Core Scientific, Inc.

Good afternoon, ladies and gentlemen, and welcome to Core Scientific's full fiscal year 2021 earnings call. This is Stephen Gitlin, Senior Vice President of Investor Relations for Core Scientific. At this time, all participants are in a listen-only mode. We will conduct a question and answer session after management's remarks. As a reminder, this conference is being recorded for replay purposes. Before we begin, please note that on this call certain information presented contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements, and may contain words such as believe, anticipate, expect, estimate, intend, project, plan, or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties. including but not limited to economic, competitive, governmental, and technological factors outside of our control that may cause our business strategy or actual results to differ materially from the forward-looking statements. For further information on these risks, we encourage you to review the risk factors discussed in Core Scientific's definitive proxy statement filed with the SEC on January 3, 2022, and other subsequent filings we file with the SEC from time to time. including our annual report on Form 10-K for the year ended December 31st, 2021, and our current report on Form 8-K filed on January 24th, 2022. As such, discussion may be updated or amended from time to time in our subsequent filing with the SEC. Our remarks today contain references to various non-GAAP financial measures, including adjusted EBITDA, which should not be viewed as a substitute for comparable measures presented at US GAAP. for reconciliation of such measures to their most comparable u.s gap measures please refer to our earnings release this afternoon we also furnished a slide presentation with our earnings release and posted the presentation on our website at corescientific.com in the events and presentation section of the investors section of our website the content of this conference call contains time sensitive information that is accurately accurate only as of today march 29 2022 The company undertakes no obligation to make any revision to any forward-looking statements contained in our remarks today or to update them to reflect the events or circumstances occurring after this conference call. Joining me today from Core Scientific, our Chief Executive Officer, Mr. Mike Levitt, and Chief Financial Officer is Mr. Michael Trufek. We will now begin with remarks from Mike Levitt.

