2015 Form 10-K Financial Statement

#000119312516479811 Filed on February 26, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $529.9M $148.9M $151.2M
YoY Change -8.62% -10.25% 6.54%
Cost Of Revenue $101.1M $31.60M $34.95M
YoY Change -25.22% -4.24% 5.11%
Gross Profit $428.8M $117.2M $116.2M
YoY Change -3.57% -11.79% 6.98%
Gross Profit Margin 80.92% 78.75% 76.88%
Selling, General & Admin $229.3M $67.00M $83.01M
YoY Change -28.68% -24.21% 10.58%
% of Gross Profit 53.47% 57.15% 71.4%
Research & Development $65.21M $13.90M $28.66M
YoY Change -36.91% -46.54% 30.4%
% of Gross Profit 15.21% 11.86% 24.65%
Depreciation & Amortization $21.21M $6.000M $6.000M
YoY Change -16.13% -11.76% -7.69%
% of Gross Profit 4.95% 5.12% 5.16%
Operating Expenses $294.7M $80.90M $123.2M
YoY Change -32.94% -29.28% 27.0%
Operating Profit $134.0M $36.34M -$6.994M
YoY Change 2525.82% 96.28% -160.16%
Interest Expense $284.0K $800.0K $53.00K
YoY Change 75.31% -900.0% -33.75%
% of Operating Profit 0.21% 2.2%
Other Income/Expense, Net $3.558M $1.700M $4.928M
YoY Change -38.5% -241.67% -253.38%
Pretax Income $137.9M $35.60M -$2.013M
YoY Change 1147.53% 105.78% -123.7%
Income Tax $31.93M $13.00M -$1.168M
% Of Pretax Income 23.16% 36.52%
Net Earnings $105.9M $22.70M -$845.0K
YoY Change 2003.89% 40.57% -104.93%
Net Earnings / Revenue 19.99% 15.25% -0.56%
Basic Earnings Per Share $9.33 $2.01 -$0.07
Diluted Earnings Per Share $9.18 $1.99 -$0.07
COMMON SHARES
Basic Shares Outstanding 11.36M 11.30M shares
Diluted Shares Outstanding 11.54M 11.30M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $485.7M $345.5M $354.6M
YoY Change 40.58% -3.33% 3.11%
Cash & Equivalents $292.3M $146.9M $136.0M
Short-Term Investments $193.3M $198.5M $218.6M
Other Short-Term Assets $11.50M $38.30M $52.20M
YoY Change -69.97% 5.22% 50.0%
Inventory
Prepaid Expenses
Receivables $68.20M $78.63M $57.51M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $565.3M $462.4M $464.3M
YoY Change 22.25% -3.66% 5.12%
LONG-TERM ASSETS
Property, Plant & Equipment $65.70M $77.85M $81.54M
YoY Change -15.66% -8.89% -8.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.10M $5.100M $5.500M
YoY Change 98.04% -47.96% -45.0%
Total Long-Term Assets $91.60M $96.43M $95.48M
YoY Change -4.98% -8.65% -14.01%
TOTAL ASSETS
Total Short-Term Assets $565.3M $462.4M $464.3M
Total Long-Term Assets $91.60M $96.43M $95.48M
Total Assets $656.9M $558.8M $559.7M
YoY Change 17.56% -4.56% 1.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.80M $35.50M $34.60M
YoY Change -10.42% -11.03% -6.23%
Accrued Expenses $40.10M $52.90M $67.00M
YoY Change -24.2% -33.46% 3.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $172.7M $197.3M $222.5M
YoY Change -12.47% -15.51% 1.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $28.90M $22.68M $23.21M
YoY Change -13.73% -11.1% -12.76%
Total Long-Term Liabilities $28.90M $22.68M $23.21M
YoY Change -13.73% -11.1% -12.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $172.7M $197.3M $222.5M
Total Long-Term Liabilities $28.90M $22.68M $23.21M
Total Liabilities $201.6M $234.3M $260.7M
YoY Change -13.96% -14.85% 0.03%
SHAREHOLDERS EQUITY
Retained Earnings $297.3M $274.6M
YoY Change 1.72% -0.55%
Common Stock $506.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $475.2M $475.2M
YoY Change 0.0% 0.0%
Treasury Stock Shares 6.405M shares 6.405M shares
Shareholders Equity $455.3M $324.5M $299.1M
YoY Change
Total Liabilities & Shareholders Equity $656.9M $558.8M $559.7M
YoY Change 17.56% -4.56% 1.28%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $105.9M $22.70M -$845.0K
YoY Change 2003.89% 40.57% -104.93%
Depreciation, Depletion And Amortization $21.21M $6.000M $6.000M
YoY Change -16.13% -11.76% -7.69%
Cash From Operating Activities $149.7M -$1.700M $1.900M
YoY Change 925.34% -111.11% -93.91%
INVESTING ACTIVITIES
Capital Expenditures $3.484M -$6.700M -$9.900M
YoY Change -71.9% 509.09% 110.64%
Acquisitions
YoY Change
Other Investing Activities $5.400M $21.00M $36.20M
YoY Change -108.81% -50.7% -170.84%
Cash From Investing Activities -$7.681M $14.30M $26.30M
YoY Change -90.65% -65.62% -147.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.178M 500.0K -1.700M
YoY Change -724.35% -266.67% 0.0%
NET CHANGE
Cash From Operating Activities 149.7M -1.700M 1.900M
Cash From Investing Activities -7.681M 14.30M 26.30M
Cash From Financing Activities 9.178M 500.0K -1.700M
Net Change In Cash 145.4M 13.10M 26.50M
YoY Change -310.76% -76.86% -200.38%
FREE CASH FLOW
Cash From Operating Activities $149.7M -$1.700M $1.900M
Capital Expenditures $3.484M -$6.700M -$9.900M
Free Cash Flow $146.2M $5.000M $11.80M
YoY Change 6546.14% -69.51% -67.13%

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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2013 mstr Reclassification Of Foreign Currency Translation Adjustment From Other Comprehensive Income
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CY2013 mstr Effective Income Tax Rate Reconciliation Withholding Tax
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CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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0.025 pure
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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0.44
CY2014 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.008 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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0.137 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350 pure
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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0
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
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22322000
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162000
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370050000
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1000
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5035000
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5300000
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1503000
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12400000
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1300000
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0
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11051000
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2326000
CY2014 us-gaap Revenues
Revenues
579830000
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135853000
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276000
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1682000
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53000
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6300000
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1855000
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2379000
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6957000
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DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation
0
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135210000
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25295000
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IncomeTaxExpenseBenefit
6016000
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3000000
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CurrentIncomeTaxExpenseBenefit
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96452000
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-1315000
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856000
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CY2014 mstr Future Minimum Purchase Commitments By Customers
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CY2014 mstr Release Of Liability For Unrecognized Tax Benefits
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0
CY2015 dei Document Type
DocumentType
10-K
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P6Y3M18D
CY2015 us-gaap Revenue Recognition Deferred Revenue
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>(k) Deferred Revenue and Advance Payments</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">Deferred revenue and advance payments related to product support, subscription services, and other services result from payments received prior to the performance of services for technical support, subscription, consulting, and education. Deferred revenue and advance payments related to product licenses result primarily from multiple-element arrangements that include future deliverables. Deferred revenue comprises deferred product licenses and subscription services, deferred product support, or other services revenue based on the objective fair value of the multiple elements of the arrangement, except for software licenses for which the Company does not have an objective measure of fair value. The Company offsets its accounts receivable and deferred revenue for any billed and unpaid items included in deferred revenue and advance payments.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">As of December&#xA0;31, 2015, the Company has entered into certain additional agreements that include future minimum commitments by the Company&#x2019;s customers to purchase products, subscription services, product support, or other services through 2020 totaling approximately $127.5 million. As of December&#xA0;31, 2014, the future minimum commitments by the Company&#x2019;s customers to purchase products, subscription services, product support, or other services through 2019 totaled approximately $136.4 million. These future commitments are not included in deferred revenue balances. Revenue relating to such agreements will be recognized during the period in which all revenue recognition criteria are met. The timing and ultimate recognition of any revenue from such customer purchase commitments depend on the customers&#x2019; meeting their future purchase commitments and the Company&#x2019;s ability to meet its associated performance obligations related to those purchase commitments.</p> </div>
CY2015 dei Trading Symbol
TradingSymbol
MSTR
CY2015 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
EffectiveIncomeTaxRateReconciliationRepatriationOfForeignEarnings
0.005 pure
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0001050446
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.390 pure
CY2015 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
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0.017 pure
CY2015 us-gaap Stock Repurchase Program Expiration Date
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2018-04-29
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--12-31
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P2Y8M12D
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.06 pure
CY2015 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>(r) Concentrations of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, short-term investments, foreign currency forward contracts, and accounts receivable. The Company places its cash equivalents and enters into foreign currency forward contracts with high credit-quality financial institutions and invests its excess cash primarily in short-term investments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain safety and liquidity.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt" align="justify">The Company sells products and services to various companies across several industries throughout the world in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses. As of December&#xA0;31, 2015 and 2014, no individual customer accounted for 10% or more of net accounts receivable and for the years ended December&#xA0;31, 2015, 2014, and 2013, no individual customer accounted for 10% or more of revenue.</p> </div>
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.001 pure
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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178.93
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11355000 shares
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0.50 pure
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0.232 pure
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0.015 pure
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167000 shares
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9.18
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EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.140 pure
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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149699000
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EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.012 pure
CY2015 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
9.33
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
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AmendmentFlag
false
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105.25
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StockIssuedDuringPeriodSharesStockOptionsExercised
91000 shares
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P8Y4M24D
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73.86
CY2015 dei Entity Registrant Name
EntityRegistrantName
MICROSTRATEGY INC
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EarningsPerShareBasic
9.33
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>(b) Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt" align="justify">The preparation of the Consolidated Financial Statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. On an on-going basis, the Company evaluates its estimates, including, but not limited to, those related to revenue recognition, allowance for doubtful accounts, investments, derivative financial instruments, software development costs, fixed assets, intangible assets, variable compensation, restructuring costs, share-based compensation, income taxes, including the carrying value of deferred tax assets, and litigation and contingencies, including liabilities that the Company deems not probable of assertion. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets, liabilities, and equity that are not readily apparent from other sources. Actual results and outcomes could differ from these estimates and assumptions.</p> </div>
