Riot Platforms Inc (RIOT) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to Riot Platforms fourth quarter 2024 and full year 2024 earnings conference call.

歡迎參加 Riot Platforms 2024 年第四季和 2024 年全年財報電話會議。

(Operator Instructions) Please also be advised that today's call is being recorded.

（操作員指示）也請注意，今天的通話正在被錄音。

I would now like to hand the conference call over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms.

現在，我想將電話會議交給 Riot Platforms 資本市場和投資者關係副總裁 Phil McPherson。

Please go ahead.

請繼續。

Thank you, Michelle.

謝謝你，米歇爾。

Good afternoon and welcome to Riot Platforms fourth quarter and full year 2024 earnings conference call.

下午好，歡迎參加 Riot Platforms 2024 年第四季和全年財報電話會議。

My name is Phil McPherson, Vice President of Capital Markets and Investor Relations.

我叫 Phil McPherson，資本市場與投資者關係副總裁。

And joining me on today's call from Riot are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy.

今天參加我電話會議的還有 Riot 執行長 Jason Les； Colin Yee，財務長；以及執行副總裁兼企業發展與策略主管 Jason Chung。

On the right investor relations website, you can find our third quarter 2024 earnings press release and the company earnings presentation, which are intended to supplement today's prepared remarks, and which include a discussion of certain non-GAAP items.

在正確的投資者關係網站上，您可以找到我們的 2024 年第三季財報新聞稿和公司收益報告，旨在補充今天的準備好的發言，其中包括對某些非 GAAP 項目的討論。

Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP and are included as additional clarifying items to aid investors in further understanding the company's fourth quarter and full-year performance.

所提供的非 GAAP 財務指標不應被視為替代或優於按照 GAAP 編制的財務業績指標，並且作為額外的澄清項目，以幫助投資者進一步了解公司第四季度和全年的業績。

During today's call, we will be making forward-looking statements regarding potential future events.

在今天的電話會議中，我們將就潛在的未來事件做出前瞻性陳述。

These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties.

這些聲明是基於管理層目前的預期和假設，並受風險和不確定性的影響。

Actual results could materially differ due to factors discussed in today's earnings, press release, in comments and responses made during today's call, and in the risk factors section of our form 10-K and forms 10-Q including for the quarter ended September 30, 2024, which will be filed later today as well as other filings with the Securities and Exchange Commission.

由於今天的收益、新聞稿、今天電話會議上的評論和回應以及我們的 10-K 表和 10-Q 表（包括截至 2024 年 9 月 30 日的季度）的風險因素部分中討論的因素，實際結果可能會有重大差異，這些因素將於今天晚些時候提交以及向美國證券交易委員會提交的其他文件。

With that, I will turn the call over to Jason Les, CEO of Riot Platforms.

接下來，我會把電話轉給 Riot Platforms 執行長 Jason Les。

Thank you, Phil, and good afternoon, everyone.

謝謝你，菲爾，大家下午好。

Before we dive into Riot's 2024 results, I would like to reflect on the industry as a whole.

在深入了解 Riot 的 2024 年業績之前，我想先對整個產業進行反思。

When Riot began mining Bitcoin in 2017, the entire network cash rate was just 3 exahash.

當 Riot 於 2017 年開始挖掘比特幣時，整個網路的現金率僅為 3 exahash。

By 2024, Riot alone grew our self finding hash rate by 19.1 exahash to a total of 31.5 exahash, while the global network reached an all-time high of over 750 exahash.

到 2024 年，僅 Riot 一家就將我們的自我發現哈希率提高了 19.1 exahash，達到總計 31.5 exahash，而全球網絡則達到了超過 750 exahash 的歷史最高水平。

In January of 2024, the approval of the Bitcoin ETF brought further institutional adoption, resulting in the most successful launch of ETFs ever as measured by AUM.

2024 年 1 月，比特幣 ETF 的批准帶來了進一步的機構採用，從而成為有史以來以 AUM 衡量最成功的 ETF 推出。

By July of 2024, bitcoin has become a key topic during the presidential election.

到2024年7月，比特幣已成為總統大選期間的關鍵議題。

And post-election, Bitcoin hit new all-time highs of 75,000 and then 100,000.

大選結束後，比特幣創下 75,000 和 100,000 的歷史新高。

Why it has been mining bitcoin since 2017 with conviction in this long-term value proposition?

為什麼它自 2017 年以來一直堅信這項長期價值主張？

In January 2024, Riot stopped selling Bitcoin produced through our mining activities in order to retain more Bitcoin.

2024 年 1 月，為了保留更多的比特幣，Riot 停止出售透過挖礦活動生產的比特幣。

Additionally, we purchased Bitcoin for the first time in December 2024, following our inaugural successful convertible debt offering ultimately adding over 10,000 Bitcoin to our balance sheet over the course of the year, ending 2024 with 17,722 Bitcoin worth $1.7 billion, based on the Bitcoin price of 93,354 as of December 31, 2024.

此外，在我們首次成功發行可轉換債券後，我們於 2024 年 12 月首次購買了比特幣，並最終在一年內為我們的資產負債表增加了超過 10,000 個比特幣，到 2024 年底，比特幣數量為 17,722 個，價值 17 億美元，基於截至 2024 年的比特幣數量為 1931 年 1953 年的比特幣

Our efforts to maximize the value of our unique power assets does not mean we have changed our long-term view on Bitcoin.

我們努力最大化我們獨特的權力資產的價值並不意味著我們改變了對比特幣的長期看法。

Riot currently maintains approximately 4% of the global network and we will continue to pursue a compounding increase in the value of Bitcoin held per share as a key operating metric while seeking to maximize the value of all of our assets for our shareholders.

Riot 目前佔據全球網路約 4% 的份額，我們將繼續追求每股持有的比特幣價值的複合成長作為關鍵營運指標，同時尋求為股東實現所有資產的價值最大化。

In 2024, AI/HPC demand for access to power resulted in Bitcoin mining power assets being converted into AI/HPC use.

2024年，AI/HPC對電力的需求導致比特幣挖礦電力資產轉化為AI/HPC用途。

This has continued into 2025, increasing the value of large-scale sites with secured access to power near major metropolitan areas, sites such as our Corsicana and Rockdale facilities.

這一趨勢將持續到 2025 年，增加主要大都會區附近擁有安全電力供應的大型設施的價值，例如我們的科西卡納和羅克代爾設施。

There is a unique, timely opportunity for Riot shareholders to benefit from the value of our assets and to maximize shareholder value.

對於 Riot 股東來說，這是一個獨特、及時的機會，可以從我們的資產價值中獲益，並實現股東價值最大化。

And I am excited to share further updates on our aggressive pursuit of this opportunity.

我很高興與大家分享我們積極爭取這一機會的進一步進展。

I would like to start by reviewing Riot's key accomplishments during 2024.

首先，我想回顧一下 Riot 在 2024 年的主要成就。

We successfully energized the Corsicana facility.

我們成功為科西卡納工廠通電。

Following approximately 24 months of development, Riot successfully energized the 400-megawatt substation, developed 4 buildings and deployed immersion systems and miners, ending the year with approximately 14 exahash of self-mining hash rate at the Corsicana facility alone.

經過大約 24 個月的開發，Riot 成功為 400 兆瓦變電站通電，開發了 4 棟建築並部署了浸入式系統和礦工，到年底僅在科西卡納工廠的自挖礦哈希率就已達到約 14 exahash。

Our Bitcoin yield strategy.

我們的比特幣收益策略。

In January of 2024, with ETF approvals imminent and the 2024 having approaching, Riot's decision to retain all mine Bitcoin and focus on increasing Bitcoin per share, i.e., Bitcoin yield, has resulted in a nearly 40% Bitcoin yield in 2024 and more than $100 million in incremental asset value appreciation in 2024 alone.

2024年1月，隨著ETF審批在即，以及2024年的臨近，Riot決定保留所有比特幣礦機，專注於提高每股比特幣，即比特幣收益率，這導致2024年的比特幣收益率接近40%，僅2024年一年資產價值增量就超過1億美元。

Our convertible senior notes offering.

我們提供可轉換優先票據。

In line with Riot's Bitcoin yield strategy and target to continue to increase Bitcoin held per share, Riot was able to take advantage of favorable market conditions and issue our inaugural convertible senior notes offering.

根據 Riot 的比特幣收益策略和繼續增加每股比特幣持有量的目標，Riot 能夠利用有利的市場條件並發行我們的首個可轉換優先票據。

This issuance lowered our cost of capital, expanded our institutional investor base and proceeds were utilized to acquire Bitcoin and further enhance Bitcoin yield.

此次發行降低了我們的資本成本，擴大了我們的機構投資者基礎，並利用收益購買比特幣並進一步提高比特幣收益率。

The Block mining acquisition.

Block 採礦收購。

This is Riot's first acquisition in more than 2 years, and our first business expansion outside of Texas into an attractive new jurisdiction, offering 60 megawatts of current mining operations and expansion opportunities to 305 megawatts and beyond.

這是 Riot 兩年多來的首次收購，也是我們首次將業務擴展到德克薩斯州以外的一個有吸引力的新管轄區，提供 60 兆瓦的現有採礦業務和擴展到 305 兆瓦及以上的擴展機會。

And finally, the E4A acquisition, our most recent acquisition, which supplements our engineering business while also enhancing our core operating capabilities.

最後，我們最近的收購是 E4A，它補充了我們的工程業務，同時增強了我們的核心營運能力。

For 2025, we expect to grow our Bitcoin mining hash rate by approximately 22%, while aggressively pursuing AI/HPC opportunities to maximize the value of our unique assets.

到 2025 年，我們預計比特幣挖礦哈希率將成長約 22%，同時積極尋求 AI/HPC 機會，以最大化我們獨特資產的價值。

We believe that this approach will bring the most value to our shareholders while allowing us to remain flexible as market opportunities continue to present themselves.

我們相信，這種方法將為我們的股東帶來最大的價值，同時使我們能夠在市場機會不斷出現時保持靈活性。

With a strong balance sheet, a solid operating team and a management team focused on value creation, I am truly excited at the path we have ahead of ourselves.

憑藉強大的資產負債表、堅實的營運團隊和專注於創造價值的管理團隊，我對我們未來的道路感到非常興奮。

With that, I would like to now turn the call over to Colin Yee, CFO of Riot Platforms.

現在，我想將電話轉給 Riot Platforms 的財務長 Colin Yee。

Thank you, Jason.

謝謝你，傑森。

I'm excited to present Riot's financial results for the fourth quarter and fiscal year ending 2024.

我很高興向大家介紹 Riot 2024 年第四季和財政年度的財務表現。

For user reference, we have highlighted key metrics on slide 6, which presents a snapshot of key financial and operating metrics for the full year 2024.

供用戶參考，我們在第 6 張投影片上重點介紹了關鍵指標，該投影片展示了 2024 年全年關鍵財務和營運指標的快照。

However, let's just jump into the details on the following slides.

不過，我們先來看看下面投影片中的細節。

During 2024, Riot increased its self-mining hash rate from 12.4 exahash to 31.5 exahash, representing a 154% increase over the course of the year and outpacing the increase in the global hash rate, which rose by 67% in 2024.

