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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2023

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission File Number 000-24435

MICROSTRATEGY INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

51-0323571

(I.R.S. Employer

Identification Number)

1850 Towers Crescent Plaza, Tysons Corner, VA

(Address of Principal Executive Offices)

22182

(Zip Code)

(703) 848-8600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on which Registered

Class A common stock, par value $0.001 per share

 

MSTR

 

The Nasdaq Global Select Market

 

Indicate by check mark whether the registrant,: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 24, 2023, the registrant had 12,554,159 and 1,964,025 shares of class A common stock and class B common stock outstanding, respectively.

 


MICROSTRATEGY INCORPORATED

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

1

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

1

 

 

 

 

 

 

Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022

1

 

 

 

 

 

 

Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022

2

 

 

 

 

 

 

Consolidated Statements of Comprehensive (Loss) Income for the Three and Nine Months Ended September 30, 2023 and 2022

3

 

 

 

 

 

 

Consolidated Statements of Stockholders’ Equity (Deficit) as of September 30, 2023

4

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022

5

 

 

 

 

 

 

Notes to Consolidated Financial Statements

6

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

45

 

 

 

 

Item 4.

 

Controls and Procedures

45

 

 

 

 

PART II.

 

OTHER INFORMATION

47

 

 

 

 

Item 1.

 

Legal Proceedings

47

 

 

 

 

Item 1A.

 

Risk Factors

47

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

75

 

 

 

 

Item 5.

 

Other Information

75

 

 

 

 

Item 6.

 

Exhibits

75

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MICROSTRATEGY INCORPORATED

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,009

 

 

$

43,835

 

Restricted cash

 

 

1,865

 

 

 

7,033

 

Accounts receivable, net

 

 

128,650

 

 

 

189,280

 

Prepaid expenses and other current assets

 

 

24,041

 

 

 

24,418

 

Total current assets

 

 

199,565

 

 

 

264,566

 

Digital assets

 

 

2,451,374

 

 

 

1,840,028

 

Property and equipment, net

 

 

30,192

 

 

 

32,311

 

Right-of-use assets

 

 

54,542

 

 

 

61,299

 

Deposits and other assets

 

 

24,156

 

 

 

23,916

 

Deferred tax assets, net

 

 

614,112

 

 

 

188,152

 

Total assets

 

$

3,373,941

 

 

$

2,410,272

 

Liabilities and Stockholders’ Equity (Deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable, accrued expenses, and operating lease liabilities

 

$

34,306

 

 

$

42,976

 

Accrued compensation and employee benefits

 

 

43,405

 

 

 

53,716

 

Accrued interest

 

 

10,368

 

 

 

2,829

 

Current portion of long-term debt, net

 

 

475

 

 

 

454

 

Deferred revenue and advance payments

 

 

179,167

 

 

 

217,428

 

Total current liabilities

 

 

267,721

 

 

 

317,403

 

Long-term debt, net

 

 

2,180,038

 

 

 

2,378,560

 

Deferred revenue and advance payments

 

 

7,638

 

 

 

12,763

 

Operating lease liabilities

 

 

59,720

 

 

 

67,344

 

Other long-term liabilities

 

 

18,231

 

 

 

17,124

 

Deferred tax liabilities

 

 

198

 

 

 

198

 

Total liabilities

 

 

2,533,546

 

 

 

2,793,392

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders’ Equity (Deficit)

 

 

 

 

 

 

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; 21,227 shares issued and 12,543 shares outstanding, and 18,269 shares issued and 9,585 shares outstanding, respectively

 

 

21

 

 

 

18

 

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

 

 

2,726,191

 

 

 

1,841,120

 

Treasury stock, at cost; 8,684 shares and 8,684 shares, respectively

 

 

(782,104

)

 

 

(782,104

)

Accumulated other comprehensive loss

 

 

(15,355

)

 

 

(13,801

)

Accumulated deficit

 

 

(1,088,360

)

 

 

(1,428,355

)

Total stockholders’ equity (deficit)

 

 

840,395

 

 

 

(383,120

)

Total liabilities and stockholders’ equity (deficit)

 

$

3,373,941

 

 

$

2,410,272

 

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

1


 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product licenses

 

$

24,045

 

 

$

22,286

 

 

$

56,979

 

 

$

58,928

 

Subscription services

 

 

20,974

 

 

 

16,414

 

 

 

59,662

 

 

 

43,276

 

Total product licenses and subscription services

 

 

45,019

 

 

 

38,700

 

 

 

116,641

 

 

 

102,204

 

Product support

 

 

66,860

 

 

 

66,010

 

 

 

198,422

 

 

 

199,682

 

Other services

 

 

17,583

 

 

 

20,650

 

 

 

56,714

 

 

 

64,824

 

Total revenues

 

 

129,462

 

 

 

125,360

 

 

 

371,777

 

 

 

366,710

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Product licenses

 

 

342

 

 

 

406

 

 

 

1,320

 

 

 

1,314

 

Subscription services

 

 

8,028

 

 

 

6,395

 

 

 

23,100

 

 

 

17,303

 

Total product licenses and subscription services

 

 

8,370

 

 

 

6,801

 

 

 

24,420

 

 

 

18,617

 

Product support

 

 

5,531

 

 

 

5,224

 

 

 

17,115

 

 

 

15,542

 

Other services

 

 

12,760

 

 

 

13,360

 

 

 

40,188

 

 

 

42,107

 

Total cost of revenues

 

 