CY2015 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
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EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.003 pure
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
283750 shares
CY2015 us-gaap Nature Of Operations
NatureOfOperations
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>(1) Organization</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">MicroStrategy is a leading worldwide provider of enterprise software platforms. The Company&#x2019;s mission is to provide enterprise analytics, mobility, and security platforms that are flexible, powerful, scalable, and user-friendly.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">MicroStrategy 10 consolidates analytics, mobility, and security in a single integrated platform, available both as on-premises software and as a hosted service offering in MicroStrategy Secure Cloud. MicroStrategy&#x2019;s enterprise platform combines traditional business intelligence functionality with data discovery, mobile analytics, and powerful enterprise security. MicroStrategy 10 builds on proven enterprise capabilities to make sophisticated, high-performance analytics more accessible, easier to use, and faster. MicroStrategy 10 consists of MicroStrategy Analytics, MicroStrategy Mobile, and Usher.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">MicroStrategy Analytics empowers large organizations to analyze vast amounts of data and securely distribute actionable business insight throughout an enterprise, while also being able to cater to smaller workgroups and departmental use via MicroStrategy Desktop. MicroStrategy Analytics delivers reports and dashboards, and enables users to conduct ad hoc analysis and share insights anywhere, anytime, via mobile devices or the Web (via MicroStrategy Web). It also combines the agility and productivity of self-service visual data discovery with the security, scalability, and governance features of enterprise-grade business intelligence. MicroStrategy Analytics is available both as on-premises software and as a hosted service offering in MicroStrategy Secure Cloud. MicroStrategy Desktop is a standalone, on-premise visual data discovery tool designed to enable business users to analyze and understand their data. With MicroStrategy Desktop, smaller departments or individual business users can create stunning data visualizations and dashboards that provide new insight and new understanding in just minutes.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">MicroStrategy Mobile enables organizations to rapidly build custom business applications that deliver analytics combined with transactions, multimedia, mapping, and custom workflows to mobile devices. The powerful code-free platform approach is designed to reduce the costs of development and enable organizations to quickly deploy powerful mobile business apps. MicroStrategy Mobile is an easy, fast, and cost-effective vehicle for mobilizing an organization&#x2019;s information systems, including its data warehouses, business intelligence, ERP, CRM, and Web applications that are currently accessible only on the desktop. With MicroStrategy Mobile, businesses can transform their entire workforce into a connected and more productive mobile workforce using information-driven mobile apps that are significantly more robust and secure than their Web-only counterparts. With mobile access to critical corporate data and systems that drive the business, employees can have a virtual office in their hands at all times. MicroStrategy Mobile is available both as on-premises software and as a hosted service offering in MicroStrategy Secure Cloud.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">Usher, MicroStrategy&#x2019;s security solution, is a powerful mobile security platform designed to dematerialize traditional forms of identity verification (such as passwords, tokens, and physical badges) and replace them with a single mobile identity badge that is cryptographically linked to its owner&#x2019;s smartphone and dynamically linked to an enterprise&#x2019;s existing identity repositories. Usher works on standard smartphones running on iOS or the Android platform, and also boasts an Apple Watch integration. By delivering strong, multi-factor authentication that can be extended to nearly every corporate system, Usher&#x2019;s enterprise mobile security solution addresses some of the biggest challenges facing corporations today - including authentication, identity and access management, and resource authorization - while applying industry leading business intelligence and analytics to an enterprise&#x2019;s security infrastructure. Through the use of Bluetooth, QR codes, biometrics, push notifications, time-limited PIN codes, and other authentication methods, Usher users can log into applications, VPNs, and workstations, unlock doors and other physical gateways, and validate each other&#x2019;s identities. Usher can also be used as a powerful workforce management resource because it is designed to enable managers to gain a new real-time window into the activity of their distributed workforces, while providing powerful interactive features to manage or direct them. With the addition of Usher Professional, administrators can track user activity on a real-time map and communicate with users from the Usher application. Usher is available both as on-premises software and as a hosted service offering in MicroStrategy Secure Cloud.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">MicroStrategy Secure Cloud is a platform for organizations that want to harness the power of data through MicroStrategy&#x2019;s enterprise solutions via the cloud. Compared to traditional on-premises approaches, MicroStrategy Secure Cloud is architected to deliver best-of-breed MicroStrategy software via the cloud, with pre-configured, ready to go servers, coupled with the required supporting infrastructure with metadata databases, relational databases, and big data storage. With MicroStrategy Secure Cloud, customers can launch enterprise analytics environments within minutes and use the full MicroStrategy 10 offering on a subscription basis.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" align="justify">MicroStrategy Analytics, MicroStrategy Mobile, and MicroStrategy Secure Cloud, together with related product and support services, continue to generate the vast majority of our revenue. During 2015, 2014, and 2013, we did not generate significant revenues from Usher.</p> </div>
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