So I'd like to welcome everybody here. Glad you made it. I'm not from Texas. It's a big state, and distances are really, really long. So understand why it took a little bit longer to get things going. But it's good to have everybody here. I also want to note that we have an audio webcast simultaneously right now. So people are logging in through the web, and they can hear us through the audio webcast and see the slides that we're presenting. So we may have been quiet, but we've been very busy for all this time. It's good to be engaged with all of you today. In addition, Oh, I wanted to mention also, for people on the webcast, that a copy of our presentation is available on our website in the Investor, Investor Relations section. You should be able to see it on the webcast pane itself, but if you want an extra copy, you can find it there. All right, so let's go to the next slide. So I'm Steve Giblin, Senior Vice President, Investor Relations with Core Scientific. Very good to be with you. This is our legal disclaimer. Please review it. Today, we are going to be updating you on how we think about our business. We've had an opportunity to reflect, as Adam will speak to during the course of the presentation, and you'll have an opportunity to hear from our leadership, about what we've been up to, how we're thinking about the future, and the path we've charted for ourselves. We will take questions at the end, and for those listening on the webcast, you can also submit questions through the Q&A panel, Q&A pane on the webcast interface. At this point, I have the pleasure of introducing Adam Sullivan, our CEO, Denise Sterling, our CFO, and Matt Brown, our Executive Vice President of Data Center Operations. You'll be hearing from all of them today. I would like to turn the call over and the presentation over to Adam. Good morning, everyone. Thank you for everyone for joining. I know, as Steve mentioned, we've been a little silent over the course of the past 4 months. You know, obviously, we've been continuing with our filings and our monthly updates, but we feel like now is a great time, given how close we are to our emergence, to finally start telling you guys a bit more about what we've been up to. The good news is, we've been up to a lot of very good things. You know, to start, some of the highlights, just over the past 3 months, we've closed our Celsius transaction, which actually brought $14 million in cash into the business and relieved us of over $300 million in claims. We also secured an emergence plan with Bitmain for $54 million investment. You know, that included 27,000 machines coming to us. You know, that partially helps us not only increase the efficiency of our fleet, but also fill in some additional spots that we have available. We've also mined over 11,600 Bitcoin in our facilities here today. That puts us 18% above our nearest competitor. And lastly, on the software side, which is something we're actually going to talk about a bit more, we've rolled out low power mode and also low power mode availability to our machines, which gives us the opportunity not only to extend the life cycle of our machines, but also prepare us in a scenario where we have downside volatility to rapidly increase the efficiency of our fleet in a moment's notice. So with that, I'd like to introduce myself. I'm Adam Sullivan. I'm the CEO of Core Scientific. I spent the last decade in financial services, most recently, running the investment banking team focused on this industry in particular, helping companies craft their strategies and raise capital to help grow their businesses. My, my vision for this company aligns well with what our board of directors is looking for in this company, and I'm very thankful for the opportunity that this board has given me to lead this company. So I thought it would be most helpful for us to start with what led us here, what brought us to Chapter 11. We'll talk about it at the outset. It comes down to focus. Our focus since the inception of this company was growth. We did it better than anyone else, and we grew 724 MW of availability of infrastructure with the ability to build another 372 MW of partially developed infrastructure. That hyper-growth mindset came at deep cost to our company. That included an overleveraged balance sheet, as well as building out infrastructure at multiple locations and purchasing large groups of machines at a single time, which put us in a very capital-constrained environment. And so for us, the combination of having large debt service coupled with large commitments on both the infrastructure and machine side, put us in a very precarious situation when we had a Bitcoin downturn and a power price increase at the same time. For us, you know, those, that's two areas that we need to spend more time focusing on. When we think about the transition of this company from pre-Chapter 11 to today, it really comes down to a transition. For us, that transition is a transition in focus. It's a focus from hypergrowth to a focus on operational efficiency and capital efficiency and capital allocation. For those two items, we'll flip to the next slide here. We've really broken it down into four categories. You know, those four categories are shown here on the page, but it all starts with managing our costs. Costs are in two areas for us, expenses and capital expenditures. On the cost side, we went through a full bottoms-up review of every dollar that we spend in this company. That's led us to what we've seen in the Q3 results, which is a 40% reduction in year-over-year cash operating expenses, a significant reduction for our company. On the spending, the expenditure side, we've taken a review of all of the projects that we have at hand. So that includes small projects and large projects, as well as our minor purchases, and we actually put them against each other to determine what is our most optimal use of cash at any given point in time. We need to be strong capital allocators for people to want to invest in our company, and that's what we've done so far. On managing risk, this is another two-parter. This comes down to balance sheet as well as our Bitcoin and power risk. On the balance sheet side, we're going to have a significant focus on paying down debt post-emergence. You know, we'll talk about this later in the deck when we talk about our emergence plan. But paying down debt is going to be a major focus for our company to help de-risk our business and reduce our credit risk. That gives us an opportunity for our equity part to perform better, the less credit risk we have in our company. The second point here is managing the power and Bitcoin risk. You know, it led us—it partially led us into Chapter 11, given the structure of the company that we had previously. But this is going to be a major focus for the business going forward. We're finding tremendous opportunities on the power side for us to increase the... or I would say, maximize the profitability of our machine fleet at each of our facilities. That's related not only to hedging opportunities that we have at the sites, but also the new programs that we're discovering by communicating more deeply