Strategy 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.

我們將開始。各位好，晚安。我是 Shirish Jajodia，MicroStrategy 財務部資深總監暨投資人關係主管。我將擔任 MicroStrategy 2022 年第一季財報網路研討會的主持人。

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，我將宣讀安全港聲明。我們在今日電話會議中提供的部分資訊，涉及我們對未來的預期、計畫與展望，可能構成前瞻性陳述。由於各種重要因素（包括我們最近向 SEC 提交之 10-Q 中所討論的風險因素），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之任何義務；該等陳述僅以今日為準。

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，在今日電話會議中，我們將提及若干非 GAAP 財務衡量指標。顯示 GAAP 與非 GAAP 結果之調節表載於我們的財報新聞稿與簡報中，兩者均於今日發布，並可於我們的網站 microstrategy.com 取得。

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)

歡迎各位參加今日的網路研討會，並提醒各位我們將使用螢幕底部的 Q&A 功能進行提問。（接線員指示）

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

接下來，我將把電話會議交給 MicroStrategy 董事長兼執行長 Michael Saylor。Michael？

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，Shirish。我是 Michael Saylor，MicroStrategy 的董事長兼執行長。歡迎各位參加今日關於我們 2022 年第一季財務結果的網路研討會。我與我們的總裁兼財務長 Phong Le 一同出席。

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，我想把時間交給 Phong，他將就我們本季的營運與財務狀況提供最新進展。

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，Michael。2022 年第一季，我們在兩大公司策略面向上都持續感到滿意。以下為我們第一季軟體業務成果摘要。營收年減 3%，以固定匯率計則大致持平。我們在第一季面臨一些營收逆風，包括：因烏克蘭戰爭導致更具挑戰性的總體經濟環境；與 2021 年第一季的艱難比較基期（當時授權收入年增 69%，總營收年增 10%）；以及持續的雲端成長（短期內對產品授權與總營收造成負面影響）。我們的雲端業務動能持續，訂閱收入年增 28%，當期訂閱帳單金額（current subscription billings）年增 18%，已連續第八季維持雙位數成長。由於總體經濟不確定性，第一季有數筆大型雲端交易遞延，導致帳單金額成長較前一季下滑。

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.

接著談我們的比特幣策略。我們又度過一個活躍且成功的季度。我們以每枚比特幣平均購入價格 44,645 美元（已扣除手續費與費用）購入 2.15 億美元的比特幣。截至目前我們未曾出售任何比特幣。這些購買資金來源包括我們業務的超額現金，以及透過一筆 2.05 億美元、史上首筆上市公司比特幣擔保定期貸款（Bitcoin-backed term loan）。我將在財務部分更詳細說明該貸款條款。總計而言，我們已募集合計 34 億美元的新債務與股權資本，並用以支持我們的比特幣收購策略。

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.

再次重申我們的策略：我們尋求長期收購並持有比特幣。我們將比特幣持有部位視為長期持有，且目前不計畫進行比特幣出售。截至 2022 年 3 月 31 日，公司共持有 129,218 枚比特幣，取得總成本為 39.7 億美元，或每枚比特幣 30,700 美元（已扣除手續費與費用）。截至 2022 年 3 月 31 日，我們比特幣持有部位的市值為 59 億美元，反映 19 億美元的未實現收益，或相較於截至 2022 年 3 月 31 日比特幣原始成本基礎約近 50% 的增值。

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，我們比特幣持有部位的帳面價值約為 29 億美元，反映累計減損費用 11 億美元。我們仍看到 MicroStrategy 有機會鎖定一個數十億美元規模的軟體市場，該市場正處於從傳統技術轉向雲端的早期階段。我們具備良好定位，能以現代化分析平台滿足企業客戶需求。如同我們在上次財報電話會議中詳細討論的，我們看到三個關鍵成長領域：企業分析、嵌入式分析與雲端；我們將透過開發銷售管線、協助客戶成功，以及持續創新、自動化並簡化我們的技術堆疊來尋求成長。

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，我想就我們最新平台版本的產品強化提供更新；該版本擴大了我們為客戶提供的價值，並代表未來額外的成長機會。特別是，產品現已包含一套令人印象深刻且具差異化的新功能，使組織能以更快速度建置無縫、可擴展的商業智慧應用程式，可獨立部署，或直接嵌入至其他產品中。

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.

透過完全現代化、沉浸式且互動式的設計，我們甚至推出一個簡易的無程式碼（no-code）應用開發選項，建立在 MicroStrategy Library 的基礎之上，旨在賦能開發者以企業級規模、快速上市的速度，為多個使用者群組部署強大的客製化資料入口網站。MicroStrategy 應用程式為客戶帶來競爭優勢。開發者可以為在賣場使用 iPad 的員工打造一個應用程式，也可以為財務主管與總部打造另一個應用程式，全部都建立在同一個高度治理、單一真實版本（single version of the truth）的基礎上。這帶來更高的信任、更少的麻煩與更低的維護成本——這些特質使 MicroStrategy 成為企業與獨立軟體供應商的理想合作夥伴。

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.

