Q1 2022 Financial Results - MicroStrategy

Q1 2022 Financial Results

May 3, 2022

Copyright ? 2022 MicroStrategy Incorporated. All Rights Reserved.

MicroStrategy Q1 2022 Earnings Call

Safe Harbor Statement

FORWARD-LOOKING STATEMENTS

Some of the information we provide in this presentation 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 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, in this presentation, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and the appendix of this presentation, which were issued today and are available on our website at .

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Q1 2022

Financial highlights

$119.3M

Total Revenues, a decrease of 3% YoY, or almost flat on a constant

currency basis

$12.8M

Subscription Services Revenues, an increase of 28% YoY, or 30% on a

constant currency basis

$155.6M

Non-GAAP Operating Loss

$16.5M

Product Licenses Revenues, a decrease of 22% YoY, or 20% on a

constant currency basis

$11.4M

Current Subscription Billings, an increase of 18% YoY

$170.1M

Bitcoin Impairment Expenses

Please refer to the Appendix for a reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses, and Subscription Services Revenues to Current Subscription Billings. 3

Q1 2022

Bitcoin highlights

Key Stats

~4,827

Bitcoins acquired at an aggregate cost of ~$215M at average purchase price of ~$44,645 per bitcoin, inclusive of fees and expenses

~$205M

Proceeds from first ever bitcoin backed term loan

~129,218

Bitcoins held as of 3/31/22 at an aggregate cost of $4.0B and carrying value of $2.9B, reflecting ~$1.1B in

cumulative impairment charges

~$5.9B

Market value of the company's bitcoin holdings as of 3/31/22 (1)

Bitcoin Value ($M)

$5,893

$3,967

$2,896

Cost Basis 3/31/22

Book Value Market Value

3/31/22

3/31/22

(1) The market value represents a mathematical calculation consisting of the market price of one bitcoin on the Coinbase exchange as of 4pm Eastern Time on 3/31/22, multiplied by the number of bitcoins held. 4

Q1 2022

Bitcoin holdings evolution

Approximate Number of Bitcoins Held at End of Quarter

129,218 124,391 114,042 105,085

91,326

70,469

110,942 115,109 100,593 92,079

38,250

91,326

70,469

38,250 13,005 13,449 13,449 14,109

Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 MicroStrategy MacroStrategy

Bitcoin Price ($)

$70,000

$60,000 $50,000 $40,000 $30,000 $20,000 $10,000

$0

$10,706

$58,601

$29,181

$43,535 $34,763

$45,880

$45,603

$24,214 $26,080

$27,713

$30,159

$30,700

$15,964

$11,111

Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Highest Market Price Per Bitcoin During Quarter Market Price Per Bitcoin at End of Quarter Lowest Market Price Per Bitcoin During Quarter Approximate Cumulative Average Purchase Price Per Bitcoin

Source: Bitcoin prices represent market price of one bitcoin on the Coinbase exchange. End of quarter prices

5 are shown as of 4:00 p.m. Eastern Time on the last day of the respective quarter.

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