with all of our power providers. You know, the next bullet here is developing team. This is a really important aspect for us. You know, we're a team of about 280 employees today, and what we did about four months ago is went through a full reorganization internally of our company. You know, we need to structure this company to prepare for our future. And so we'll actually talk about this a bit more on this next point, which is aligning technology. As part of this reorganization process that we went through, we actually pulled our technology team out from underneath our operations team to put a greater focus on our technology. You know, that technology team is split up into three different groups. It's our internal software and data analytics team, it's our third-party management of our software, and the last part is our R&D team, led by our CTO. You know, each of those teams represents significant opportunities for us. On the software data and the web side, we're capturing a significant amount of data across our data centers. We operate over 700,000 machines at our facilities, and we're working continuously to find ways to optimize each of those facilities. On managing our third-party software, this is another area. Coupled with finance and our technology teams, we've actually been able to push our filing process much more quickly. More recently, filing our Q3 5 days ahead of schedule. All of these items have led us to a point in time where we wanted to improve not only our operations and make business as usual feel like business as usual, but also we've been looking more deeply, I would say, inside the company, to really get to a point where we feel like we know who we are as a business. As part of that process, we went through a full, I would say, review of everything that we've been up to, what all of our capabilities are, and it's really led us to what I would call our new vision statement. So at our core, we transform energy into high-value compute with superior efficiency and scale. You know, we can break this down kind of point by point here. You know, what is high-value compute? That's specialized compute that generates high value for our stakeholders and clients. Now, superior efficiency and scale is that last point there. You know, it's better to start with scale. You know, scale is going to come into play when you see the number of Bitcoins that we mine compared to our competitors. And when you think about it from a power perspective, 724 MW of operational infrastructure in America. Efficiency is a clear one. You know, as this industry continues to become more competitive over time, efficiency is going to become a much bigger deal. In a time period where we haven't had the opportunity to continue growth, we focused our attention on improving our efficiency, improving our facilities, and identifying all the projects that will allow us to improve the efficiency over time. And so for us, it's given us a really interesting opportunity to look at not only what we're doing on the Bitcoin mining side, but also look back at some of the things that we've done historically as a company. Historically, we've operated a number of different workloads in our facilities. We actually operated a 6-MW data center at one of our locations that hosts GPU workloads for AI and video rendering. So when we think about our business, we think about ASICs in a little bit of a different way. Obviously, everyone knows ASICs, application-specific integrated circuit. You know, they're in every one of our Bitcoin miners in our facilities. They're also in things like your toothbrush, but that's an ASIC. The way we think about ASICs is application-specific infrastructure configurations. Because what we're building is infrastructure dedicated to certain high-value compute applications, and it provides us a unique opportunity, given our backgrounds, coming from traditional data center operations, coming from the hardware and the technology space, to continue to develop into new areas, and we're going to continue to evaluate those opportunities over time. So let's talk about where Core is today. Today, Core operates 145,000 machines for ourselves, just under 200,000 in total, which include our hosting clients. All of that's hosted in 724 MW of infrastructure. We've mined over 16,000 Bitcoin in our facilities this year. That's including our hosting customers and our self-mining. We're currently operating about 15 Exahash, which we'll be adding on to give us 30, 39,600 machines that are coming between the end of this year and early parts of 2024. So let's talk about what 724 MW actually looks like. So here on this slide, what you see is our 7 facilities across 5 states. We have a significant amount of experience developing infrastructure. You see both greenfield and brownfield operations incorporated here. You know, for us, operating 700,000 machines has given us a significant amount of learnings over the course of the last 6 years in the business. Each of these facilities represents advancements that we've made in our facilities, improving our infrastructure, improving our capabilities in terms of capturing variables in our data centers to improve the efficiency of our machines. And so when we think about what we've been developing, you know, we're really excited not only about the opportunities that we have our existing data centers to improve the efficiency, when we think about our two Texas data centers, Denton and Cottonwood. At those two locations, we have a total partially developed infrastructure of 372 MW. That's fully approved and greenlit by ERCOT, and we have most of the infrastructure already here. So when we think about the 372 MW, that comes at a very discounted cost compared to what our peer set looks like when they're trying to build new infrastructure. Because we already have the high voltage, we have many buildings already in place, and the average build-out cost per megawatt for the next 372 MW is about $200,000 a megawatt, and that's all inclusive. So obviously, right now, we're very focused, once we emerge, on our growth in Texas, but we're, it doesn't mean we're taking away the focus from continuing to optimize and get as many Bitcoin as possible out of our existing facilities. So let's talk about a little bit about the industry quickly. What you see here is the growth in hash rate, which we've seen grow significantly over the course of the past two years. The top single line is actually the hash price, and then what you're seeing below is this, the gray bar at the bottom represents publicly traded miners' hash rate. And then you see in the blue, it's the rest of the network. Now, this represents a significant growing competition from outside of just our publicly traded mining peers, and shows that the market is continuing to grow, even in the face of a relatively flat hash price. Even given this growth in hash rate, we've actually been able to stay very competitive in the markets. I mentioned earlier, we mine 11,631 Bitcoin. That's 18% greater than our nearest competitor, and we'll continue to build our lead as we move into 2024. But I want to make sure something is clear when you look at