Mike? Thank you, Steve. On behalf of the more than 250 employees of our company, we want to thank all of you for listening in to our very first earnings call, and we want to welcome you to our call. Our team has built a rapidly growing and profitable business. We're laser-focused on executing our plan and on delivering results. We take a very long-term approach to our business, and although we've been developing large-scale blockchain infrastructure for over five years now, we believe that we're still in the early days of our industry's development. Our key messages today are our financial results are strong, we've developed market leading scale in those short five years, and we're well positioned to achieve our objectives. We've organized our remarks today around a few topics, who we are and what we do, our performance, and Core Scientific's outlook. At the conclusion of my remarks, we will be happy to take your questions. Over the course of today's presentation, I'll refer to the earnings presentation Steve mentioned that we have posted to the events and presentations page located in the investor section of our website, CoreScientific.com. Core Scientific is a financial technology company focused on developing and managing the infrastructure for our rapidly evolving financial system. We mine digital assets for our own accounts, We host and operate miners for our customers, and we develop blockchain technology-based financial products. We mine more Bitcoins and host more miners than does any other publicly traded company in the United States. In 2021, we mined more than 5,700 Bitcoins for our own account, the most Bitcoin ever mined in a year by a publicly traded US company. In the first two months of 2022, we produced more than 2,000 Bitcoins. At that pace, we will more than double our 2021 production. We held more than 7,000 Bitcoins in our accounts as of the end of February. The infrastructure, operations, and proprietary software management system we developed supports both our self-mining and hosting operations. As of the end of February, we operated 7.7 exahash of computing capacity for our hosting customers. Our balanced self-mining and hosting business model provides a steady US dollar revenue stream and cash flow from hosting through multi-year contracts with our customers and upside exposure to Bitcoin price appreciation from our self-mining activities. We own our infrastructure. Our facilities include five data centers with additional centers in development. We prefer to locate our data centers in opportunity zones in proximity to non- or low-carbon-emitting power sources such as hydroelectric, wind, solar, or nuclear. Our data centers are geographically dispersed to mitigate risk. A map showing the location of our facilities is on slide six of the presentation. As I mentioned, we are a technology-focused company. We developed a proprietary software management system called Minder to monitor and manage the computers in our facilities. Minder flags computers performing outside of specified parameters so we can power cycle them automatically or dispatch an on-site technician to investigate further. The combination of Minder, our proprietary engineered facility designs, and our trained technicians results in high miner uptime, maximizing productivity of our self-mining, and hosting miners. Our miner software, when combined with our other technologies, also gives us the ability to power down computers in any of our facilities to support the local electrical grid when required. For example, in the summer, when many homes and businesses run their air conditioning, the demand for power soars The local grid may need to shed power in order to avoid brownouts or turning on expensive, higher carbon generating peaker plants. By powering down our operations, we help relieve pressure on the grid. Our ability to curtail power consumption rapidly and as needed by our power providers enables us to secure more favorable power contracts. It's a way for us to be a good neighbor. and serve as a large energy buffer for the local grid and community. We believe in supporting local utilities as they balance the needs of their customers and seek to add more renewable energy to their grids. We believe that net carbon neutral operation is important for the communities in which we operate, for our industry, and for the greater good. We achieve net carbon neutral status by purchasing renewable energy certificates based on our consumption of energy from carbon-emitting sources. In addition to our self-mining and hosting businesses, we also have a team of over 30 blockchain and financial technology experts who are developing innovative products at the intersection of blockchain finance and AI. While its financial impact is not yet material, we engage in network services such as staking and keeping to determine what innovative products and services may lead to the expansion of the blockchain ecosystem and to new business opportunities. With expertise in technology, data center operations, development, power, construction, and financial services, we're focused on creating long-term value for our shareholders. I encourage you to visit our website and review the credentials and background of our senior management and board and of all of our team members. We have built a position at the leading edge of blockchain technology and digital assets in a very short time, but we're just getting started. Let's now take a look at our financial performance. 2021 was, as I said, a year of strong results for our company. You can turn to page four of our earnings presentation to see the highlights. In 2021, we generated revenue of $544.5 million, net income of $47.3 million, and adjusted EBITDA of $238.9 million. We grew our total hash rate from less than 3x a hash to 13.5x a hash by the end of 2021. Looking at total 2021 revenue by segment, you can turn to page 7 of the presentation. You'll see our equipment sales were $248.2 million, or 46% of revenue, digital asset mining, $216.9 million, or 40%, and hosting, $79.3 million, or 14% of revenue. This slide also shows segment revenue by quarter, illustrating our significant capacity ramp throughout 2021 and the favorable impact it had on our adjusted EBITDA. The increase in equipment sales revenue is driven by higher demand for new generation, more efficient mining equipment. That said, equipment sales will become less significant in the future, and self-mining and hosting will represent an ever-increasing share of our revenue. The increase in digital asset self-mining revenue last year was driven by an increase in our self-mining hash rate from less than 1.5x a hash at the end of 2020 to 6.6x a hash. The increase in hash rate resulted from investments in infrastructure and in new miners. In 2021, we mined a total of 5,769 Bitcoins. At the end of 2021, we held 5,296 Bitcoins. The number of held Bitcoins increased to 7,355 at February 28th of this year. Hosting revenue increased in 2021 as a result of new customer hosting contracts for miners deployed during the year. Slide eight provides detail of the quarterly and annual income statement items. Cost of revenue increased by $254.7 million from 2020 to $305.6 million. This increase was primarily attributable to an increase in the cost of equipment sold to customers and to higher power consumption driven by increased self-mining and hosting activity. Let's turn now to our operating expenses. 