應用程式也提供更強化且可容忍的安全性控制，以授予受限存取與登入，並具備精密的嵌入功能，以提供更高的彈性與客製化。談到安全性，MicroStrategy 近期也透過對備受矚目的 Log4j 與 Spring for Shell 漏洞所做的快速、透明且有效的回應，而與競爭對手區隔開來。

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.

我們的客戶受益於對這些問題的快速緩解與修復，鞏固了他們從我們合作關係中一向期待的安心感。使用 MicroStrategy Cloud 的客戶在週末就安裝了 0-day 修補，並在一週內完成更新與修補程式安裝。MicroStrategy 持續成長，且在組合中占比愈來愈高。MicroStrategy Cloud 持續成為我們業務組合中占比愈來愈高的一部分。我們正按計畫在 2022 年加速訂閱帳單金額的動能。

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.

我們預期將透過將地端（on-prem）客戶遷移至雲端、擴大既有雲端客戶的使用範圍，並盡可能將新客戶的部署預設為雲端來實現成長。我們也預期在今年第三季推出符合 FedRAMP 的 MicroStrategy 軟體版本。對於尚未準備好移轉至雲端的客戶（例如高度監管的產業或國家），我們也將持續致力於提供支援。

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.

我們底層的雲端架構也在改善，運用容器與微服務。此架構旨在為數以萬計使用者提供高度可擴展的多租戶 SaaS 解決方案，並為開發者提供精簡的體驗，以運用持續整合與持續開發。整體而言，我對產品創新的速度非常滿意，我們也有信心在維持獲利能力的同時，達成我們的長期成長目標。

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 也再次大獲成功。World 22 是我們第二次舉辦的虛擬 World 活動，使我們能以客戶成功案例、產品發表、思想領導力主題演講，以及同步舉辦且極受歡迎的「企業比特幣」活動，觸及更大、更廣的受眾。我們的內容透過線上活動平台免費提供給所有人。包含 Michael Saylor 與 Jack Dorsey 的主題演講在內的 keynotes 也在 YouTube 進行同步直播。總計而言，我們在活動平台上接近 14,000 名註冊者，並在各種媒介上累計超過 180,000 名內容觀眾。各場次的重播可於我們網站取得。

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.

接著更詳細說明我們 2022 年第一季的財務結果。本季營收為 1.193 億美元，年減 3%，以固定匯率計幾乎持平。以過去 12 個月（trailing 12-month）為基礎，總營收年增 3%。產品授權收入為 1,650 萬美元，年減 22%，以固定匯率計年減 20%。下滑主要是因為 2021 年第一季包含一筆大型交易，該交易貢獻了年對年差異的大部分。以過去 12 個月為基礎，產品授權收入年增 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.

訂閱服務營收為 1,280 萬美元，年增 28%，或以固定匯率計年增 30%。訂閱服務營收的成長反映出我們產品訂單中與受管雲端平台相關的比重提高。我們 2021 年第一季的當期訂閱帳單金額為 1,140 萬美元，年增 18%。第一季成長低於預期，因部分交易延後至第一季之後，部分原因為烏克蘭戰爭持續，影響歐洲及全球客戶的採購模式。我們看到雲端授權需求與銷售管道強勁，並看好未來仍有進一步成長的潛力。

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.

本季產品支援營收為 6,720 萬美元，年減 5%，或以固定匯率計年減 3%。下滑部分來自部分既有客戶由永久性產品授權轉換為我們的訂閱服務或定期授權方案，部分則受不利外匯匯率影響。隨著我們看到更多地端（on-premise）轉換至雲端方案，我們預期產品支援營收將隨時間呈現溫和下滑。儘管如此，我們 Q1 當季的產品支援續約率仍持續維持在我們歷來最高水準之一。

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，其他服務營收（主要反映我們的顧問服務）本季為 2,280 萬美元，年增 9%，或以固定匯率計年增 13%，主要由全球可計費工時增加所帶動，但部分被不利外匯匯率影響及平均計費率下降所抵銷。我們認為顧問營收的成長顯示客戶持續投入，以現代化、維持並擴大其 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.

接著談成本。總非 GAAP 費用（包含以股份為基礎之薪酬費用）為 2.75 億美元；第一季 2022 年為 2.75 億美元，相較 2021 年第一季為 2.98 億美元。其中，2022 年第一季比特幣減損費用為 1.70 億美元，2021 年第一季為 1.94 億美元。提醒一下，關於比特幣減損費用的會計處理：依適用會計準則，我們的比特幣持有部位被視為無確定耐用年限之無形資產，這表示在取得後任何時間，只要其公允價值低於該資產的帳面價值，我們就必須認列減損費用。

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.

第一季期間，我們認列數位資產減損費用 1.70 億美元。如同上次法說會所述，往後我們在未來申報文件中可能呈現的任何非 GAAP 財務衡量指標，將保留比特幣減損費用的影響。此一非 GAAP 財務衡量指標呈現方式的變更，不影響我們的策略、營運或 GAAP 財務報表，也不影響先前向 SEC 提交的文件。我們將持續單獨揭露比特幣減損費用。

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，從圖表底部往上看。2022 年第一季非 GAAP 營收成本為 2,500 萬美元，年增 240 萬美元或 11%。以總營收百分比計，增加 2.6%，主要由雲端客戶託管費用上升及新增人力帶來的人事成本增加所致。隨著我們持續加速轉向雲端，我們預期基礎設施成本與支援更多客戶所需的人力將增加。並且隨時間推進，隨著雲端業務規模化，成本占總營收的比重將下降。

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 銷售與行銷費用為 2,900 萬美元，年減 690 萬美元或 19%。下降主要由變動薪酬減少所致，主要因資本化佣金較高，以及獎金與人事成本下降。以產品授權與訂閱營收百分比計，該費用反映出下降——降幅為 16%，部分反映我們銷售與行銷團隊生產力提升。

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.

