比特幣開發公司的獨特定位都使我們能夠為股東創造巨大的價值。

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

我現在將把電話轉給安德魯，進一步詳細討論我們本季的財務狀況。

Thank you, Paul, and thank you all for joining.

謝謝你，保羅，也謝謝大家的加入。

I'll first start with our software financial results.

我先從我們的軟體財務表現開始。

Total revenues for the fourth quarter were $124.5 million, down 6% year-over-year.

第四季總營收為 1.245 億美元，年減 6%。

For the full year, total revenues were $496.3 million, down slightly 1%.

全年總收入為 4.963 億美元，小幅下降 1%。

Europe our fourth quarter operating results were mixed with the decline in year-over-year revenues in part due to the ongoing revenue shift to cloud and the lingering macroeconomic headwinds impacting overall customer side product license revenues were $18.4 million, which was down 33% year over year in Q4 and $75.4 million, down about 13% year over year for the full year.

歐洲，我們第四季的營運表現與去年同期相比收入下降，部分原因是收入持續向雲端轉移，以及影響整體客戶端產品授權收入的揮之不去的宏觀經濟逆風，為1,840 萬美元，同比下降33%第四季年增 7,540 萬美元，全年年減約 13%。

However, as we transition our business to the cloud, we fully anticipate lower product license revenues as we migrate both existing and new customers to the cloud.

然而，當我們將業務轉移到雲端時，我們完全預計，隨著我們將現有客戶和新客戶遷移到雲端，產品授權收入將會下降。

More importantly, we continue to grow subscription services revenues, which reflect the recurring revenues for our expanding cloud.

更重要的是，我們繼續增加訂閱服務收入，這反映了我們不斷擴大的雲端的經常性收入。

In Q4, subscription services revenues were $21.5 million.

第四季度，訂閱服務收入為 2,150 萬美元。

It was an increase of 23% year-over-year and $81.2 million for the full year, an increase of 34% year over year.

年增23%，全年營收8120萬美元，年增34%。

Current subscription billings, which reflect new cloud bookings grew 33% in the fourth quarter to $41.3 million and $94.8 million for the full year, a 23% increase year over year.

目前的訂閱帳單（反映了新的雲端預訂）在第四季度增長了 33%，達到 4,130 萬美元，全年增長了 9,480 萬美元，同比增長 23%。

It was our 15th straight quarter of double digit growth in cloud bookings.

這是我們的雲端預訂量連續第 15 個季度實現兩位數成長。

Q4 was an important milestone for us where for the first time in both Q4 and for the full year, our subscription services revenues were higher than our product license revenue.

第四季對我們來說是一個重要的里程碑，我們的訂閱服務收入在第四季度和全年首次高於我們的產品授權收入。

This was a significant achievement to show the continued progress in our transition to stronger recurring revenues in the cloud.

這是一項重大成就，顯示我們在向更強勁的雲端經常性收入轉型方面不斷取得進展。

And as I mentioned before, we expect the mix of revenue.

正如我之前提到的，我們預期收入的組合。

We'll continue to ship from product based two subscription services revenues in 2024 as we focus on delivering ad-based products to our guests in the cloud.

2024 年，我們將繼續從基於產品的兩項訂閱服務中獲得收入，因為我們專注於向雲端中的客人提供基於廣告的產品。

Moving to costs, total non-GAAP expenses were $148 million in the fourth quarter, 52% lower compared to the fourth quarter of 2022.

說到成本，第四季的非 GAAP 總支出為 1.48 億美元，比 2022 年第四季下降 52%。

Bitcoin impairment charges for the quarter were $39 million compared to $198 million in Q4 of last year.

本季比特幣減損費用為 3,900 萬美元，去年第四季為 1.98 億美元。

Total non-GAAP expenses excluding Brightpoint impairment were $108 million in the fourth quarter, down 3% year-over-year.

不包括 Brightpoint 減損的非 GAAP 總支出為 1.08 億美元，較去年同期下降 3%。

Well, we're spending more on cloud hosting cost as we grow our cloud business we have been able to offset those increases with cost reductions in corporate overhead.

嗯，隨著我們雲端業務的發展，我們在雲端託管成本上的支出越來越多，我們已經能夠透過企業管理費用的降低來抵銷這些增加。

And while optimizing headcount, which was down 10% year over year, we reported a total non-GAAP operating loss in the fourth quarter of $23 million, of which the loss on the bitcoin impairment was $39 million in the quarter.

在優化員工數量（年減 10%）的同時，我們報告第四季度非 GAAP 營運虧損總額為 2,300 萬美元，其中比特幣減損損失為 3,900 萬美元。

For the fourth quarter, we reported GAAP net income of $89 million, which included a $150 million tax benefit, primarily due to changes in the valuation allowance on our deferred tax asset directly related to our Bitcoin pool and at the end of Q4 fair market value of Bitcoin.

第四季度，我們報告的GAAP 淨利潤為8900 萬美元，其中包括1.5 億美元的稅收優惠，這主要是由於與我們的比特幣池直接相關的遞延稅資產的估值津貼的變化以及第四季度末的公平市場價值比特幣。

As of December 31st, it was above our aggregate aggregate cost base, resulting in a release of the previously established valuation allowance and a corresponding noncash tax provision.

截至 12 月 31 日，該價格高於我們的總成本基礎，因此釋放了先前製定的估價津貼和相應的非現金稅收撥備。

Turning to our Bitcoin strategy, we had an extremely successful Q4, adding more big points to our hold acquiring 30,905 Bitcoins in the quarter, largest single quarter bitcoin holdings increase since Q4 of 2020.

談到我們的比特幣策略，我們的第四季非常成功，在本季購買了 30,905 枚比特幣，這是自 2020 年第四季以來最大的單季比特幣持有量增幅。

After the end of the quarter, we purchased an additional 850 bitcoins using $37 million of excess cash.

本季末後，我們使用 3,700 萬美元的多餘現金額外購買了 850 個比特幣。

And as of February fifth, 2024, the Company held a total of 190,000 Bitcoins acquired for an aggregate cost of $5.93 billion or $31,224.

截至 2024 年 2 月 5 日，該公司總共持有 19 萬個比特幣，總成本為 59.3 億美元（即 31,224 美元）。

Per Bitcoins purchased through excess cash in the software business or held at MicroStrategy the parent and our secured under our 2028 secured notes.

透過軟體業務中的超額現金購買或在母公司 MicroStrategy 持有的比特幣以及我們根據 2028 年擔保票據擔保的比特幣。

As of yesterday, there were 16,931 bitcoins held at Micrus Bitcoins acquired through proceeds from capital markets activities after the issuance of our senior secured notes, which include equity and debt issuance, how that map grows, which is a wholly owned subsidiary of MicroStrategy.

截至昨天，Micrus Bitcoins 持有 16,931 枚比特幣，這些比特幣是透過發行我們的優先擔保票據後的資本市場活動收益獲得的，其中包括股票和債務發行，該地圖是 MicroStrategy 的全資子公司。

We hold 173,069 Bitcoins representing 91% of our total bitcoin holdings are over $7.3 billion in current market value at the macro strategy level, all of which are currently unrestricted and unencumbered, providing us with optionality to potentially leverage this strategic asset in the future.

我們持有173,069 枚比特幣，占我們比特幣總持有量的91%，在宏觀戰略層面當前市值超過73 億美元，所有這些比特幣目前均不受限制且不受阻礙，為我們提供了未來可能利用這一戰略資產的選擇。

In Q4, we purchased a total of 30,555 Bitcoins for $1.2 billion using net proceeds from our ATM.

在第四季度，我們使用 ATM 的淨收益總共購買了 30,555 個比特幣，價值 12 億美元。

As noted a moment ago, these Bitcoins are held at macro strategy and remain on track in Q4, we also purchased an additional 350 Bitcoins for $13.4 million using excess cash from operations, which are held at MicroStrategy and subsequently in January 2024, we used additional excess cash from operations.

正如剛才所指出的，這些比特幣是按照宏觀策略持有的，並在第四季度保持在正軌上，我們還使用運營中的多餘現金以1340 萬美元的價格額外購買了350 個比特幣，這些現金存放在MicroStrategy 中，隨後在2024 年1 月，我們使用了額外的現金經營活動產生的多餘現金。

We purchased an additional 850 Bitcoins for $37 million, which are also held at MicroStrategy.

我們以 3,700 萬美元的價格額外購買了 850 個比特幣，這些比特幣也存放在 MicroStrategy 中。

Our commitment to our Bitcoin strategy remains unchanged and unwavering, and we plan to add more bitcoin over time using our excess cash from operations as well as proceeds from any capital markets activities.

我們對比特幣策略的承諾保持不變且堅定不移，我們計劃隨著時間的推移，利用營運中的多餘現金以及任何資本市場活動的收益來增加更多的比特幣。

Microstrategy is the largest corporate holder at that point in the world.