2021 research and development expenses totaled $7.7 million, an increase of approximately 50 percent over 2020, driven by higher personnel and related costs. Sales, marketing, general, and administrative expenses totaled $64.7 million, a threefold increase over 2020. This increase was largely driven by higher stock-based compensation, public company readiness investments, and higher personnel and related costs. Non-operating expenses, including interest expense, loss on debt from extinguishment, and other non-operating expenses net totaled $68.4 million, an increase of $62.5 million from 2020. The increase in non-operating expenses was mainly due to higher interest expense related to several capital raises, including a senior secured credit facility and several equipment financing agreements. and a non-cash accounting adjustment to fair value of our private placement convertible notes. Income tax expense totaled $15.8 million. Net income for 2021 was, as we mentioned, $47.3 million as compared to a net loss in 2020 of $12.2 million. 2021 adjusted EBITDA was $238.9 million an increase of $232.9 million from 2020. Scaling our business requires capital. We've financed our growth and operations primarily through the sale of equity or equity linked securities, debt, equipment financing, and cash generated from operations. Total cash, cash equivalents, and restricted cash was $131.7 million at the end of 2021. This total does not include the approximately $200.7 million in net cash proceeds received from the merger when we became a public company on January 20th of this year. The carrying value of the 5,296 Bitcoins held as of December 31 was $224.8 million. Cash used in operating activities, investing activities, and provided by financing activities totaled $56.7 million, $423.8 million, and $603.5 million respectively. During 2021, we entered into agreements to purchase digital asset mining equipment totaling approximately $584 million, of which $326 million was paid as deposits for equipment scheduled to be delivered in 2022. This left a balance of $258 million for mining computers to be delivered in 2022. Our primary uses of capital are to purchase new miners and to build our data center infrastructure. Going forward, continued growth will require additional capital. We're mindful of the diluted impact of additional equity as we pursue opportunities to fund our continued expansion. An important element of our capital market strategy is to expand our flow to provide greater liquidity and trading volumes in our stock. We believe that enhanced liquidity will make our equity more attractive to large institutional public equity investors who require those higher trading volumes. Our board's recent decision to release the pre-public shareholder lockup was based on the desire to introduce existing shares into the market from our large number of long-time investors. Supporting our industry's future, the president's recent executive order is a welcome step forward in our view. Rather than rushing into adopting regulations or legislating new laws, the administration is first seeking to learn about the digital assets ecosystem and develop a policy framework through a broad interagency process. We believe this is a positive development as the government generally regulates that which it seeks to preserve and foster. We look forward to continuing to add our voice to the process of producing sensible regulations that promote continued innovation and leadership in US blockchain technology development. Looking ahead, we've established for 2022 a few goals. First, profitable growth. We hope to maintain our leadership position in blockchain infrastructure and digital asset mining. Our business is profitable and our scale provides us with the ability to remain profitable as the network hash rate and competition grow. Second, scaling our business efficiently. We regularly review our processes to find ways to operate more efficiently. Our ability to grow our hash rate and business requires constant focus on process improvement, training, and cost management. Third, investing in the development of new products and capabilities. The blockchain ecosystem is still at a very early stage and evolving rapidly. Our technology team is exploring products and services beyond mining and staking to evaluate areas of future opportunity and near-term investment. In terms of quantitative goals for 2022, highlighted on slide nine of the presentation, we anticipate year-end total hash rate of 40 to 42 exahashes split roughly evenly between self-mining and hosting. Our growth will not be perfectly linear as we continue to deal with global supply chain issues, but we believe that we can achieve our year-end objectives. We think that approximately 30% of our 2022 infrastructure development will be completed by the end of the second quarter. We remain comfortable with our previously stated 2022 goals illustrated on slide 10 in our earnings presentation. We ended 2021 with a total of 13.5x a hash. The midpoint of our 2022 hash rate expectation is 41x a hash. leaving us with 27.5x a hash to bring online by receiving, installing, and activating new miners for our hosting customers and for self-mining. As of December 31, 2021, we had contracts in place for self-miners and hosted miners representing 23.2x a hash, or approximately 84% of our 2022 goal. Demand for our hosting capacity remains strong. We plan to continue providing monthly updates as we execute our plans. Additionally, we intend to post our daily self-mining totals on our website beginning in early April. In closing, I'd like to thank my extraordinary, very hardworking, dedicated colleagues, now numbering over 250. They have built an incredible company. Thank you to our customers and to those who possess the courage and conviction to invest alongside us in the very early days. And thank you to our shareholders who appreciate the value of the business we've built and see the potential of our company. We are more excited about our future today than we have ever been, and we look forward to speaking with all of you as we continue this incredible journey. We will now take your questions.