非 GAAP 研發費用為 3,000 萬美元，年增 280 萬美元或 10%。以總營收百分比計，增加 3%，主要由人力增加、招募成本及薪資通膨所推動。科技產業已出現顯著薪資通膨與資源競爭，我們預期該趨勢將在 2022 年持續，且我們將持續投資研發，以留任優秀工程師並開發精密且具創新性的產品。我們也正將部分人力轉移至成本較低的地區，預期隨時間推進將帶來部分成本效率。非 GAAP 一般與行政費用為 2,100 萬美元，年增 210 萬美元或 11%；以總營收百分比計，增加 2.3%。整體而言，我們對成本結構以及持續產生現金流的能力感到有信心。

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 年第一季非 GAAP 營業損失總額為 1.556 億美元，其中包含與比特幣相關的減損費用 1.701 億美元。截至 2022 年 3 月 31 日，我們比特幣持有部位的帳面價值為 29 億美元，反映累計減損費用 11 億美元；該等減損亦已在發生期間於我們的 GAAP 損益表中反映為損失。

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損費用仍將受比特幣市場價格波動影響。作為數位資產的主要倡議者之一，我們一直與同業公司及美國各政策制定機構合作，嘗試為數位資產建立替代性的會計架構。目前，非投資公司將比特幣列為無形資產。這表示比特幣最初以成本入帳於資產負債表，之後若公司主要交易所的比特幣市價在任何時間跌破帳面價值，即視為發生減損。然而，即使比特幣價格上漲，帳面價值也不得反向上修。

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，財務會計準則委員會（FASB）宣布已將一項專案納入其研究議程，以探討交易所交易之數位資產的會計處理。作為全球最大的上市公司比特幣持有者，我們認為有責任分享自採行此策略以來的經驗，讓其他公司更容易以此新資產類別分散其資產負債表配置。

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，我將說明我們與 Silvergate Bank 進行的首筆以比特幣作為擔保的定期貸款條款。我們以 3 年期、僅付利息（interest-only）的貸款方式籌得 2.05 億美元，並以比特幣作為擔保品。該貸款於 2025 年 3 月 23 日到期。其每月利率為浮動利率，等於紐約聯邦準備銀行網站公布之擔保隔夜融資利率（SOFR）30 日平均值加 3.70%，並設有 3.75% 的利率下限。該貸款可於任何時間提前償還，但須支付適度的提前清償溢價。

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.

該貸款的初始貸款對擔保品價值比（LTV）為 25%，因此在交割時以約 8.20 億美元價值的比特幣作為擔保。貸款存續期間，我們必須維持 LTV 比率不高於 50%。這基本上表示，自交易交割時點起，比特幣價格約下跌 50% 之前，我們都不需要追加任何擔保品。我們也可選擇主動管理 LTV 比率，視需要提供任何金額的額外擔保品。若比特幣價格上漲且 LTV 比率在任何時間低於 25%，在該等返還後 LTV 比率不會超過 25% 的前提下，我們有權取回超額擔保品。

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，我們已在 Silvergate 設立 500 萬美元的現金準備帳戶，作為該貸款的額外擔保品，可用於支付該長期貸款最後 6 個月的利息。同時，我們也自貸款款項中保留約 900 萬美元作為現金與宏觀策略資金，可用於一般公司用途，包括支付本貸款利息或購買更多比特幣。本貸款不由任何一方提供保證。該協議不限制我們承擔額外負債，允許新增留置權（lien），只要該等留置權不設於作為本貸款擔保品的資產上，並允許我們出售資產，只要該等資產未作為本貸款擔保品。對於未作為本貸款擔保品的比特幣，其使用不受限制。因此，只要比特幣升值幅度高於發行費用及貸款期間將發生——所發生的累計利息費用，本貸款將對股東具有增益（accretive）。

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 已率先將數位資產作為企業財務庫藏政策的核心組成部分，並為我們的股東創造了增量價值。以下為截至 2022 年 3 月 31 日、按實體劃分的公司目前比特幣持有量快照：公司合計持有 129,218 枚比特幣。其中約 14,100 枚比特幣由 MicroStrategy 實體持有，且全部作為抵押品以擔保我們 2028 年到期的有擔保票據。其餘約 115,100 枚比特幣由 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 MacroStrategy 所持有的比特幣中，約 19,500 枚比特幣已質押作為以比特幣作擔保的定期貸款之抵押品，超過 95,600 枚比特幣仍未質押且未受任何擔保權或其他負擔限制。我們未來可能會考慮更多運用該策略性資產的機會。例如，在市場狀況允許下，我們可能會進行更多以比特幣作擔保的融資，或尋求將我們的比特幣出借給第三方以產生收益。我們將持續密切監控市場狀況，並決定是否進行任何此類交易，且最終也可能決定不推進上述任何交易。

