Earnings Call Transcript - IREN Q2 2024

Operator, Operator

Please be advised that today's conference is being recorded. I would like to now turn the conference over to your speaker today, Lincoln Tan, Director of Investor Relations. Please go ahead.

Lincoln Tan, Director of Investor Relations

Good afternoon to those of you in North America and good morning to those of you in Australia. And welcome to the Iris Energy Second Fiscal Quarter Results Conference Call. My name is Lincoln Tan, Director of Investor Relations. And joining me on the call today is Daniel Roberts, co-Founder and co-CEO; and Belinda Nucifora, CFO. I would like to remind you that certain statements that we make during this call may constitute forward-looking statements and Iris Energy cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on Slide 2 within the accompanying presentation. Over to you, Dan.

Daniel Roberts, Co-CEO

Thank you, Lincoln. Good afternoon everyone and thank you for joining us for another earnings call and business update. We are pleased to be speaking with you today, especially given the events of the past 6 to 12 months and our outlook moving forward. Let's dive right in. I encourage everyone to review the disclaimer. To briefly introduce ourselves, there's been an increasing interest in our business over the last few months, so we think it’s a good time to recap who we are and what we do. At our core, we are a next-generation data center business that is distinct from traditional data centers. Traditional data centers typically evolved in major city locations, optimizing for different outcomes and workloads than we have designed for. We focus on lifetime cloud computing, mission-critical systems for hospitals, governments, and corporations, where low latency, ultra-high reliability, and proximity are crucial. We believe that the future of computing is driving demand for both traditional data centers and the high-performance computing market that requires power-dense, high-performance computing capabilities. Our asset base now exceeds 1,000 acres in our property portfolio, with 200 megawatts of operating data centers and over 2 gigawatts of secured power and related land. We have established robust networking infrastructure with physically dual redundant fiber and strong cybersecurity protocols developed early on. Additionally, we have energy trading capabilities, especially related to Bitcoin mining, allowing us to trade energy market prices against Bitcoin mining profitability on a long-term basis. This asset base is real and designed specifically for the emerging needs of power-dense, high-performance computing. Our approach to leveraging this asset base and monetizing it will undoubtedly evolve over time. We have been engaged in Bitcoin mining for several years now, turning computing power into network security rewards, which we convert into cash to cover our expenses and retain profits. The payback periods on investment in computing are appealing, and we intend to expand this business segment. Additionally, we also operate our AI Cloud Services business using NVIDIA GPUs, which may expand beyond just NVIDIA as we progress. This segment involves GPU computing for AI customers, separate from Bitcoin mining, which uses application-specific integrated circuits. The business model entails selling our GPU capacity on an hourly basis while managing electricity costs effectively to retain profit, with attractive payback periods for the hardware. Looking ahead, we believe we will pursue both segments. We are capitalizing on the multi-decade trends surrounding Bitcoin as a store of value and AI, which we think will fundamentally transform human collaboration. Regarding Bitcoin mining specifically, we were the fastest-growing miner in 2023 based on installed capacity and expect to operate at 6.2 exahash soon, aiming to increase that to 10 exahash. We are finalizing our data centers, with new chip deliveries anticipated, and we are on course to reach 20 exahash within the next 9 to 10 months, supported by fixed-price contracts for hardware established when Bitcoin was around $30,000 per coin. We have the necessary power and land for our operations, focusing on expanding the existing data center in Childress, Texas, using both an internal construction team and external contractors. We're enthusiastic about our growing Bitcoin mining business and expect to become one of the largest miners in the next several months. We are also aware of the upcoming halving event in a few weeks, where the block reward will decrease. We feel well-positioned with about $150 million in our bank and a strong market presence, along with access to ongoing capital for expansion through both equity and other financing methods. As we approach the 20 exahash mark, we anticipate efficiency gains, driven by newly contracted Bitcoin mining machines from Bitmain, enhancing our overall performance. Turning to our energy trading business, it continues to meet expectations, supported by our dynamic trading capabilities between Bitcoin mining profitability and local power markets in Texas. Our algorithm automatically optimizes profit by trading power based on market conditions. This strategy has proven beneficial, particularly with the ongoing development of wind and solar energy in the area, and we are excited about optimizing our costs and profitability through dynamic energy management. In terms of our AI Cloud Services segment, we have made significant progress, including a recent tripling of our AI cloud capacity. As market demand remains strong, we will continue to grow this segment. The design of our data centers allows us to easily switch between using GPUs and ASICs, offering great flexibility. We firmly believe that artificial intelligence will be a key area of growth in the next 10 to 15 years. Owning the essential infrastructure enables us to adapt to emerging applications confidently. Our competitive advantage becomes clear when comparing our model to traditional data centers. We focus on specialized power-dense computing rather than trying to meet all demands. This focused approach ensures we maintain low costs while delivering quality products to our customers. Now, let's mix things up with a video presentation. We're excited about this fresh and dynamic representation of our technology and services. We believe it more accurately reflects who we are, and we're thrilled about our rebranding to IREN, although we remain fundamentally the same business. Now, I’ll pass it to Belinda to go over the numbers. Thank you, Belinda.

