$MSTR
MICROSTRATEGY Inc

2021 Q1 Form 10-Q Financial Statement

#000156459021021949 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $122.9M $131.3M $111.4M
YoY Change 10.3% -1.66% -3.42%
Cost Of Revenue $22.50M $20.80M $24.50M
YoY Change -8.16% -15.45% -6.39%
Gross Profit $100.4M $110.5M $86.88M
YoY Change 15.51% 1.51% -2.59%
Gross Profit Margin 81.65% 84.17% 77.97%
Selling, General & Admin $59.90M $58.70M $60.90M
YoY Change -1.64% -19.92% -14.71%
% of Gross Profit 59.69% 53.11% 70.1%
Research & Development $29.50M $25.00M $26.10M
YoY Change 13.03% -3.85% -7.45%
% of Gross Profit 29.4% 22.62% 30.04%
Depreciation & Amortization $2.782M $4.000M $2.756M
YoY Change 0.94% -23.08% 66.32%
% of Gross Profit 2.77% 3.62% 3.17%
Operating Expenses $89.50M $83.60M $87.00M
YoY Change 2.87% -15.81% -12.63%
Operating Profit $10.85M $26.93M -$121.0K
YoY Change -9069.42% 180.71% -98.83%
Interest Expense $2.391M -$1.900M $1.900M
YoY Change 25.84% -179.17% -25.95%
% of Operating Profit 22.03% -7.05%
Other Income/Expense, Net $1.300M -$2.500M $400.0K
YoY Change 225.0% 4.17% -167.11%
Pretax Income -$184.3M -$4.000M $2.200M
YoY Change -8477.27% -141.24% -126.14%
Income Tax -$74.30M -$6.700M $1.600M
% Of Pretax Income 72.73%
Net Earnings -$110.0M $2.661M $657.0K
YoY Change -16845.81% -78.13% -108.31%
Net Earnings / Revenue -89.52% 2.03% 0.59%
Basic Earnings Per Share $0.28 $0.07
Diluted Earnings Per Share -$11.46M $0.27 $0.07
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.50M $59.70M $539.2M
YoY Change -84.7% -89.44% -2.16%
Cash & Equivalents $83.74M $59.68M $432.0M
Short-Term Investments $0.00 $109.9M
Other Short-Term Assets $16.30M $14.40M $27.80M
YoY Change -41.37% -37.66% -16.77%
Inventory
Prepaid Expenses
Receivables $150.6M $197.5M $124.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $250.8M $272.6M $693.1M
YoY Change -63.81% -63.82% -3.52%
LONG-TERM ASSETS
Property, Plant & Equipment $112.5M $42.98M $130.3M
YoY Change -13.66% -14.31% -8.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $133.3M $22.10M $25.90M
YoY Change 414.67% -19.34% -5.47%
Total Long-Term Assets $2.192B $1.193B $156.2M
YoY Change 1303.52% 631.34% -8.06%
TOTAL ASSETS
Total Short-Term Assets $250.8M $272.6M $693.1M
Total Long-Term Assets $2.192B $1.193B $156.2M
Total Assets $2.443B $1.466B $849.3M
YoY Change 187.66% 59.9% -4.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.80M $45.10M $32.50M
YoY Change 22.46% 85.6% 15.66%
Accrued Expenses $44.80M $49.20M $35.20M
YoY Change 27.27% -15.75% -23.14%
Deferred Revenue $199.0M $191.3M $184.9M
YoY Change 7.62% 2.21%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $283.6M $285.6M $252.6M
YoY Change 12.27% 5.86% -4.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.662B $486.4M $0.00
YoY Change
Other Long-Term Liabilities $130.7M $33.38M $135.2M
YoY Change -3.33% 9.81% -7.4%
Total Long-Term Liabilities $1.793B $519.7M $135.2M
YoY Change 1225.89% 1609.7% -7.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $283.6M $285.6M $252.6M
Total Long-Term Liabilities $1.793B $519.7M $135.2M
Total Liabilities $2.078B $912.6M $387.8M
YoY Change 435.84% 123.66% -5.41%
SHAREHOLDERS EQUITY
Retained Earnings $576.0M
YoY Change -1.29%
Common Stock $763.1M
YoY Change 28.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $782.1M
YoY Change 18.7%
Treasury Stock Shares $8.684M
Shareholders Equity $365.0M $553.0M $461.4M
YoY Change
Total Liabilities & Shareholders Equity $2.443B $1.466B $849.3M
YoY Change 187.66% 59.9% -4.39%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$110.0M $2.661M $657.0K
YoY Change -16845.81% -78.13% -108.31%
Depreciation, Depletion And Amortization $2.782M $4.000M $2.756M
YoY Change 0.94% -23.08% 66.32%
Cash From Operating Activities $62.70M $25.30M $29.07M
YoY Change 115.7% 194.19% 9.88%
INVESTING ACTIVITIES
Capital Expenditures $447.0K -$702.5M $661.0K
YoY Change -32.38% 87712.5% -89.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% -99.94%
Cash From Investing Activities -$1.087B -$702.5M -$589.0K
YoY Change 184419.86% -845.75% -100.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $50.75M
YoY Change -100.0% 5.19%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.049B 682.1M -50.41M
YoY Change -2181.57% -3014.96% 7.85%
NET CHANGE
Cash From Operating Activities 62.70M 25.30M 29.07M
Cash From Investing Activities -1.087B -702.5M -589.0K
Cash From Financing Activities 1.049B 682.1M -50.41M
Net Change In Cash 22.98M 4.900M -25.80M
YoY Change -189.07% -93.83% -117.33%
FREE CASH FLOW
Cash From Operating Activities $62.70M $25.30M $29.07M
Capital Expenditures $447.0K -$702.5M $661.0K
Free Cash Flow $62.26M $727.8M $28.41M
YoY Change 119.15% 7642.55% 38.95%

