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MicroStrategy Announces Third Quarter 2012 Financial Results

Diluted Earnings per Share of $0.43

TYSONS CORNER, Va., Oct. 29, 2012 /PRNewswire/ -- MicroStrategy® Incorporated (Nasdaq: MSTR), a leading global provider of business intelligence (BI) software, today announced financial results for the three-month period ended September 30, 2012 (the third quarter of its 2012 fiscal year).

Third quarter 2012 revenues were $143.2 million versus $141.7 million for the third quarter of 2011, a 1% increase.  Product licenses revenues for the third quarter of 2012 were $31.7 million versus $39.3 million for the third quarter of 2011, a 19% decrease.  Product support and other services revenues for MicroStrategy's core BI business for the third quarter of 2012 were $104.3 million versus $96.6 million for the third quarter of 2011, an 8% increase. 

Operating expenses for the third quarter of 2012 were $99.0 million versus $103.5 million for the third quarter of 2011, a 4% decrease. The decrease in operating expenses was primarily driven by a reduction in sales and marketing expense.  In addition, during the third quarter of 2012, MicroStrategy capitalized $3.1 million in costs associated with the development of its MicroStrategy 9.3 software versus $0.5 million in costs capitalized during the third quarter of 2011 associated with the development of its MicroStrategy 9.2.1 software.

Net income for the third quarter of 2012 was $4.8 million, or $0.43 per share on a diluted basis, compared to $4.9 million, or $0.44 per share on a diluted basis, for the third quarter of 2011.  Third quarter 2011 net income included a $3.4 million pre-tax gain on the sale of an equity investment.

As of September 30, 2012, MicroStrategy had cash and cash equivalents of $216.6 million versus $199.6 million as of December 31, 2011, an increase of $17.0 million.  As of September 30, 2012, MicroStrategy had 8,997,703 shares of class A common stock and 2,227,327 shares of class B common stock outstanding.

Third Quarter Highlights in Big Data, Mobile Applications, Cloud-based BI, and Social Intelligence Technologies

In the third quarter of 2012, MicroStrategy continued to work to provide visionary thought leadership, innovative new products, and superior service to its customers as they grappled with the challenges and opportunities posed by Big Data, Mobile Applications, Cloud-based BI, and Social Intelligence.  In the third quarter, MicroStrategy announced:

  • The general availability of MicroStrategy 9.3™, the new release of the Company's core business intelligence platform. MicroStrategy 9.3 includes dozens of powerful new capabilities and improvements to Visual Insight, MicroStrategy's data discovery software, increased support for advanced analytics from 'R' – an open source language for predictive analysis – and improved connectivity to Hadoop®.  In addition, MicroStrategy 9.3 delivers a high speed "Google-like" search experience and introduces an innovative, new administration product, MicroStrategy System Manager™, for automating manual, multi-step processes.  Taken together, these enhancements help ensure that business people receive critical business information at the right time for making better business decisions.
  • The beta release of MicroStrategy Cloud Express™, a SaaS-based BI solution that enables anyone – regardless of organizational size or technical skill – to automate publication of personalized, pixel-perfect reports and dashboards to any size group, and to deploy powerful data-driven mobile apps to thousands of users within days.  The addition of MicroStrategy Cloud Express adds a new service level to the MicroStrategy Cloud™, which first became generally available in 2011 with Personal and Platform service options.
  • The general availability of MicroStrategy Wisdom Professional™.  MicroStrategy Wisdom Professional is an analytical application that can explore a wide spectrum of data contained in Facebook about consumers, including their demographics, interests, activities, and preferences.  MicroStrategy Wisdom Professional provides businesses with unique intelligence on the demographics, interests, and social graph of more than 15 million anonymous Facebook users.  Businesses using MicroStrategy Wisdom Professional can uncover details about their fans as well as those of their competitors.  To sign up for a free trial of MicroStrategy Wisdom Professional, visit: www.microstrategy.com/wisdompro/.

