Terawulf Inc (WULF) 2024 Q1 法說會逐字稿

Greetings and welcome to TeraWulf 2024-first-quarter earnings call.

您好，歡迎參加 TeraWulf 2024 年第一季財報電話會議。

(Operator Instructions) As a reminder this conference is being recorded.

（操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host Mr. Jason Assad, Director of Corporate Communications.

現在我很高興向大家介紹東道主傑森‧阿薩德先生，他是企業傳播總監。

Thank you.

謝謝。

Mr. Assad, you may begin.

阿薩德先生，您可以開始了。

Thank you, operator.

謝謝你，接線生。

Good afternoon and welcome to TeraWulf's first-quarter earnings call.

下午好，歡迎參加 TeraWulf 第一季財報電話會議。

With me today are Chairman and Chief Executive Officer, Paul Prager; Chief Operating Officer, Nazar Khan; and our Chief Financial Officer, Patrick Fleury.

今天與我在一起的有董事長兼執行長 Paul Prager；營運長納扎爾·汗；以及我們的財務長 Patrick Fleury。

Before we get started, I'd like to remind everyone that our prepared remarks may contain forward-looking statements which are subject to risk and uncertainties, and we may make additional forward-looking statements during the question-and-answer session.

在開始之前，我想提醒大家，我們準備的發言可能包含前瞻性陳述，這些陳述存在風險和不確定性，我們可能會在問答環節做出額外的前瞻性陳述。

These forward-looking statements are subject to risk and uncertainties, and actual results may differ materially.

這些前瞻性陳述存在風險和不確定性，實際結果可能有重大差異。

When used in this call, the words anticipate, could, enable, estimate, intend, expect, believe, potential, will, should, project, and similar expressions as they relate to TeraWulf are such forward-looking statements.

在本次電話會議中使用的字詞包括預期、能夠、啟用、估計、打算、期望、相信、潛力、意願、應該、項目以及與 TeraWulf 相關的類似表達方式。

Investors are cautioned that forward-looking statements involve risk and uncertainties which may cause actual results to differ materially from those anticipated by TeraWulf at this time.

請投資人注意，前瞻性陳述涉及風險和不確定性，可能導致實際結果與 TeraWulf 目前的預期有重大差異。

In addition, other risks are more fully described in TeraWulf's public filings with the US Securities Exchange Commission, which may be viewed at sec.gov and in the Investor section of our corporate website at terawulf.com.

此外，TeraWulf 向美國證券交易委員會提交的公開文件中對其他風險進行了更全面的描述，您可以在 sec.gov 以及我們公司網站 terawulf.com 的投資者部分查看該文件。

Finally, please note that on today's call, we'll refer to certain non-GAAP financial measures.

最後，請注意，在今天的電話會議上，我們將提及某些非公認會計準則財務指標。

Please refer to our company's periodic reports on Form 10-K and 10-Q and on our website for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP financial measures.

請參閱我們公司的 10-K 表格和 10-Q 表格定期報告以及我們網站上的這些非 GAAP 業績指標與最具可比性 GAAP 財務指標的全面對帳資訊。

I'd like to also inform investors of our new investor deck, which may be found also at terawulf.com. We'll begin today's call with prepared remarks from Paul, Nazar and Patrick, then we'll proceed to Q&A.

我也想告知投資人我們新的投資人平台，也可以在 terawulf.com 上找到。我們將以保羅、納扎爾和帕特里克準備好的演講開始今天的電話會議，然後我們將進行問答。

It's my pleasure to now turn the call over to TeraWulf's CEO, Paul Prager.

我很高興現在將電話轉給 TeraWulf 的執行長 Paul Prager。

Paul?

保羅？

Thank you, Jason, and good afternoon, everyone.

謝謝傑森，大家下午好。

We appreciate your attendance today as we dive into our first-quarter-2024 financial results.

感謝您今天出席，我們將深入探討 2024 年第一季的財務表現。

Just a couple of months ago, our last earnings call, we highlighted TeraWulf's significant growth and accomplishments throughout the fiscal-year 2023.

就在幾個月前，我們在上次財報電話會議上強調了 TeraWulf 在 2023 財年的顯著成長和成就。

We experienced robust organic growth at existing sites, achieved substantial debt repayment and bolstered liquidity.

我們在現有基地實現了強勁的有機成長，實現了大幅債務償還並增強了流動性。

These achievements underscore the strength of our foundation and set the stage for the growth we are excited to talk to you about today.

這些成就凸顯了我們基礎的實力，並為我們今天很高興與您談論的成長奠定了基礎。

For those unfamiliar with TeraWulf, we specialize in energy infrastructure, drawing from over three decades of experience.

對於不熟悉 TeraWulf 的人來說，我們專注於能源基礎設施，並汲取了三十多年的經驗。

Our primary focus presently centers on bitcoin mining, where we employ sustainable practice, utilizing zero-carbon energy resources while also contributing to grid stability.

我們目前的主要關注點集中在比特幣挖礦上，我們採用永續實踐，利用零碳能源，同時也為電網穩定做出貢獻。

Operating from our two principal data centers, Lake Mariner in upstate New York, and Nautilus Cryptomine in Pennsylvania, a joint venture with Talen.

我們在兩個主要資料中心營運：位於紐約州北部的 Lake Mariner 資料中心和位於賓州的 Nautilus Cryptomine（與 Talen 合資的資料中心）。

We take great pride in sourcing 95% of our power from clean energy sources.

我們感到非常自豪的是，我們 95% 的電力來自清潔能源。

Our expansive mining facilities currently have a combined self-mining hash rate of 8 exahash per second.

我們龐大的採礦設施目前的綜合自採礦哈希率為每秒 8 exahash。

Powered by approximately 64,000 deployed miners with a fleet efficiency of 24.6 joules per terahash, we utilize 210 megawatts of infrastructure capacity.

我們由大約 64,000 台已部署的礦機提供支持，機群效率為 24.6 焦耳/太哈哈希，我們利用了 210 兆瓦的基礎設施容量。

Notably, our miners consistently operate at an impressive 98% of installed nameplate capacity.

值得注意的是，我們的礦機始終以銘牌裝置容量的 98% 運行，令人印象深刻。

We're actively expanding our mining operations at Lake Mariner, with Building 4 scheduled to be complete at the end of June, and Building 5 commencing construction.

我們正在積極擴大在 Lake Mariner 的採礦業務，4 號樓計劃於 6 月底完工，5 號樓開始施工。

These expansions are projected to raise our total operational capacity to over 10 exahash per second by mid-year with a fleet efficiency of 22.7 joules per terahash, and subsequently, to more than 13 exahash per second with a fleet efficiency of 20.9 joules per terahash.

這些擴展預計將在年中將我們的總營運能力提高到每秒10 exahash 以上，車隊效率為每太拉哈希22.7 焦耳，隨後將提高到每秒13 艾哈什以上，車隊效率為每太拉哈希22.7 焦耳，隨後將提高到每秒13 艾哈什以上，車隊效率為每太哈哈希20.9 焦耳。

We have one of the most efficient miner fleets in the industry.

我們擁有業內最高效的礦機隊之一。

As Patrick will elaborate, we finalized a new miner purchase and option agreement with Bitmain for S21s and S21 pros, solidifying our growth trajectory.

正如帕特里克將詳細闡述的那樣，我們與比特大陸敲定了針對 S21 和 S21 專業人士的新礦機購買和期權協議，鞏固了我們的成長軌跡。

This contract not only ensures the prompt delivery of machines to occupy Building 4, but also secures favorable pricing for up to 6 exahash of potential future deliveries.

該合約不僅確保及時交付用於佔用 4 號樓的機器，而且還確保未來最多 6 exahash 的潛在交付的優惠價格。

Looking forward, our plan is to achieve a 300-megawatt infrastructure capacity by year-end 2024, with the goal to further expand to 600 megawatts of deployed infrastructure in 2025.

展望未來，我們的計畫是到2024年底實現300兆瓦的基礎設施容量，目標是在2025年進一步擴大到600兆瓦的基礎設施部署容量。

As an energy infrastructure business, we are committed to ongoing development and identifying optimal applications for our megawatts, whether it's bitcoin mining or high computing endeavors.

作為一家能源基礎設施企業，我們致力於持續開發並確定兆瓦級的最佳應用，無論是比特幣挖礦還是高運算工作。

The significance of owning infrastructure and scalability cannot be overstated.

擁有基礎設施和可擴展性的重要性怎麼強調都不為過。

Our optionality extends well beyond that of our peers, thanks to our energy backgrounds and existing digital infrastructure.

由於我們的能源背景和現有的數位基礎設施，我們的選擇範圍遠遠超出了同行。

In fact, I believe no miner is better positioned than TeraWulf when it comes to owning scalable, low cost, and zero-carbon energy infrastructure assets.

事實上，我相信在擁有可擴展、低成本和零碳能源基礎設施資產方面，沒有一家礦商比 TeraWulf 更有優勢。

Over the last nine months, WULF Compute, our internal innovation hub, has been focused on researching, developing, and deploying our extensive and scalable digital infrastructure.

在過去的九個月裡，我們的內部創新中心 WULF Compute 一直專注於研究、開發和部署我們廣泛且可擴展的數位基礎設施。

Following a successful pilot phase involving a compact NVIDIA GPU system, we allocated a 2-megawatt power block at our Lake Mariner facility, which could support over 1,000 H100 GPUs as part of a broader high-performance computing initiative aimed at diversifying our revenue streams.

在涉及緊湊型NVIDIA GPU 系統的成功試點階段之後，我們在Lake Mariner 設施中分配了一個2 兆瓦的電源塊，該電源塊可以支援超過1,000 個H100 GPU，作為旨在實現收入來源多元化的更廣泛的高效能運算計劃的一部分。

TeraWulf's large-scale energy infrastructure, coupled with access to zero-carbon low-cost power is invaluable for meeting the growing demand from bitcoin mining and AI applications.

TeraWulf 的大規模能源基礎設施，再加上零碳低成本電力，對於滿足比特幣挖礦和人工智慧應用不斷增長的需求而言，具有不可估量的價值。

Our sites fulfill demanding specifications of hyperscalers, offering direct access to extensive contiguous land suitable for constructing data centers, as well as access to abundant water for cooling and adherence to a sustainable ESG framework.

我們的站點滿足超大規模企業的嚴格規範，可直接存取適合建造資料中心的大片連續土地，並提供充足的冷卻水並遵守可持續的 ESG 框架。

In a few moments, Nazar will provide more detail how we are strategically and carefully approaching the AI-HPC opportunity.

稍後，Nazar 將詳細介紹我們如何策略性地、謹慎地抓住 AI-HPC 機會。

The immense value of our available, scalable, and sustainable energy infrastructure is undeniable, as demonstrated in recent research reports from both Morgan Stanley and Goldman Sachs.

正如摩根士丹利和高盛最近的研究報告所證明的那樣，我們可用的、可擴展的和可持續的能源基礎設施的巨大價值是不可否認的。

We believe the market isn't properly attributing the inherent and significant value of our owned infrastructure in our current market valuation.

我們認為，市場在我們目前的市場估值中沒有正確地歸因於我們擁有的基礎設施的固有和重大價值。

Turning to our financial position, we remain steadfast in leveraging our resilient, low-cost infrastructure to maximize profits, repay debt and return value to shareholders.

談到我們的財務狀況，我們仍然堅定地利用我們富有彈性的低成本基礎設施來實現利潤最大化、償還債務並為股東回報價值。

Our performance in the first quarter highlights TeraWulf's consistent achievement of industry-leading profitability.

我們第一季的業績凸顯了 TeraWulf 持續實現業界領先的獲利能力。

We delivered a GAAP gross margin of 66%, which increased to 71% inclusive of Nautilus, and non-GAAP adjusted EBITDA of $32 million, which translates to an EBITDA per exahash of approximately $4,100 among the highest of our public peers.

我們的 GAAP 毛利率為 66%（含 Nautilus），增加到 71%，非 GAAP 調整後 EBITDA 為 3,200 萬美元，這意味著每 exahash 的 EBITDA 約為 4,100 美元，在我們的上市同行中名列前茅。

Additionally, a quarterly SG&A of $8 million and stock-based comp of $7 million are far below all of our peers.

此外，季度 SG&A 為 800 萬美元，股票補償為 700 萬美元，遠低於我們所有的同業。

Why are these statistics important for management and shareholders to consider?

為什麼這些統計數據對管理階層和股東來說很重要？

Because they highlight TeraWulf's competitive advantages versus all other public bitcoin miners.