Microstrategy 是當時全球最大的企業股東。

And we have remained committed to our pinpoint acquisition strategy with the highest return with a consistent track record, long-term focus and a strong risk management.

我們仍然致力於我們的精準收購策略，以最高的回報、一致的業績記錄、長期關注和強大的風險管理。

So acquiring and holding more bitcoin balance sheet in this slide that we saw big point outperform the US equity markets in 2023 as of December 31st, 2023.

因此，在這張幻燈片中收購並持有更多的比特幣資產負債表，我們看到截至 2023 年 12 月 31 日，2023 年比特幣的表現將優於美國股市。

The carrying value of our Bitcoin holdings is approximately $3.6 billion compared to approximately $8 billion in market value based on the bitcoin price as of the last year.

我們持有的比特幣帳面價值約為 36 億美元，而根據去年比特幣價格計算的市值約為 80 億美元。

But year to date, the market value of our Bitcoin holdings is approximately $8.1 billion, which is significantly above our average purchase price of approximately $31,200.

但今年迄今為止，我們持有的比特幣市值約為 81 億美元，遠高於我們約 31,200 美元的平均購買價格。

In late December, we approved the change in accounting rules for certain digital assets, including bitcoin to be measured using fair value accounting.

12月底，我們批准了某些數位資產會計規則的變更，其中包括使用公允價值會計計量的比特幣。

We are delighted by pass these expeditious move create more transparent reporting, and we are encouraged by the continuing maturity of the regulatory environment surrounding that, and we hope these enhanced accounting rules will serve as a positive on-ramp for other corporates to adopt this point as a treasury reserve.

我們很高興這些迅速的舉措創造了更加透明的報告，我們對圍繞這一點的監管環境的持續成熟感到鼓舞，我們希望這些增強的會計規則將為其他企業採用這一點提供積極的入口作為國庫儲備。

The new accounting rule requires companies holding digital assets, including that point to adopt fair value accounting treatment by Q1 of 2025.

新會計規則要求持有數位資產的公司，包括這一點，在2025年第一季之前採用公允價值會計處理。

And while we have not yet elected to early adopt the new accounting standard, which has only just finalized late in the fourth quarter, we continue to evaluate the timing along with accounting and tax impacts of adoption.

雖然我們尚未選擇提前採用新的會計準則（該準則在第四季度末才剛剛敲定），但我們將繼續評估採用的時機以及會計和稅務影響。

If we elected to adopt the new accounting standard in 2024, we estimate that our 2024 beginning bitcoin holdings down would be marked up to a fair value of approximately $8 billion as of January first, 2024.

如果我們選擇在 2024 年採用新的會計準則，我們估計，截至 2024 年 1 月 1 日，我們在 2024 年年初持有的比特幣將被標記為公允價值約 80 億美元。

As Paul mentioned earlier, we have effectively used excess cash flows to grow our Bitcoin holders at the inception of our pick one balance sheet strategy.

正如保羅之前提到的，在我們選擇一項資產負債表策略之初，我們就有效地利用了多餘的現金流來增加我們的比特幣持有者。

In 2020, we allocated a substantial portion of our cash reserves generated over many previous years into Bitcoin, acquiring over 43,000 Bitcoin for $595 million.

2020 年，我們將多年來產生的現金儲備的很大一部分分配給了比特幣，以 5.95 億美元的價格收購了超過 43,000 個比特幣。

Beyond that initial acquisition, we have continued to buy at an average of $40 million at this point each year with excess cash on our balance following approximately 3,500 bitcoins since 2022.

除了最初的收購之外，自 2022 年以來，我們每年平均購買 4,000 萬美元，並用剩餘現金購買約 3,500 個比特幣。

Ability to leverage cash from operations enables us to increase our big holdings in a manner that we believe is accretive to our shareholders.

能夠利用營運中的現金，使我們能夠以我們認為對股東有利的方式增加我們的大量持股。

And in total, we have issued approximately $726 million of excess cash.

我們總共發放了約 7.26 億美元的超額現金。

You acquire more people accounting for approximately 48,000 breakpoint added to our balance sheet or about 25% of our total Paul Holden.

您獲得了更多人員，大約增加了我們資產負債表中的 48,000 個斷點，或佔 Paul Holden 總數的 25% 左右。

Now turning to our capital markets activities.

現在轉向我們的資本市場活動。

Also since the inception of our Bitcoin strategy, we have raised $2.2 billion of debt, the senior secured notes and convertible note with an attractive blended interest rate of approximately 1.6% but the earliest maturity not until 2020.

此外，自從我們的比特幣策略啟動以來，我們已籌集了 22 億美元的債務、優先擔保票據和可轉換票據，混合利率約為 1.6%，具有吸引力，但最早到期日要到 2020 年。

Leverage remains a key component of our active capital management strategy, which when intelligently deployed enables us to accrete more big point on our balance sheet at an attractive.

槓桿仍然是我們主動資本管理策略的關鍵組成部分，如果明智地部署槓桿，我們就能以有吸引力的價格在資產負債表上累積更多的大點。

We will continue to actively monitor the capital markets, evaluating liability management opportunities to manage our debt maturities as well as opportunities to raise additional debt in the future.

我們將繼續積極監控資本市場，評估管理債務到期的負債管理機會以及未來籌集額外債務的機會。

In addition to raising debt, we have demonstrated a solid track record of issuing permanent equity capital in a manner that we believe has been accretive to our shareholders.

除了籌集債務之外，我們在發行永久股本方面也表現出了良好的記錄，我們相信這種方式對我們的股東有利。

Since the third quarter of 2021, we have raised a total of $3.1 billion in proceeds through our at-the-market or ATM program with the average price of approximately $457 per share across total equity raise in Q4 of last year.

自 2021 年第三季以來，我們透過市場或 ATM 計畫籌集了總計 31 億美元的資金，去年第四季的總股本籌集平均價格約為每股 457 美元。

We accelerated the execution of our current ATM program and raised $1.2 billion in aggregate net proceeds.

我們加快了目前 ATM 計畫的執行速度，籌集了 12 億美元的淨收益總額。

And in Q4 alone, we issued approximately 2.27 million shares of Class A. common stock at approximately $138 million of capacity remaining under our current form.

光是在第四季度，我們就發行了約 227 萬股 A​​ 類普通股，目前的發行量約為 1.38 億美元。

As we have done in the past, we will continue to carefully evaluate the most accretive use of proceeds from the sale of equity into incremental value for our shareholders.

正如我們過去所做的那樣，我們將繼續仔細評估將股權出售收益轉化為股東增量價值的最增值用途。

The primary use of proceeds from the sale of equity to date has been to acquire additional Bitcoin, but we also use proceeds of our ATM program to repay the $250 million big wind backlog in Q1 of 2023, which generated a $45 million gain on extinguishment.

迄今為止，出售股權所得收益的主要用途是購買額外的比特幣，但我們也使用ATM 計劃的收益來償還2023 年第一季2.5 億美元的巨額風電積壓，這在熄滅時產生了4500 萬美元的收益。

Our capital allocation strategy continues to be focused on increasing the value generated balance sheet through the addition of Morphic while managing our debt very carefully.

我們的資本配置策略繼續專注於透過增加 Morphic 來增加資產負債表產生的價值，同時非常謹慎地管理我們的債務。

Also at the end of the fourth quarter, we had $46.8 million in cash on our books, which is sufficient overall liquidity manager ongoing 2023 was an extremely successful year for us where we generated approximately $5.8 billion of incremental value from both the increase in the price of bitcoin of our existing holdings as well as through our strategic use of equity capital markets.

同樣在第四季末，我們的帳面上有4,680 萬美元的現金，這對於整體流動性管理來說是足夠的。2023 年對我們來說是非常成功的一年，我們從價格上漲中創造了約58 億美元的增量價值我們現有持有的比特幣以及我們對股權資本市場的策略性利用。

We began the year with 132,500 bitcoins on our balance sheet with a market value of approximately $2.2 billion as Bitcoin prices increased from approximately $16,500 to approximately $42,500 by the end of the year.

今年年初，我們的資產負債表上有 132,500 枚比特幣，市值約為 22 億美元，而年底比特幣價格從約 16,500 美元上漲至約 42,500 美元。

It resulted in an increase of over $3.4 billion in value based on our Bitcoin holdings at the start of the year.

基於我們年初持有的比特幣，這導致價值增加了超過 34 億美元。

In addition to the price appreciation at this, we have as of the beginning of the year, MicroStrategy's issuance, additional equity and use of excess cash from operations for just even more big point in 2023, led to an increase of an additional $1.9 billion in value of our big point holdings.

除了目前的價格升值之外，截至今年年初，MicroStrategy 的發行、額外股本以及營運中多餘現金的使用在 2023 年實現了更大的目標，導致了 2023 年額外增加了 19 億美元。我們持有的大量股份的價值。

In total, we added an additional 56,650 Bitcoins to our balance sheet at an average price of $33,580 which generated approximately $500 million of value from the increase in the price of fixed points after those trips.