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，我想強調我們穩健資本結構的強度。從資產負債表與流動性角度來看，我們能夠隔離比特幣價格短期市場波動的影響，因為我們目前在 2025 年 3 月之前沒有任何到期的債務本金。當前年化利息費用合計約 4,400 萬美元，按我們 24 億美元的全部債務義務計算，相當於約 1.82% 的加權平均利率。我們預期由軟體業務產生的現金流將足以在利息到期時支付利息義務。此外，我們維持一定的最低現金餘額，以支應日常營運資金需求。截至第一季，我們資產負債表上的現金為 9,500 萬美元。

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，在市場狀況允許下，我們將持續評估我們認為可為股東帶來增益的舉債或股權募資及其他融資機會，以推進我們的比特幣收購策略，或在需要時優化我們的資本結構。我們相信，比特幣在全球的進一步採用將對比特幣價格產生正面影響，這有潛力為我們的股東帶來不對稱的上行空間。

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.

我們對 2022 年的展望仍然正面，因為我們持續轉型至雲端，並預期訂閱帳單金額將持續增加。我們的雲端轉型將帶來更高的訂閱收入與帳單金額。隨著訂閱帳單金額持續成長，即使我們的雲端軟體業務——即使我們整體軟體業務費用——在近端期間，我們的產品授權收入與總收入成長也可能放緩。這在很大程度上取決於新銷售在雲端與地端（on-premise）授權之間的組合。原因在於，一份新的雲端合約即使其合約總價值可能高於地端授權，但在第一年所認列的收入仍會較低。整體而言，我們認為我們已具備良好條件，以達成我們長期超過 10% 的銷售成長目標，並隨時間推進提升自由現金流。

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，我想向各位分享我們新任 CFO 任命的最新進展。我想歡迎 Andrew Kang，他將加入 MicroStrategy 擔任我們的新任 CFO，預計生效日期在 5 月 9 日左右。我非常高興看到他接任這個關鍵的新領導職務，並能以其豐富經驗做出貢獻。

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 在銀行與消費金融領域擁有超過 20 年經驗，最近曾擔任上市金融科技公司 GreenSky, Inc. 的 CFO。在加入 GreenSky 之前，Andrew 曾任 Santander Holdings USA 的企業財務長（Corporate Treasurer）；Santander Holdings USA 是隸屬於 Banco Santander SA、資產規模 1,500 億美元的美國銀行控股公司。Andrew 亦曾在 Santander Consumer USA、HSBC Finance 與 Capital One 的資本市場、財務與資金管理（treasury）領域擔任領導職務。

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 到任後，我期待能有更多時間專注於我作為總裁的角色，負責 MicroStrategy 的日常營運，並就我們 BI 與比特幣策略的長期健康與成長進行策略規劃。

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.

接下來我將把電話會議交給 Michael，請他分享對 MicroStrategy World Event 的觀察、對我們比特幣收購策略的評論，以及對數位資產領域監管前景的看法。

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，也感謝今天與會的各位。我想先從幾點全球發展的觀察談起。在第一季，我們看到一些相當具指標性的事件：加拿大卡車司機危機、烏克蘭戰爭、對俄羅斯的制裁、持續的通膨、供應鏈混亂、對糧食與能源短缺的擔憂。所有這些因素再加上貨幣環境走弱——包括中國貨幣、日圓、南非——南美與非洲貨幣，以及許多亞洲貨幣都在對美元走貶。

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，我認為目前全球幾乎所有貨幣（除了 2 種之外）都在對美元走貶。這正在形成非常具挑戰性的總體經濟環境，並將持續為所有企業帶來不確定性與挑戰。我認為這也提高了人們對比特幣這類數位資產的認知與理解，因而「一線希望」是：數以億計、甚至數十億的人，正開始意識到需要像比特幣這樣的非主權（non-sovereign）數位價值儲存資產。負面之處在於，這會造成非常具挑戰性的營運環境。

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包括：拜登白宮於 3 月 9 日發布的行政命令（Executive Order）。就我所知，這可說是首次——至少是任何人記憶中第一次——美國行政部門本質上在強調並背書某一資產類別，認為其對國家未來至關重要。因此我認為這是極為吉兆的訊號。

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.

美國財政部長 Janet Yellen 於 4 月 7 日在美國大學發表的演說同樣非常吉兆。我們看到美國財政部長闡述去中心化網路的理由、數位財產的理論，並談到對數位貨幣的需求；同時也提及加密經濟中的創新，並表示政府將以積極態度推進，提供負責任的監管，以讓這個經濟體得以成長。

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.

我也認為這點非常關鍵。如果把這些總體經濟發展與監管訊號放在一起看，我們看到的是：世界對貨幣感到不安、對財產權感到不安，並且——對 20 世紀的銀行體系與 20 世紀的支付系統感到不安——同時也意識到需要找到解決方案。但我們也看到另一個重大發展：一般而言，比特幣與數位資產的否認者（Deniers）如今正被美國政府噤聲。早期最具殺傷力的批評之一是：這只是一個「panty scheme」，或是這是無形的、或是根本沒有任何實質內容。

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.

