Microstrategy Inc (MSTR) 2022 Q1 法說會逐字稿

We'll get started. Hello, everyone, and good evening. I am Shirish Jajodia, MicroStrategy's Senior Director of Treasury and Head of Investor Relations. I'll be your moderator for MicroStrategy's 2022 First Quarter Earnings webinar.

我們開始吧。大家好，晚上好。我是 MicroStrategy 財務高級總監兼投資者關係主管 Shirish Jajodia。我將擔任 MicroStrategy 2022 年第一季度收益網絡研討會的主持人。

Before we proceed, I will read the safe harbor statement. Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent 10-Q filed with the SEC. We assume no obligation to update these forward-looking statements, which speak only as of today.

在我們繼續之前，我將閱讀安全港聲明。我們在今天的電話會議中提供的有關我們未來預期、計劃和前景的一些信息可能構成前瞻性陳述。由於各種重要因素，包括我們最近向美國證券交易委員會提交的 10-Q 文件中討論的風險因素，實際結果可能與這些前瞻性陳述存在重大差異。我們不承擔更新這些前瞻性陳述的義務，這些陳述僅在今天發表。

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，我們將參考某些非公認會計準則財務指標。顯示 GAAP 與非 GAAP 結果的對賬可在我們今天發布的收益發布和演示文稿中獲得，並可在我們的網站 microstrategy.com 上獲得。

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

歡迎大家參加今天的網絡研討會，並讓您知道我們將使用屏幕底部的問答功能回答問題。 （操作員說明）

With that, I will turn the call over to Michael Saylor, Chairman and CEO of MicroStrategy. Michael?

有了這個，我將把電話轉給 MicroStrategy 董事長兼首席執行官 Michael Saylor。邁克爾?

Thank you, Shirish. I'm Michael Saylor. I'm the Chairman and CEO of MicroStrategy. I'd like to welcome all of you to today's webinar regarding our 2022 first quarter financial results. I'm here with Phong Le, our President and Chief Financial Officer.

謝謝你，希里什。我是邁克爾·塞勒。我是 MicroStrategy 的董事長兼首席執行官。我想歡迎大家參加今天關於我們 2022 年第一季度財務業績的網絡研討會。我和我們的總裁兼首席財務官 Phong Le 一起來這裡。

First, I'd like to pass the floor to Phong, who's going to provide an update on our operations and the financials for the quarter.

首先，我想請 Phong 發言，他將提供我們本季度運營和財務狀況的最新信息。

Thank you, Michael. We continue to be pleased across both our corporate strategies in the first quarter of 2022. Here is a summary of our first quarter software results. Revenues declined 3% year-over-year and were flat on a constant currency basis. We saw some revenue headwinds in Q1. This included a more challenging macroeconomic environment due to war in Ukraine, a tough comparison in Q1 2021, where we saw license revenue grow 69% and total revenue grow 10% year-over-year, and ongoing cloud growth, which has a short-term negative impact on product license and total revenue. Our cloud business continues its momentum with subscription revenue growing 28% year-over-year and current subscription billings growing 18% year-over-year, our eighth straight quarter of double-digit growth. We had several large cloud deals slipped from Q1 due to macroeconomic uncertainty, which caused billings growth to decline sequentially.

謝謝你，邁克爾。我們繼續對 2022 年第一季度的企業戰略感到滿意。以下是我們第一季度軟件業績的摘要。收入同比下降 3%，按固定匯率計算持平。我們在第一季度看到了一些收入逆風。這包括烏克蘭戰爭導致的更具挑戰性的宏觀經濟環境，2021 年第一季度的艱難對比，我們看到許可收入增長 69%，總收入同比增長 10%，以及持續的雲增長，其中短期期限對產品許可和總收入的負面影響。我們的雲業務繼續保持增長勢頭，訂閱收入同比增長 28%，當前訂閱賬單同比增長 18%，這是我們連續第八個季度實現兩位數增長。由於宏觀經濟的不確定性，我們有幾筆大型雲交易從第一季度滑落，這導致賬單增長環比下降。

Turning now to our Bitcoin strategy. We had another active and successful quarter. We purchased $215 million of Bitcoin at an average purchase price of $44,645 per Bitcoin, net of fees and expenses. We have not sold any bitcoin to date. These purchases were funded by excess cash in our business as well as through a $205 million first-ever public company Bitcoin back term loan. I'll discuss the terms of the loan in more detail in our financial section. In total, we have raised an aggregate of $3.4 billion in new debt and equity capital that we've deployed in support of our Bitcoin acquisition strategy.

現在轉向我們的比特幣策略。我們有另一個活躍和成功的季度。我們以每比特幣 44,645 美元的平均購買價格購買了 2.15 億美元的比特幣，扣除費用和開支。迄今為止，我們還沒有出售任何比特幣。這些購買的資金來自我們業務中的多餘現金以及 2.05 億美元的首個上市公司比特幣延期貸款。我將在我們的財務部分更詳細地討論貸款條款。我們總共籌集了 34 億美元的新債務和股權資本，用於支持我們的比特幣收購戰略。

To reiterate our strategy, we seek to acquire and hold Bitcoin long term. We view our Bitcoin holdings as long-term holdings and we do not currently plan to engage in sales of Bitcoin. As of March 31, 2022, the company own an aggregate of 129,218 bitcoins that we acquired for a total cost of $3.97 billion or $30,700 per Bitcoin, net of fees and expenses. The market value of our Bitcoin holdings was $5.9 billion at March 31, 2022 reflecting $1.9 billion of unrealized gains or nearly 50% appreciation when compared to the original cost basis of our bitcoin at March 31, 2022.

為了重申我們的戰略，我們尋求長期收購和持有比特幣。我們將我們持有的比特幣視為長期持有，我們目前不打算從事比特幣的銷售。截至 2022 年 3 月 31 日，該公司總共擁有 129,218 個比特幣，我們以 39.7 億美元或每個比特幣 30,700 美元的總成本（扣除費用和支出）購買了這些比特幣。截至 2022 年 3 月 31 日，我們持有的比特幣市值為 59 億美元，與 2022 年 3 月 31 日我們比特幣的原始成本基礎相比，未實現收益為 19 億美元或升值近 50%。

The carrying value of our Bitcoin holdings as of March 31, 2022, was roughly $2.9 billion, reflecting $1.1 billion in cumulative impairment charges. We continue to see opportunities for MicroStrategy to target a multibillion-dollar software market that is at an early stage of moving off of legacy tech into the cloud. We're well positioned to meet the demands of enterprise customers with our modern analytics platform. As we discussed in detail on our last earnings call, we see 3 key areas of growth for us: enterprise analytics, embedded analytics and cloud, where we will seek to grow by developing our pipeline, making our customers successful and continuing to innovate, automate and simplify our technology stack.

截至 2022 年 3 月 31 日，我們所持比特幣的賬面價值約為 29 億美元，反映了 11 億美元的累積減值費用。我們繼續看到 MicroStrategy 有機會瞄準價值數十億美元的軟件市場，該市場正處於從傳統技術轉移到雲端的早期階段。我們有能力通過我們的現代分析平台滿足企業客戶的需求。正如我們在上次財報電話會議上詳細討論的那樣，我們看到了 3 個關鍵增長領域：企業分析、嵌入式分析和雲，我們將通過開發我們的管道、讓我們的客戶成功並繼續創新、自動化來尋求增長並簡化我們的技術堆棧。

Next, I would like to provide you an update on the product enhancements in our latest platform release, which expands the value provided to our customers and represents future incremental growth opportunities. In particular, the product now includes an impressive, differentiated set of new capabilities that enable organizations to build seamless, scalable business intelligence applications at a faster pace, either deployed stand-alone or embedded directly into other products.

接下來，我想為您提供我們最新平台版本中產品增強的更新，它擴展了為我們的客戶提供的價值並代表了未來的增量增長機會。特別是，該產品現在包括一組令人印象深刻的差異化新功能，使組織能夠以更快的速度構建無縫、可擴展的商業智能應用程序，無論是獨立部署還是直接嵌入到其他產品中。

With a fully modern, immersive and interactive design even introduce a simple no-code application development option built on the foundation of MicroStrategy Library, built to empower developers to deploy powerful customized data portals for multiple user groups at enterprise scale and a rapid speed to market. MicroStrategy applications bring a competitive edge to our customers. Developers can build one app for employees using iPads on the sales floor and another for finance executives and headquarters, all based on the same highly governed single version of the truth. This delivers greater trust, less hassle and lower maintenance costs. All qualities that make MicroStrategy the ideal partner for enterprises and independent software providers.

憑藉完全現代、沉浸式和交互式設計，甚至引入了基於 MicroStrategy Library 構建的簡單無代碼應用程序開發選項，旨在使開發人員能夠以企業規模為多個用戶組部署強大的自定義數據門戶，並加快上市速度. MicroStrategy 應用程序為我們的客戶帶來競爭優勢。開發人員可以為在銷售樓層使用 iPad 的員工構建一個應用程序，為財務主管和總部開發另一個應用程序，所有這些都基於相同的高度管理的單一事實版本。這提供了更大的信任、更少的麻煩和更低的維護成本。使 MicroStrategy 成為企業和獨立軟件提供商的理想合作夥伴的所有品質。

Applications also provide enhanced tolerable security controls to grant limited access and log in, as well as sophisticated embedding functionality for extended flexibility and customization. Speaking of security, MicroStrategy also separated itself from the competition recently by way of our fast, transparent and effective response to the high-profile Log4j and Spring for Shell on their abilities.