總的來說，我們以平均價格 33,580 美元的價格向資產負債表中額外添加了 56,650 個比特幣，這些旅行後固定積分價格的上漲產生了約 5 億美元的價值。

Again, overall, 2023 was a tremendously successful year and taking into account our purchases and appreciation of our holdings.

總的來說，考慮到我們的購買和所持股份的升值，2023 年再次是非常成功的一年。

We increased the value of our big holdings by 267%, so $8 billion over the course of it while the overall market benefited from the increase in Bitcoin prices, while we believe our intelligent use of leverage and excess cash to acquire more bits as well as our equity capital markets strategy contributed $2.4 billion of incremental value for our balance sheet, demonstrating our track record of generating value.

我們所持有的大量資產的價值增加了 267%，即80 億美元，同時整個市場受益於比特幣價格的上漲，同時我們相信我們明智地利用槓桿和多餘的現金來獲取更多比特幣以及我們的股權資本市場策略為我們的資產負債表貢獻了 24 億美元的增量價值，展示了我們創造價值的記錄。

Well, sure.

嗯，當然。

This slide shows an illustrative example of how these responsible and intelligent leverage can be used to boost returns when Bitcoin prices are increased.

這張投影片展示了一個說明性範例，說明當比特幣價格上漲時，如何使用這些負責任且明智的槓桿來提高回報。

Baseline returns of any long bitcoin strategy benefit from spot bitcoin price appreciation, Bitcoin ETPs also benefit from this offset, of course, by the management fees that are charged for those parts leverage provides us the opportunity to generate high returns if price increases in this illustration, assuming bitcoin price reaches $250,000, keeping bitcoin count constant, but the point without leverage would return approximately 480%.

任何多頭比特幣策略的基準回報都受益於現貨比特幣價格升值，比特幣ETP 也受益於這種抵消，當然，透過為這些部分收取的管理費，槓桿為我們提供了在本圖中價格上漲時產生高回報的機會，假設比特幣價格達到 250,000 美元，保持比特幣數量不變，但沒有槓桿的點將返回約 480%。

In this example, adding leverage to acquire more would return between 660% to 740%, depending on the amount of leverage further boosting returns compared to some.

在此範例中，增加槓桿以獲得更多回報將在 660% 到 740% 之間，具體取決於與某些槓桿相比進一步提高回報的槓桿金額。

Okay.

好的。

If the market value of our Bitcoin increases.

如果我們的比特幣市值增加。

We believe this will create more opportunities to manage our leverage side, but the opportunity to take on more leverage in a prudent risk managed fashion value generated from our increase in bitcoin holdings would be expected to outperform even further if Bitcoin prices continue to rise.

我們相信，這將創造更多的機會來管理我們的槓桿方面，但如果比特幣價格繼續上漲，我們增加比特幣持有量所產生的以謹慎的風險管理方式獲得更多槓桿的機會預計將進一步跑贏大盤。

Microstrategy value proposition is clear when compared to other forms of exposure to Bitcoin as Paul said earlier, we believe that the combination of our operating structure, Bitcoin strategy and focus on technology innovation provides a unique opportunity for shareholder value creation.

正如保羅之前所說，與其他形式的比特幣投資相比，微觀策略的價值主張是明確的，我們相信我們的營運結構、比特幣策略和對技術創新的關注相結合，為股東價值創造提供了獨特的機會。

Management team has demonstrated a track record of disciplined approach to navigate volatile times in the bitcoin market and establish credibility in achieving our goal of generating more value for our shareholders.

管理團隊在比特幣市場的動盪時期表現出紀律嚴明的方法，並在實現為股東創造更多價值的目標方面建立了信譽。

Thank you for your time.

感謝您的時間。

Today and thank you for your continued support of MicroStrategy.

今天感謝您對 MicroStrategy 的持續支持。

I'll now turn the call over to Michael.

我現在將把電話轉給邁克爾。

It has been.

它一直。

Thank you, Andrew.

謝謝你，安德魯。

I'm Michael Saylor, the Executive Chairman of MicroStrategy first, I'd like to go over a few performance statistics with you.

我是 Michael Saylor，首先是 MicroStrategy 的執行主席，我想和您一起回顧一些效能統計數據。

Since August 10, our August 11, when we adopted our Bitcoin strategy, our stock has outperformed Bitcoin as well as every major asset class along with every major big tech stock as well as every major enterprise software stock.

自 8 月 10 日（即 8 月 11 日）我們採用比特幣策略以來，我們的股票表現優於比特幣以及所有主要資產類別、所有主要大型科技股票以及所有主要企業軟體股票。

And we're very proud of this and Endo for those of you who have followed us on this journey.

我們對此感到非常自豪，遠藤也為那些跟隨我們踏上這段旅程的人感到自豪。

And now it's been a number of steps every single quarter that got us here.

現在，我們每個季度都採取了一些步驟才走到了這一步。

But I think that this is a very useful chart to illustrate and discuss some some key elements in our strategy and in our business outlook.

但我認為這是一個非常有用的圖表，可以說明和討論我們的策略和業務前景中的一些關鍵要素。

First of all, with regard to Bitcoin, 2024 is the year of birth of Bitcoin as an institutional grade asset class on Bitcoin is is being increasingly refer to as a new as an asset class and as a new asset class.

首先，就比特幣而言，2024年是比特幣的誕生之年，比特幣作為一種機構級資產類別，越來越多地被稱為新的資產類別和新的資產類別。

And in fact, it's the first new asset class of the modern era on it's difficult to really name another asset class gold when it was converted.

事實上，它是現代第一個新的資產類別，因為在轉換時很難真正命名另一個資產類別黃金。

Etfs was into new asset commodities were never new asset 30 years ago, the S&P index was converted into an ETF, the spider that wasn't a new asset then, but it was certainly a revolution in finance.

ETF進入新資產 30年前，大宗商品從來就不是新資產，標普指數被轉換成ETF，蜘蛛當時還不是新資產，但這無疑是金融領域的一場革命。

And so bitcoin represents many things.

所以比特幣代表了很多東西。

But one thing it represents is the first institutional grade digital asset.

但它代表的一件事是第一個機構級數位資產。

And so we've now completed the first 15 years of of the bitcoin life lifecycle.

現在我們已經完成了比特幣生命週期的前 15 年。

And in that first 15 years.

在最初的 15 年裡。

It was largely unregulated retail asset misunderstood on the next 15 years, I would expect will be a regulated institution on high growth period of bitcoin on very, very different in many ways from the last 15 years on Bitcoin itself is performing well for a number of reasons, but one reason is because it represents the digital transformation of capital.

在未來15 年裡，它在很大程度上是不受監管的零售資產，我預計比特幣將成為一個受監管的機構，在比特幣的高成長時期，在許多方面與過去15 年非常不同，比特幣本身在許多方面都表現良好。原因之一，但原因之一是因為它代表了資本的數位轉型。

If we look at some of these other great performance on the chart like Microsoft and Google and meta and Apple, they're all digital transformation plays.

如果我們看看圖表上的其他一些出色表現，例如微軟、谷歌、meta 和蘋果，它們都是數位轉型的公司。

They represent the digital transformation of devices and the digital transformation of relationships and the digital transformation of information and books and libraries and entertainment and education and the digital transformation of corporate processes at say, Microsoft well, Bitcoin is very profound idea.

它們代表了設備的數位轉型、關係的數位轉型、資訊、書籍、圖書館、娛樂和教育的數位轉型，以及企業流程的數位轉型，例如微軟，比特幣是非常深刻的想法。

It's wonderfully actually transformed capital from its analog form capital in the form of land or buildings, our capital in the form of shares and an actual physical company or bushels of corn or diamonds or bars of gold or capital in the form of fiat currency or bonds?

它奇妙地將資本從土地或建築物形式的模擬形式資本、股票形式的資本和實際的實體公司或蒲式耳玉米、鑽石或金條或法定貨幣或債券形式的資本轉變為資本。 ？

And what have we could actually make that into a digital asset.

我們實際上可以將其轉化為數位資產。

That's a that's created in order to address all of the historic perceived shortcomings of analog assets.

這是為了解決模擬資產的所有歷史性缺陷而創建的。

But what if we had and all the benefits of gold banana liabilities of gold, what if we had the benefits of the share of stock, but none of the liabilities of the share of stock, what if we had the benefits of a building, but not the liabilities of the building, a synthetic digital assets.

但是，如果我們擁有黃金香蕉的所有好處，以及黃金的負債，如果我們擁有股票份額的好處，但沒有股票份額的負債，該怎麼辦，如果我們擁有建築物的好處，但是不是建築物的負債，是合成的數位資產。

And so increasingly, investors are recognizing this.

因此，投資者越來越認識到這一點。

That's why Bitcoin is up 260% since we embarked on our Bitcoin strategy.