this chart. You know, market leadership is not necessarily our focus. Our focus is being the most efficient and also great capital allocators. And so for us, we believe if we execute on those two things, the growth will continue to come, and we'll be able to continue to hold a market leadership position if we focus on those two areas. On the next slide, it talks a bit more about our efficiency here. You know, as we've gone through this process, we've had the opportunity to reflect on our existing facilities, look at efficiency not only on the operation side, but also on the technology side. What you're seeing here is the results of that focus. We've continued to start pulling away from our peer set in terms of Bitcoin produced per Exahash of capacity. So for us, we look to continue to increase our lead over our peer set, so we can continue to produce more Bitcoin per Exahash than any of our peers. So what really enables all of this efficiency gains, you know, comes down to our proprietary technology and our technology team. You know, it starts with our software. We've built our own fleet management software, our own energy management software, and our own firmware. Having the opportunity to operate all three parts of the software stack provide us unique capabilities, especially given the fact that we don't have to rely on third parties for any of the software that's utilized to operate our data centers. And we also talk a little bit about hardware here. It's another important point. We're adding sensors to all of our data centers to collect more variables because there are correlations between wind speeds, temperature, all of these different things that are incorporated. When we're able to add sensors, we're able to improve the efficiency of our machines and choose the most optimal state that those machines should operate in. It's also given us the opportunity to look back and reallocate our machines among our facilities to ensure that we have those machines in a location where they have the best chance of being profitable in a downside scenario. Because that's what we really want to protect for. We want to protect our margins and protect our free cash flow. Now, all this cannot be enabled without our fantastic team. We have a few of our team members here that you'll hear from shortly. Our team comes from all different backgrounds, whether it be data center operations, software, hardware, financial services. You know, this entire team has come together from outside the Bitcoin mining industry to produce the best Bitcoin mining company operating at scale with efficiency. With that, I'll introduce our CFO, Denise Sterling, to talk a little bit about our revenue. Thanks, Adam. So good afternoon, everyone. It's nice to be with you here today, and I'm going to actually start by giving you a little bit of background about myself. We'll then talk about historical revenue performance, and then I'll give you guys a peek into the future. So let me go ahead and get started. I started my career in finance. I then spent 20+ years at Visa, where I had roles in tax and finance and strategy, as well as enterprise risk management. And I then got the opportunity to go to work for a mission-based fintech organization with the responsibility of building out a public company finance organization, and ultimately participated in taking the company public. For the last two and a half years, I've been here with Core, and I have the pleasure of leading the fabulous finance organization. And like I say, I'm excited to be here with you today. So let's go ahead and get started. So I'm going to begin, as I mentioned, with historical revenue performance. As you can see, over the last eight quarters, we've continued to see, you know, volatility, and continued industry... Sorry, let me back up. Over the past eight quarters, we've continued to see the industry as well as our business evolve. We've seen a mix, a change in our, I'm sorry, a shift in our mix of hosting revenue, as well as we've experienced a shift in our revenue mix with the elimination of our equipment sales business. They now go direct to the manufacturers for deployment of our, of their miners in our facilities. We've also seen a rotation in the hosting, our hosting segment. We really are focused on much fewer and also more profitable clients. This actually led to the termination as well as the decommissioning of several of our hosting clients that were most of our less profitable clients. We also entered into proceeds sharing arrangements where we actually share in the mining proceeds once the actual Bitcoin costs are covered. We also have taken a bit, as we heard from Adam, we've actually seen a significant increase in the overall network hash price, and our self-mining income has been directly impacted, not only by the, you know, the ability to actually see the volatility of the Bitcoin price, but also, the impact of, the change in the—I'm sorry, the rising difficulty, change in difficulty. The positive thing is that we actually did see year-over-year, a 15% increase in our self-mining rate from 13 to 15 exahash. So it did soften it a bit, but we did see a significant increase in the fact that the network hash rate overall has increased significantly. So now let's take a look at, the future. So over the... What I thought I would start with is in the last few meetings, we actually did update our business plan, and I thought that what we might do is take a few minutes with this group just to highlight a few of those refinements. So first, we extended our business plan through 2027. We also decreased our hash price from $0.08 to $0.07, more in line with what we see today, and that was for the entirety of the forecast period from 2024 through 2027. We also changed the timing a bit around our capacity expansion, as well as our miner deployments, to actually take capacity that was originally slotted for the first half of our planning period, and really actually disperse that more equally throughout the period. We also increased the number of refresh miners to align with our available capacity. So let me tell you a little bit more about where the business plan sits today. We've shown continued growth in our self-mining revenue. As you can see there, it's impacted not only by our expansion, but also by increasing efficiency as well as productivity by looking at upgrading our miner fleet. The plan actually includes, as Adam suggested, the plan includes 372 MW of additional capacity. The beauty of this is that based on previous investments, we're actually able to complete that expansion at a much lower marginal cost. We're also increasing efficiency as well as productivity of our miner fleet, and doing that through acquisition of the next generation mining equipment, such as S19 XPs as well as S21. You can see there that over time, we've continued to have a flat trend in our hosting revenue, and that represents about 5-10 hosting customers, as well as about a fleet of about 67,000 miners. So let me. The other thing that I wanted to actually spend a few minutes on is what's not on this slide, which I think is absolutely critical, is that we're continuing, as