Thank you, Mike. We'll now begin the question and answer session. If you have a question, please press star and then one on your touchtone phone. If you wish to be removed from the queue, please press the pound or the hash key. If you are using a speakerphone, you may need to pick up your handset first before pressing the numbers. We respectfully ask that you limit your questions to two, and please re-enter the queue to ask further questions thereafter. Once again, to ask a question, please press star and then 1 on your touch-tone phone. And today, our first question comes from Chris Brendler of DA Davidson. Chris?

Thanks, Steve. Mike. Mike, congrats on the results. I only get two questions. I'm going to start with one that's at the top of my list. Thank you. Where do you stand today on cost of power and what's the outlook in general terms for next year, given what's happening to natural gas prices? And I know that there's contracts in place to protect you from some of those things, but it's a big question I've been getting from investors lately. Thanks.

Sure. Given you're right, energy costs have been going up all over. We do have some natural gas in our mix of energy. You're also correct that we have a number of agreements that do have limiters on energy costs. But of course, we're also constantly renewing, extending, and developing. That said, it's probably fair to assume that energy costs will, just as inflation has, go up a bit. We would anticipate the range, roughly speaking, in the plus or minus 15% area, more or less. Does that answer your question?

Yeah, I guess so. I think we had a number of three and a half cents in the original SPAC deck that was kind of like we're anchored to. So is that the right base to think about 10 to 15% higher?

Yeah, I think that's the right range to be thinking about in order of magnitude.

Great. Okay. So I also appreciate the comments on capital. It's probably a bigger question than I get from folks. And nice to see that not only do you have this much higher hash rate target for next year, but a lot of it's already in place. I guess what are the options if you don't, want to issue equity. You know, I've seen a lot of companies start to borrow off their Bitcoin when you're producing over a thousand a month. That seems like the most attractive. Maybe you get back in here and give me an answer on what the capital strategy might be at the current environment.

Well, I'll comment for a moment, but you were right in that we certainly are going to look at the debt markets. And there are any number of ways to look into the debt markets. There was a big BTC-based borrowing transaction actually announced today. I think it was earlier today. But we also have the ability, we believe, to look at traditional debt markets as we are a profitable EBITDA generative company. And so it's fair to say that we intend to explore both the traditional debt markets in addition to some of the sort of newer technology Bitcoin-related financing alternatives. As you know, I've got a reasonably deep background in and around the debt markets. And so I think it's safe to believe that our finance team is looking hard at all of the alternatives that we can utilize. We've also been very fortunate in the last six months or so, we've been able to attract much more traditional asset-backed lenders to our business, and as such, we've been able to bring financing options in and around our hardware buys at what I would call normal as opposed to usurious interest rates. And so we will continue to work that avenue as well.

Thank you for your questions, Chris. Now we'll move on to our next questioner. We'll go to Greg Lewis from BTIG. Good afternoon, Greg.

Hey, thank you, and good afternoon, everybody, and thank you for taking my question. You know, I guess, you know, Mike, and you touched on it, you know, obviously the growth of your hash capacity isn't going to be linear. You know, I guess I have two questions around that. One is, you know, I guess I'll just, yeah, any guidance you can give us in how we should think about you know, maybe Q2 versus Q3 versus Q4. I imagine it's back-end weighted. Any kind of rough guidance you can give us there and how you're thinking about, you know, how hash rate progresses over the next few quarters?

Sure, Greg. So I want you to know that my comment in there about being, you know, approximately 30% complete through the end of the second quarter was just as a tip of my hat to you and to and a few other folks, because we thought you might want a little bit of guidance in that regard. So what that implies, of course, is that if we're going to be 30% or so through it mid-year, that there's another 70% for the back end of the year. And the back end of the year, it's hard to say, but I think you're going to be More or less on target, we think, if you kind of split that, you know, roughly 40-60 thereabouts, third quarter, fourth quarter. The remaining 70, I guess I got to do the math. So you'd be splitting it, you know, do the math, you know, 28-42 or whatever, but thereabouts. Yes.

Great, great, super helpful. And then one of the other things, and congratulations on boosting your hash, I guess, on the last update. There was a nice bump up in kind of your targets for your end hash. One of the things that we've been hearing is that some rigs that are actually making their way all the way to North America are sometimes being stranded as maybe the previous owner was unable to kind of plug those in. As we think about opportunities, and maybe it's what you already have or what you're already seeing as maybe the next wave of growth at core, are there opportunities to secure rigs already in North America? Are you largely just given your size already? Are you largely just dealing with the producers in Asia of rigs?