因為它們凸顯了 TeraWulf 相對於所有其他公共比特幣礦工的競爭優勢。

One, low-cost zero-carbon power; two, profitability.

一、低成本零碳電力；二、盈利能力。

We generate more EBITDA per exahash than our larger public peers, and therefore require less capital and future growth to achieve the same level of profitability as our peers; And three, efficiency.

與大型上市同業相比，我們每 exahash 產生的 EBITDA 更多，因此需要更少的資本和未來成長來實現與同業相同的獲利水準；第三，效率。

Our team is lean, mean, and we manage TeraWulf to achieve maximum profitability for our shareholders.

我們的團隊精幹、精幹，我們管理 TeraWulf 是為了為股東實現最大利潤。

We are not a lifestyle company for management.

我們不是一家管理生活方式的公司。

We estimate our cost to mine a bitcoin at approximately $40,000 per bitcoin post-having, utilizing a network hash rate of 600 exahash, positioning us as one of the lowest-cost producers in the industry.

我們估計，使用 600 exahash 的網路哈希率，開採比特幣的成本約為每枚比特幣 40,000 美元，使我們成為業內成本最低的生產商之一。

Looking forward, we remain squarely focused on capital efficiency, ensuring that every dollar we spend on CapEx creates shareholder value.

展望未來，我們仍然專注於資本效率，確保我們花在資本支出上的每一美元都能創造股東價值。

This approach underscores our commitment to maximizing returns and driving long-term sustainability in our business.

這種方法強調了我們對最大化回報和推動業務長期永續發展的承諾。

Before I conclude my remarks today, I want to underscore the significance of capital efficiency within our strategic framework.

在結束今天的演講之前，我想強調資本效率在我們策略框架內的重要性。

At WULF, we firmly believe that our success hinges not merely on the speed of our expansion, but on the discerning allocation of capital to generate sustained returns for our shareholders.

在 WULF，我們堅信，我們的成功不僅取決於擴張速度，還取決於明智的資本配置，為股東創造持續回報。

So what precisely do I mean by capital efficiency?

那麼資本效率到底是什麼意思呢？

I'm referring to the prudent utilization of funds, whether derived from free cash flow, debt or equity to operate and expand with a keen focus on the relationship between capital deployed and the resulting returns.

我指的是謹慎利用資金，無論是來自自由現金流、債務或股權，以進行營運和擴張，並密切關注所部署的資本與由此產生的回報之間的關係。

This distinction is crucial.

這種區別至關重要。

It enables investors to differentiate between the companies that are growing profitably versus simply growing.

它使投資者能夠區分正在獲利成長的公司和單純成長的公司。

At TeraWulf, we firmly believe that not all exahash is created equal.

在 TeraWulf，我們堅信並非所有 exahash 都是一樣的。

And guess what?

你猜怎麼著？

The same is true for dilution.

稀釋也是如此。

As we have demonstrated quarter after quarter, our approach is one of prudence, ensuring minimal dilution to maintain alignment with our stakeholders.

正如我們一個又一個季度所證明的那樣，我們的方法是謹慎的，確保最小化稀釋以保持與利害關係人的一致。

Remember, this management team, including yours truly, is among the largest shareholders, which underscores our entire alignment with you, the investor.

請記住，這個管理團隊（包括您真正的管理團隊）是最大的股東之一，這強調了我們與您（投資者）的完全一致。

So beyond the exhaustive analysis and modeling, what truly defines our strategy is capital efficiency.

因此，除了詳盡的分析和建模之外，真正定義我們策略的是資本效率。

You should rest assured that when we decide to utilize the ATM, it is with the absolute undeniable conviction that every dollar invested will yield a substantial return.

您應該放心，當我們決定使用 ATM 時，我們絕對不可否認地相信，投入的每一美元都會產生豐厚的回報。

It is clear that some of our competitors aren't focused on profitability when announcing expansion plans, and that is what differentiates TeraWulf.

顯然，我們的一些競爭對手在宣布擴張計劃時並不關注盈利能力，這就是 TeraWulf 的與眾不同之處。

Capital efficiency serves as the cornerstone of our decision-making process, guiding us to make investments that not only fuel growth, but also ensure that every dollar spent generates substantial long-term value.

資本效率是我們決策過程的基石，引導我們投資，不僅促進成長，而且確保所花費的每一美元都能產生可觀的長期價值。

This disciplined approach empowers us to maintain a lean and adoptable business model, while seizing opportunities that align with our core objective of delivering sustainable growth and returning value to our shareholders.

這種嚴格的方法使我們能夠保持精益且可採用的業務模式，同時抓住與我們實現永續成長和為股東回報價值的核心目標一致的機會。

It is also why TeraWulf delivers more profitability with less dilution than any of our peers.

這也是為什麼 TeraWulf 比我們的任何同行都能以更少的稀釋度提供更高的獲利能力。

Now, I'll hand the call over to my partner, friend, Nazar Khan, to elaborate on WULF Compute's initiatives before our CFO; Patrick Fleury provides a detailed review of our financial results for the first quarter.

現在，我將把電話轉給我的合作夥伴、朋友 Nazar Khan，向我們的 CFO 詳細說明 WULF Compute 的舉措； Patrick Fleury 詳細回顧了我們第一季的財務表現。

Thank you, Paul, and good afternoon, everyone.

謝謝保羅，大家下午好。

Before delving into the latest developments that WULF compute, I'd like to provide some context regarding the surging demand for energy infrastructure.

在深入研究 WULF 運算的最新發展之前，我想提供一些有關能源基礎設施需求激增的背景資訊。

As Paul mentioned, our expertise lies in the power generation sector.

正如保羅所提到的，我們的專長在於發電領域。

Over the past two decades, we've been involved in the development, construction, financing, ownership, and operation of power generation facilities both domestically in the United States and in various overseas jurisdictions.

在過去的二十年中，我們一直參與美國國內和各個海外司法管轄區發電設施的開發、建設、融資、擁有和營運。

Potential to our operations has been our keen understanding of power flows, a skill that's particularly pertinent in today's landscape.

我們營運的潛力在於我們對電力流的敏銳理解，這項技能在當今的情況下尤其重要。

With the advent of high-demand loads such as HPC and AI, ensuring timely access to sufficient power has become a critical concern.

隨著HPC和AI等高需求負載的出現，確保及時獲得足夠的電力已成為關鍵問題。

However, access to power and energy infrastructure remains a significant constraint.

然而，獲得電力和能源基礎設施仍然是一個重大限制。

These high-density compute loads of two primary objectives.

這些高密度計算負載有兩個主要目標。

First, to secure access to power at scale.

首先，確保大規模獲得電力。

And second, to do so within the next 12 to 24 months.

其次，在未來 12 至 24 個月內做到這一點。

Once these primary objectives are met, considerations then shift to securing low cost and zero-carbon power solutions.

一旦滿足這些主要目標，考慮因素就會轉向確保低成本和零碳電力解決方案。

Fortunately, the TeraWulf portfolio boasts substantial capacity to fulfill each of these objectives.

幸運的是，TeraWulf 產品組合擁有實現這些目標的強大能力。

As high-density compute loads gravitate towards areas with ample power resources, we're actively engaging with various counterparties to allocate our energy infrastructure accordingly.

隨著高密度運算負載傾向於電力資源充足的地區，我們正在積極與各個交易對手合作，以相應地分配我們的能源基礎設施。

We are in the early stages of this transition and are thoughtfully analyzing the alternatives.

我們正處於這一轉變的早期階段，正在仔細分析替代方案。

Over the past nine months, WULF Compute has been dedicated to developing the blueprint for our low cost, zero carbon, and scalable digital infrastructure.

在過去的九個月裡，WULF Compute 一直致力於為我們的低成本、零碳和可擴展的數位基礎設施制定藍圖。

Traditional data centers are facing challenges in meeting the escalating rack density requirements of current and next-generation GPUs.

傳統資料中心在滿足當前和下一代 GPU 不斷升級的機架密度要求方面面臨挑戰。

To address this, our engineering team has collaborated closely with industry leaders such as NVIDIA to design air-cooled and liquid-cooled facilities tailored to fit these demands.

為了解決這個問題，我們的工程團隊與 NVIDIA 等行業領導者密切合作，設計了專為滿足這些需求而設計的風冷和液冷設施。

The culmination of these efforts is the construction of our 2-megawatt facility at the Lake Mariner site slated for completion by early August.

這些努力的最終成果是我們在 Lake Mariner 工地建造了 2 兆瓦的設施，預計於 8 月初完工。

We're currently in discussions with several counter parties regarding the utilization of this capacity.

我們目前正在與幾個交易對手就該產能的利用進行討論。

Our core expertise at TeraWulf lies in energy infrastructure, and our primary objective remains to expand our facilities to meet the increasing energy demands of the rapidly growing high-density compute market.

TeraWulf 的核心專業知識在於能源基礎設施，我們的首要目標仍然是擴展我們的設施，以滿足快速增長的高密度運算市場日益增長的能源需求。

Following our initial 2-megawatt project, we're now in the final stages of designing a 10-megawatt facility engineered to be easily scalable.

繼最初的 2 兆瓦項目之後，我們現在正處於設計易於擴展的 10 兆瓦設施的最後階段。

As you'll see in our most recent investor presentation, we've summarized various strategies for extracting value from our infrastructure as it relates to AI-HPC applications.

正如您將在我們最近的投資者演示中看到的那樣，我們總結了從與 AI-HPC 應用程式相關的基礎設施中提取價值的各種策略。

Each strategy entails distinct capital, operational, and margin considerations.

每個策略都需要考慮不同的資本、營運和利潤。

Given our dedication to energy infrastructure and our belief in being at the forefront of the growing demand for it, our current focus is on the co-location, white space, and rack-ready model.

鑑於我們對能源基礎設施的奉獻精神以及我們始終走在能源基礎設施不斷增長的需求前沿的信念，我們目前的重點是主機代管、空白空間和機架就緒模式。

This approach strikes a balance between long-term ownership of energy infrastructure and the potential for increased revenue per megawatt over time in the most capital efficient manner.

這種方法以最具資本效率的方式在能源基礎設施的長期所有權與隨著時間的推移增加每兆瓦收入的潛力之間取得了平衡。

We expect the supply of scaled low-cost zero carbon energy infrastructure to become more constrained over the next year.

我們預計明年大規模低成本零碳能源基礎設施的供應將變得更加有限。

Hyperscalers are aggressively acquiring and optioning energy infrastructure that they plan to grow into over the next few years.

超大規模企業正在積極收購和選擇他們計劃在未來幾年內發展的能源基礎設施。

We believe the path to creating highest shareholder value is by designing and building next-generation data center infrastructure that we offer into the market.

我們相信，創造最高股東價值的途徑是設計和建構我們向市場提供的下一代資料中心基礎設施。

Looking forward, we envision an opportunity to expand our high-density compute business to 100 megawatts within the next few years.

展望未來，我們預計有機會在未來幾年內將我們的高密度計算業務擴展到 100 兆瓦。

This expansion will leverage our existing assets and may involve acquiring additional sites to bolster our capacity further.

此次擴張將利用我們現有的資產，並可能涉及收購更多場地以進一步增強我們的產能。

Now, I'll hand the call over to our CFO, Patrick Fleury, to provide a detailed review of our financial results for the first quarter.

現在，我將把電話轉交給我們的財務長 Patrick Fleury，他將詳細審查我們第一季的財務表現。

Thank you, Nazar.

謝謝你，納札爾。

As Paul stated, our first quarter was strong across all financial metrics, driven by favorable business fundamentals and outstanding execution.

正如保羅所說，在良好的業務基本面和出色的執行力的推動下，我們第一季的所有財務指標都表現強勁。

In the first quarter of 2024, we self-mined 767 bitcoin at Lake Mariner and our net share of mined bitcoin at Nautilus was 284, for a total of 1051 bitcoin, or about 11.5 bitcoin per day, a 10% increase over the 959 bitcoin mined in 4Q ‘23.

2024 年第一季度，我們在Lake Mariner 自挖了767 個比特幣，在Nautilus 挖出的比特幣淨份額為284 個，總共1051 個比特幣，即每天約11.5 個比特幣，比959 個比特幣增加了10%於 2023 年 4 季開採。

We received an additional 6 bitcoin in 1Q ‘24 and 13 bitcoin in 4Q ‘23 from profit sharing associated with a hosting agreement at Lake Mariner that expired in February 2024.