這就是為什麼自從我們開始實施比特幣策略以來，比特幣上漲了 260%。

That's why it's outperforming the S&P and the NASDAQ.

這就是為什麼它的表現優於標準普爾指數和納斯達克指數。

That's why it's outperforming gold, silver and bonds on Bitcoin.

這就是為什麼比特幣的表現優於黃金、白銀和債券。

It isn't a company and it's kind of it's profoundly important to understand it is not a company, it's an asset class.

它不是一家公司，了解它不是一家公司，而是一種資產類別是非常重要的。

And as such, based on a commodity, it is bond an entire universe of company's products and services built on that asset class.

因此，基於商品，它是建立在該資產類別上的公司產品和服務的整個領域的債券。

So part of the driver of Bitcoins performance is not just it's US, it's protocol and superior fundamental characteristics.

因此，比特幣表現的部分驅動因素不僅僅是美國，還有協議和卓越的基本特徵。

But another driver is that is the industry of bitcoin miners that secure the network and and Bitcoin custodians and I sort of bitcoin exchanges.

但另一個驅動因素是，比特幣礦工行業保護網路安全，比特幣託管機構和比特幣交易所也是如此。

So we see we see lots of public companies that are bitcoin miners.

所以我們看到很多上市公司都是比特幣礦工。

Now we see many, many companies that are entering into bitcoin custody like Anchorage, like big co like Fidelity like Coinbase, we see bitcoin exchanges on like block acting as an exchange like Fidelity, like Coinbase, like Gemini, et cetera.

現在我們看到很多很多公司都在進入比特幣託管，像是 Anchorage，像是 Fidelity 這樣的大公司，像是 Coinbase，我們看到像 Fidelity、Coinbase、Gemini 這樣的區塊鏈上的比特幣交易所充當交易所。

We're going to see more exchanges.

我們將會看到更多的交流。

We see an explosion in bitcoin wallets, different software software applications for mobile phones or devices in order to move bitcoin around.

我們看到比特幣錢包、用於行動電話或設備的不同軟體應用程式的爆炸性增長，以便移動比特幣。

We've got bitcoin devices themself for signing and securing the network.

我們擁有比特幣設備本身來簽署和保護網路。

There's a whole host of companies and a lightning ecosystem back and other bitcoin L. twos that are scaling the network and now, of course, this year we have bitcoin ETPs, spotty TP.s and even even derivatives of those ETPs companies that are going to trade the volatility of the underlying spot ETPs are starting to pop up an application form.

有許多公司和閃電生態系統以及其他比特幣 L.twos 正在擴展網絡，當然，今年我們有比特幣 ETP、參差不齊的 TP.s，甚至是那些正在發展的 ETP 公司的衍生品。為了交易基礎現貨ETP 的波動性，申請表開始出現。

And of course, these ETPs aren't just local or aren't just on United States-based, but they're global.

當然，這些 ETP 不僅是本地的或美國的，而且是全球性的。

And that's significant because every single company everywhere in the world is meeting a different set of compliance requirements.

這很重要，因為世界各地的每家公司都在滿足不同的合規要求。

You know, a Bitcoin ATP in Hong Kong will serve a different need, meet different compliance requirements and meet the needs of different types of investors from a Bitcoin ETP in Canada or in France or in the UK or in the United States.

要知道，香港的比特幣ATP將滿足不同的需求，滿足不同的合規要求，滿足加拿大、法國、英國、美國的比特幣ETP不同類型投資者的需求。

And so all of these various actors are scaling the bitcoin network with increasing enthusiasm.

因此，所有這些不同的參與者都以越來越高的熱情擴展比特幣網路。

Microstrategy as as we've noted on, is unique as of now as the first bitcoin development company, but hopefully not for long, we published our playbook and we're showing other companies how to do it.

正如我們所指出的，作為第一家比特幣開發公司，Microstrategy 是獨一無二的，但希望不會太久，我們發布了我們的劇本，並向其他公司展示如何做到這一點。

And there's a lot of real estate development companies in the world on companies that issue securities and develop real estate there are a lot of oil or petroleum exploration and development companies in the world.

世界上有很多房地產開發公司發行證券和開發房地產，世界上還有許多石油或石油勘探和開發公司。

There are natural gas development companies in the world.

世界上都有天然氣開發公司。

There are software development companies in the world.

世界上有軟體開發公司。

So we believe that as in as awareness builds of Bitcoin as a commodity as a global commodity as a unique asset class, I think we're going to see more entrepreneurs enter the space and start to work in these various areas to add value to the ecosystem on.

因此，我們相信，隨著人們對比特幣作為一種商品、一種全球商品、一種獨特資產類別的認識不斷增強，我認為我們將看到更多的企業家進入這個領域，並開始在這些不同的領域工作，為比特幣增值。生態系統上。

It's worthwhile to note on people are in the early days.

值得注意的是人們還處於早期階段。

They are under.

他們在下面。

They thought a Bitcoin is currency and a medium exchange.

他們認為比特幣是貨幣和媒介交換。

And that creates a lot of misunderstandings and a lot of and a lot of them and appropriate or irrelevant criticisms.

這造成了很多誤解，以及很多適當或不相關的批評。

And with the advent of these new ETPs from BlackRock and from Fidelity awareness of Bitcoin.

隨著貝萊德和富達對比特幣的認識，這些新 ETP 的出現。

Can you please go back?

可以請你回去嗎？

Yes, I am satisfied awareness of Bitcoin as on a store of value asset is growing and people are starting to see Bitcoin, not as digital currency, but it's digital property or digital gold at a digital store of value.

是的，我很高興人們對比特幣作為價值儲存資產的認識不斷增長，人們開始將比特幣視為數位價值儲存的數位財產或數位黃金，而不是數位貨幣。

You could think of it is gold or you could think of it as property or think of it is another kind of digital store of value.

您可以將其視為黃金，也可以將其視為財產，或將其視為另一種數位價值儲存手段。

But in that regard, you kind of have to compare it against other liquid stores of value that people are using.

但在這方面，你必須將它與人們正在使用的其他流動價值儲存進行比較。

So for right now, the most common alternative to Bitcoin for a tech enthusiasts would be to invest in big tech like the Magnificent Seven, Microsoft, the Google, the matters.

因此，目前對於科技愛好者來說，比特幣最常見的替代方案是投資大型科技公司，例如七巨頭、微軟、Google等。

But as you can see when the market cap of a big tech company doubles, you have a company doing a lot of work generating a lot of cash flow to support the market cap and the work that they have to do doubles.

但正如你所看到的，當一家大型科技公司的市值翻倍時，你的公司會做大量的工作，產生大量的現金流來支持市值，而他們必須做的工作也會翻倍。

And if they want to double their market cap, their value again, they have to keep generate an effort to keep doing more work, generating more cash because traditional finance technique is I dividend out my cash flows or I buy the stock back to very famous examples of this traditional approach are Apple and meta for both engaging and Monster is our capital return programs.

如果他們想將市值和價值再次翻倍，他們必須繼續努力，繼續做更多的工作，產生更多的現金，因為傳統的金融技術是我將我的現金流分紅，或者我將股票買回非常著名的公司。這種傳統方法的例子是Apple和meta的參與，Monster是我們的資本回報計劃。

So our stock is returning its capital and its value our store value promise is based upon being able to growing cash flows faster than the rate of inflation.

因此，我們的股票正在回報其資本和價值，我們的儲值承諾是基於能夠以快於通貨膨脹率的速度成長現金流。

So they're working increasingly hard if you want to make it 10 times more valuable.

因此，如果你想讓它的價值增加 10 倍，他們就會更努力工作。

Eventually, you've got to come up with a way to get 10 times more cash flows.

最終，你必須想出一種方法來獲得 10 倍以上的現金流。

And that's very different than on the bitcoin because Bitcoin is the asset.

這與比特幣非常不同，因為比特幣是資產。

So where whereas big big tech is asset for cash flow, Rich Bitcoin is asset rich, and a strategy with Bitcoin becomes asset asset rich, now we're moving into a macroeconomic environment where we're going to see increasing monetary inflation to pay off the debt.

因此，雖然大型科技公司是現金流資產，而豐富的比特幣是資產豐富的資產，而比特幣的策略則成為資產豐富的資產，但現在我們正在進入一個宏觀經濟環境，在這個環境中，我們將看到貨幣通膨不斷加劇，以帶來回報。債務。

That's well understood.

這很好理解。

That was even acknowledged by Jerome Powell and a 60 Minutes interview this weekend where he expressed concern.

傑羅姆·鮑威爾（Jerome Powell）甚至在本週末接受《60 分鐘》採訪時也承認了這一點，並表達了擔憂。

And so as as ARM, the monetary supply expands, if your strategy is is to generate more cash flows, you're going to have to grow your cash flows faster than the rate of monetary inflation.

因此，隨著 ARM 的貨幣供應量的擴大，如果你的策略是產生更多的現金流，那麼你的現金流成長速度必須快於貨幣通膨率。

And that means that a big tax strategy becomes increasingly difficult.

