Microstrategy Inc (MSTR) 2024 Q2 法說會逐字稿

Hello, everyone, and good evening.

大家好，晚上好。

I'm Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy.

我是 Shirish Jajodia，MicroStrategy 投資者關係和財務部副總裁。

I'll be your moderator for MicroStrategy's 2024 second quarter earnings webinar.

我將擔任 MicroStrategy 2024 年第二季財報網路研討會的主持人。

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 報告中討論的風險因素，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 these forward-looking statements, which speak only as of today.

我們不承擔更新這些前瞻性聲明的義務，這些聲明僅在今天發表。

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

此外，在今天的電話會議中，我們將參考某些非GAAP 財務指標，顯示GAAP 與非GAAP 結果的調節表可在我們今天發布的收益報告和演示文稿中找到，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.

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。

You can submit questions throughout the webinar and Michael, Phong or Andrew will answer questions at the end of the session.

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。

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

請務必提供您的姓名和公司名稱並提交您的問題。

Now I will 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 Phong Le will cover the business and operational results for the second quarter of 2024.

First Phong Le 將報告 2024 年第二季的業務和營運表現。

Second, Andrew Kang will cover the financial results for the second quarter of 2024 and then Michael Saylor will provide a strategic review and discuss recent bitcoin market updates.

其次，Andrew Kang 將介紹 2024 年第二季的財務業績，然後 Michael Saylor 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 Phong Le President and CEO of MicroStrategy.

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

Thank you, Shirish.

謝謝你，希里什。

Hello, everyone.

大家好。

I'd like to welcome all of you to today's webinar.

歡迎大家參加今天的網路研討會。

As we discussed in the last two quarters, MicroStrategy considers itself to be the world's first bitcoin development company.

正如我們在過去兩個季度所討論的，MicroStrategy 認為自己是世界上第一家比特幣開發公司。

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

我們是一家公開交易的營運公司，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, which serves as our primary treasury reserve asset.

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，這是我們的主要庫存儲備資產。

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

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，為價值創造提供了獨特的機會。

Being an operating company, our software technology business remains our core revenue and cash flow generator.

作為一家營運公司，我們的軟體技術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 or corporate debt capital raises.

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或公司債務資本籌集的收益來獲取比特幣。

These capital market levers allow us to deploy intelligent leverage to increase our bitcoin holdings in a manner which we believe has created shareholder value.

這些資本市場槓桿使我們能夠部署智慧槓桿，以我們認為創造股東價值的方式增加我們的比特幣持有量。

Since our adoption of our bitcoin strategy, we've used three primary mechanisms to acquire more bitcoin.

自從我們採用比特幣策略以來，我們使用了三種主要機制來獲取更多比特幣。

Cash flows from software operations.

來自軟體營運的現金流。

Since August 2020, we've invested $836 million of total cash on our balance sheet.

自 2020 年 8 月以來，我們已在資產負債表上投入了 8.36 億美元的現金。

Equity issuances, we have issued $3.2 billion in equity in a manner that we believe to be accretive to existing shareholders.

股票發行方面，我們已經發行了 32 億美元的股票，我們相信這種方式可以為現有股東帶來增值。

In debt financing, we had $3.8 billion in debt outstanding through the issuance of both senior secured notes and convertible notes.

在債務融資方面，我們透過發行優先擔保票據和可轉換票據，未償還債務達 38 億美元。

We have used the proceeds from these issuances principally to purchase bitcoin.

我們主要使用這些發行的收益來購買比特幣。

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

我們未償債務的混合成本每年固定為 1.6%。

Turning to the bitcoin highlights for Q2 2024.

轉向 2024 年第二季的比特幣亮點。

MicroStrategy remains the largest corporate holder of bitcoin in the world.

MicroStrategy 仍然是全球最大的比特幣企業持有者。

Now holding 226,500 bitcoins with a total bitcoin market value of $15 billion as of yesterday.

截至昨天，目前持有226,500枚比特幣，比特幣總市值為150億美元。

Since March 31, 2024, we acquired an additional 12,222 bitcoin for a total purchase cost of $805 million, an average price of $65,882.

自 2024 年 3 月 31 日起，我們額外購買了 12,222 個比特幣，總購買成本為 8.05 億美元，平均價格為 65,882 美元。

Year to date 2024 the price of bitcoin has appreciated, spurred notably by the approval of the spot bitcoin exchange traded products or ETPs, which has drawn considerable institutional attention.

2024 年迄今為止，比特幣的價格已經上漲，特別是受到現貨比特幣交易所交易產品或 ETP 批准的推動，這引起了機構的廣泛關注。

We believe the introduction and initial success of the spot bitcoin ETPs evidences the maturation of bitcoin as an institution, great asset class with broader regulatory recognition and institutional adoption.

我們相信，現貨比特幣 ETP 的推出和初步成功證明了比特幣作為一種機構的成熟，這是一種具有更廣泛監管認可和機構採用的偉大資產類別。

We attended the bitcoin 2024 conference in Nashville last week.

上週我們參加了在納許維爾舉行的比特幣 2024 會議。

And we saw a tremendous support for the bitcoin ecosystem from policymakers, bipartisan and politicians, institutions, businesses and individuals.

我們看到政策制定者、兩黨和政治家、機構、企業和個人對比特幣生態系統的巨大支持。

It's very encouraging to see high profile institutions and individuals showing interest in bitcoin and starting to appreciate the importance of this asset class as a part of their portfolios.

看到知名機構和個人對比特幣表現出興趣並開始認識到這種資產類別作為其投資組合一部分的重要性，這是非常令人鼓舞的。

MicroStrategy remains highly committed to our book bitcoin strategy with a long-term focus.

MicroStrategy 仍然高度致力於我們的比特幣策略並專注於長期。

Michael will further elaborate later with his thoughts and takeaways from the bitcoin 2024 conference.

Michael 稍後將進一步闡述他在比特幣 2024 會議上的想法和收穫。

On the capital markets front, we made significant progress towards the advancement of our bitcoin development company strategy.

在資本市場方面，我們在推動比特幣開發公司策略方面取得了重大進展。

In June, we raised $800 million through 2032 maturity convertible notes called for redemption, our $650 million, 2025 convertible notes.

6 月份，我們籌集了 8 億美元的 2032 年到期可轉換票據，要求贖回，我們籌集了 6.5 億美元的 2025 年到期可轉換票據。

Announced 10 to 1 stock split and announced a $2 billion at-the-market or ATM equity offering program.

宣布 10 比 1 的股票分割，並宣布 20 億美元的市場或 ATM 股票發行計劃。

Andrew will further provide details on our capital markets and bitcoin purchase activity for this quarter.

安德魯將進一步提供有關本季度我們資本市場和比特幣購買活動的詳細資訊。

As the bitcoin development company, we have the unique ability to access the capital markets to create intelligent leverage.

作為比特幣開發公司，我們擁有進入資本市場創造智慧槓桿的獨特能力。

During the first and second quarter of 2024, our total bitcoin holdings increased by 13.3% and 5.6%, respectively.

2024 年第一季和第二季度，我們的比特幣總持有量分別增加了 13.3% 和 5.6%。

During the same periods, our assumed diluted shares outstanding increased by only 4.8% and 1.8%, respectively.

同期，我們假設的稀釋後流通股分別僅增加 4.8% 和 1.8%。

When we refer to assume diluted shares outstanding, we're assuming all outstanding convertible notes are fully converted at their respective conversion prices.

當我們提到假設已發行稀釋股份時，我們假設所有已發行可轉換票據均以各自的轉換價格完全轉換。

All outstanding options are fully exercised and all restricted stock units and performance stock units fully vest.

所有尚未行使的選擇權均已完全行使，所有限制性股票單位和績效股票單位均已完全行使。

In each case without regard to exercise or conversion price or vesting or other contractual conditions.

在每種情況下，不考慮行權或轉換價格或歸屬或其他合約條件。

Our opportunity use of leverage and excess cash to acquire bitcoin as well as our strategic execution of our capital markets, financing has resulted in incremental value creation for our shareholders.

我們利用槓桿和多餘現金收購比特幣的機會以及我們對資本市場和融資的策略執行為我們的股東創造了增量價值。

Our objective is to accumulate bitcoin holdings at a faster rate than we issue shares, and we believe we have a demonstrated track record of doing so.

我們的目標是以比發行股票更快的速度累積比特幣持有量，並且我們相信我們在這方面擁有良好的記錄。

To assess our performance in achieving this strategic objective, we are introducing a new key performance indicator, which we refer to as BTC yield.

為了評估我們在實現這一策略目標方面的表現，我們引入了一個新的關鍵績效指標，我們稱之為比特幣收益率。

We define BTC yield as the period-to-period percentage change in the ratio of our total bitcoin holdings to our assume diluted shares outstanding.

我們將比特幣收益率定義為我們持有的比特幣總額與我們假設的稀釋後流通股的比率的逐期百分比變化。

We use this KPI to help assess the achievement of our strategic objective and for evaluating capital allocation decisions.