Adam suggests, we're continuing to manage costs. This is a heightened focus from a management perspective. We are actually participating in power programs to reduce the overall cost volatility of our power. We're also, we're also highly scrutinizing, working with Matt and the team to take a look, you know, on a daily basis of, you know, what are our total data center costs, our facilities operation costs per megawatt, and looking to find out ways to continue to reduce those costs over time, increasing our profitability. So all that to say, we're actually very, very pleased with where we've landed from our overall growth perspective. It's really driven by efficiency, building out expansion, in addition to increasing productivity and overall cost discipline. We, we really, are, are excited about the fact that we're going to be able to build our balance sheet as part of this process, and also be able to fund our growth for our operating cash flow. With that, I will turn it over to Matt, and we'll take you through operations. Thank you, Julie. A little bit about myself, for those that don't know me from the previous events. I'm Matt Brown, Executive VP of Data Center Operations, which also includes design construction these days. ... My background, 10 years at Hewlett Packard, building, operating engineering data centers and data center infrastructure. A few years at Equinix, so I did operations for North America and capacity engineering globally for Equinix. So pretty, pretty long tenured in the space in terms of building compute infrastructure at scale. Right. And we can move. So, we'll talk a little bit about our, our data center footprint and kind of what this means to us. First off, all those data centers, all those miners we have, 200,000+ miners in our portfolio, between ours and our customers, are supported by 105 data center technicians across our, across our team, right? So our technicians do an amazing job, you know, supporting, a fleet of that size. Geographically diverse data centers has, you know, a few advantages here, one of which is a great thing, it minimizes risk, right? Minimizes risk of natural disasters, grid disruptions, environmental, other environmental factors that come into play when it comes to our production and performance of our, our data centers. And then gives, gives us some leverage that is unique to us, or certainly a, a large advantage for us. So one of which is we have all these data centers, and we understand the data between the analytics, the data that we collect off each one. We collect analytics off every single miner. We know what the operation performance characteristics of every data center, every building within each data center campus. Right? And what that allows us to do is look at all the optimization opportunities. What model miners should go to which facilities. Every facility has, you know, different utility rates. Some facilities can participate in intermittent power programs, and some we don't. You know, some have better performance at times than others, right, at different parts of the year. Right? So these are all the variables that we can leverage to our advantage in understanding what is the global optimization in terms of how do we position the fleet, right? Miner efficiency, model types, et cetera, et cetera. So we've collected a tremendous amount of data, and we use that, and we use our distributed fleet as really as an operational advantage, right, for the entire company. So we can move on. Push the button. Sorry. All that's not possible without our rockstar team. A lot of these team members, those at the L1, L2 level, I've been able to drag with me over the years from Hewlett Packard and Equinix days, here in the Core. So if there's any team in the industry that knows how to take energy and convert it to high-value compute at scale, it's this team. It's this team, and I'm fortunate to have the team that I have. The functions here that are represented by these individuals, these leaders, mining operations, data center engineering, construction, data center reliability and safety. We have a big focus on that function. Supply chain operations and sort of our deployments and logistics teams are the best in the world, I guarantee you. Okay. Having said that, our generation four data center designs, which you'll get a chance to see in person, are some of the... I think, are the best facilities in the industry today, by far. We look at, you know, our advantages here. All of our Gen four designs are using active cooling technology today, right? What you see here is a representation of a four span wall system, and we're always looking to improve our design and looking how we're going to optimize for the best performance at the lowest possible cost, right? All of our designs, our generation four designs, are encapsulated, fully encapsulated buildings. Like the days of deploying Connexes in a cornfield somewhere, you know, we want to make sure we protect assets and that our assets, and that the data centers we design are really optimized for reliability and performance, right? And again, I think we're the best to do it as far as the industry is concerned, right? On the power side, in our Gen four facilities, like you see out front, we own and operate our own substations. Take advantage for us to do that, right? Allows us to take high voltage directly from the grid, right, which lowers our costs, lowers our cost of power, improves our reliability. Taking distribution voltage, step-down voltage directly from a utility provider is often very unreliable, right? And it's difficult oftentimes for them to deploy that, deploy step-down voltage at scale. Right? We're in a situation where we build and own and operate and manage these substations. On the security side, we take security very, very seriously. On-site security staff are around the clock. All of our facility are monitored through our data center, our operations center located in Austin, 24 hours a day, 7 days a week. That operations center, speaking of, plays a huge role for us when it comes to grid response. We monitor real-time prices, real-time price action from ERCOT. We look at grid volatility across all of our grid partners. That team knows when they need to pull a lever, when we need to execute on a grid response signal from our utility providers, or whether we just need to mitigate and improve profitability by toggling miners in different operating modes. And we can do that at the push of a button, right? The services the data center operations teams provide for us and for our customers is unparalleled. It's unparalleled... We have our own in-house hash board repair teams. We do chip-level and trace-level work on all the PCs, right? A hash board goes down in one of our facilities, we send it off to our central repair center facility located in Dalton, Georgia. That team repairs it, sends it back to us. We put, we put it back in operation, right? If that team was just in the business of doing hash board repairs, it would be one of the largest hash board repair centers in North America. This year alone, that team did 30,000 hash board repairs, which probably represented more than 100,000 chip repairs, when I average three chips per hash board and probably extrapolated out, right? It's a huge, huge, huge advantage to us to have this team. By the way, that team is only 20, 20 technicians, by the way, doing that many repairs. Amazing efficiency. Amazing efficiency. So, and then our support activities. Our data center teams are top-notch. 