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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MicroStrategy Inc | NASDAQ:MSTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
140.58 | 12.45% | 1,270.00 | 1,070.00 | 1,700.00 | 1,242.00 | 1,172.82 | 1,201.01 | 1,562,514 | 05:00:05 |
MicroStrategy® (Nasdaq: MSTR), the largest independent publicly-traded business intelligence company, today announced financial results for the three-month period ended March 31, 2021 (the first quarter of its 2021 fiscal year).
“MicroStrategy’s first quarter results were a clear example that our two-pronged corporate strategy to grow our enterprise analytics software business and acquire and hold bitcoin is generating substantial shareholder value. We had one of our strongest operational quarters in our software business in years, highlighted by 10% revenue growth and continued improvement in non-GAAP profitability. The investments we have made in our platform in recent years are driving greater customer adoption of MicroStrategy, particularly in the cloud,” said Michael J. Saylor, CEO, MicroStrategy Incorporated.
“We continue to be pleased with our bitcoin strategy. We successfully raised more than $1 billion of additional capital in the quarter to expand our bitcoin holdings, which now exceed 91,000 bitcoins. We also hosted a very successful ‘Bitcoin for Corporations’ track at MicroStrategy World™ where we utilized our thought leadership in the cryptocurrency market to show how organizations can incorporate digital assets into their balance sheet management. We will continue to acquire and hold additional bitcoin as we seek to create additional value for shareholders.”
First Quarter 2021 Financial Highlights
The tables at the end of this press release include a reconciliation of GAAP to non-GAAP financial measures for the three months ended March 31, 2021 and 2020. An explanation of non-GAAP financial measures is also included under the heading “Non-GAAP Financial Measures” below. Additional non-GAAP financial measures are included in our “Q1 2021 Earnings Presentation,” which will be available under the “Events and Presentations” section of MicroStrategy’s investor relations website at https://www.microstrategy.com/en/investor-relations.
MicroStrategy uses its Intelligent Enterprise™ platform across the enterprise and has created an interactive dossier with quarterly financial performance data. Anyone can access the MSTR Financials dossier via a web browser, or by downloading the MicroStrategy Library™ app on an iOS or Android device. To download the native apps, visit MicroStrategy Library for iOS or MicroStrategy Library for Android.
Non-GAAP Financial Measures
MicroStrategy is providing supplemental financial measures for (i) non-GAAP income from operations that excludes the impact of share-based compensation expense and impairment losses and gains on sale from intangible assets, which include its digital assets, (ii) non-GAAP net income and non-GAAP diluted earnings per share that exclude the impact of share-based compensation expense, impairment losses and gains on sale from intangible assets, which include its digital assets, interest expense arising from the amortization of debt issuance costs related to MicroStrategy’s convertible senior notes, and related income tax effects, and (iii) non-GAAP constant currency revenues that exclude foreign currency exchange rate fluctuations. These supplemental financial measures are not measurements of financial performance under generally accepted accounting principles in the United States (“GAAP”) and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate business performance and to help make operating decisions.
MicroStrategy believes that these non-GAAP financial measures are also useful to investors and analysts in comparing its performance across reporting periods on a consistent basis. The first supplemental financial measure excludes (i) a significant non-cash expense that MicroStrategy believes is not reflective of its general business performance, and for which the accounting requires management judgment and the resulting share-based compensation expense could vary significantly in comparison to other companies and (ii) significant impairment losses and gains on sale from intangible assets, which include MicroStrategy’s bitcoin. The second set of supplemental financial measures excludes the impact of (i) share-based compensation expense, (ii) impairment losses and gains on sale from intangible assets, which include MicroStrategy’s bitcoin, (iii) non-cash interest expense arising from the amortization of debt issuance costs related to MicroStrategy’s convertible senior notes, and (iv) related income tax effects. The third set of supplemental financial measures excludes changes resulting from fluctuations in foreign currency exchange rates so that results may be compared to the same period in the prior year on a non-GAAP constant currency basis. MicroStrategy believes the use of these non-GAAP financial measures can also facilitate comparison of MicroStrategy’s operating results to those of its competitors.
Conference Call
MicroStrategy will be discussing its first quarter 2021 financial results on a live Video Webinar today beginning at approximately 5:00 p.m. EDT. The live Video Webinar and accompanying presentation materials will be available under the “Events and Presentations” section of MicroStrategy’s investor relations website at https://www.microstrategy.com/en/investor-relations. Log-in instructions will be available after registering for the event. An archived replay of the event will be available beginning approximately two hours after the call concludes.
