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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 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 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 July 26, 2022, the registrant had 9,336,881 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 June 30, 2022 and December 31, 2021

1

 

 

 

 

 

 

Consolidated Statements of Operations for the Three Months Ended June 30, 2022 and 2021

2

 

 

 

 

 

 

Consolidated Statements of Operations for the Six Months Ended June 30, 2022 and 2021

3

 

 

 

 

 

 

Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021

4

 

 

 

 

 

 

Consolidated Statements of Stockholders’ (Deficit) Equity as of June 30, 2022

5

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021

6

 

 

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

 

Item 2.

 

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

21

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

40

 

 

 

 

Item 4.

 

Controls and Procedures

41

 

 

 

 

PART II.

 

OTHER INFORMATION

42

 

 

 

 

Item 1.

 

Legal Proceedings

42

 

 

 

 

Item 1A.

 

Risk Factors

42

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

65

 

 

 

 

Item 5.

 

Other Information

65

 

 

 

 

Item 6.

 

Exhibits

66

 

 

 

 


 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

MICROSTRATEGY INCORPORATED

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

69,386

 

 

$

63,356

 

Restricted cash

 

 

6,155

 

 

 

1,078

 

Accounts receivable, net

 

 

118,645

 

 

 

189,280

 

Prepaid expenses and other current assets

 

 

25,496

 

 

 

14,251

 

Total current assets

 

 

219,682

 

 

 

267,965

 

Digital assets

 

 

1,987,781

 

 

 

2,850,210

 

Property and equipment, net

 

 

34,580

 

 

 

36,587

 

Right-of-use assets

 

 

65,169

 

 

 

66,760

 

Deposits and other assets

 

 

17,786

 

 

 

15,820

 

Deferred tax assets, net

 

 

243,367

 

 

 

319,782

 

Total assets

 

$

2,568,365

 

 

$

3,557,124

 

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses, and operating lease liabilities

 

$

35,960

 

 

$

46,084

 

Accrued compensation and employee benefits

 

 

47,773

 

 

 

54,548

 

Accrued interest

 

 

2,269

 

 

 

1,493

 

Deferred revenue and advance payments

 

 

188,098

 

 

 

209,860

 

Total current liabilities

 

 

274,100

 

 

 

311,985

 

Long-term debt, net

 

 

2,374,863

 

 

 

2,155,151

 

Deferred revenue and advance payments

 

 

8,497

 

 

 

8,089

 

Operating lease liabilities

 

 

72,162

 

 

 

76,608

 

Other long-term liabilities

 

 

25,706

 

 

 

26,224

 

Deferred tax liabilities

 

 

105

 

 

 

109

 

Total liabilities

 

 

2,755,433

 

 

 

2,578,166

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

Stockholders’ (Deficit) 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; 18,021 shares issued and 9,337 shares outstanding, and 18,006 shares issued and 9,322 shares outstanding, respectively

 

 

18

 

 

 

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

 

 

1,760,288

 

 

 

1,727,143

 

Treasury stock, at cost; 8,684 shares

 

 

(782,104

)

 

 

(782,104

)

Accumulated other comprehensive loss

 

 

(13,665

)

 

 

(7,543

)

(Accumulated deficit) retained earnings

 

 

(1,151,607

)

 

 

41,442

 

Total stockholders’ (deficit) equity

 

 

(187,068

)

 

 

978,958

 

Total liabilities and stockholders’ (deficit) equity

 

$

2,568,365

 

 

$

3,557,124

 

 

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

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

Product licenses

 

$

20,129

 

 

$

22,151

 

Subscription services

 

 

14,017

 

 

 

10,342

 

Total product licenses and subscription services

 

 

34,146

 

 

 

32,493

 

Product support

 

 

66,521

 

 

 

71,027

 

Other services

 

 

21,406

 

 

 

21,831

 

Total revenues

 

 

122,073

 

 

 

125,351

 

Cost of revenues:

 

 

 

 

 

 

 

 

Product licenses

 

 

431

 

 

 

419

 

Subscription services

 

 

5,498

 

 

 

3,810

 

Total product licenses and subscription services

 

 

5,929

 

 

 

4,229

 

Product support

 

 

5,127

 

 

 

4,862

 

Other services

 

 

14,148

 

 

 

13,947

 

Total cost of revenues

 

 

25,204

 

 

 

23,038

 

Gross profit

 

 

96,869

 

 

 

102,313

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

36,862

 

 

 

40,321

 

Research and development

 

 

31,790

 

 

 

28,548

 

General and administrative

 

 

28,502

 

 

 

22,917

 

Digital asset impairment losses

 

 

917,838

 

 

 

424,774

 

Total operating expenses

 

 

1,014,992

 

 

 

516,560

 

Loss from operations

 

 

(918,123

)

 

 

(414,247

)

Interest expense, net

 

 

(13,187

)

 

 

(4,401

)

Other income (expense), net

 

 

5,120

 

 

 

(897

)

Loss before income taxes

 

 

(926,190

)

 

 

(419,545

)

Provision for (benefit from) income taxes

 

 

136,108

 

 

 

(120,198

)

Net loss

 