這意味著大規模的稅收策略變得越來越困難。

And so you could almost say in a big tech company becomes becomes more difficult, gets harder right as the value increases, Bitcoin gets more compelling as the value of bitcoin increases because the liquidity increases and the network of holders increases.

因此，你幾乎可以說，在一家大型科技公司中，隨著價值的增加，比特幣變得更加困難，隨著比特幣價值的增加，比特幣變得更具吸引力，因為流動性增加，持有者網路增加。

So so we're in the 1st year of bitcoin being viewed seriously as a possible institutional-grade store of value.

因此，我們正處於比特幣被認真視為可能的機構級價值儲存手段的第一年。

And I believe that over time, it's going to appeal to technology investors as they understand it as digital capital and the digital transformation of capital.

我相信，隨著時間的推移，它將吸引技術投資者，因為他們將其理解為數位資本和資本的數位轉型。

And there's a reason that we believe we can outperform other strategies and why we believe a commodity like Bitcoin is a better long-term store value than just buying a portfolio of stocks because it isn't cash derivative.

我們相信我們可以超越其他策略，我們相信像比特幣這樣的商品比僅僅購買股票投資組合具有更好的長期儲存價值，因為它不是現金衍生性商品，這是有原因的。

And I think that it's worthwhile to point out that that the arrival of the ETFs have been a catalytic moment because if you believe if you believe Bitcoin is only valuable as a medium of exchange, that's very easy to say, well, it's slow.

我認為值得指出的是，ETF 的到來是一個催化時刻，因為如果你相信比特幣只作為一種交換媒介才有價值，那麼很容易說，嗯，它很慢。

It's not good medium exchanges, not the dollar.

這不是好的媒介交換，不是美元。

You know, there are lots of tax problems and liabilities with lots of lots of KYC problems.

您知道，存在大量稅務問題和負債以及大量 KYC 問題。

There are a lot of pricing problems, accounting problems and you just dismiss it but of course, if we look at all the wealth in the world, only a small percentage of the wealth is stored in a checking account as a medium of exchange, most of the wealth is really store of value or its use for capital.

有很多定價問題、會計問題，你可以忽略它，但當然，如果我們看看世界上所有的財富，只有一小部分財富儲存在支票帳戶中作為交換媒介，大多數財富的本質是價值儲存或資本用途。

And so as that narrative shifts from digital currency to digital property and from medium exchange to store of value past credit systems are becoming irrelevant.

因此，隨著這種敘事從數位貨幣轉向數位財產，從媒介交換轉向價值儲存，過去的信用體係正變得無關緊要。

And I'm now if you look at Bitcoin as a digital gold, it was gold.

現在，如果你將比特幣視為數位黃金，那麼它就是黃金。

It can be 10 times what it is.

它可以是原來的10倍。

And as property, it could be 100 times what it is and we don't need to address any of the traditional currency criticisms or medium of exchange criticisms.

作為財產，它可能是其實際價值的 100 倍，而且我們不需要解決任何傳統貨幣批評或交換媒介批評。

In fact, one could say simply as a store of value.

事實上，可以簡單地說是一種價值儲存手段。

There's no reason why bitcoin can't continue to outperform and can become 100 times what it is in and done these ETPs that have been released are doing a tremendous job of scaling Bitcoin as a store of value because they're putting it within the graft, you can buy $100 worth of it in millions or tens of millions or hundreds of millions of accounts with one one hundredth of the friction, perhaps one 1,000 of the friction that the traditional investors faced on just a few years ago when they had to go set up a crypto account on a crypto exchange.

比特幣沒有理由不能繼續表現出色，並且可以達到其實際價值的 100 倍，而且這些已發布的 ETP 在擴展比特幣作為價值儲存手段方面做了巨大的工作，因為他們將其納入移植物中，你可以在數百萬、數千萬或數億個帳戶中購買價值100 美元的股票，而摩擦力只有幾年前傳統投資者被迫退出時所面臨的百分之一、千分之一。在加密貨幣交易所設立一個加密貨幣帳戶。

And then they had to figure out who their bitcoin custodians going to be or whether they're going to do self custody.

然後他們必須弄清楚他們的比特幣託管人是誰，或者他們是否要自我託管。

And and there are large classes of investors and institutional investors that either can't or won't do that.

而且有一大批投資者和機構投資者不能或不會這樣做。

So where we're living through a very exciting period.

所以我們正在經歷一個非常激動人心的時期。

Now we can go to the next slide.

現在我們可以轉到下一張投影片。

Question is what's MicroStrategy going to do in order to in order to support the bitcoin network and try to to benefit our shareholders from these trends?

問題是 MicroStrategy 將採取什麼措施來支持比特幣網路並嘗試從這些趨勢中使我們的股東受益？

Well, as you can see and as we've said, we view ourself as a Bitcoin development company.

好吧，正如您所看到的，正如我們所說，我們將自己視為比特幣開發公司。

And what does that mean?

這意味著什麼？

Well, that means we're going to do everything we can to grow the bitcoin network.

嗯，這意味著我們將盡一切努力來發展比特幣網路。

We're going to do everything we can to acquire more bitcoin and we're going to do everything we can to benefit our shareholders and do this in an accretive fashion.

我們將盡一切努力獲得更多比特幣，我們將盡一切努力讓我們的股東受益，並以增值的方式做到這一點。

And when we consider our options and our unique strengths, we boil it down to four.

當我們考慮我們的選擇和我們獨特的優勢時，我們將其歸結為四種。

First of all, our company structure, we are unique as an operating company on.

首先，我們的公司結構，我們作為一家營運公司是獨一無二的。

And that means we have active control over our capital structure and we can do things operating companies can do that.

這意味著我們可以主動控制我們的資本結構，我們可以做營運公司可以做的事情。

The trust companies like say spot bitcoin ETPs that can't do.

信託公司喜歡說現貨比特幣 ETP 做不到。

And and that's a wide range of things.

這涉及範圍很廣。

One of those things is we can develop software and of course, we'll continue to develop business intelligence software.

其中之一是我們可以開發軟體，當然，我們將繼續開發商業智慧軟體。

There's extraordinary opportunities to blend artificial intelligence with our traditional business intelligence customer base to create value.

我們有絕佳的機會將人工智慧與我們傳統的商業智慧客戶群結合來創造價值。

And we will also continue to pursue bitcoin development, our opportunities, so develop applications that that create value from the bitcoin network, either either working on the base layer or working with L2 protocols like the Lightning protocol in order to do this.

我們也將繼續追求比特幣的發展，我們的機會，因此開發從比特幣網路創造價值的應用程序，要么在基礎層上工作，要么使用閃電協議等 L2 協議來實現這一目標。

And we're very enthusiastic about that.

我們對此非常熱衷。

And as we develop the software, we will or we will release it either to the benefit of the bitcoin network or we'll release it to generate more revenue and work to generate more cash flow so that we can buy more bitcoin.

當我們開發軟體時，我們將發布它以造福比特幣網絡，或者我們將發布它以產生更多收入並努力產生更多現金流，以便我們可以購買更多比特幣。

Another thing that we can do uniquely as an operating company is we can generate cash from operations there are lots and lots of ways to generate cash from operations too many for me to enumerate right now, as Anders pointed out, we reinvested $726 million in cash to date in the bitcoin network, we expect to continue to be able to reinvest cash into bitcoin acquisitions.

作為一家營運公司，我們可以做的另一件事是我們可以從營運中產生現金，有很多很多方法可以從營運中產生現金，我現在無法一一列舉，正如安德斯指出的那樣，我們再投資了7.26 億美元現金迄今為止，在比特幣網路中，我們預計將繼續能夠將現金再投資於比特幣收購。

And when we do this is a this is we believe very accretive to our shareholders.

當我們這樣做時，我們相信這會為我們的股東帶來很大的好處。

And the last point that I would want to make is we're very fortunate to be able to leverage the capital markets.

我想說的最後一點是，我們非常幸運能夠利用資本市場。

But really there are there are no companies that have to the extent that we have been able to leverage the capital markets to acquire Bitcoin.

但實際上，沒有一家公司能夠像我們一樣能夠利用資本市場來收購比特幣。

We have acquired bitcoin with senior secured debt issuance.

我們透過優先擔保債務發行收購了比特幣。

We've acquired bitcoin with convertible debt issuance.

我們透過發行可轉換債券購買了比特幣。

We have acquired bitcoin with equity issuance and and those are just three ways we've done it in the past on and on as we look forward we're going to consider all possible capital market opportunities.

我們透過股票發行的方式獲得了比特幣，而這只是我們過去不斷採用的三種方式，未來我們將考慮所有可能的資本市場機會。

So perhaps preferred equity would be a route for us to acquire bitcoin with leverage that's beneficial to our shareholders, perhaps other types of equity would be or continued equity like we have with our ATMs, perhaps convertible debt, perhaps structured notes, perhaps secured debt or perhaps unsecured debt on week.