No, actually, your point is right on. And in fact, we are on a modestly continuous basis shown opportunities to acquire rigs already, if you will, stateside. And that's probably going to be a phenomenon that goes on for a little while here. The aggregate infrastructure build for the industry has gone slower than many thought that it would. The actual execution and delivering on infrastructure build is complex, not easy, and I give a lot of credit to Wes Adams and Gary Fife and Carol and the others in our power and construction team because they are really, really good at it. And others have realized how really, really hard it is to be really, really good at it. But what that delayed infrastructure development has resulted in is excess rigs, you're right, sitting on skids, on loading docks, what have you. We have seen some of those. We're very aware of, I'll call it offerings in the market. Our procurement And customer teams seem to see everything that's for sale everywhere. And, yeah, there will be opportunities. As we've said in the past, we like to be opportunistic about it. And right now we're pretty comfortable with where we stand. But as the charts imply, we've got a little bit of excess capacity now. that, you know, we'll see how it feels to offer people hosting. We'll see how it feels to put some more miners in, and we'll adjust in whatever way we think is best.

Super helpful. Thank you for the caller. We'll now move on to our next question from Joe Vappe from Canaccord. Joe?

Hey, guys. Good afternoon. Congrats to getting – yep. Can you hear me?

Yeah, Joe, we can hear you. Thank you. Hi, Joe.

Hey, guys. Hey, Mike and Mike and Steve. Congrats on getting your first call here. It's a public company. It's a big milestone. I thought maybe we just kind of... Yep, you're absolutely welcome. If we circle back to some of the build-out and we're kind of also hearing that it's not just miners, but You know, on infrastructure side, if you could give us maybe a more detailed update on how some of your new builds are going, I believe North Carolina and Texas, and then I'll have a quick follow-up.

So, you know, really our newest builds are in Texas. And as I think we have mentioned, and if not, I guess I'm mentioning it, you know, Our Texas facilities, we are up and running in Texas, in Denton, but we have some other developments that we're working on that we hope to have running this year. The answer to your question is we are working hard to deal with the delivery or supply chain issues that we are all facing. the numbers that we put out we of course are very comfortable with our ability to achieve you know it's not easy getting steel anywhere in this country right now but we feel good about our ability to get the steel that we need for our buildings we feel very good about the electrical equipment but again to give credit to our power construction team they were ordering the electrical equipment last year for our requirements for this year, which makes a big difference. We're very high in the queue for the equipment that we need. So we feel very good about it, and we seem to be moving along at the pace we like. I mean, of course, I wish that it was all built yesterday because we try to fill it up as fast as we can. The schedule that we outlined on this call that we've talked about previously, we feel good about. You are right, or what you imply is correct, which is that we have anecdotally heard about significant delays in infrastructure development at other companies. We don't know for a fact precisely what's going on there, Joe, but we have... We have heard about significant delays. And I made a little comment in my remarks earlier about the demand we're seeing for our hosting services. And for sure, part of that demand has been of the nature of, hey, I thought I was gonna be hosted here, but I ain't gonna be ready for a while. You guys got any room for me? For sure, some of the demand is coming from delays in other infrastructure development at other companies.

Got it. That's helpful. Thanks, Mike. And then just as follow up, I mean, Bitcoin spots rebounding, which is clearly a positive. But how and I know you've got some efforts going on to overall diversify the business longer term. You know, is there any update there on, you know, the kind of optionality that you're starting to explore around the kind of broader digital assets ecosystem? Thanks a lot.

There's not really any detailed update beyond what I said, which is that generally we are participating a bit more actively in staking and keeping activities for other protocols, which has gone well and has resulted in some positive results so far. But it's still too early to say. as I think I had mentioned in some earlier comments and earlier conversations, was something we really wanted to get focused on once we got through this going public process. You know, that was, you know, I mean, I got to tell you, I think that the job our team did to hit the results we did for 2021 while being in the middle of this, you know, this going public de-spacking process that I vowed I will never, ever take part in again is extraordinary. But so we're really just getting more and more focused on that now.

Thanks for your follow-up question, Joe. I appreciate it.

Once again, to ask a question, please press star then one on your touchtone phone. And if any of those who've asked questions would like to re-enter the queue, feel free to do so. We'll take our next question from Austin Vetterich from Roth Capital Partners. Good afternoon, Austin.

Hi, thanks for taking my questions. Just had two quick ones for you guys. So Mike, you talk a lot about leaning in more towards either hosting or self-mining when it's economically prudent. I'm just curious how you view that landscape now and at what point you would start favoring one over the other and how you kind of see those trend lines moving now as it relates to those pivot points.