我們在 2024 年 1 季額外收到了 6 個比特幣，在 2023 年第 4 季收到了 13 個比特幣，這些利潤來自與 Lake Mariner 託管協議相關的利潤分享，該協議於 2024 年 2 月到期。

Our GAAP revenues saw outstanding growth of 82% quarter over quarter, reaching $42.4 million in 1Q ‘24 from $23.3 million in 4Q ‘23.

我們的 GAAP 營收季增 82%，從 2023 年第四季的 2,330 萬美元增至 24 年第一季的 4,240 萬美元。

Our value per bitcoin self-mined this quarter, a non-GAAP metric that includes bitcoin mined at Nautilus, averaged $53,750 per bitcoin for a total of $56.8 million as detailed and defined in our monthly operating reports and press releases.

我們本季自行開採的每枚比特幣的價值（一項非公認會計準則指標，包括在Nautilus 開採的比特幣），平均每枚比特幣為53,750 美元，總計5,680 萬美元，如我們的月度營運報告和新聞稿中詳細說明和定義的那樣。

As a reminder, there is a key difference between our GAAP financials and the monthly operating reports and 2024 guidance.

提醒一下，我們的 GAAP 財務數據與每月營運報告和 2024 年指引之間存在重大差異。

Due to our 25% ownership in Nautilus, the revenue, cost of revenue, operating expenses, depreciation and amortization at Nautilus are not consolidated into our GAAP financial statements.

由於我們擁有 Nautilus 25% 的所有權，因此 Nautilus 的收入、收入成本、營運費用、折舊和攤提未合併到我們的 GAAP 財務報表中。

Instead, the financial impact of the Nautilus Joint Venture is reflected in the equity in net income or loss of investing net of tax line item on the GAAP income statement.

相反，鸚鵡螺合資企業的財務影響反映在 GAAP 損益表中扣除稅項後的淨利或投資損失的權益。

Our GAAP cost of revenue, exclusive of depreciation, for 1Q ‘24 was $14.4 million, a 61% increase over $8.9 million in 4Q ‘23.

我們 2024 年第 1 季的 GAAP 營收成本（不含折舊）為 1,440 萬美元，比 2023 年第 4 季的 890 萬美元增加了 61%。

The quarter-over-quarter increase was principally due to a 37% increase in average operating exahash in addition to higher realized power costs at Lake Mariner in 1Q ‘24.

環比成長主要是由於平均營運 exahash 成長了 37%，此外 Lake Mariner 在 2024 年第一季實現的電力成本更高。

Looking now at our gross profit, also exclusive of depreciation, we saw an increase of 95% quarter over quarter from $14.4 million in 4Q ‘23 to $28 million in 1Q ‘24.

現在看看我們的毛利（也不包括折舊），季增了 95%，從 2023 年第四季的 1,440 萬美元增至 2024 年第一季的 2,800 萬美元。

Our total power cost per bitcoin mined, a non-GAAP metric that includes bitcoin mined at Nautilus, was $15,501 in 1Q ‘24 compared to $10,308 in 4Q ‘23.

我們開採的每個比特幣的總電力成本（一個非 GAAP 指標，包括 Nautilus 開採的比特幣）在 2024 年第一季為 15,501 美元，而 2023 年第四季為 10,308 美元。

As a reminder in our GAAP financials, unlike our monthly operating reports, the company records proceeds received and to be received for demand response programs as a reduction in cost of revenue.

在我們的公認會計原則財務報表中，與我們的每月營運報告不同的是，公司將需求回應計畫收到的和將收到的收益記錄為收入成本的減少。

These expected proceeds totaled $1.2 million in 1Q ‘24 and $1 million in 4Q ‘23.

這些預期收益在 2024 年第一季達到 120 萬美元，在 2023 年第四季達到 100 萬美元。

As disclosed in our 2024 guidance, we expect to achieve an average power cost, including demand response revenues and the impact of Nautilus’ $0.02 power of $0.035 per kilowatt hour in 2024.

正如我們在 2024 年指南中所揭露的，我們預計到 2024 年，平均電力成本將達到每千瓦時 0.035 美元，包括需求響應收入和 Nautilus 0.02 美元電力的影響。

For 1Q ‘24, we achieved an average power cost of $0.041 per kilowatt hour.

2024 年第一季度，我們的平均電力成本為每千瓦時 0.041 美元。

Operating expenses were stable quarter-over-quarter at $1.7 million in 1Q ‘24 and 4Q ‘23.

2024 年第一季和 23 年第四季的營運支出穩定在 170 萬美元。

As disclosed in our 2024 guidance, we expect $13.5 million of operating expenses in 2024, which includes operating expenses at Nautilus.

正如我們在 2024 年指引中所揭露的，我們預計 2024 年的營運費用為 1,350 萬美元，其中包括 Nautilus 的營運費用。

Of the $13.5 million total, approximately 50% is expected to be incurred at Lake Mariner and 50% at Nautilus.

在 1,350 萬美元的總額中，預計約 50% 將在 Lake Mariner 產生，50% 將在 Nautilus 產生。

SG&A expenses increased quarter over quarter from $8.8 million in 4Q ‘23 to $14.9 million in 1Q ‘24.

SG&A 費用較上季成長，從 2023 年第四季的 880 萬美元增至 2024 年第一季的 1,490 萬美元。

However, the increase is almost entirely due to $6.2 million of stock-based compensation expense incurred in 1Q ‘24.

然而，這一增長幾乎完全是由於 2024 年第一季產生的 620 萬美元的股票補償費用所致。

Adjusting for stock-based comp, SG&A decreased 6% year over year from $8.5 million in 1Q ‘23 to $7.9 million in 1Q ‘24.

調整股票成本後，SG&A 年減 6%，從 2023 年第一季的 850 萬美元降至 24 年第一季的 790 萬美元。

SG&A spend is more heavily weighted to the first quarter of the year versus following quarters.

與隨後幾季相比，今年第一季的銷售管理、行政費用 (SG&A) 支出所佔的比例更大。

And as disclosed in our 2024 guidance, we continue to anticipate approximately $27.5 million of SG&A in 2024.

正如我們在 2024 年指引中所揭露的，我們繼續預期 2024 年的銷售管理及行政費用約為 2,750 萬美元。

Depreciation increased quarter over quarter from $8.3 million in 4Q ’23 to $15.1 million in 1Q ‘24, which was the result of an increase in mining capacity and infrastructure placed into service, as well as $3.8 million of accelerated depreciation related to certain miners of which the company shortened their estimated useful life based on expected replacement by April 30, 2024.

折舊率逐季增加，從 2023 年第四季的 830 萬美元增加到 2024 年第一季的 1,510 萬美元，這是由於採礦能力和投入使用的基礎設施增加，以及與公司根據預計在2024 年4月30 日之前更換的情況縮短了某些礦機的預計使用壽命。

Gain on fair value of Digital Currency, net of $1.3 million in first quarter '24 is a new line item for us given our early adoption of the new FASB accounting rule, which marks the company's bitcoin holdings to the fair market value as of the filing date with changes in fair value recorded in net income.

鑑於我們較早採用了新的FASB 會計規則，24 年第一季數位貨幣公允價值收益淨額為130 萬美元，這對我們來說是一個新項目，該規則標誌著公司持有的比特幣達到了提交時的公允市價公允價值變動計入淨利的日期。

It is critically important to note that $1.3 million is substantially all realized gains, meaning it is realized cash in our bank account and not theoretical mark-to-market gains on paper, which many of our peers at HODL have reported.

值得注意的是，130 萬美元基本上全部是已實現的收益，這意味著它是我們銀行帳戶中的已實現現金，而不是我們許多 HODL 同業報告的紙面按市價計算的理論收益。

I am amused watching our public peers report, quote, adjusted EBITDA, unquote, inclusive of theoretical mark-to-market gains on BTC HODL balances as adjusted EBITDA is supposed to help an investor determine normalized cash flow generation for a business.

我很高興看到我們的公開同業報告、報價、調整後 EBITDA、未報價，包括 BTC HODL 餘額的理論按市價收益，因為調整後 EBITDA 應該幫助投資者確定企業正常化的現金流產生。

It will be telling to see if our peers stick to this methodology if and when BTC price drops quarter over-quarter, as it's done thus far in 2Q ‘24.

如果 BTC 價格環比下跌（就像 2024 年第二季迄今為止的情況那樣），看看我們的同行是否堅持這種方法，將會很有意義。

I won't be holding my breath for the self-declared industry leaders to do the right thing.

我不會屏息以待那些自封的產業領導者做正確的事。

GAAP interest expense in first quarter '24 and 4Q ‘23 was $11 million and $9.3 million respectively, which includes cash interest expense and amortization of debt issuance costs and debt discount related to the term-loan financing.

2024 年第一季和 23 年第四季的 GAAP 利息支出分別為 1,100 萬美元和 930 萬美元，其中包括現金利息支出以及與定期貸款融資相關的債務發行成本攤銷和債務折現。

However, cash interest paid during 1Q ‘24 was $3.7 million, down over 8% from $4.1 million in 4Q ‘23.

然而，2024 年第一季支付的現金利息為 370 萬美元，比 2023 年第四季的 410 萬美元下降了 8% 以上。

This decrease is the result of repayment of $33.4 million of debt in 1Q ‘24.

這一減少是由於 2024 年第一季償還了 3,340 萬美元的債務。

This trend will continue in 2Q ‘24 as we repay the further $30.1 million of debt in early April.

隨著我們在 4 月初進一步償還 3,010 萬美元的債務，這種趨勢將在 2024 年第二季繼續下去。

In total, the company has reduced its debt balance by over $70 million since the start of 4Q ‘23, with $51.5 million of free cash flow from operations and only $18.6 million of equity proceeds.

自 2023 年第四季開始以來，該公司的債務餘額總共減少了 7,000 萬美元以上，營運自由現金流為 5,150 萬美元，股權收益僅為 1,860 萬美元。

In connection with the voluntary prepayment of $18.6 million of debt in 1Q ‘24, the company incurred prepayment fees of $0.3 million, recognized unamortized discount of $1.7 million associated with the principal repaid, and recorded a loss on extinguishment of debt for a total of $2 million.

由於2024 年第一季自願提前償還1,860 萬美元的債務，該公司產生了30 萬美元的提前還款費用，確認了與償還本金相關的170 萬美元的未攤銷折扣，並記錄了債務清償損失總計200萬美元。

In 1Q ‘24, we reported $5.3 million in equity and net income of investee net of tax, as compared to $3.3 million in 4Q ‘23.

2024 年第 1 季度，我們報告了被投資方的股本和稅後淨利為 530 萬美元，而 2023 年第 4 季為 330 萬美元。

These amounts represent TeraWulf’s proportional share of net income of the Nautilus joint venture.

這些金額代表 TeraWulf 在 Nautilus 合資企業淨利潤中所佔的比例。

Our GAAP net loss for the first quarter was $9.9 million compared to a net loss of $10.8 million in 4Q ‘23.

我們第一季的 GAAP 淨虧損為 990 萬美元，而 2023 年第四季的淨虧損為 1,080 萬美元。

Our non-GAAP adjusted EBITDA for 1Q ‘24 was $32 million, a 95% improvement over $16.4 million in 4Q ‘23.

我們 2024 年第 1 季的非 GAAP 調整後 EBITDA 為 3,200 萬美元，比 2023 年第 4 季的 1,640 萬美元增加了 95%。

Turning our attention to the balance sheet.

將我們的注意力轉向資產負債表。

As of March 31, we held $45.8 million in cash with total assets amounting to $395 million and total liabilities of $123 million.

截至3月31日，我們持有現金4,580萬美元，總資產為3.95億美元，總負債為1.23億美元。

As we move through 2024, we anticipate a consistent and rapid reduction in our long-term debt with an estimated $15 million to $20 million repayment the first week of July.

隨著 2024 年的到來，我們預計長期債務將持續快速減少，預計 7 月第一週還款將達到 1,500 萬至 2,000 萬美元。

Our networking capital, excluding the current portion of long-term debt, held steady quarter over quarter at positive $31 million.

我們的網路資本（不包括長期債務的當前部分）季度環比穩定保持在 3,100 萬美元。

As disclosed in our updated investor deck and 2024 guidance slide, we achieved a marginal cost of production, including every single cost in the company of approximately $29,000 in 1Q ‘24 and expect to achieve approximately $40,000 in 2Q and the second half of 2024.

正如我們更新的投資者資料和2024 年指導幻燈片中所披露的，我們實現了邊際生產成本，包括公司在2024 年第一季約29,000 美元的每項成本，預計在第二季度和2024 年下半年實現約40,000 美元。

1Q ‘24 realized cost per BTC was higher than our expected $25,000 due to seasonally higher realized power costs of $0.041 per kilowatt hour versus our projected $0.035 per kilowatt hour annual average, and seasonally higher 1Q ‘24 SG&A expense due to annual filings, audits, and related legal fees.

