Strategy Inc Q1 FY2024 Earnings Call
· Earnings call transcript and AI-powered summary
MicroStrategy Q1 2024 Earnings Summary
- Total Revenue: $115.2 million, down 5% year-over-year (YoY), attributed to the ongoing shift from on-premise licensed software to cloud subscription services.
- Subscription Services Revenue: $23 million, up 22% YoY and comprising 20% of total revenue.
- On-Prem License Revenue: $12.9 million, down 26% YoY, reflecting the shift to cloud services.
- Software Business Profitability: Non-GAAP operating income was $6.9 million. Excluding one-time payroll taxes due to stock options, adjusted operating income was $14.3 million.
- Cloud Adoption: Non-GAAP subscription billings grew 30% to $17.7 million in Q1, marking the fourth consecutive quarter of double-digit cloud bookings growth.
Bitcoin Holdings & Strategy
- Total Bitcoin Held: 214,400 BTC as of April 26, 2024, making MicroStrategy the largest corporate holder of Bitcoin globally.
- Q1 2024 Bitcoin Purchases: 25,128 BTC acquired for $1.6 billion at an average price of $65,232.
- Bitcoin Market Value: Approximately $14 billion as of reporting, up from ~$8 billion at the beginning of the year due to price appreciation.
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