而我認為，現在 SEC 主席、財政部主管以及美國總統都承認這裡確實有東西存在，而且這是整個政府的重要優先事項，這真的讓否認者被孤立——如果不是讓他們此刻看起來有些可笑的話——因為很明顯有 2.5 億人知道這裡確實有東西，而且它正以野火般速度成長；也很明顯政府已經認知到這一點。因此，在否認者之後，我們會看到另一類比特幣投資人：懷疑者（Skeptics）。懷疑者承認它存在，承認它很好，甚至可能承認它比黃金更好、比其他形式的貨幣或財產更好，然後他們會補上一句觀察：正因為它太好，所以政治人物會禁止它，或政府會禁止它。

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.

而這種觀點——在過去兩年中已被一些相當知名且可信的來源所表述。但當然，隨著 3 月 9 日的行政命令以及 4 月 7 日的 Yellen 演說，要維持這種懷疑立場變得愈來愈困難，因為你本質上必須把自己放在與白宮對立的位置，對吧？這並不是美國的政策去要求禁止比特幣。

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，在西方世界，沒有人有政策要禁止比特幣。因此，否認者與懷疑論者正被噤聲，而整個比特幣市場正在演變為由交易員、技術官僚以及極端比特幣派（maximalist）所掌控。很明顯地，當前市場的波動性是由於交易員把比特幣當作與 NASDAQ 相關聯的資產來交易所驅動。而以 NASDAQ 為主的科技投資人，隨著聯準會升息，正把賣出或放空科技資產作為避險（risk-off）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.

所以我會說，如果我們看過去 3 個月，雖然總體經濟環境艱難，宏觀逆風正迎面吹向所有風險資產與所有營運型公司；但我會說，比特幣的基本面發展、政治層面的發展，以及市場對比特幣的認知都取得了巨大的進展——而且如果你比較我們今天所處的位置與 2 年前相比，這個資產類別已大幅成熟，認知也大幅成熟，持有該資產類別的風險已經下降。

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.

具體而言，我認為過去 24 個月的懷疑論者正逐漸消失，大家正移轉成為交易員、技術官僚或極端派（maximus）。今年 4 月我有機會參加在邁阿密海灘舉辦的比特幣大會。我注意到政治人物、媒體與投資人對比特幣的興趣大幅飆升。有許多政治人物在一年前還沒聽過、也不感興趣（不論國內或國際），如今它已進入他們的雷達範圍，他們也意識到必須關注它。

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 日的行政命令並非毫無關聯。我認為媒體報導更多了，而且我們看到媒體語氣出現變化。我覺得 2 年前媒體語氣幾乎不存在。事實上，人們過去常感嘆主流媒體完全不報導比特幣。直到 2021 年 2 月特斯拉買入比特幣之後，比特幣才進入主流媒體的雷達。但我認為在過去幾個月，語氣已從懷疑或戲謔演變為尊重。事實上，我幾乎注意到現在各大報紙與主要有線新聞網的主流記者，對整個加密經濟的認識都高出許多，對比特幣及其價值主張也了解得多得多，懷疑更少、興趣更高，也更願意投入互動。

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.

我認為環境已從不感興趣，經過懷疑，走到如今媒體呈現中性好奇，甚至可以說是被吸引——「被吸引」應該是媒體最貼切的詞。同時我們也看到一批在這個領域備受尊敬、可信的投資人，在市場上更自由地談論比特幣，實際上也在言論上變得更直言、更支持。我認為這是過去 12 個月的一大進展。例子包括：我們看到 Carlos、Salinas、Piaggio 更加直言；Peter Thiel 更加直言；Paul Tudor Jones 更加直言；Orlando Bravo 也更加直言。所以我認為你會在未來 12 個月持續看到這樣的發展。

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.

我認為閃電網路（Lightning Network）的進展相當重要；也許過去 12 個月較大的發展之一，就是閃電網路正在成熟。閃電網路是一個開放、無需許可、非託管的第二層（Layer 2）網路。本質上，如果比特幣代表健全貨幣（sound money）的協議，那麼閃電網路就代表一個用於交易與資金轉移的開放、無需許可協議。而且由於它——理論上可以擴展到每小時數億甚至數十億筆交易——這本質上就是「貨幣的網際網路」。

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.

兩年前，閃電網路還真的只是開發階段。過去一年，它開始真正活躍起來。因此我們現在正進入「貨幣的網際網路」開始成形的第二年早期。這裡的重大里程碑包括：Block 將閃電網路整合進 Cash App，是一個重大里程碑；在閃電網路之上發布 Taro 協議規格，也是重大里程碑。這意味著，隨著時間推進，閃電網路不僅能以光速在數十億人之間來回傳送聰（satoshis），它也將能移轉其他數位資產，例如穩定幣、Tether、Circle 或任何其他數位貨幣、任何其他數位代幣，或是 NFT 或其他資產，都可以在閃電網路上以極高速度移動、具備極強擴展性，同時利用比特幣網路的安全保證。這相當有吸引力。

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 也把閃電網路納入他們的交易所，這是一個非常引人注目的突破。所以我認為，隨著時間推進，所有具競爭力的數位資產、交易所，以及所有具競爭力的匯款等應用，都將不得不把閃電網路作為協議建置到它們的應用中。我們還有好幾年的開發路要走，但閃電網路的重要性在於：它讓比特幣不再只被視為一種資產、以及一個低頻高價值的結算網路，而是把它帶到下一個層級——成為一個高頻、高量、功能非常豐富、可擴展的交易網路。我認為，建立在比特幣網路之上、由閃電網路賦能的應用將會爆發式成長。

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).