2024 年1 季度每BTC 的實際成本高於我們預期的25,000 美元，原因是實現的電力成本季節性較高，為每千瓦時0.041 美元，而我們預計的年平均值為每千瓦時0.035 美元，而且2024 年1 季的SG&A 費用因年度平均而季節性較高。

Lastly, in March 2024, the company entered into a miner purchase and option agreement with Bitmain to lock in pricing of approximately $16 per terahash on an additional 7 exahash of S21 and S21 Pro miners.

最後，2024 年 3 月，該公司與比特大陸簽訂了礦機購買和選擇權協議，將另外 7 exahash 的 S21 和 S21 Pro 礦機鎖定在每 terahash 約 16 美元的價格。

The company has paid $17.5 million for 5,000 S21 miners, which we expect on site at Lake Mariner by the end of May, and funded a further $9.6 million deposit for an additional 30,000 miners.

該公司已為 5,000 台 S21 礦機支付了 1,750 萬美元，我們預計這些礦機將於 5 月底到達水手湖現場，並為另外 30,000 台礦機進一步提供了 960 萬美元的押金。

At WULF, our financial objectives remain clear and simple.

在 WULF，我們的財務目標仍然明確且簡單。

Maximize profits, repay debt, and return value to shareholders while providing investors access through transparency and accountability.

實現利潤最大化、償還債務並為股東回報價值，同時透過透明度和問責制為投資者提供投資機會。

With that, I'll pass it back to Paul and look forward to answering your questions.

這樣，我會將其轉達給保羅，並期待回答您的問題。

Thank you once again for joining us today.

再次感謝您今天加入我們。

In summary, TeraWulf stands at the forefront of the industry with its best-in-class assets, lowest unit economics, and unparalleled ability to scale our own infrastructure.

總而言之，TeraWulf 憑藉其一流的資產、最低的單位經濟效益以及無與倫比的擴展我們自己的基礎設施的能力，站在行業的前沿。

We remain deeply committed to delivering consistent growth and profitability while aligning closely with the interests of our investors.

我們仍然堅定地致力於實現持續的成長和獲利能力，同時與投資者的利益緊密結合。

As we look ahead, we believe our infrastructure's strategic importance is currently undervalued by the market.

展望未來，我們認為我們的基礎設施的戰略重要性目前被市場低估。

The foundation we've laid and the trajectory we're on underscore our potential for continued success.

我們所奠定的基礎和我們所走的軌跡強調了我們持續成功的潛力。

We appreciate your continued support and confidence in TeraWulf.

我們感謝您對 TeraWulf 的持續支持與信任。

Together, we are poised to capitalize on the exciting opportunities ahead, uphold our position as a leader in capital efficiency, and deliver sustained value to our shareholders.

我們將齊心協力，充分利用未來令人興奮的機遇，維護我們作為資本效率領導者的地位，並為股東創造持續的價值。

(Operator Instructions) Josh Siegler, Cantor Fitzgerald.

（操作員說明）喬許·西格勒（Josh Siegler）、坎托·菲茨杰拉德（Cantor Fitzgerald）。

Yeah, hi guys.

是的，大家好。

Good afternoon.

午安.

Thanks for taking my question today.

感謝您今天回答我的問題。

I just want to start by saying I really appreciate the breakdown of your unit cost here.

首先我想說的是，我非常感謝你們在這裡對單位成本的細分。

It's very helpful for us investors.

對於我們投資者來說是非常有幫助的。

For my first question I was wondering, now that we have passed the halving, you've demonstrated this profitability now.

對於我的第一個問題，我想知道，既然我們已經通過了減半，你們現在已經證明了這種盈利能力。

Do you expect more financing channels to really open up, maybe perhaps get market once you've proven that profitability post halving?

您是否期望更多的融資管道真正開放，也許一旦您證明了減半後的獲利能力，也許就能獲得市場？

Thanks.

謝謝。

Yeah.

是的。

Hey, Josh.

嘿，喬許。

This is Patrick.

這是派崔克.

Can you hear me okay?

你聽得到我說話嗎？

Yes, yes.

是的是的。

Okay.

好的。

I'll take that as a yes.

我會認為這是肯定的。

Yeah, look, it's a great question.

是的，聽著，這是一個很好的問題。

I think we've talked about this before.

我想我們之前已經討論過這個問題了。

I'd like to see the debt market kind of from a corporate level, so not the old miner finance model because that obviously didn't work very well.

我希望從企業層級看到債務市場，而不是舊的礦工融資模式，因為這顯然效果不佳。

But from a corporate-level debt perspective, as the business gets more mature, and candidly, post halving, there's a separation of companies that are profitable and those that are not that are really set up more as lifestyle companies, as Paul mentioned, for management teams.

但從公司層面的債務角度來看，隨著業務變得更加成熟，坦白說，在減半後，盈利的公司和盈利的公司之間會出現分離，這些公司實際上更像是生活方式公司，正如保羅所提到的那樣，管理團隊。

Yeah, I think I'd like to see the debt markets reopen.

是的，我想我希望看到債務市場重新開放。

And you'll see in a slide that we put in our slide deck, I think it's page 12, but we're just providing a bridge of capital needs for the year, and we have assumed that we just take all of our free cash flow and pay down our debt.

你會在我們放在幻燈片中的幻燈片中看到，我認為這是第 12 頁，但我們只是提供了今年的資本需求橋樑，並且我們假設我們只是拿走了所有的自由現金流動並償還我們的債務。

I do think there's a possibility.

我確實認為有這種可能性。

I've already received a bunch of inbounds.

我已經收到一堆入站郵件了。

I mean, certainly given our business and the collateral that we put in the ground has grown over time, and the debt has been reduced, yeah, I think there'll be opportunities to turn that debt out.

我的意思是，當然考慮到我們的業務和我們投入的抵押品隨著時間的推移而增長，而且債務已經減少，是的，我認為會有機會償還債務。

So it really will become a question of whether we want to keep it or not.

所以這真的會成為我們是否要保留它的問題。

But I think for us, as we pivot a bit more into the high-power compute and AI space, that space, the public companies trade at 20 times to 25 times EBITDA, and they all have, you know, 6 times leverage because you've got long-term contracts, and it's a much more stable revenue business.

但我認為對我們來說，當我們更多地轉向高效能運算和人工智慧領域時，在這個領域，上市公司的交易價格是EBITDA 的20 到25 倍，而且他們都擁有6 倍的槓桿，因為你擁有長期合同，而且這是一項收入更加穩定的業務。

So I could see us as we get into that really have two silos: one, the bitcoin-mining business; two. the compute business, and those are very different financing beast.

因此，當我們進入這個領域時，我可以看到我們確實有兩個孤島：一是比特幣挖礦業務；二是比特幣挖礦業務。二。計算業務，這些都是非常不同的融資野獸。

So yeah, I'll just leave it at that.

所以，是的，我就這樣吧。

Yeah, I understood.

是的，我明白了。

That makes sense.

這就說得通了。

And following up on that, I did want to ask a little bit more about the HPC side of things for my second question.

接下來，我確實想就第二個問題詢問更多有關 HPC 方面的問題。

Most notably, last we talked about high performance compute was a couple months ago.

最值得注意的是，我們上次談論高效能運算是在幾個月前。

And in your deck, you outlined the three potential business models that you could pursue and you have the pilot program and works here, I was just wondering now that time has passed, if you're becoming more comfortable with one specific model over another in terms of what the future of HPC may look like for WULF.

在你的套牌中，你概述了你可以追求的三種潛在的商業模式，並且你有試點計劃並在這裡工作，我只是想知道現在時間已經過去了，你是否對一種特定模式比另一種模式更適應WULF 的 HPC 未來會是什麼樣子。

Yeah.

是的。

Sure.

當然。

Go ahead, Naz.

繼續吧，納茲。

Hey, Josh.

嘿，喬許。

It's Nazar here.

這裡是納札爾。

Yeah, man.

是的，夥計。

I think as we've noted, our core expertise is really around energy infrastructure.

我認為正如我們所指出的，我們的核心專業知識實際上是圍繞著能源基礎設施的。

And so, we are getting more comfortable and we've been working to design the next-generation data center.

因此，我們變得更加舒適，我們一直在努力設計下一代資料中心。

Given where GPU rack density is going, a lot of legacy data centers may not be able to most efficiently meet the power needs.

考慮到 GPU 機架密度的發展趨勢，許多傳統資料中心可能無法最有效地滿足電力需求。

And so, we think from delivering an infrastructure that can be used for not just H100s but even kind of Blackwells and beyond, we're designing digital infrastructure that can meet those needs.

因此，我們認為，透過提供不僅可用於 H100，甚至可用於 Blackwell 及其他設備的基礎設施，我們正在設計能夠滿足這些需求的數位基礎設施。

So we're getting very comfortable that we can design, put up, and operate that physical infrastructure.

因此，我們對能夠設計、建造和營運實體基礎設施感到非常放心。

So in that, if you look at page.

所以，如果你看一下頁面。

I think it's page 14 in our deck, that middle column really, what we think is a sweet spot between owning the infrastructure, bringing in customers who may pay for the GPUs, and having a long-term ownership around that.

我認為這是我們套牌中的第 14 頁，實際上是中間的一欄，我們認為這是擁有基礎設施、吸引可能為 GPU 付費的客戶以及擁有長期所有權之間的最佳點。

Now, that being said, this is the full spectrum of the alternatives that are out there.

話雖如此，這就是現有的所有替代方案。

And as we get further along into it, post our 2-megawatt pilot, we're finalizing the design for a 10-megawatt facility.

隨著我們進一步深入研究，在完成 2 兆瓦試點後，我們正在最終確定 10 兆瓦設施的設計。

If we see an opportunity, Patrick just mentioned, our financing or other things, to be able to facilitate, participating in more of the chain, we'll do so.

派崔克剛才提到，如果我們看到一個機會，我們的融資或其他事情，能夠促進、參與更多的鏈條，我們就會這樣做。

But currently, we're really focused on that middle column and that's where we think our expertise lies.

但目前，我們真正關注的是中間一欄，這就是我們認為我們的專業知識所在。

I don't know if Patrick could add to that.

我不知道帕特里克是否可以補充這一點。

Yeah, this is Paul.

是的，這是保羅。

Hey, Josh.

嘿，喬許。

The only thing I'd want to add is a little bit unique to WULF, which is their sites.

我唯一想補充的是 WULF 的一點獨特之處，那就是他們的網站。

Not everyone has the energy infrastructure for that scale in terms of power.

並不是每個人都擁有如此規模的能源基礎設施。

Not everybody has the water permit for that volume of water and all the access to the contiguous land that one of these massive data centers want.

並不是每個人都擁有這麼多水量的用水許可證，也不是每個人都能獲得這些大型資料中心之一想要的連續土地的所有使用權。

That makes it exciting.

這讓人興奮不已。

But again, they're all out shopping for this stuff which just means that the energy infrastructure value is going to continue to head north.

但同樣，他們全力購買這些東西，這意味著能源基礎設施價值將繼續向北發展。

I think Nazar said the other day on one of our calls, we're not looking for a trade, we're looking to build a business.

我想納札爾前幾天在我們的一次電話會議上說過，我們不是在尋求交易，我們是在尋求建立一項業務。

So in that regard, I think our inclination is to focus on that middle column because I think it's just -- it's about returning maximum value to the shareholder as opposed to having us work for Meta, Amazon or one of those guys.

因此，在這方面，我認為我們傾向於關注中間那一欄，因為我認為這只是為了向股東回報最大價值，而不是讓我們為 Meta、亞馬遜或其中之一工作。

And so, that's how we're currently thinking about it.

所以，這就是我們目前正在考慮的方式。

But these are early days, Josh, and I don't think one needs to make a commitment at this point as much as one needs to really study this market and understand it.

但喬希，現在還處於早期階段，我認為人們不需要在這一點上做出承諾，而需要真正研究這個市場並了解它。

That said, it's also very important to us that we remain mining bitcoin.

也就是說，繼續開採比特幣對我們來說也非常重要。

We're really good at it.

我們真的很擅長。

I think we're best in class at it, and we believe in Bitcoin.

我認為我們在這方面是最好的，而且我們相信比特幣。

So I think, what Patrick said earlier, which is we see ourselves as possibly having at least a couple of buckets out there.

所以我認為，正如派崔克之前所說，我們認為自己可能至少有幾個桶子。

One, HPC; and one, mining bitcoin.