2024 年，Riot 將自挖礦哈希率從 12.4 exahash 提高到 31.5 exahash，年增 154%，超過了全球哈希率的增幅（2024 年全球哈希率增長了 67%）。

Furthermore, in 2024, Riot produced 4,828 Bitcoin, 27% lower than the Bitcoin produced in 2023, primarily as a result of the 2024 having event in April.

此外，2024 年，Riot 生產了 4,828 個比特幣，比 2023 年生產的比特幣低 27%，這主要是由於 2024 年 4 月發生了事件。

However, in spite of this April's having, right ended the year producing approximately 16.6 Bitcoin per day as compared to 16.8 Bitcoin per day at the start of the year.

然而，儘管 4 月出現了這樣的情況，但年底每天的比特幣產量約為 16.6 比特幣，而年初時每天的比特幣產量為 16.8 比特幣。

In January of this past year, Riot stopped selling Bitcoin produced in order to increase our Bitcoin holdings ahead of the having.

今年 1 月，Riot 停止出售生產的比特幣，以便在擁有之前增加比特幣持有量。

In conjunction with this December's convertible notes offering, proceeds from which were used to acquire Bitcoin in the spot market, we have increased the bitcoin Holdings per million fully diluted shares from 31.8 to 44.3, representing an increasing Bitcoin yield of 39% for the year.

結合今年 12 月的可轉換債券發行，所得收益用於在現貨市場購買比特幣，我們將每百萬股完全稀釋後的比特幣持有量從 31.8 增加到 44.3，這意味著今年的比特幣收益率增加了 39%。

Going forward, we will continue to focus on increasing Bitcoin yield in order to ensure that our shareholders are able to participate in the long-term value creation opportunity that we believe Bitcoin represents.

展望未來，我們將繼續致力於提高比特幣收益率，以確保我們的股東能夠參與我們認為比特幣代表的長期價值創造機會。

Riot ended 2024 holding 17,722 Bitcoin, an increase of 141% relative to the 7,362 Bitcoin that we held at the end of Q3, and Riot continues to retain 100% of all self-mine Bitcoin.

截至 2024 年，Riot 持有 17,722 枚比特幣，相對於第三季末持有的 7,362 枚比特幣成長了 141%，而 Riot 繼續保留 100% 的所有自挖比特幣。

For the full year 2024, Riot reported total revenue of $376.7 million as compared to $280.7 million for 2023, a 34% increase year-over-year.

Riot 報告 2024 年全年總收入為 3.767 億美元，而 2023 年為 2.807 億美元，年增 34%。

This increase was primarily driven by higher Bitcoin prices.

這一增長主要得益於比特幣價格上漲。

Gross profit for the full year 2024 was $147.6 million as compared to gross profit of $97.6 million for the full year 2023.

2024 年全年毛利為 1.476 億美元，而 2023 年全年毛利為 9,760 萬美元。

Non-GAAP adjusted EBITDA for the full year 2024 was $463.2 million as compared to non-GAAP adjusted EBITDA of $214 million for the full year 2023.

2024 年全年非 GAAP 調整後 EBITDA 為 4.632 億美元，而 2023 年全年非 GAAP 調整後 EBITDA 為 2.14 億美元。

Riot adapted FASB's final standard on crypto assets issued in December 2023, under which Riot now recognizes its Bitcoin held at fair value, and with it, changes in fair value are now recognized in income.

Riot 採用了 FASB 於 2023 年 12 月發布的關於加​​密資產的最終標準，根據該標準，Riot 現在確認其持有的比特幣的公允價值，並且公允價值變動現在計入收入中。

As a reference, the Bitcoin price at the end of 2023 was $42,265 and the price at the end of 2024 was $93,354.

作為參考，2023 年底的比特幣價格為 42,265 美元，2024 年底的價格為 93,354 美元。

This resulted in a mark-to-market upward adjustment of $458.7 million for

這導致以市價計算的上調幅度為 4.587 億美元

[2023].

[2023]。

Net income for the full year 2024 was $109.4 million or $0.40 per share, compared to a net loss of $49.5 million or $0.28 per share for the full year 2023.

2024 年全年淨收入為 1.094 億美元，即每股 0.40 美元，而 2023 年全年淨虧損為 4,950 萬美元，即每股 0.28 美元。

Full year 2024 net income includes non-based compensation expense of $125.2 million unrealized loss on marketable equity securities of $69.7 million and depreciation and amortization of $212 million.

2024 年全年淨收入包括 1.252 億美元的非基本薪酬費用、6,970 萬美元的可銷售股權證券未實現損失以及 2.12 億美元的折舊和攤提。

As a reminder, beginning in the first quarter of 2024, we adjusted our depreciation schedule for mining hardware from a 2-year to a 3-year schedule based on our evaluation of our own operational history.

提醒一下，從 2024 年第一季開始，我們根據對自身營運歷史的評估，將採礦硬體的折舊計畫從 2 年調整為 3 年。

For the full year 2024, Bitcoin Mining revenue totaled $321 million, a 70% increase relative to the full year 2023 Bitcoin Mining revenue of $189 million.

2024 年全年，比特幣挖礦收入總計 3.21 億美元，相較 2023 年全年 1.89 億美元的比特幣挖礦收入成長 70%。

Bitcoin Mining cost of revenue primarily consists of direct production costs of Bitcoin Mining operations, including electricity, labor, insurance and other expenses, but excluding depreciation and amortization.

比特幣挖礦的收入成本主要包括比特幣挖礦業務的直接生產成本，包括電力、人工、保險和其他費用，但不包括折舊和攤提。

Bitcoin Mining gross profit for the quarter was $165.5 million, representing a margin of 52% as compared to $163.6 million or a margin of 87% for the full year 2023.

本季比特幣挖礦毛利潤為 1.655 億美元，利潤率為 52%，而 2023 年全年毛利為 1.636 億美元，利潤率為 87%。

Cost to mine, excluding depreciation in the fourth quarter totaled $42,011 per Bitcoin, of which Power Plus amounted to $33,281 per Bitcoin or 79% of total cost per Bitcoin.

挖礦成本（不包括第四季的折舊）總計為每比特幣 42,011 美元，其中 Power Plus 為每比特幣 33,281 美元，佔每比特幣總成本的 79%。

Quarter-over-quarter, power costs increased from $0.031 a kilowatt hour to $0.038 a kilowatt hour as a greater proportion of our power was procured at the Corsicana facility at spot market rates which at the times purchased were, on average, elevated relative to the fixed rate under PPAs at the Rockdale facility with proportionately fewer offsetting power credits than in the previous quarter.

與上一季相比，電力成本從每千瓦時 0.031 美元增加到每千瓦時 0.038 美元，原因是我們的大部分電力都是以現貨市場價格在科西卡納 (Corsicana) 工廠採購的，而現貨市場價格在購買時平均高於羅克代爾 (Rockdale) 工廠的電力購買協議 (PPA) 下的固定價格與電力相比，電力購買協議 (PPA) 下的固定價格。

For the full year 2024, we achieved an all-in cost of power of $0.034 a kilowatt hour, which remains one of the lowest in the industry.

2024 年全年，我們的全電費成本達到每千瓦時 0.034 美元，仍然是業內最低的成本之一。

Direct non-power costs which include direct labor, minor insurance, minor and minor related equipment repairs, land lease and related property taxes, network costs and other utility expenses totaled $8,730 or 21% per bit down from the third quarter of 2024 when direct nonpower costs accounted for 25% of total costs.

直接非電力成本包括直接人工、小型保險、小型和小型相關設備維修、土地租賃和相關財產稅、網路成本和其他公用事業費用，總計 8,730 美元或每比特下降 21%，而 2024 年第三季直接非電力成本佔總成本的 25%。

This drop is a result of com continuing to achieve economies of scale at our operating facilities.

這一下降是由於我們營運設施持續實現規模經濟的結果。

As Riot continues to grow hash rate, we expect to see non-power direct costs as a percentage of the total cost per Bitcoin to trend lower.

隨著 Riot 的哈希率不斷增長，我們預計非電力直接成本將佔每比特幣總成本的百分比將呈現下降趨勢。

I'd now like to turn the call over to Jason Chung, Riot's EVP and Head of Corporate Development and Strategy to discuss our most recent acquisition.

現在，我想將電話轉給 Riot 的執行副總裁兼企業發展和策略主管 Jason Chung，討論我們最近的收購。

Thanks, Colin.

謝謝，科林。

I'm excited to share information on Riot's latest acquisition.

我很高興與大家分享有關 Riot 最新收購的資訊。

This past December, we closed the acquisition of E4A Solutions for $52 million in cash consideration at closing.

去年 12 月，我們以 5,200 萬美元現金完成了對 E4A Solutions 的收購。

E4A solutions based in Houston, Texas, is a leading provider of consulting, commissioning and procurement services designed to support electrical project needs for substations, from low voltage to high voltage.

E4A 解決方案總部位於德州休士頓，是領先的諮詢、調試和採購服務供應商，旨在支援變電站從低壓到高壓的電力專案需求。

E4A employs approximately 50 employees and services power plants, transformers, substation equipment and switch gears for a blue-chip roster of clients, which include FirstEnergy, Hitachi, Hyundai and Toshiba, among many others.

E4A 擁有約 50 名員工，為 FirstEnergy、日立、現代化、東芝等眾多一流客戶提供發電廠、變壓器、變電站設備和開關設備服務。

In 2024, E4A generated $28.2 million in revenue, a 31% increase over 2023 revenue of $21.5 million and $4.6 million in EBITDA representing margins north of 16%.

2024 年，E4A 的營收為 2,820 萬美元，比 2023 年的 2,150 萬美元成長 31%，EBITDA 為 460 萬美元，利潤率超過 16%。

The acquisition of E4A Solutions offers a number of strategic benefits for Riot and significantly bolsters our engineering business.

收購 E4A Solutions 為 Riot 帶來了許多策略優勢，並大幅增強了我們的工程業務。

More specifically, our engineering business, ESS Metron, will now have the ability to add higher-margin recurring services revenues to customers.

更具體地說，我們的工程業務 ESS Metron 現在將能夠為客戶增加更高利潤的經常性服務收入。

E4A's services expertise in maintenance, servicing, training and repair can now be offered on equipment manufactured by ESS Metron, while the countercyclical profile of the services business relative to ESS Metron's business, is also expected to reduce overall revenue volatility in our engineering business going forward.

E4A 在維修、保養、訓練和維修方面的服務專業知識現可為 ESS Metron 製造的設備提供，同時，相對於 ESS Metron 業務，服務業務的逆週期特性也有望降低我們未來工程業務的整體收入波動。

With this acquisition, Riot has now brought in-house expertise in developing, maintaining and servicing medium- and high-voltage stations, which will further derisk infrastructure development and save costs while also improving our ability to perform on-site maintenance on switch years.

透過此次收購，Riot 擁有開發、維護和服務中高壓電站的內部專業知識，這將進一步降低基礎設施開發的風險並節省成本，同時提高我們在開關年度進行現場維護的能力。

And most importantly, leading to further improvements in operating uptime for our Bitcoin Mining business.

最重要的是，這將進一步提高我們的比特幣挖礦業務的正常運作時間。

In 2024, Riot's engineering business generated $38.5 million in revenue, down from $64.3 million in 2023.