應用程序還提供增強的可容忍安全控制以授予有限訪問和登錄，以及用於擴展靈活性和定制的複雜嵌入功能。說到安全性，MicroStrategy 最近也通過我們對備受矚目的 Log4j 和 Spring for Shell 能力的快速、透明和有效的反應，從競爭中脫穎而出。

Our customers benefited from rapid mitigation and remediation of these issues, solidifying the peace of mind they have come to expect from our partnership. Those customer of MicroStrategy cloud has 0-day fixes installed over the weekend and updates and patches installed in a week. MicroStrategy continues to be growing, a growing part of the mix. MicroStrategy Cloud continues to be a growing part of the mix of our business. We are on track to accelerate the subscription billings momentum in 2022.

我們的客戶受益於這些問題的快速緩解和補救，鞏固了他們對我們合作夥伴關係的期望。 MicroStrategy cloud 的這些客戶在周末安裝了 0 天修復程序，並在一周內安裝了更新和補丁。 MicroStrategy 繼續增長，成為其中不斷增長的一部分。 MicroStrategy Cloud 繼續成為我們業務組合中不斷增長的一部分。我們有望在 2022 年加快訂閱賬單的增長勢頭。

We expect to grow by migrating on-prem customers to the cloud, expanding the footprint for existing cloud customers, and defaulting deployment of as many new customers as possible to the cloud. We also expect to have our MicroStrategy FedRAMP-compliant version of our software available in Q3 this year. For those customers that are not yet ready to move to cloud, such as those in highly regulated industries or countries, we remain committed to supporting them also.

我們希望通過將本地客戶遷移到雲、擴大現有云客戶的足跡以及將盡可能多的新客戶默認部署到雲來實現增長。我們還希望在今年第三季度推出符合 MicroStrategy FedRAMP 標準的軟件版本。對於那些尚未準備好遷移到雲的客戶，例如處於高度監管行業或國家的客戶，我們仍然致力於支持他們。

Our underlying cloud architecture is also improving, leveraging containers and micro services. This architecture is built to deliver highly scalable multi-tenant SaaS solutions across tens of thousands of users and provide developers with a streamlined experience to leverage continuous integration and continuous development. Overall, I'm very pleased with the pace of product innovation and we are confident in our ability to achieve our long-term growth targets while maintaining profitability.

我們的底層雲架構也在改進，利用容器和微服務。該架構旨在為成千上萬的用戶提供高度可擴展的多租戶 SaaS 解決方案，並為開發人員提供簡化的體驗以利用持續集成和持續開發。總體而言，我對產品創新的步伐感到非常滿意，我們對在保持盈利能力的同時實現長期增長目標的能力充滿信心。

Finally, our Annual User Conference, MicroStrategy World, was another tremendous success. World 22 was our second virtual world event and enable us to reach a bigger, broader audience with customer success stories, product presentations, thought leadership keynotes, and a hugely popular Bitcoin for Corporations Event held in tandem. Our content was available to all for free via an online event platform. The key notes, including the Michael Saylor, Jack Dorsey keynote were simulcast live on YouTube. All-in-all, we had nearly 14,000 registrants on the event platform and over 180,000 viewers of the content across all mediums. Replays for the sessions are available on our website.

最後，我們的年度用戶大會 MicroStrategy World 又一次取得了巨大成功。 World 22 是我們的第二次虛擬世界活動，它使我們能夠通過客戶成功案例、產品演示、思想領導力主題演講以及同時舉辦的廣受歡迎的企業比特幣活動來吸引更多、更廣泛的受眾。我們的內容通過在線活動平台免費提供給所有人。包括 Michael Saylor、Jack Dorsey 的主題演講在內的主題演講在 YouTube 上同步直播。總而言之，我們在活動平台上擁有近 14,000 名註冊者和超過 180,000 名來自所有媒體的內容觀眾。我們的網站上提供了會議的重播。

Turning to our first quarter 2022 financial results in more detail. Revenues for the quarter were $119.3 million, down 3% year-over-year were almost flat on a constant currency basis. On a trailing 12-month basis, total revenues are up 3% year-over-year. Product license revenues were $16.5 million, down 22% year-over-year or down 20% on a constant currency basis. The decline is mainly due to a large transaction included in Q1 2021 and that contributed the majority of the year-over-year differential. On a trailing 12-month basis, product license revenues are up 2% year-over-year.

更詳細地談談我們 2022 年第一季度的財務業績。本季度收入為 1.193 億美元，同比下降 3%，按固定匯率計算幾乎持平。在過去 12 個月的基礎上，總收入同比增長 3%。產品許可收入為 1650 萬美元，同比下降 22%，按固定匯率計算下降 20%。下降的主要原因是 2021 年第一季度包含了一筆大筆交易，這佔了同比差異的大部分。在過去 12 個月的基礎上，產品許可收入同比增長 2%。

Subscription services revenues were $12.8 million, an increase of 28% year-over-year or up 30% on a constant currency basis. The growth in subscription services revenues reflects the increased portion of our product bookings that are related to our managed cloud platform. Our current subscription billings in the first quarter of 2021 were $11.4 million, an increase of 18% year-over-year. The growth was lower than expected for the first quarter as some deals slipped out of the first quarter, in part, caused by the ongoing war in Ukraine, impacting the purchasing patterns of customers in Europe and worldwide. We see strong demand and pipeline for our cloud licenses and the potential for our future for further growth going forward.

訂閱服務收入為 1280 萬美元，同比增長 28% 或按固定匯率計算增長 30%。訂閱服務收入的增長反映了與我們的託管雲平台相關的產品預訂部分的增加。我們目前在 2021 年第一季度的訂閱費用為 1140 萬美元，同比增長 18%。第一季度的增長低於預期，因為一些交易從第一季度滑出，部分原因是烏克蘭正在進行的戰爭，影響了歐洲和全球客戶的購買模式。我們看到對我們的雲許可證的強勁需求和管道以及我們未來進一步增長的潛力。

Product support revenues were $67.2 million in the quarter, a decrease of 5% year-over-year or 3% on a constant currency basis. The decline was partially driven by certain existing customers converting from perpetual product licenses to our subscription services or term licenses offerings and partially by an impact from unfavorable foreign currency exchange. As we see more on-premise conversions to our cloud offering, we would anticipate product support revenues will experience a modest decline over time. That said, our in-quarter product support renewal rates for Q1 continue to be among the highest we've ever experienced.

本季度產品支持收入為 6720 萬美元，同比下降 5%，按固定匯率計算下降 3%。下降的部分原因是某些現有客戶從永久產品許可證轉換為我們的訂閱服務或定期許可證產品，部分是由於不利的外匯兌換的影響。隨著我們看到更多內部部署轉換為我們的雲產品，我們預計產品支持收入將隨著時間的推移而適度下降。也就是說，我們第一季度的季度產品支持續訂率仍然是我們所經歷過的最高水平。

Finally, other services revenues, which largely reflect our consulting services, were $22.8 million in this quarter, an increase of 9% year-over-year or 13% on a constant currency basis, primarily driven by an increase in billable hours worldwide, partially offset by an unfavorable foreign currency exchange impact and a decrease in average billing rates. We believe that growth in consulting revenues is an indication of continued engagement from our customers to modernize, retain and grow their deployment of the MicroStrategy platform.

最後，主要反映我們的諮詢服務的其他服務收入在本季度為 2280 萬美元，同比增長 9% 或按固定匯率計算增長 13%，主要是由於全球計費時間增加，部分原因是不利的外匯影響和平均計費率的下降抵消了這一影響。我們認為，諮詢收入的增長表明我們的客戶繼續參與以現代化、保留和擴大他們對 MicroStrategy 平台的部署。

Shifting to our cost. Total non-GAAP expenses include share-based compensation expenses, were $275 million, which excludes share-based compensation expenses, were $275 million in the first quarter of 2022 as compared to $298 million in the first quarter of 2021. Of this amount, $170 million were bitcoin impairment charges in Q1 2022 and $194 million in Q1 2021. As a reminder, on the treatment of bitcoin impairment charges, our bitcoin holdings are considered indefinite-lived intangible assets under applicable accounting rules, meaning that any decrease in their fair value below our carrying value for such assets at any time subsequent to their acquisition requires us to recognize impairment charges.

轉移到我們的成本。 2022 年第一季度非美國通用會計準則支出總額為 2.75 億美元（不包括股權激勵費用）為 2.75 億美元，而 2021 年第一季度為 2.98 億美元。其中，170 美元2022 年第一季度的比特幣減值費用為 100 萬美元，2021 年第一季度為 1.94 億美元。提醒一下，在處理比特幣減值費用時，根據適用的會計規則，我們持有的比特幣被視為無限期無形資產，這意味著其公允價值的任何下降在這些資產被收購後的任何時間低於我們的賬面價值要求我們確認減值費用。

During the first quarter, we incurred digital asset impairment charges of $170 million. As discussed on the last earnings call, on a go-forward basis, any non-GAAP financial measures we may present in future filings will retain the impact from bitcoin impairment charges. This change in the presentation of our non-GAAP financial measures does not impact our strategy, operations or GAAP financial statements or previous SEC filings. We'll continue to report the bitcoin impairment charges separately.

在第一季度，我們產生了 1.7 億美元的數字資產減值費用。正如上次財報電話會議所討論的那樣，在未來的基礎上，我們可能在未來文件中提出的任何非公認會計原則財務措施都將保留比特幣減值費用的影響。我們的非 GAAP 財務指標的這種變化不會影響我們的戰略、運營或 GAAP 財務報表或之前提交給 SEC 的文件。我們將繼續單獨報告比特幣減值費用。

Now, starting from the bottom of the chart moving up. Non-GAAP cost of revenues were $25 million in the first quarter of 2022, an increase of $2.4 million or 11% year-over-year. As a percentage of total revenues, this reflects an increase of 2.6%, driven by increases in cloud customer hosting fees and personnel costs from additional headcount. As we continue to accelerate our shift to cloud, we expect increases in infrastructure costs and headcount to support additional customers. And over time, for our cloud business to scale, decreasing costs as a percentage of total revenue.