一、高效能運算；一是挖礦比特幣。

I think you'll continue to see that as a driver of our business philosophy.

我認為您將繼續將其視為我們經營理念的驅動力。

Yeah.

是的。

Understood in that regard.

就這方面有所了解。

Congrats on the great results here, guys.

恭喜你們取得如此好的成績，夥伴們。

And looking forward to the future.

並展望未來。

Thanks.

謝謝。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much, Operator.

非常感謝您，接線生。

Good afternoon, everybody.

大家下午好。

Patrick, I guess I'll have to look up that industry classification system.

派崔克，我想我得查一下那個行業分類系統。

But in more serious matters, we are hearing a lot about the tightness in the power markets with the AI growth.

但在更嚴重的問題上，我們聽到了很多關於人工智慧成長導致電力市場緊張的消息。

And Paul, you know power markets extremely well.

保羅，你非常了解電力市場。

So I wanted to hear your opinion on that.

所以我想聽聽你對此的看法。

Is that true?

真的嗎？

Do you see that tightness in the power markets?

您看到電力市場緊張嗎？

And then, if it is true, who gets that economic rent?

那麼，如果這是真的，那麼誰獲得了經濟租金呢？

Is it the utility?

是實用性嗎？

Is it anyone with a PPA?

有人有 PPA 嗎？

And to what extent does geography matter in all of this?

地理在這一切中的作用有多大？

Appreciate your thoughts on this.

感謝您對此的想法。

Thank you.

謝謝。

Naz, do you want start with respect to HBC and I'll follow?

Naz，你想從 HBC 開始嗎，我跟著？

Sure.

當然。

Hey, Lucas.

嘿，盧卡斯。

It’s Nazar here.

這是納札爾。

So as we look at the landscape, there's a mismatch.

因此，當我們觀察風景時，就會發現不匹配。

The size of the demand and the timeframe for which the supply is available.

需求的規模和供應的時間範圍。

So with infrastructure, if you have enough time and enough money, things can be solved.

所以有了基礎設施，如果你有足夠的時間和足夠的資金，事情就可以解決。

And right now, we're at a point in time where the near-term demand helps strips the available supply.

目前，我們正處於近期需求導致可用供應不足的時期。

And that's particularly the case if you want scaled access to power at a low cost and it comes from a zero-carbon source.

如果您想以低成本大規模獲得電力並且電力來自零碳源，情況尤其如此。

Now, there's not that many places where you can find all of those variables available to you.

現在，您可以找到所有可用變數的地方並不多。

And so, as we think about it, the owner of that infrastructure or the owner of that right to procure or use that power should be able to capture the rent.

因此，正如我們所思考的那樣，該基礎設施的所有者或獲取或使用該電力的權利的所有者應該能夠獲得租金。

And so, what we see happening right now is if you look at one end of the spectrum, the hyperscalers are flushed with cash, and they're out there optioning up as many of these sites as they can.

因此，我們現在看到的情況是，如果你看看這一範圍的一端，超大規模企業現金充裕，並且他們正在盡可能地選擇這些站點。

And whether they ultimately use the capacity or not, that's not their concern for today.

無論他們最終是否使用這些能力，這都不是他們今天關心的。

They'll worry about that tomorrow.

明天他們會擔心這個。

But in the near term, they're just optioning it all up.

但在短期內，他們只是選擇全部。

And so, again, from our perspective we've got 300 megawatts of incremental available capacity yet to be developed.

因此，從我們的角度來看，我們還有 300 兆瓦的增量可用容量有待開發。

And so, we think fundamentally we're sitting at the constraint point where again, there is not enough supply to meet the demand.

因此，我們認為從根本上說，我們正處於約束點，再次沒有足夠的供應來滿足需求。

And so, we should be positioned to capture a fair amount of that rent.

因此，我們應該能夠獲得相當數量的租金。

And how we do so, and I think you know that those business models are still evolving.

以及我們如何做到這一點，我想您知道這些商業模式仍在不斷發展。

And so, the other thing that we're seeing is the traditional model for how data centers operate it.

因此，我們看到的另一件事是資料中心如何運作的傳統模型。

They went into a territory, they called up Dominion, said we need 40 megawatts.

他們進入一個地區，給 Dominion 打電話，說我們需要 40 兆瓦。

Dominion said we'll serve you.

多米尼恩說我們將為您服務。

That may occur.

這種情況可能會發生。

We think that will occur -- will still occur, but we're also seeing the demand sources going directly to procuring that supply for themselves.

我們認為這種情況將會發生—仍然會發生，但我們也看到需求來源直接為自己採購供應。

And whether it's Microsoft announcing with Brookfield saying, build out 10.5 gigs of capacity for us, or what Amazon did at the Talen site.

無論是 Microsoft 與 Brookfield 一起宣佈為我們建造 10.5 GB 的容量，還是亞馬遜在 Talen 網站所做的事情。

So again, those places where you have access to that power, you can deliver that.

再說一次，在那些你可以獲得這種力量的地方，你可以提供這種力量。

And we do think that those will be best positioned to capture the value that's coming from that demand.

我們確實認為，這些將最有能力捕捉來自該需求的價值。

The only thing that I would add to it is, look at -- they're being some competition then to a bitcoin miner because he's got to compete with a whole different level of fellow in these hyperscalers for sites with power and not all sites are created equal.

我唯一要補充的是，看看——他們正在與比特幣礦工進行一些競爭，因為他必須與這些超大規模企業中完全不同級別的人員競爭擁有權力的網站，但並非所有網站都擁有權力。平等。

Likewise, I think Patrick mentioned earlier today, he said if you've got a good business model but bad power, well, you're hosed.

同樣，我認為帕特里克今天早些時候提到過，他說如果你有一個良好的商業模式但實力不佳，那麼你就完蛋了。

Because at the end of the day, you have bad power contracts, it's a bad power contract.

因為歸根結底，你的電力合約很糟糕，這是一個很糟糕的電力合約。

You'll never right size your costs.

你永遠無法正確衡量你的成本。

And so, we have good power.

因此，我們擁有強大的力量。

We have good location, but green power, but good power in that it's really inexpensive.

我們的位置很好，但有綠色電力，而且電力很好，因為它真的很便宜。

So I think, you have to look at some of the shops in bitcoin mining that really have great power agreements and are transparent by the way, about them.

所以我認為，你必須看看比特幣挖礦領域的一些商店，它們確實擁有強大的權力協議，而且順便說一句，它們的情況是透明的。

And that's where you ought to be making your bet.

這就是你應該下注的地方。

That's very helpful.

這非常有幫助。

Really appreciate the color.

真的很欣賞這個顏色。

And yeah, that provides a lot of context.

是的，這提供了很多背景資訊。

Quick second question.

快問第二個問題。

Just in terms of that $9.6 million towards an additional 30,000 miners, how should we think about that by itself from a timing perspective?

僅就這 960 萬美元用於額外 30,000 名礦工而言，我們應該如何從時機角度考慮這一點？

And then, longer term, or albeit, rather beyond that, where's your head as it relates to growth?

然後，從長遠來看，或者說，更長遠的是，當涉及到增長時，你的頭腦在哪裡？

I appreciate your thoughts.

我很欣賞你的想法。

Thank you.

謝謝。

Yeah, sure.

好，當然。

So Lucas, I think that whole contract, right, is for 7 exahash total. 5,000 of that, we pointed out in the call, has been paid for and will be delivered at the end of this month.

所以盧卡斯，我認為整個合同，對吧，總共是 7 exahash。我們在電話中指出，其中 5,000 件已付款，將於本月底交付。

And then, really I think, we haven't committed beyond what you see on page 12 of our deck.

然後，我真的認為，除了您在我們的套牌第 12 頁上看到的內容之外，我們還沒有做出任何承諾。

And perhaps, Nazar can speak to this, but I'll just mention it, because part of it is we think that model is changing.

也許納扎爾可以對此發表看法，但我只是提一下，因為部分原因是我們認為模型正在改變。

I mean, even over the past few weeks, we've gotten some calls from folks that are discussing concepts like giving the miners to us for free with a profit share.

我的意思是，即使在過去的幾周里，我們也接到了一些人的電話，他們正在討論諸如將礦工免費提供給我們並獲得利潤分成等概念。

And so, I think we're hesitant to commit to anything beyond what we've laid out.

因此，我認為我們對於是否承諾超出我們所製定的任何事情都猶豫不決。

We'll have 13 exahash of infrastructure ready to rock and roll this year.

今年我們將有 13 exahash 的基礎設施準備好投入使用。

We'll be at 10 exahash by July 1.

到 7 月 1 日，我們將達到 10 exahash。

So that's -- I realize, Lucas, that's not as specific as I typically like to be, but there's a lot of movement in that market.

所以，盧卡斯，我意識到，這並不像我通常希望的那麼具體，但該市場有很多變化。

So that's how we think about it.

這就是我們的想法。

I don't know, Nazar or Paul, if you want to add anything there?

我不知道，納札爾或保羅，您還想補充什麼？

Yeah, just to add to that, Lucas the contract is for 25,000 remaining machines at $16 per terahash, and that $9.6 million represents a 10% deposit on those machines.

是的，補充一下，Lucas 的合約是以每 terahash 16 美元的價格購買剩餘 25,000 台機器，而這 960 萬美元代表這些機器的 10% 的押金。

And so, as Patrick said, that we've -- in that contract, we've effectively taken down 10,000 of those machines to cover the Building 4, which will come online here, as Patrick said, by July 1.

因此，正如帕特里克所說，在該合約中，我們實際上已經拆除了 10,000 台機器來覆蓋 4 號樓，正如帕特里克所說，該大樓將在 7 月 1 日之前在這裡上線。

And then, the remaining miners are on option available to us.

然後，剩下的礦工可供我們選擇。

And for us, it's really about capital efficiency.

對我們來說，這實際上關係到資本效率。

So as we are thinking about continuing to grow the business and allocating the infrastructure most effectively, that capital question comes in.

因此，當我們考慮繼續發展業務並最有效地分配基礎設施時，資本問題就出現了。

And so, as Patrick said, we're looking at a number of different ways to skin that cat, and it ranges from purchasing more miners at $16 per terahash, some profit share, and even something in between which would just be effectively being able to replace hashboards in machines.

因此，正如帕特里克所說，我們正在尋找多種不同的方法來剝皮，其範圍包括以每terahash 16 美元的價格購買更多的礦機、一些利潤分成，甚至是介於兩者之間的某種方式，這些方式實際上能夠取代機器中的算力板。

So you're significantly limiting your capital cost by using the existing box that exists for the miner and swapping out hashboards with the next-generation hashboard.

因此，透過使用礦工現有的盒子並用下一代算力板替換算力板，您可以顯著限制您的資本成本。

So there's a whole spectrum of things that we're actively looking at in terms of how we will populate those next buildings that are coming up.

因此，我們正在積極研究一系列問題，以了解如何填充即將建成的下一棟建築。

Thank you.

謝謝。

And is the deposit transferable?

押金可以轉讓嗎？

So if you chose to go for it with another option, how should we think about the deposit?

那麼，如果您選擇其他選擇，我們應該如何考慮押金呢？

No.

不。

I mean the deposit for those machines, Lucas, so we'll either -- but as you know, that deposit works down every time we take a delivery of machines ratably, right?

我指的是那些機器的押金，盧卡斯，所以我們要么——但正如你所知，每次我們按比例接收機器時，押金就會減少，對嗎？

So yeah, so the deposit's down to secure the price and the future delivery.

所以是的，所以押金下降是為了確保價格和未來的交貨。

And then, we'll work that down over time as we take machines.

然後，隨著時間的推移，我們將在使用機器時解決這個問題。

Got it.

知道了。

All right.

好的。

Well, I appreciate the color, and continued best of luck.

好吧，我很欣賞這種顏色，祝你好運。

Thanks, Lucas.

謝謝，盧卡斯。

Joe Flynn, Compass Point Research and Trading.

Joe Flynn，Compass Point 研究和交易。

Hi, guys.

嗨，大家好。

I had a question related to the Nautilus option to expand 15 megawatts.

我有一個與 Nautilus 擴大 15 兆瓦容量選項相關的問題。

Do the terms of that option change at all with the Amazon acquisition or does it require like a sign off?

該選項的條款是否會隨著亞馬遜的收購而發生變化，或者是否需要簽署？

And then, ultimately, how should we think about timing of getting that capacity online if there's no change?

然後，最終，如果沒有變化，我們應該如何考慮將該容量上線的時間？

Thanks.

謝謝。

Sure.