26,661

 

 

 

25,385

 

 

 

81,723

 

 

 

76,266

 

Gross profit

 

 

102,801

 

 

 

99,975

 

 

 

290,054

 

 

 

290,444

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

35,606

 

 

 

35,409

 

 

 

109,372

 

 

 

105,511

 

Research and development

 

 

29,660

 

 

 

30,498

 

 

 

90,372

 

 

 

95,811

 

General and administrative

 

 

29,223

 

 

 

27,283

 

 

 

85,959

 

 

 

82,491

 

Digital asset impairment losses

 

 

33,559

 

 

 

727

 

 

 

76,613

 

 

 

1,088,656

 

Total operating expenses

 

 

128,048

 

 

 

93,917

 

 

 

362,316

 

 

 

1,372,469

 

(Loss) income from operations

 

 

(25,247

)

 

 

6,058

 

 

 

(72,262

)

 

 

(1,082,025

)

Interest expense, net

 

 

(11,006

)

 

 

(14,073

)

 

 

(37,031

)

 

 

(38,299

)

Gain on debt extinguishment

 

 

0

 

 

 

0

 

 

 

44,686

 

 

 

0

 

Other income, net

 

 

2,419

 

 

 

4,897

 

 

 

726

 

 

 

12,242

 

Loss before income taxes

 

 

(33,834

)

 

 

(3,118

)

 

 

(63,881

)

 

 

(1,108,082

)

Provision for (benefit from) income taxes

 

 

109,607

 

 

 

23,961

 

 

 

(403,876

)

 

 

112,046

 

Net (loss) income

 

$

(143,441

)

 

$

(27,079

)

 

$

339,995

 

 

$

(1,220,128

)

Basic (loss) earnings per share (1)

 

$

(10.09

)

 

$

(2.39

)

 

$

29.15

 

 

$

(107.99

)

Weighted average shares outstanding used in computing basic (loss) earnings per share

 

 

14,221

 

 

 

11,308

 

 

 

11,665

 

 

 

11,299

 

Diluted (loss) earnings per share (1)

 

$

(10.09

)

 

$

(2.39

)

 

$

23.87

 

 

$

(107.99

)

Weighted average shares outstanding used in computing diluted (loss) earnings per share

 

 

14,221

 

 

 

11,308

 

 

 

14,512

 

 

 

11,299

 

(1) Basic and fully diluted (loss) earnings per share for class A and class B common stock are the same.

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

 

2


 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in thousands)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

 

(unaudited)

 

Net (loss) income

 

$

(143,441

)

 

$

(27,079

)

 

$

339,995

 

 

$

(1,220,128

)

Other comprehensive loss, net of applicable taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(2,205

)

 

 

(4,514

)

 

 

(1,554

)

 

 

(10,636

)

Total other comprehensive loss

 

 

(2,205

)

 

 

(4,514

)

 

 

(1,554

)

 

 

(10,636

)

Comprehensive (loss) income

 

$

(145,646

)

 

$

(31,593

)

 

$

338,441

 

 

$

(1,230,764

)

 

The accompanying notes are an integral part of these Consolidated Financial Statements.

3


 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, unaudited)

 

 

 

 

 

 

Class A

 

 

Class B Convertible

 

 

Additional

 

 

 

 

 

 

 

 

Accumulated Other

 

 

(Accumulated Deficit)

 

 

 

 

 

 

Common Stock

 

 

Common Stock

 

 

Paid-in

 

 

Treasury Stock

 

 

Comprehensive

 

 

Retained

 

 

 

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Loss

 

 

Earnings

 

Balance at January 1, 2022

 

$

978,958

 

 

 

18,006

 

 

$

18

 

 

 

1,964

 

 

$

2

 

 

$

1,727,143

 

 

 

(8,684

)

 

$

(782,104

)

 

$

(7,543

)

 

$

41,442

 

Net loss

 

 

(130,751

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(130,751

)

Other comprehensive loss

 

 

(2,009

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(2,009

)

 

 

0

 

Issuance of class A common stock upon exercise of stock options

 

 

288

 

 

 

2

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

288

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Issuance of class A common stock under employee stock purchase plan

 

 

2,805

 

 

 

7

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

2,805

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes

 

 

(501

)

 

 

3

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(501

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Share-based compensation expense

 

 

14,209

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

14,209

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Balance at March 31, 2022

 

$

862,999

 

 

 

18,018

 

 

$

18

 

 

 

1,964

 

 

$

2

 

 

$

1,743,944

 

 

 

(8,684

)

 

$

(782,104

)

 

$

(9,552

)

 

$

(89,309

)

Net loss

 

 

(1,062,298

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(1,062,298

)

Other comprehensive loss

 

 

(4,113

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(4,113

)

 

 

0

 

Issuance of class A common stock upon exercise of stock options

 

 

423

 

 

 

3

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

423

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Issuance of class A common stock upon vesting of restricted stock units, net of withholding taxes

 

 

(49

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(49

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Share-based compensation expense

 

 

15,970

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

15,970

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Balance at June 30, 2022

 

$

(187,068

)

 

 

18,021

 

 

$

18

 

 

 

1,964

 

 

$

2

 

 

$

1,760,288

 

 

 

(8,684

)

 

$

(782,104

)

 

$

(13,665

)

 

$

(1,151,607

)

Net loss

 

 

(27,079

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(27,079

)

Other comprehensive loss

 

 

(4,514

)

 

 

0

 

 

 

0