我們使用此 KPI 來幫助評估我們策略目標的實現並評估資本分配決策。

If we increase our total bitcoin holdings over a given period at a faster pace than we increase our assumed diluted shares outstanding, we achieve a positive bitcoin yield.

如果我們在給定時期內增加比特幣總持有量的速度快於我們假設的稀釋後流通股的增加速度，我們就能獲得正的比特幣收益率。

I should note here that bitcoin yield is not equivalent to yield in the traditional financial context, is simply just a measure of the percentage change period to period in the ratio of our bitcoin holdings to our assume diluted shares outstanding.

我應該在這裡指出，比特幣收益率並不等於傳統金融背景下的收益率，它只是衡量我們持有的比特幣與假設的稀釋後流通股的比率隨時間變化的百分比。

In addition, when we use bitcoin yield, we consider the various limitations of this metric, including that assumes that all indebtedness will be refinanced or in the case of our convertible notes converted into shares of common stock at their respective conversion prices and it does not take into account debt and other liabilities.

此外，當我們使用比特幣收益率時，我們會考慮該指標的各種限制，包括假設所有債務都將進行再融資，或者在我們的可轉換票據按各自的轉換價格轉換為普通股的情況下，它並不考慮債務和其他負債。

Although bitcoin yield is not actually a yield in the traditional finance context, we internally think about this metric as some might think about a bond yield or yield on another financial instruments.

儘管比特幣殖利率實際上並不是傳統金融背景下的殖利率，但我們在內部思考這個指標，就像有些人可能會想到債券殖利率或其他金融工具的殖利率一樣。

It's obviously an imperfect analogy, but we looked at a metric to help us assess how we are doing and using our capital most efficiently to increase our bitcoin holdings over time.

這顯然是一個不完美的類比，但我們研究了一個指標來幫助我們評估我們如何最有效地使用我們的資本來隨著時間的推移增加我們的比特幣持有量。

The historical performance of this KPI is shown on this slide.

此投影片顯示了此 KPI 的歷史績效。

We achieved an annual bitcoin yield of 47.3% in 2021, 1.8% in 2022 and 7.3% in 2023.

2021 年，我們的比特幣年收益率為 47.3%，2022 年為 1.8%，2023 年為 7.3%。

We've achieved quarterly bitcoin yield of 8.1% in Q1 and 3.7% in Q2, surpassing the annual bitcoin yield in 2023 as of the year to date 2024.

截至 2024 年迄今，我們第一季的比特幣季度收益率為 8.1%，第二季為 3.7%，超過了 2023 年比特幣的年度收益率。

Were able to achieve this through the acquisition of bitcoin using our excess cash flows and proceeds from debt and equity financings, which we believe were accretive to shareholders.

我們能夠透過利用我們的過剩現金流以及債務和股權融資收益收購比特幣來實現這一目標，我們認為這對股東有利。

Management uses bitcoin yield to evaluate capital allocation decisions and to measure the achievement of our bitcoin strategy.

管理層使用比特幣收益率來評估資本配置決策並衡量我們比特幣策略的成就。

Our strategy of acquiring bitcoin in a manner we believe to be accretive to shareholders, thereby achieving bitcoin yield and sets us apart from institutional bitcoin investment options that charge a management fee and would therefore achieve a negative bitcoin yield as we measure it.

我們以一種我們認為對股東有利的方式收購比特幣的策略，從而實現比特幣收益，並使我們與收取管理費的機構比特幣投資選擇區分開來，因此在我們衡量時將實現負比特幣收益。

Building on our previous discussion, we have a clear strategy to enhance our bitcoin holdings and deliver a positive annual bitcoin yield.

基於我們先前的討論，我們有一個明確的策略來增加我們的比特幣持有量並提供正的比特幣年收益率。

Today, we are announcing our target to achieve a bitcoin yield of 4% to 8% per year for the next three years in 2025, 2026 and 2027.

今天，我們宣布未來三年（2025 年、2026 年和 2027 年）實現比特幣年收益率 4% 至 8% 的目標。

Our approach includes accumulating more bitcoin holdings by one using the organic excess cash flows generated by our software business.

我們的方法包括利用我們的軟體業務產生的有機超額現金流來累積更多的比特幣持有量。

Two, using proceeds from equity offerings when we believe accretive.

第二，當我們認為可以增值時使用股票發行收益。

And three responsibly using the intelligent leverage framework within risk managed approach.

第三是在風險管理方法中負責任地使用智慧槓桿框架。

We will continue to use a full spectrum of financing options and also explore creative capital market transactions and untapped pools of capital to execute this strategy effectively and prudently.

我們將繼續利用全方位的融資方式，探索創意的資本市場交易和未開發的資金池，有效、審慎地執行此策略。

By sharing our three year KPI targets, we are reinforcing our goal of achieving consistent positive bitcoin yield over time, we pride ourselves on being at the forefront of institutional bitcoin adoption.

透過分享我們的三年 KPI 目標，我們正在強化我們的目標，即隨著時間的推移實現持續的正比特幣收益率，我們為處於機構比特幣採用的最前沿而感到自豪。

As we look into the future, we anticipate that our ability to consistently achieve positive bitcoin yield will become a crucial benchmark for investors to assess our execution of our strategy.

展望未來，我們預期我們持續實現比特幣正收益的能力將成為投資者評估我們策略執行情況的重要基準。

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

轉向軟體業務，MicroStrategy 也定位為全球最大的獨立上市商業智慧公司。

In the second quarter 2024, we continued our shift towards our cloud offering, resulting in subscription services revenue of $24 million, an increase of 21% year-over-year.

2024 年第二季度，我們持續向雲端產品轉型，訂閱服務收入達到 2,400 萬美元，較去年同期成長 21%。

A 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贏得新客戶所推動的。

Our customer renewal rates continue to remain high, and our non-GAAP subscription billings remain strong.

我們的客戶續訂率持續保持高位，我們的非 GAAP 訂閱帳單仍然強勁。

Overall, we see strong demand for our cloud platform, and Q2 was a particularly strong quarter for customers migrating to cloud.

總體而言，我們看到對我們的雲端平台的強勁需求，而第二季度對於遷移到雲端的客戶來說是一個特別強勁的季度。

Our objective continues to be growing cloud revenue by migrating customers to cloud while maintaining profitability.

我們的目標仍然是透過將客戶遷移到雲端來增加雲端收入，同時保持獲利能力。

At our MicroStrategy World User Conference held in Las Vegas in May 2024 we showcased how MicroStrategy ONE with AI can create more innovative, competitive, high-performing organizations.

在 2024 年 5 月在拉斯維加斯舉行的 MicroStrategy 世界用戶大會上，我們展示了 MicroStrategy ONE 與 AI 如何創造更具創新性、競爭力和高績效的組織。

In our keynote address, we highlighted how some of the biggest brands in the world including organizations like Lori, Beyer and the US Department of State leveraged our platform to successfully utilize their data and combat the Big Data super and application sprawl.

在我們的主題演講中，我們強調了世界上一些最大的品牌，包括 Lori、Beyer 和美國國務院等組織如何利用我們的平台成功利用他們的數據並對抗大數據超級和應用程式蔓延。

We unveiled Auto Express to offering easy an insightful way to engage with MicroStrategy AI allows and allowing users to build their own stand-alone AI BI bot, without a single line of code.

我們推出了 Auto Express，以提供簡單、富有洞察力的方式來與 MicroStrategy AI 交互，並允許用戶建立自己的獨立 AI BI 機器人，而無需任何程式碼。

Earlier this year, MicroStrategy ONE became available on the Google Cloud Marketplace.

今年早些時候，MicroStrategy ONE 在 Google Cloud Marketplace 上發布。

In addition to prior deployments on Azure and AWS, allowing enterprises to easily find and deploy this cloud-native platform.

除了先前在Azure和AWS上的部署之外，讓企業可以輕鬆找到並部署這個雲端原生平台。

Customers can benefit from a wide range of innovative first to market, a high-powered functionality powered by the Azure opened AI LLM.

客戶可以受益於一系列率先上市的創新，這是由 Azure 開放的 AI LLM 提供支援的高效能功能。

Transitioning our customer base to the technology of the future remains a key focus and our hyperscaler partners are a key part of this migration.

將我們的客戶群過渡到未來的技術仍然是一個關鍵焦點，我們的超大規模合作夥伴是這次遷移的關鍵部分。

As customers and prospects move to the cloud and bot power, their AI driven digital transformations we expect to continue to see a decrease in product license revenues and support revenues, which will in part be offset by increases in subscription services revenues.

隨著客戶和潛在客戶轉向雲端和機器人能力，他們的人工智慧驅動的數位轉型，我們預計產品授權收入和支援收入將繼續減少，這將在一定程度上被訂閱服務收入的增加所抵消。

This will be most pronounced in the balance of 2024.

這將在 2024 年餘下時間最為明顯。

This may result in a decrease in total recognized revenue in the short term.

這可能會導致短期內確認收入總額減少。

But in the long run, we expect it to be more than offset by increases in subscription services revenue.