Belinda Nucifora, CFO

Thank you, Dan. It's difficult to follow up after that video, but good morning to everyone in Sydney and good afternoon to those in North America. I am very excited about the rebrand and our goal to reach 20 exahash by year-end, along with our expanding AI Cloud Services business. Building on what Dan discussed, I will go through some comparative economics. At the top of the slide, we present the Bitcoin mining annualized hardware profit based on a post-halving analysis. We considered Bitcoin prices of $40,000, $50,000, and $60,000, using the current global hashrate, along with a scenario reflecting a 20% reduction in the global hashrate. Currently, with Bitcoin priced around $50,000, nearly $52,000 today, the annualized hardware profit remains robust at both 10 exahash and as we scale to 20 exahash, estimating just under $200 million in annualized hardware profit. Regarding our AI Cloud Services business, we look at an annualized hardware profit based on revenue minus electricity costs. For a cluster of 816 GPUs, including our recent purchase, we've projected observed pricing from $2 to $3 per GPU hour, resulting in an annualized hardware profit range of $14 million to $21 million. The mid-range estimates for the AI Cloud Services business are between $17 million and $18 million in annualized hardware profit. Moving on to adjusted EBITDA, we saw an increase from a negative $6.4 million in the first half of FY '23 to $20.7 million in the first half of FY '24, mainly driven by a $46 million rise in Bitcoin mining revenue, with exahash increasing from 2.1 to 5.6, a 167% increase. We mined a total of 2,367 Bitcoin, up 57% from 864 Bitcoin. The average price per Bitcoin mined was $32,300 in the half-year, reflecting a 62% increase. The average electricity cost per Bitcoin mined rose from $9,300 to $13,900. Additionally, for the half, employee benefit expenses totaled $8.5 million, site and operating costs were $3.1 million each, with $3 million set aside for Canadian non-refundable sales tax and $1.4 million for professional fees. In terms of quarter-over-quarter performance, our adjusted EBITDA grew from $6.8 million to $14 million, with mining revenue up to $42 million. Our hashrate remained consistent, but due to the global hashrate increase, there was a 6% or 79% drop in the Bitcoin mined. This was offset by a 31% increase in the average price per Bitcoin mined, reaching $36,800. The average electricity cost per Bitcoin mined only slightly increased from $13,400 to $14,500. We experienced less volatility in Q2 compared to Q1, where we noted a $3 million realized gain on financial assets from selling and curtailing at Childress. In Q2, our costs comprised employee benefits of $4.3 million, site and operating costs of $1.5 million, and $1.5 million in insurance costs, with $1.4 million designated for Canadian sales tax and $0.8 million for professional fees. Our consolidated profit and loss statement showed an improved loss of $10.5 million, compared to a loss of $161 million in the previous six months ending FY '23, largely due to impairments when Bitcoin prices were low in December 2022. Notably, non-cash items in the half included share-based expenses of $11.8 million and depreciation of $15.2 million. Our balance sheet as of December 31, 2023, reflected approximately $90 million in cash, zero debt, and strong operating cash flows, which further improved to about $146 million as of February 9, 2024. Between July 1 and December 31, 2023, we raised $75 million from selling approximately 17.6 million shares via our committed equity facility and ATM. From January 1, 2024, to date, we raised an additional $93 million from 19.7 million shares sold. We have effectively ended the ELOC but retain the option to use over $300 million of our ATM to facilitate growth, with ongoing assessments to ensure value enhancement, market conditions, and dilution considerations. Our strong balance sheet reflects total net assets of $382 million, giving us the flexibility to fund future growth. I'll now turn it back to the moderator for any questions.