現在，從圖表底部開始向上移動。 2022 年第一季度非美國通用會計準則的收入成本為 2500 萬美元，同比增長 240 萬美元或 11%。作為總收入的百分比，這反映了 2.6% 的增長，這是由於雲客戶託管費用和人員成本增加導致的。隨著我們繼續加快向雲的轉變，我們預計基礎設施成本和員工人數會增加，以支持更多客戶。隨著時間的推移，我們的雲業務要擴展，成本佔總收入的百分比就會降低。

Non-GAAP sales and marketing expense was $29 million, a decrease of $6.9 million or 19% year-over-year. The decline is primarily driven by a decrease in variable compensation, mainly due to higher capitalized commissions and decreases in bonus and personnel costs. As a percentage of product license and subscription revenue, the charge reflects a decrease -- the change reflects a decrease of 16%, which in part reflects improved productivity of our sales and marketing teams.

非 GAAP 銷售和營銷費用為 2900 萬美元，同比減少 690 萬美元或 19%。下降的主要原因是可變薪酬下降，主要是由於資本化佣金增加以及獎金和人事成本下降。作為產品許可和訂閱收入的百分比，該費用反映了下降——這一變化反映了 16% 的下降，這部分反映了我們銷售和營銷團隊的生產力提高。

Non-GAAP research and development expense was $30 million, an increase of $2.8 million or 10% year-over-year. As a percentage of total revenue, this reflects an increase of 3%, driven by headcount increases, cost of hiring and wage inflation. The technology sector has experienced significant wage inflation and competition for resources, and we anticipate that trend will continue in 2022 and that we'll continue to invest in R&D to retain our talented engineers and develop sophisticated innovative products. We're also shifting some headcount to lower-cost regions, which we expect will result in some cost efficiencies over time. Non-GAAP general and administrative expense was $21 million, an increase of $2.1 million or 11% year-over-year as a percentage of total revenue. This reflects an increase of 2.3%. Overall, we feel comfortable with our cost structure and our ability to generate cash flow sustainably.

Non-GAAP 研發費用為 3000 萬美元，同比增加 280 萬美元或 10%。作為總收入的百分比，這反映了在員工人數增加、招聘成本和工資上漲的推動下增長了 3%。技術部門經歷了顯著的工資上漲和資源競爭，我們預計這一趨勢將在 2022 年持續下去，我們將繼續投資於研發，以留住我們才華橫溢的工程師並開發複雜的創新產品。我們還將一些員工人數轉移到成本較低的地區，我們預計隨著時間的推移，這將帶來一些成本效率。非美國通用會計準則一般和管理費用為 2100 萬美元，佔總收入的百分比同比增長 210 萬美元或 11%。這反映了 2.3% 的增長。總體而言，我們對我們的成本結構和可持續產生現金流的能力感到滿意。

Total non-GAAP operating loss in the first quarter of 2022 was $155.6 million, inclusive of impairment charge related to Bitcoin and $170.1 million. The carrying value of our Bitcoin holdings as of March 31, 2022, was $2.9 billion, which reflects $1.1 billion in cumulative impairment charges have also been reflected as losses on our GAAP income statements in the period incurred.

2022 年第一季度非美國通用會計準則營業虧損總額為 1.556 億美元，包括與比特幣相關的減值費用和 1.701 億美元。截至 2022 年 3 月 31 日，我們持有的比特幣的賬面價值為 29 億美元，這反映了 11 億美元的累計減值費用也反映為我們在發生期間的 GAAP 損益表中的損失。

Our non-cash Bitcoin impairment charges will remain subject to market volatility of Bitcoin market prices. As one of the leading advocates for digital assets, we've been working with peer companies and various policy setting agencies in the US to try to develop an alternative accounting framework for digital assets. Currently, companies that aren't investment companies report Bitcoin as intangible assets. This means Bitcoin is initially recorded on balance sheet, so that is the store cost and then is deemed impaired at the market price of the company's principal exchange for Bitcoin drops below the carrying value at any time. However, the carrying value can never conversely be revised upward at the price of Bitcoin increases.

我們的非現金比特幣減值費用將繼續受到比特幣市場價格的市場波動影響。作為數字資產的主要倡導者之一，我們一直在與美國的同行公司和各種政策制定機構合作，試圖為數字資產開發一種替代會計框架。目前，非投資公司的公司將比特幣報告為無形資產。這意味著比特幣最初記錄在資產負債表上，因此這是存儲成本，然後在公司主要交易所比特幣的市場價格隨時低於賬面價值時被視為減值。然而，賬面價值永遠不會隨著比特幣價格的上漲而向上修正。

In the fourth quarter of 2021, the Financial Accounting Standards Board, or FASB, announced that it had added a project to their research agenda to explore accounting for exchange-traded digital assets. As the largest publicly traded corporate holder of Bitcoin in the world, we believe we have a responsibility to share what we've learned since embarked on this strategy to make it easier for other companies to diversify their balance sheet with this new asset class.

2021 年第四季度，財務會計準則委員會 (FASB) 宣布已在其研究議程中增加了一個項目，以探索交易所交易數字資產的會計處理。作為世界上最大的比特幣上市公司持有人，我們相信我們有責任分享自開始實施這一戰略以來所學到的知識，以使其他公司更容易通過這一新資產類別實現資產負債表的多元化。

Next, I'll discuss the terms of our first ever Bitcoin backed term loan with Silvergate Bank. We raised $205 million as an interest-only loan for a term of 3 years, which is collateralized by Bitcoin. The loan matures on March 23, 2025. It bears monthly interest at a floating rate equal to the Secured Overnight Financing Rate or SOFR, 30-day average as published by the Federal Reserve Bank of New York's website plus 3.70% with a floor of 3.75%. The low may be prepaid at any time, subject to modest prepayment premiums.

接下來，我將討論我們與 Silvergate 銀行的第一筆比特幣支持的定期貸款的條款。我們籌集了 2.05 億美元作為只付息貸款，期限為 3 年，由比特幣作抵押。貸款於 2025 年 3 月 23 日到期。其月利率等於紐約聯邦儲備銀行網站公佈的 30 天平均擔保隔夜融資利率或 SOFR，加上 3.70%，下限為 3.75 %。低位可隨時預付，但需支付適度的預付保費。

The loan had an initial loan to collateral value of 25%, which was thus collateralized closing by Bitcoin with a value of approximately $820 million. While the loan is outstanding, we are required to maintain an LTV ratio of 50% or less. Which essentially allows for an approximately 50% drop of Bitcoin prices from the time of transaction closing before we're required to post any incremental collateral. We're also allowed to proactively manage the LTV ratio by posting any desired value of additional collateral, if we choose to. If Bitcoin appreciates in price and the LTV ratio is less than 25% at any time, we're entitled a return of excess collateral so long as the LTV ratio would not exceed 25% after such.

該貸款的初始貸款抵押價值為 25%，因此由價值約 8.2 億美元的比特幣抵押。雖然貸款未償還，但我們需要將 LTV 比率保持在 50% 或更低。在我們被要求發布任何增量抵押品之前，這基本上允許比特幣價格從交易結束時下跌約 50%。如果我們願意，我們還可以通過發布任何所需價值的額外抵押品來主動管理 LTV 比率。如果比特幣的價格在任何時候升值並且 LTV 比率低於 25%，只要 LTV 比率在此之後不超過 25%，我們就有權獲得超額抵押品的回報。

Additionally, we have established a $5 million cash reserve account with Silvergate to serve as additional collateral for the loan that can be used towards the interest payments for the last 6 months of the long-term. Also, we have held back approximately $9 million from the loan proceeds as cash and macro strategy that can be used towards general corporate purposes, including paying interest for this loan or buying additional Bitcoin. This loan is not guaranteed by any party. The agreement does not restrict us from incurring additional debt, permits additional lean so long as such liens are not on the asset serving as collateral for the loan, and permits us to sell assets so long as they are not serving as collateral for the loan. There are no restrictions on utilizing Bitcoin that is not a part of the collateral for this loan. Thus, this loan would be accretive to shareholders. As long as Bitcoin appreciates, more than the issue expense and cumulative interest expense to be occurred -- incurred over the term of the loan.

此外，我們在 Silvergate 建立了一個 500 萬美元的現金儲備賬戶，作為貸款的額外抵押品，可用於支付最後 6 個月的長期利息。此外，我們從貸款收益中扣留了大約 900 萬美元作為現金和宏觀策略，可用於一般企業用途，包括支付這筆貸款的利息或購買額外的比特幣。該貸款不由任何一方擔保。該協議不限制我們承擔額外的債務，只要此類留置權不在作為貸款抵押的資產上，就允許額外的傾斜，並允許我們出售不作為貸款抵押的資產。使用不屬於該貸款抵押品的比特幣沒有任何限制。因此，這筆貸款將增加股東的利益。只要比特幣升值，在貸款期限內發生的不僅僅是發行費用和累積利息費用。

MicroStrategy has pioneered the use of digital assets as a core component of enterprise's treasury policy, which has generated incremental value for our shareholders, as a snapshot into our current Bitcoin holdings by entities, as of March 31, 2022, of the total of 129,218 Bitcoins held by the company. Roughly 14,100 Bitcoins are held at the MicroStrategy entity, all of which are held as collateral securing our 2028 secured notes. The remaining approximately 115,100 Bitcoins are held at the MacroStrategy subsidiary.