About MicroStrategy Incorporated
MicroStrategy (Nasdaq: MSTR) is the largest independent publicly-traded analytics and business intelligence company. The MicroStrategy analytics platform is consistently rated as the best in enterprise analytics and is used by many of the world’s most admired brands in the Fortune Global 500. We pursue two corporate strategies: (1) grow our enterprise analytics software business to promote our vision of Intelligence Everywhere and (2) acquire and hold bitcoin, which we view as a dependable store of value supported by a robust, public, open-source architecture untethered to sovereign monetary policy. For more information about MicroStrategy, visit www.microstrategy.com.
MicroStrategy, MicroStrategy World, Intelligent Enterprise, and MicroStrategy Library are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
This press release may include statements that may constitute “forward-looking statements,” including estimates of future business prospects or financial results and statements containing the words “believe,” “estimate,” “project,” “expect,” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the “Company”) to differ materially from the forward-looking statements. Factors that could contribute to such differences include: the market price of bitcoin and any associated impairment charges that the Company may incur as a result of a decrease in the market price below the value at which the Company’s bitcoins are carried on its balance sheet; gains or losses on sales of bitcoins that the Company would incur upon any sale of its bitcoins; changes in the accounting treatment of the Company’s bitcoin holdings; changes in securities laws or other laws or regulations relating to bitcoin that could adversely affect the price of bitcoin or the Company’s ability to own bitcoin; a decrease in liquidity in the markets in which bitcoins are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, or fraud that results in the Company’s loss of its bitcoins; the extent and timing of market acceptance of the Company’s new offerings; continued acceptance of the Company’s other products in the marketplace; the Company’s ability to recognize revenue or deferred revenue through delivery of products or satisfactory performance of services; the timing of significant orders; delays in or the inability of the Company to develop or ship new products; customers shifting from a product license model to a cloud subscription model, which may delay the Company’s ability to recognize revenue; fluctuations in tax benefits or provisions; impacts of the COVID-19 pandemic; competitive factors; general economic conditions; currency fluctuations; and other risks detailed in MicroStrategy’s registration statements and periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this release.
MSTR-F
MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
March 31,
2021
2020
(unaudited)
(unaudited)
Revenues
Product licenses
$
21,280
$
12,584
Subscription services
10,026
7,968
Total product licenses and subscription services
31,306
20,552
Product support
70,649
71,158
Other services
20,947
19,714
Total revenues
122,902
111,424
Cost of revenues
Product licenses
488
670
Subscription services
3,628
4,064
Total product licenses and subscription services
4,116
4,734
Product support
4,812
6,718
Other services
13,621
13,093
Total cost of revenues
22,549
24,545
Gross profit
100,353
86,879
Operating expenses
Sales and marketing
38,198
39,518
Research and development
29,483
26,101
General and administrative
21,729
21,332
Digital asset impairment losses
194,095
0
Total operating expenses
283,505
86,951
Loss from operations
(183,152
)
(72
)
Interest (expense) income, net
(2,396
)
1,855
Other income, net
1,264
434
(Loss) income before income taxes
(184,284
)
2,217
(Benefit from) provision for income taxes
(74,264
)
1,560
Net (loss) income
$
(110,020
)
$
657
Basic (loss) earnings per share (1):
$
(11.40
)
$
0.07
Weighted average shares outstanding used in computing basic (loss) earnings per share
9,647
9,976
Diluted (loss) earnings per share (1):
$
(11.40
)
$
0.07
Weighted average shares outstanding used in computing diluted (loss) earnings per share
9,647
10,031
(1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.