但從長遠來看，我們預計訂閱服務收入的成長將足以抵消這一影響。

Additional benefits include more engaged customers using our very latest software, higher retention rates and ultimately growing recurring and overall revenues.

其他好處包括更多的客戶使用我們最新的軟體、更高的保留率以及最終增加經常性收入和整體收入。

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, Phong.

謝謝你，馮。

I'll continue with the recap of our software financial results, and then I'll move on to our bitcoin strategy.

我將繼續回顧我們的軟體財務業績，然後我將繼續討論我們的比特幣策略。

Total revenues for the second quarter were $111.4 million, down 7% year-over-year.

第二季總營收為 1.114 億美元，年減 7%。

Consistent with recent quarters, the overall revenue trend reflects the transition of our business from on-premise to cloud.

與最近幾季一致，整體收入趨勢反映了我們的業務從本地向雲端的轉變。

As we migrate customers to the cloud, we shift upfront product license revenues to subscription services revenues, which are recognized ratably over the life of the contract.

當我們將客戶遷移到雲端時，我們將前期產品授權收入轉變為訂閱服務收入，這些收入在合約有效期內按比例確認。

As a result, we fully expect product license revenues along with support revenues to decline, both of which were down 40% and down 7%, respectively, year-over-year.

因此，我們完全預期產品授權收入和支援收入都會下降，兩者分別年減 40% 和 7%。

What isn't immediately seen through reported revenue is that we are building up stronger, more durable cloud recurring revenue that comes in over time, which is consistent for any on-prem to cloud transition.

透過報告的收入並不能立即看出，我們正在建立更強大、更持久的雲端經常性收入，這些收入隨著時間的推移而增加，這對於任何本地到雲端的過渡都是一致的。

And more robust or faster cloud migrations will have a larger but temporary reduction in upfront revenues, which is what we saw in last quarter's results.

更強大或更快的雲端遷移將帶來更大但暫時的前期收入減少，這就是我們在上季度的業績中看到的。

The cloud contracts booked in Q2 were the strongest single quarter bookings we have seen to date more than double Q1 or any prior quarter for that matter.

第二季預訂的雲端合約是我們迄今為止看到的最強勁的單季預訂量，是第一季或之前任何季度的兩倍多。

This acceleration last quarter makes up for the lower than expected power contracts we closed in Q1 meet and beat last year's quarter's targets and directly reflects the transition starting to take shape.

上季度的加速彌補了我們在第一季度完成的低於預期的電力合同，達到並超過了去年季度的目標，並直接反映了過渡開始形成。

While we'll see the initial benefits of last quarter's strong cloud migrations flow through revenue beginning next quarter.

雖然我們將看到上季強勁的雲端遷移帶來的初步好處將在下個季度開始帶來收入。

The lower product license bookings in 2024 will result in lower than expected recognized revenue for the full year by somewhere between 4% and 5%.

2024 年產品授權預訂量減少將導致全年確認收入低於預期 4% 至 5%。

Overall, total annual revenues have been generally flat in the past couple of couple of years, but with our transition beginning to take shape in the first half of this year we expect to see similar patterns in total revenue going forward as we execute on our transformation.

總體而言，過去幾年的年度總收入總體持平，但隨著我們的轉型在今年上半年開始形成，我們預計在執行轉型時，未來總收入將出現類似的模式。

This year and potentially in 2025 should reflect the transition point in our long-term strategy and exiting the next 12 to 18 months, we should start seeing total revenues begin to grow again.

今年以及可能的 2025 年應該反映出我們長期策略的過渡點，在未來 12 到 18 個月內，我們應該會開始看到總收入開始再次成長。

Non-GAAP subscription billings, which represent cloud revenues in the quarter, along with just the next 12 months of deferred subscription services revenues grew by 45% last quarter to $33.4 million, our fourth straight year of quarterly double digit growth.

非 GAAP 訂閱帳單（代表本季的雲端收入）以及未來 12 個月的遞延訂閱服務收入上季度增長了 45%，達到 3340 萬美元，這是我們連續第四年實現季度兩位數增長。

Q2 subscription services revenues increased 21% year-over-year, which represents the recognized revenue from previously booked cloud contracts now make up approximately 22% of total revenues.

第二季訂閱服務收入年增 21%，這意味著先前預訂的雲端合約已確認的收入目前約佔總收入的 22%。

Subscription Services revenues are now larger than our product license revenues and will continue to grow each quarter, while product license will decline further from here on.

訂閱服務收入現在大於我們的產品授權收入，並將每個季度繼續成長，而產品授權將從現在開始進一步下降。

In Q1, we enhanced our reported numbers to break out our quarterly results into two categories.

在第一季度，我們增強了報告數據，將季度業績分為兩類。

First, the software business category reflects income or loss from operations related specifically to our BI business.

首先，軟體業務類別反映了與我們的 BI 業務相關的特定業務的收入或損失。

The corporate and other category represents the non-software related areas associated with our digital asset holdings, which include impairment charges and other related third-party costs.

本公司和其他類別代表與我們持有的數位資產相關的非軟體相關領域，其中包括減損費用和其他相關第三方成本。

While we continue to operate under one reportable operating segments.

同時我們繼續在一個可報告經營分部下營運。

We believe the breakout of our operating results into these two categories provides more transparency with respect to the performance of our software business while isolating the impacts related to changes in bitcoin price.

我們相信，將我們的經營績效分為這兩類，可以提高我們軟體業務績效的透明度，同時隔離與比特幣價格變化相關的影響。

In Q2, software business revenues were $111 million that I mentioned a moment ago.

我剛才提到，第二季軟體業務收入為 1.11 億美元。

While cost of revenues were $31 million, up 14% compared to Q2 of last year.

而營收成本為 3,100 萬美元，比去年第二季成長 14%。

The increase was in part due to higher cloud hosting costs, which is a direct result of our growth growing cloud business as well as costs associated with setting up enhancing customer success function.

成長的部分原因是雲端託管成本增加，這是我們雲端業務成長以及與建立增強客戶成功功能相關的成本的直接結果。

Software business operating expenses were $99 million, up 4% compared to Q2 of last year.

軟體業務營運支出為9,900萬美元，較去年第二季成長4%。

Higher G&A this quarter was related to higher stock-based comp, legal, consulting and other advisory costs as well as higher employer payroll taxes in connection with employee stock option exercises in the second quarter.

本季一般行政費用較高與股票補償、法律、諮詢和其他諮詢成本較高以及與第二季度員工股票期權行使相關的雇主工資稅較高有關。

However, overall operating expenses were also offset by lower costs in sales and marketing consistent with recent quarters as we maintain strong discipline in expense and cost management.

然而，由於我們在費用和成本管理方面保持嚴格的紀律，整體營運費用也被最近幾季的銷售和行銷成本下降所抵消。

Noncash stock-based compensation expense in Q2 was $20.6 million of 33% year-over-year.

第二季非現金股票薪資支出為 2,060 萬美元，較去年同期成長 33%。

And overall non-GAAP operating income or profit from the software business category was $1.9 million.

軟體業務類別的整體非公認會計原則營業收入或利潤為 190 萬美元。

Lastly, the corporate and other operating expense category for the quarter was $182 million compared to $25 million in Q2 of last year, $180 million of which was due to Bitcoin impairments and the last.

最後，本季的公司和其他營運支出類別為 1.82 億美元，而去年第二季為 2,500 萬美元，其中 1.8 億美元是由於比特幣減損和上一季造成的。

Now turning to our bitcoin strategy.

現在轉向我們的比特幣策略。

We had another extremely successful quarter of adding more bitcoin to our balance sheet as we acquired 12,053 bitcoins in the second quarter.

我們在資產負債表中增加了更多比特幣，這又是一個非常成功的季度，我們在第二季度購買了 12,053 個比特幣。

And as of July 31, the company held a total of 226,500 bitcoins acquired for an aggregate cost of $8.3 billion or approximately $36,800 per coin.

截至 7 月 31 日，該公司總共持有 226,500 枚比特幣，總成本為 83 億美元，即每枚比特幣約 36,800 美元。

Currently, we hold 175,721 unencumbered bitcoins at macro strategy, a wholly owned subsidiary of MicroStrategy, which represents 78% of our total holdings or $11.4 billion in current market value, all of which are currently unrestricted and unencumbered.

目前，我們在MicroStrategy 的全資子公司Macro Strategy 持有175,721 枚無抵押比特幣，占我們總持有量的78%，即當前市值114 億美元，所有這些比特幣目前均不受限制且無抵押。

The bitcoin we acquired using proceeds from our convertible notes offering in Q2 are held at MicroStrategy, the parent and serve as collateral securing our 2028 senior secured notes.

我們使用第二季可轉換票據發行收益獲得的比特幣由母公司 MicroStrategy 持有，並作為我們 2028 年優先擔保票據的抵押品。

During Q2, we added 11,931 bitcoins the MicroStrategy's holdings at an aggregate purchase price of $786 million using net proceeds from our convertible note issuance.

