Hello, everyone, and good evening. I am Shirish Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2024 Fourth Quarter Earnings Webinar. Before we proceed, I will read the safe harbor statement. Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent 10-Q filed with the SEC and our 8-K filed on January 6, 2025. We assume no obligation to update these forward looking statements, which speak only as of today. During today's call, we will refer to certain non-GAAP financial measures. Reconciliation showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today and are available on our website at strategy.com. I would now like to welcome you all to today's webinar and let, that we will be taking questions using the Q&A feature at the bottom of your screen. You can submit questions throughout the webinar, and Michael, Phong, or Andrew will answer questions at the end of the session. Please be sure to provide your name and your company's name when submitting the questions. Now I'll walk you through the agenda for today's call. First, Phong Le will cover the business highlights for the fourth quarter and full year of 2024. Second, Andrew Kang will cover the financial results for the fourth quarter and full year of 2024. And then finally, Michael Saylor will provide a strategic review and discuss the recent bitcoin market updates. And lastly, we'll open up to Q&A. With that, I will turn the call over to Phong Le, President and CEO of Strategy. Phong?

Thank you, Shirish. Hello, everyone. I'd like to welcome you all to today's webinar and our first-ever earnings call as Strategy. MicroStrategy Incorporated today announced it is now doing business as Strategy. The MicroStrategy name and logo date back to our incorporation more than three decades ago in 1989. At that time, we positioned ourselves at the forefront of the microcomputer revolution. The term micro symbolize precision and our focus on harnessing the power of computing to create business intelligence that changed how companies operate. There have, of course, been significant changes since then both in the technology industry and to our strategy. Technology is now ubiquitous and our business strategy and value to our customers is no longer limited to technology. Today, the company is excited to announce its rebrand as Strategy for the following reasons. One, simplicity, Strategy is a single word, easy to remember, and has 40% fewer letters than MicroStrategy. Continuity, since Strategy is the second half of MicroStrategy's historical brand name, it would represent an evolution, but not a complete change or break from our past. And three ambition. The new name would also reflect our ambition to keep pushing boundaries. For example, we are no longer confined to the past, but we're focused on the big picture, driving new innovations in digital capital and business intelligence. So today, Strategy is the world's first and largest Bitcoin treasury company, the largest independent publicly traded business intelligence company, and also a NASDAQ 100 stock. The brand simplification is a natural evolution of the company, reflecting our focus and broad appeal. The new logo includes a stylized B signifying the company's Bitcoin strategy and our unique position as a Bitcoin treasury company. And our new brand's primary color is now orange, which represents energy, intelligence, and Bitcoin.…

Thank you, Phong. I'll begin with a review of the Software results, then go into further detail on our Bitcoin strategy and those results. On Slide 16, you can see in Q4, total Software revenues were approximately $121 million, down 3% year-over-year. Full year 2024 total revenues were approximately $464 million, down 7% year-over-year. We fully anticipated product license revenues along with support revenues to decrease in Q4 and our revenue trend continues to reflect the ongoing successful transition of our Software business from on-premise to cloud. Turning to the Cloud results, Q4 Subscription Services revenues increased 48% year-over-year and now make up approximately 20% of total revenues. Full year 2024 Subscription Services revenues were approximately $106.7 million, reflecting an increase of 32% year-over-year. The growth in Subscription Services revenues is a result of the growth in our subscription billings, which also grew by 57% in Q4 to approximately $65 million, our fourth straight year of quarterly double-digit growth. The strong growth in our subs billings was again driven by both existing customer migrations to the cloud as well as new customer wins in Q4 and our customer renewal rates continue to remain elevated, consistent with prior quarters. We continue to see growth in demand for our cloud platform and Q4 was the strongest quarter of customer migrations to cloud to date. The decrease in product license revenues and support revenues will be offset by growth in Subscription Services revenues. We expect this trend will continue in 2025 in the short term, but in the long run, cloud subscription services revenues should offset this shift as we fully transition our business to the cloud. Cost of revenues were approximately $34 million, up 21% compared to Q4 of last year, and approximately $130 million for the full year, up 18% year-over-year.…