因此，也許優先股將是我們透過對股東有利的槓桿收購比特幣的一種途徑，也許其他類型的股本將是或像我們的ATM 機那樣的持續股本，也許是可轉換債務，也許是結構性票據，也許是擔保債務或也許是本週的無擔保債務。

We tried to evaluate all options.

我們嘗試評估所有選項。

We keep our options open and we ask ourselves the question is this prudent and then also is this accretive?

我們保留選擇的餘地，並問自己這樣的問題是否謹慎，是否具有增值性？

Is this going to be good for our shareholders?

這對我們的股東有好處嗎？

And of course, with any discussion of leverage on, we don't want too much.

當然，在任何有關槓桿的討論中，我們都不想要太多。

We want to just pick just the right amount of leverage leverage that allows us to benefit our shareholders without creating undue uncertainty.

我們希望選擇適當的槓桿比例，使我們能夠在不造成過度不確定性的情況下使股東受益。

So this is an ongoing opportunistic exercise of ours quarter by quarter.

因此，這是我們一個季度一個季度持續進行的機會主義活動。

And of course, every single quarter.

當然，每季。

We expect the bitcoin market, the capital markets, the debt markets will evolve.

我們預期比特幣市場、資本市場、債務市場將會發展。

And so we pride ourselves on being nimble and being able to take advantage of opportunities as they as they present themselves as we did in Q4 with our our equity issuance.

因此，我們為自己的靈活性而感到自豪，並能夠在機會出現時抓住機會，就像我們在第四季度發行股票時所做的那樣。

Sometimes it's approach appropriate to go fast.

有時，走快一點是合適的方法。

Sometimes it's appropriate to go slow.

有時慢慢來是合適的。

Sometimes it's appropriate to do nothing and wait for better opportunities to present themselves.

有時什麼都不做，等待更好的機會展現自己是適當的。

The nice thing about our situation right now is that we have all these options and and we believe we're structured very, very well to take advantage of opportunities as they present themselves.

我們現在的情況的好處是，我們擁有所有這些選擇，而且我們相信我們的結構非常非常好，可以在機會出現時充分利用它們。

And the bitcoin era of institutional adoption that we see over the coming 15 years.

以及我們在未來 15 年看到的機構採用的比特幣時代。

It won't be like the first 15 years, but we believe it will be a healthy growth period presenting many, many opportunities for corporations such as ours as more and more institutional investors and retail investors become aware of Bitcoin and as regulatory clarity spreads everywhere in the world and with that, I guess I'd like to pass the floor to Shri questions.

這不會像前15 年那樣，但我們相信這將是一個健康的增長期，隨著越來越多的機構投資者和散戶投資者開始意識到比特幣以及監管的明確性在各地蔓延，為我們這樣的公司提供了很多很多的機會在這個世界上，我想我想請大家來提問。

Thank you, Michael, for going to jump into the questions, and first question is for phone.

謝謝邁克爾，跳出問題，第一個問題是關於電話的。

If you can elaborate on the Company's new positioning as the bitcoin development company?

能否詳細介紹一下公司作為比特幣開發公司的新定位？

And does this mean any different allocation of R&D and that you'll be allocating more R&D into lightning and layer two applications.

這是否意味著研發的任何不同分配，以及您將把更多的研發分配到閃電和第二層應用程式。

Can elaborate a little more on that.

可以詳細說明一下。

Thanks, Suresh, and thanks for the question.

謝謝蘇雷什，也謝謝你的提問。

I think our press release and our prepared remarks, and Mike actually did a really nice job of explaining our positioning as a Bitcoin development company.

我認為我們的新聞稿和準備好的講話，麥克實際上很好地解釋了我們作為比特幣開發公司的定位。

We thought long and hard about the positioning and the right words to describe our unique value proposition.

我們認真考慮了定位和正確的字詞來描述我們獨特的價值主張。

And I suggest everyone take a quick look or a long look at that.

我建議大家快速瀏覽一下或長時間瀏覽一下。

On the R&D piece, we will invest more in R&D into bitcoin software development.

在研發方面，我們將更投入在比特幣軟體開發的研發上。

It will not be at the expense of our business intelligence and AI and cloud based software development.

這不會以犧牲我們的商業智慧、人工智慧和基於雲端的軟體開發為代價。

On some of the things that we've been doing, you've seen at our Bitcoin and Lightning for corporations, MicroStrategy World event last year where we implemented a lightening We rewards program on the Layer two network.

關於我們一直在做的一些事情，您已經在去年的 MicroStrategy World 活動中看到了我們為企業提供的比特幣和閃電網絡，其中我們在第二層網絡上實施了閃電網絡獎勵計劃。

We're also looking at some things that will leverage the native Bitcoin, blockchain technology, some security applications that will reveal at our next MicroStrategy World Conference.

我們也正在研究一些將利用原生比特幣、區塊鏈技術的東西，以及一些將在我們的下一次 MicroStrategy 世界大會上展示的安全應用程式。

So we're excited about Bitcoin overall, but very excited about some of the software development capabilities that we'll be able to.

因此，我們對比特幣整體感到興奮，但對我們能夠實現的一些軟體開發能力也感到非常興奮。

Craig coming out of it.

克雷格從其中走出來。

Wait.

等待。

The next question is for Andrew.

下一個問題是問安德魯的。

You talked about excess cash and leverage highlighting the value proposition for MicroStrategy.

您談到了過剩的現金和槓桿，並強調了 MicroStrategy 的價值主張。

How do you plan to acquire more bitcoin in 2024.

2024 年您計劃如何取得更多比特幣？

Thanks for the question.

謝謝你的提問。

I think the I think Michael summed it up really well in the last few minutes I have as visual and I believe we have all options available, which includes excess cash, but also all the different forms of capital that we put issue debt and equity markets.

我認為麥可在過去幾分鐘中總結得非常好，我認為我們有所有可用的選擇，其中包括多餘的現金，但也包括我們發行債務和股票市場的所有不同形式的資本。

And I think as we've done in the past.

我認為就像我們過去所做的那樣。

Those are the levers that we'll use to acquire more Bitcoin.

這些是我們用來獲取更多比特幣的槓桿。

And I think 2024 will offer some opportunities for us to do so, you know, I think as our market value increases with the increasing price of bitcoin.

我認為 2024 年將為我們提供一些這樣做的機會，你知道，我認為隨著比特幣價格的上漲，我們的市場價值也會增加。

And I think there will be additional opportunities to access the capital markets.

我認為還會有更多進入資本市場的機會。

And similar to what we've always said, we will look to assess, which is the most accretive and we issued debt in certain markets.

與我們一直所說的類似，我們將評估最具增值性的市場，我們在某些​​市場發行了債券。

We've issued equity in different types of markets, and I think we've demonstrated the track record of our ability to think through those complex ideas.

我們在不同類型的市場發行了股票，我認為我們已經證明了我們思考這些複雜想法的能力。

And as Mike alluded to, I think we have all of that all of those options available to us and to acquire more bitcoin in 2020.

正如麥克所提到的，我認為我們擁有所有這些選擇，可以在 2020 年獲得更多比特幣。

Thank you.

謝謝。

The next question is for phong regarding cloud.

phong 的下一個問題是關於雲端的。

So can you please elaborate on the progress of converting software clients to cloud from license?

那麼能否詳細介紹一下軟體客戶端從授權轉換到雲端的進度？

And how is the timing of transition looking overall?

整體而言，過渡時機如何？

Yes, on 2023 is a pretty pivotal year for us on one.

是的，2023 年對我們來說是非常關鍵的一年。

Our subscription services revenue has now surpassed our product license revenue and two, our subscription services revenue has surpassed our other services revenue.

我們的訂閱服務收入現在已經超過了我們的產品授權收入，第二，我們的訂閱服務收入已經超過了我們的其他服務收入。

And so that is a pretty big transition is now the second biggest revenue line item behind product support, which represents the maintenance, the on-prem customers pay us.

因此，這是一個相當大的轉變，現在是產品支援之後的第二大收入項目，它代表維護，本地客戶向我們付費。

Another data point I'll give you is we are near or exceeding the $100 million of ARR in the cloud, which is a pretty major milestone for any software company and a very major milestone for us as we're transitioning from on-prem to the cloud.

我要向您提供的另一個數據點是，我們的雲端ARR 已接近或超過1 億美元，這對於任何軟體公司來說都是一個非常重要的里程碑，對我們來說也是一個非常重要的里程碑，因為我們正在從本地部署過渡到本地部署。雲端。

That said, we still have less than 25% of our recurring revenue in the cloud.

儘管如此，我們的經常性收入中仍然只有不到 25% 來自雲端。

So there's still a pretty major opportunity that there are greater than 75% of on-prem revenue that we need to move.

因此，我們仍然有一個相當大的機會需要轉移超過 75% 的本地收入。

I think 2024 is going to be a acceleration year in terms of moving existing customers to the cloud and getting more new customers move to cloud.