比特幣在上一季的另一個重大發展，是 Fidelity 推出 401(k) 方案。我們對此非常振奮。當然，我們也是他們這次推出的早期核心合作夥伴。比特幣比黃金更好。稱它為「數位黃金」其實是低估了它。它確實是世界歷史上最硬的貨幣（hardest money）。但如果你在思考世代財富、想留一些東西給孫子孫女，或是你想要一個退休基金，它顯然是 401(k) 中非常、非常有吸引力的一個要素。

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.

我們今天剛在電視上看到，世界頂尖的宏觀投資人之一 Paul Tudor Jones 說，在目前的經濟環境下，我當然不會持有股票和債券。也就是說，在你面臨惡性通膨與宏觀逆風的環境裡，人們對持有股票與持有債券都非常懷疑。所以如果我不能持有股票、也不能持有債券，那我到底該把什麼放進 401(k)？這就是比特幣登場的地方。

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.

我想要持有某種商品貨幣（commodity money），而且要比一般商品更好，因為沒有人能再多生產它。比特幣就是那個東西。所以我確實認為——世界正在快速演變。它演變的速度可能比監管機構與主流媒體能跟上的速度還快，有點像衝擊波。當你以比人們能自我教育其後果更快的速度穿越文明，你會看到火花；而 401(k) 的推出有點像在全球打響的一槍，因為這件事的本質是：人們將不得不停下來思考——這要嘛是你能放進退休投資組合裡風險最低的東西，要嘛就是放進退休投資組合裡風險太高的東西。

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，一旦你開始思考並研究它，你就會意識到它是你能放進退休投資組合裡風險最低的東西。至少，這是那些研究比特幣一段時間的人所持的看法。因此，Fidelity 的 401(k) 方案是一場巨大的教育事件。它會把這件事放到財務顧問、退休規劃師、整個大型金融產業的桌面正中央；而我認為，最終它將把比特幣介紹給一個全新的投資人族群，並擴大、充實這個資產類別。

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，我想接著談談我們的比特幣策略。我們將持續推動一項策略，為投資人提供以槓桿取得比特幣現貨曝險（spot exposure）的方式。因此，如果你想買一種證券，並希望該證券持有比特幣；接著你還希望——而且你認為以 1.8% 的利率借錢來買入該比特幣是合理的想法——那麼 MicroStrategy 看起來就是一家值得投資的理性公司。

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.

我們將努力以具增值（accretive）的方式，隨時間推進增加我們的比特幣持有量。因此我們不是在交易比特幣，也不是在賣出比特幣；我們是在持有比特幣。而且不時地，在條件允許時，我們會再買入更多比特幣。如果我們專注於這項策略，我們相信我們能向市場提供一種證券，並作為一家營運公司，在本質上優於你若去買入現貨 ETF 所能得到的那種證券。我們不會是一檔 ETF。我們是一家營運公司，而且我們有軟體業務。但對於正在考慮買入持有現貨比特幣的 ETF 的投資人而言，他們會把這點納入考量。那種產品可能不會有槓桿，他們可能需要支付費用。而我們的目標是向他們提供同樣的比特幣持有曝險，但不收取那筆費用，並在機會出現時，不時運用審慎且智慧的槓桿。我對我們本季能取得的比特幣擔保貸款感到非常、非常滿意。顯然我們會審慎使用這種機制，因為一般而言，我們不希望形成一大套義務，導致在比特幣價格波動時可能需要追加擔保品。

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，相較於比特幣波動性所帶來的風險，如何管理我們的資產負債表是首要關切，也是我們一直在思考的事。當市場條件沒有提供任何好的機會時，我們會放慢比特幣的收購節奏；而當市場提供很多好機會時，我們可能會加快。你只能按季持續關注，看看我們會怎麼做。我們有選擇什麼都不做；如果市場沒有給我們好的選項，我們就不做，或者我們也有選擇去做一些事。你可以看到，到目前為止，我們已經用優先擔保債務買入比特幣；我們用要約收購（tender offer）買入比特幣；我們用核心業務的現金流買入比特幣；我們用可轉換債務買入比特幣；我們用市場隨時發行（at-the-market）股權發行買入比特幣；我們也用資產擔保融資（asset-backed financing）買入比特幣。我們在當時推動每一項措施，是因為我們認為它們能為普通股股東帶來增值，並有利於我們的長期策略。

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.

在我們開始提問之前，我最後想說的是：我們將持續推動面向一般市場的比特幣教育與倡議使命。作為最大的上市公司比特幣持有者，我們去教育監管機構是合理的；我們去教育其他企業是合理的；我們去教育任何媒體人士或任何有興趣的政治人物也同樣合理，讓他們理解這對世界意味著什麼、為什麼這對世界有益、為什麼這對美國有益、為什麼這對他們的公司與機構有益，以及他們如何受益，並將比特幣納入其損益表（P&L）或納入其資產負債表。

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.