在第二季度，我們利用發行可轉換票據的淨收益，以 7.86 億美元的總購買價增加了 MicroStrategy 持有的 11,931 枚比特幣。

Additionally, bitcoins purchased using excess cash from the software business are also held at MicroStrategy, the parent, which also served to collateralize our 2028 senior secured notes.

此外，使用軟體業務多餘現金購買的比特幣也由母公司 MicroStrategy 持有，該公司也為我們的 2028 年優先擔保票據提供抵押。

During Q2, we added 122 bitcoins to MicroStrategy's holdings at an aggregate purchase price of $8 million from excess cash.

在第二季度，我們從多餘現金中以 800 萬美元的總購買價向 MicroStrategy 的持有量添加了 122 個比特幣。

Since the end of Q2, we added an additional 169 bitcoins to MicroStrategy holdings at an aggregate purchase price of $11 million, also using proceeds from excess cash.

自第二季末以來，我們以 1,100 萬美元的總購買價格向 MicroStrategy 持有的額外 169 個比特幣增持，同樣使用了超額現金收益。

As of July 31, 50,779 bitcoins are held at MicroStrategy or $3.3 billion in current market value.

截至 7 月 31 日，MicroStrategy 持有 50,779 枚比特幣，目前市值為 33 億美元。

The commitment to our bitcoin strategy remains stronger than ever.

我們對比特幣戰略的承諾比以往任何時候都更加堅定。

We have added bitcoin to our treasury in every quarter since August 2020 and as a result, MicroStrategy remains the largest corporate holder of bitcoin in the world.

自 2020 年 8 月以來，我們每季都將比特幣添加到我們的金庫中，因此，MicroStrategy 仍然是全球最大的比特幣企業持有者。

As we continue to champion bitcoin as a strategic treasure treasury reserve asset.

隨著我們繼續支持比特幣作為戰略寶藏儲備資產。

We are deeply encouraged by the growing number of both public and private companies that are adopting the bitcoin standard to help grow shareholder value.

越來越多的上市公司和私人公司採用比特幣標準來幫助增加股東價值，這讓我們深受鼓舞。

As of June 30, 2024, the market value of our bitcoin holdings was $14 billion and an aggregate cost of $8.3 billion equal to an average purchase price of approximately $36,800.

截至 2024 年 6 月 30 日，我們持有的比特幣市值為 140 億美元，總成本為 83 億美元，相當於平均購買價格約為 36,800 美元。

This is in contrast to the carrying value of our Bitcoin holdings of $5.7 billion as of the last day of the quarter.

這與截至本季最後一天我們持有的比特幣帳面價值 57 億美元形成鮮明對比。

We fully plan to adopt the new FASB accounting rule, which requires fair value treatment for bitcoin holdings by Q1 of next year.

我們完全計劃採用新的 FASB 會計規則，該規則要求在明年第一季之前對持有的比特幣進行公允價值處理。

When the rule takes effect at which time we will realize the benefit of the significant difference between the market value and the carrying value of our balance sheet.

當該規則生效時，我們將實現資產負債表的市場價值與帳面價值之間的重大差異的好處。

Now turning to our capital markets activity.

現在轉向我們的資本市場活動。

Since the inception of our bitcoin strategy, we have issued $4.4 billion of debt through senior secured notes and convertible notes.

自從我們的比特幣策略啟動以來，我們已透過優先擔保票據和可轉換票據發行了 44 億美元的債務。

We now have $3.8 billion of outstanding debt with a very low blended interest rate of approximately 1.6% with staggered maturities over several years starting in February 2027 through June 2032.

我們現在有 38 億美元的未償債務，混合利率非常低，約 1.6%，從 2027 年 2 月到 2032 年 6 月，分幾年分期到期。

Intelligent leverage remains a key component of our active capital allocation strategy, which when deployed in a thoughtful manner, enables us to add more bitcoin to our treasury reserve at an attractive cost and with a disciplined approach to maximizing BTC yield.

智慧槓桿仍然是我們主動資本配置策略的關鍵組成部分，當以深思熟慮的方式部署時，我們能夠以有吸引力的成本向我們的財務儲備添加更多比特幣，並採用嚴格的方法來最大化比特幣收益率。

Continuing with the momentum from the two convertible note financings in March, our recent convert in June was upsized and well received by the market.

延續 3 月兩筆可轉換票據融資的勢頭，我們最近在 6 月進行的轉換擴大了規模，並受到市場的好評。

We issued $800 million of convertible notes due June 2032 at an annual interest rate of 2.25% with a conversion premium of 35% and a conversion price of approximately $2,043 per share.

我們發行了 8 億美元的可轉換票據，將於 2032 年 6 月到期，年利率為 2.25%，轉換溢價為 35%，轉換價格約為每股 2,043 美元。

As in the past, the net proceeds from the new convert were used to acquire additional bitcoin into our treasury results.

與過去一樣，新轉換者的淨收益用於購買額外的比特幣，並將其納入我們的財務表現。

We will continue to actively manage our existing liabilities.

我們將繼續積極管理現有負債。

And to that end, we called for redemption of our $650 million 2025 convertible notes.

為此，我們呼籲贖回 6.5 億美元的 2025 年可轉換票據。

As the notes were substantially in the money holders of those notes converted substantially all of the notes into shares of our Class A. common stock prior to the redemption date.

由於這些票據基本上屬於這些票據的貨幣持有人，因此在贖回日期之前將幾乎所有票據轉換為我們的 A 類普通股。

Our 2025 notes traded up over 300% from time of issuance, resulting in extremely successful investment bond investors and partners.

我們的 2025 年票據自發行以來交易量上漲了 300% 以上，為債券投資者和合作夥伴帶來了極其成功的投資。

In addition to raising debt, we continue to demonstrate a solid track record of issuing equity in a manner that is accretive to shareholders.

除了籌集債務之外，我們還繼續以有利於股東增值的方式發行股票，展現良好的記錄。

Today, we announced that we filed a new shelf registration for a $2 billion at-the-market or ATM equity offering.

今天，我們宣布，我們為 20 億美元的市場或 ATM 股票發行申請了新的擱置註冊。

We will remain extremely disciplined in the use of both the ATM and other capital markets activities executing on them when we believe it will achieve the most bitcoin yield.

當我們相信 ATM 機和在 ATM 機上執行的其他資本市場活動將實現最大的比特幣收益時，我們將保持嚴格的紀律。

Our overall capital allocation strategy continues to be focused on increasing our total bitcoins at a rate faster than we issue new shares, which results in higher BTC yield.

我們的整體資本配置策略繼續專注於以比發行新股更快的速度增加比特幣總量，從而帶來更高的比特幣收益率。

As Phong mentioned earlier, we are targeting an annual BTC yield of 4% to 8% in each of 2025, 2026 and 2027, having exceeded that already in 2024.

正如 Phong 之前提到的，我們的目標是 2025 年、2026 年和 2027 年 BTC 的年收益率為 4% 至 8%，這一目標在 2024 年就已超過。

We believe those targets are achievable and also provide transparency in reinforcing our goal of consistent positive BTC yield over time, further differentiating MicroStrategy's value proposition.

我們相信這些目標是可以實現的，並且還提供透明度，以加強我們隨著時間的推移持續實現比特幣正收益的目標，從而進一步使 MicroStrategy 的價值主張與眾不同。

Lastly, we also announced a 10 for 1 stock split of MicroStrategy's Class A common stock and Class B common effected as a stock dividend.

最後，我們也宣布 MicroStrategy 的 A 類普通股和 B 類普通股進行 10 比 1 的股票分割，作為股票股利。

This will lead to better accessibility for our investors and employees and greater liquidity in our stock as well as well as in our options activity.

這將為我們的投資者和員工帶來更好的投資機會，並提高我們股票和選擇權活動的流動性。

The shares are expected to be distributed after the close of trading on August 7, 2024, and trading is expected to commence on a split adjusted basis at the market opened on August 8, 2024 stock dividend will not have any impact on the voting and other rights of stockholders.

本次股票預計於2024年8月7日收盤後進行派發，預計於2024年8月8日開市進行分拆調整交易，股票分紅不會對投票及其他事項產生任何影響。

The next slide lays out our debt maturity profile.

下一張投影片列出了我們的債務到期。

As you can see the conversion of the convertible notes due 2025 as move the nearest debt maturity out to 2027.

正如您所看到的，2025 年到期的可轉換票據的轉換將最近的債務到期日移至 2027 年。

We actively monitor the capital markets and evaluate liability management opportunities to manage our debt and interest expense as well as opportunities to raise additional future financings.

我們積極監控資本市場並評估負債管理機會來管理我們的債務和利息支出以及籌集額外未來融資的機會。

MicroStrategy has demonstrated a strong track record of applying a disciplined approach to navigate through volatile times in the bitcoin market, and we believe we have established significant credibility to execute on our strategic goal of generating value for our shareholders.

MicroStrategy 在運用嚴格的方法來應對比特幣市場的動盪時期方面表現出了良好的記錄，我們相信我們已經建立了良好的信譽來執行為股東創造價值的策略目標。

As Phong said earlier, we believe that the combination of our operating structure, bitcoin strategy and focus on technology innovation provides a unique value proposition for shareholders when compared to other forms of bitcoin exposure.