MicroStrategy 率先將數字資產用作企業財務政策的核心組成部分，這為我們的股東創造了增量價值，作為我們當前實體持有的比特幣的快照，截至 2022 年 3 月 31 日，比特幣總數為 129,218由公司持有。 MicroStrategy 實體持有大約 14,100 個比特幣，所有這些都作為我們 2028 年有擔保票據的抵押品而持有。剩餘的大約 115,100 個比特幣由 MacroStrategy 子公司持有。

Of the MacroStrategy of Bitcoins, approximately 19,500 Bitcoins are pledges collateral towards the Bitcoin back term loan and over 95,600 Bitcoins remain unpledged and unencumbered. We may consider additional opportunities to utilize the strategic asset in the future. For example, subject to market conditions, we may enter into additional bitcoin back financings, we seek to lend our Bitcoin to third parties to generate yield. We will continue to closely monitor market conditions and determine whether to engage in any such transactions and may ultimately decide not to pursue any of these transactions.

在比特幣的宏觀戰略中，大約 19,500 個比特幣是比特幣延期貸款的抵押品，超過 95,600 個比特幣仍未質押和未抵押。我們可能會考慮在未來利用戰略資產的更多機會。例如，根據市場情況，我們可能會進行額外的比特幣支持融資，我們尋求將我們的比特幣借給第三方以產生收益。我們將繼續密切關注市場狀況並決定是否進行任何此類交易，並可能最終決定不進行任何此類交易。

Next, I would like to emphasize the strength of our robust capital structure. From a balance sheet and liquidity perspective, we're insulated from the near-term market volatility at Bitcoin prices, since we currently do not have any debt principal maturities coming due until March 2025. The total annualized interest expense today is approximately $44 million, which equates to a blended interest rate of approximately 1.82% on our entire debt obligations of $2.4 billion. We expect cash flows generated from our software business to be sufficient to cover interest obligations, as they become payable. Additionally, we maintain a certain minimum amount of cash balance to fund our regular working capital needs. As of the first quarter, we had $95 million in cash on our balance sheet.

接下來，我想強調我們穩健的資本結構的實力。從資產負債表和流動性的角度來看，我們不受比特幣價格近期市場波動的影響，因為我們目前沒有任何債務本金到期，直到 2025 年 3 月。今天的年化利息支出總額約為 4400 萬美元，這相當於我們全部 24 億美元債務的混合利率約為 1.82%。我們預計我們的軟件業務產生的現金流量足以支付應付利息的義務。此外，我們維持一定的最低現金餘額來滿足我們的日常營運資金需求。截至第一季度，我們的資產負債表上有 9500 萬美元現金。

Going forward, we'll continue to evaluate debt or equity capital raising and other financing opportunities that we believe will be accretive to shareholders, subject to market conditions and that further our Bitcoin acquisition strategy or optimize our capital structure is needed. We believe that the further adoption of Bitcoin globally will have a positive effect on Bitcoin prices, which has the potential to offer asymmetric upside to our shareholders.

展望未來，我們將繼續評估債務或股權融資以及其他我們認為對股東有利的融資機會，視市場情況而定，並且需要進一步推進我們的比特幣收購戰略或優化我們的資本結構。我們相信，在全球範圍內進一步採用比特幣將對比特幣價格產生積極影響，這有可能為我們的股東提供不對稱的上行空間。

Our 2022 outlook remains positive with our continued transition to cloud and our expectation of a sustained increase in subscription billings. Our cloud transition will result in increased subscription revenue and billings. With the continued growth of our subscription billings, it is possible that our product license revenue and total revenue growth will decelerate in the near term, even as our cloud software business -- even as our overall software business expense. This will depend largely on the mix of new sales between cloud and on-premise licenses. This is because of a new cloud contract, which may have a higher total contract value than an on-premise license still results in lower recognized revenue in the first year. Overall, we feel we are well positioned to achieve our long-term sales growth target of greater than 10% and increased free cash flows over time.

隨著我們繼續向雲過渡以及我們對訂閱費用持續增長的預期，我們對 2022 年的前景保持樂觀。我們的雲過渡將導致訂閱收入和賬單增加。隨著我們訂閱賬單的持續增長，我們的產品許可收入和總收入增長可能會在短期內減速，即使我們的雲軟件業務 - 即使是我們的整體軟件業務費用。這將在很大程度上取決於雲和本地許可證之間的新銷售組合。這是因為新的雲合同可能具有比本地許可證更高的合同總價值，但仍會導致第一年的確認收入較低。總體而言，我們認為我們有能力實現超過 10% 的長期銷售增長目標，並隨著時間的推移增加自由現金流。

Finally, I'd like to share an update with you regarding the appointment of our new CFO. I'd like to welcome Andrew Kang, who will be joining MicroStrategy as our new CFO effective on a start date, which we expect to be on or around May 9. I'm thrilled to see him step into this new critical leadership role where he will be able to contribute from his wealth of experience.

最後，我想與您分享有關我們新任首席財務官任命的最新消息。我想歡迎 Andrew Kang，他將加入 MicroStrategy 擔任我們的新 CFO，從開始日期開始生效，我們預計將在 5 月 9 日左右。我很高興看到他擔任這個新的關鍵領導角色，其中他將能夠從他豐富的經驗中做出貢獻。

Andrew has over 20 years of experience in banking and consumer finance and most recently served as CFO for GreenSky, Inc., a publicly-traded fintech company. Prior to GreenSky, Andrew served as the Corporate Treasurer for Santander Holdings USA, the $150 billion US bank holding company under Banco Santander SA. Andrew has also held leadership positions in capital markets, finance, and treasury at Santander Consumer USA, HSBC Finance, and Capital One.

Andrew 在銀行和消費金融領域擁有超過 20 年的經驗，最近擔任上市金融科技公司 GreenSky, Inc. 的首席財務官。在加入 GreenSky 之前，Andrew 曾擔任 Santander Holdings USA 的公司財務主管，該公司是 Banco Santander SA 旗下 1500 億美元的美國銀行控股公司。 Andrew 還在 Santander Consumer USA、HSBC Finance 和 Capital One 擔任資本市場、金融和財務部門的領導職務。

Following Andrew's appointment, I look forward to having more time to focus on my role as President, running the day-to-day operations of MicroStrategy as well as strategically planning for our long-term health and growth for both BI and Bitcoin strategies.

在 Andrew 的任命之後，我期待有更多的時間專注於我作為總裁的角色，負責 MicroStrategy 的日常運營，以及為我們的 BI 和比特幣戰略的長期健康和增長進行戰略規劃。

I'll now turn the call over to Michael to discuss observations for the MicroStrategy World Event, comments on our Bitcoin acquisition strategy, as well as regulatory outlook for the digital asset space.

我現在將電話轉給 Michael，討論對 MicroStrategy World Event 的觀察、對我們的比特幣收購戰略的評論以及對數字資產領域的監管前景。

Thank you, Phong and I want to thank everybody for being with us at here today. I thought I'd start with a few observations of global developments. In Q1, we saw some fairly seminal events, the trucker crisis in Canada, the Ukrainian war, Russian sanctions, continued inflation, supply chain chaos, concerns about food and energy shortages, all of those things have been combined with a weakening currency environment, the Chinese currency, the Japanese currency, South Africa -- South America and African currencies, and a lot of Asian currencies were all collapsing against the dollar.

謝謝你，Phong，我要感謝今天和我們在一起的每一個人。我想我會從對全球發展的一些觀察開始。在第一季度，我們看到了一些相當重要的事件，加拿大的卡車司機危機、烏克蘭戰爭、俄羅斯制裁、持續的通貨膨脹、供應鏈混亂、對食品和能源短缺的擔憂，所有這些都與疲軟的貨幣環境相結合，中國貨幣、日本貨幣、南非——南美和非洲貨幣，以及許多亞洲貨幣都對美元貶值。

In fact, just about every currency in the world, except for 2, I think, are collapsing against the dollar right now. This is creating a very challenging macroeconomic environment. It's going to continue to create uncertainty and challenges for all businesses. I think that it has had the impact of increasing awareness of and the understanding of the need for a digital asset like Bitcoin and so the silver-lining is that hundreds of millions, if not billions of people are now becoming aware of the need for non-sovereign store value digital asset like Bitcoin. The negative is it creates a very challenging operating environment.

事實上，世界上幾乎所有的貨幣，除了 2，我認為，現在都在兌美元貶值。這正在創造一個非常具有挑戰性的宏觀經濟環境。它將繼續為所有企業帶來不確定性和挑戰。我認為它已經產生了提高對比特幣等數字資產需求的認識和理解的影響，因此一線希望是，數億甚至數十億人現在開始意識到對非比特幣的需求- 主權儲值數字資產，如比特幣。不利的是，它創造了一個非常具有挑戰性的運營環境。

Over the last few months in the world of Bitcoin, the interesting developments worth highlighting are the Executive Order coming out of the Biden White House on March 9th, which was really a first as long as anyone can remember, the first time that we had the executive branch in the United States in essence highlighting and endorsing an asset class as being critical to the future of the nation. And so I thought that, that was extraordinarily auspicious.

在過去幾個月的比特幣世界中，值得強調的有趣發展是 3 月 9 日拜登白宮發布的行政命令，這真的是任何人都記得的第一次，我們第一次擁有美國的行政部門實質上強調和認可資產類別對國家的未來至關重要。所以我想，那是非常吉祥的。

Janet Yellen gave a speech on April 7th at American University, equally auspicious. We had the Secretary of the Treasury of the United States, laying out the case for decentralized networks, the theory of digital property, talking about the need for digital currencies. What the innovations in the crypto economy and suggesting that the administration is going to do enthusiastically move forward to provide responsible regulations to allow this economy to grow.

珍妮特耶倫於 4 月 7 日在美國大學發表演講，同樣吉祥如意。我們讓美國財政部長為去中心化網絡、數字財產理論奠定了基礎，並談到了對數字貨幣的需求。加密經濟中的創新是什麼，並暗示政府將積極推進提供負責任的法規以使經濟增長。

I thought that was very critical, too. I think if you put all of these macroeconomic developments together with the regulator signal, what you have is a world that's a bit insecure about currencies and insecure about property rights and then, secure about 20th century banking systems and 20th century payment systems and aware that they need to find a solution. But you also have another big development, which is that the Deniers of Bitcoin and Digital Assets in general are now being silenced by the administration of the United States. One of the early crippling criticism was this is just a panty scheme, where this is intangible or there's nothing here.