當然。

The Amazon is a new landlord to the agreement we have.

亞馬遜是我們協議的新房東。

It's the agreement we have, so there's no change in the terms and conditions of the agreement.

這是我們達成的協議，因此協議的條款和條件沒有改變。

We are currently working to finalize the designs for that facility.

我們目前正在努力完成該設施的設計。

We're targeting a 2025 online date for that.

我們的目標是 2025 年上線。

Currently, we're focused on completing Building 4 and we've got a pretty quick turn on delivering Building 5 at Lake Mariner.

目前，我們的重點是完成 4 號樓，我們很快就交付了水手湖的 5 號樓。

And so, we've slated the Nautilus expansion for 2025.

因此，我們計劃在 2025 年進行 Nautilus 擴展。

And so, we are working with a landlord there to finalize the design for the building that we put at that site.

因此，我們正在與那裡的房東合作，最終確定我們在該地點建造的建築物的設計。

Great.

偉大的。

And Patrick touched on this already, but I guess in this low-cost hash price environment, I mean, how should we prioritize between paying down debt and CapEx opportunities to push some CapEx out if needed, the flexibility?

派崔克已經談到了這一點，但我想在這種低成本的哈希價格環境中，我的意思是，我們應該如何在償還債務和資本支出機會之間確定優先順序，以在需要時推出一些資本支出，靈活性？

Thanks.

謝謝。

Yeah, sure.

好，當然。

I mean, I think what we try to be, again, our philosophy as everyone knows on this call, is being highly transparent, which many of our peers purposely do not.

我的意思是，我認為我們在這次電話會議上再次嘗試的理念是高度透明，而我們的許多同行故意不這麼做。

And so, we are going the other route.

所以，我們要走另一條路。

So on page 12, we've literally laid out everything that we -- the management team has committed to for this year.

因此，在第 12 頁，我們實際上列出了管理團隊今年承諾的所有事項。

And so, you can see on that slide, we've got around $45 million, $50 million left to raise over the next six, seven months.

所以，你可以在這張投影片上看到，我們還有大約 4500 萬美元、5000 萬美元需要在未來六、七個月內籌集資金。

So that, just to put into context, and the reason why we put slide 11 in our deck is that absolutely pales in comparison to even if -- again, even if we just did equity for that $45 million, $50 million that we're talking about and we used all of our free cash flow generated during this year to pay off the debt, it's just -- page 11 puts it in context for you.

因此，為了結合上下文，我們將幻燈片 11 放在我們的幻燈片中的原因是，與即使相比，即使我們只是為 4500 萬美元、5000 萬美元進行股權投資，這絕對是相形見絀的。我們使用今年產生的所有自由現金流來償還債務，這只是- 第11 頁為您提供了背景資訊。

I mean, some of our peers issued over $500 million on the ATM in the first four months of the year, okay?

我的意思是，今年前四個月，我們的一些同行在 ATM 發行了超過 5 億美元，好嗎？

And not only that, but they generated virtually no profit.

不僅如此，他們幾乎沒有產生任何利潤。

I mean, two of our largest peers generated close to $10 million and $50 million being close to 50% and 150% larger than our company.

我的意思是，我們最大的兩家同行的收入分別接近 1000 萬美元和 5000 萬美元，分別比我們公司高出近 50% 和 150%。

And we generated $32 million of EBITDA.

我們產生了 3200 萬美元的 EBITDA。

And so, I think we are happy to own and commit to what is on page 12 here, because we are massively and accretively growing the business using equity as an eye dropper.

因此，我認為我們很高興擁有並致力於第 12 頁上的內容，因為我們正在利用股權作為滴管，大規模且不斷地發展業務。

These other companies on this page 11 use equity with a fire hose.

本頁 11 上的其他公司使用消防水帶的股權。

And so, not only that, but you know, and by the way, my half thought you'll see on the top of this page, CleanSpark is highly profitable.

因此，不僅如此，而且您知道，順便說一句，我認為您會在本頁頂部看到 CleanSpark 利潤豐厚。

So using your ATM to fund highly profitable growth, I will applaud that all day.

因此，使用您的 ATM 來為高利潤成長提供資金，我會整天為此鼓掌。

But when you're using your ATM to fund a HODL strategy where only management benefits by paying themselves more if the price of bitcoin goes up, that's why we put the quote on the top of the page.

但是，當您使用 ATM 為 HODL 策略提供資金時，如果比特幣價格上漲，只有管理層通過向自己支付更多費用來受益，這就是我們將報價放在頁面頂部的原因。

Read it.

閱讀。

Revenue is vanity, profit is sanity, but cash is king.

收入是虛榮，利潤是理智，但現金才是王道。

Bunch of our peers are focused, and they'll go out and pout to you guys how much extra hash they're putting in the ground and how big their revenue is.

我們的許多同行都很專注，他們會出去向你們吹噓他們在地下投入了多少額外的哈希值以及他們的收入有多大。

Well, guess what?

嗯，你猜怎麼著？

It doesn't matter.

沒關係。

Every single business that I've ever invested in, or most investors on this phone, right, even Uber.

我投資過的每一個企業，或是這款手機上的大多數投資者，對吧，甚至是 Uber。

At some point, Uber has to be profitable to people to stay invested.

在某種程度上，Uber 必須能夠為人們帶來利潤才能保持投資。

And so, I think you have to see some of these companies show you guys a profit.

因此，我認為你們必須看到其中一些公司向你們展示利潤。

And I think now that we're into the halving, you know, some of the peers are telling you their hash cost, which we also put out in crystal clear numbers on page 13, both actual realized in first quarter and what we expect in 2Q and the second half, it's all right there for you guys to see.

我認為現在我們已經進入減半階段，你知道，一些同行正在告訴你他們的哈希成本，我們也在第13 頁上以清晰的數字列出了這些成本，這都是第一季的實際實現量和我們的預期第二季和下半場，大家可以看看。

A bunch of our peers are asked recently, what's your cost to produce a bitcoin?

最近我們的一些同行被問到，你們生產一個比特幣的成本是多少？

They won't even answer.

他們甚至不會回答。

I don't know how you stay invested in a company like that.

我不知道你如何繼續投資這樣的公司。

So we are bucking that trend and trying to give you all the tools you need to see that we are a profitable company that prudently accesses the capital markets when we need to to grow.

因此，我們正在逆勢而行，並試圖為您提供所需的所有工具，以確保我們是一家盈利的公司，在需要發展時謹慎地進入資本市場。

Understood.

明白了。

Thanks for the color.

謝謝你的顏色。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey, thanks guys.

嘿，謝謝大家。

Referring to slide 14, WULF Compute, or the HPC opportunity.

請參閱投影片 14、WULF 計算或 HPC 機會。

Now, you're focused on that center column, Paul, are you thinking of this as a business tens of millions or hundreds of millions?

現在，你專注於中心欄，保羅，你認為這是一個數千萬或數億的業務嗎？

And then, maybe as a follow up, what do you think this business will look like in three years to five years?

然後，也許作為後續行動，您認為這項業務在三到五年內會是什麼樣子？

So, Naz, why don't you start, and then I'll come in and give my thoughts on where we're headed.

所以，納茲，你為什麼不開始，然後我會進來並就我們的發展方向提出我的想法。

Sure.

當然。

Mike, we think we can grow this business to hundreds of megawatts.

麥克，我們認為我們可以將這項業務發展到數百兆瓦。

And so, our two-megawatt pilot and the 10-megawatt building that we're designing is more geared towards an engineering exercise to ensure that the product that we have available meets all of the specifications and demands of people that will use that infrastructure.

因此，我們正在設計的 2 兆瓦試點項目和 10 兆瓦建築更適合工程實踐，以確保我們現有的產品滿足使用該基礎設施的人們的所有規格和需求。

Not just today, but again, future proofing a bit for at least the next couple of iterations of GPs that may come out.

不僅是今天，而且至少是未來可能出現的 GP 迭代的未來證明。

So we believe again, the availability of power at scale and low cost and zero carbon is tight.

因此，我們再次相信，大規模、低成本和零碳的電力供應是緊張的。

And so, we firmly believe that over time this is a business that we could build into 100 megawatts plus.

因此，我們堅信，隨著時間的推移，我們可以將這項業務發展到 100 兆瓦以上。

With the 300 megawatts that we have today, we think we could build that up.

憑藉我們今天擁有的 300 兆瓦電力，我們認為我們可以擴大這一規模。

We are also looking at a number of other sites as well which could further add to the capacity to build that business up.

我們也正在尋找其他一些站點，這些站點可以進一步增強建立該業務的能力。

So again, we think we are trying to build a business here that's really focused in on that.

再說一次，我們認為我們正在努力在這裡建立一個真正專注於此的業務。

As we fast forward two years, three, four years from today, again this page also lays out somewhat of how we see the marketplace playing out.

當我們從今天快轉兩年、三年、四年時，本頁也再次闡述了我們對市場發展的看法。

You have your hyperscalers again who have the capital and the ability to throw down a lot of cash and try to control their own destiny.

你又擁有了超大規模企業，他們有資本、有能力投入大量現金並試圖控制自己的命運。

And so, you see them doing that in a number of different places.

因此，你會看到他們在許多不同的地方這樣做。

Again, I gave the example earlier of Microsoft and Brookfield, 10.5 gigawatts of power that will feed directly into Microsoft's needs.

再次，我之前舉了微軟和 Brookfield 的例子，10.5 吉瓦的電力將直接滿足微軟的需求。

And so, there's only a few names in the world that can afford to do that, and they are going to do that.

因此，世界上只有少數幾個公司有能力做到這一點，而且他們也將這樣做。

At the other end of the spectrum, you have the newer AI companies developing.

另一方面，新興的人工智慧公司正在發展。

One or two or three of them will likely grow from where they are today, so it's becoming something fairly significant.

其中一兩個或三個可能會從今天的位置開始成長，所以它變得相當重要。

And you have enterprise customers in between.

兩者之間還有企業客戶。

And so, we really believe that for other than the hyperscalers, the availability of what we can offer is going to be tight limited, and we're going to be a natural and complementary partner for them.

因此，我們確實相信，除了超大規模企業之外，我們所能提供的服務的可用性將受到嚴格限制，而我們將成為他們天然的補充合作夥伴。

So that's where we're positioning ourselves.

這就是我們給自己定位的地方。

And we do think that over time, this can become a real business.

我們確實認為，隨著時間的推移，這可以成為一項真正的業務。

Yeah, and thanks Naz.

是的，謝謝納茲。

What I'd like to add is a couple of things.

我想補充幾點。

One is, B.B. King has a great song.

一是 B.B. King 有一首很棒的歌。

He used to sing it.

他曾經唱過這首歌。

Don't make you move too soon.

別讓你太快行動。

These are very early days in the high-speed compute business.

現在還處於高速運算業務的早期階段。

And I think it would be prudent for us to really look at all the ways that we can take advantage of our megawatts, of our energy infrastructure.

我認為，謹慎的做法是，我們應該真正考慮利用我們的兆瓦能源基礎設施的所有方式。

Because that's really our advantage, right?

因為這確實是我們的優勢，對嗎？

The sites, the water permit, but it's the access to low-cost carbon-free energy that is what is so enabling on a long-term basis to building a business at WULF.

這些地點、水都允許，但真正能夠長期在 WULF 開展業務的，是獲得低成本無碳能源。

So I think that is why we're located -- that's why we're focused on that center column right now because that's where we think it's likely to see the best value for WULF shareholders.

所以我認為這就是我們所處的位置 - 這就是為什麼我們現在專注於中心柱，因為我們認為這可能會為 WULF 股東帶來最大價值。

That said, we're constantly -- I mean, this is all we talk about every minute of the day, trying to figure out how do we get the most to our shareholders out of our energy infrastructure.

也就是說，我們一直在——我的意思是，這就是我們每時每刻都在談論的話題，試圖弄清楚我們如何從我們的能源基礎設施中為股東帶來最大利益。

I think on a long-term basis, you would see WULF having two divisions, if you will.

我認為從長遠來看，如果你願意的話，你會看到 WULF 有兩個部門。

High-speed compute and bitcoin mining.

高速運算和比特幣挖礦。

We like bitcoin mining.

我們喜歡比特幣挖礦。

We are very constructive on the price of bitcoin.

我們對比特幣的價格非常有建設性。

We are the most efficient at it, and we don't think it would be prudent to just switch gears and become a high-speed compute company.

我們在這方面是最有效率的，我們認為僅僅改變方向並成為高速運算公司是不明智的。

Particularly at this point in time, there's so much to learn.