In October 2012, MicroStrategy received the highest ranking in numerous key performance indicators (KPIs) in The BI Survey 12, a comprehensive survey of companies using business intelligence software products.  The BI Survey 12, conducted by the Germany-based Business Application Research Center (BARC), is the world's largest independent survey of business intelligence and performance management users, with 2,775 respondents.  According to Dr. Carsten Bange, Founder and CEO of BARC, "[o]ver a number of consecutive BI Surveys, MicroStrategy has consistently scored at or near the top of its peer group in Performance, Customer Satisfaction and Innovation.  This trend has continued in the BI Survey 12.  This is a reflection of MicroStrategy's continued focus on the quality and performance of the platform as well as its dedication to its customers' success."

Examples of Customer Deals from Q3 2012

Domino's Pizza

Domino's Pizza, the recognized world leader in pizza delivery, has chosen to expand its deployment of the MicroStrategy Business Intelligence Platform™.  Domino's Pizza plans to leverage MicroStrategy's Mobile App Platform to enable field and home office leaders to access actionable information anywhere at any time.  Domino's Pizza will also expand its use of MicroStrategy Visual Insight to provide their customer insights team with better visibility into the habits of its customers.  According to Domino's Pizza, MicroStrategy's flexible and robust platform helps the company turn data into information and information into actionable insight.

GolfNow

GolfNow offers the best in tee times and course selection across the US, Canada, Ireland and Scotland through easy and convenient booking methods.  GolfNow is leveraging MicroStrategy to run visually engaging dashboards and reports about the status of tee times, and is using that insight to increase retail bookings and revenue.  GolfNow plans to roll out the MicroStrategy platform to its 4,000 golf course partners so they have the insight they need to easily track tee times and improve their deals to their golfing clientele.  Using MicroStrategy, GolfNow can provide golf courses with reporting capabilities that the average golf course would not otherwise have.

Clarity

Established in 1994, Clarity is an award winning global organization that helps service providers simplify the operations and management of their communication networks.  Clarity selected MicroStrategy to deliver an active quality management system for strategic carrier service providers.  With MicroStrategy's mobile app development platform, Clarity will be able to deploy the system rapidly and seamlessly for their service providers. MicroStrategy was selected for its ease-of-use, mobile app development platform and dashboard reporting capability.

Zetta Consultants

Zetta Consultants is a Malaysian-based strategy consulting and professional services firm that helps clients to develop and utilize strategic, innovative and technological solutions to reap sustainable business competitive advantage.  Zetta Consultants selected MicroStrategy for its enterprise business intelligence and mobile app development platforms.  Zetta plans to deploy MicroStrategy to its clients so that they can access dashboards about their operational efficiencies and make more informed decisions about their operations on their mobile devices.  MicroStrategy was chosen because of its product's ease-of-use, scalability, and above all, outstanding customer service.

About MicroStrategy Incorporated

Founded in 1989, MicroStrategy is a leading global provider of enterprise software platforms for business intelligence (BI), mobile intelligence, and social intelligence applications.  MicroStrategy's BI platform enables leading organizations worldwide to analyze the vast amounts of data stored across their enterprises to make better business decisions.  Companies choose MicroStrategy BI for its ease-of-use, sophisticated analytics, and superior data and user scalability.  MicroStrategy's mobile intelligence platform helps companies and organizations build, deploy, and maintain mobile apps across a range of solutions by embedding intelligence, transactions, and multimedia into apps.  MicroStrategy's social intelligence platform includes a number of applications that help enterprises harness the power of social networks for marketing and e-commerce, as well as a suite of free consumer friendly apps that use MicroStrategy's enterprise technologies.  The MicroStrategy Cloud offering combines MicroStrategy and third-party software, hardware, and services to enable rapid, cost-effective development of hosted BI, mobile, and social applications.  To learn more about MicroStrategy (Nasdaq: MSTR), visit www.microstrategy.com and follow us on Facebook (http://www.facebook.com/microstrategy) and Twitter (http://www.twitter.com/microstrategy).

