3 key financial takeaways from UBS $Nebius(NBIS.US) conference:

1. Operating leverage

"As we project 7-9x growth in annual recurring revenue by 2026, we don't need to expand headcount at the same pace. Since we started with a strong team of engineers and infrastructure specialists, there will be significant operating leverage."

2. Vertical integration

"For core infrastructure, we actually build our own racks and servers. This reduces our total operating costs by 20%. Moreover, our financial management is very robust."

3. Conservative depreciation approach

"We've adopted a more conservative depreciation method. For Hoppers, we use a 4-year depreciation period while many peers use 6 years. This isn't because we think chips only last 4 years, but because it's a more conservative accounting approach."

When evaluating block trades, we ensure they achieve 20%-30% EBIT margins. We place great emphasis on the economics of these deals and ensure they deliver better economic benefits and margin growth over time.