尤其是在這個時候，需要學習的東西實在太多了。

We think the right thing to do is to sort of continue our analysis, focus on the center column, do what we're doing in terms of the two megawatts, and then, the 10 megawatts, and then you know continue to be dedicated to bitcoin mining at the lowest possible cost.

我們認為正確的做法是繼續我們的分析，專注於中心欄，做我們正在做的 2 兆瓦，然後是 10 兆瓦，然後你知道繼續致力於以盡可能低的成本開採比特幣。

And so, that's where I think we're headed.

所以，我認為這就是我們的發展方向。

I think that will also avail us additional opportunities in terms of our cap structure.

我認為這也將為我們在上限結構方面提供更多機會。

Because I think that, again, the high-speed computing space much more -- it's much kinder on an institutional level to a business when you think about lending and the kind of terms that are available to you.

因為我再次認為，當你考慮貸款和可以使用的條款時，高速運算空間在機構層面上對企業更加友善。

So I think that's where we'll end up.

所以我認為這就是我們最終的結局。

Got it.

知道了。

And then, one follow up.

然後，進行一項跟進。

I'm trying to connect slide 12.

我正在嘗試連接幻燈片 12。

One of the uses of the $47 million of capital is WULF Compute, and it says $5 million.

4700 萬美元資金的用途之一是 WULF Compute，據稱為 500 萬美元。

How does that blend into slide 14 in the financing line for the middle column, it says equity initially.

這如何融入投影片 14 中間欄融資行中，它最初說的是股權。

Can you just speak to the financing and what equity initially means in that center column, and how far $5 million goes?

您能否簡單談談融資情況以及中間那一欄的股權最初意味著什麼，以及 500 萬美元能花多少錢？

Yeah, Naz, you want to take that first part, and then I'll take the second on the slides.

是的，納茲，你想講第一部分，然後我將講幻燈片上的第二部分。

Sure.

當然。

The 2-megawatt pilot that we're building is largely most of that $5 million budget.

我們正在建造的 2 兆瓦試點項目主要是 500 萬美元預算的大部分。

So that's the full design engineering construction cost associated with that 2-megawatt pilot.

這就是與 2 兆瓦試點相關的全部設計工程建造成本。

That 2 megawatts of capacity will be available in early August and we're in discussions with a number of different counter parties around utilizing that capacity.

這 2 兆瓦的容量將於 8 月初投入使用，我們正在與許多不同的對手方就如何利用該容量進行討論。

So that's where the bulk of that goes, and that budget also includes the engineering and design work for the 10-megawatt building as well.

這就是大部分資金的用途，預算還包括 10 兆瓦建築的工程和設計工作。

And again, that 10-megawatt building is designed to be scalable, and so, when we build 10 megawatts or 20 megawatts or 30 megawatts, it's really just scaling up that design.

再說一遍，那個 10 兆瓦建築的設計是可擴展的，因此，當我們建造 10 兆瓦、20 兆瓦或 30 兆瓦時，它實際上只是擴大了該設計。

And so, that's what's included in that budget there toward the compute business.

因此，這就是計算業務預算中包含的內容。

Yeah.

是的。

And then, Mike, to answer your question, so I think it's helpful to distinguish between perhaps the build to suit, which is the right column, and then the colocation, which is the middle column.

然後，麥克，回答你的問題，所以我認為區分適合的建置（右列）和託管（中間列）是有幫助的。

So in the build-to-suit model, which I think we've talked a little bit about before, that's a single company, big public company, Magnificent-Seven-type stock.

因此，在定制模型中，我想我們之前已經討論過，這是一家單一公司，大型上市公司，宏偉七型股票。

And what we've learned as we have gotten down that rabbit hole is that's, to borrow Paul's phrase, although B.B. King wasn't a -- he was far from a one-hit wonder, but that's a bit of a one-hit wonder, meaning we think we can create a lot of value doing that.

當我們深入這個兔子洞時，我們了解到的是，借用保羅的話來說，雖然 B.B. King 不是——他遠非一擊奇蹟，但這有點一擊了好奇，這意味著我們認為這樣做可以創造很多價值。

But then it's a one-time event, creates a lot of value, and then we're working for that entity basically for the next 15 years.

但這是一次性事件，創造了很多價值，然後我們基本上在接下來的 15 年裡為該實體工作。

Whereas if we pursue the colocation -- and by the way, sorry, just backing up, Mike.

而如果我們追求託管——順便說一句，抱歉，只是支持一下，麥克。

That's obviously very financeable because that corporate, right, is an A-plus credit, and so, generally speaking, you can get 80% to 90% financing at 250 to 300 basis points behind the corporate credit.

這顯然是非常容易融資的，因為該公司是 A+ 信用，所以一般來說，你可以獲得 80% 到 90% 的融資，比公司信用低 250 到 300 個基點。

And so, that's different if you go to colocation, the middle column.

所以，如果你去託管，中間一欄，那就不同了。

It's essentially the same business, but instead of the sort of Magnificent-Seven-type stock taking all the profits, because as we know those companies are all very profitable, WULF gets to effectively bring in third parties to help us manage that, because that's -- our businesses is in cloud compute.

這本質上是相同的業務，但不是那種「七大」類型的股票拿走了所有利潤，因為我們知道這些公司都非常盈利，WULF 可以有效地引入第三方來幫助我們管理，因為那是— —我們的業務是雲端運算。

But we can leverage third parties that aggregate enterprise customers, and then finance off that.

但我們可以利用第三方來聚合企業客戶，然後從中融資。

And so, initially, that is equity.

所以，最初，這就是公平。

But as that business matures, it is also financeable up to 80%-ish.

但隨著該業務的成熟，其融資比例也高達 80% 左右。

But it's baby steps because you've got to aggregate the customers.

但這只是一小步，因為你必須聚集客戶。

And then, there's safety in numbers once you have a bunch of customers in there, as opposed to just financing off of the back of the corporate credit rating of one customer.

然後，一旦你擁有一群客戶，數量上就會變得安全，而不是只依靠一個客戶的企業信用評級來融資。

Does that make sense?

那有意義嗎？

Yeah, that's helpful.

是的，這很有幫助。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Good evening, gentlemen.

晚上好，先生們。

I appreciate the transparency in this slide deck and those funny analogies on dilution.

我很欣賞這張投影片的透明度以及那些關於稀釋的有趣類比。

For my first question, I'm just curious to hear whether there's been an uptick in the number of subscale bitcoin mining peers knocking on your door following the halving event, just given the dynamics on mining economics.

對於我的第一個問題，我只是想知道，考慮到挖礦經濟的動態，在減半事件之後，小規模比特幣挖礦同行的數量是否有所增加。

Do any of these peers have compelling assets or operations that would be of appetite to TeraWulf today?

這些同行中是否有任何一家擁有令 TeraWulf 感興趣的引人注目的資產或業務？

Or will the focus remain on existing growth plans at Lake Mariner and the HPC-AI business?

或者重點仍然放在 Lake Mariner 和 HPC-AI 業務的現有成長計劃上？

Yeah, Paul, do you want to?

是的，保羅，你願意嗎？

Yeah, sure.

好，當然。

Listen, I think we have to focus on execution of our business plan, and that's what we're focused on.

聽著，我認為我們必須專注於業務計劃的執行，這就是我們的重點。

We have -- even when Nazar mentioned earlier, like pushing Nautilus expansion out to 2025, it's because we have such a low cost to build at Lake Mariner that it just makes sense for us to focus on the careful and considerate execution of our business plan with our existing sites.

我們——即使納扎爾之前提到過，例如將鸚鵡螺的擴張推遲到2025 年，也是因為我們在水手湖的建設成本如此之低，所以我們有必要專注於仔細和周到地執行我們的業務計劃與我們現有的網站。

That said, everybody in the space is talking to everybody in the space.

也就是說，該領域的每個人都在與該領域的每個人交談。

And as you know, we have a management team that's been together for a very, very long time that are really focused on energy infrastructure.

如您所知，我們的管理團隊已經在一起很長時間了，他們真正專注於能源基礎設施。

And as Patrick went off of that a little while ago, really focused on even a per exahash at the smallest dilution to the shareholders.

正如帕特里克不久前放棄的那樣，他真正關注的是對股東的最小稀釋，甚至是每exahash。

So culturally, finding somebody that would be a right fit for us, it's probably not easy.

因此，從文化角度來看，找到適合我們的人可能並不容易。

And we're very focused as well on the carbon-free element to our energy.

我們也非常關注能源中的無碳元素。

So I think that sure, everybody is chatting.

所以我認為當然，每個人都在聊天。

Are there many likely dates?

有很多可能的日期嗎？

I don't think so.

我不這麼認為。

I think we need to focus on just execution, paying down our debt, and run our way.

我認為我們需要專注於執行、償還債務並走自己的路。

I think the institutions, when they come to the market, are coming to us.

我認為，當這些機構來到市場時，他們也是來找我們的。

They're appreciating the level of transparency and the actual performance that TeraWulf is delivering under Nazar and Patrick.

他們對 TeraWulf 在納扎爾和帕特里克領導下所提供的透明度和實際表現表示讚賞。

And I think that we just need to continue to get that message out to the real world.

我認為我們只需要繼續將這個訊息傳達給現實世界。

I mean, if you again take a look at that slide 11, we're talking about EBITDA per exahash, and then you take a look at the massive dilution on the right side of the page versus the hardly any on the left side of the page.

我的意思是，如果你再次看一下幻燈片 11，我們正在談論每 exahash 的 EBITDA，然後你會看到頁面右側的大量稀釋，而頁面左側幾乎沒有稀釋。

And then, when you put in that third column where you look at stock-based comp, I mean it really is very troubling.

然後，當你在第三欄中查看基於股票的比較時，我的意思是這確實非常令人不安。

And you'll see that there just are a lot of companies out there that just, they shouldn't be out there.

你會發現有很多公司不應該存在。

And it doesn't make sense for us to join with them because we're all about making money through the appreciation of the shares of our stock.

我們加入他們是沒有意義的，因為我們都是為了透過股票升值來賺錢。

We're aligned with our investors.

我們與投資者保持一致。

So that's how I look at it.

我就是這麼看的。

Cultural is a big issue with us because again, focused on energy infrastructure and been around a long time.

文化對我們來說是一個大問題，因為我們再次關注能源基礎設施，並且已經存在很長時間了。

I appreciate that color.

我很欣賞那種顏色。

Shifting gears, just hoping to get some more color on the debt repayment plans.

改變方向，只是希望在債務償還計畫上獲得更多的色彩。

Previously, there were talks about potentially refinancing once the indebtedness dipped below $100 million.

此前，曾討論過一旦債務降至 1 億美元以下，就可能進行再融資。

Should we assume that that's completely off the table and whole repayment's going to happen before 2024?

我們是否應該假設這完全不可能，並且全部還款將在 2024 年之前完成？

Any color you can provide there?

你們那裡可以提供什麼顏色嗎？

Yeah, Bill, it's Patrick.

是的，比爾，是派崔克。

So like I said, you'll see in our updated slide deck on page 12, we've laid out the capital bridge for 2024.

正如我所說，您將在第 12 頁更新的幻燈片中看到，我們已經規劃了 2024 年的資本橋樑。

Our free cash flow this year will take care of all of our debt.

今年我們的自由現金流將償還我們所有的債務。

And then, we've got some commitments out there for Building 5.

然後，我們對 5 號大樓做出了一些承諾。

Also laying the foundation, you'll see on that page, we've got a bar chart that says L&D site electrical.

還奠定了基礎，您將在該頁面上看到，我們有一個條形圖，上面寫著 L&D 網站電氣。

That's some electrical work that we're doing on the site that will allow us to expand into 300 megawatts very quickly.

我們正在現場進行一些電力工作，這些工作將使我們很快就能擴展到 300 兆瓦。

So some significant line expansion, transformers, upgrades that we're doing.

因此，我們正在進行一些重大的生產線擴建、變壓器和升級。

So I think, yeah, I mean, look, if the financing markets get more affordable or if we want to combine that debt maybe with a debt financing at the compute business, yeah, I mean, there's a lot of options on the table that would then decrease the capital need there.

所以我認為，是的，我的意思是，看看，如果融資市場變得更加負擔得起，或者如果我們想將債務與計算業務的債務融資結合起來，是的，我的意思是，桌面上有很多選擇那麼就會減少那裡的資本需求。

But I think for now our view is let's just -- the biggest asset of our company is the cash flow generating ability because our power costs are so low and our profitability is so high.