MicroStrategy, MicroStrategy Business Intelligence Platform, MicroStrategy 9, MicroStrategy Cloud, MicroStrategy Cloud Express, MicroStrategy System Manager, and MicroStrategy Wisdom Professional are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries.  Other product and company names mentioned herein may be the trademarks of their respective owners.

This press release may include statements that may constitute "forward-looking statements," including estimates of future business prospects or financial results and statements containing the words "believe," "estimate," "project," "expect," or similar expressions.  Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the "Company") to differ materially from the forward-looking statements.  Factors that could contribute to such differences include: the extent and timing of market acceptance of MicroStrategy's new offerings, including MicroStrategy 9.3, MicroStrategy Cloud Express, and MicroStrategy Wisdom Professional; the Company's ability to recognize revenue or deferred revenue through delivery of products or satisfactory performance of services; continued acceptance of the Company's other products in the marketplace; the timing of significant orders; delays in the Company's ability to develop or ship new products; competitive factors; general economic conditions, including significant downturns in industries, including the financial services and retail industries, in which we have a significant number of customers; currency fluctuations; and other risks detailed in the Company's registration statements and periodic reports filed with the Securities and Exchange Commission.  By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2012


2011


2012


2011



(unaudited)


(unaudited)


(unaudited)


(unaudited)

Revenues









Product licenses


$          31,736


$          39,262


$        101,079


$        100,072

Product support and other services


111,494


102,442


329,074


301,812

  Total revenues


143,230


141,704


430,153


401,884










Cost of revenues









Product licenses


1,059


2,284


4,187


6,514

Product support and other services


36,426


34,380


108,923


97,854

  Total cost of revenues


37,485


36,664


113,110


104,368










Gross profit


105,745


105,040


317,043


297,516










Operating expenses









Sales and marketing


52,069


61,451


160,615


173,904

Research and development


23,465


20,434


67,857


50,306

General and administrative


23,498


21,618


71,911


67,218

  Total operating expenses


99,032


103,503


300,383


291,428










Income from operations before









financing and other income and income taxes


6,713


1,537


16,660


6,088










Financing and other (expense) income 









Interest income, net


41


18


91


139

Gain on sale of investment


-


3,371


-


3,371

Other (expense) income, net


(113)


969


738


22

  Total financing and other (expense) income


(72)


4,358


829


3,532










Income from operations before income taxes


6,641


5,895


17,489


9,620

  Provision for income taxes


1,878


974


5,183


680










Net income


$           4,763


$           4,921


$        12,306


$           8,940










Basic earnings per share (1)


$             0.43


$             0.46


$             1.13


$             0.84

Weighted average shares outstanding used in computing basic earnings per share


11,050


10,729


10,911


10,703










Diluted earnings per share (1)


$             0.43


$             0.44


$             1.10


$             0.81

Weighted average shares outstanding used in computing diluted earnings per share


11,197


11,072


11,137


11,061










(1) Basic and fully diluted earnings per share for class A and class B common stock are the same.














 

 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)
















Core BI Business


Angel.com


Consolidated



Three Months Ended


Three Months Ended


Three Months Ended



September 30,


September 30,


September 30,



2012


2011


2012


2011


2012


2011



(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)