2024 年，Riot 的工程業務創造了 3,850 萬美元的收入，低於 2023 年的 6,430 萬美元。

This reduction in top line revenue was largely driven by one large manufacturing contract for a governmental entity, which took longer to the to complete due to supply chain constraints during the year, which resulted in decreased receipts of materials and delayed recognition of revenue.

營業收入的減少主要是由於一份與政府實體簽訂的大型製造合同，由於當年供應鏈的限制，該合同花費了更長的時間才完成，導致材料收貨減少和收入確認延遲。

The custom electrical products manufactured by Riot's engineering business, such as switchgear and power distribution centers are particularly important components in data center development and in power generation and distribution facilities.

Riot 工程業務生產的客製化電氣產品（例如開關設備和配電中心）是資料中心開發以及發電和配電設施中特別重要的組成部分。

And there has been a significant increase in demand for these products due to the continued increase in AI/HPC data center development and the continually increasing demand for power.

而由於AI/HPC資料中心的持續發展以及電力需求的不斷增加，這些產品的需求也顯著增加。

With our now expanded engineering business products and services capabilities, Riot is well positioned to capitalize on this growing demand.

憑藉我們現已擴展的工程業務產品和服務能力，Riot 已準備好利用這一不斷增長的需求。

And alongside the recent acquisition of E4A Solutions, has a clear path towards reaching $100 million in revenue in 2025, while also increase meaningfully.

隨著最近對 E4A Solutions 的收購，該公司已明確計劃在 2025 年實現 1 億美元的收入，同時也將實現大幅成長。

With that, I'd now like to turn the call back over to Jason Les.

說完這些，我現在想把電話轉回給 Jason Les。

Thank you, Jason.

謝謝你，傑森。

Now I'd like to turn the presentation towards Riot's treasury strategy.

現在我想把演講重點轉向Riot的財務策略。

Riot continues to hold all of its self-mine Bitcoin.

Riot 繼續持有其所有自挖的比特幣。

In 2024, holding all of our Bitcoin versus selling at the time it was mined, resulted in an increase of $120 million in value.

2024 年，如果我們持有所有比特幣而不是在開採時出售，價值將增加 1.2 億美元。

Our bullish belief in Bitcoin has not wavered and we believe that holding bitcoin increasing Bitcoin yield will result in greater shareholder value over time.

我們對比特幣的看漲信念沒有動搖，我們相信持有比特幣會增加比特幣的收益，從而隨著時間的推移為股東帶來更大的價值。

This slide demonstrates the delta we achieved on holding Bitcoin production over the year versus selling it at various end of year Bitcoin prices.

這張投影片展示了我們在一年內持有比特幣生產與以年底各種比特幣價格出售比特幣所取得的增量。

One of the tenets of Riot strategy has been to maintain a strong balance sheet, underpinned by our growing Bitcoin balance since 2018.

Riot 策略原則之一是維持強勁的資產負債表，這以我們自 2018 年以來不斷增長的比特幣餘額為基礎。

This has allowed Rio to act opportunistically and grow our portfolio of assets, which in turn has created the new opportunity set that we are executing on today.

這使得裡約能夠抓住機遇，擴大我們的資產組合，進而創造了我們今天正在執行的新機會。

While Riot has always been conservative with regards to long-term debt, the increased value of our Bitcoin and the attractive terms in the convertible debt market led to our inaugural debt issuance in December 2024.

儘管 Riot 在長期債務方面一直持保守態度，但我們比特幣價值的上升和可轉換債務市場的優惠條款，促使我們在 2024 年 12 月首次發行債務。

We view this as a method to utilize our strong balance sheet to acquire more Bitcoin at an attractive cost of capital.

我們認為這是一種利用我們強大的資產負債表以有吸引力的資本成本收購更多比特幣的方法。

Our internal policy is to not take on additional debt such that doing so would exceed a 40% debt to Bitcoin value ratio.

我們的內部政策是不承擔額外的債務，以免債務與比特幣價值比率超過 40%。

We feel this limit on leverage is prudent and allows us to create additional value for our shareholders.

我們認為，對槓桿率的限制是審慎的，並且使我們能夠為股東創造額外的價值。

Further, as we continue to increase our Bitcoin balance every month by retaining production from our mining operations, we are organically deleveraging over time.

此外，隨著我們透過保留採礦業務的產量每月繼續增加比特幣餘額，我們正在隨著時間的推移有機地去槓桿化。

For 2025, Riot anticipates capital expenditures totaling $198 million.

到 2025 年，Riot 預計資本支出總額將達到 1.98 億美元。

While we have halted the Bitcoin mining expansion at Corsicana, existing expenses, primarily consisting of the 600-megawatt substation development continue.

雖然我們已經停止了科西卡納的比特幣挖礦擴張，但現有的開支（主要包括 600 兆瓦變電站的開發）仍在繼續。

Additionally, we continue developing the various facilities that comprise our Kentucky operations, including $23 million on infrastructure expense and $110 million on miners.

此外，我們繼續開發構成我們肯塔基州業務的各種設施，其中包括 2,300 萬美元的基礎設施支出和 1.1 億美元的礦工費用。

However, it's important to note that $35 million of that is for deposits for hash rate coming online in the first half of 2026.

然而，值得注意的是，其中 3,500 萬美元是用於 2026 年上半年上線的哈希率存款。

As a result of these investments and our efforts on the ground, we expect to end 2025 with 38.4 exacash in deployed hash rate, a 22% increase over the 31.5 exahash we ended the year 2024 with.

透過這些投資和我們在實地的努力，我們預計到 2025 年底部署的哈希率將達到 38.4 exahash，比 2024 年底的 31.5 exahash 增長 22%。

We expect this to approximately match the pace of global network cash rate growth this year, maintaining our approximate 4% share of the overall network.

我們預計這將與今年全球網路現金利率的成長速度大致匹配，並保持我們在整個網路中約 4% 的份額。

In 2024, the rapid growth of AI applications and the resulting increase in demand for large-scale access to power needed for large language models and inference compute became a dominant market theme.

2024年，人工智慧應用的快速成長以及隨之而來的對大型語言模型和推理計算所需的大規模能力的需求增加成為主導市場主題。

We have long viewed our Bitcoin Mining business as being at the forefront of the convergence of energy and sound money.

我們一直將比特幣挖礦業務視為能源與健全貨幣融合的前沿。

With the emergence of AI/HPC, we now find ourselves at the center of the convergence of energy and high-performance compute.

隨著 AI/HPC 的出現，我們現在發現自己處於能源和高效能運算融合的中心。

As such, Riot's uniquely positioned portfolio of high-quality energy assets can now be viewed through a wider lens.

因此，Riot 獨特的優質能源資產組合現在可以得到更廣泛的審視。

The core of Riot's strategy has been to take a vertically integrated approach to securing, developing and operating energy infrastructure for Bitcoin Mining.

Riot 策略的核心是採取垂直整合的方法來保護、開發和營運比特幣挖礦的能源基礎設施。

This focus has led to Riot owning and operating 2 premier power assets, which now form the basis for the expanded opportunity set uniquely available today to explore all opportunities available to us to maximize the value of energy assets across our portfolio.

這一重點使得 Riot 擁有並經營 2 項主要電力資產，這些資產如今構成了當今獨有的擴展機會集的基礎，我們可以藉此探索所有可用的機會，從而最大限度地提高我們投資組合中能源資產的價值。

The market has already taken notice of the value of AI/HPC contracts and has rewarded those companies, which have made this pivot with elevated valuation multiples.

市場已經注意到了 AI/HPC 合約的價值，並透過提高估值倍數來獎勵那些做出這種轉變的公司。

The chart on Page 21 demonstrates both the valuation multiple expansion some of our public peers have experienced as they have pivoted parts of the power assets to also include AI/HPC, as well as the lagging valuation multiples seen by the remaining Bitcoin mining pure-play players.

第 21 頁的圖表顯示了我們的一些上市公司在將部分電力資產轉向 AI/HPC 後所經歷的估值倍數擴張，以及其餘比特幣挖礦純參與者所經歷的估值倍數滯後。

While revenues from Bitcoin mining can exhibit volatility in the near term, AI/HPC contracts offer long-term predictable cash flows with credible counterparties, which can reduce the overall volatility in our financial performance and to which the market assigns higher valuation multiples.

雖然比特幣挖礦的收入在短期內可能會出現波動，但 AI/HPC 合約可以提供長期可預測的現金流量和可靠的交易對手，這可以降低我們財務表現的整體波動性，並且市場會賦予其更高的估值倍數。

One of the most active themes we see in the market today relates to the significant need for power based by the major hyperscalers in their arms race to deploy more high-performance compute capacity and the associated capital expenditure plans they committed to in order to achieve their goals.

我們今天在市場上看到的最活躍的主題之一與主要超大規模企業在軍備競賽中對電力的巨大需求有關，這些企業希望部署更多的高效能運算能力，並製定相關的資本支出計劃，以實現他們的目標。

Microsoft, Meta and Alphabet alone have collectively committed to more than $200 billion in spending plans this year, with the rest of the industry closely following suit.

光是微軟、Meta 和 Alphabet 今年就總共承諾了超過 2,000 億美元的支出計劃，業內其他公司也緊跟在後。

In order to meet their aggressive growth targets, hyperscalers face immediate need for large-scale access to power, with industry forecasts calling for nearly 30 gigawatts of additional power demand over the next 5 years.

為了實現其積極的成長目標，超大規模企業迫切需要大規模電力，產業預測未來5年將有近30千兆瓦的額外電力需求。

As I will hit into, Riot has a clear and unique opportunity to capitalize on this tremendous demand in balance.

正如我將要提到的，Riot 有一個明顯且獨特的機會來利用這種巨大的平衡需求。

As hyperscalers continue to search for large-scale access to power, they particularly prioritize 3 key attributes: One, proximity to major markets; two, speed to market to deploy compute quickly; and three, large-scale access to power in the hundreds of megawatts.

隨著超大規模電力供應者繼續尋求大規模電力獲取途徑，他們特別優先考慮三個關鍵屬性：一是靠近主要市場；二、加速上市以快速部署運算；三是數百兆瓦規模的大規模電力接入。

Riot's primary assets in Rockdale and Corsicana are particularly well suited to satisfy each of these key requirements, which I will get into shortly.

Riot 在 Rockdale 和 Corsicana 的主要資產特別適合滿足這些關鍵要求，我稍後會詳細介紹。

We believe the Corsicana facility offers the most compelling opportunity available today for a hyperscaler to get immediate access to large-scale power, all in close proximity to Dallas, one of the most sought after data center markets in the country.

我們相信，科西卡納資料中心設施為超大規模企業提供了當今最引人注目的機會，使其能夠立即獲得大規模電力，而且該設施靠近達拉斯，而達拉斯是美國最受歡迎的資料中心市場之一。

This gives hyperscalers access to existing connectivity hub and lower latency.

這使得超大規模企業可以訪問現有的連接中心並降低延遲。

Most importantly, Corsicana has 400 megawatts of power that can be utilized to today, and we're actively developing an additional 600-megawatt substation to be ready in early 2026.