我認為這也很關鍵。我認為，如果你將所有這些宏觀經濟發展與監管機構的信號結合起來，你所擁有的是一個對貨幣和產權有點不安全的世界，然後，保護 20 世紀的銀行系統和 20 世紀的支付系統，並意識到他們需要找到解決方案。但是你還有另一個重大發展，那就是比特幣和數字資產的否認者現在被美國政府壓制住了。早期嚴重的批評之一是這只是一個內褲計劃，這是無形的，或者這裡什麼都沒有。

And I think that, with now the Head of the SEC, the Head of Treasury, the President of the United States acknowledging that there is something here. And it's an important priority for the entire government. I think that, that really isolates the Deniers and if not making them look silly at this point, because, it's pretty clear that 250 million people know that there is something here. And it's growing like wildfire. And it's pretty clear that the government recognizes this. So, we have another classification of Bitcoin investors after Deniers that will be the Skeptics. The Skeptics acknowledge that it exists. They acknowledge that it's good. They may even acknowledge that, it's better than gold and it's better than other sorts of money or property and then they follow-up with the observation that since it's so good the politicians will ban it or the government will ban it.

我認為，現在美國證券交易委員會負責人、財政部負責人、美國總統承認這裡有一些東西。這是整個政府的一個重要優先事項。我認為，這真的孤立了否認者，如果不是讓他們在這一點上看起來很傻，因為，很明顯 2.5 億人知道這裡有一些東西。它像野火一樣增長。很明顯，政府承認這一點。因此，在否認者之後，我們對比特幣投資者進行了另一種分類，即懷疑論者。懷疑論者承認它的存在。他們承認這很好。他們甚至可能承認，它比黃金好，比其他種類的貨幣或財產好，然後他們跟進觀察，既然它太好了，政客們會禁止它，或者政府會禁止它。

And that was -- that's been articulated by a number of fairly well-known credible sources over the past 2 years. But of course, with the March 9th Executive Order and the Ellen speech of April 7th, it gets increasingly difficult to maintain the skeptical stance, because you would have to, in essence, put yourself in opposition to the White House, right? It's not the policy of the United States demand Bitcoin.

在過去的 2 年裡，一些相當知名的可靠消息來源已經闡明了這一點。但是，當然，隨著 3 月 9 日的行政命令和 4 月 7 日的艾倫演講，保持懷疑的立場變得越來越困難，因為從本質上講，你必須讓自己反對白宮，對吧？要求比特幣不是美國的政策。

So in fact, it's not the policy of anyone in the Western world to band Bitcoin. So the Deniers and the Skeptics are being silenced, and now the entire Bitcoin market is evolving to be controlled by the traders, the technocrats and the maximal list. And clearly, the volatility of the market right now is driven by the fact that the traders are trading Bitcoin as a correlated asset to the NASDAQ. And technology investors that are NASDAQ heavy are selling or shorting technology assets as a risk off trade, as the Federal Reserve raises interest rates.

所以事實上，捆綁比特幣不是西方世界任何人的政策。所以否認者和懷疑論者被壓制了，現在整個比特幣市場正在演變為由交易者、技術專家和最大名單控制。顯然，目前市場的波動是由交易者將比特幣作為納斯達克的相關資產進行交易這一事實驅動的。隨著美聯儲加息，納斯達克重磅股的科技投資者正在出售或賣空科技資產作為避險交易。

So I would say that, if we look at the last 3 months, although the macroeconomic environment is difficult and macroeconomic winds are blowing in the face of all risk assets and all operating companies. I would say the fundamental developments, the political developments and the market awareness of Bitcoin has made enormous strides -- and if you compare where we were today on where we are today versus 2 years ago, the asset class has matured dramatically, awareness has matured dramatically and the risk of holding the asset class has decreased.

所以我想說的是，如果我們看過去3個月，儘管宏觀經濟環境很艱難，宏觀經濟的風向所有風險資產和所有運營公司都刮著。我想說的是，比特幣的基本發展、政治發展和市場意識已經取得了巨大進步——如果你將我們今天所處的位置與 2 年前相比，資產類別已經顯著成熟，意識已經成熟顯著降低了持有該資產類別的風險。

And specifically, I think the skeptics in the past 24 months are increasingly disappearing and everyone is migrating to either a trader or a technocrat or a maximus. I had a chance to attend the Bitcoin Conference in Miami Beach this April. I noted a massive surge of interest in bitcoin among politicians, among media and among investors. And there are a lot of politicians that hadn't heard of it and weren't interested in it a year ago, both international and domestic, and now it's on their radar, and they realize they need to pay attention to it.

具體來說，我認為過去 24 個月中的懷疑論者正在逐漸消失，每個人都在轉向交易員、技術專家或大咖。今年四月，我有機會參加了在邁阿密海灘舉行的比特幣會議。我注意到政界人士、媒體和投資者對比特幣的興趣大增。一年前，國際和國內的很多政客都沒有聽說過它，也不感興趣，現在它在他們的雷達上，他們意識到他們需要關注它。

It's probably not uncorrelated to the executive order of March 9. I think there's a lot more media coverage and we've seen a change in the media tone. I think the media tone 2 years ago was nonexistent. In fact, people used to lament that Bitcoin was not being covered by mainstream media at all. It wasn't until February of 2021 after Tesla bought Bitcoin that Bitcoin got on to the radar of mainstream media. But I think that over the past few months, the tone has evolved from skeptical or amused to respectful. And in fact, I almost noticed now that that mainstream journalists across the major papers and the major cable news networks are all much, much more aware of the entire crypto economy, much, much more aware of bitcoin in its value proposition and much less skeptical, much more interested in engage.

這可能與 3 月 9 日的行政命令不無關聯。我認為有更多的媒體報導，我們已經看到媒體語氣發生了變化。我認為兩年前的媒體語氣是不存在的。事實上，人們曾經哀嘆比特幣根本沒有被主流媒體報導。直到 2021 年 2 月，特斯拉購買比特幣後，比特幣才被主流媒體關注。但我認為，在過去的幾個月裡，語氣已經從懷疑或好笑轉變為尊重。事實上，我現在幾乎注意到，各大報紙和主要有線新聞網絡的主流記者都非常非常了解整個加密經濟，更加非常了解比特幣的價值主張，並且更少懷疑，更感興趣的是搞。

And I think the environment has moved from disinterested, through skeptical to now neutrally intrigued or even, I would say, intrigued, intrigued would be the right word in the media -- also seen a bunch of investors, credible investors that are well respected in the space, speaking much more freely about bitcoin in the marketplace. And actually, becoming much more vocal and much more supportive in their words. And I think that, that's a big move forward over the past 12 months. Examples of that, we see our Carlos, Salinas, Piaggio becoming much more vocal, Peter Thiel becoming much more vocal. Paul Tudor Jones becoming much more vocal. And Orlando Bravo becoming much more vocal. So, I think you'll continue to see this develop over the next 12 months.

而且我認為環境已經從不感興趣，從懷疑轉變為現在中立的感興趣，甚至，我想說，感興趣，感興趣將是媒體上的正確詞 - 也看到了一群投資者，受人尊敬的可靠投資者這個空間，在市場上更自由地談論比特幣。實際上，在他們的話語中變得更加直言不諱和更加支持。我認為，這是過去 12 個月的一大進步。例如，我們看到我們的 Carlos、Salinas、Piaggio 變得更加直言不諱，Peter Thiel 變得更加直言不諱。保羅·都鐸·瓊斯變得更加直言不諱。奧蘭多布拉沃變得更加直言不諱。因此，我認為您將在接下來的 12 個月內繼續看到這種情況的發展。

I think advances in the Lightning Network are pretty relevant, maybe one of the bigger developments in the past 12 months is lightning is maturing. And Lightning is the open permissionless non-custodial Layer 2 network. In essence, if Bitcoin represents protocol for sound money, Lightning represents a protocol for transaction and money transfer that's open permissionless. And since it's -- it could, in theory, scale to hundreds of millions or billions of transactions an hour. This is, in essence, the Internet of money.

我認為閃電網絡的進步非常相關，也許過去 12 個月中更大的發展之一是閃電網絡正在成熟。閃電網絡是開放的無許可非託管第 2 層網絡。從本質上講，如果比特幣代表了健全貨幣的協議，那麼閃電網絡代表了一種無需許可開放的交易和匯款協議。而且因為它 - 從理論上講，它可以擴展到每小時數億或數十億筆交易。這本質上是金錢的互聯網。

2 years ago, the Lightning network was really just developmental. In the past year, it's come to life. And so we're now entering into early part of the year 2 of the Internet for money coming to life. Major milestones there, block integrating, lightning into the Cash App was a major milestone. The release of specifications for the Taro protocol on top of Lightning is a major milestone. What it means is that Lightning will in time not just move satoshis back and forth at the speed of light to billions of people, Lightning will also move other digital assets like stable coins, Tether or a circle or any other digital currency or any other digital token could or an NFC or another asset could move over the Lightning network at extraordinary high speeds, extremely scalable, while taking advantage of the security assurances of the Bitcoin network. So that's pretty compelling.