如果你沒有在 Twitter 上追蹤我，請追蹤。我現在剛突破 240 萬名追蹤者。我會相當定期地分享我對當前環境的看法。我也很高興地說，到今天或明天結束前，我在 YouTube 上與 Lex Friedman 錄製的一集 Podcast，觀看次數將突破 200 萬。

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.

我在邁阿密海灘家中的書房與 Lex 坐下來，我們談了 4 個小時，內容涵蓋數位轉型與比特幣的必要性（bitcoin imperative），以及我們的策略，當然也包括總體經濟與地緣政治。要把 200 萬人放進你的客廳並不容易；但有 200 萬人連續聽 4 個小時，這就是大量的教育，而我們會繼續做更多。

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.

我感覺到市場對數位資產的知識有著巨大的渴求；對比特幣對世界以及整個加密經濟所帶來影響的理解，也有巨大的渴求。還有很多教育工作要做。我們離完成還差得遠；我們其實才剛開始，但我們已經建立了一個可以做這件事的平台，而且我們將獲得越來越多機會來傳達這個訊息並教育世界。

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.

我也會持續透過比特幣挖礦委員會（Bitcoin Mining Council）以及整個比特幣社群，與比特幣礦工合作，來處理外界對挖礦的誤解，並解釋比特幣的好處、挖礦的好處。我們剛發布了最新一季的比特幣挖礦資訊，讓全世界看到：連續第四個季度，比特幣挖礦使用超過 50% 的永續能源，實際上是 58%。58% 的永續能源使用率，使比特幣挖礦產業成為全球所有產業中最乾淨、最具永續性的產業。這讓很多人感到意外。它仍然讓很多人感到意外，但這是個令人愉快的意外。

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.

整體而言，比特幣挖礦的效率年增 63%。很多人沒有意識到，比特幣網路的安全性不僅由能源支撐，也由技術支撐，而那項技術正隨時間呈指數級變得更有效率。因此，我非常高興我們能向世界普及比特幣網路的效率，以及比特幣與比特幣挖礦的益處。我認為還有更多教育工作要做。我們作為一家上市公司，在收購並持有比特幣方面的領導角色，讓我們擁有一個能進行大量教育的平台，而我們會在來年持續推進。

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

那麼，藉此我想感謝各位的支持，我們接下來開始回答問題。

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，Michael。我們將直接進入提問。我們收到很多很好的問題，會盡量涵蓋越多越好。第一個問題比較輕鬆：關於軟體業務，顯然你多年來經歷過幾個經濟循環，BI 軟體的支出有多大程度屬於可自由裁量？你認為目前的總體環境只是把成交／簽約週期往後推，還是你覺得有些案子會被暫停一段時間？

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，Jo。簡短的回答是：BI 支出中有一部分屬於可自由裁量，我會稱之為「投機性」支出，也就是嘗試新事物，但未必有明確的使用情境或營運成果；另外也有一部分是必需的，也就是企業要運作與經營所必須的那一塊。幸運的是，MicroStrategy 更偏向後者而非前者。因此，當出現像我們在第一季所遇到的不確定總體經濟環境時，那類支出可能會被往後推遲一個季度，但不至於被永久擱置一整年或好幾年。總體而言，我對我們抵禦總體經濟下行的能力感到樂觀，相較於一些近年才進入市場的新競爭對手，我們的表現應該更穩健。

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，Fang。下一個問題給 Michael：當你們買入比特幣時，你們在一個季度內會在多大程度上考慮以定期定額（dollar cost averaging）的方式分批買入，而不是採取一次性買入的策略？

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。我們會審慎思考取得比特幣的方式，並以不影響市場的方式進行；我們會把買入分散在一段時間內，有時是較長的期間，有時是較短的期間，取決於我們對市場與波動性的判斷。從實務上來看，因為過去兩年我們在很多、很多不同的時點買入比特幣，當我們取得更多資本並持續買入時，我們其實就是在做定期定額。我想我對這題的回答就是這樣。

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

再一個給 Michael 的問題：你對目前的槓桿水準感到安心嗎？你們的長期負債策略是什麼？

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。我認為我們對目前的槓桿水準感到安心，而我們的長期負債策略是：不承擔超出我們合理可管理範圍的債務。

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.

我可以再補充一點。你們稍早看到我們分享了一些數字。目前我們的年度利息費用大約是 4,400 萬美元；相較之下，若以去年的息稅折舊攤銷前盈餘（EBITDA）來看，並把比特幣折舊調整回來，大約是這個數字的兩倍左右。因此我認為我們有充足的獲利與現金流來覆蓋利息費用。就目前而言，我們的槓桿水準處在相當舒適的位置。

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。下一個問題是問 Phong。比特幣要跌到什麼程度，MicroStrategy 才會因 Silvergate 的貸款而收到追繳保證金通知？另外，這筆貸款是否是出於現金流需求？

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.

