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MicroStrategy | ARS: Annual Report to Security Holders

SEC announcement ·  Apr 12 16:21
Summary by Moomoo AI
MicroStrategy Incorporated, a leader in enterprise analytics and mobility software, has released its annual report for the fiscal year ended December 31, 2023. The company, which identifies itself as the world's first Bitcoin development company, has continued its strategy of using cash flows and proceeds from equity and debt financings to accumulate Bitcoin as its primary treasury reserve asset. As of December 31, 2023, MicroStrategy held approximately 189,150 bitcoins with a carrying value of $3.626 billion, reflecting cumulative impairment losses of $2.269 billion. The company's software business remains its predominant operational focus, providing cash flows to support its Bitcoin acquisition strategy. For the fiscal year, MicroStrategy reported total revenues of $496.261 million, a slight decrease from the previous year's $499.264 million. The company also reported a...Show More
MicroStrategy Incorporated, a leader in enterprise analytics and mobility software, has released its annual report for the fiscal year ended December 31, 2023. The company, which identifies itself as the world's first Bitcoin development company, has continued its strategy of using cash flows and proceeds from equity and debt financings to accumulate Bitcoin as its primary treasury reserve asset. As of December 31, 2023, MicroStrategy held approximately 189,150 bitcoins with a carrying value of $3.626 billion, reflecting cumulative impairment losses of $2.269 billion. The company's software business remains its predominant operational focus, providing cash flows to support its Bitcoin acquisition strategy. For the fiscal year, MicroStrategy reported total revenues of $496.261 million, a slight decrease from the previous year's $499.264 million. The company also reported a net income of $429.121 million, a significant improvement from the net loss of $1.469 billion in the previous year. This change was primarily due to the release of a valuation allowance on deferred tax assets related to Bitcoin impairment. The company's operating expenses included $115.851 million in digital asset impairment losses, net of gains on sale. MicroStrategy's long-term debt stood at $2.210 billion, with significant obligations including convertible senior notes and senior secured notes. The company's effective tax rate for the year was 444.6%, influenced by changes in the valuation allowance against deferred tax assets. MicroStrategy's stock has experienced volatility, with significant fluctuations in market price influenced by the company's Bitcoin holdings and market conditions.

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