MICROSTRATEGY INCORPORATED
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
March 31,
December 31,
2021
2020*
(unaudited)
Assets
Current assets
Cash and cash equivalents
$
82,544
$
59,675
Restricted cash
1,194
1,084
Accounts receivable, net
150,626
197,461
Prepaid expenses and other current assets
16,390
14,400
Total current assets
250,754
272,620
Digital assets
1,946,582
1,054,302
Property and equipment, net
41,091
42,975
Right-of-use assets
71,367
73,597
Deposits and other assets
15,013
15,615
Deferred tax assets, net
118,272
6,503
Total Assets
$
2,443,079
$
1,465,612
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable, accrued expenses, and operating lease liabilities
$
39,816
$
45,119
Accrued compensation and employee benefits
44,824
49,249
Deferred revenue and advance payments
198,980
191,250
Total current liabilities
283,620
285,618
Convertible senior notes, net
1,661,914
486,366
Deferred revenue and advance payments
14,517
14,662
Operating lease liabilities
81,849
84,328
Other long-term liabilities
34,329
33,382
Deferred tax liabilities
1,812
8,211
Total Liabilities
2,078,041
912,567
Stockholders’ Equity
Preferred stock undesignated, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding
0
0
Class A common stock, $0.001 par value; 330,000 shares authorized; 16,466 shares issued and 7,782 shares outstanding, and 16,307 shares issued and 7,623 shares outstanding, respectively
16
16
Class B convertible common stock, $0.001 par value; 165,000 shares authorized; 1,964 shares issued and outstanding, and 1,964 shares issued and outstanding, respectively
2
2
Additional paid-in capital
685,943
763,051
Treasury stock, at cost; 8,684 shares and 8,684 shares, respectively
(782,104
)
(782,104
)
Accumulated other comprehensive loss
(5,721
)
(3,885
)
Retained earnings
466,902
575,965
Total Stockholders’ Equity
365,038
553,045
Total Liabilities and Stockholders’ Equity
$
2,443,079
$
1,465,612
* Derived from audited financial statements.
MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
March 31,
2021
2020
(unaudited)
(unaudited)
Operating activities:
Net (loss) income
$
(110,020
)
$
657
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
2,782
2,756
Reduction in carrying amount of right-of-use assets
2,086
2,053
Credit losses and sales allowances
(172
)
828
Deferred taxes
(76,759
)
957
Share-based compensation expense
7,711
3,111
Digital asset impairment losses
194,095
0
Amortization of issuance costs on convertible senior notes
1,172
0
Changes in operating assets and liabilities:
Accounts receivable
6,774
14,406
Prepaid expenses and other current assets
(2,919
)
(3,295
)
Deposits and other assets
(62
)
84
Accounts payable and accrued expenses
(3,413
)
(154
)
Accrued compensation and employee benefits
(3,810
)
(13,031
)
Deferred revenue and advance payments
47,606
22,001
Operating lease liabilities
(2,458
)
(2,238
)
Other long-term liabilities
90
934
Net cash provided by operating activities
62,703
29,069
Investing activities:
Purchases of digital assets
(1,086,375
)
0
Proceeds from redemption of short-term investments
0
10,000
Purchases of property and equipment
(447
)
(661
)
Purchases of short-term investments
0
(9,928
)
Net cash used in investing activities
(1,086,822
)
(589
)
Financing activities:
Proceeds from convertible senior notes
1,050,000
0
Issuance costs paid for convertible senior notes
(24,596
)
0
Proceeds from sale of class A common stock under exercise of employee stock options
23,854
340
Purchases of treasury stock
0
(50,747
)
Net cash provided by (used in) financing activities
1,049,258
(50,407
)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash
(2,160
)
(3,871
)
Net increase (decrease) in cash, cash equivalents, and restricted cash
22,979
(25,798
)
Cash, cash equivalents, and restricted cash, beginning of period
60,759
457,816
Cash, cash equivalents, and restricted cash, end of period
$
83,738
$
432,018
MICROSTRATEGY INCORPORATED
REVENUE AND COST OF REVENUE DETAIL
(in thousands)
Three Months Ended
March 31,
2021
2020
(unaudited)
(unaudited)
Revenues
Product licenses and subscription services:
Product licenses
$
21,280
$
12,584
Subscription services
10,026
7,968
Total product licenses and subscription services
31,306
20,552
Product support
70,649
71,158
Other services:
Consulting
19,711
18,441
Education
1,236
1,273
Total other services
20,947
19,714
Total revenues
122,902
111,424
Cost of revenues
Product licenses and subscription services:
Product licenses
488
670
Subscription services
3,628
4,064
Total product licenses and subscription services