Operator, Operator

Our first question comes from Reggie Smith of JPMorgan.

Reggie Smith, Analyst

I wanted to dig into the AI cloud opportunity and I appreciate the disclosure in the slide deck. The question is, I guess looking at the range of kind of prices, what are the factors that influence the price that you're able to charge there? I would imagine maybe scale but maybe there's some other factors. So anything you can share there would be great. And then the second piece of that question is, I guess, at those types of revenues per hour, do you anticipate ever having to curtail? And if you did, like how does curtailment impact the, I guess, service level or quality of service from the customer's perspective? And I have a follow-up.

Daniel Roberts, Co-CEO

Reggie, good to hear from you. Appreciate the question. It's a good one. And look, it's not a straightforward answer. There are straightforward elements. The price per GPU hour can be influenced by contract length. So for a longer-term contract, you would expect a slightly lower rate than a near-term contract. But the market is evolving. It's dynamic. It is very much kind of segmented where you've got the hyperscalers, the AWSs charging extremely large and high prices, many, many multiples of those pricing points. And then, you've got an emerging market that we're looking to play a large role in which is significantly lower. And we're seeing prices around that $2 to $3 per GPU hour, depending on the quality of the counterparty, the credit provisions in the contract, the length of the contract, the scale of the underlying contract that will all influence it. But roughly, we're guiding to around a 24-month payback on the hardware.

Reggie Smith, Analyst

Got it. That makes sense. If I could ask one more question and I was able to pick up some of the disclosures in the presentation. But curious, how many shares were sold in the fourth quarter related to the ATM and then year-to-date?

Belinda Nucifora, CFO

I've got the breakdown for the financial half. So we raised $75 million from the sale of 17.6 million shares. And then further to that, from 1 January to date, we've raised a further $93 million from the sale of 19.7 shares.

Operator, Operator

Our next question comes from Michael Colonnese of H.C. Wainwright & Co.

Mike Colonnese, Analyst

Dan and team and thank you for taking my questions this morning or this afternoon, based on where some folks are from. It sounds like you're pretty confident you'll exercise the full purchase option with BITMAIN to acquire all 10 exahash under that agreement with them. So how should we think about the ramp up in the second half of the year as you scale from 10 exahash to the 20 exahash?

Daniel Roberts, Co-CEO

Yes. Mike, good to hear from you. Look, as we've disclosed, 9 exahash of that 10 is an option agreement in our favor, where we've got a call option to purchase those at $14 a terahash, an option agreement that was struck when Bitcoin was around $30,000 per Bitcoin. So given where Bitcoin's trading now, that does mean that the probability of exercise from our perspective, particularly combined with the availability of capital in the market and the outlook, the confidence level in getting to that full 20 exahash is obviously higher than what it was when we signed that option agreement. And I guess it's validated the entry into that option agreement in some ways. In terms of the specific ramp up, we've got flexibility. So there's 2 attributes to this. One is building the infrastructure. So if we step back and look at capital allocation within the business, your first decision is around CapEx on knowing multiple ways to monetize that data center capacity once it is built, whether that's Bitcoin or AI. Given that we've got the outlook for AI that we do and the growth we're seeing there, as well as the strength in Bitcoin, what these ETFs are doing, mopping up 10x to 15x the available daily supply. We are very comfortable with going full steam ahead, building out all of that infrastructure. We've then got a discrete, separate investment decision around exercising the options to go up to that 20 exahash. That's not something we need to make today. We can be patient. We've got a lot of flexibility in terms of when and how we exercise that option during the second half of this year. So in terms of the specific ramp up, that will still be slightly market dependent, assuming we do go to the 20 exahash. But you can expect that it will be a relatively gradual ramp up into the end of the year, similar to what we'll see in the first half with the ramp up to 10 exahash. So we've already hit 6.2%. You can expect that to tick up again in the next couple of weeks and gradually increase to that 10 exahash no later than 30 June.

Mike Colonnese, Analyst

Got it. That makes a lot of sense. And congrats on securing that deal with BITMAIN. Just a quick follow up for me, Dan. Just curious why you guys decided to go with the T21 miners instead of the S21s or another model out in the market today?