2 年前，閃電網絡還只是發展性的。在過去的一年裡，它變得栩栩如生。因此，我們現在正進入互聯網第 2 年的早期階段，以實現金錢的生機。那裡的主要里程碑，塊集成，閃電進入現金應用程序是一個重要的里程碑。在閃電網絡之上發布 Taro 協議規範是一個重要的里程碑。這意味著閃電不僅會及時將 satoshis 以光速來回移動到數十億人，閃電還將移動其他數字資產，如穩定幣、Tether 或圓圈或任何其他數字貨幣或任何其他數字代幣或 NFC 或其他資產可以在閃電網絡上以極高的速度、極可擴展的速度移動，同時利用比特幣網絡的安全保證。所以這很有說服力。

Kraken also incorporated Lightning into their exchange, and that's a very compelling breakthrough. So I think in time, all the competitive digital assets, exchanges and all the competitive applications of money transfer and the like are going to have to build Lightning as a protocol into their applications. And we've got a number of years of development there, but the significance of Lightning is it takes Bitcoin from being viewed just as an asset and as a low frequency, high volume -- a low-frequency, high-value settlement network and it takes it to the next level, which is becoming a high frequency, high volume, very, very functionally rich, scalable transaction network. And there will be, I think, an explosion of applications on top of the Bitcoin network that are empowered by Lightning.

Kraken 還將閃電網絡納入他們的交易中，這是一個非常引人注目的突破。所以我認為，隨著時間的推移，所有有競爭力的數字資產、交易所和所有有競爭力的匯款等應用程序都將不得不將閃電網絡作為協議構建到他們的應用程序中。我們已經在那裡進行了多年的發展，但閃電網絡的意義在於，它使比特幣不再被視為一種資產，而是一種低頻、高容量——一個低頻、高價值的結算網絡，以及它將它帶到了一個新的水平，它正在成為一個高頻、大容量、功能非常非常豐富、可擴展的交易網絡。我認為，在比特幣網絡之上，由閃電支持的應用程序將會爆炸式增長。

Another big development in Bitcoin this last quarter is the launch of Fidelity's 401(k) offering. We're very enthusiastic about that. And of course, we're an early anchor partner with them on that launch. Bitcoin is better than gold. To call it digital gold is an understatement. It really is the hardest money in the history of the world. But if you're thinking about generational wealth and if you wanted to leave something for your grandchildren or if you wanted a retirement fund, it's obviously a very, very compelling element of a 401(k).

上個季度比特幣的另一個重大發展是富達推出的 401(k) 產品。我們對此非常熱衷。當然，我們是他們的早期主播合作夥伴。比特幣比黃金好。將其稱為數字黃金是輕描淡寫的。這確實是世界歷史上最難賺錢的錢。但是，如果您正在考慮代際財富，如果您想為您的孫子留下一些東西，或者您想要一個退休基金，那麼這顯然是 401(k) 中非常非常引人注目的元素。

We just saw just on television today, one of the world's great macro investors, Paul Tudor Jones said, in the current economic environment, I certainly wouldn't be owning stocks and bonds. I mean, people are very skeptical of owning equities and owning bonds in an environment where you have hyperinflation and macroeconomic wins. So if I can't on stocks, and I can't own bonds, and what am I supposed to put in a 401(k)? And this is where Bitcoin comes.

我們今天剛剛在電視上看到，世界上最偉大的宏觀投資者之一保羅·都鐸·瓊斯說，在當前的經濟環境下，我當然不會持有股票和債券。我的意思是，在惡性通貨膨脹和宏觀經濟獲勝的環境中，人們對持有股票和持有債券持懷疑態度。因此，如果我不能購買股票，也不能擁有債券，那麼我應該在 401(k) 中投入什麼？這就是比特幣的來源。

What have I wanted to hold some kind of commodity money that's better than a commodity because no one can make any more of it. And Bitcoin is that thing. So I do think that -- the world is evolving rapidly. It's probably evolving faster than regulators and the mainstream media can keep up with it kind of like a shock wave. When you start moving through the civilization at a faster rate than people can educate themselves on the consequences, you'll see sparks, but the 401(k) launch was kind of the shot heard around the world here because what's going on here is people are going to have to stop and think about this and either this is the least risky thing you can put in a retirement portfolio or it's too risky to put in a retirement portfolio.

我想持有某種比商品更好的商品貨幣，因為沒有人能賺到更多。比特幣就是那個東西。所以我確實認為——世界正在迅速發展。它的發展速度可能比監管機構更快，主流媒體可以跟上它的步伐，就像衝擊波一樣。當你開始以比人們對後果自學的速度更快地穿越文明時，你會看到火花，但 401(k) 發射是世界各地都能聽到的槍聲，因為這裡發生的是人將不得不停下來考慮一下，要么這是您可以將其放入退休投資組合中風險最小的事情，要么將其放入退休投資組合風險太大。

And of course, as soon as you think about it and study it, you'll realize that it's the least risky thing you could put in a retirement portfolio. At least that's the opinion of people that have studied Bitcoin for a while. So the 401(k) offering from Fidelity is a massive educational event. It's going to put this front and center on the table for financial advisers, retirement planners, the entire big finance industry and I think, ultimately, it's going to introduce Bitcoin to an entirely new class of investors and broaden fill the asset class.

當然，只要您考慮並研究它，您就會意識到這是您可以將其放入退休投資組合中風險最小的事情。至少這是研究比特幣一段時間的人的看法。因此，富達的 401(k) 產品是一項大規模的教育活動。它將把這一點放在財務顧問、退休規劃師、整個大型金融業的桌面上，我認為，最終它將把比特幣介紹給一個全新的投資者類別並擴大資產類別。

So, I'd like to move on to talk about our Bitcoin strategy. We're going to continue to pursue a strategy which offers our investors spot exposure with leverage to Bitcoin. So if you want to buy a security and you would like that security to own Bitcoin. And then you would like to -- and you think it would be a reasonable idea to borrow money at 1.8% interest and buy that Bitcoin then MicroStrategy looks like a rational company to invest in.

所以，我想繼續談談我們的比特幣戰略。我們將繼續奉行一種策略，為我們的投資者提供比特幣槓桿的現貨敞口。因此，如果您想購買一種證券，並且希望該證券擁有比特幣。然後你想——並且你認為以 1.8% 的利率借錢併購買比特幣是一個合理的想法，然後 MicroStrategy 看起來像是一家理性的投資公司。

We're going to work to increase our Bitcoin holdings over time in an accretive fashion. So we're not trading Bitcoin, we're not selling Bitcoin we're holding Bitcoin. And from time to time, when we can, we'll buy more Bitcoin. If we focus upon the strategy, then we believe that we can offer a security to the market and be an operating company that, in essence, is superior to the security that you would get if you were to buy a spot ETF. We won't be an ETF. We're an operating company, and we have the software business. But for an investor that's thinking about buying an ETF that holds spot Bitcoin, they'll think about that. It will probably have no leverage, they'll probably pay a fee. And our goal will be to offer them the same Bitcoin holding, but without charging that fee and to use intelligent leverage from time to time when the opportunity presents itself. I was very, very pleased with the Bitcoin backed loan that we were able to acquire this quarter. We'll obviously use that mechanism sparingly because generally, we're not going to want to develop a large set of obligations where we might have to post additional collateral on a price fluctuation of Bitcoin.

隨著時間的推移，我們將努力以一種增值的方式增加我們的比特幣持有量。所以我們不交易比特幣，我們不出售比特幣，我們持有比特幣。有時，我們會在可能的情況下購買更多比特幣。如果我們專注於策略，那麼我們相信我們可以為市場提供證券並成為一家運營公司，從本質上講，它優於您購買現貨 ETF 所獲得的證券。我們不會成為ETF。我們是一家運營公司，我們有軟件業務。但對於考慮購買持有現貨比特幣的 ETF 的投資者來說，他們會考慮這一點。它可能沒有影響力，他們可能會支付費用。我們的目標是為他們提供相同的比特幣持有量，但不收取費用，並在機會出現時不時使用智能槓桿。我對本季度能夠獲得的比特幣支持貸款感到非常非常滿意。我們顯然會謹慎使用該機制，因為一般而言，我們不希望制定大量義務，我們可能不得不針對比特幣的價格波動提供額外的抵押品。

So managing our balance sheet versus the risk in the volatility of Bitcoin is primary concern. We're always thinking about. We will slow down our Bitcoin acquisitions when market conditions don't present us with any good opportunities. And when the market presents us with lots of good opportunities, we may speed up. And you'll just have to tune in quarter-by-quarter to see what we do there. We have the option to do nothing. And if the market doesn't give us a good option or we have the option to do things. You can see at this point, we've now bought Bitcoin with senior secured debt. We bought Bitcoin with a tender offer. We bought Bitcoin with cash flows from the core business. We bought Bitcoin with convertible debt. We bought Bitcoin with at-the-market equity issuance and we bought Bitcoin with an asset-backed financing. And we pursued each of those initiatives at the time we did it because we thought that they would be accretive to our common stock shareholders and beneficial to our long-term strategy.

因此，管理我們的資產負債表與比特幣波動風險是首要問題。我們一直在思考。當市場條件沒有為我們提供任何好的機會時，我們將放慢比特幣收購的速度。而當市場為我們提供了很多好的機會時，我們可能會加快步伐。你只需要按季度調整，看看我們在那裡做了什麼。我們可以選擇什麼都不做。如果市場沒有給我們一個好的選擇，或者我們有做事的選擇。你現在可以看到，我們現在已經用高級擔保債務購買了比特幣。我們通過要約收購了比特幣。我們用來自核心業務的現金流購買了比特幣。我們用可轉換債券購買了比特幣。我們通過市場股票發行購買了比特幣，我們通過資產支持融資購買了比特幣。我們在做這件事的時候採取了每一項舉措，因為我們認為它們會增加我們的普通股股東的利益，並有利於我們的長期戰略。

My last point I'll make before we take questions are; we will continue to pursue a mission of education and advocacy on behalf of Bitcoin to the general market. As the largest public holder of bitcoin, it makes sense for us to educate regulators. It makes sense for us to educate other corporations, it makes sense for us to educate anyone in the media or any politicians that are interested and what this means to the world, and why it's good for the world, why it's good for the United States, why it's good for their corporation, their institution and then how they can benefit and plug Bitcoin into their P&L or plug it into their balance sheet.