最重要的是，科西卡納擁有 400 兆瓦的電力可供利用，而且我們正在積極開發額外的 600 兆瓦變電站，預計將於 2026 年初投入使用。

Combined, this is one gigawatt of power that can be available for a hyperscaler to deploy almost immediately, which when combined with this location, we believe makes Corsicana an extremely rare offering.

總的來說，這一千兆瓦的電力可供超大規模企業幾乎立即部署，再加上其地理位置，我們相信科西卡納將成為一項極為罕見的選擇。

In addition, we own the lane at Corsicana.

此外，我們還擁有科西卡納的小路。

We have access to water with that access growing further and multiple redundant sources of fiber available today.

我們可以獲得水，而這種獲得水的管道不斷擴大，並且如今有多個冗餘的光纖來源。

These are the key criteria hyperscalers are first looking at when evaluating sites.

這些是超大規模企業在評估站點時首先要考慮的關鍵標準。

And we think Corsicana is extremely well suited.

我們認為科西卡納非常適合。

For many of the same reasons, Corsicana is uniquely well positioned to attract hyperscalers.

由於許多相同的原因，科西卡納具有吸引超大規模企業的獨特優勢。

We believe that Rockdale represents an exciting opportunity as well.

我們相信 Rockdale 也代表著一個令人興奮的機會。

At Rockdale, we have a 700-megawatt substation already developed and capacity that can be made immediately available.

在羅克代爾，我們已經開發了一個 700 兆瓦的變電站，可以立即投入使用。

The current Rockdale site stands more than 200 acres, most of which is cleared open land, which a hyperscaler could begin immediate development on in order to take advantage of this large-scale access to power.

目前的 Rockdale 站點佔地超過 200 英畝，其中大部分是空地，超大規模資料中心營運商可以立即開始開發，以利用這種大規模的電力獲取方式。

Similar to Corsicana, Rockdale is located just 45 miles from Austin, which also represents a major data center market, which hyperscalers are seeking proximity to.

與科西卡納類似，羅克代爾距離奧斯汀僅 45 英里，奧斯汀也是一個主要的資料中心市場，超大規模企業都在尋求靠近該市場。

We also believe the relatively short distance between the Rockdale and Corsicana facilities at about 100 miles creates another compelling opportunity for 1 hyperscaler to deploy up to 1.7 gigawatts of power across the 2 sites that are not only in close proximity to each other, but to 2 major data center markets.

我們還認為，Rockdale 和 Corsicana 設施之間的距離相對較短（約 100 英里），這為 1 個超大規模企業創造了另一個極具吸引力的機會，可以在 2 個不僅彼此靠近而且靠近 2 個主要資料中心市場的站點上部署高達 1.7 千兆瓦的電力。

Late last year, Riot began to receive inbound inquiries from hyperscalers interested in exploring opportunities related to our power assets.

去年年底，Riot 開始收到超大規模企業的來電諮詢，他們對探索與我們的電力資產相關的機會感興趣。

And as these discussions progressed, it became clear to us that there was a significant opportunity at hand.

隨著這些討論的進展，我們清楚地認識到，一個巨大的機會就在眼前。

As a result, and since then, we have taken a number of steps to capitalize on this tremendous opportunity presented to us.

因此，自那時起，我們已採取多項措施來利用我們面臨的這一巨大機會。

First, this past January, we engaged -- a leading telecommunication strategy consultancy to help us conduct a study to evaluate the feasibility of utilizing our Corsicana site for uses.

首先，今年一月，我們聘請了一家領先的電信策略顧問公司來幫助我們進行一項研究，評估利用科西卡納站點的可行性。

This study has now been underway for a number of weeks and is expected to conclude next month.

這項研究已經進行了數週，預計下個月結束。

Second, earlier this month, we made meaningful changes to our Board of Directors with the addition of 3 new independent directors and the expansion of our Board to include 6 directors in total.

第二，本月初，我們對董事會進行了重大調整，增加了 3 位新獨立董事，董事會成員擴大到 6 位。

The new independent directors who have joined our Board come with a unique set of skills, including significant data center development expertise, deep real asset development, capital allocation experience and broad corporate governance experience.

加入我們董事會的新獨立董事擁有獨特的技能，包括重要的資料中心開發專業知識、深厚的實際資產開發、資本配置經驗和廣泛的公司治理經驗。

Our newly constituted Board will continue to oversee and advise the management team on this and other key initiatives at Riot.

我們新成立的董事會將繼續監督並為管理團隊提供有關此舉措以及 Riot 的其他重要舉措的建議。

Third, we have engaged Evercore and Northland as our financial adviser to advise us on engaging with potential AI/HPC partners in a value-maximizing approach.

第三，我們聘請了 Evercore 和 Northland 作為我們的財務顧問，為我們提供建議，幫助我們如何以價值最大化的方式與潛在的 AI/HPC 合作夥伴合作。

Both firms have significant experience and strong relationships with hyperscalers, data center developers and financing partners and in advising companies like Riot.

兩家公司都擁有豐富的經驗，並且與超大規模企業、資料中心開發商和融資合作夥伴建立了牢固的關係，並為 Riot 等公司提供諮詢服務。

Fourth, although we previously announced the halt to the Phase II expansion of Bitcoin mining at our Corsicana facility, it is important to highlight that we continue to develop the additional 600-megawatt substation on site, to ensure that we enhance the attractiveness of the site to hyperscalers and data center operators.

第四，儘管我們先前宣布停止科西卡納工廠比特幣挖礦的第二階段擴建，但需要強調的是，我們將繼續在現場開發額外的 600 兆瓦變電站，以確保增強該地點對超大規模企業和數據中心營運商的吸引力。

We are taking concrete steps to ensure that we are maximizing the value of the opportunity available to us today, and we'll provide further updates on our progress as they occur.

我們正在採取實際措施，確保最大限度地利用當前的機會價值，並將隨時更新進度。

As a result of the foundation we have built over the previous years, we believe that 2025 will be an exciting and rewarding year for Riot's shareholders.

由於我們在過去幾年中打下的基礎，我們相信 2025 年對 Riot 的股東來說將是令人興奮且收穫豐富的一年。

We are dedicating a tremendous amount of resources towards executing on AI/HPC opportunities.

我們正在投入大量資源來抓住 AI/HPC 機會。

We also continue to remain focused on increasing Bitcoin yield, driven by our Bitcoin Mining operations and prudent capital strategy.

在比特幣挖礦業務和審慎的資本策略的推動下，我們也將繼續專注於提高比特幣收益。

Underpinning our mining operations is our industry-leading low cost of power, which Riot continues to demonstrate exceptional results over a now multiyear track record.

我們的採礦業務的基礎是我們領先業界的低成本電力，Riot 在多年的業績記錄中繼續展現出卓越的業績。

For the past few quarters, we have talked about our focus on operational efficiency, and the results of these efforts have taken shape over the past few months as demonstrated in our monthly production results.

過去幾個季度，我們一直在談論對營運效率的關注，這些努力的成果已經在過去幾個月中顯現，正如我們月度的生產結果所證明的那樣。

Operational excellence continues to be one of our priorities, and our teams are hard at work to drive top-tier results.

卓越營運仍然是我們的首要任務之一，我們的團隊正在努力實現一流的成果。

In closing, myself and the rest of the Riot team could not be more excited about the direction the company is heading.

最後，我和 Riot 團隊的其他成員對於公司的未來發展方向感到無比興奮。

We have the assets, the capital and the right team to execute on significant growth of shareholder value.

我們擁有資產、資本和合適的團隊來實現股東價值的大幅成長。

Thank you all for listening to our presentation.

感謝大家聆聽我們的演講。

We would now like to open the call to questions.

我們現在想開始提問。

Operator?

操作員？

(Operator Instructions) Greg Lewis, BTIG.

(操作員指示) Greg Lewis，BTIG。

Jason, thank you for the presentation, definitely a little more sightful than in previous quarters.

傑森，謝謝你的演講，絕對比前幾季的演講更有見地。

I guess my first question is around the HPC opportunity.

我想我的第一個問題是關於 HPC 機會。

And I know we've been talking about this on and off for a while now.

我知道我們斷斷續續地談論這個問題已經有一段時間了。

But as you look at the landscape, I think from going back to last year, there was always this expectation of a requirement of prompt power where there was a window.

但當你縱觀整個局勢，我想從去年開始，人們就一直期望在有窗口的地方能夠迅速提供電力。

As you've engaged and had increasing conversations with more hyperscalers, are you seeing that window potentially widening, i.e., it's great to power in 2025, but having power in further out years, it is almost just as valuable.

隨著您與越來越多的超大規模企業進行接觸和交流，您是否看到這個窗口可能會擴大，即在 2025 年擁有電力固然很好，但在更遠的幾年內擁有電力幾乎同樣有價值。

Yes, Greg, I think the power is extremely valuable in 2025, but any power available, including the '26 and '27 is extremely valuable as well.

是的，格雷格，我認為 2025 年的電力非常有價值，但任何可用的電力，包括 26 年和 27 年的電力也非常有價值。

As Colin in his presentation, you're looking at about 30 gigawatts of AI/HPC demand -- that is AI/HPC demand alone over the next 5 years.

正如 Colin 在演講中所說，未來 5 年內 AI/HPC 的需求將達到約 30 千兆瓦——這只是 AI/HPC 的需求。

Transmission, new interconnects take 4, 5 years to get approved, long-lead substation items, those are taking 4 to 5 years to get shipped now, and transmission cannot keep up with the growth.

輸電、新的互連需要4到5年的時間才能獲得批准，長引線變電站專案現在需要4到5年的時間才能發貨，而輸電無法跟上成長的速度。

So capacity in 2025 come in a real premium, which is why we think our assets are so valuable, both with hundreds of megawatts available today and continuing to grow real looking for a solution to, and Riot is very well positioned to be that solution for hyperscalers.

因此，2025 年的產能將真正呈現溢價，這就是我們認為我們的資產如此寶貴的原因，目前我們既擁有數百兆瓦的可用產能，又在繼續尋求解決方案，而 Riot 非常適合成為超大規模企業的解決方案。

Okay.

好的。

Great.

偉大的。

And then the other question is, obviously, we're engaging with hyperscalers in signing up or potentially signing up HPC transactions.

然後另一個問題是，顯然我們正在與超大規模企業合作簽署或可能簽署 HPC 交易。

What -- is there kind of a dual process, i.e., as Riot's kind of talking with EPCs and in some of the companies or suppliers that would help build these facilities?

有什麼——是否存在一種雙重過程，即 Riot 正在與 EPC 以及一些願意幫助建造這些設施的公司或供應商進行談判？

Or is it kind of let's get the hyperscaler in first and then figure out kind of let them lead the build-out of the conversion or the build-out of the greenfield site.

或者是讓我們先讓超大規模企業加入，然後再想辦法讓他們主導轉換的建設或綠地站點的建設。

Greg, I'd say we have multiple tracks going on at once.

格雷格，我想說我們同時在進行多條軌道。

There's a number of ways that these opportunities can materialize.

有多種方式可以實現這些機會。

And we're keeping our options wide open in order to make sure we get the value maximizing approach.

我們會保留廣泛的選擇，以確保獲得價值最大化的方法。

We received interest from hyperscalers and large AI companies.