Daniel Roberts, Co-CEO

Yes, look, we've had a fantastic experience with BITMAIN. And I think I've told you offline, like we cannot speak more highly of them as an organization, their flexibility, their commercial arrangements. We're extremely happy with the pre-market service we get, the post-market service, and the quality of the hardware. Equally, we have used units from other manufacturers and anticipate scaling up more with those manufacturers over time. But the price point, the quality, and the flexibility around structure, for example, that 9 exahash option agreement is a really compelling opportunity for us and our investors. And in terms of specific selection of those T21s, they're sub 20 watts per terahash, highly efficient. They'll drive us extremely low down in the global cost curve in terms of resilience. They also allow us to make the most of our data centers. So when we've built quality data centers, we're not jamming these things in shipping containers, sea-cans, regional warehouses that have been retrofitted. You want to make the most of it and the ability to move as much computing capacity in our data centers as possible to make the most of those operating conditions makes a lot of sense. And then the final point on the T21 specifically, is they've actually got 2 operating modes, a high energy and a normal energy mode, which again gives you a lot of flexibility around both efficiency and maximizing revenue when Bitcoin prices are surging, as we've seen over the last month.

Operator, Operator

Our next question comes from Josh Siegler of Cantor Fitzgerald.

Josh Siegler, Analyst

Yes. A lot of moving parts here, very exciting on the AI front. Specifically, I just want to dive a little bit more into that. I'd love to better understand the decision to really expand on the cloud compute front and how you're comparing that against potentially a larger co-location deal?

Daniel Roberts, Co-CEO

Yes, look, we are having discussions but to be frank, look, I think in some ways that's a good way to scale up and scale up quickly. But I think our value add is more on the cloud solution. The internal expertise we've got around not just the infrastructure and the real assets but the technology and software layers that sit above that, I think is emerging as a real competitive advantage. And we've received direct feedback from a number of market participants about the onboarding and user experience that they see with Iris for AI cloud. Sorry, IREN, I'll get there. That they see for the AI cloud experience. Typically, they will have to wait 2 days before they can use a workload, because they're having to download and install specific applications from NVIDIA, etcetera, to be able to use it. We preset it all up. We have 1 week full burning processes of every attribute, the InfiniBand network in the GPUs itself. And by the time they get to it, they get a full handover document, their own VPN, they log in, it is ready to go. And I think that convenience, when you think about the end customer market with all these generative AI start-ups, all these corporates who are all dipping their toes into AI, the convenience, the ease of use, the ability to click a button and get into our cloud environment is a real competitive advantage, I believe, going forward as distinct from simply giving up our infrastructure for someone else to monetize on our behalf.

Josh Siegler, Analyst

That's super helpful color and also appreciate all the things you disclosed around unit economics for the AI side of things. Really helpful. Switching gears back towards Bitcoin mining, I was wondering if you could elaborate a little bit more on the future power strategy, especially as Childress scales up. Can you talk a little bit more about the hedging opportunities that exist?

Daniel Roberts, Co-CEO

Yes, absolutely. So as you know, we've been entering into rolling short-term power hedges which we then use as a basis to arbitrage Bitcoin mining profitability and energy market pricing. It's been highly effective. We've been in the demand response program. We said we would. We said we would go into 4CP and qualify. We did. We started effective January this year. So we have absolutely delivered on every attribute of that. In fact, we've delivered so well that the energy companies are now seeing that our performance, seeing the reliability. And we're now having conversations around slightly longer-term hedges with collateral and credit requirements that are far more appealing to us today than where they were 12 months ago. So over time, we'll look to enter into potentially longer-term contracts but equally the model today with shorter-term hedges and then trading around those hedges is proving to be highly effective.

Operator, Operator

Our next question comes from Lucas Pipes of B. Riley.

Lucas Pipes, Analyst

Dan, I first wanted to follow-up on the AI side. And ask if you could maybe articulate growth plans beyond the 816 GPUs that you outlined. Here we would appreciate kind of how you think about and also on the financing path, what do you think is kind of the most feasible approach at this time?

