Financial Data and Key Metrics - Total revenue for Q1 2023 was $121.9 million, representing a 2% year-over-year increase or 6% on a constant currency basis [7] - Total software licenses revenues were $36.2 million, up 23% year-over-year or 29% on a constant currency basis [3] - Subscription services revenue was $18.8 million, an increase of 46% year-over-year or 52% on a constant currency basis [8] - Product licenses revenues were $17.4 million, up 5% year-over-year, driven by strong international performance [35] - Product support revenues were $65.5 million, down $1.7 million year-over-year but flat at constant currency [36] - Other services revenues were $20.2 million, an 11% decrease year-over-year or 8% decrease at constant currency, primarily due to a decline in consulting revenues [36] Business Line Data and Key Metrics - Cloud subscription services revenue grew 46% year-over-year, reflecting strong demand for cloud-based solutions [8] - The company acquired 7,500 Bitcoin in Q1 2023, the most in a single quarter since Q4 2021, for a net aggregate purchase amount of $179 million [9] - As of March 31, 2023, the company held 140,000 Bitcoins at an aggregate cost of $4.2 billion, with an average cost of approximately $29,800 per Bitcoin [10] - The company repaid a $205 million Bitcoin-backed loan at a 22% discount, recognizing a $45 million gain on extinguishment of debt and eliminating annualized interest costs of over $15 million [12] Market Data and Key Metrics - The company's international business showed strong performance, contributing to a 5% increase in product licenses revenues [35] - Renewal rates for product support remained high at over 90% for the last six consecutive quarters [36] - The company's Bitcoin holdings are primarily in the U.S., with institutional-grade custodians and cold storage, ensuring compliance and minimizing risk [53] Company Strategy and Industry Competition - The company is focused on transitioning customers to its cloud solution, with 2/3 of total revenue being recurring in 2022, and expects this trend to improve in 2023 [38] - MicroStrategy One, the company's modern, open cloud-native BI platform, is designed to serve all analytics needs of large enterprises, with multi-cloud support and a focus on innovation in core analytics, augmented analytics, artificial intelligence, and the Lightning network [13][14][17] - The company is developing MicroStrategy Lightning, a product leveraging the Bitcoin Lightning network for e-commerce use cases and cybersecurity challenges, with a disciplined investment approach currently occupying less than 1% of R&D capability [25][27] Management Commentary on Operating Environment and Future Outlook - The company acknowledges the persistence of difficult macroeconomic conditions, which may impact revenue in the coming quarters [9] - Management remains optimistic about 2023, anticipating modest total revenue growth and continued growth in cloud subscriptions as a percentage of total revenue [54] - The company is committed to its dual strategy of growing its business intelligence software business and acquiring Bitcoin for the future [54] Other Important Information - The company raised approximately $339 million in net proceeds through the sale of Class A common shares in Q1 2023 [49] - As of March 31, 2023, 89% of the company's total Bitcoin holdings were unencumbered, compared to 63% at the end of 2022 [52] - The company's total non-GAAP operating loss in Q1 2023 was $3 million, primarily driven by a $19 million digital asset impairment charge [42] Q&A Session Summary Question: Update on cloud product progress and customer migrations - Cloud revenue grew nearly 50% year-over-year, with launches on AWS and Azure, and plans to offer Google Cloud Platform later in the year [83] - Cloud billings growth slowed to 19% year-over-year in Q1, attributed to macroeconomic conditions and delayed deals, but cloud is expected to remain a key growth driver [85] Question: Key catalysts for Bitcoin adoption by institutions - FASB fair value accounting and regulatory clarity on crypto exchanges and stable coins are seen as important catalysts for Bitcoin adoption [86][87] - Banking market volatility has increased awareness of Bitcoin's value proposition as a non-sovereign store of value [88][89] Question: Explanation of large swing in GAAP earnings related to Bitcoin - A $456 million valuation allowance release due to Bitcoin price increases drove a large tax benefit in Q1, reversing previous losses [96][97] Question: Expectations for new areas of innovation to contribute to revenue - It is too early to attribute revenue to new innovations in core BI, augmented analytics, AI, and Lightning, but more clarity is expected in the next 6-12 months [99] Question: Impact of FASB's decision on accounting rules and expected timeline - The company supports FASB's draft for fair value accounting, which could improve transparency and encourage Bitcoin adoption, with a potential implementation by the end of the year [104][105] Question: Difficulty in selling expansion deals in the current macro environment - Services revenue slowdown and delayed sales cycles indicate some belt-tightening by IT groups, but the full impact on the year remains uncertain [102][103]

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Commission File Number 000-24435 MICROSTRATEGY INCORPORATED (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of ...