我們收到了超大規模企業和大型人工智慧公司的關注。

These discussions have been ongoing with our new financial partners.

我們與新的金融合作夥伴一直在進行這些討論。

We're now reaching up to additional infrastructure partners and financing partners as well.

我們現在正在接觸更多基礎設施合作夥伴和融資合作夥伴。

So a lot of going on in the mix.

因此，有很多事情正在混合發生。

And what we're going to end up to is the path that maximizes value after surveying kind of the whole market here.

在對整個市場進行調查之後，我們最終會找到最大化價值的方法。

But as I highlighted, in parallel, we're continuing to build up the capacity at this site, pursuing on what would be the first stage of the development anyway.

但正如我所強調的那樣，與此同時，我們正在繼續加強該網站的容量，無論如何，正在進行開發的第一階段。

So I would say multiple tracks being run down at once.

所以我想說有多條軌道同時運行。

Nick Giles, B. Riley Securities.

尼克‧吉爾斯 (Nick Giles)，B. Riley Securities。

My first question is, as hyperscalers race for readily available capacity at scale, there's a clear desire to build large-scale campuses, and this does require significant amounts of land.

我的第一個問題是，隨著超大規模企業競相爭奪大規模可用容量，他們顯然希望建造大規模園區，而這確實需要大量的土地。

So I was curious to what extent Corsicana could accommodate additional capacity beyond the targeted 1 gigawatt?

所以我很好奇科西卡納在多大程度上可以容納超過目標 1 千兆瓦的額外容量？

Or based on your earlier comments, could Rockdale be better positioned from this perspective?

或者根據您先前的評論，從這個角度來看，Rockdale 的定位是否更佳？

So we think the Corsicana is an amazing site because it has the 1 gigawatt interconnect approved, it has the power capacity available today, it's expanding.

因此，我們認為科西卡納是一個令人驚嘆的地點，因為它擁有批准的 1 千兆瓦互連，具有當今可用的電力容量，而且還在不斷擴大。

We have dual sources of fiber, water, close to major data center market.

我們擁有光纖、水源雙重保障，靠近主要資料中心市場。

We're really excited about what Corsicana can mean in these discussions.

我們真的很高興知道科西卡納在這些討論中意味著什麼。

So when you think about land for AI/HPC developments, there's kind of a spectrum of which these things can take, and that impacts design decisions.

因此，當您考慮用於 AI/HPC 開發的土地時，這些事物可以佔用的範圍是有一定範圍的，這會影響設計決策。

The more lands you have, generally, the cheaper it is to build, the easier it is from a layout and in perspective.

一般來說，擁有的土地越多，建造起來就越便宜，從佈局和角度來看也越容易。

The less than you have, the more next-generation kind of rack and cooling technologies that you end up using that can kind of be more expensive.

您擁有的越少，您最終使用的下一代機架和冷卻技術就越多，而這些技術可能會更加昂貴。

But nonetheless, we have -- you noted we have a lot of land at Rockdale.

但儘管如此，我們有—您注意到我們在羅克代爾有很多土地。

We have a good amount of land at Corsicana, and we are expanding land portfolio at Corsicana right now as well.

我們在科西卡納擁有大量土地，目前我們也正在擴大科西卡納的土地組合。

And the final point I'll make is, oftentimes when hyperscalers are talking about campuses, they don't always generally mean they are directly adjacent to each other.

我要說的最後一點是，超大規模企業在談論園區時，通常並不一定意味著園區彼此直接相鄰。

Sometimes they are many -- sometimes up to 100 miles apart.

有時它們之間的距離非常遠——有時甚至相距 100 英里。

So we are increasing our land portfolio in order to increase the optionality of what we can do here in this endeavor.

因此，我們正在增加我們的土地投資組合，以增加我們在這項努力中可以做的事情的選擇性。

Jason, that's super helpful.

傑森，這非常有幫助。

I appreciate those comments.

我很感謝這些評論。

My next question was, we've seen economics vary to some degree in the deals that have been announced.

我的下一個問題是，我們發現已宣布的交易在經濟方面存在一定差異。

So what's your main priority as you think about terms of any potential HPC deal?

那麼，當您考慮任何潛在的 HPC 交易條款時，您的首要任務是什麼？

Is it margins, capital contribution, duration, size or kind of all of the above?

是利潤、資本貢獻、期限、規模，還是以上所有類型的綜合？

Well, Nick, I'd say a key part to getting a project of this scale done, the hundreds of megawatts -- gigawatts that we're talking about, financing is a key thing.

好吧，尼克，我想說完成這種規模的項目的關鍵部分，也就是我們談論的數百兆瓦 - 千兆瓦的項目，融資是關鍵。

So to be successful at financing, you really need a blue chip counterparty, someone who's very well capitalized, that we would be able to securitize the cash flows on in the best possible terms.

因此，為了成功融資，你確實需要一個藍籌對手，一個資本雄厚的公司，這樣我們才能夠以最佳條件將現金流證券化。

And further, we're talking about hundreds of megawatts, that's really only attracting the largest player in the space.

此外，我們談論的是數百兆瓦，這實際上只吸引該領域最大的參與者。

So in addition to driving the financing terms, the type of counterparties that we would enter into is really going to have a big impact in driving valuations.

因此，除了推動融資條款之外，我們所達成的交易對手類型也將對估值產生重大影響。

So you can see one of the key points I'm hammering on that we think about is the type of counterparty is necessary in order to maximize shareholder value here.

因此，您可以看到，我正在強調的一個關鍵點是，我們考慮的交易對手類型對於最大化股東價值是必要的。

As far as some of the other terms, there's a whole mix of how all of these things can be played together.

至於其他一些術語，所有這些術語可以以多種方式組合在一起使用。

I think it's kind of too early to say which one may be more or less important to another.

我認為現在說哪一個對另一個更重要或更不重要還為時過早。

At the end of the day, what's important to note is Corsicana and Rockdale, but specifically Corsicana, is ideally well positioned.

總而言之，值得注意的是科西卡納和羅克代爾，尤其是科西卡納，其地理位置十分理想。

We think this is a premier asset that commands a premium for its quality and its timing to getting power online, and that's something obviously that hyperscalers are prioritizing.

我們認為這是一項優質資產，其品質和上線供電的時機都具有溢價，這顯然是超大規模企業優先考慮的事情。

And that -- these attributes will ultimately lead to better deal terms that reflect the value of those assets.

這些屬性最終將帶來更好的交易條款，以反映這些資產的價值。

Darren Aftahi, ROTH.

達倫阿夫塔希，羅斯。

First, I may, Jason, on your comments about Corsicana, you talked about procuring additional land.

首先，傑森，關於你對科西卡納的評論，你談到了獲得額外的土地。

Any kind of indulgence on how large of an additional plot that would be?

對於這個額外情節的規模，您有什麼看法嗎？

And is that something that the counterparties you're potentially talking to have kind of asked for?

這是您可能與之交談的交易對手所要求的嗎？

We have spoken to counterparties to some, it matters to some, it doesn't, no, I touched on earlier.

我們已經與一些交易對手進行了交談，對某些人來說這很重要，但對某些人來說這並不重要，我之前提到過。

It ultimately depends on the type of buildup that you're looking to do.

這最終取決於您想要進行的建置類型。

The technology with data center development is becoming very efficient with density onto 100, 200-kilowatt racks now, direct chip liquid cooling, all of these components, all of these technologies are improving density.

資料中心開發的技術正變得非常高效，現在的密度已經達到 100、200 千瓦的機架，直接晶片液體冷卻，所有這些組件、所有這些技術都在提高密度。

So it kind of depends different types of customers have different means to this land.

所以這取決於不同類型的客戶對這片土地有不同的看法。

Nonetheless, our focus is on increasing, maximizing the optionality that we have.

儘管如此，我們的重點是增加和最大化我們擁有的可選性。

So I don't have a specific number for you, but I can tell you we're procuring the hundreds of acres in order to -- like I said, make sure we can accommodate a wide of the market as possible.

所以我沒有具體的數字給你，但我可以告訴你，我們正在採購數百英畝的土地，以便——就像我說的，確保我們能夠盡可能地滿足廣泛的市場需求。

Great.

偉大的。

And then one more, if I may.

如果可以的話，我再說一個。

Just in the deck, you kind of advertising Corsicana, advertising Rockdale and then you potentially talking about maybe doing a fiber loop and the advertising whole campus.

就在簡報中，你對科西卡納 (Corsicana) 進行了廣告宣傳，對羅克代爾 (Rockdale) 進行了廣告宣傳，然後你可能會談到做光纖環路和對整個校園進行廣告宣傳。

So I guess as it stands today, Rockdale has always been a Bitcoin mining facility.

所以我猜想就目前情況而言，Rockdale 一直是個比特幣挖礦設施。

Is there a scenario analysis economically where you would look to switch and completely make that an HPC campus?

從經濟角度來看，是否存在情境分析，您希望將其完全轉變為 HPC 園區？

Yes.

是的。

If the opportunity was there to -- if there was interest in that site and the economics made sense to take over the capacity that we have there, we would certainly be interested in that.

如果有機會——如果有人對該地點感興趣，並且接管我們在那裡的產能在經濟上是合理的，我們肯定會對此感興趣。

I think when you think about 30 gigawatts of demand, 1 gigawatt at Corsicana and then 700 megawatts of Rockdale represents a really meaningful portion of something that could fill that demand. 1.7 gigawatts would be about 5% if someone had both of those sites 5% of hyperscaler AI demand over the next 5 years.

我認為，當您考慮 30 千兆瓦的需求時，科西卡納的 1 千兆瓦和羅克代爾的 700 兆瓦代表了可以滿足這一需求的真正有意義的部分。如果有人同時擁有這兩個站點，那麼 1.7 千兆瓦將約佔 5% ，即未來 5 年內超大規模 AI 需求的 5%。

I think that would give those players a real strategic advantage.

我認為這將為這些玩家帶來真正的戰略優勢。

So if there is that interest and the economics are there to convert the site, we will certainly be looking and evaluating that closely.

因此，如果有興趣並且有經濟條件來轉換網站，我們肯定會密切關注和評估。

Brett Knoblauch, Cantor Fitzgerald.

布雷特諾布勞赫、康托費茲傑拉。

Maybe my first question, similar to the last, is all of Corsicana on the table if a hyperscaler one is the full gigawatt there?

也許我的第一個問題與上一個問題類似，如果超大規模資料中心達到全千兆瓦，那麼整個科西卡納是否都在考慮範圍內？

Well, so we have the 600 megawatts that's being unutilized has been developed right now.

嗯，我們現在已經開發了 600 兆瓦尚未利用的電力。

That would be least-friction way to accomplish a deal, Brett.

布雷特，這將是達成交易的摩擦最少的方式。

But if there was someone that was interested in the full when you go out, taking over the entire site as it is and have the economics to make that accretive to Riot shareholders.

但是，如果有人對你出去時的全部行動感興趣，那麼就可以接管整個網站，並擁有經濟能力為 Riot 股東帶來增值。

Yes, we would definitely look at that.

是的，我們一定會考慮這一點。

And it's always possible that presents itself because that's a lot of power coming online 400 megawatts now and then the remaining 600 megawatts 12 months from now or approximately 12 months from now.