100, more than 100,000 support activities between our self-mining fleet and our customers. All this means is that we keep hash rate online, and we're really good at it, right? And then I want to just point out real quickly our rapid deployment, which is the capabilities. You know, 2 years ago, when I came here, we had to go build. We had to figure out how do we, you know, how do we scale, you know, deployment and infrastructure? How do we build 700 MW in two years? How do we deploy as many miners as we have deployed in two years? That didn't come without having to engineer, like, a logistics and supply chain and a deployment function that can move quickly. And so this team and the processes and the capabilities we built, we built in-house, we can consistently and reliably deploy 30,000 miners a month, every month in and out, for as long as we need to, on a sustained basis, if we had to. Right? No one else can do that, can say they can do that. And matter of fact, it's probably, probably a lot more than 30. I'm I'm being super conservative here. So, then our supply chain operation. Like, none of this works. Like, we can't keep hash rate online, we can't perform 30,000, you know, hash board-level repairs. We can't execute on a 100,000, you know, support activities if we don't have a supply chain that enables that to happen, right? So our supply chain function, you know, that Baylor Landry ensures that we have continuous flow of materials, always just in time. We never see too much inventory. We never have too little. We understand what our lead times and what our availability of components, every single component, from a substation transfer component down to the chip and everything in between. We always have focus on insight on every single component and what that means to us. That always means we're always ahead. I have sort of a mantra that every site manager knows, "Thou shalt not run out of parts." Right? So the golden rule. Then last but not least, as Adam said, like, we've been quiet, but we've been busy. We've been busy. So 200,000 miners, 205 technicians, shortly one data center technician for every 2,000 miners, there roughly. Our performance, Q4, 95% miner uptime and our 94% hash rate utilization. All this is telling you that hash rate utilization is an efficiency metric that we track internally. Right? Like, out of our energized hash rate, how much of that is actually generating BTC, right? Which is the number we report on, right? In addition, in contrast to how many miners are up and hashing versus their operational hash rate, right? So we look at those two things separately, because they don't always correlate. They don't always correlate. But when they do, our goal is to always have kind of unity between those two metrics, right? We want to see them tightly, tightly correlated. When they diverge, there's a problem. There's a problem. There's a problem with operational efficiency when they diverge too much, right? So when you look at, you know, our September operating report, 64 BTC correct to hash, as Adam was pointing to earlier, like, mining efficiency is a big focus for us, and we'll continue improving our mining efficiency over time. But that number, 64 BTC, that's the hash in September, is the top amongst our peer groups. For sure. For sure, right? Then FY 2023 impact. Busy, quiet, but busy. That's the theme. We deployed 60,000 miners this year in 2023 between our customers and our self-mining fleet, right? That's not including, that including what's not mentioned here are 30,000 miners of fleet optimization we executed on in the last two quarters, meaning repositioning our fleet to maximize profitability for our self-mining fleet, right? Add that one, you know, we're 100,000 miner moves in FY 2023. Operation seems to be able to execute on, right? 130 gigawatt hours of grid support activity. This is how much energy we returned back to the grid in 2023 across a little more than 400 grid support events across our fleet. We're getting very, very, very good at grid support. Very good, very proficient. By the way, every grid support call we receive from our utility partners, we've hit 100% of the time, on time. And there's a lot of those constraints around timing, how fast you can execute, how fast you can bring down load, how fast you can bring up load. Right now, we're batting perfect. Right? And then our support teams, we keep hash rate online. We had 9.6 hash of support activities in 2023, right? All this means is that, we're really, really good at keeping as much hash rate online as we directly possibly can, right? And again, this is not possible without really our rockstar team or rockstar organization with motivated employees. And we did all of this while we were in Chapter 11. Still, right? There's something to be said about our, our teams and our internal motivation about wanting to take this company forward. If we can do this under the stress and the constraints of Chapter 11, right, imagine what we'll be able to do when we emerge in 2024, right? So the sky's the limit for us. So I'll pause there and hand it back to Steve now. Thank you. Let's talk next about our emergence and growth plan for going forward. So after some lengthy and challenging negotiations between all of our creditors and stakeholders, we are pleased to finally announce a couple of weeks ago our proposed restructuring term sheet. Now, this proposed emergence plan features a number of different items that I'm going to walk through here. So our planned emergence total enterprise value is $1.5 billion. That's including just over $720 million in debt. The key to this is, this gives us a pathway to being debt free. This is very unlike the company in the past in terms of our capital structure, where today, based on strong performance, we have the opportunity to finally delever this business. Now, when you look at this chart, you're looking at upon exercise and upon conversion of two different items. The first one is when you see here, when we get to the $1.65 billion TEV, you see the conversion. That's the optional conversion price for the new convertible. So $260 million of the $720 million in proposed debt is the new convertible instrument. They have a mandatory conversion feature at $2.1 billion. Now, the next item that you see in terms of the drop-off of the total debt on the company is this large drop-off when we get to a point of about $1.875 billion. Now, that's the strike price for the tranche one warrant. So now existing equity is proposed to receive two warrants. Now, the first one is an important one for us. That's a cash warrant at $1.875 billion. That cash warrant brings in just over $600 million in cash to our business. It gives us the opportunity to move from a company with debt to being in a positive net cash position in