在我們提問之前，我要說的最後一點是；我們將繼續代表比特幣對一般市場進行教育和宣傳的使命。作為比特幣最大的公眾持有者，我們教育監管者是有意義的。對我們來說，教育其他公司是有意義的，對我們來說，教育媒體中的任何人或任何感興趣的政治家以及這對世界意味著什麼，以及為什麼它對世界有好處，為什麼它對美國有好處是有意義的，為什麼這對他們的公司，他們的機構有好處，然後他們如何受益並將比特幣插入他們的損益表或將其插入資產負債表。

If you don't follow me on Twitter, please do. I now just cross 2.4 million followers. And I try to share thoughts about the current environment on a pretty routine basis. I'm pleased to say that by the end of the day today or tomorrow, a podcast I did with Lex Friedman on YouTube will have crossed 2 million views.

如果您不在 Twitter 上關注我，請關注我。我現在剛剛超過 240 萬粉絲。我嘗試以非常常規的方式分享對當前環境的想法。我很高興地說，到今天或明天結束時，我在 YouTube 上與 Lex Friedman 一起製作的播客將獲得 200 萬次觀看。

So I sat down with Lex in my study at my home in Miami Beach, and we talked for 4 hours about digital transformation and the bitcoin imperative. And our strategy and, of course, macroeconomics and geopolitics. And it's not easy to put 2 million people into your living room. But 2 million people listening for 4 hours is a lot of education, and we'll continue to do more of it.

因此，我在邁阿密海灘的家中與 Lex 坐了下來，我們就數字化轉型和比特幣的必要性進行了 4 個小時的交談。還有我們的戰略，當然還有宏觀經濟和地緣政治。而且要讓 200 萬人進入你的客廳並不容易。但是 200 萬人聽 4 小時是一個很大的教育，我們將繼續做更多的事情。

I feel that where there's an enormous thirst for knowledge about digital assets. There's enormous thirst for knowledge about the implications of Bitcoin to the world and the entire crypto economy. There's a lot of education to do. We're nowhere near done. We're really just starting, but we have established a platform to do that and we will get more and more opportunities to communicate this message and educate the world.

我覺得那裡對數字資產的知識有著巨大的渴望。人們非常渴望了解比特幣對世界和整個加密經濟的影響。有很多教育要做。我們還遠遠沒有完成。我們真的才剛剛開始，但我們已經建立了一個平台來做到這一點，我們將獲得越來越多的機會來傳達這一信息並教育世界。

I'll continue with our efforts working with Bitcoin miners through the Bitcoin Mining Council and the entire Bitcoin community to address misperceptions about mining to explain the benefits of Bitcoin, the benefits of coin mining. We just had another quarterly release of Bitcoin mining information where we were able to show the world for the fourth quarter in a row, Bitcoin mining is running on more than 50% sustainable energy, in fact, 58%. 58% sustainable energy usage makes the Bitcoin mining industry, the cleanest, most sustainable industry in the world of all industries. And that was a surprise to many people. It continues to be a surprise to many people, but it's a delightful surprise.

我將繼續努力通過比特幣採礦委員會和整個比特幣社區與比特幣礦工合作，解決對採礦的誤解，解釋比特幣的好處，硬幣採礦的好處。我們剛剛發布了比特幣採礦信息的另一個季度發布，我們能夠連續第四個季度向世界展示，比特幣採礦正在使用超過 50% 的可持續能源，實際上是 58%。 58% 的可持續能源使用使比特幣採礦業成為世界上所有行業中最清潔、最可持續的行業。這讓很多人感到意外。這對許多人來說仍然是一個驚喜，但它是一個令人愉快的驚喜。

Bitcoin mining in general, is 63% more efficient year-over-year. And a lot of people don't realize that the Bitcoin network is secured, not just by energy, but by technology and that technology is getting exponentially more efficient overtime. So, I'm really pleased that we're able to educate the world on the efficiencies of the Bitcoin network and the benefits of Bitcoin and Bitcoin mining. I think that there is a lot more education to do. Our leadership role in acquiring and holding bitcoin as a publicly traded company. It's afforded us a platform to do a lot of that education and we'll continue to do that in the coming year.

總體而言，比特幣挖礦的效率同比提高 63%。而且很多人沒有意識到比特幣網絡是安全的，不僅通過能源，而且通過技術，而且技術正以指數級的效率加班。所以，我真的很高興我們能夠讓全世界了解比特幣網絡的效率以及比特幣和比特幣挖礦的好處。我認為還有很多教育要做。作為一家上市公司，我們在收購和持有比特幣方面的領導作用。它為我們提供了一個進行大量此類教育的平台，我們將在來年繼續這樣做。

So with that, I want to thank everybody for your support, and we'll go ahead and answer questions.

因此，我要感謝大家的支持，我們將繼續回答問題。

Thank you, Michael. We're going to jump right into questions. We have received a lot of good questions, and we'll try to cover as many as we can. So the first question is for fun. On the software business, clearly, you have been through a few economic cycles over the years, how discretionary is BI software? And do you see the current macro, just pushing deal cycles out or do you think there are certain deals that will be put on hold for a while?

謝謝你，邁克爾。我們將直接進入問題。我們收到了很多很好的問題，我們會盡可能多地回答。所以第一個問題是為了好玩。在軟件業務上，很明顯，這些年來您經歷了幾個經濟周期，BI 軟件的自由度如何？您是否看到當前的宏觀政策，只是將交易週期推遲，還是您認為某些交易將被擱置一段時間？

Yes. Thanks for the question, Jo. The short answer is, there is a portion of BI spend as discretionary and I'll call that speculative, try out new things without necessarily a concrete use case or operational outcome. And then there's a portion that's required and that's the piece that is required to operate and run an enterprise. And fortunately, MicroStrategy falls more into the latter than the former. So that kind of spending might get pushed out one quarter when there's uncertain macroeconomic conditions like we had in Q1, but it isn't permanently shelved for the whole year or multiple years. So generally speaking, I feel good about our ability to weather macroeconomic downturns better than we've seen in some of our newer competitors who've joined the market recently.

是的。謝謝你的問題，喬。簡短的回答是，有一部分 BI 支出是可自由支配的，我稱之為投機性的，嘗試新事物，而不一定是具體的用例或操作結果。然後有一部分是必需的，那就是運營和運營企業所需的部分。幸運的是，MicroStrategy 更多地屬於後者而不是前者。因此，當像第一季度那樣存在不確定的宏觀經濟狀況時，這種支出可能會在一個季度被推遲，但它不會被永久擱置一整年或多年。所以總的來說，我對我們抵禦宏觀經濟衰退的能力感到滿意，這比我們在最近加入市場的一些新競爭對手身上看到的要好。

Thank you, Fang. The next question is for Michael. When you purchase Bitcoin, how much do you consider dollar cost averaging into the purchase during the quarter versus a more OLED once purchase strategy?

謝謝你，方。下一個問題是給邁克爾的。當你購買比特幣時，你認為本季度購買的平均美元成本是多少，而不是一次性購買更多的 OLED 策略？

Yes. We try to be thoughtful about the way that we acquire Bitcoin, and we do it in such a way that we wouldn't impact the market, and we'll spread it over a time period, sometimes a long time period, sometimes a shorter time period, depending upon our perception of the market and the volatility, as a practical matter because we purchased Bitcoin on many, many different occasions over the past 2 years, we are dollar cost averaging as we acquire more capital. And I guess I -- that's what I would say to that.

是的。我們嘗試對我們獲取比特幣的方式進行深思熟慮，並且我們這樣做的方式不會影響市場，我們會將其分散在一段時間內，有時是很長的時間段，有時是較短的時間段時間段，取決於我們對市場和波動性的看法，作為一個實際問題，因為我們在過去 2 年中在許多不同的場合購買了比特幣，隨著我們獲得更多資金，我們的美元成本平均。我想我 - 這就是我要說的。

And one more question for Michael. Are you comfortable with the leverage level? And what is your long-term debt strategy?

還有一個問題要問邁克爾。您對槓桿水平感到滿意嗎？你的長期債務策略是什麼？

Yes. I think we're comfortable with our leverage level and our long-term debt strategy is not to take on more debt than we can reasonably manage.

是的。我認為我們對我們的槓桿水平感到滿意，我們的長期債務策略是不承擔超出我們合理管理的債務。

I can add to that a little bit. You saw us share a little bit earlier. Right now, our interest expenses are around $44 million annually, which compared to last year's earnings before interest, tax, depreciation, if you were to adjust out the Bitcoin depreciation is about half of that. And so I think we have plenty of earnings and cash flow to cover our interest expense. So we're in a pretty comfortable place right now with our leverage.

我可以補充一點。你看到我們早些時候分享了一點。目前，我們每年的利息支出約為 4400 萬美元，與去年的利息、稅項和折舊前的收益相比，如果你要調整比特幣的折舊，大約是其中的一半。所以我認為我們有足夠的收入和現金流來支付我們的利息費用。因此，憑藉我們的槓桿作用，我們現在處於一個非常舒適的位置。

Thank you. Next question is for Phong. How far does Bitcoin have to fall for MicroStrategy to receive a margin call on the Silver Gate done? And was this loan needed for cash flow purposes.