這種情況總是有可能出現的，因為現在有大量電力上線，400兆瓦，剩下的600兆瓦將在12個月後或大約12個月後上線。

So we're assessing demand, and we are going to maximize the value of these assets.

因此，我們正在評估需求，並將最大化這些資產的價值。

Understood.

明白了。

And then maybe just on the power agreement in place at these sites.

然後也許只是關於這些站點的電力協議。

Do they need to be authored to support AI/HPC?

它們是否需要被創作來支持 AI/HPC？

And maybe in particular, with Rockdale, there's like your participation in a lot of the demand response and curtailment programs?

也許特別是在 Rockdale，您參與了很多需求響應和削減計劃？

Does that need to switch from maybe a flex load to firm load?

這是否需要從彈性負載切換到固定負載？

No, they do not need to be altered.

不，它們不需要被改變。

Our power supply agreements do not require any participation in demand response.

我們的供電協議不要求參與任何需求回應。

Everything we do there is voluntary, as part of our power strategy, that works with Bitcoin mining because it's an interruptible load.

作為我們電力戰略的一部分，我們在那裡所做的一切都是自願的，它與比特幣挖礦相容，因為它是一種可中斷負載。

Obviously, that doesn't work with AI/HPC.

顯然，這對 AI/HPC 不起作用。

So we do that with Bitcoin mining voluntarily to drive the best economics.

因此，我們自願進行比特幣挖礦，以推動最佳經濟發展。

But not a requirement as a part of our supply agreements.

但這不是我們供應協議的要求。

Reggie Smith, JPM.

雷吉·史密斯，JPM。

Congrats on the quarter and the year.

恭喜本季和今年的業績。

Had a question.

有個問題。

I was looking at your OpEx trends, and I don't want to rain on your parade or anything like that, but notice -- we look at SG&A minus stock comp, and we've seen that number grow sequentially each quarter.

我正在查看您的營運支出趨勢，我不想給您潑冷水或做類似的事情，但請注意——我們查看銷售、一般及行政費用減去股票補償，我們發現該數字每個季度都在連續增長。

Sounds like you've done some acquisitions.

聽起來你已經做了一些收購。

There may be some deal costs in there.

其中可能有一些交易成本。

But what's riding that?

但那是什麼呢？

How are you benchmarking OpEx growth and things of that nature?

您如何衡量營運支出成長和諸如此類的事情？

And I was curious if you had an employee count because I was trying to calculate to comp per employee.

我很好奇您是否有員工人數，因為我正試圖計算每位員工的薪酬。

And then I got a follow-up.

然後我得到了後續資訊。

Okay.

好的。

So working backwards, Reggie.

所以，從後往前走吧，雷吉。

I don't have an exact employee count for you.

我沒有您的確切員工人數。

It will be in the 10-K, which should be filed very shortly here.

它將包含在 10-K 文件中，該文件將很快在此處提交。

As far as G&A goes, so our G&A has been elevated, both in '23 and '24 -- sorry, Q3 and Q4 2024 due to onetime M&A and legal litigation expenses.

就 G&A 而言，我們的 G&A 有所提升，無論是在 23 年還是 24 年——抱歉，是 2024 年第三季度和第四季度，原因是一次性的併購和法律訴訟費用。

They are not recurring expenses for running our business and not a part of running -- a Bitcoin Mining operation or HPC operation.

它們不是我們業務營運的經常性開支，也不是比特幣挖礦業務或 HPC 業務營運的一部分。

So that was pretty meaningful in especially Q4, we had approximately $22 million in one-off costs.

所以這非常有意義，特別是在第四季度，我們的一次性成本約為 2,200 萬美元。

Like I said, mainly litigation expense, we had some stock-based advisory services that was closing out of the 3-year engagement.

就像我說的，主要是訴訟費用，我們有一些股票諮詢服務，三年的合作即將結束。

We had some M&A expenses as well.

我們也有一些併購費用。

So obviously, we would like our litigation tied up in a timely manner.

所以顯然我們希望我們的訴訟能夠及時結束。

So we're not incurring these expenses anymore, and we can get cash SG&A down.

因此，我們不再承擔這些費用，而且我們可以降低現金銷售、一般及行政費用。

And I have an employee account for you, thanks to help in the room here, 783 full-time employees.

我為您準備了一個員工帳戶，感謝這裡的 783 名全職員工的幫助。

Got it.

知道了。

Okay.

好的。

That makes sense.

這很有道理。

All right.

好的。

So it sounds like there is some one-timers.

因此聽起來好像有一些一次性的事情。

Is it possible to handicap like where you would like that to be kind of on a on a run rate, a go-forward basis like shipping out all the noise.

您是否可以按照您想要的運行速度、前進的基礎來設定障礙，例如運出所有噪音。

What do you think you could run your Corsicana facility in your Rockdale and everything you get going on a basis?

您認為您可以在 Rockdale 運營 Corsicana 工廠並以此為基礎開展一切工作嗎？

So first, to note how the expenses are allocated, there is a split between direct operating costs, those are in cost of goods in addition to power, although power is a big expense.

因此，首先，要注意費用是如何分配的，直接營運成本是分開的，這些成本除了電力外，還包含在商品成本中，儘管電力是一筆很大的開支。

And then we have some other kind of more corporate operating expenses, facility-wide expenses that fall under SG&A.

然後我們還有一些其他類型的企業營運費用，即屬於銷售、一般和行政費用的設施範圍內的費用。

But to directly get to your question, we think our 2024 cash run rate quarter is going to be in line to modestly above what our previous Q4 2024 run rate guidance was, which is approximately $30 million to $33 million.

但直接回答您的問題，我們認為 2024 年現金運行率季度將與我們先前 2024 年第四季的運行率預期持平，即約為 3,000 萬美元至 3,300 萬美元。

It's very difficult to anticipate what location or onetime maybe M&A items might be or advisory fees that may pop up.

很難預測併購專案可能在什麼地點、什麼時間發生，或會出現什麼諮詢費用。

But on a run rate basis, that's what we are looking at per quarter, $30 million to $33 million cash.

但以運行率計算，我們每季的現金金額為 3,000 萬至 3,300 萬美元。

And we're focused on optimizing that, especially relative to our overall hashtag portfolio.

我們專注於優化這一點，尤其是相對於我們的整體標籤組合。

No, that makes Okay.

不，那沒問題。

Great.

偉大的。

And then if I could get one more in.

然後如果我可以再得到一個。

I was curious, the consultants that you've spoken with have given you any guidance on like how long it may take to finalize the deal.

我很好奇，與您交談過的顧問是否給予您任何指導，例如完成交易需要多長時間。

Just kind of thinking through like how quickly something could get done or a long might a drag on?

只是在思考某件事需要多快完成或需要拖延多久？

And it sounds like -- and maybe I'm reading too much into this, that if something isn't done by late '25 that you would then consider going back to kind of bitcoin mining -- expanding your Bitcoin mining operation.

這聽起來就像——也許我過度解讀了這一點——如果到 25 年底還沒有採取任何行動，你會考慮回到比特幣挖礦——擴大你的比特幣挖礦業務。

Because it sounds like you've given you feel comfortable with where your hash rate will be relative to the network hash rate.

因為這聽起來好像你已經對你的哈希率相對於網路哈希率的位置感到滿意了。

Am I thinking about that right?

我這樣想對嗎？

Well, I don't think we're thinking of -- if we need to get if there wasn't the capacity fully spoken for by the end of this year, we would resume Bitcoin Mining.

嗯，我不認為我們會考慮——如果我們需要在今年年底之前獲得完全足夠的產能，我們就會恢復比特幣挖礦。

I think based on the demand and the quality of assets that we have, we're pretty optimistic of about getting something done.

我認為，基於需求和我們擁有的資產質量，我們對完成某件事非常樂觀。

How long that takes is probably unpredictable or soup to nuts to completion, but there are going to be steps along this way.

這需要多長時間可能無法預測，也無法從頭到尾完成，但沿著這條路走下去，我們將會踏出一步。

Depending on the ultimate deal structure that comes through, multiple steps could include singing a lease, having a development partner, for example, secure and financing, for example, and those could occur in a number of orders.

根據最終達成的交易結構，多個步驟可能包括簽訂租約、擁有開發合作夥伴（例如擔保和融資）等，這些步驟可能在多個訂單中發生。

So we're really aggressively pursuing this.

所以我們正積極地追求這個目標。

We want to communicate updates as they occur.

我們希望在發生最新動態時及時進行溝通。

But we aren't thinking about this as a -- we need to get this done by ex-date to go back to Bitcoin Mining.

但我們並沒有將此視為——我們需要在除息日之前完成此事，才能回到比特幣挖礦。

We think these assets are really exciting for AI/HPC data center development, and we want to get something meaningful done there.

我們認為這些資產對於 AI/HPC 資料中心開發來說確實令人興奮，我們希望在那裡完成一些有意義的事情。

Got it.

知道了。

Great.

偉大的。

And I guess, again, I just want to congratulate you guys.

我想，我只是想再次祝賀你們。

I know we had talked in previous quarters about improving uptime and operations.

我知道我們在前幾個季度曾討論過改善正常運作時間和營運。

You guys have done a good job of that.

你們在這方面做得很好。

So I wanted to acknowledge that.

所以我想承認這一點。

So a great job on that, and I look forward for more updates on the HPC stat.

因此，在這方面做得非常好，我期待有關 HPC 統計數據的更多更新。

Thank you, Reggie.

謝謝你，雷吉。

Appreciate that.

非常感謝。

All the credit goes to the guys in the field, guys and gals in the field working hard to approve operations every day.

所有的功勞都歸功於現場的工作人員，他們每天都在努力工作以批准操作。

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Two questions.

兩個問題。

The first one, can you provide a little bit more color.

第一個，您能否提供更多一些顏色。

I guess my specific question is on the 400 megawatts at Corsicana and the 700 at Rockdale.

我想我的具體問題是關於科西卡納的 400 兆瓦和羅克代爾的 700 兆瓦。

Have you gotten specific interest for that power yet?

您對那種力量已經表現出具體的興趣了嗎？

Or would you say it all kind of so far relates to the 600 megawatts at Corsicana.

或者您會說到目前為止這一切都與科西卡納的 600 兆瓦有關。

And then secondly, any operational goals for '25 on the mining side?

其次，在採礦方面，25 年有什麼營運目標嗎？

So starting backwards with your question there, Mike.

那麼，麥克，我們從你的問題開始回想。

Operational goals in the Bitcoin Mining side.

比特幣挖礦方面的營運目標。

We're looking to increase our hash rate by approximately 22% this year.

我們希望今年將哈希率提高約 22%。

That's really driven by expansion at our Kentucky facilities.

這實際上是由我們肯塔基州工廠的擴張所推動的。

We're focused on operational excellence.

我們專注於卓越營運。

We want to continue, execute on our power strategy and improving uptime as the month goes on.

我們希望繼續執行我們的電力策略，並隨著時間的推移提高正常運行時間。

So we have a good amount of work ahead of us to improve that business line as well.

因此，我們還有大量工作要做，以改善該業務線。

And I think we're making all the right moves to show better results there, and hit those growth targets in Bitcoin Mining ending the year with 38.4 exahash.