a way our company has not had in a very long time. This is a tremendous opportunity from our perspective. Having the opportunity to not only de-risk our balance sheet in a major way going forward is unique. And we also are very excited about the opportunity to actually give all of our creditors in this scenario, not only their investment back, you know, but also a return on their investment. So when we talk about the timeline from here to emergence, and we accomplished a major milestone yesterday, we received preliminary approval on our disclosure statement and plan. You know, that was, that's a very big milestone for us when we consider our timeline in trying to target an emergence of early January. We're very focused on pushing this case on an expedited basis. We've been pushing hard to get to the point where we can emerge within the next two months. And so we believe the path that we're on right now, as long as we can continue to hit our milestones, provides us that opportunity. Now, some big items here. This, the solicitation of the plan and the equity rights offering, we hope to begin at the end of this week. If we're able to do that, then the plan, the equity rights offering, will continue that solicitation process until December 8. Right now, we have a confirmation hearing where our plan would be confirmed, scheduled for December 22, after which is about a 1-2-week process before we're effective, and we would have the opportunity to relist at that time. As of today, we have plans to relist on the Nasdaq under our same ticker, CORZ. So let's talk about what's next for our company post-emergence. And this is a really important plan for us. You know, what you see here is our self-mining fleet and our hosting fleet, as well as the growth in infrastructure over time. You know, this, this growth, as I mentioned earlier, is mainly focused on our Denton and Cottonwood facility, and it is extremely low cost compared to our peers, given the infrastructure development cost that we've already put into these sites and into those facilities. You know, we expect our hosting fleet to remain relatively similar to what it looks like today. You know, that's mainly driven by the fact that we expect to continue to maintain a relatively similar mix in terms of proceeds sharing and fixed price, fixed price, hosting agreements on a go-forward basis. And we expect to continue to invest in machines out of available free cash flow. And that's a big item for us. It's, it's not over-promising on growth, making too large capital expenditure promises to create a delay between dollars going out of our company and those dollars coming back in. You know, for us, overperformance represents opportunities for us to pay down debt so that we can continue to perform better in the future. Because we're looking at this company not on a 1-year cycle or a 3-year cycle. We're thinking about the company now as a 5-year to 10-year cycle... so that we can plan for the future and not be caught up in these short-term races that seem to occur between public and trade mining companies. We're hyper-focused on efficiency, hyper-focused on, on capital management, and to do that, we need to ensure that we can de-risk our company, and part of that is delevering our balance sheet. So to summarize, our team today is very focused on operational efficiency, as both Matt and Denise noted earlier. You know, that's not only on the operation side, but it's also come down on the financial side, which touches both efficiency in terms of capital, but also thinking about how we're managing that capital. So for us, we're managing the risks, we're managing the operations, we're managing our costs. We're doing all of the items necessary to set this company best for success. With our plan that we just walked through, we finally have an opportunity to delever our balance sheet in a way that's meaningful and brings us into a net cash position, as long as there's performance and execution and conversion of those two issuances that I walked through earlier. For us, we're looking to be a much more transparent company going forward, but not only to our investors, the research analysts, also to our employees. You know, this is a big area, ensuring that everyone involved in this company is on the same page about where we're heading in the future. So from our perspective, you know, Core Scientific is extremely well positioned for success upon emergence, and we couldn't be more excited about 2024. So with that, we're going to start the Q&A section of the presentation. I was just wondering, could you walk through a little bit the, just the CapEx need for the 27 targets? Yes. All right. That's $68 million. Yeah. It's $68 million, as Sebastian, equally split between building out Cottonwood and Denton. You know, as you can see there, we basically are going to be focused first on Denton, with 72 MW in 2024, and then we are maybe moving the next 100 MW to Denton in 2025. And like I say, I mean, the beauty of this is, as Adam suggested, and as I mentioned, previous investments in actually the infrastructure is allowing us to actually build out all 372 MW for only $68 million. Denise, you spoke to some of the cost reductions that you found. Where have you found the most opportunities so far, and where do you think there could be additional opportunity? Yeah, I think it's across the board. It's a great question. It's across the board. As I mentioned, we're not only looking at our cost of revenue, where we're highly focused on power, and as I mentioned, participating in those power programs, one of which we have already done, which is hedging. But then really partnering with Matt as well as the rest of the management team, to really scrutinize every dollar that we're spending. So we obviously have a business plan that that actually spans a four-year period, but we are in the process right now of developing our bottom-up operating plan. And as my peers can attest, we really are truly doing what I'll refer to as, you know, zero-based budgeting and going back and looking at all of the costs across the organization, so that we can actually outperform the plan that we even put in front of you. So, you know, certainly on the finance side, we continue to find efficiencies, but really focused, just as much, from a cost of revenue standpoint. I'll add on to that by saying, like, we are intensely focused on cash flow, so the timing of the expenditures. Even if we have the budget to execute on our projects, we want to make sure that the timing of cash flow, that is something that we pay attention to, which is something, you know, we've all been working together on making sure that we have the right controls and processes and visibility across the board, which is something we weren't good at in the previous chapter of our journey, so. And to add even further to that, I mean, As Adam mentioned, I mean, I think we all view the last year in sort of an interesting way as a gift. It's allowed us to really put more processes in place, to put committees in place to actually look at capital allocation, to not allow for prioritization within silos, but really to look across the