Strategy Inc Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue: Q4 total revenue was $134.5M, up 2.4% YoY (4.4% on constant currency basis).
  • Product License Revenue: $32.5M, a 9% increase YoY (13% constant currency).
  • Subscription Services Revenue: $11.8M, up 35% YoY, driven by cloud adoption (also 35% constant currency).
  • Current Subscription Billings: $24.3M, a 53% increase YoY; seventh consecutive quarter of double-digit growth.
  • Full-Year 2021 Revenue: $510.8M, up 6.2% YoY – first annual revenue growth since 2014.
  • Product License Revenue (Full-Year): Up 17% – first growth since 2013.
  • Subscription Revenue (Full-Year): Up 30% YoY. Annual subscription billings grew 39% YoY to $55.4M – record high for company.

Bitcoin Strategy & Holdings

  • Total Bitcoins Held (as of Jan 31, 2022): 125,051 acquired at a total cost of $3.78B (~$30,200/BTC).
  • Market Value (as of Jan 31, 2022): ~$4.8B based on $38,450 per BTC.
  • Bitcoin Acquired in Q4: 10,349 BTC (~$596M capital raised at $57,113 per BTC avg.).
  • Most Recent Purchase: 660 BTC in January 2022 using $25M in excess cash at $37,865 per BTC avg.

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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 MicroStrategy's 2021 Fourth 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, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various factors -- important factors, including the risk factors discussed in our most recent 10-Q filed with the SEC. We assume no obligation to update these forward-looking statements, which speak only as of today. Also, during today's call, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today and are available on our website at www.microstrategy.com. With that, I will turn the call over to Michael Saylor, Chairman and CEO of MicroStrategy. Michael? Michael Saylor : Thank you, Shirish. I'm Michael Saylor. I'm the Chairman and CEO of MicroStrategy. I'd like to welcome all of you to today's webinar regarding our 2021 fourth quarter financial results. I'm here with Phong Le, our President and Chief Financial Officer. First, I'd like to pass the floor to Phong, who's going to provide an update on our operations a

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