4,116
4,734
Product support
4,812
6,718
Other services:
Consulting
12,332
11,428
Education
1,289
1,665
Total other services
13,621
13,093
Total cost of revenues
22,549
24,545
Gross profit
$
100,353
$
86,879
MICROSTRATEGY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
LOSS FROM OPERATIONS
(in thousands)
Three Months Ended
March 31,
2021
2020
(unaudited)
(unaudited)
Reconciliation of non-GAAP income from operations:
Loss from operations
$
(183,152
)
$
(72
)
Share-based compensation expense
7,711
3,111
Digital asset impairment losses
194,095
0
Non-GAAP income from operations
$
18,654
$
3,039
MICROSTRATEGY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
NET (LOSS) INCOME AND (LOSS) EARNINGS PER SHARE
(in thousands, except per share data)
Three Months Ended
March 31,
2021
2020
(unaudited)
(unaudited)
Reconciliation of non-GAAP net income:
Net (loss) income
$
(110,020
)
$
657
Share-based compensation expense
7,711
3,111
Digital asset impairment losses
194,095
0
Interest expense arising from amortization of debt issuance costs
1,172
0
Income tax effects (1)
(78,084
)
162
Non-GAAP net income
$
14,874
$
3,930
Reconciliation of non-GAAP diluted earnings per share:
Diluted (loss) earnings per share
$
(11.40
)
$
0.07
Share-based compensation expense (per diluted share)
0.80
0.30
Digital asset impairment losses (per diluted share)
20.11
0.00
Interest expense arising from amortization of debt issuance costs (per diluted share)
0.12
0.00
Income tax effects (per diluted share)
(8.09
)
0.02
Non-GAAP diluted earnings per share
$
1.54
$
0.39
(1) Income tax effects reflect the net tax effects of stock-based compensation expense, digital asset impairment losses, and interest expense for amortization of debt issuance costs.
MICROSTRATEGY INCORPORATED
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
CONSTANT CURRENCY
(in thousands)
Three Months Ended
March 31,
(unaudited)
GAAP
Foreign
Currency
Exchange
Rate Impact (1)
Non-GAAP
Constant
Currency (2)
GAAP
GAAP %
Change
Non-GAAP
Constant
Currency
% Change (3)
2021
2021
2021
2020
2021
2021
Revenues
Product licenses
$
21,280
$
325
$
20,955
$
12,584
69.1
%
66.5
%
Subscription services
10,026
190
9,836
7,968
25.8
%
23.4
%
Total product licenses and subscription services
31,306
515
30,791
20,552
52.3
%
49.8
%
Product support
70,649
1,917
68,732
71,158
-0.7
%
-3.4
%
Other services
20,947
618
20,329
19,714
6.3
%
3.1
%
Total revenues
122,902
3,050
119,852
111,424
10.3
%
7.6
%
(1)
The “Foreign Currency Exchange Rate Impact” reflects the estimated impact of fluctuations in foreign currency exchange rates on international revenues. It shows the increase (decrease) in international revenues from the same period in the prior year, based on comparisons to the prior year quarterly average foreign currency exchange rates. The term “international” refers to operations outside of the United States and Canada.
(2)
The “Non-GAAP Constant Currency” reflects the current period GAAP amount, less the Foreign Currency Exchange Rate Impact.
(3)
The “Non-GAAP Constant Currency % Change” reflects the percentage change between the current period Non-GAAP Constant Currency amount and the GAAP amount for the same period in the prior year.
MICROSTRATEGY INCORPORATED
DEFERRED REVENUE DETAIL
(in thousands)
March 31,
December 31,
March 31,
2021
2020*
2020
(unaudited)
(unaudited)
Current:
Deferred product licenses revenue
$
195
$
1,495
$
131
Deferred subscription services revenue
25,689
26,258
16,567
Deferred product support revenue
167,282
156,216
161,135
Deferred other services revenue
5,814
7,281
7,058
Total current deferred revenue and advance payments
$
198,980
$
191,250
$
184,891
Non-current:
Deferred product licenses revenue
$
67
$
139
$
262
Deferred subscription services revenue
8,317
8,758
84
Deferred product support revenue
5,401
5,055
2,789
Deferred other services revenue
732
710
525
Total non-current deferred revenue and advance payments
$
14,517
$
14,662
$
3,660
Total current and non-current:
Deferred product licenses revenue
$
262
$
1,634
$
393
Deferred subscription services revenue
34,006
35,016
16,651
Deferred product support revenue
172,683
161,271
163,924
Deferred other services revenue
6,546
7,991
7,583
Total current and non-current deferred revenue and advance payments
$
213,497
$
205,912
$
188,551
* Derived from audited financial statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005958/en/
MicroStrategy Incorporated Investor Relations ir@microstrategy.com (703) 848-8600
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