我認為 2024 年將是現有客戶遷移到雲端以及讓更多新客戶遷移到雲端的加速年。

The reasons for that, I talked about one is our partnerships with our hyperscalers, including Microsoft, Azure, Amazon, AWS and Google GCP.

我談到的原因之一是我們與超大規模供應商的合作關係，包括微軟、Azure、亞馬遜、AWS 和Google GCP。

Another reason is the maturity of our technology offering container-based microservices based and the fact that we're going to roll out a private cloud offering this year.

另一個原因是我們提供基於容器的微服務的技術已經成熟，而且我們今年將推出私有雲產品。

So a lot of progress, but more opportunity to move to the cloud.

進步很大，但遷移到雲端的機會也更多。

And I would say 2024 will be probably the most important year for a transition we've seen in the history of the Company in terms of moving to the cloud.

我想說，2024 年可能是我們公司歷史上在向雲端遷移方面所經歷的最重要的一年。

And we have the entire organization aligned behind it and we have our customers ready.

我們有整個組織在背後協調一致，我們也讓我們的客戶做好了準備。

Yes.

是的。

Thank you.

謝謝。

The next question is also perform.

下一個問題也是執行。

How finishes project reception of the AI. product?

如何完成AI的專案接收。產品？

And what do you think this will contribute to product mix or profit margins.

您認為這會對產品組合或利潤率有何貢獻？

And I think it's like a lot of AI products that are actually in the market.

我認為這就像市場上實際存在的許多人工智慧產品一樣。

First, I'll remind everyone, we went GA with our AI. plus BI. product in September, so essentially four months ago, end of September, four months ago.

首先，我要提醒大家，我們的人工智慧已經正式上市。加上商業智慧。九月的產品，所以基本上是四個月前，九月底，四個月前。

And we are the first in the DI. space to have done so and we have a lot of customers who are starting to kick the tires play around with that, getting excited about it.

我們是 DI 中的第一名。這樣做的空間很大，我們有很多客戶開始嘗試這一點，並對此感到興奮。

And what we're really doing is trying to understand what are the production use cases that are going to drive further growth in AI. plus BIM.?

我們真正要做的是嘗試了解哪些生產用例將推動人工智慧的進一步成長。加上BIM。？

The exciting side effect, if you will, is because our AI product is built cloud-native and therefore, only available in the cloud is accelerating our cloud migration even further.

如果你願意的話，令人興奮的副作用是因為我們的人工智慧產品是雲端原生建構的，因此，只有在雲端中可用才能進一步加速我們的雲端遷移。

And so while the revenue impact of AI directly may not be extremely significant in 2024.

因此，儘管人工智慧對收入的直接影響在 2024 年可能不會非常顯著。

It could be, but we're not positive yet.

有可能，但我們還不確定。

What will be significant is how it's driving our customers to migrate to the cloud.

重要的是它如何推動我們的客戶遷移到雲端。

And back to the previous question that'll show up in our revenues and our transition to subscription services revenue and our increase in cloud ARI., and we're seeing that happen already.

回到上一個問題，這個問題將體現在我們的收入、向訂閱服務收入的過渡以及雲端 ARI 的成長中。我們已經看到這種情況已經發生。

We're seeing ICIOCO.s. As you are saying, this gives us a real important reason to want to move MicroStrategy at all what was it about?

我們看到了 ICIOCO.s。正如您所說，這給了我們一個真正重要的理由讓我們想要遷移 MicroStrategy，它到底是為了什麼？

Thanks, Tom.

謝謝，湯姆。

Next question is for Andrew regarding the debt maturity, how do you plan to address your upcoming 2025?

安德魯的下一個問題是關於債務到期的問題，您計劃如何應對即將到來的 2025 年？

And what maturity and what are the different ways the company can pursue all things?

公司追求什麼成熟度以及有哪些不同的方式？

Yes.

是的。

First, to know right, we still have a good amount of time before the maturity arises in December 2025, and we've always managed our maturities from a timing perspective that gives us ample time to figure out these types of questions.

首先，要知道，在 2025 年 12 月到期之前，我們還有很長的時間，而且我們始終從時間角度來管理我們的到期日，這讓我們有足夠的時間來解決這些類型的問題。

But that being said, I think we are getting closer and we're continually evaluating market opportunities are in regards to 2025, we could, of course, they could equitize as a conversion price as clearly one option.

但話雖這麼說，我認為我們已經越來越接近了，我們正在不斷評估 2025 年的市場機會，當然，我們可以將它們作為轉換價格進行公平化，這顯然是一種選擇。

And I think other options out there exists and essentially being able to refinance those converts and which could allow us to even extend out maturities further, of course, all that will be based on market conditions.

我認為有其他選擇，基本上能夠為這些轉換者進行再融資，這甚至可以讓我們進一步延長期限，當然，所有這一切都將基於市場條件。

But the point is and I think we're evaluating everything and I think it's something that we'll keep very close consideration by the company.

但重點是，我認為我們正在評估一切，我認為公司將密切考慮這一點。

Thanks, Andrew.

謝謝，安德魯。

And I'll ask one last question for Michael here.

我要問麥可最後一個問題。

Given that we are coming to the end of the time, how important is the SEC acceptance of spot bitcoin ETPs in terms of eventual mainstreaming of Bitcoin is a legitimate form of money?

鑑於我們即將迎來末日，就比特幣最終成為合法貨幣形式的主流而言，美國證券交易委員會接受現貨比特幣 ETP 有多重要？

Yes, I think it's tremendously important I think I think the approval of the spot ETPs marked an inflection point in the history of Bitcoin and at the markets, the era of retail offshore, unregulated crypto, crypto adoption versus the era of onshore regulated institutional bitcoin adoption by the mainstream investors and investment community.

是的，我認為這非常重要，我認為現貨 ETP 的批准標誌著比特幣歷史和市場的轉折點，離岸零售時代、不受監管的加密貨​​幣、加密貨幣採用與境內受監管的機構比特幣時代被主流投資者和投資界採用。

We can already see these ATPs have been a screaming success as a launch.

我們已經可以看到這些 ATP 的推出取得了巨大的成功。

They're sucking all the oxygen out of out of the room are getting all the attention in the ETF industry.

他們吸走了房間裡所有的氧氣，引起了 ETF 行業的所有關注。

They've already marched up the leader board amongst the top commodity ETFs in the world very rapidly.

它們已經迅速躋身全球頂級商品 ETF 排行榜。

It's pretty clear that Bitcoin is now on a path to eat gold to assume Gold's monetary value.

很明顯，比特幣現在正在吞噬黃金以承擔黃金的貨幣價值。

And of course, it's a fairly easy trade for someone else to sell their gold ETF and buy a Bitcoin ETF just takes a matter of 32nd phone call.

當然，對於其他人來說，出售黃金 ETF 並購買比特幣 ETF 是相當容易的交易，只需要打第 32 通電話。

And so the the amount of the frequency with which people are comparing bitcoin to gold is dramatically increasing.

因此，人們將比特幣與黃金進行比較的頻率正在急劇增加。

The frequency of bitcoin in a conversation with a registered financial advisor is going up by orders of magnitude.

與註冊財務顧問對話中使用比特幣的頻率正在呈數量級上升。

So this has catalyzed the adoption and the normalization of bitcoin throughout the traditional finance industry, I think come the implication is bitcoin will become everybody's favorite commodity investment because the other investments like gold, silver or basic commodities, natural gas oil.

因此，這促進了比特幣在整個傳統金融行業的採用和正常化，我認為這意味著比特幣將成為每個人最喜歡的商品投資，因為其他投資如黃金、白銀或基本商品、天然氣。

They have not been terribly successful strategies.

它們並不是非常成功的策略。

And Bitcoin is has an order of magnitude, more enthusiasm behind it.

比特幣有著一個數量級，背後有更多的熱情。

So so first, Bitcoin takes over commodities, but then bitcoin spread throughout the entire traditional finance industry in the US.

首先，比特幣接管了商品，然後比特幣蔓延到美國整個傳統金融產業。

And as it's doing that, it's some it's entering with legitimacy ended the political conversation, the banking conversations, the regulatory conversations into mainstream media.

當它這樣做時，它以合法性的方式進入主流媒體，結束了政治對話、銀行對話和監管對話。

It's coming on to college campuses and education institutions.

它即將進入大學校園和教育機構。

And it's and it's beginning to be talked about much more frequently and technology organizations, startups and big tech companies.

科技組織、新創公司和大型科技公司開始更頻繁地談論它。

So in general, this is just a massive catalytic event for Bitcoin throughout the United States.

所以總的來說，這只是整個美國比特幣的大規模催化事件。

And that leads to some global acceptance and a surge in global interest.

這導致了全球的認可和全球興趣的激增。

We're already seeing a lot more talk about Bitcoin outside of the U.S. and many other countries take their lead from U.S. regulators.