Daniel Roberts, Co-CEO

Thanks, Lucas. Look, it's a really simple answer. We anticipate growing and growing strongly but doing it in a prudent fashion. We received a fantastic level of interest from a customer perspective for those 248 GPUs that we are now delivering to Poolside AI. And off the back of seeing that demand, we ordered twice as many more to add to that. So as and when they're delivered over the coming 6 to 10 weeks, we'll look to deploy them, look at the customer demand, assuming everything goes to plan as expected, I think we'll order more. Why not? It's a massive opportunity. Like we are real believers and have been since day 1, as you know in this thematic around power consumption and energy dense compute, really powering our society forward. The advent of AI, all this data analytics, machine learning, high-performance compute, Bitcoin, etcetera. So I think the ability to be so well positioned for that tailwind and continue to snowball momentum as we be prudent around capital allocation and make sure that we continue to deliver what we're seeing is top-class customer service is something that we're really focused on.

Lucas Pipes, Analyst

That's helpful. And in terms of infrastructure for the GPUs, at what point do you think you would have to make kind of separate investments for structure, power, etcetera. So that you would have ample runway on the infrastructure side?

Daniel Roberts, Co-CEO

Yes, so look, and I know we've had this conversation in the context of other businesses that are spending large sums of money on data centers. We just haven't had to, like as we've disclosed previously, we're spending around that $750,000 per megawatt of CapEx. I think it's reasonable to assume that we're seeing more efficiencies over time. So stay tuned around that. But even using that $750,000 number, we are using the same fundamental infrastructure for Bitcoin mining and AI. There is no substantial additional capital cost and structural changes that we need to make to these data centers. And I know, we were cautious around it. We were hesitant when queried around this over the last few years, because until we did it and made sure we didn't miss anything, it was prudent to do so. But we've now done it. And it works like these base data centers are multifunctional, where we have got the flexibility to plug in GPUs for AI, or Bitcoin mining assets.

Lucas Pipes, Analyst

And in terms of when you would have to expand that footprint and allocate additional capital towards infrastructure at that rate costs $750,000, when would that be kind of considering going to 20 exahash on the BTC side plus growth in the GPUs? I'm just trying to get a sense for when you would look to further expand the infrastructure component?

Daniel Roberts, Co-CEO

Yes, look, so we're expanding the infrastructure components, as you know, to hit the 20 exahash by the end of this year, that is the goal. But to put it in context of the AI and the GPUs, the 816 GPUs that we've purchased, what's the CapEx for that? USD 30 million, USD 35 million, let's round it up to USD 35. That's using less than 1.5 megawatts of power. So times that by 100, you're at a USD 3 billion CapEx line with a 24-month payback on that CapEx and you're only using 150 megawatts out of our data center capacity. So this is an attribute that we're also super excited about the diverse revenue lines, where you've got the ability to charge forward aggressively on the infrastructure build-out, knowing that you've got the ability to deploy Bitcoin or AI. But the AI machines are very capital intensive and equally deliver more revenue per megawatt. It means that your infrastructure constraints isn't there like it might be for different people at different times with Bitcoin mining.

Joseph Vafi, Analyst

Nice to see progress in the business. I just really have 1 question relative to the halving coming up and optionality emerging in your business model between the 2 lines of business here that clearly Bitcoin mining and then the emerging AI business. Are there any guideposts for us relative to where resources may be more deployed in one line of business versus another, relative to where network difficulty is or where spot prices are post halving? It's nice to have options just trying to get into your head a little bit of how you may be thinking about where to deploy resources in '24 and moving forward?

Daniel Roberts, Co-CEO

Joe, appreciate the question. Look, it is optionality but equally, it's just two discrete, super exciting business models that we're charging full steam ahead at. So that dovetails a bit into capital allocation which, as I've said, like it is essentially the following for this year. On the Bitcoin mining side, we're looking to go to 20 exahash by the end of the year. So we'll be looking to allocate capital to achieve that. In terms of the AI Cloud Service, we'll be looking to allocate capital essentially as quickly as the market for GPUs absorbs the new GPUs as we order them. So we bought the initial order. They obviously had high demand. We contracted them with a quality counterparty on terms that we're really excited about. So we ordered twice as many more immediately. When they arrive, we'll look to deploy them straight away. And assuming all goes to plan, we'll look to scale up further. So I think it's right to be more dynamic and flexible around AI and be prudent in terms of how you allocate capital in response to lifetime validation of the product and monetization of that capacity, rather than me sitting here and giving you some arbitrary target for CapEx and revenue by the end of this year. But to be clear, we're super big believers in the thematic and we're keen to go pretty hard at it. But we're going to be prudent around how we deploy capital.