Thank you. I appreciate the opportunity to address you all today. I'd like to talk about development so far. Why don't we start with the last 12 months in the Bitcoin marketplace. I think starting from January of 2024 with the approval of the spot Bitcoin ETFs, we had an excellent year of institutional adoption. I would say Wall Street adoption of those ETFs has been extraordinary. There's now something on the range of $140 billion of capital that's flowed into spot Bitcoin ETFs around the world. We saw this transition to fair value accounting in 2024. We've got a Bitcoin President. We've got a pro-Bitcoin cabinet. We've seen an end to the war on crypto. We've got 250 plus pro-crypto legislators in Congress. We've seen the repeal of SAB 121, which had an effect of preventing banks from being able to consider banking Bitcoin. We've got a lot of enthusiasm around the, strategic Bitcoin Reserve Act, and we've seen a dramatic increase in Bitcoin standard companies. Companies like Mara, like Riot, like Semler, like Metaplanet, like KULR are all beginning to adopt Bitcoin as a treasury reserve asset. And there's just been a consistent increase in Bitcoin awareness throughout mainstream media and throughout the traditional investor community over the last 12 months. Next slide. I want to say a few words about our strategy rebrand. We have become a global brand. People recognize strategy in South America and Europe, in Asia, all across the world, all across the U.S. and so this is very logical development, Strategy is easier to say, easier to spell, easier to find, easier to remember. I've been 30 years in the business and I can't tell you how many times I've heard someone refer to MicroStrategy's and get the plural wrong and spell it…

Great. Thank you, Michael. We are going to jump into the questions now. And the first question is for Andrew. This is about the Strike deal, say the question is like, congrats on the successful capital raise through Strike convertible preferred and the question is, could you please elaborate on the flexibility for the Strike dividend to be paid out in cash or in common stock? And how do you plan to fund the dividends going forward?

Sure. Thanks for the question. I guess, first off, it's worth just saying again, we believe Strike is an extremely accretive tool to raise capital. And yet today, it's just a pretty small part of our tool chest, so to speak, compared to our ATM and our converts. I guess in terms of meeting the obligations, we will not need to rely solely on cash from operations. We will use all of our capital sources to pay these dividends, including primarily the ATM. I guess it's worth noting too, look, we raised over $20 billion in capital, $20 billion in capital since the beginning of Q4. You really need to compare that to the $14 million-ish in the quarterly dividend payments for Strike. So it's just -- our ability to raise capital relative to the obligation on Strike is immense compared to what we need to pay. So look, I think we have lots of capacity and lots of flexibility to cover the dividends. And I also think that our ability to raise capital in the future should increase as well as our market cap continues to increase. So overall, I think we are very comfortable in our ability to pay these in perpetuity.

Thank you, Andrew. We are actually over the allocated time for this call. So we will take one final question for Michael and that is regarding the tax issue. So, what are the company's latest thoughts on the taxes on unrealized capital gains, and what steps are being taken to mitigate this risk? And what are the implications if this tax issue becomes effective at some point in the future?

Good question. We've been in dialogue with the IRS on this matter, and we're also in dialogue with members of the cabinet and with supporters on Capitol Hill and the Senate and the House. We don't think that there is any broad-based support for the idea of an unrealized capital gains tax on crypto assets for large corporate holders. So we don't expect over-time that this will come too much. But having said all that, in the event that there was an unrealized capital gains tax on corporate holders. We see it as a second-order impact. It shouldn't affect our convertible bond strategy, our fixed-income strategy, our equity strategies. It would be a nuisance that it would somewhat slow down our growth rate. But at the end of the day, we're arbitraging equity and debt capital markets where the cost-of-capital is 5% to 15% and the volatilities were 5% to 15% against Bitcoin with performance of 60% -- 60 Vol. And so whether or not we're arbitraging 60 versus 10 or 55 versus 10 or 52 versus 10, doesn't really much change the business strategy, might just slightly slow down our growth rate. And we remain confident that we'll manage this issue.

Great. Thank you, Michael. So thank you everyone for your questions. Hopefully, we addressed a lot of those over the course of the call today. This concludes the Q&A portion of the webinar. We would like to thank the 10,000-plus unique attendees that joined our call live today. And I will now turn the call over to Phong for closing remarks.

Thank you, Shirish. I want to thank everyone who joined us today. And as always, we really do appreciate all of your supports. Hopefully, you're as excited as we are about our enterprise software strategy, our Bitcoin strategy, and our strategy in general. We look forward to seeing you again in 12 weeks and hopefully, we'll see a lot of you in Orlando at Strategy World 2025 in early May. Thanks and have a good evening.