謝謝你。下一個問題是針對 Phong 的。 MicroStrategy 要在 Silver Gate 上收到追加保證金通知，比特幣必須下跌多遠？這筆貸款是否需要用於現金流目的。

I'll take the second part first. No, the loan was not needed for cash flow purposes. We took out the loan primarily so that we could continue to invest more in Bitcoin and also really to create a market for a Bitcoin-backed term loan. So being the first company to do that in the public markets is consistent with what Mike said, which is really us being a leader in the Bitcoin space in general. As far as where Bitcoin needs to fall, we took out the loan at a 25% LTV, the margin call occurs 50% LTV. So essentially, Bitcoin needs to cut in half or around $21,000 before we'd have a margin call. That said, before it gets to 50%, we could contribute more Bitcoin to the collateral package, so it never gets there, so we don't ever get into a situation of March call also.

我先講第二部分。不，為了現金流的目的不需要貸款。我們獲得貸款的主要目的是為了繼續對比特幣進行更多投資，同時也真正為比特幣支持的定期貸款創造市場。因此，作為第一家在公開市場上這樣做的公司與邁克所說的一致，這實際上是我們成為比特幣領域的領導者。至於比特幣需要下跌的地方，我們以 25% 的 LTV 取出貸款，追加保證金的發生率為 50% LTV。因此，從本質上講，比特幣需要削減一半或大約 21,000 美元，然後我們才會收到追加保證金通知。也就是說，在它達到 50% 之前，我們可以向抵押品包貢獻更多的比特幣，所以它永遠不會到達那裡，所以我們也不會陷入 3 月電話會議的情況。

And continue with the next question for Phong as well. Are there any risks of bitcoin collateral being liquidated due to extreme market volatility regarding the Silvergate loan?

並繼續為 Phong 提出下一個問題。由於 Silvergate 貸款的極端市場波動，比特幣抵押品是否存在被清算的風險？

It sort of related to just that last question. The risk of really are that we would have to contribute more bitcoin. As you can see, we mentioned previously, we have quite a bit of uncollateralized bitcoin. So we have 95,643 encumbered bitcoin. So we have more that we could contribute in the case that we have a lot of downward volatility. But again, we're talking about $21,000 before we get to a point where there needs to be more margin or more collateral contributors. So I think we're in a pretty comfortable place where we are right now.

它與最後一個問題有關。真正的風險是我們將不得不貢獻更多的比特幣。正如你所看到的，我們之前提到過，我們有相當多的無抵押比特幣。所以我們有 95,643 個抵押比特幣。因此，在我們有很多下行波動的情況下，我們可以做出更多貢獻。但同樣，在我們達到需要更多保證金或更多抵押品貢獻者的地步之前，我們談論的是 21,000 美元。所以我認為我們現在處於一個非常舒適的地方。

Next question is for Michael. What would be the company's strategy, if the price of Bitcoin stays flat for a prolonged amount of time?

下一個問題是給邁克爾的。如果比特幣的價格長時間保持平穩，公司的策略是什麼？

We'll continue with our strategy. We'll keep generating cash flow in the core business and from time to time, we'll acquire more Bitcoin.

我們將繼續我們的策略。我們將繼續在核心業務中產生現金流，並且不時地，我們將獲得更多的比特幣。

And I'll follow up one more for Michael. Can MicroStrategy provide any details on exploring the yield generation opportunities on unencumbered macro strategy Bitcoins?

我會為邁克爾再跟進一個。 MicroStrategy 能否提供有關探索未受約束的宏觀策略比特幣的收益產生機會的任何細節？

No.

不。

Is there anything else on that?

還有什麼其他的嗎？

Yes. I mean we're looking at a lot of different things out there. It's sort of part of our role that we've been playing as a as a leader in the market. But what we're going to do, when we're going to do it, the -- and with deal generation, there is a lot more to it in terms of accounting implications, et cetera. So they are all things we look at from time to time.

是的。我的意思是我們正在研究很多不同的東西。這是我們作為市場領導者一直扮演的角色的一部分。但是我們要做什麼，什麼時候做，以及交易的產生，在會計影響等方面還有很多。所以它們都是我們不時看到的東西。

Next question is perform. How did you get comfortable including Bitcoin in your 401(k) program? Can you please provide some details on the plan and whether it's already active?

下一個問題是執行。您是如何將比特幣納入您的 401(k) 計劃的？您能否提供一些有關該計劃的詳細信息以及它是否已經生效？

Yes. It's similar to the question of how do we get comfortable with Bitcoin in general, right? And Mike talked about this a little bit. First of all, I think it's great what Fidelity is doing as a leader in the market. As one of the leading retirement savings plan providers, it's great to see what they're doing from a leadership perspective. We got comfortable because the executive team, the Board, leadership, employees has spent the last 2 years learning about studying, understanding details about Bitcoin, especially as a store value, especially as an investment. And so the idea that it's a great long-term historic value, which is why we put so much of our investment into Bitcoin, would make sense for a certain number of employees. It doesn't make sense for everyone and ultimately, it will be something that's voluntary. We have not rolled this out yet. It's something we plan on doing in the second half of the year. And we're still working through details as exactly how we're going to go about it.

是的。這類似於我們如何對比特幣感到滿意的問題，對吧？邁克談到了這一點。首先，我認為富達作為市場領導者所做的事情很棒。作為領先的退休儲蓄計劃提供商之一，很高興從領導的角度看到他們在做什麼。我們感到很舒服，因為執行團隊、董事會、領導層、員工在過去 2 年裡一直在學習學習，了解比特幣的細節，特別是作為一種存儲價值，特別是作為一種投資。因此，它具有巨大的長期歷史價值，這就是我們將大量投資投入比特幣的原因，這一想法對於一定數量的員工來說是有意義的。這對每個人都沒有意義，最終，這將是自願的。我們還沒有推出這個。這是我們計劃在下半年做的事情。而且我們仍在研究細節，確切地說我們將如何去做。

Thank you, Phong. I'll ask one more question for Phong. How much longer do you expect product license revenue to face headwinds, how large will be the segment -- will the segment be by the time it stabilizes?

謝謝你，龐。我再問 Phong 一個問題。您預計產品許可收入將面臨多長時間的逆風，該細分市場將有多大——該細分市場將在穩定時達到？

Yes. So as we go through this transition to cloud, product license revenues start to decline as we replace that with faster-growing subscription revenues. I can imagine last year was a pretty big increase from the previous year and that we wouldn't expect to see that level of growth on a go-forward basis on a year-over-year basis for product license revenue. As we replace that with cloud and subscription revenues over time, that will be the engine of growth in the organization and our revenue line.

是的。因此，當我們經歷向雲的過渡時，產品許可收入開始下降，因為我們用增長更快的訂閱收入取而代之。我可以想像去年比前一年有了相當大的增長，而且我們預計產品許可收入不會出現同比增長。隨著時間的推移，隨著我們用雲和訂閱收入取代它，這將成為組織和我們收入線增長的引擎。

Thank you, Phong. Next question is for Michael. Can you provide any thoughts into if it's better to buy MicroStrategy stock or the comparison of buying MicroStrategy stock versus buying Bitcoin direct?

謝謝你，龐。下一個問題是給邁克爾的。您能否就購買 MicroStrategy 股票或購買 MicroStrategy 股票與直接購買比特幣的比較提供任何想法？

I think that there are some companies in some situations where people literally can't buy the Bitcoin like either legally or by charter, they can't buy the Bitcoin, but they can buy securities. There are other situations where people can't or don't wish to buy securities, but they wish to buy property. So there are very different things. One of them is digital property. The other is a security that happens to hold on its balance sheet digital property. So I think that those are the primary issues. For those people that prefer to own securities and their portfolio but want Bitcoin exposure, then will be one of their options. And for those that prefer to own property than Bitcoin's digital property, and I think that's the right way to think of it.

我認為有些公司在某些情況下，人們實際上無法合法或通過特許購買比特幣，他們無法購買比特幣，但他們可以購買證券。在其他情況下，人們不能或不想購買證券，但他們希望購買房產。所以有很多不同的東西。其中之一是數字財產。另一種是恰好持有其資產負債表數字資產的證券。所以我認為這些是主要問題。對於那些喜歡擁有證券和他們的投資組合但想要接觸比特幣的人來說，這將是他們的選擇之一。對於那些更喜歡擁有財產而不是比特幣數字財產的人來說，我認為這是正確的思考方式。

Thank you, Michael. I think one last question for Phong, is the top-line miss this quarter driven by a faster-than-expected migration to the cloud? Or is it a reflection of weaker demand due to macroeconomic risk.

謝謝你，邁克爾。我認為 Phong 的最後一個問題是，本季度的營收錯失是否是由於遷移到雲的速度快於預期？還是因為宏觀經濟風險導致需求疲軟。

I think it's more of the latter. And I think that is primarily manifested in slippages of both cloud and perpetual deals into the second quarter. So I don't think this is a permanent change or impact. We do have a little bit of the impact coming from stronger cloud, but I think it's more on the macroeconomic side in the war in Ukraine.

我認為更多的是後者。我認為這主要體現在第二季度的雲交易和永續交易的下滑。所以我不認為這是一個永久性的變化或影響。我們確實有一點來自更強雲的影響，但我認為這更多的是在烏克蘭戰爭中的宏觀經濟方面。

Great. So I think we are at the top of the time now. So thank you, everyone, for your questions. This concludes the Q&A portion of the webinar. I will now turn the call over to Michael for any closing remarks.

偉大的。所以我認為我們現在處於最佳狀態。所以謝謝大家的提問。網絡研討會的問答部分到此結束。我現在將把電話轉給邁克爾，以聽取任何結束語。

I want to thank everybody for being with us today, and thanks for your support. We wouldn't be here without you. So we'll continue with our strategy, and we look forward to speaking with you again in 12 weeks. Wishing you the best.

我要感謝今天與我們在一起的所有人，並感謝您的支持。沒有你我們不會在這裡。因此，我們將繼續我們的策略，我們期待在 12 週內再次與您交談。祝你一切順利。

Thank you.

謝謝你。