entity. And, you know, everything from adding new headcount is going to be put on an investment list. So we really are truly scrutinizing each dollar to spend, just to ensure that we're actually allocating that capital to the right investments, and that we have the ability to even have some tension at the top, so that, you know, we know that we're prioritizing the right things that are going to drive profitability. Adam, you mentioned that the hearing was approved on the fourteenth, right? That's by the BK judge? Yes. So our plan and our statement were conditionally approved yesterday. Okay. So does that mean that your creditors have agreed to the structure and the, I guess, the way that you're handling their claims? Yeah. So today, we have all of the creditors, except one group, on board with the existing plan that we have. We'll utilize the next 1-2 weeks to get to agreement with the UCC, the unsecured creditors group, as part of this. We would love to get them on board during the solicitation process so that they can vote on a plan as well. But today, we have all of our other creditor groups signed on to the existing plan that was conditionally approved yesterday at our hearing. For each creditor, they're- Yeah. Are they? ...willing to accept preferred and the warrants? I mean, can we just kind of go through how the allocation of warrants and preferred breaks down? Of course. So, and you mentioned one group of warrants, but not just that. Yep. So our existing equity, we'll start there. Our existing equity is receiving one tranche or a tranche one warrant and a tranche two warrant. The tranche one warrant is a cash warrant that exercises that $1.875 billion. There's a second warrant given to existing equity. That is, it is a penny warrant that is a strike price of $2.5 billion. We had to create a plan that protected two ways. It protected the convertible note holders up to their downside and protected the equity holders if the... To ensure that we, you know, they received an adequate amount of value that protected them to the upside, which is where you see the warrants coming into play. For every share, you get one, one tranche one and one tranche two? It's a percentage of a warrant. That percentage of a warrant will be dictated by the TEV. Well, so the TEV is set at $1.5 billion, and then the number of warrants is dictated a bit based on allocations between miner equipment lenders, and a few other parties in terms of whether they accept equity as part of the plan or whether they choose to have takeback debt. And so even though the TEV is fixed, the enterprise value. Or sorry, even though the enterprise value is fixed, the actual percentage of a warrant that you receive in return is a little bit different. Who's going to buy that convertible? That convertible- Is that your debt holders? The existing convertible debt holders, which represented just over $700 million in claims, they're taking three different instruments. Okay. They're taking equity in the existing business, they're taking a term loan, and they are taking a convertible debt. We're not selling new convertible notes to the market. You're- It's part of the three-part structure that we're providing to the convertible note holders. I have another question. Is that okay? Sure. You first. Go ahead. Give us a snapshot, maybe it's better for Denise here, a snapshot of the balance sheet at emergence. Sure. Just off the top of your head. Sure. No, they've penciled this a zillion times. I understand. I made a diversion in your bread. Yeah. So it, it's just over $720 million in debt. That's going to be comprised of, at emergence, roughly $60 million of exit facility financing. What's that? So that's the convertible note holder group is actually providing an exit financing facility. So $60 million drawn with an additional $20 million. It's an $80 million total facility, so $20 million of available capacity on it. Okay. That means you can take $80 million more beyond that. We can take $20 million more. So 60 will be on emergence- 20 will be available for... Okay. Okay. And, what's your debt-to-equity ratio as you figure it? Warrants, warrants included, warrants not included. I'm going to need to come back to you on that one. So the rest of the cap stack, beyond that, there's $150 million senior secured term loan that Adam mentioned to the ad hoc convertible group. There's $260 million of convertible debt. There's going to be equipment miner financing that is structured depending on... They have a couple of different options as to what they want to take. Is that the new Bitmain deal? No, that's totally separate. So it's our, our existing equipment mining financiers. It's about $250 million in total debt. There's options for them to take portions of that in equity, all of it, and take back debt. So that will be somewhere around, you know, call it just under $200 million. Then there's reinstated debt on top of that. I think that's everything. I guess you can- One second. But this information is all available? It's all in the disclosure statement, everything that was filed yesterday, so. So that can be found on our website? Yeah. And we can help point you to exactly where it is. Those docs are, like, 800 pages. Understood. Understood. We can help point you to where it is. Sorry, John. We're down a total of $720? Roughly, yes. Okay. At about what interest rate? It varies by tranche there. So call it kind of high single digits to low, low double digits, depending on what it is. Okay. We're going to take questions from the Q&A. Sorry. Sorry. No, it's okay. Sorry. All good. So first question is a question to Adam. Adam, how will we navigate the halving? Of course. So we view the halving as not a one-time event. We've been preparing for the halving throughout the entirety of 2023. The halving is the stance we have to take as a company to prepare constantly for a downside scenario. Now, the halving represents a single downside scenario. That's a known event that's going to occur next year. But for us, part of the machine rotation that Matt Brown talked about, allocating our machines amongst all of our facilities, that brings down our average or our break-even hash price to each of our sites. That's a major component for us just to start out. The second one is we've been evaluating all of the power programs that we have availability to enter into that would provide additional intermittency to lower our average power cost of each of our sites. So we've been working on each of those items in parallel with advancing our software development to roll out low power mode and ultra-low power mode, which can instantaneously lower our efficiency or increase our efficiency, but lower our joules per terahash across our entire fleet in both. Those three areas provide us a significant lead on what our competitors are working on today. They don't have the softwares. They don't have the software teams to be able to build out an ultra-low power mode. You know, they don't have multiple facilities for them to be able to move and allocate machines accordingly to bring down the average hash price for each of their facilities. And for us, it's about optionality and it's