但我認為目前我們的觀點是——我們公司最大的資產是現金流產生能力，因為我們的電力成本如此之低，而我們的獲利能力如此之高。

So let's take advantage of that, get rid of the debt, and then start to look to the future.

因此，讓我們利用這一點，擺脫債務，然後開始展望未來。

Awesome.

驚人的。

Thanks for answering the questions, and congrats on the strong operating cash flow.

感謝您回答問題，並祝賀強勁的營運現金流。

Thanks, Bill.

謝謝，比爾。

[Marcelo Rossi], Private Investor.

[馬塞洛·羅西]，私人投資者。

Hey, everyone.

嘿大家。

Thanks for taking the question.

感謝您提出問題。

I understood Nautilus runs on $0.02 per kilowatt power, but earlier in the call, somebody mentioned there was seasonality power cost adjustments.

據我所知，Nautilus 的運行費用為每千瓦 0.02 美元，但在電話會議的早些時候，有人提到有季節性電力成本調整。

Can you elaborate on that?

能詳細說明一下嗎？

What percentage of the power is subject to seasonality?

百分之多少的電力受季節性影響？

Yeah.

是的。

Sure, Marcelo.

當然，馬塞洛。

It's a good question.

這是一個好問題。

It's Patrick Fleury.

我是派崔克‧弗勒里。

So we have 210 megawatts in operation right now. 50 megawatts at Nautilus.

所以我們現在有 210 兆瓦在運作。鸚鵡螺號發電量為 50 兆瓦。

That is fixed power at $0.02. And then, the 160 that we have at Lake Mariner, which is soon to be 195 when Building 4 comes online July 1, that power floats.

即固定功率為 0.02 美元。然後，我們在 Lake Mariner 擁有的 160 台，當 4 號樓 7 月 1 日上線時，很快就會達到 195 台，電力開始流動。

And we realize generally, Zone A power prices in the New York ISO at that plant.

我們普遍認識到，該工廠的紐約 ISO A 區電價。

And so, you can see if you look on page 20 of our updated deck.

因此，如果您查看我們更新的套牌的第 20 頁，您就可以看到。

There, that power generally at Lake Mariner has been around $0.04.

在那裡，水手湖的電力一般約為 0.04 美元。

Last year, for the entire year of 2023, we realized they blended $0.032 at both sites, and that was roughly $0.02 at Nautilus and I think $0.036 or $0.038 at Lake Mariner.

去年，在 2023 年全年，我們意識到他們在兩個地點混合了 0.032 美元，Nautilus 大約為 0.02 美元，我認為 Lake Mariner 為 0.036 美元或 0.038 美元。

And so, yeah, they're typically in the first quarter, our power's a little higher.

所以，是的，他們通常在第一季度，我們的力量稍微高一些。

In the shoulder months, which tends to be the second quarter and the fourth quarter, those tend to be really low price periods at Lake Mariner because there's no real demand there.

在平淡月份（通常是第二季和第四季），水手湖的價格往往非常低，因為那裡沒有真正的需求。

The demand is really a function of heating and cooling days.

需求實際上是供暖和製冷天數的函數。

So it's mostly in the winter, where it gets real cold for a couple weeks, and then in the summer where it's real humid for a couple weeks.

所以主要是在冬天，有幾週的時間會變得非常寒冷，然後在夏天，有幾週的時間會非常潮濕。

But that's the beauty about being 30 miles east of Niagara Falls.

但這就是尼加拉瀑布以東 30 英里處的美妙之處。

So yeah, so we haven't changed our guidance for the year.

是的，我們今年的指導方針沒有改變。

It's still that we expect to realize $0.035. And like I said, we feel good because we realized $0.032 last year.

我們仍然期望實現 0.035 美元。正如我所說，我們感覺很好，因為我們去年實現了 0.032 美元。

Thank you.

謝謝。

Bob Evans, Pennington Capital.

鮑勃·埃文斯，彭寧頓資本。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Just to follow up a prior question, just to get a sense of scale that you're thinking for the HPC-AI opportunity.

只是為了跟進之前的問題，只是為了了解您正在考慮的 HPC-AI 機會的規模。

I know you're looking at the middle part of the slide, but again, is this a hundreds of millions of revenue opportunity or give us some sense of scale, at least what we should think this should ramp to.

我知道您正在看幻燈片的中間部分，但同樣，這是一個數億收入的機會還是給我們帶來了一些規模感，至少是我們認為應該達到的規模。

I know you're trying to put various clients into this project, but just give us a sense of revenue potential.

我知道您正在嘗試讓不同的客戶參與這個項目，但只是讓我們了解收入潛力。

Yeah.

是的。

Look, I think, Bob, as we put on the page, right, I mean, if we took 300 -- our 300 open megawatts at Lake Mariner, right, it would be -- you can multiply 300 times 1.3 and 1.5, right?

聽著，我想，鮑勃，正如我們在頁面上寫的那樣，對吧，我的意思是，如果我們取300——我們在水手湖的300 兆瓦，對吧，那就是——你可以乘以300 乘以1.3 和1.5，對吧？

So it's $300 million to $450 million.

所以是 3 億到 4.5 億美元。

So I think, Naz answered earlier, we expect it to be in the hundreds of millions.

所以我認為，納茲早些時候回答說，我們預計這一數字將達到數億。

I think at this point, we're not committed to dedicating, as Paul mentioned, all of that capacity to HPC-AI because we're very good at bitcoin mining as well.

我認為在這一點上，正如 Paul 所提到的，我們並不致力於將所有能力奉獻給 HPC-AI，因為我們也非常擅長比特幣挖礦。

But we're also infrastructure people and there's a big business that sits outside of the public company as well.

但我們也是基礎設施人員，在上市公司之外也有一家大企業。

So I think I would just say stay tuned.

所以我想我只想說敬請期待。

There's lots to come this year on that.

今年在這方面還有很多事情要做。

Okay.

好的。

And then, is the right way to look at it on the cost per megawatt and revenue per megawatt?

那麼，從每兆瓦成本和每兆瓦收入來看，正確的方法是什麼？

I mean, if we just take the midpoints of both of those ranges and divide it out, does that mean it's -- my understanding is that this business might be a payback period of a couple of years, but if I do that math it might look like it's longer than that.

我的意思是，如果我們只取這兩個範圍的中點並將其分開，這是否意味著——我的理解是，這項業務可能需要幾年的投資回收期，但如果我進行數學計算，它可能會看起來比那還要長。

I'm just trying to understand the right way to think of cash generated and paying for itself.

我只是想了解如何看待現金產生和支付本身的費用。

Yeah.

是的。

So that's a really good question, Bob.

所以這是一個非常好的問題，鮑伯。

So we are -- and look, I want to caveat this because we put down a lot of numbers here on the page, on page 14.

所以我們——看，我想警告這一點，因為我們在第 14 頁上寫下了很多數字。

And you'll see that it says, the title of the page is Potential Illustrative Business Models.

你會看到它說，頁面的標題是潛在的說明性商業模式。

And I just want to point out Bob that we've been -- we're a hardworking smart management team, but we've been studying this business for nine months.

我只想向鮑伯指出，我們是一支勤奮、聰明的管理團隊，但我們已經研究這項業務九個月了。

We've been in the private power business for 30 years.

我們從事私營電力業務已有 30 年。

So when you're in your lane for 30 years and you get into a new lane, there's a lot of work to do before -- you don't want to get run over.

因此，當您在自己的車道上行駛了 30 年並進入新車道時，之前有很多工作要做 - 您不想被碾壓。

So this is our initial learning.

所以這就是我們最初的學習。

But I think, generally speaking, the cloud business right, so the far left column, much more revenue -- sorry, much more capital intensive business, but quicker paybacks because people are desperate for GPU-as-a-service-type business.

但我認為，一般來說，雲端業務在右邊，所以最左邊的一欄，收入更多——抱歉，資本密集型業務更多，但回報更快，因為人們迫切需要 GPU 即服務類型的業務。

We're more focused, again, I think our sweet spot, as Nazar pointed out, we're infrastructure people, and we also don't necessarily -- we aren't comfortable taking the GPU technology risk yet that the far left column would require.

我們更加專注，再次，我認為我們的最佳點，正如納扎爾指出的那樣，我們是基礎設施人員，而且我們也不一定 - 我們不願意承擔 GPU 技術的風險，但最左邊的專欄會需要。

So the colocation business, yeah, to your point, it doesn't have the 18 months to 36 month payback.

所以，是的，就您而言，託管業務沒有 18 至 36 個月的投資回收期。

It's more of a -- I would say, three year to eight year payback period.

我想說，這更像是三年到八年的投資回收期。

But that's still pretty good.

但這還是很不錯的。

And that business, like we said, we think these multiples down here on the bottom of the page are very conservative, but our view is that should be a 10 to 20 stable multiple business over time.

正如我們所說，我們認為頁面底部的這些倍數非常保守，但我們的觀點是，隨著時間的推移，該業務應該是 10 到 20 的穩定倍數業務。

So we think we can create a lot more value with less capital focusing on that middle column versus either the left or the right.

因此，我們認為我們可以用更少的資本創造更多的價值，專注於中間的欄，而不是左側或右側。

Okay.

好的。

So if I was going to simplify it, we'd say you believe you can build a multi-hundred million dollar business with, call it 70% plus EBITDA margins.

因此，如果我要簡化它，我們會說你相信你可以建立一個數億美元的業務，稱之為 70% 加 EBITDA 利潤率。

That should have a higher EBITDA value multiple than a lot of other options out there.

這應該比許多其他選擇具有更高的 EBITDA 值倍數。

Yeah, correct.

是的，正確。

And the only thing I would add is less capital intensity as well.

我唯一要補充的是資本密集度也較低。

Okay.

好的。

I would just say one other thing.

我只想說另一件事。

As Nazar mentioned in this presentation, we've got these 2 megawatt at WULF Compute, and we're putting up a 10-megawatt facility.

正如 Nazar 在本次演示中所提到的，我們在 WULF Compute 上擁有 2 兆瓦的電力，我們正在建立一個 10 兆瓦的設施。

So we're not set, Bob, on what we are going to do here.

所以，鮑勃，我們還沒有決定我們要在這裡做什麼。

We're set on taking the experience of WULF Compute to and putting up this 10-megawatt building and continuing to refine our analysis to come with the right program for TeraWulf, utilizing both the existing infrastructure that we have and the access to large, massive other infrastructure that we would have outside of the public vehicles.

我們準備將 WULF Compute 的經驗運用到這座 10 兆瓦的建築中，並繼續完善我們的分析，利用我們現有的基礎設施和大型、大規模的網絡，為 TeraWulf 提供正確的計劃。車輛以外擁有的其他基礎設施。

So that's the point.

這就是重點。

The 2 megawatts and the 10 megawatts are us dipping our toe in the water in the prudent way to ensure we come with the right answer on behalf of our shareholders.

2兆瓦和10兆瓦是我們以謹慎的方式試水，以確保我們代表股東得到正確的答案。

I get that.

我明白了。

And I agree with you.

我同意你的觀點。

And that obviously, things work out to anywhere on this slide, it's a higher multiple, more predictable business model.

顯然，這張投影片上的任何地方都可以實現，這是一個更高倍數、更可預測的商業模式。

So I agree.

所以我同意。

Thank you.

謝謝。

Thanks for clarifying.

感謝您的澄清。

Thanks, Bob.

謝謝，鮑伯。

Thank you.

謝謝。

Ladies and gentlemen, we have reached the end of question-and-answer session.

女士們、先生們，問答環節已經結束。

I would now like to turn the floor over to Jason Assad for closing comments.

現在我想請傑森·阿薩德發表結束評論。

Thank you, operator.

謝謝你，接線生。

That concludes today's conference call.

今天的電話會議到此結束。

Thank you for joining us.

感謝您加入我們。

Please note this has been one of our highest attended calls, so thank you for the continued and growing support.

請注意，這是我們參與人數最多的電話會議之一，因此感謝您持續不斷的支持。

I'd also like to again remind you about our new investor deck, which may be found on our website at terawulf.com. Much like everything we do, it was proposed in the spirit of transparency.

我還想再次提醒您有關我們新的投資者平台的信息，您可以在我們的網站 terawulf.com 上找到該平台。就像我們所做的一切一樣，它是本著透明的精神提出的。

We hope investors will find it insightful.

我們希望投資者會發現它富有洞察力。

If you have any questions or need anything, please reach out directly as always, and please remember to follow us on social media.

如果您有任何疑問或需要任何東西，請一如既往地直接聯繫我們，並請記住在社交媒體上關注我們。

Operator, you may end the call.

接線員，您可以結束通話了。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。