我認為我們正在採取一切正確的舉措以取得更好的成績，並在年底實現比特幣挖礦的增長目標，達到 38.4 exahash。

As far as the interest in the power, I would say that hyperscalers, large companies have seen our access to power and they're interested in getting some piece of it.

就對電力的興趣而言，我想說，超大規模企業和大公司已經看到了我們獲取電力的管道，並且他們有興趣獲得其中的一部分。

It hasn't -- the inquiry is not necessarily been specific as We want your next 600 or we want the 400 here or anything like that.

事實並非如此——詢問並不一定是具體的，例如“我們想要您的下一個 600”或“我們想要這裡的 400”或諸如此類的事情。

It's more of, hey, we need power pass.

更重要的是，嘿，我們需要權力通行證。

We want to have a conversation with you of how that works with your assets.

我們想與您討論如何處理您的資產。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

I have two.

我有兩個。

So I know it's early days in the convos, and I hear you on all the demand out there and what everyone is expecting.

所以我知道現在討論還處於早期階段，我聽到了大家的所有需求以及大家的期望。

But I think the market is starting to question some of that demand, especially on days like today.

但我認為市場開始質疑其中的一些需求，尤其是在今天這樣的日子。

So First question is just as those conversations with hyperscalers have gone, have you noticed any change recently versus maybe a few weeks ago or a month or so ago, just kind of any key leads there?

因此，第一個問題是，就像與超大規模企業的對話一樣，與幾週前或一個月前相比，您是否注意到最近有任何變化，有什麼關鍵線索嗎？

So that's my first question.

這是我的第一個問題。

We have not seen any change yet.

我們還沒有看到任何變化。

We're expanding the scope of the counterparties we are talking to now in conjunction with our financial advisers, Evercore and Northland, in order to make sure we get the fullest view of the market here.

我們正在與我們的財務顧問 Evercore 和 Northland 擴大目前正在談判的交易對手範圍，以確保我們對這裡的市場有最全面的了解。

But I think there's been lots of new stories of AI demand and how that's fluctuated.

但我認為關於人工智慧需求及其波動的故事有很多新故事。

The news about Microsoft today seems very quickly that a lot of that was disputed and it was a bit of a misleading or misunderstood information to start.

今天有關微軟的新聞似乎很快就出現很多爭議，而且一開始就帶有一些誤導或誤解的信息。

But I would point out to developments like crop 3 is now the number one rated AI.

但我想指出的是，像 crop 3 這樣的發展現在是排名第一的 AI。

And how did they achieve the results in that AI, they did a significant amount of pre-trading because FAA got 100,000 going on 200,000 video GPUs up fast.

那麼他們是如何在 AI 中取得這些成果的呢？ 他們做了大量的預交易，因為 FAA 很快就將 100,000 個視頻 GPU 投入到了 200,000 個視頻 GPU 上。

So even though there's efficiency gains being had or being studied, it still means that large-scale access to power and then by extension compute gives hyperscalers, gives AI developers and edge in these products.

因此，即使效率提高或正在研究中，它仍然意味著大規模獲取電力，進而透過擴展運算能力，為超大規模企業、人工智慧開發人員提供這些產品的優勢。

So as long as there's demand for AI, which I only believe is going to continue, I think we're going to continue to see increased demand for power to build data centers get a competitive edge in that sector.

因此，只要對人工智慧的需求存在（我相信這種需求將會持續下去），我認為我們將繼續看到對電力的需求增加，以建立資料中心並在該領域獲得競爭優勢。

That's great.

那太棒了。

And then my next question, so just try and frame it again for us as I know you guys have made the argument before how the Bitcoin business complement PC because I see you're basically doubling down in Bitcoin, especially on Bitcoin on the balance sheet.

然後是我的下一個問題，所以請嘗試為我們再次闡述這個問題，因為我知道你們之前已經提出過比特幣業務如何補充 PC 的論點，因為我看到你們基本上在比特幣上加倍投入，尤其是在資產負債表上的比特幣。

But they want to aggressively go at HPC, and it seems like, at least from the investors we talk to, like the guys who like don't really like Bitcoin.

但他們想要積極進軍 HPC，而且至少從我們交談過的投資者來看，這些人似乎不太喜歡比特幣。

So do you spin off one of them?

那你會剝離其中一個嗎？

Or how do they complement each other, I guess?

或者我猜它們是如何互相補充的？

Well, I'd say today, Riot basically positioned itself at the center of 2 rapidly growing industries.

嗯，我想說今天，Riot 基本上將自己定位在兩個快速成長的行業的中心。

We have Bitcoin, and we have AI/HPC data center demand, which is a very common theme.

我們有比特幣，我們有 AI/HPC 資料中心需求，這是一個非常普遍的主題。

Bitcoin's rapid rise to institutional adoption and the price appreciation is what has positioned Riot as uniquely what are the handful of companies that has direct exposure to Bitcoin.

比特幣在機構採用和價格上漲的迅速崛起使得 Riot 成為少數幾家直接接觸比特幣的公司之一。

This our Bitcoin balance, in addition to our Bitcoin mining business has provided Riot with the framework to raise capital at attractive levels and invest in projects like Corsicana, like Rockdale.

我們的比特幣餘額，加上我們的比特幣挖礦業務，為 Riot 提供了以有吸引力的水平籌集資金並投資於 Corsicana、Rockdale 等項目的框架。

And that has result in the opportunity set today.

這就帶來了今天的機會。

We think we can create a lot of value from that.

我們認為我們可以從中創造很多價值。

So with the AI/HPC opportunity, this gives us another way seemingly better way to use energy assets and generate substantial economic returns.

因此，有了 AI/HPC 機會，我們可以獲得另一種看似更好的方式來利用能源資產並產生可觀的經濟回報。

And I think being flexible and opportunistic is what is going to give our shareholders a diversified path to greater returns.

我認為靈活性和機會主義將為我們的股東提供更多回報的多元化途徑。

So John, I would say that Bitcoin is the reactor that has grown our business and grown our assets and got us to this point where we could do this.

所以約翰，我想說，比特幣是一個反應堆，它使我們的業務成長，資產增加，並使我們達到了可以做到這一點的地步。

And we believe it's going to continue generating opportunities for us.

我們相信它將繼續為我們創造機會。

And having the ability to develop AI/HPC data centers or do deals in that sector is just another super exciting way in which we can increase value.

擁有開發 AI/HPC 資料中心或在該領域進行交易的能力只是我們增加價值的另一種極其令人興奮的方式。

Congrats on the quarter, guys.

大家，恭喜本季取得佳績。

Thank you.

謝謝。

Martin Toner, ATB Capital Markets.

ATB 資本市場公司的 Martin Toner。

Congrats on the deal and the improved efficiency this quarter.

恭喜此次交易的達成以及本季效率的提升。

Thank you, Martin.

謝謝你，馬丁。

A quick question on the deal and the $100 million run rate and the margins.

關於這筆交易以及 1 億美元的運行率和利潤率的一個快速問題。

Just wondering when might you expect this business to produce like industry margins more in line with the industry and more in line with the acquired company?

只是想知道您何時可以預期這項業務的利潤率能夠與行業和被收購公司的利潤率更加一致？

Thanks, Martin.

謝謝，馬丁。

I'm going to turn that question over to Jason Chung, our EVP and Head of Corporate Development.

我將把這個問題轉交給我們的執行副總裁兼企業發展主管 Jason Chung。

Martin, interesting question.

馬丁，有趣的問題。

We definitely see -- if we think about what the engineering business is today, following the acquisition of E4A Solutions.

我們肯定會看到——如果我們思考一下在收購 E4A Solutions 之後，今天的工程業務是什麼樣的。

The services business, by nature, tends to have higher margins.

從本質上來說，服務業往往具有更高的利潤率。

And so we definitely see that higher margin profile demonstrated by their financial performance.

因此我們確實看到他們的財務業績反映出了更高的利潤率。

They're at the center of this incredible growth we see in demand for power generation and data center development.

它們是我們看到的發電和資料中心開發需求驚人成長的核心。

So -- we've seen, historically, their top line continues to grow while they've been able to maintain healthy margins, and we definitely expect to see that continue going forward.

因此，從歷史上看，他們的營業收入持續成長，同時能夠維持健康的利潤率，我們肯定希望看到這種情況持續下去。

And I think that really forms the basis for the sort of high-level view we have around 2025 performance on the engineering side.

我認為這確實構成了我們對 2025 年工程表現的高層觀點的基礎。

The other part of -- the other component to that is the Metron business, where -- now that we've gotten this one particular contract behind us, we expect that business to recover meaningfully.

另一部分——另一個組成部分是 Metron 業務，現在我們已經獲得了這份特定的合同，我們預計該業務將實現顯著復甦。

And so if you look at where they were, call it in 2023, top line there, similar margins, but now combining the E4A Business on -- with the top line that's expected to continue to grow strongly this year, and maintain healthy margins that on a sort of combined pro forma basis, we think that engineering business will show significant improvement in margins.

因此，如果您看一下它們在 2023 年的情況，那裡的營收和利潤率相似，但現在將 E4A 業務與預計今年將繼續強勁增長的營收相結合，並保持健康的利潤率，在某種綜合預測基礎上，我們認為工程業務的利潤率將顯著提高。

Then if you kind of look out further, we continue to see some really interesting synergy opportunities in combining these two businesses, both on the cost savings side and cross-selling.

如果你進一步觀察，我們會發現將這兩項業務結合起來會產生一些非常有趣的協同機會，包括成本節約面向和交叉銷售方面。

And even just given the E4A Solutions based in Houston, where -- we think some of the capacity issues that have currently constrained the ESS Metron business can potentially be alleviated.

即使只是考慮到位於休士頓的 E4A Solutions，我們認為目前限制 ESS Metron 業務的一些產能問題也有可能得到緩解。

So I think there's some really interesting near to midterm opportunities to increase that margin profile even further now that we've got to do businesses together.

因此我認為，既然我們現在必須一起做生意，那麼在中期內就存在一些非常有趣的機會來進一步提高利潤率。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

So I have one on the Rockdale site.

所以我在 Rockdale 網站上有一個。

If I'm not mistaken, I think that you currently lease that site.

如果我沒記錯的話，我認為您目前租賃了該網站。

You don't own it outright like you do with Corsicana.

就像您擁有科西卡納 (Corsicana) 那樣，您並不完全擁有它。

So I'm just -- can you maybe just talk about the specifics of that lease?

所以我只是——你能談談該租約的具體細節嗎？

And whether the fact that you lease that land makes it any less attractive to hyperscalers when they think about choosing a site for the data center?

那麼，當超大規模企業考慮選擇資料中心址時，租賃土地是否會降低其吸引力？

Yes, Patrick.

是的，派崔克。

So you are correct, where at Corsicana, we own the land.

所以您說得對，在科西卡納，我們擁有這片土地。

At Rockdale, we are on a land lease.

在 Rockdale，我們簽訂了土地租賃合約。

That is on a pretty long term though.

但這是一個相當長期的事。

The initial term is 10 years and then there are multiple 10-year renewals at our option.

初始期限為 10 年，之後我們可以選擇多次 10 年續約。

I think a total of 40 or 50 years in total on there.

我認為那裡總共有 40 或 50 年了。

So it's a pretty long-term ground lease.