正如 Phong 先前所說，我們相信，與其他形式的比特幣投資相比，我們的營運結構、比特幣策略和對技術創新的關注相結合，為股東提供了獨特的價值主張。

Thank you for your time today and for your continued support of MicroStrategy.

感謝您今天抽出時間並感謝您對 MicroStrategy 的持續支持。

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

我現在將電話轉給麥可聽他的講話。

Thank you, Andrew, and thank you to all our shareholders who are with us here today.

謝謝你，安德魯，也謝謝今天與我們在一起的所有股東。

I would like to give a few thoughts on Bitcoin, the macro environment, and MicroStrategy's operations.

我想談談對比特幣、宏觀環境和 MicroStrategy 營運的一些想法。

So I'm going to start with the Bitcoin conference 2024.

我將從 2024 年比特幣會議開始。

It was extraordinary, and what was very clear is that Bitcoin has entered the political conversation; Governors, Senators, House Members, and Presidential Candidates were all in attendance at the conference.

這是非同尋常的，而且很明顯的是，比特幣已經進入了政治對話；州長、參議員、眾議院議員和總統候選人都出席了會議。

There was a Lummis bill presented at the conference.

會議上提出了一項魯米斯法案。

Robert F. Kennedy made some very interesting commitments at the conference.

羅伯特·F·甘迺迪在會議上做出了一些非常有趣的承諾。

Donald Trump made some very interesting commitments at the conference.

唐納德·川普在會議上做出了一些非常有趣的承諾。

Four years ago, all of this was unconceivable.

四年前，這一切都是不可想像的。

So we've come a long way in the past four years.

所以我們在過去四年裡取得了很大的進步。

Bitcoin has also entered the corporate conversation.

比特幣也進入了企業對話。

During the conference Marathon announced that they're adopting a full hurdle strategy, they acquired additional Bitcoin on their balance sheet, and they announced they're not going to sell a Bitcoin from their mining activities.

在會議期間，馬拉松宣布他們將採取全面障礙策略，他們在資產負債表上購買了額外的比特幣，並宣布他們不會出售採礦活動中的比特幣。

Some who are scientific was there at the conference speaking.

一些科學界人士在會議上發言。

We have companies like Meta planet that are very vocally adopting a Bitcoin standard.

我們有像 Meta Planet 這樣的公司非常積極地採用比特幣標準。

So lots of conversations and lots of Main Street, Wall Street, and Capitol Hill participants, in Nashville.

納許維爾有很多對話，有很多大街、華爾街和國會山莊的參與者。

There is a growing consensus that digital, private property is a right, and it's a natural right.

人們越來越一致地認為，數位私有財產是一項權利，而且是一項自然權利。

Likewise, right to self-custody is rippling throughout all of these speakers and throughout the public, discussion of the public forums.

同樣，自我監護權也在所有這些發言者和公共論壇的公眾討論中產生漣漪。

There is also growing enthusiasm for building a strategic bitcoin reserve at various levels.

人們對建立各級比特幣戰略儲備的熱情也日益高漲。

The Lummis bill is a bill to create a strategic bitcoin reserve for the United States government that was announced at the conference, and just rolled out or presented yesterday.

Lummis 法案是一項為美國政府創建戰略比特幣儲備的法案，該法案是在會議上宣布的，昨天剛剛推出或提出。

The Trump speech was a milestone.

川普的演講具有里程碑意義。

He reaffirmed the right to self-custody, and also quite salient was to note that his policy would be to not sell bitcoin.

他重申了自我保管的權利，而且非常重要的是指出他的政策是不出售比特幣。

And in terms of the idea of not selling bitcoin elevates bitcoin to be the Apex property of the nation as well as the Apex investment asset.

就不出售比特幣的想法而言，將比特幣提升為國家的頂級財產以及頂級投資資產。

If the federal government were to cease a building, a farm, a portfolio or big tech stocks, a bunch of ETFs, gold, diamonds, watches, cars, jets and yachts, even though they're valuable, even sports teams, they would sell it.

如果聯邦政府要停止一棟建築、一座農場、一個投資組合或大型科技股、一堆ETF、黃金、鑽石、手錶、汽車、噴射機和遊艇，即使它們很有價值，甚至是運動隊，他們也會賣掉它。

And yet what they won't sell is national parks and bitcoin; two very exciting things.

然而他們不會賣的是國家公園和比特幣；兩件非常令人興奮的事情。

So Bitcoin has really entered the global geopolitical conversation, and bitcoin Nashville punctuated that.

因此，比特幣確實進入了全球地緣政治對話，而比特幣納許維爾則強調了這一點。

We can go to the next slide.

我們可以轉到下一張投影片。

We are still early in bitcoin, but it's worthwhile to make some points about the macro outlook.

我們仍處於比特幣的早期階段，但值得對宏觀前景提出一些觀點。

And as you can see, bitcoin is a $1.3 trillion asset class that makes it one of the 10 most valuable assets in the world, a spot or position that it achieved in 15 years with no marketing, and no management team, and no corporate sponsor.

正如你所看到的，比特幣是一種價值1.3 兆美元的資產類別，使其成為世界上最有價值的10 種資產之一，它是在沒有行銷、沒有管理團隊、沒有企業贊助商的情況下在15 年內所取得的地位或地位。

It's quite amazing.

真是太神奇了。

And people are beginning to realize just how extraordinary that is.

人們開始意識到這是多麼的非凡。

But as you can see, mapped against the map of global vault, and there are many, many different types of global vault maps you can generate, this is one of them.

但正如您所看到的，根據全​​球金庫地圖進行映射，並且您可以生成許多不同類型的全球金庫地圖，這就是其中之一。

You can see it's not 1% of the global vault in the world.

你可以看到它還不到全球金庫的1%。

There is a trend.

有一種趨勢。

There is on the bitcoin side an institutional adoption trend.

比特幣方面存在一種機構採用趨勢。

We are approaching 40 bitcoin spot ETFs now.

目前比特幣現貨 ETF 數量已接近 40 隻。

And each one of them is solving the problem of compliance, capital controls, and convenience, and custody in Australia, and Hong Kong, and Switzerland, and Brazil, and the United States, and Canada, et cetera.

他們每一個人都在解決澳洲、香港、瑞士、巴西、美國、加拿大等地的合規、資本管制、便利性和託管問題。

So those ETFs are not just the marketing distributors of bitcoin, but they're also the custodians, and they're compliance managers of bitcoin.

所以這些ETF不只是比特幣的行銷經銷商，他們也是託管人，他們是比特幣的合規管理者。

And that's having a pretty big effect There is also digital transformation taking place, and all of us in the investment community notice it.

這產生了相當大的影響，數位轉型也在發生，我們投資界的所有人都注意到了這一點。

It was presented in Meta's stock performance in the last day.

它在 Meta 最後一天的股票表現中得到了體現。

You can see the impact on Microsoft.

你可以看到這對微軟的影響。

You can see the impact on all big tech companies.

你可以看到這對所有大型科技公司的影響。

What's very clear is that AI is going to drive a profound increase in productivity.

非常明顯的是，人工智慧將推動生產力的大幅提高。

It's going to drive profound new products, where we can see cars driving themselves, we can see a future of autonomous robots, we can see a future of AI replacing surge, and now just ask the question, you get the answer, and then you'll ask the AI to do the thing for you, and it does it.

它將推動意義深遠的新產品，我們可以看到汽車自動駕駛，我們可以看到自主機器人的未來，我們可以看到人工智慧取代浪潮的未來，現在只要問問題，你就會得到答案，然後你你會要求人工智慧為你做這件事，它就會這麼做。

And in the last 12 months, it's gotten to the point where even non-technical user's eyebrows are raised, and they can extrapolate over the next 10 years and see that this is going to have a profound impact on capital creation.

在過去的 12 個月裡，甚至非技術用戶都感到驚訝，他們可以推斷未來 10 年，並看到這將對資本創造產生深遠的影響。

Clearly, the big winners in the corporate world are going to be the big tech companies that can take advantage of AI to create products.

顯然，企業界的大贏家將是能夠利用人工智慧來創造產品的大型科技公司。

And the markets were enthusiastic about Meta, because they can delivery an intelligent AI offering to billions and billions of people instantly.

市場對 Meta 充滿熱情，因為它們可以立即向數十億人提供智慧人工智慧產品。

And that being the case, the macro wins, they favor equity, and especially big tech equity, and they favor digital capital, which is what bitcoin is.

既然如此，宏觀獲勝，他們青睞股權，尤其是大型科技股，他們青睞數位資本，這就是比特幣。

Over the 20th century, physical and financial assets, you can imagine that the big tech companies are not going to need so much material or labor-intensive assets, and they're going to want high-speed digital assets.

在20世紀，實體和金融資產，你可以想像大型科技公司不會需要那麼多物質或勞動密集型資產，他們會想要高速的數位資產。

And we've got a number, a handful of trillion-dollar companies.