我先回答第二部分。不，這筆貸款並非出於現金流需求。我們借這筆款主要是為了能夠繼續加碼投資比特幣，同時也確實是為了建立一個以比特幣作為抵押的定期貸款市場。因此，作為第一家在公開市場這麼做的公司，這與 Mike 所說的一致，也就是我們在整體比特幣領域扮演領導者的角色。至於比特幣需要跌到哪裡，我們借款時的貸款價值比（LTV）為 25%，追繳保證金發生在 50% LTV。也就是說，比特幣基本上需要腰斬，或跌到約 21,000 美元左右，我們才會收到追繳保證金通知。不過，在到達 50% 之前，我們可以再提供更多比特幣加入抵押品組合，讓它永遠不會到那個水位，因此我們也不會陷入追繳保證金的情況。

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?

接著也是問 Phong 的下一個問題。就 Silvergate 貸款而言，是否存在因極端市場波動而導致比特幣抵押品被清算的風險？

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.

這其實與上一題相關。真正的風險在於我們可能需要再補充更多比特幣。正如我們先前提到的，我們有相當多未設抵押的比特幣。我們有 95,643 枚已設抵押的比特幣。因此，如果出現很大的下行波動，我們還有更多可以補進去。但同樣地，要到 21,000 美元左右，我們才會到需要更多保證金或更多抵押品補充的程度。所以我認為以我們目前的狀況來看是相當安心的。

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?

下一個問題是問 Michael。如果比特幣價格長時間維持持平，公司會採取什麼策略？

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.

我們會繼續既定策略。我們會持續在核心業務中創造現金流，並且不時地再買入更多比特幣。

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?

我再追問 Michael 一題。MicroStrategy 是否能提供任何關於在未設抵押的 MicroStrategy 比特幣上探索收益生成機會的細節？

No.

不能。

Is there anything else on that?

那還有其他補充嗎？

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.

有。我的意思是，我們正在看市場上很多不同的事情。這某種程度上也是我們作為市場領導者所扮演的角色之一。但我們要做什麼、何時做——而且在交易發掘方面，還牽涉到更多事情，例如會計影響等等。所以這些都是我們不時會拿來評估的事項。

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?

下一個問題是問 Phong。你們如何能夠放心在 401(k) 計畫中納入比特幣？能否提供一些計畫細節，以及是否已經啟動？

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.

可以。這跟我們如何對比特幣本身感到放心的問題很類似，對吧？Mike 也稍微談到了一點。首先，我認為 Fidelity 作為市場領導者所做的事情很棒。作為主要的退休儲蓄計畫提供者之一，很高興看到他們從領導角度所做的努力。我們之所以感到放心，是因為管理團隊、董事會、領導層與員工在過去兩年花了很多時間學習、研究並理解比特幣的細節，特別是把它視為價值儲存工具，特別是作為一項投資。因此，既然它是一種很好的長期歷史價值（這也是我們把大量投資配置到比特幣的原因），那麼對某些員工而言，把它納入退休計畫是合理的。這不適合每個人，最終會是自願參與。我們尚未推出這項安排；我們計畫在今年下半年推行。目前仍在釐清細節，包含具體要如何執行。

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，Phong。我再問 Phong 一題。你預期產品授權收入還會面臨逆風多久？在趨於穩定時，該業務區塊的規模會有多大？

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.

好的。隨著我們推進向雲端轉型，當我們以成長更快的訂閱收入取代產品授權收入時，產品授權收入會開始下滑。我可以想像去年相較前一年有相當大的成長，而我們不預期未來在產品授權收入上，還能在年對年基礎上看到那樣的成長幅度。隨著時間推移，我們用雲端與訂閱收入逐步取代它，這將成為組織與營收線的成長引擎。

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，Phong。下一個問題是問 Michael。你能否分享一些看法：買 MicroStrategy 股票是否更好？或者比較買 MicroStrategy 股票與直接買比特幣？

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.

我認為在某些公司、某些情況下，人們確實無法買比特幣——可能是法律限制或章程限制，他們不能買比特幣，但可以買證券。也有其他情況是，人們不能或不想買證券，但他們想買資產。所以這是非常不同的兩件事：一個是數位資產；另一個是某種在資產負債表上持有數位資產的證券。我認為這些是主要差異。對於偏好在投資組合中持有證券、但又想要比特幣曝險的人而言，這會是其中一個選項。對於偏好持有資產的人而言，比特幣就是數位資產；我認為應該用這種方式來理解。

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，Michael。我想最後一個問題給 Phong：本季營收未達預期，是因為向雲端遷移速度快於預期所致？還是反映在總體經濟風險下需求轉弱？

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.

我認為比較偏向後者。我認為這主要體現在雲端與永久授權交易都有延後，遞延到第二季。因此我不認為這是永久性的變化或影響。我們確實有一點點來自雲端更強的影響，但我認為主要還是總體經濟面，尤其是烏克蘭戰爭。

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.

很好。我想我們現在時間差不多到了。謝謝各位的提問。網路研討會的問答環節到此結束。我現在把電話交給 Michael，請他做結語。

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.

我要感謝今天與會的每一位，也謝謝你們的支持。沒有你們，我們不可能走到今天。所以我們會繼續既定策略，也期待在 12 週後再次與各位交流。祝各位一切順利。

Thank you.

謝謝。