我們已經在美國以外看到了更多關於比特幣的討論，許多其他國家也效仿美​​國監管機構。

So So we already have seen discussions of bitcoin spot ETFs in Hong Kong, but I think you'll see any resistance to a similar product in South America, Africa, Europe, Asia is going to decrease dramatically in the aftermath of the SEC approval there used to be a little on a structure of bitcoin investors and there were five classes that were the denials that thought it was to look bulbs and it was not legitimate and then the skeptics that thought, oh, it's too good to be true.

因此，我們已經在香港看到了有關比特幣現貨 ETF 的討論，但我認為，在 SEC 批准之後，南美、非洲、歐洲、亞洲對類似產品的阻力將會大幅減少過去對比特幣投資者的結構有一點了解，有五類人否認，認為它看起來像燈泡，不合法，然後懷疑論者認為，哦，這太好了，令人難以置信。

It's going to be banned.

它將被禁止。

And then you've got the traders that they recognize as an asset and they just traded for the volatility because it's fun to trade.

然後，交易者將他們視為資產，他們只是為了波動性進行交易，因為交易很有趣。

And then you've got the investors that think well, maybe it's something like the next big tech company like an Apple or a Facebook.

然後你就會得到一些想法良好的投資者，也許這就像下一個大型科技公司，例如蘋果或 Facebook。

So all kind of buy it as a store of value and my tech portfolio, and then you've got the maximal less than the maximum.

因此，所有人都將其作為價值儲存和我的技術投資組合購買，然後你得到的最大值小於最大值。

I think it's a it's an instrument of economic empowerment.

我認為這是經濟賦權的一種工具。

It's a way to spread global freedom and sovereignty, and it's a way to make the world a better place.

這是傳播全球自由和主權的一種方式，也是讓世界變得更美好的一種方式。

And of course, the maximum list we can find on Twitter.

當然，我們可以在 Twitter 上找到最多的清單。

But the significance of this SEC approval is the denials have been discredited and the skeptics are being silenced.

但美國證券交易委員會批准這項決定的意義在於，否認已不再可信，懷疑者也已噤聲。

That is to say if you think it's not a legitimate asset.

也就是說，如果您認為它不是合法資產。

Well, there's no way that the SEC would have approved.

好吧，美國證券交易委員會不可能批准。

You know, ATP. on your own fate, you know, counterfeit to light bulbs or something random and ridiculous.

你知道，ATP。取決於你自己的命運，你知道，冒充燈泡或一些隨機而荒謬的東西。

So so the denials, I don't really have a lot of credibility anymore.

因此，對於這些否認，我真的不再有太多可信度了。

And the skeptics, the ones I said, I get it, but it's too good to be true and it's in our it's too threatening to the establishment.

對於那些懷疑論者，我說的那些人，我明白，但這好得令人難以置信，而且在我們這裡，它對當權派來說太有威脅了。

So it will be banned well, they typically they were the ones I thought of as a medium of exchange and a currency and a competition for the dollar.

所以它會被很好地禁止，它們通常是我認為的交換媒介、貨幣和美元的競爭。

And now they're beginning to realize that the establishment views this as a store of value may be a speculative asset, maybe maybe they're not going to endorse the asset, but it's an asset.

現在他們開始意識到，當權者認為這是一種價值儲存手段，可能是一種投機資產，也許他們不會認可這種資產，但它是一種資產。

It's not a currency substitute.

它不是貨幣替代品。

And as such, no, it's not going to be banned as BlackRock consolidate.

因此，不，隨著貝萊德的整合，它不會被禁止。

You have Fidelity consolidate.

你有富達合併。

You it's not being banned.

你這並沒有被禁止。

So the denials are out of the picture.

所以否認是不可能的。

The skeptics are increasingly looking out of touch and the entire investment community has shifted right toward either being a trader and investor or a Maximus.

懷疑論者越來越脫離現實，整個投資界已經向右轉向要麼成為交易者和投資者，要麼成為馬克西姆斯。

And this is profoundly profoundly positive and auspicious for Bitcoin as an asset class.

這對於比特幣作為一種資產類別來說是非常積極和有利的。

You put these things together and awareness is spreading and support is spreading everywhere in the world.

你把這些東西放在一起，意識就會傳播，支持就會傳播到世界各地。

Now now you're probably not going to get fired if you're working at a bank or financial institution and you say, hey, maybe we should look at this and maybe write a piece about or do some research on it or consider whether we can trade it or custody it or build a product on it and that that wasn't really something that was easy to consider two, three, four years ago.

現在，如果您在銀行或金融機構工作，您可能不會被解僱，並且您說，嘿，也許我們應該看看這個，也許寫一篇文章或對此進行一些研究，或者考慮我們是否應該這樣做可以交易它或託管它或在其上建立產品，而這在兩、三、四年前並不是一件容易考慮的事情。

In fact, we've even shifted the point where now there's a lot of mainstream and even political lobbying to say revoke in our staff accounting bulletin one 21 that makes it difficult for banks to custody Bitcoin.

事實上，我們甚至改變了觀點，現在有許多主流甚至政治遊說在我們的員工會計公告一21中說撤銷，這使得銀行很難託管比特幣。

So there's a lot of political pressure to normalize the asset to embrace the asset to allow companies to do business with this asset.

因此，存在著很大的政治壓力，要求資產正常化以接受該資產，以允許公司與該資產開展業務。

And so I think that term, this is this ETP. launch really was the beginning of the next stage of growth of the entire bitcoin network.

所以我認為這個術語就是這個 ETP。發布確實是整個比特幣網路下一階段成長的開始。

And it was it was really the catalytic event necessary for institutions everywhere in the world to begin to invest material amounts of capital or material amounts of time or energy or to risk their brands and their reputations to do business with and support their clients.

這確實是世界各地機構開始投入大量資本或大量時間或精力或冒著品牌和聲譽風險與客戶開展業務和支持客戶的必要催化事件。

And so we're only like 3.5 weeks into it.

所以我們只花了大約 3.5 週的時間。

And so it's hard to see all of the positive developments that have been catalyzed by this.

因此，很難看到由此引發的所有積極進展。

But I'm but I do believe we will see them manifest themselves over time.

但我確實相信，隨著時間的推移，我們會看到它們顯現出來。

And quarter-by-quarter and year-by-year.

並且逐季度和逐年。

We're going to see many, many positive developments that that bring bitcoin to many, many more investors and many more organizations, many more companies, many more countries and an increasingly bring utility to the world.

我們將看到許多許多積極的發展，這些發展將比特幣帶給更多的投資者、更多的組織、更多的公司、更多的國家，並越來越多地為世界帶來實用性。

Great.

偉大的。

Thank you so much, Michael.

非常感謝你，麥可。

We received so many great questions that we couldn't answer.

我們收到了很多我們無法回答的好問題。

But we would like to thank you, everyone, for attending and asking the questions.

但我們要感謝大家出席並提出問題。

You've tried to cover these in our future remarks, but this concludes the Q&A portion of the webinar.

您已嘗試在我們以後的評論中涵蓋這些內容，但網路研討會的問答部分到此結束。

I will now turn the call over to Frank for closing remarks.

我現在將把電話轉給弗蘭克，讓他發表結束語。

I wanted to thank everyone for being with us today for your continued support of MicroStrategy.

我要感謝今天與我們在一起的所有人，感謝你們對 MicroStrategy 的持續支持。

Before we wrap up, I'm pleased to share that our next in-person MicroStrategy World Conference will be held from April 29th to May second in Las Vegas, Nevada.

在結束之前，我很高興地告訴大家，我們的下一次現場 MicroStrategy 世界大會將於 4 月 29 日至 5 月 2 日在內華達州拉斯維加斯舉行。

There will be a business intelligence track and a Bitcoin for Corporations track.

將有一個商業智慧軌道和一個企業比特幣軌道。

And you can expect that we'll further expand on a lot of the discussion we had today at MicroStrategy World event.

您可以期待我們將進一步擴展今天在 MicroStrategy World 活動中進行的大量討論。

And it's a great way for you to interact with us live and in-person registrations are open and Additional details can be found on our Events website page, microstrategy.com/world.

這是您與我們即時互動的好方法，現場註冊現已開放，更多詳細資訊可以在我們的活動網站頁面 microstrategy.com/world 上找到。

24.

24.

We're excited and looking forward to seeing customers, prospects and shareholders at this one of a kind of it.

我們很高興並期待在這樣的活動中見到客戶、潛在客戶和股東。

We're as enthusiastic as ever with both our enterprise software strategy as well as our Bitcoin strategy.

我們對企業軟體策略和比特幣策略一如既往地充滿熱情。

Wish you a good quarter and look forward to seeing you again, if not at MicroStrategy World again in 12 weeks.

祝您度過一個愉快的季度，並期待再次見到您，即使 12 週後不能再次來到 MicroStrategy World。

Thank you.

謝謝。