我們有很多、少數價值數兆美元的公司。

There's going to be a lot more trillion-dollar companies, and those trillion-dollar companies are going to generate capital at an enormous rate, and there's going to be a pressure to put that capital somewhere.

將會出現更多萬億美元的公司，這些萬億美元的公司將以巨大的速度產生資本，並將面臨將這些資本投入某個地方的壓力。

And bitcoin has emerged as the primary global digital capital asset.

比特幣已成為全球主要的數位資本資產。

And so, the macro trends are very good.

因此，宏觀趨勢非常好。

There’s going to be increasing excitement as this trend continues.

隨著這種趨勢的持續下去，人們將會越來越興奮。

We can go to the next slide.

我們可以轉到下一張投影片。

MicroStrategy likes to keep track of its performance.

MicroStrategy 喜歡追蹤其性能。

This chart is as of yesterday, market close.

這張圖表截至昨天收盤。

So as we look at the trend yesterday, this is over about four years from August 10, 2020, to close of market July 31, 2024.

因此，當我們觀察昨天的趨勢時，從 2020 年 8 月 10 日到 2024 年 7 月 31 日收盤，已經過去了大約四年的時間。

And what you can see is that traditional financial capital, that is bonds, they're not performing well.

你可以看到傳統的金融資本，也就是債券，它們的表現並不好。

There's definitely a lot more money in the system but bonds are minus 18%.

系統中肯定有更多的錢，但債券的利率為-18%。

Silver is not keeping up.

白銀沒有跟上。

Gold is underperforming.

黃金表現不佳。

The general cost of capital.

一般資本成本。

S&P and NASDAQ up 60% and 64% respectively, that 60% is effectively the institutional traditional cost of capital for mainstream investors and it works out to divide by for, 12% -- 11%, 12%, 13% compounding per year.

標準普爾和納斯達克分別上漲了 60% 和 64%，這 60% 實際上是主流投資者的機構傳統資本成本，除以每年複利 12% - 11%、12%、13%。

Bitcoin has dramatically outperformed that.

比特幣的表現遠遠超過了這一點。

Bitcoin is up 442% over that same time frame.

同期，比特幣上漲了 442%。

MicroStrategy's objective was initially to escape the malaise of being a non-big tech company, and then it was to track the bitcoin index, and now it has become to outperform bitcoin.

MicroStrategy 的目標最初是為了擺脫作為非大型科技公司的困境，然後是追蹤比特幣指數，現在它已經成為跑贏比特幣的目標。

And we're proud to say that we've managed to achieve 1,206% return for our shareholders versus the bitcoin 442% over that time period.

我們很自豪地說，我們已經為股東實現了 1,206% 的回報，而同期比特幣的回報率為 442%。

Now clearly, we have done that through the use of intelligent leverage and taken advantage of our operating flexibility and Phong and Andrew laid out some of our metrics especially BTC yield and you can see a company that can generate a BTC yield or some intelligent leverage has a decent chance of outperforming bitcoin.

現在顯然，我們已經透過使用智慧槓桿並利用我們的營運靈活性來做到這一點，Phong 和Andrew 列出了我們的一些指標，特別是BTC 收益率，你可以看到一家能夠產生BTC 收益率或一些智慧槓桿的公司已經超越比特幣的很大機會。

We've also compared ourselves not just to main asset classes, but we compare ourselves to big tech stocks.

我們不僅將自己與主要資產類別進行比較，還將自己與大型科技股進行比較。

And as you can see, big tech stocks that are labor intensive and energy intensive and capital intensive and have a lot of friction in the operations, shipping, and energy intensive, they've struggled more.

正如你所看到的，大型科技股屬於勞動密集型、能源密集和資本密集型，在營運、運輸和能源密集方面存在著許多摩擦，它們的處境更加艱難。

And you see Amazon is up 19%.

你可以看到亞馬遜上漲了 19%。

You can see Meta, Apple, Microsoft, Google, Tesla, they all look extraordinarily strong.

你可以看到Meta、蘋果、微軟、谷歌、特斯拉，他們看起來都異常強大。

They've all outperformed the NASDAQ.

它們的表現均優於納斯達克指數。

And those are typically on the tip of people's tongues as the great, strong, big tech performers.

這些通常是人們掛在嘴邊的偉大、強大、科技巨頭的名字。

And of course, there's one standout, which is Nvidia.

當然，其中有一個佼佼者，那就是 Nvidia。

And Nvidia has captured the great majority of the AI productivity boost and excitement and enthusiasm.

Nvidia 抓住了人工智慧生產力提升、興奮和熱情的大部分。

And as I pointed out to people, if you are one of millions and millions of companies and you can copy big tech and copy Apple or Meta or Google or Microsoft or the like, you should, but of course, it's very difficult to do.

正如我向人們指出的那樣，如果你是數以百萬計的公司之一，你可以複製大型科技公司並複製蘋果或元或谷歌或微軟等，你應該這樣做，但當然，這很難做到的。

You could try to copy Nvidia, but as you can see from the chart, even Google, Microsoft, Apple, and Meta are struggling to copy Nvidia.

你可以嘗試複製Nvidia，但從圖表中可以看到，即使是Google、微軟、蘋果和Meta也在努力複製Nvidia。

Everybody in the world is asking the question, how do we copy Nvidia and what do we do when this run ends?

世界上每個人都在問這個問題，我們如何複製英偉達，當這場競爭結束時我們該怎麼辦？

And I'm proud to say MicroStrategy's outperforming Nvidia over this four years, right, 12.06% versus 9.48%.

我很自豪地說，MicroStrategy 在這四年裡的表現優於 Nvidia，對吧，分別為 12.06% 和 9.48%。

And I'll make the point that we make often, which is, it's not obvious to me how any company copies Nvidia.

我會指出我們經常提出的觀點，即，對我來說，任何公司如何複製 Nvidia 並不明顯。

It's very straightforward to copy MicroStrategy.

複製 MicroStrategy 非常簡單。

We've published our corporate playbook.

我們已經發布了我們的企業行動手冊。

We're happy to explain it to anybody.

我們很樂意向任何人解釋它。

We do have some companies that are starting to starting to copy us now and we couldn't be pleased or more happier about that.

我們確實有一些公司現在開始模仿我們，我們對此感到非常高興或更高興。

So we think the bitcoin strategy is the way to go.

所以我們認為比特幣策略是正確的選擇。

What we're doing is taking advantage of digital capital.

我們正在做的是利用數位資本。

Nvidia is being boosted by digital intelligence.

數位智能正在推動英偉達的發展。

And clearly, every company is going to be profoundly impacted by digital intelligence on their P&L.

顯然，每家公司的損益表都將受到數位智慧的深刻影響。

They can use it to cut their costs, or they can use it to create breakthrough new products, revolutionary products, revolutionary new services, or just dramatically increase the quality of their products and services.

他們可以用它來削減成本，也可以用它來創造突破性的新產品、革命性的產品、革命性的新服務，或只是大幅提高產品和服務的品質。

And so, of course, every management team is thinking, how do I improve my operations by plugging digital intelligence into my P&L?

當然，每個管理團隊都在思考，如何透過將數位智慧融入損益表來改善營運？

But our message is, you should also plug digital capital into your balance sheet and as you look at the chart below you can see it most companies are capitalized on bonds and bonds are minus 18% for the past four years and if they were rather capitalized on bitcoin, which is plus 442% that would be a game changer to every company, every public company, every private company.

但我們的訊息是，您還應該將數位資本插入您的資產負債表中，當您查看下面的圖表時，您可以看到大多數公司都透過債券進行資本化，而過去四年債券的資本化程度為-18%，如果它們資本化程度較高的話比特幣的價值增加了 442%，這將改變每家公司、每家上市公司、每家私人公司的遊戲規則。

And you can see just how much of a game changer it is when you just look at the MicroStrategy results.

只要查看 MicroStrategy 結果，您就可以看出它對遊戲規則的改變有多大。

But we think it's pretty clear.

但我們認為這已經很清楚了。

If you have a healthy business, digital capital is going to make it even better.

如果你的業務健康發展，數位資本會讓它變得更好。

And if you have a cash cow business or if you have a business which is not growing as fast as big tech and fang socks, then digital capital in the form of bitcoin is going to save it.

如果你擁有搖錢樹業務，或者你的業務成長速度不如大型科技公司和尖牙襪子，那麼比特幣形式的數位資本將拯救它。

And so, we will continue to pursue a bitcoin strategy, and every quarter we'll keep track of this result.

因此，我們將繼續奉行比特幣策略，每季我們都會追蹤這個結果。

Now we go to the next slide.

現在我們轉到下一張投影片。

MicroStrategy is a bitcoin development company.

MicroStrategy 是一家比特幣開發公司。

So how do we intend to move forward?

那我們打算如何前進呢？

Well, first we'll take advantage of our advantageous corporate structure.

好吧，首先我們將利用我們有利的公司結構。

We're an operating company.

我們是一家營運公司。

That means we have permanent bitcoin capital, and it also means that we have operational flexibility.

這意味著我們擁有永久的比特幣資本，也意味著我們擁有營運彈性。

And our objective is to outperform spot bitcoin ETPs, they are trust companies.