Well, so I would say that both right now are as attractive as they've ever been in the sense that on the hosting side, infrastructure is scarce and on the self-mining side, the margins are pretty strong. So they're both very attractive. Of course, leaning in on the self-mining side requires capital formation. and so really where we go and sort of how we balance it the remainder of this year is going to be somewhat dependent on capital formation our ability to raise capital um uh because you know we can we can it's it doesn't require any more capital for us to agree to a profitable hosting agreement it you know then we have it will require more capital for us to acquire more machines um And so that's the balance we have to look at. We'd like to see, frankly, the capital markets being a little bit more accommodating. As you all are very aware, there are some global conflicts that tend to dampen capital market appetites. And so although we believe we have access to the markets, we're also very, very focused on dilution and on doing things that are very accretive. And so how much we lean into more self-mining will have to do with availability of well-priced capital, for sure, but as well as, frankly, the cost side. Look, if there continues to be a glut of equipment sitting on loading docks, every day that's burning a hole in somebody's pocket. And so it's a balance of, of capital formation and cost, but on the return side, both hosting and self-mining look pretty good going forward this year.

Got it.

That's helpful.

Are you there, Austin?

Looks like we may have lost Austin from the call. Let's move on to our next question, which comes from Lucas Pipes at D. Reilly Securities.

Lucas, have a good afternoon.

Hey, good afternoon. Hey, thanks very much for having this call. This is super helpful. Really appreciate it, and congrats on being public. Great to see you in the public markets.

Good work. Thank you.

I wanted to... speak a little bit on, ask you a little bit about hosting fees. You commented on the shortages. How is this ricocheting through what is commercially feasible? Are you looking for greater equity stake or kind of revenue share or longer tenure? How is this translating into the hosting fees, the shortage?

A great question. is that the answer is yet to be determined in the following sense. So what I can tell you is we are absolutely thinking creatively about it, right? One, we're quite certain that just the US dollar revenue, you know, sort of charged hosting fee, we can charge a higher price for our hosting services right now than we have historically been able to charge. Of that, we are quite certain. And we have customers that are requesting it and understand that the prices need to go up. But of course, as we discussed earlier, energy prices have gone up a little bit too. So we know that. But your question is really interesting in the sense that we've also tasked Russell and Tadas and Jeff and our customer success team, as we call it, to think creatively about how we can do things that are really good for our customers and really good for us. And I don't know if that's going to lead to hash rate sharing or profitability sharing arrangements, but I can tell you that it is quite topical for our team right now. and that we are doing serious work on how we move our hosting business forward this year and under what kind of terms.

Interesting. Very interesting. Helpful. Thank you very much, Mike. Sure. Thank you. My second question is on the M&A side. We've seen a proliferation in the space, and you're clearly a leader both with your scale and scope in the market. How do you look at the landscape, Mike, over the next 12 months or so? How do you think M&A opportunities might open up?

I think that a lot is going to be determined over the next 12 months. Last year, there was a period of extraordinary capital availability to anything that began with the word Bitcoin or DeFi or digital asset. And it's going to be very interesting to see how those capital flows are the coming 12 months. There are, and you guys would know better than me, but there are at least 20 companies that I know of that wish to go public, that hope to go public, but I suspect 75% of them won't be able to. There are a lot of companies that are in need of capital, whether it's to fulfill commitments on minors they've ordered but haven't fully paid for, or on infrastructure they said they were going to develop but haven't fully developed. And so if that capital is not flowing, yeah, I think that we're going to have the opportunity to do some very accretive things. If that capital is flowing, I mean, we're not going to compete on a lowest cost of capital basis. we're going to do things that make money for our shareholders. You know, if I were a betting man, I'd probably say that I think that there are going to be opportunities because I think that capital flows are going to be more discriminating over the course of the next year. So I do think there'll be opportunities, but a lot depends on that one aspect.

Thank you, Lucas. We appreciate your question.

Appreciate it. Best of luck.

Thank you. Thank you. Thank you.

We have no further questions at this time. If you have any additional questions, feel free to email us at ir.corescientific.com at any point. We thank you for your attention and for your interest in Core Scientific. An archived version of this call, all SEC filings, and relevant company and industry news can be found on our website, corescientific.com. We wish you a good day, and we look forward to speaking with you again following next quarter's results.