Strategy Inc Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights (Q1 2023 vs. Q1 2022)
  • Total Revenue: $121.9M, up 2% year-over-year (6% at constant currency)
  • Total Software License Revenue: $36.2M, up 23% YoY (29% at constant currency)
  • Subscription Services Revenue: $18.8M, up 46% YoY (52% at constant currency)
  • Subscription Billings: $13.7M, up 19% YoY (lower than 39% growth in FY2022)
  • Product License Revenue: $17.4M, up 5% YoY
  • Product Support Revenue: $65.5M, down 2.5% YoY (flat at constant currency)
  • Other Services Revenue: $20.2M, down 11% YoY (8% at constant currency), attributed to reduced consulting revenue
  • Non-GAAP Operating Loss: $3M (includes a $19M Bitcoin impairment charge)
  • Current Software License Billings: $28.7M, up 2% YoY
Bitcoin Holdings and Strategy Update
  • Q1 Bitcoin Acquisition: 7,500 BTC acquired for $179M ($23,900 per BTC)
  • Total BTC Holdings as of March 31, 2023: 140,000 BTC purchased for a total cost of $4.2B (average cost of $29,800/BTC)
  • Impairment Charges (Q1 2023): $19M vs. $170M in Q1 2022

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Shirish Jajodia: Hello, everyone, and good evening. I'm Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. I will be your moderator for MicroStrategy's 2023 First Quarter Earnings Webinar. Before we proceed, I will read the Safe Harbor statement. Some of the information we provide during today's call regarding our future expectations [Technical Difficulty]. Phong Le: Thank you, Shirish. Hello, everyone. I'd like to welcome you all to our 2023 first quarter earnings call. We're excited to be reporting live for MicroStrategy World 2023 in Orlando, Florida. We've had a successful day one of the event today, and we're excited to see our customers, partners and employees all in person for the first time since 2020 and share our passion for BI, bitcoin and innovation. The business intelligence track tomorrow will feature MicroStrategy One and features keynotes, including how we are integrating augmented analytics, artificial intelligence to drive innovative experiences. We'll also showcase how some of the world's best brands use MicroStrategy to break through and achieve extraordinary results. This includes keynote presentations from Hilton, Sony and Amica Insurance. The Bitcoin for Corporations track on Wednesday and Lightning for Corporations track on Thursday will feature keynotes from notable institutions and industry luminaries highlighting the advantages of integrating Bitcoin and Lightning as a part of their corporate treasury and product of

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