Bitcoin Holdings and Impairments - As of December 31, 2022, the company held approximately 132,500 bitcoins with a carrying value of $1.840 billion, reflecting cumulative impairments of $2.153 billion[358] - For the year ended December 31, 2022, the company incurred impairment losses, net of gains on sale, of $1.286 billion on its bitcoin holdings[358] - The company's bitcoin acquisition strategy exposes it to various risks, including price fluctuations and regulatory changes[12] International Revenues and Currency Risks - International revenues accounted for 40.2%, 44.0%, and 41.9% of total revenues for the years ended December 31, 2022, 2021, and 2020, respectively[359] - A 10% adverse change in foreign currency exchange rates would have decreased the company's reported cash and cash equivalents by 4.5% as of December 31, 2022[362] - If average exchange rates had changed unfavorably by 10% during the year ended December 31, 2022, revenues would have decreased by 3.7%[362] Interest Expense and Loan Risks - The annual interest expense on the 2025 Secured Term Loan, based on a floating rate of 7.76%, would be approximately $16.1 million[363] - If the floating rate increased by 100 basis points, the annual interest expense on the 2025 Secured Term Loan would rise to approximately $18.2 million[363] Operational Risks - The shift from a product license model to a cloud subscription model may lead to higher future attrition rates and affect revenue recognition timing[16] - The company faces significant risks related to cybersecurity, which could adversely impact its operations and reputation[16]

MicroStrategy Incorporated (NASDAQ:MSTR) Q3 2022 Earnings Conference Call November 1, 2022 5:00 PM ET Company Participants Shirish Jajodia - Vice President, Investor Relations & Treasury Phong Le - President & Chief Executive Officer Andrew Kang - Senior Executive Vice President & Chief Financial Officer Michael Saylor - Executive Chairman Conference Call Participants Shirish Jajodia Hello, everyone, and good evening. I am Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. ...

��� Q3 2022 Financial Results November 1, 2022 Copyright © 2022 MicroStrategy Incorporated. All Rights Reserved. MicroStrategy Q3 2022 Earnings Call Safe Harbor Statement FORWARD-LOOKING STATEMENTS Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most r ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-Q Washington, D.C. 20549 (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, 2022 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 jurisdictio ...

Financial Data and Key Metrics Changes - GAAP revenues for Q2 2022 were $122 million, down 3% year-over-year, but increased 2% on a constant currency basis [70] - Total software license revenues were $34 million, up 5% year-over-year, or up 8% on a constant currency basis [70] - Cloud subscription service revenues increased by 36% year-over-year, or 40% on a constant currency basis [71] - Total non-GAAP operating loss in Q2 2022 was $903 million, which includes a Bitcoin impairment charge of $918 million [81] Business Line Data and Key Metrics Changes - Subscription revenue increased by 40% year-over-year on a constant currency basis, with current subscription billings growing by 51% year-over-year [53] - Total product license revenues decreased by 9% year-over-year, reflecting the transition to cloud services [71] - Other services revenues, largely from consulting, were $21.4 million, a decrease of 2% year-over-year but an increase of 4% on a constant currency basis [72] Market Data and Key Metrics Changes - The company has successfully raised $2.4 billion in debt and $1 billion in equity over the past two years, expanding its enterprise valuation from approximately $666 million to $5.6 billion [19] - The company holds approximately 129,699 Bitcoins, acquired for a total cost of $4 billion, averaging $30,664 per Bitcoin [65] Company Strategy and Development Direction - The company operates two corporate strategies: growing its enterprise analytics business and acquiring Bitcoin [7] - The transition to cloud-based intelligent services is expected to accelerate, with a focus on increasing brand awareness and customer relationships [34] - The company plans to continue growing its Bitcoin holdings through acquisitions financed by cash flows, debt, and equity [35] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges from high inflation, weakening foreign currencies, and geopolitical issues but remains optimistic about growth in cloud services [51] - The company believes that Bitcoin will benefit from ongoing regulatory clarity and increased institutional interest [28] - Management sees Bitcoin's volatility as a competitive advantage, attracting interest and capital [98] Other Important Information - The company has appointed Andrew Kang as Chief Financial Officer and Phong Le as President and CEO, with a focus on enhancing corporate strategy and operations [43][44] - The company plans to launch MicroStrategy Cloud for government, which will have FedRAMP authorization [59] Q&A Session Summary Question: Is the CEO succession a recent development? - The CEO succession has been carefully considered and planned for many years, with a focus on developing leadership from within [91] Question: What changes do you plan to make as a CEO? - The transition is seen as business-as-usual, with no significant changes planned, allowing for clearer roles within the organization [92] Question: Do you anticipate any further capital markets activity? - The company will continue to evaluate access to capital markets in a prudent manner, focusing on opportunities that are most accretive [93][94] Question: What is the growth outlook for the software business in the second half of the year? - The company expects to face more macroeconomic challenges but remains optimistic about growth, particularly in cloud services [95][96] Question: Has Bitcoin price volatility impacted your view on your Bitcoin strategy? - Management views Bitcoin volatility as a competitive advantage, increasing interest and visibility for the company [98][100] Question: How should investors evaluate the new executive work structure? - The new structure is expected to enhance operational efficiency and allow for a stronger focus on corporate strategy and Bitcoin advocacy [110][111]

��� Q2 2022 Financial Results August 2, 2022 Copyright © 2022 MicroStrategy Incorporated. All Rights Reserved. MicroStrategy Q2 2022 Earnings Call Safe Harbor Statement FORWARD-LOOKING STATEMENTS Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most rec ...

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 June 30, 2022 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 ...

MicroStrategy Incorporated (NASDAQ:MSTR) Q1 2022 Earnings Conference Call May 3, 2022 5:00 PM ET Company Participants Shirish Jajodia - Senior Director, Treasury & Head, Investor Relations Michael Saylor - Chairman & Chief Executive Officer Phong Le - President & Chief Financial Officer Conference Call Participants Shirish Jajodia We'll get started. Hello, everyone, and good evening. I am Shirish Jajodia, MicroStrategy's Senior Director of Treasury and Head of Investor Relations. I'll be your moderator for ...