Revenues













Product licenses


$             31,736


$             39,262


$                   -


$                   -


$             31,736


$             39,262

Product support and other services


104,344


96,561


-


-


104,344


96,561

Angel.com services


-


-


7,150


5,881


7,150


5,881

  Total revenues


136,080


135,823


7,150


5,881


143,230


141,704














Cost of revenues













Product licenses


1,059


2,284


-


-


1,059


2,284

Product support and other services


33,788


31,478


-


-


33,788


31,478

Angel.com services


-


-


2,638


2,902


2,638


2,902

  Total cost of revenues


34,847


33,762


2,638


2,902


37,485


36,664

Gross profit


101,233


102,061


4,512


2,979


105,745


105,040














Operating expenses













Sales and marketing


49,551


58,494


2,518


2,957


52,069


61,451

Research and development


21,920


19,144


1,545


1,290


23,465


20,434

General and administrative


22,460


20,793


1,038


825


23,498


21,618

  Total operating expenses


93,931


98,431


5,101


5,072


99,032


103,503














Income (loss) from operations before













financing and other income and income taxes


7,302


3,630


(589)


(2,093)


6,713


1,537














Financing and other (expense) income













Interest income, net


41


18


-


-


41


18

Gain on sale of investment


-


3,371


-


-


-


3,371

Other (expense) income, net


(112)


925


(1)


44


(113)


969

  Total financing and other (expense) income


(71)


4,314


(1)


44


(72)


4,358

Income (loss) from operations before income taxes


$             7,231


$             7,944


$             (590)


$          (2,049)


$             6,641


$              5,895

  Provision for income taxes










1,878


974














Net income










$             4,763


$              4,921














Basic earnings per share










$               0.43


$                0.46

Weighted average shares outstanding used in computing basic earnings per share






11,050


10,729














Diluted earnings per share










$               0.43


$                0.44

Weighted average shares outstanding used in computing diluted earnings per share






11,197


11,072



























 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)
















Core BI Business


Angel.com


Consolidated



Nine Months Ended


Nine Months Ended


Nine Months Ended



September 30,


September 30,


September 30,



2012


2011


2012


2011


2012


2011



(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)


(unaudited)














Revenues













Product licenses


$           101,079


$           100,072


$                   -


$                   -


$           101,079


$           100,072

Product support and other services


308,659


283,127


-


-


308,659


283,127

Angel.com services


-


-


20,415


18,685


20,415


18,685

  Total revenues


409,738


383,199


20,415


18,685


430,153


401,884














Cost of revenues













Product licenses


4,187


6,514


-


-


4,187


6,514

Product support and other services


100,450


89,385


-


-


100,450


89,385

Angel.com services


-


-


8,473


8,469


8,473


8,469

  Total cost of revenues


104,637


95,899


8,473


8,469


113,110


104,368

Gross profit


305,101


287,300


11,942


10,216


317,043


297,516














Operating expenses













Sales and marketing


153,385


164,876


7,230


9,028


160,615


173,904

Research and development


63,111


46,917


4,746


3,389


67,857


50,306

General and administrative


69,192


64,949


2,719


2,269


71,911


67,218

  Total operating expenses


285,688


276,742


14,695


14,686


300,383


291,428














Income (loss) from operations before













financing and other income and income taxes


19,413


10,558


(2,753)


(4,470)


16,660


6,088














Financing and other income (expense)













Interest income (expense), net


93


139


(2)


-


91


139

Gain on sale of investment


-


3,371


-


-


-


3,371

Other income (expense), net


764


55


(26)


(33)


738


22

  Total financing and other income (expense)


857


3,565


(28)


(33)


829


3,532

Income (loss) from operations before income taxes


$           20,270


$           14,123


$          (2,781)


$          (4,503)


$           17,489


$              9,620

  Provision for income taxes










5,183


680














Net income










$           12,306


$              8,940














Basic earnings per share










$               1.13


$                0.84

Weighted average shares outstanding used in computing basic earnings per share






10,911


10,703














Diluted earnings per share










$               1.10


$                0.81

Weighted average shares outstanding used in computing diluted earnings per share






11,137


11,061



























 

MICROSTRATEGY INCORPORATED

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)








September 30,


December 31,



2012


2011*

Assets


(unaudited)