我們的目標是超越現貨比特幣 ETP，它們是信託公司。

They don't have permanent bitcoin capital.

他們沒有永久的比特幣資本。

They have to redeem when someone presents the shares for redemption and they don't have therefore that permanent capital base that they can lever.

當有人提出贖回股票時，他們必須贖回，因此他們沒有可以利用的永久資本基礎。

They don't have the operating flexibility that an operating company has.

他們不具備營運公司所具有的營運彈性。

So the key for us to outperform is to responsibly use that capital and responsibly use our operational flexibility.

因此，我們表現出色的關鍵是負責任地使用資本並負責任地利用我們的營運靈活性。

We also are using our ability to develop software to generate cash flows to build our brand and to make bitcoin successful.

我們也利用我們開發軟體的能力來產生現金流來建立我們的品牌並使比特幣成功。

We will use our cash flows that we generate in the operating business in order to acquire bitcoin and of course, capital markets is a very important part of our strategy.

我們將利用我們在經營業務中產生的現金流來獲取比特幣，當然，資本市場是我們策略中非常重要的一部分。

This last quarter is, as Andrew noted, we used a combination of debt issuance and convertible issuance and convertible redemption and cash purchases in order to create BTC yield and in order to acquire bitcoin.

正如安德魯指出的那樣，最後一個季度我們結合使用了債務發行、可轉換債券發行、可轉換債券贖回和現金購買，以創造比特幣收益並獲得比特幣。

We can go to the next slide now.

我們現在可以轉到下一張投影片。

The world is full of bitcoin investors and especially bitcoin maxi investors.

世界上到處都是比特幣投資者，尤其是比特幣最大投資者。

They like bitcoin and they would like to find a way to outperform bitcoin spot ETFs, and they'd like to find a way to get more bitcoin per share.

他們喜歡比特幣，希望找到一種超越比特幣現貨 ETF 的方法，並且希望找到一種方法，讓每股獲得更多比特幣。

And so, we've created this KPI BTC yield.

因此，我們創建了這個 KPI BTC 收益率。

We focus on it, right?

我們專注於此，對吧？

If we have a chance to do a deal, which would not have a BTC yield for us, it looks like a bad deal.

如果我們有機會達成一筆不會為我們帶來比特幣收益的交易，那麼這看起來是一筆糟糕的交易。

And when we see a deal that generates a good, a very substantial BTC yield, well we like that deal.

當我們看到一筆交易能夠產生良好的、非常可觀的比特幣收益時，我們就會喜歡這筆交易。

You can see what we've done year-to-date, 12.2% BTC yield.

你可以看到我們今年迄今所做的事情，比特幣收益率為 12.2%。

We are going to run the business such that we can generate a consistent ongoing BTC yield.

我們將經營該業務，以便能夠持續產生穩定的比特幣收益。

As I've said, we've got operating flexibility, we've got bitcoin capital, we also have credibility in the capital markets, and we have experience in the capital markets.

正如我所說，我們有營運彈性，我們有比特幣資本，我們在資本市場上也有信譽，我們在資本市場上有經驗。

So we'll be continually evaluating various options.

因此，我們將不斷評估各種選擇。

And when we see a chance to generate BTC we'll move forward.

當我們看到有機會產生比特幣時，我們就會繼續前進。

And if the market isn't offering us something we find compelling, then we'll take our time.

如果市場沒有提供我們我們認為有吸引力的東西，那麼我們就會慢慢來。

And with that, I'd like to thank everybody for their support.

在此，我要感謝大家的支持。

And I suppose we can move on to the Q&A.

我想我們可以繼續進行問答。

Thank you, Michael.

謝謝你，麥可。

We are now going to jump into questions.

我們現在要開始提問。

And the first question is for Michael.

第一個問題是問麥可的。

MicroStrategy's equity premium to expect point holdings has remained healthy for the past few months despite the big bitcoin price swings in both directions, what do you attribute this to your ability to achieve positive BTC yield?

儘管比特幣價格雙向波動較大，但過去幾個月，MicroStrategy 相對於預期持有量的股權溢價仍然保持健康，您將其歸因於您實現正比特幣收益率的能力是什麼？

Yeah.

是的。

I think that on long term bitcoin holders and bitcoin really as the longest duration asset people that believe in bitcoin are thinking this is the Apex property that you do not sell your bitcoin.

我認為，對於長期比特幣持有者和比特幣真正作為最長持續時間資產的人來說，相信比特幣的人認為這是你不出售比特幣的頂點財產。

So when you have an investment in bitcoin, you're not thinking about holding it for a short period of time and flipping it.

因此，當您投資比特幣時，您不會考慮短期持有並翻轉它。

Now, when you think about holding something for 30 years or 40 years.

現在，當你考慮持有某樣東西 30 年或 40 年。

If you have a vehicle like a closed-end fund charges, 250 basis points as a fee, that looks like a negative BTC yield of 2.5%.

如果你有像封閉式基金這樣的工具，收費 250 個基點，那麼 BTC 收益率看起來就像是 2.5% 的負值。

We have experience with those sort of things.

我們在這類事情上有經驗。

And we've seen they trade at a discount to net asset value closed-end funds with a long fee that you're going to own an asset whole forever.

我們已經看到它們以相對於封閉式基金淨值的折扣進行交易，並且收取很高的費用，您將永遠擁有整個資產。

They start to look like a multiple of the negative, the negative BTC yield.

它們開始看起來像是負比特幣收益率的倍數。

And on the other hand, if you can if we can get away from that and we can create the opposite.

另一方面，如果可以的話，如果我們能夠擺脫這種情況，我們就可以創造相反的情況。

But a positive BTC. yield, we expect the overtime investors are going to say how much does it cost me or how much do I benefit from holding my capital and that close-end fund versus that ETF versus that operating company.

但比特幣是積極的。收益率，我們預計加班投資者會說我要花多少錢，或者我從持有我的資本和該封閉式基金與該 ETF 與該運營公司中獲得多少收益。

All things equal.

一切平等。

I'd rather have a company that generates plus 250 basis points a year instead of minus 250 basis points a year.

我寧願擁有一家每年產生正 250 個基點的公司，而不是每年產生負 250 個基點的公司。

The market's going to go into value, you know, our equity based upon their assumptions about the risk and their assumptions about the bitcoin market and their holding period.

你知道，市場將根據他們對風險的假設以及他們對比特幣市場和持有期限的假設來評估我們的股權。

And they will make assumptions about what kind of BTC, we can generate and how important that is and then they'll put a multiple on it.

他們會對我們可以產生哪種比特幣以及它的重要性做出假設，然後他們會對其進行倍數計算。

But I know that in the debt or fixed income market, if you have a law, a 30-year swap and interest are long dated treasury bond and the interest rates move up, then the bond can trade down and the interest rates moved down the bond can trade up and normal.

但我知道，在債務或固定收益市場，如果有法律規定，30年期掉期和利息是長期國債，而且利率上升，那麼債券可以下跌，利率下降債券交易可以正常上漲。

You multiply the interest rate change in basis points by a duration number until they can be long duration can get to 10 to 20 depending upon the bond and in the equity business, people will look at earnings per share per year or they'll look at whatever accretion I'll get each year and they'll put a PE multiple on it.

您將基點的利率變化乘以久期數，直到久期可以達到 10 到 20，具體取決於債券和股票業務，人們會關注每年每股收益，或者會關注無論我每年獲得多少增長，他們都會在其上加上PE 倍數。

If they're enthusiastic, they'll put a high multiple or if they're skeptical, they'll put a low multiple.

如果他們很熱情，他們會給出較高的倍數，如果他們持懷疑態度，他們會給出較低的倍數。

So I think that on we're trading at a premium to net asset value based upon our shareholders, believe that we can outperform the ETFs that don't have any operating flexibility.

因此，我認為，基於我們的股東，我們的交易價格高於資產淨值，相信我們可以超越沒有任何營運彈性的 ETF。

And they've been pleased with our capital markets activity and they've been pleased with our strategy of acquiring bitcoin via various methods, and that represents a differentiated investment for them.

他們對我們的資本市場活動感到滿意，對我們透過各種方法獲取比特幣的策略感到滿意，這對他們來說是一種差異化的投資。

So, I think that the BTC yield is a useful metric to consider.

因此，我認為比特幣收益率是一個值得考慮的有用指標。

I think that the investors will end up deciding what they think over the next decade, but a bitcoin development company should be able to outperform spot bitcoin ETFs in the form of a trust if the management team is prudent and there are measures.

我認為投資者最終將決定他們在未來十年的想法，但如果管理團隊審慎且有措施，比特幣開發公司應該能夠超越信託形式的現貨比特幣ETF。

Thank you, Michael.

謝謝你，麥可。

Next question is for Phong on the software side.

下一個問題是關於軟體方面的 Phong 的。

How do you feel about the Q2 cloud conversions relative to your expectations?

相對於您的預期，您對第二季的雲端轉換有何看法？

And how should we think about the rest of the year with respect to your cloud migrations and the AI related partnerships.