about resiliency. We need resiliency to protect all of our existing facilities, and optionality is if we go into a significant downside scenario, we want to ensure that all of our facilities are operational because this market is volatile. It's not always going down, it's not always going up. But we want to have the best opportunity to keep all of our machines online, so that if markets change, we can very quickly alter our course for how those machines are operating to be very reflexive in terms of how quickly we can ramp up our terahash. You know, potentially decrease the efficiency or ramp up our terahash in order to produce the maximum amount of profit availability. Okay. Second question: Are the tranche 1 and 2 warrants for current shareholders only, or does it include future shareholders, i.e., noteholders and GUC? The tranche one and tranche two warrants are only for existing shareholders. The plan of record date has not been set yet. Your calculation of 24, 25, 26 revenue- Mm-hmm. -very specific. How were you exactly calculating that? Hash rate times... It's actually, we actually, manage our revenue line through hash price, which takes into consideration, obviously, difficulty as well as BTC price. And as I mentioned, the entirety of that 3-year plan is based on a $0.07 hash price. Times the number of machines. Times the Hash Rate. Then you think you're gonna have. That's right. It's the number of machines, obviously, efficiency from a terahash standpoint, yes. There's a lot of variables. We 8-K'd the cleansing deck yesterday. That's got a bunch of the details around the structure. You're taking the two important ones out of the equation. BTC price is difficult. We're just saying. Yeah. Okay. What's your view on... May I? Please. On the global hash rate, right? You, your... When you first started, it was spot on, right? You've seen hash price tank, but you haven't seen it contrary to, right, Satoshi's paper, contrary to that, you haven't seen the hash rate for the network slide. Yeah. Right? So in my mind, that means there's this, I guess, a certain amount of capital that is chasing this market and is absolutely incentive. So it calls into question your $0.07 on twofold, on network hash growth and also the improvement of machines. Mm-hmm. Right? As machine efficiency improves, operators can afford to chase a lower hash price. Mm-hmm. So how do you rationalize all those? I mean, it's probably pretty- No, so we'll start first with the improvement in machines. We don't incorporate improvements in machines on a go-forward basis into our forecast. So we're utilizing the XP as our go-forward machine in our forecast period. So you're absolutely right when you think about hash price declining. As you increase the efficiency of the machine, you're receiving similar rewards with a more efficient machine at lower hash prices. So from that, because you're adding additional terahash with a similar power draw, and so you're actually receiving a similar amount of revenue when you compare it to the cost. Yeah. Yeah, absolutely. Yeah. So that's one item. The second item is, actually, it's helpful to go back to late 2020. So when you think about this industry in late 2020, it was the first time that Bitcoin miners were not only developing institutional-grade infrastructure for Bitcoin mining, but capital availability became widely available to everyone, not only public miners, but private miners as well. That lasted until the summer of 2022, when we saw capital dry up overnight. What occurred then was, and it's actually helpful to go back up earlier into that chart, because what you see is actually a strong correlation between when capital dried up and when hash rate for publicly traded miners actually stopped increasing. And it's actually at a time that you would not expect. So into the slide. So what you see is you see a peak on page 12 in May 2023. So when capital dried up in, in the summer of 2022, people had made purchase orders and paid for machines that were going to deliver for 12 months. So what we see is those machines continue to get delivered. The problem is, what you see here is, that hash rate doesn't continue to increase significantly. It's mainly because by the time you got to Q2 of 2023, publicly traded mining companies and private mining companies had a decision to make. They either had to continue and build out their infrastructure or finish paying for the rest of their machines. So what we saw was people chasing infrastructure at all costs because they had to place machines somewhere. Many of these companies needed to prove revenue, so they took those machines and started chasing infrastructure at a higher cost than that we hadn't seen since 2021 in terms of hosting rates. What we expect to see, obviously, we're seeing a massive ramp up today. That's partially driven by not only XPs that are coming online, but it's also what we attract to these other manufacturers producing machines and bringing their machines online as well. So we think this hash rate growth will continue, especially when you think about the 34s going to turn off and being replaced by XPs. We expect that to continue to happen and occur just within the existing infrastructure footprint. But there's not a significant amount of infrastructure still being developed outside of many smaller sites that are being developed internationally today. So do we expect terahash to increase, network difficulty to continue increasing? Absolutely. But will some of that be more constrained by the fact that infrastructure isn't necessarily being built out at mega sites anymore? Yes, but the new growth in terahash and difficulty is going to come from refreshes inside existing infrastructure. And so some of this, this basically 100-terahash machines with 200-terahash machines. By the end of 2024, we'll have a 250-terahash machine that's sitting in the same power slot that was available to them before. And so terahash will continue to increase. We do expect to see a significant amount of terahash come off the network as having, but I think that's just easy. Adam, we are at the end. I just want to try to squeeze in 2 more questions from the- Sure. From the list, real quick ones. Number one, how will common stock conversions be treated? This information will be coming out in the coming days. Okay. As the plan gets- Stay tuned for more information. Number 2, how many shares of stock do you plan to offer when you come out of Chapter 11? Is this question referring to the equity rights offering? It doesn't say more than that. More, more information. Yeah, I think more information on the equity component will be coming. We are going to be doing an equity rights offering of up to $55 million. That equity rights offering will begin solicitation hopefully later this week, and more information will be coming out. That will be available to all existing equity holders. Great. We're at time. We thank everybody for joining us in person. We thank everybody for joining us virtually. Information is available at all times on our website. You can contact investor relations with any follow-up questions. Thank you all very much for joining us today.