Current assets





  Cash and cash equivalents


$         216,609


$         199,634

  Restricted cash and short-term investments

228


289

  Accounts receivable, net


75,474


94,723

  Prepaid expenses and other current assets

16,601


17,043

  Deferred tax assets, net


26,585


31,516

Total current assets


335,497


343,205






Property and equipment, net


101,675


95,311

Capitalized software development costs, net

11,713


7,031

Deposits and other assets


4,807


5,306

Deferred tax assets, net


2,248


2,998

Total Assets


$         455,940


$         453,851






Liabilities and Stockholders' Equity




Current liabilities





  Accounts payable and accrued expenses

$           40,044


$           46,401

  Accrued compensation and employee benefits

62,368


68,308

  Deferred revenue and advance payments

102,383


103,199

  Deferred tax liabilities


340


485

Total current liabilities


205,135


218,393






Deferred revenue and advance payments

9,676


10,841

Other long-term liabilities


44,400


45,141

Deferred tax liabilities


6,312


10,498






Total Liabilities


265,523


284,873






Stockholders' Equity





  Preferred stock undesignated, $0.001 par value; 5,000 shares authorized;




      no shares issued or outstanding


-


-

  Class A common stock, $0.001 par value; 330,000 shares authorized;




    15,403 shares issued and 8,998 shares outstanding, and 14,810 shares




     issued and 8,405 shares outstanding, respectively

15


15

  Class B common stock, $0.001 par value; 165,000 shares authorized;




     2,227 and 2,378 shares issued and outstanding, respectively

2


2

  Additional paid-in capital


466,793


457,837

  Treasury stock, at cost; 6,405 shares

(475,184)


(475,184)

  Accumulated other comprehensive loss

(1,875)


(2,052)

  Retained earnings


200,666


188,360

Total Stockholders' Equity


190,417


168,978

Total Liabilities and Stockholders' Equity

$        455,940


$        453,851






*Derived from audited financial statements.









 

MICROSTRATEGY INCORPORATED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)







Nine Months Ended






September 30,






2012


2011






(unaudited)


(unaudited)

Operating activities:






Net income


$      12,306


$        8,940


Adjustments to reconcile net income to net cash provided by operating activities:







Depreciation and amortization


17,702


12,905



Bad debt expense


4,863


941



Deferred taxes


1,275


(2,734)



Excess tax benefits from share-based compensation arrangements


-


(3,791)



Gain on sale of investment


-


(3,371)


Changes in operating assets and liabilities:







Accounts receivable


14,554


4,389



Prepaid expenses and other current assets


(2,314)


4,960



Deposits and other assets


544


(316)



Accounts payable and accrued expenses


1,554


(762)



Accrued compensation and employee benefits


(6,048)


(5,261)



Deferred revenue and advance payments


(1,839)


11,411



Other long-term liabilities


(1,410)


5,065




Net cash provided by operating activities


41,187


32,376









Investing activities:






Proceeds from sale of investment


-


3,371


Purchases of property and equipment


(28,011)


(29,128)


Capitalized software development costs


(8,148)


(5,907)


Insurance proceeds


3,206


5,675


Decrease (increase) in restricted cash and investments


74


(161)




Net cash used in investing activities


(32,879)


(26,150)









Financing activities:






Proceeds from sale of class A common stock under exercise of employee stock options


8,957


2,207


Excess tax benefits from share-based compensation arrangements


-


3,791


Payments on capital lease obligations


(256)


-




Net cash provided by financing activities


8,701


5,998









Effect of foreign exchange rate changes on cash and cash equivalents


(34)


(21)

Net increase in cash and cash equivalents


16,975


12,203

Cash and cash equivalents, beginning of period


199,634


174,097

Cash and cash equivalents, end of period


$    216,609


$    186,300

















MSTR-F

Contact:
MicroStrategy Incorporated
Investor Relations   
[email protected]   
(703) 848-8600

SOURCE MicroStrategy Incorporated

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In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, discussed the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information.
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.