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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4875000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
655078000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1050000000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1724443000
CY2020Q1 mstr Maximum Amount Frozen Brazilian Subsidiary Bank Accounts
MaximumAmountFrozenBrazilianSubsidiaryBankAccounts
10000000.0
CY2020Q1 mstr Maximum Amount Frozen Brazilian Subsidiary Bank Accounts
MaximumAmountFrozenBrazilianSubsidiaryBankAccounts
2300000
CY2021Q1 us-gaap Liability For Uncertain Tax Positions Noncurrent
LiabilityForUncertainTaxPositionsNoncurrent
4600000
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4400000
CY2021Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
300000
CY2021Q1 mstr Deferred Tax Assets Liabilities Gross
DeferredTaxAssetsLiabilitiesGross
117805000
CY2020Q4 mstr Deferred Tax Assets Liabilities Gross
DeferredTaxAssetsLiabilitiesGross
-449000
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1345000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1259000
CY2021Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
116460000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
1708000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-74300000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.403
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1600000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.704
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q4 mstr Tax Cuts And Jobs Act Of2017 Provision For Transition Tax
TaxCutsAndJobsActOf2017ProvisionForTransitionTax
37200000
CY2017Q4 mstr Tax Cuts And Jobs Act Of2017 Provision For Transition Tax
TaxCutsAndJobsActOf2017ProvisionForTransitionTax
40300000
CY2018 mstr Measurement Period Adjustment To Reduce Transition Tax
MeasurementPeriodAdjustmentToReduceTransitionTax
-3100000
CY2021Q1 mstr One Time Transition Tax Future Minimum Payments Due
OneTimeTransitionTaxFutureMinimumPaymentsDue
28000000.0
CY2021Q1 mstr One Time Transition Tax First Payment Year
OneTimeTransitionTaxFirstPaymentYear
2018
CY2021Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
194100000
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Impairment Losses
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsImpairmentLosses
54300000
CY2021Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
22100000
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Revenues
Revenues
122902000
CY2021Q1 us-gaap Gross Profit
GrossProfit
100353000
CY2020Q1 us-gaap Revenues
Revenues
111424000
CY2020Q1 us-gaap Gross Profit
GrossProfit
86879000
CY2021Q1 us-gaap Noncurrent Assets
NoncurrentAssets
2074053000
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1186489000

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