所以這是一個相當長期的土地租賃。

I think what would impact a deal there is the type of deal that's getting done.

我認為，對達成協議有影響的因素是所達成協議的類型。

I think it depends on what the level of involvement from the customer would be, I think, ultimately drives whether or not Rockdale and the fact that the land is lease impacts if it's viable for them.

我認為這取決於客戶的參與程度，我認為這最終決定了 Rockdale 和土地租賃的事實是否對他們可行。

But at the end of the day, the major theme here is constrained on power.

但歸根究底，這裡的主要主題是權力的限制。

And we believe that as that constraint becomes more and more real, and these hyperscalers and AI companies are competing with each other for capacity.

我們相信，隨著這種限制變得越來越現實，這些超大規模企業和人工智慧公司正在相互競爭產能。

Factors like that may start to mean less if it means getting capacity on sooner.

如果這意味著更快地獲得產能，那麼諸如此類的因素可能就不再那麼重要了。

Okay.

好的。

Got it.

知道了。

And then just a follow-up.

然後只是後續行動。

It's obviously going to vary by the needs of the tenant.

這顯然會根據租戶的需求而改變。

But some of the similar deals that we've seen to get done in this space have been north of 10-year lease terms -- or sorry, 10-year terms on the AI/HPC deals.

但我們看到在這個領域達成的一些類似交易的租賃期限都超過了 10 年——或者抱歉，AI/HPC 交易的期限是 10 年。

So based on your conversations, can you talk about how long think a contract if you were to sign one could potentially be -- has that come in at all as some of these questions have arisen about longer-term demand?

那麼根據您的談話，您能否談談如果簽署一份合同，合約期限可能是多長？

Anything on kind of like the length of some of these deal terms would be great.

關於這些交易條款的長度等任何資訊都可以。

Yes.

是的。

I think long-term demand is -- I'm sorry, the long term of an agreement is a key point, and that's both for customers and for us.

我認為長期需求是——抱歉，協議的長期性是一個關鍵點，這對客戶和我們來說都是如此。

We're going to be building infrastructure.

我們將要建設基礎設施。

We're going to be spending capital on this.

我們將為此投入資金。

And there are good terms available today.

今天還有好條件。

We want a long-term agreement to lock that in and give ourselves the visibility of the financial return for the assets over a long term.

我們希望達成長期協議來鎖定這一點，並讓我們能夠長期了解資產的財務回報。

So I think both sides are similarly interested in having long-term agreements -- 10 years and beyond.

因此我認為雙方同樣有興趣達成長期協議——10年甚至更長的協議。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Congrats on the deal.

祝賀交易達成。

My first question is with respect to driving higher Bitcoin yield.

我的第一個問題是關於如何提高比特幣收益率。

Curious to hear how the company is thinking about dilution going forward to drive a higher Bitcoin per share?

好奇地想聽聽該公司如何考慮稀釋股權，以推動每股比特幣價格上漲？

And could we see Riot issuing other forms of structured products down the road?

我們是否可以看到 Riot 將來發行其他形式的結構化產品？

So minimizing dilution is a key part of being successful at Bitcoin Yield.

因此，最大限度地減少稀釋是實現比特幣收益成功的關鍵部分。

The core part that drives it for us as a Bitcoin Miner is our mining operations, we're achieving a very low direct cost of production, that is what is the basis that forms how we organically generate Bitcoin Yield.

作為比特幣礦工，推動我們前進的核心部分是我們的採礦業務，我們實現了非常低的直接生產成本，這就是我們有機產生比特幣收益的基礎。

And of course, we're always going to be looking to raise capital in the least dilutive lowest cost of capital manner in order to enhance Bitcoin Yield.

當然，我們將始終尋求以最小稀釋性和最低資本成本的方式籌集資本，以提高比特幣收益率。

And it's a reason why this metric is powerful, we think it helps whole teams such as ourselves accountable to making dilution as minimal as possible.

這就是該指標強大的原因之一，我們認為它可以幫助我們這樣的整個團隊盡可能減少稀釋。

So that leads to how we think about going into the market with equity.

這就引出了我們如何思考如何以股權進入市場。

You'll notice over the past few months or so, we've been very light with our ATM program.

您會注意到，在過去的幾個月裡，我們的 ATM 程式進展非常緩慢。

It also is what drives us to find additional forms of financing.

這也是促使我們尋找其他融資形式的動力。

We think with our assets and the things that we've -- what we built up here at Riot, we are well positioned to find alternative forms of financing.

我們認為，憑藉我們的資產以及我們在 Riot 所累積的一切，我們完全有能力找到其他形式的融資。

All of this contributes to driving a Bitcoin Yield.

所有這些都有助於提高比特幣收益率。

As far as other kind of structured products, I assume you're alluding to the things like what a strategy has done, that's not something that we've looked too closely at yet.

至於其他類型的結構化產品，我想您指的是某種策略所起的作用，我們還沒有對此進行深入研究。

Our main focus has been the AI/HPC opportunity right now.

我們目前的重點是 AI/HPC 機會。

But I think we'll closely monitor how these products come about and see what investor market demand looks like for them.

但我認為我們會密切關注這些產品的推出情況，並觀察投資者市場對它們的需求。

Appreciate that color.

欣賞那種顏色。

And then secondly, and apologies if I missed this earlier in the call.

其次，如果我在早些時候的通話中沒有提到這一點，我深感抱歉。

But can you share some more color on how the design and engineering aspect of the AI/HPC data center could look like?

但是您能否分享一些有關 AI/HPC 資料中心的設計和工程方面的更多細節？

Will you need to hire or partner with more external parties to get it up and running?

您是否需要雇用或與更多外部方合作來使其啟動和運行？

Curious to hear what the plan is there.

好奇心想知道那裡的計劃是什麼。

So I think it will ultimately depend, Bill, on the type of deal that comes together.

因此，比爾，我認為這最終將取決於達成的交易類型。

Like we talked about earlier, we want to pursue what maximizes the most value on a risk-adjusted basis, and there's multiple different avenues in which we can execute there.

正如我們之前談到的，我們希望在風險調整的基礎上追求最大價值，並且我們可以透過多種不同的途徑來實現。

In some of these avenues, we already have a team in place to do that.

在某些途徑，我們已經有一個團隊來做這件事。

We're building out our power capacity very well exceptionally good at that, and the acquisition of 4A makes us even better at building out what you would say is the power shell of an infrastructure of a data center development.

我們正在非常出色地建造我們的電力容量，而收購 4A 使我們在建造資料中心開發基礎設施的電力外殼方面做得更好。

Now further, Riot and Bitcoin Mining, we've developed our infrastructure there with state-of-the-art content techniques and that experience translates into supporting data center development, especially with the type of state-of-the-art coin techniques we're seeing there.

現在進一步來說，Riot 和比特幣挖礦，我們已經在那裡用最先進的內容技術開發了我們的基礎設施，並且這種經驗轉化為支援資料中心的開發，特別是我們在那裡看到的最先進的硬幣技術類型。

So I think we have a good amount of talent.

所以我認為我們擁有大量人才。

Nonetheless, we are focused on bringing on additional help to support and execution there, and we're working on that from both an internal and third-party perspective.

儘管如此，我們仍專注於為那裡的支援和執行提供額外的幫助，並且我們正在從內部和第三方的角度開展工作。

Awesome.

驚人的。

Thanks for the color.

謝謝你的顏色。

Looking forward to the feasibility study next month.

期待下個月的可行性研究。

Thank you, Bill.

謝謝你，比爾。

Joe Flynn, Compass Point Research and Trading.

喬·弗林（Joe Flynn），Compass Point 研究與貿易公司。

I was wondering maybe based on early conversations with your consultants, if there's any operational metrics you can share such as ultimately what you'd be able to deliver at and your build cost per megawatt and how that could be different between the 600 megawatts at Corsicana and the Rockdale site, given there's already existing power infrastructure in the ground?

我想知道，也許基於您與顧問的早期對話，您可以分享一些營運指標，例如最終您能夠提供什麼以及每兆瓦的建設成本，以及考慮到地下已經存在電力基礎設施，科西卡納的 600 兆瓦和羅克代爾站之間的差異如何？

Yes.

是的。

I think it's probably too early to comment on what PUEs could look like, especially since the technology is changing, so rapidly is going to depend a lot on what the type of customer would be.

我認為現在評論 PUE 可能還為時過早，尤其是因為技術正在發生如此迅速的變化，這在很大程度上取決於客戶的類型。

I think both Rockdale and Corsicana are in very similar climates, only being 100 miles from each other.

我認為羅克代爾和科西卡納的氣候非常相似，彼此相距僅 100 英里。

So they would be similar on both sides.

因此兩邊都會很相似。

At both sides though, we have very sufficient access to water, especially at Rockdale.

不過，在兩邊，我們都有足夠的水，特別是在羅克代爾。

So we have the ability to support a wide variety of cooling technologies there.

因此我們有能力在那裡支援各種各樣的冷卻技術。

So Joe, I couldn't tell you what it would be like just yet.

所以喬，我現在還不能告訴你那會是什麼樣子。

I think the conversations we need to advance further, we'd have to be kind of in the design phase to know what that particular customer is looking to accomplish.

我認為我們需要進一步推進的對話，我們必須處於設計階段才能知道特定客戶想要實現什麼。

And then just going back to just maximizing the value of the sites does that include potential outright sales of capacity?

然後回到最大化場地價值的話題，這是否包括潛在的直接銷售容量？

And like on that front, have you been approached or even gotten offers for an outright asset sale?

在這方面，有人聯繫過您或甚至收到直接出售資產的報價嗎？

There's a whole spectrum of potential deal structure here.

這裡存在著各種潛在的交易結構。

It could be on one end, it could be lease land.

它可能在一端，也可能是租賃土地。

It could be a powered shell.

它可能是一個動力外殼。

It could be building something to suit, basically a large complete data center.

它可以建造一些適合的東西，基本上是一個大型完整的資料中心。

And then the biggest end of the spectrum would be an outright sale of the asset.

那麼，最大的結局就是直接出售該資產。

So we're open to all of these as we progress in discussions here.

因此，隨著討論的進展，我們對所有這些都持開放態度。

And we're -- we want to drive a strong competitive process here.

我們希望在這裡推動強而有力的競爭進程。

That's why we've engaged Evercore in Northland to give us the most broad penetration to the market we

這就是為什麼我們與北領地的 Evercore 合作，讓我們能夠最廣泛地滲透到我們的市場

That's all the time we have for questions.

我們回答問題的時間就這麼多了。

I'd like to turn the call back over to Phil McPherson for closing remarks.

我想將電話轉回給菲爾麥克弗森，請他做最後發言。

I'd like to thank everybody for tuning in today to our earnings conference call.

我想感謝大家今天收聽我們的收益電話會議。

We look forward to updating you on future events for Riot Platforms.

我們期待向您通報 Riot 平台未來的活動動態。

As always, you can contact us at ir@riot.inc for any other future questions, and we'll talk soon.

像往常一樣，如果您將來有任何其他問題，可以透過 ir@riot.inc 聯繫我們，我們會盡快與您聯繫。

Thank you.

謝謝。

Thank you for your participation.

感謝您的參與。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接了。

Good day.

再會。