Operator, Operator

Our next question comes from Joe Flynn of Compass Point Research & Trading.

Joe Flynn, Analyst

Assuming you take the Bitmain option, we had a question just on, do you have a projection for remaining CapEx for the build-up for 20 exahash and kind of what the financing sources of that would tend to be?

Daniel Roberts, Co-CEO

Yes, we've disclosed that we're fully funded for the 10 exahash. That was some time ago. As you've seen, we've raised additional capital since then and have almost $150 million of cash in the bank today. In terms of CapEx data centers, as we've said before, around that $750,000 per megawatt. So if you shoot 200 megawatts of capacity, that's about $150 million for the data centers. We've then also disclosed that it's $14 per terahash for the machines. So 10 exahash, doing the numbers for everyone and working out all the zeros involved, that's about $140 million. So you've got $290 million of CapEx, if you look at that incremental step up from 10 exahash to 20 exahash. So $290 million of CapEx total to deliver that, keeping in mind that we've got $150 million in the bank.

Operator, Operator

Our next question comes from Paul Golding of Macquarie Capital.

Paul Golding, Analyst

Just a housekeeping question. I was just wondering, if you could give us an update on how the buildings are progressing at Childress. And I guess as a follow-up to Joe's question earlier, how that influences the way you think about deploying ASICs versus GPUs, given that you also have to go out and sell the GPU capacity, whereas the Bitcoin mining, you plug it in and you start generating revenue.

Lincoln Tan, Director of Investor Relations

So I was just going to talk to the first piece, Paul. The construction is progressing very well. In fact, it's progressing ahead of schedule. I haven't got a photo to share literally right here on the screen but if you look at our socials and on the videos, etcetera, you'll see the 5 buildings that we've got in respect of Phase 1, Childress, very, very well progressed. We've obviously energized 40 megawatts already. At Childress, as Dan mentioned earlier in the presentation, you should expect that hash rate to start ticking up in the next couple of weeks from the 6.2 exahash that we're currently at and certainly well on track to hit that 10 exahash in the first half.

Daniel Roberts, Co-CEO

And then to the second half of your question, Paul, around GPU timings and Bitcoin mining, you're right. As soon as you plug in these Bitcoin mining chips, you sync them into the network, you get paid immediately. That's always been an attractive reason that we started with Bitcoin, right? Because you didn't have to have a customer onboarding experience. You didn't have counterparty risk. You could just plug and play and just start making money. In terms of the GPUs, it's different. You've got to find customers, you've got to onboard them, etcetera. But look, judging by the experience we had with the 248, it's really minimal in terms of the latency and the lag between having those GPUs ready to go and market demand and appetite to use them. So as I mentioned before, we typically put them through a 1-week burn process where we basically throttle each component of the system very high to test it and make sure that it's all functioning to its full capacity. Once we go through that, we've got a handover document and process, and customers are basically free to log in and start using the service.

Operator, Operator

I see no further questions from my side. Now, I'll pass it back to Lincoln.

Lincoln Tan, Director of Investor Relations

Thanks very much. We're just about to approach the hour, so I think that's all we have time for in terms of Q&A today. Perhaps we hand over to Dan just very briefly for a couple of closing remarks and then we can end the call from there.

Daniel Roberts, Co-CEO

Thanks, Lincoln. Thanks, everyone. We're obviously continue to be very excited. 2024 is a good year for us on the Bitcoin mining side. We look forward to approaching 20 exahash. On the AI Cloud Services, we continue to look forward to growing that strongly throughout the year. This is all off the back of a starting base where we saw adjusted EBITDA double for the corresponding period last year. Adjusted EBITDA being a good proxy for cash flow and operating cash. We're in a good position. The team's going well. We're excited about the rebrand. The margins on both Bitcoin mining and AI Cloud seem really compelling to us. The return on capital, the flexibility of the data centers. So look, for us, we're super pumped, to be frank. We believe we're at the beginning of 2 enormous multi-decade tailwinds with Bitcoin and AI and the ability to capitalize on both of those tailwinds through one platform and one common set of infrastructure is something that we're really excited about. So thanks, everyone. I think we had record attendance today by quite some margin, even multiples. So really appreciate everyone taking the time and look forward to a big 2024. Thanks, everyone.