$

(1,062,298

)

 

$

(299,347

)

Basic loss per share (1)

 

$

(94.01

)

 

$

(30.71

)

Weighted average shares outstanding used in computing basic loss per share

 

 

11,300

 

 

 

9,746

 

Diluted loss per share (1)

 

$

(94.01

)

 

$

(30.71

)

Weighted average shares outstanding used in computing diluted loss per share

 

 

11,300

 

 

 

9,746

 

 

(1)

Basic and fully diluted loss 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 OPERATIONS

(in thousands, except per share data)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Revenues:

 

 

 

 

 

 

 

 

Product licenses

 

$

36,642

 

 

$

43,431

 

Subscription services

 

 

26,862

 

 

 

20,368

 

Total product licenses and subscription services

 

 

63,504

 

 

 

63,799

 

Product support

 

 

133,672

 

 

 

141,676

 

Other services

 

 

44,174

 

 

 

42,778

 

Total revenues

 

 

241,350

 

 

 

248,253

 

Cost of revenues:

 

 

 

 

 

 

 

 

Product licenses

 

 

908

 

 

 

907

 

Subscription services

 

 

10,908

 

 

 

7,438

 

Total product licenses and subscription services

 

 

11,816

 

 

 

8,345

 

Product support

 

 

10,318

 

 

 

9,674

 

Other services

 

 

28,747

 

 

 

27,568

 

Total cost of revenues

 

 

50,881

 

 

 

45,587

 

Gross profit

 

 

190,469

 

 

 

202,666

 

Operating expenses:

 

 

 

 

 

 

 

 

Sales and marketing

 

 

70,102

 

 

 

78,519

 

Research and development

 

 

65,313

 

 

 

58,031

 

General and administrative

 

 

55,208

 

 

 

44,646

 

Digital asset impairment losses

 

 

1,087,929

 

 

 

618,869

 

Total operating expenses

 

 

1,278,552

 

 

 

800,065

 

Loss from operations

 

 

(1,088,083

)

 

 

(597,399

)

Interest expense, net

 

 

(24,226

)

 

 

(6,797

)

Other income, net

 

 

7,345

 

 

 

367

 

Loss before income taxes

 

 

(1,104,964

)

 

 

(603,829

)

Provision for (benefit from) income taxes

 

 

88,085

 

 

 

(194,462

)

Net loss

 

$

(1,193,049

)

 

$

(409,367

)

Basic loss per share (1)

 

$

(105.64

)

 

$

(42.22

)

Weighted average shares outstanding used in computing basic loss per share

 

 

11,294

 

 

 

9,697

 

Diluted loss per share (1)

 

$

(105.64

)

 

$

(42.22

)

Weighted average shares outstanding used in computing diluted loss per share

 

 

11,294

 

 

 

9,697

 

 

(1)

Basic and fully diluted loss 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.

 

 

 

 

 

3


 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Net loss

 

$

(1,062,298

)

 

$

(299,347

)

Other comprehensive (loss) income, net of applicable taxes:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(4,113

)

 

 

397

 

Total other comprehensive (loss) income

 

 

(4,113

)

 

 

397

 

Comprehensive loss

 

$

(1,066,411

)

 

$

(298,950

)

 

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

(unaudited)

 

Net loss

 

$

(1,193,049

)

 

$

(409,367

)

Other comprehensive loss, net of applicable taxes:

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

(6,122

)

 

 

(1,439

)

Total other comprehensive loss

 

 

(6,122

)

 

 

(1,439

)

Comprehensive loss

 

$

(1,199,171

)

 

$

(410,806

)

 

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

 

 

4


 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY

(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, 2021

 

$

446,192

 

 

 

16,307

 

 

$

16

 

 

 

1,964

 

 

$

2

 

 

$

655,241

 

 

 

(8,684

)

 

$

(782,104

)

 

$

(3,885

)

 

$

576,922

 

Net loss

 

 

(110,020

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(110,020

)

Other comprehensive loss

 

 

(1,836

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(1,836

)

 

 

0

 

Issuance of class A common stock upon exercise of stock options

 

 

23,854

 

 

 

159

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

23,854

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Share-based compensation expense

 

 

6,848

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

6,848

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Balance at March 31, 2021

 

$

365,038

 

 

 

16,466

 

 

$

16

 

 

 

1,964

 

 

$

2

 

 

$

685,943

 

 

 

(8,684

)

 

$

(782,104

)

 

$

(5,721

)

 

$

466,902

 

Net loss

 

 

(299,347

)

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

(299,347

)

Other comprehensive income

 

 

397

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

397

 

 

 

0

 

Issuance of class A common stock upon exercise of stock options

 

 

244

 

 

 

2

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

244

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Share-based compensation expense

 

 

11,087

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

11,087

 

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Balance at June 30, 2021

 

$

77,419

 

 

 

16,468

 

 

$

16

 

 

 

1,964

 

 

$

2

 

 

$

697,274

 

 

 

(8,684

)

 

$

(782,104

)

 

$

(5,324

)

 

$

167,555

 

Net loss

 

 

(36,136

)

 

 

0

 

 

 

0