我們應該如何考慮今年剩餘時間的雲端遷移和人工智慧相關合作夥伴關係。

Thanks, Shirish.

謝謝，希里什。

We had in Q2 the largest cloud bookings this quarter, including conversions that we've had in history of the company and by about twofold, a little bit more than twofold.

我們在第二季的雲端預訂量是本季最大的，其中包括公司歷史上的轉換量，大約是原來的兩倍，略多於兩倍。

So the conversions are accelerating, which is great.

因此，轉化正在加速，這很棒。

It's going to help our long term ARR and our long term recognize revenue.

這將有助於我們的長期 ARR 和長期確認收入。

But as Andrew mentioned, it depresses short term recognize revenue because it does show up and get recognized in the quarter, it gets recognized ratably over the course of the year.

但正如安德魯所提到的，它會抑制短期確認收入，因為它確實會在本季度出現並得到確認，並且在一年中會得到相當程度的確認。

So we had a really good quarter in terms of cloud conversions.

因此，就雲端轉換而言，我們度過了一個非常好的季度。

And of course, that helps with the overall health of the business.

當然，這有助於企業的整體健康發展。

But the other thing it does is it accelerates the adoption of AI because our AI products only available in the cloud.

但它的另一件事是它加速了人工智慧的採用，因為我們的人工智慧產品只能在雲端使用。

And so we also saw a big uptick in the purchase and the use of AI in the second quarter.

因此，我們在第二季也看到人工智慧的購買和使用大幅上升。

I think that's going to start to accelerate also.

我認為這也將開始加速。

And so we'll see nice adoption and usage of our first-to-market AI products.

因此，我們將看到我們首款上市的人工智慧產品得到很好的採用和使用。

So both of those are positive trends in the business and bode well overall.

因此，這兩者都是行業的正面趨勢，整體來說是個好兆頭。

Thanks.

謝謝。

Phong.

蓬。

From the next question is again for Michael.

下一個問題又是問麥可的。

How does management decide between raising proceeds from debt or equity issuances and whether to use the convertible debt or ATM equity issuances and how do we think about different options?

管理層如何決定透過債務或股票發行籌集資金以及是否使用可轉換債券或 ATM 股票發行以及我們如何考慮不同的選擇？

Well, we have lots of options.

嗯，我們有很多選擇。

We have options, including cash purchases of straight debt, convertible debt equity or other types of operational measures that might generate income that we can use to acquire bitcoin.

我們有多種選擇，包括現金購買直接債務、可轉換債務股權或其他類型的營運措施，這些措施可能會產生我們可以用來購買比特幣的收入。

We're continually evaluating the capital markets.

我們不斷評估資本市場。

The relationship between the options market, the futures market, the bitcoin spot market, our equity market, and then developments in our business and then and then opportunities we have from various counterparties all go into the mix.

選擇權市場、期貨市場、比特幣現貨市場、我們的股票市場之間的關係，以及我們業務的發展，以及我們從各個交易對手那裡獲得的機會，都融入其中。

This year and are we on we did acquire bitcoin with equity issuance and we thought it was extremely accretive than we did on a debt offering and a convertible debt offering that was extremely accretive.

今年，我們確實透過股票發行購買了比特幣，我們認為這比我們透過債券發行和可轉換債券發行獲得的增值性更大。

It turns out that the next week, the bitcoin market surge and that convertible market surge and the equity market surge, and we could do another convert offering that was literally a decision-making process that took place over a matter of days.

事實證明，下週，比特幣市場飆升，可轉換市場飆升，股票市場飆升，我們可以進行另一次轉換發行，這實際上是一個在幾天內完成的決策過程。

And so sometimes in days, we'll move when the market offers an opportunity.

因此，有時幾天后，當市場提供機會時，我們就會採取行動。

Then we went ahead and redeem the '25 note that was in response to the capital markets on the next debt deal in Q2 was our response to the capital markets.

然後我們繼續贖回'25票據，這是對第二季下一次債務交易資本市場的回應，也是我們對資本市場的回應。

We're always going to consider things like the duration of the deal.

我們總是會考慮諸如交易期限之類的事情。

We consider the nature of the pricing of the deal.

我們考慮交易定價的性質。

We didn't really choose to pursue equity so much in Q2 as we did in Q4 of last year or early Q1, just because the markets are shifting.

我們並沒有像去年第四季或第一季初那樣選擇在第二季那麼多地追求股權，只是因為市場正在改變。

And the relationship between bitcoin, the options market, the convertible debt market, the fixed income market, the equity markets, those are all changing.

比特幣、選擇權市場、可轉換債券市場、固定收益市場、股票市場之間的關係都在改變。

They literally change to say they change every quarter is a reasonable statement, but sometimes they change week by week and month by month.

他們確實會改變，說他們每季都會改變，這是一個合理的說法，但有時他們會一週一週、一個月一個月地改變。

So I think the great situation we're in is that we don't have to do anything quarter-by-quarter.

所以我認為我們所處的良好情況是我們不必每個季度都做任何事情。

We know we can afford to take a quarter off, but we can also like in Q1, we can do an ATM deal, a convertible debt deal, a second convertible debt deal and a cash purchase, and we can use off of and on four different things and we can do that in a hurry.

我們知道我們可以承受四分之一的折扣，但我們也可以像第一季一樣，我們可以進行ATM 交易、可轉換債務交易、第二筆可轉換債務交易和現金購買，我們可以使用第四季度的折扣不同的事情，我們可以很快做到。

So we tend to let the capital markets drive our decision making by keeping an open mind and being flexible and what we wanted to do was give our shareholders a use for KPI.

因此，我們傾向於讓資本市場透過保持開放的心態和靈活性來推動我們的決策，我們想要做的是讓我們的股東利用 KPI。

That helps them understand how we think about a deal that's a good deal to do.

這有助於他們了解我們如何看待一筆划算的交易。

We think if we can generate BTC. yield and now at a substantial BTC yield, then probably we'll entertain it if the market is offering us a proposition that looks like a diminimus yield or no yield or negative yield, obviously, we just passed on that.

我們想是否可以產生比特幣。收益率，現在比特幣收益率很高，那麼如果市場向我們提供一個看似收益率極小、無收益率或負收益率的提議，我們可能會接受它，顯然，我們只是放棄了這一點。

Thank you, Michael.

謝謝你，麥可。

I think we have time for one last question, and this is for Andrew.

我想我們有時間回答最後一個問題，這是問安德魯的。

How do you think about any incremental leverage capacity and interest expense capacity given the increased overall interest expense related to the operating cash flows from software business?

鑑於與軟體業務營運現金流量相關的整體利息支出增加，您如何看待增量槓桿能力和利息支出能力？

Thanks Shirish for the question.

感謝希里什提出的問題。

Guess I'd start by saying we actively manage and forecast our cash.

我想我首先會說我們積極管理和預測我們的現金。

And at the moment, we forecast adequate cash to service our existing debt based on the overall software revenues, which continue to remain durable.

目前，我們預計，根據整體軟體收入，我們將有足夠的現金來償還現有債務，而軟體收入仍將保持持久。

And as we mentioned before, we're building stronger and they are as we transition to the cloud.

正如我們之前提到的，隨著我們向雲端過渡，我們正在變得更強大。

And we also manage our cash after taking into account the fully funded software business as well as OpEx was our debt service needs.

我們也會在考慮到全額資助的軟體業務以及營運支出（我們的償債需求）後管理我們的現金。

And so we take the full picture when we're thinking about incremental debt and interest expense and that just let's say, we manage it extremely carefully and keep in mind, too.

因此，當我們考慮增量債務和利息支出時，我們會全面考慮，也就是說，我們非常仔細地管理它並牢記在心。

We also have additional sources of liquidity available to us, as Michael mentioned, via the capital markets if needed.

正如麥可所提到的，如果需要的話，我們還可以透過資本市場獲得額外的流動性來源。

And we continually assess their various liability management opportunities across the debt stack.

我們不斷評估他們在整個債務堆疊中的各種負債管理機會。

And that kind of gives us a profile of our needs as well as our capacity so overall, I'd say, and we feel very comfortable with our ability to service the debt, and we'll continue to be active in ways that will continue to generate that PTC yield KPI that we announced earlier today.

這讓我們了解了我們的需求以及我們的能力，所以總體而言，我想說，我們對我們償還債務的能力感到非常滿意，我們將繼續以繼續積極的方式生成我們今天早些時候宣布的PTC收益率KPI。

Great.

偉大的。

Thanks, Andrew.

謝謝，安德魯。

So thank you, everyone, for your questions.

謝謝大家提出的問題。

And this concludes the Q&A portion of the webinar.

網路研討會的問答部分到此結束。

I'll now hand over the call to Phong for a final closing remarks.

現在我將把電話轉交給 Phong，讓他作最後的總結發言。

I want to thank everyone for their time today, and I appreciate all of your support, and I look forward to seeing everybody again next quarter.

我要感謝大家今天抽出時間，感謝大家的支持，我期待下季再次見到大家。

Thanks.

謝謝。